|
NOTE 17
|
INVESTMENTS ACCOUNTED FOR BY THE EQUITY METHOD
|
||||||||||||
|
Investments in associates and joint ventures are in Ferd's consolidated accounts accounted for by the equity method.
|
|||||||||||||
|
A specification of companies and shares is given in the statement of investments in associates and joint ventures in note 15.
|
|||||||||||||
|
2014
|
|||||||||||||
|
NOK 1 000
|
Al-Obeikan Elopak factory for Packaging Co
|
Lala Elopak S.A. de C.V.
|
Tiedemanns-byen DA
|
Harbert European Real Estate Fund II
|
Harbert European Real Estate Fund III
|
Others
|
Total
|
||||||
|
Ownership and voting share
|
49%
|
49%
|
50%
|
26%
|
22%
|
||||||||
|
Cost at 1 January
|
58 325
|
165 051
|
106 768
|
112 002
|
95 974
|
106 046
|
644 165
|
||||||
|
Share of result at 1 January
|
82 874
|
117 986
|
23 002
|
82 977
|
22 236
|
- 17
|
329 058
|
||||||
|
Accumulated impairment of goodwill at 1 January
|
- 12 600
|
|
|
|
|
- 1 582
|
- 14 182
|
||||||
|
Transfer from the company
|
- 29 879
|
- 98 878
|
- 12 765
|
- 63 826
|
- 23 517
|
- 5 865
|
- 234 730
|
||||||
|
Exchange differences/eliminations
|
- 29 799
|
- 28 034
|
|
- 3 053
|
- 293
|
- 15 966
|
- 77 145
|
||||||
|
Carrying amount at 1 January
|
68 921
|
156 125
|
117 005
|
128 100
|
94 400
|
82 616
|
647 167
|
||||||
|
Additions of the year
|
9 370
|
9 370
|
|||||||||||
|
Disposals of the year
|
- 131 153
|
- 94 693
|
- 20 212
|
- 246 058
|
|||||||||
|
Sales during the year
|
- 13 619
|
- 13 619
|
|||||||||||
|
Share of the result of the year
|
10 116
|
16 039
|
- 2 844
|
7 057
|
30 367
|
||||||||
|
Write-down of goodwill
|
- 359
|
- 359
|
|||||||||||
|
Transfers from the company
|
- 7 184
|
- 15 128
|
|
- 22 312
|
|||||||||
|
Recognised directly in equity
|
- 3 550
|
|
- 3 550
|
||||||||||
|
Exchange differences/eliminations
|
16 441
|
12 821
|
3 053
|
293
|
8 635
|
41 244
|
|||||||
|
Carrying amount at 31 December
|
84 744
|
169 857
|
114 161
|
|
|
73 488
|
442 250
|
||||||
|
The Harbert funds are not included in the summary, as the funds have been reclassified to current investments measured at fair value. Ferd no longer has significant influence on these funds.
|
|||||||||||||
|
|
|
||||||||||||
|
2013
|
|||||||||||||
|
NOK 1 000
|
Al-Obeikan Elopak factory for Packaging Co
|
Lala Elopak S.A. de C.V.
|
Tiedemanns-byen DA
|
Harbert European Real Estate Fund II
|
Harbert European Real Estate Fund III
|
Others
|
Total
|
||||||
|
Ownership and voting share
|
49%
|
49%
|
50%
|
26%
|
22%
|
||||||||
|
Cost at 1 January
|
54 100
|
153 093
|
106 768
|
112 002
|
51 141
|
101 074
|
578 177
|
||||||
|
Share of result at 1 January
|
76 742
|
100 900
|
8 973
|
54 093
|
11 052
|
- 5 721
|
246 039
|
||||||
|
Accumulated impairment of goodwill at 1 January
|
- 12 600
|
|
|
|
|
- 1 085
|
- 13 685
|
||||||
|
Transfer from the company
|
- 29 879
|
- 84 963
|
|
- 13 342
|
|
- 5 865
|
- 134 049
|
||||||
|
Exchange differences/eliminations
|
- 30 016
|
- 29 406
|
|
- 3 053
|
- 293
|
- 14 394
|
- 77 162
|
||||||
|
Carrying amount at 1 January
|
58 347
|
139 624
|
115 741
|
149 700
|
61 900
|
74 009
|
599 321
|
||||||
|
Additions of the year
|
4 225
|
11 958
|
44 833
|
4 338
|
65 354
|
||||||||
|
Disposals of the year
|
- 8
|
- 8
|
|||||||||||
|
Sales during the year
|
|
|
|||||||||||
|
Share of the result of the year
|
6 132
|
17 086
|
14 029
|
28 884
|
11 184
|
6 346
|
83 661
|
||||||
|
Impairment of goodwill
|
- 497
|
- 497
|
|||||||||||
|
Transfers from the company
|
- 13 915
|
- 12 765
|
- 50 484
|
- 23 517
|
|
- 100 681
|
|||||||
|
Recognised directly in equity
|
- 1 333
|
- 184
|
|
- 1 517
|
|||||||||
|
Exchange differences/eliminations
|
1 550
|
1 556
|
- 1 572
|
1 534
|
|||||||||
|
Carrying amount at 31 December
|
68 921
|
156 125
|
117 005
|
128 100
|
94 400
|
82 616
|
647 167
|
||||||
|
The table below shows a summary of financial information related to Ferd's largest investments in associates and joint ventures on a 100 percent basis. The stated figures represent fiscal year 2014. The figures are unaudited.
|
|||||||||||||
|
NOK 1 000
|
Al-Obeikan Elopak factory for Packaging Co
|
Lala Elopak S.A. de C.V.
|
Tiedemanns-byen DA
|
||||||||||
|
Operating revenue
|
399 446
|
518 320
|
1 734
|
||||||||||
|
Operating profit
|
30 379
|
44 699
|
- 533
|
||||||||||
|
Profit after tax and minority
|
20 491
|
32 749
|
- 6 260
|
||||||||||
|
Total assets
|
344 369
|
461 737
|
447 559
|
||||||||||
|
Total liabilities
|
200 645
|
177 980
|
219 237
|
||||||||||
|
- Al-Obeikan Elopak is a cardboard manufacturer with a plant in Saudi-Arabia selling cardboard to customers in the Middle East and North Africa.
|
|||||||||||||
|
- Lala Elopak is a cardboard manufacturer with a plant in Mexico selling cardboard to the market in North and Sourth America.
|
|||||||||||||
|
- Tiedemannsbyen DA is owned by Ferd and Skanska engaged in developing residential housing on the old manufacturing site of Tiedemann's tobacco plant on Ensjø.
|
|||||||||||||
|
Stake, transactions and balances with enterprises accounted for by the equity method:
|
|||||||||||||
|
Stake/voting share
|
Sales from associates companies and joint ventures to Ferd
|
Ferd's net receivables/(payables) to associated companies and joint ventures
|
Ferd's guarantees for associated companies and joint ventures
|
||||||||||
|
NOK 1 000
|
2014
|
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
||||||
|
Al-Obeikan Elopak factory for Packaging Co
|
49,0 %
|
|
4 068
|
129
|
140 346
|
115 268
|
|||||||
|
Boreal GmbH
|
20,0 %
|
|
|
|
|
||||||||
|
Elocap Ltd.
|
50,0 %
|
8 587
|
253 820
|
- 8 513
|
|||||||||
|
Frogn Næringspark AS
|
50,0 %
|
||||||||||||
|
Hafrsby AS
|
14,5 %
|
||||||||||||
|
Hunstad Sør Tomteselskap AS
|
31,6 %
|
425
|
10 712
|
|
|
|
|||||||
|
Impresora Del Yaque
|
51,0 %
|
23 607
|
2 498
|
1 368
|
686
|
||||||||
|
Kråkeland Hytteservice AS
|
33,5 %
|
|
|
|
|
||||||||
|
Lala Elopak S.A. de C.V.
|
49,0 %
|
15 044
|
20 487
|
1 701
|
2 235
|
|
|
||||||
|
Lofoten Tomteselskap AS
|
35,0 %
|
32
|
1 610
|
|
|
|
|||||||
|
Madla Byutvikling AS
|
33,3 %
|
|
|
|
|
||||||||
|
Siriskjær AS
|
50,0 %
|
59
|
|||||||||||
|
Solheim Byutviklingselskap AS
|
33,1 %
|
|
|
|
|
|
|
||||||
|
Sporafjell Utviklingsselskap AS
|
50,0 %
|
5 262
|
|||||||||||
|
Tastarustå Byutvikling AS
|
33,3 %
|
|
|
|
|
|
|
||||||
|
Tiedemannsbyen DA
|
50,0 %
|
1 375
|
5 500
|
4 172
|
4 365
|
|
|
||||||
|
Total
|
48 613
|
282 762
|
28 952
|
- 1 098
|
140 346
|
115 268
|
|||||||
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