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NOTE 17
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INVESTMENTS ACCOUNTED FOR BY THE EQUITY METHOD
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||||||
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Investments in associates and joint ventures are in Ferd's consolidated accounts accounted for by the equity method.
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A specification of companies and shares is given in the statement of investments in associates and joint ventures in note 15.
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|
2015
|
|||||||
|
NOK 1 000
|
Al-Obeikan Elopak factory for Packaging Co
|
Lala Elopak S.A. de C.V.
|
Tiedemanns-byen DA
|
Others
|
Total
|
||
|
Ownership and voting share
|
49%
|
49%
|
50%
|
||||
|
Cost at 1 January
|
58 325
|
165 051
|
106 768
|
81 585
|
411 729
|
||
|
Share of result at 1 January
|
92 990
|
134 025
|
20 158
|
7 040
|
254 213
|
||
|
Accumulated impairment of goodwill at 1 January
|
- 12 600
|
|
|
- 1 941
|
- 14 541
|
||
|
Transfer from the company
|
- 37 063
|
- 114 006
|
- 12 765
|
- 5 865
|
- 169 699
|
||
|
Recognised directly in equity
|
- 3 550
|
- 3 550
|
|||||
|
Exchange differences/eliminations
|
- 13 358
|
- 15 213
|
|
- 7 331
|
- 35 902
|
||
|
Carrying amount at 1 January
|
84 744
|
169 857
|
114 161
|
73 488
|
442 250
|
||
|
Additions of the year
|
33 890
|
33 890
|
|||||
|
Disposals of the year
|
- 461
|
- 461
|
|||||
|
Sales during the year
|
|
||||||
|
Share of the result of the year
|
9 791
|
23 628
|
- 2 894
|
2 305
|
32 830
|
||
|
Write-down of goodwill
|
|
||||||
|
Transfers from the company
|
- 19 893
|
- 14 042
|
|
- 33 934
|
|||
|
Recognised directly in equity
|
|
|
|||||
|
Exchange differences/eliminations
|
15 747
|
257
|
4 055
|
20 059
|
|||
|
Carrying amount at 31 December
|
90 390
|
179 700
|
111 267
|
113 278
|
494 635
|
||
|
|
|
||||||
|
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 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 2015. 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
|
216 573
|
310 540
|
19
|
||||
|
Profit after tax and minority
|
11 931
|
23 869
|
- 4 729
|
||||
|
Total assets
|
175 514
|
239 566
|
701 590
|
||||
|
Total liabilities
|
102 579
|
90 940
|
477 998
|
||||
|
- 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
|
2015
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|
Al-Obeikan Elopak factory for Packaging Co
|
49,0 %
|
9 910
|
4 068
|
201 797
|
140 346
|
||
|
Boreal GmbH
|
20,0 %
|
|
|
||||
|
Elocap Ltd.
|
50,0 %
|
8 587
|
|||||
|
Frogn Næringspark AS
|
50,0 %
|
- 16 625
|
|||||
|
Hafrsby AS
|
14,5 %
|
||||||
|
Hunstad Sør Tomteselskap AS
|
31,6 %
|
10 712
|
|
|
|||
|
Impresora Del Yaque
|
51,0 %
|
23 607
|
807
|
1 368
|
|||
|
Kråkeland Hytteservice AS
|
33,5 %
|
|
|
||||
|
Lala Elopak S.A. de C.V.
|
49,0 %
|
120 140
|
15 044
|
- 6 011
|
1 701
|
|
|
|
Lofoten Tomteselskap AS
|
35,0 %
|
1 610
|
|
|
|||
|
Madla Byutvikling AS
|
33,3 %
|
|
|
||||
|
Sanderveien 18 AS
|
50,0 %
|
5 207
|
|||||
|
Siriskjær AS
|
50,0 %
|
59
|
|||||
|
Solheim Utbyggingsselskap AS
|
33,3 %
|
|
|
|
|
|
|
|
Sporafjell Utviklingsselskap AS
|
50,0 %
|
5 262
|
|||||
|
Tastarustå Byutvikling AS
|
33,3 %
|
|
|
|
|
|
|
|
Tiedemannsbyen DA
|
50,0 %
|
1 375
|
4 172
|
|
|
||
|
Total
|
120 140
|
48 613
|
- 6 713
|
28 952
|
201 797
|
140 346
|
|