Annual report 2015

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.
               
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

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1324 Lysaker

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Fax 67 10 80 01

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