|
NOTE 12
|
INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURES
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|||||||
|
Associates and joint ventures are accounted for using the equity method.
|
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A list of all associates and joint ventures and shareholdings is presented in note 20.
|
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|
2012
|
||||||||
|
NOK 1 000
|
Al-Obeikan Elopak factory for Packaging Co
|
Elopak South Africa Ltd
|
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 %
|
50 %
|
49 %
|
50 %
|
26 %
|
22 %
|
||
|
Cost at 1 January
|
54 100
|
25 692
|
153 093
|
106 768
|
133 253
|
44 000
|
111 910
|
628 815
|
|
Share of result at 1 January
|
62 782
|
55 316
|
83 685
|
2 332
|
37 020
|
4 721
|
- 3 106
|
242 750
|
|
Accumulated impairment of goodwill at 1 January
|
- 12 600
|
- 2 200
|
|
|
|
|
- 1 085
|
- 15 885
|
|
Transfer from the company
|
- 15 308
|
- 26 029
|
- 61 827
|
|
- 13 342
|
|
- 5 865
|
- 122 371
|
|
Net exchange differences/eliminations
|
- 21 143
|
- 11 918
|
- 28 348
|
|
- 3 053
|
- 293
|
- 11 551
|
- 76 306
|
|
Carrying amount at 1 January
|
67 831
|
40 861
|
146 603
|
109 100
|
153 877
|
48 428
|
90 303
|
657 004
|
|
Additions
|
35 664
|
14 464
|
50 128
|
|||||
|
Disposals
|
- 41 373
|
- 21 251
|
- 28 523
|
- 25 300
|
- 116 447
|
|||
|
Sale during the year
|
|
|
||||||
|
Share of the result of the year*
|
13 960
|
5 599
|
17 215
|
6 641
|
17 074
|
6 331
|
- 2 615
|
64 204
|
|
Transfers from the company
|
- 14 571
|
- 23 136
|
|
- 37 707
|
||||
|
Net exchange differences/eliminations
|
- 8 873
|
- 5 087
|
- 1 058
|
- 2 843
|
- 17 861
|
|||
|
Carrying amount at 31 December
|
58 347
|
|
139 624
|
115 741
|
149 700
|
61 900
|
74 009
|
599 321
|
|
*) Gain on the sale of Elopak South Africa Ltd constitutes 22 806.
|
||||||||
|
2011
|
||||||||
|
NOK 1 000
|
Al-Obeikan Elopak factory for Packaging Co
|
Elopak South Africa Ltd
|
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 %
|
50 %
|
49 %
|
50 %
|
26 %
|
22 %
|
||
|
Cost at 1 January
|
54 100
|
25 692
|
153 093
|
106 768
|
122 284
|
122 277
|
584 214
|
|
|
Share of result at 1 January
|
88 667
|
45 921
|
57 653
|
|
23 918
|
- 11 011
|
205 148
|
|
|
Accumulated impairment of goodwill at 1 January
|
- 12 600
|
- 2 200
|
|
|
|
- 1 085
|
- 15 885
|
|
|
Transfer from the company
|
- 15 308
|
- 9 697
|
- 13 342
|
- 5 865
|
- 44 212
|
|||
|
Net exchange differences/eliminations
|
- 21 616
|
- 2 501
|
- 8 684
|
|
|
- 11 178
|
- 43 979
|
|
|
Carrying amount at 1 January
|
93 243
|
57 215
|
202 062
|
106 768
|
132 860
|
|
93 138
|
685 286
|
|
Additions
|
|
|
|
|
10 969
|
44 000
|
67 807
|
122 775
|
|
Disposals
|
- 45 271
|
- 45 271
|
||||||
|
Sale during the year
|
|
|
|
|
|
- 27 803
|
- 27 803
|
|
|
Share of the result of the year
|
- 25 885
|
9 395
|
26 032
|
2 332
|
13 102
|
4 721
|
2 540
|
32 237
|
|
Impairment of goodwill
|
|
|
|
|
|
|
|
|
|
Transfers from the company
|
- 16 332
|
- 61 827
|
|
|
- 78 159
|
|||
|
Recognised directly in equity
|
|
|
||||||
|
Net exchange differences/eliminations
|
473
|
- 9 417
|
- 19 664
|
|
- 3 053
|
- 293
|
- 108
|
- 32 062
|
|
Carrying amount at 31 December
|
67 831
|
40 861
|
146 603
|
109 100
|
153 877
|
48 428
|
90 303
|
657 004
|
|
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 2012. The figures are unaudited.
|
||||||||
|
NOK 1 000
|
Al-Obeikan Elopak factory for Packaging Co
|
Elopak South Africa Ltd
|
Lala Elopak S.A. de C.V.
|
Tiedemanns-
byen DA
|
Harbert European Real Estate Fund II
|
Harbert European Real Estate Fund III
|
||
|
Operating revenue
|
215 520
|
40 765
|
230 347
|
475 665
|
30 084
|
127 037
|
||
|
Operating profit
|
19 262
|
7 828
|
28 130
|
40 910
|
21 684
|
74 494
|
||
|
Profit after tax and minority
|
13 960
|
5 599
|
17 215
|
20 589
|
26 957
|
78 810
|
||
|
Total assets
|
158 368
|
160 727
|
779 634
|
582 150
|
663 970
|
|||
|
Total liabilities
|
109 943
|
47 368
|
549 007
|
563
|
28 573
|
|||
|
Ownership share, transactions and balances with enterprises accounted for by the equity method:
|
||||||||
|
Stake/voting share
|
Sales from equity investees to Ferd
|
Ferd's net receivables / payables towards equity investees
|
Ferd's guarantees to equity investees
|
|||||
|
NOK 1 000
|
2012
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|
|
Al-Obeikan Elopak factory for Packaging Co
|
49,0 %
|
|
|
26 992
|
77 734
|
105 642
|
62 857
|
|
|
Boreal GmbH
|
20,0 %
|
|
|
|
|
|
|
|
|
Elocap Ltd.
|
50,0 %
|
94 249
|
126
|
- 8 419
|
- 11 815
|
|||
|
Elopak South Africa Ltd
|
50,0 %
|
|
22 156
|
|
|
|||
|
Frogn Næringspark AS
|
50,0 %
|
|||||||
|
Harbert European Real Estate Fund II
|
25,9 %
|
|
|
|
|
|||
|
Harbert European Real Estate Fund III
|
22,2 %
|
|
|
|
|
|||
|
Hunstad Sør Tomteselskap AS
|
31,6 %
|
|
|
|
|
|
|
|
|
Impresora Del Yaque
|
51,0 %
|
10 424
|
23 488
|
1 243
|
||||
|
Kråkeland Hytteservice AS
|
33,5 %
|
|
|
|
|
|
|
|
|
Lala Elopak S.A. de C.V.
|
49,0 %
|
20 182
|
825
|
2 659
|
2 224
|
|
|
|
|
Lofoten Tomteselskap AS
|
35,0 %
|
|
|
|
|
|
||
|
Madla Byutvikling AS
|
33,3 %
|
|
|
|
|
|
|
|
|
Nordic Material Purchase AB
|
50,0 %
|
|
|
|
|
|
|
|
|
Original AS
|
20,0 %
|
|
|
|
|
|||
|
Solheim Byutviklingselskap AS
|
33,1 %
|
|
|
|
|
|
|
|
|
Tastarustå Byutvikling AS
|
33,3 %
|
|
|
|
|
|
|
|
|
Tiedemannsbyen DA
|
50,0 %
|
|
|
|
|
|||
|
Total
|
114 431
|
11 375
|
44 720
|
91 542
|
105 642
|
62 857
|
||
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