Annual report 2016

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 7.
 
2016
 
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
115 014
445 158
Share of result at 1 January
102 781
157 653
17 264
9 345
287 043
Accumulated impairment of goodwill at 1 January
-12 600
-
-
-1 941
-14 541
Transfer from the company
-56 956
-128 048
-12 765
-5 865
-203 634
Recognised directly in equity
-3 550
-
-
-
-3 550
Exchange differences/eliminations
2 389
-14 956
-
-3 276
-15 843
Carrying amount at 1 January
90 389
179 700
111 267
113 277
494 633
Additions of the year
-
-
-
84 299
84 299
Share of the result of the year
12 347
30 787
12 516
962
56 613
Transfers from the company
-10 494
-12 695
-25 000
-
-48 189
Exchange differences/eliminations
- 682
-34 023
-
-1 333
-36 039
Carrying amount at 31 December
91 559
163 769
98 783
197 205
551 317
 
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
Share of the result of the year
9 791
23 628
-2 894
2 305
32 830
Transfers from the company
-19 893
-14 042
-
-
-33 935
Exchange differences/eliminations
15 747
257
-
4 055
20 059
Carrying amount at 31 December
90 389
179 700
111 267
113 277
494 633
 
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 represents fiscal year 2016. 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
  464 406 665 907 436 955
Profit after tax
and minority
  25 578 51 184 23 974
Total assets
 
299 524 456 619 681 912
Total liabilities
 
147 891
173 632
484 345
 
- 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
2016
2016
2015
2016
2015
2016
2015
Al-Obeikan Elopak
factory for
Packaging Co
49.0 %
-
-
8 705
9 910
128 727
201 797
Frogn Næringspark
AS
50.0 %
-
-
-
-16 625
-
-
Impresora Del Yaque
51.0 %
2 304
-
1 090
807
-
-
Lala Elopak S.A.
de C.V.
50.0 %
190 837
120 140
-10 386
-6 011
-
-
Sanderveien 18 AS
50.0 %
-
-
16 598
5 207
-
-
Tiedemannsbyen DA
50.0 %
-
-
-
-
-
-
Total
 
193 141
120 140
16 007
-6 712
128 727
201 797

Strandveien 50
1324 Lysaker

Postbox 34
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Phone 67 10 80 00
Fax 67 10 80 01

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