Sampo Group

13 Intangible assets
15 Financial assets

Notes to the Group's Financial Statements

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14 INVESTMENTS IN ASSOCIATES
               
Associates that have been accounted for by the equity method at 31 Dec 2011
               
             
EURm
Name
Carrying
amount
Fair
value*)
Interest
held %
Assets/
liabilities
Revenue Profit/
loss
  Nordea Bank Abp 6,253 5,141 21.26 716,204/ 690,084 9,501 2,634
  Topdanmark A/S 329 379 23.59 8,033 / 7,397 1,145 93
  Autovahinkokeskus Oy 3   35.54 9 / 1 7 1
               
               
Associates not accounted for by the equity method at 31 Dec 2011 **)
               
EURm
Name
      Assets/
liabilities
Revenue Profit/
loss
  Consulting AB Lennemark & Andersson 11 / 7 15 1
  Urzus Group AS 10 / 3 5 -1
  Besure Forsikring Skandinavia AS 3 / 0 0 -1
               
               
Associates that have been accounted for by the equity method at 31 Dec 2010
               
             
EURm
Name
Carrying
amount
Fair
value*)
Interest
held %
Assets/
liabilities
Revenue Profit/
loss
  Nordea Bank Abp 5,688 6,776 20.54 580,689 / 556,151 9,334 2,663
  Autovahinkokeskus Oy 3   35.54 8 / 1 7 1
               
               
Associates not accounted for by the equity method at 31 Dec 2010 **)
             
EURm
Name
      Assets/
liabilities
Revenue Profit/
loss
  Consulting AB Lennemark & Andersson 10 / 6 13 1
  Urzus Group AS     1 / 1 3 0
  Besure Forsikring Skandinavia AS - - -
               
               
*) Published price quatation
               
**) Excluded from accounting for by the equity method because of their immaterial effect on consolidated figures.
               
               
Changes in investments in associates
               
EURm         2011 2010
  At beginning of year         5,699 5,172
  Share of loss/profit         540 522
  Additions         583 238
  Disposals         -250 -205
  Changes in the equity of associates 18 -29
  Exchange differences         2 1
  At end of year         6,593 5,699
               
At 31 Dec 2011, the carrying amount of investments in associates included goodwill EURm 1,094 (909), including goodwill from the Nordea acquisition EURm 976 (905).
               
Sampo's holding in Nordea
               
Nordea is an universal bank with positions within corporate merchant banking as well as retail banking and private banking. With approximately 1.400 branches, call centers in all Nordic countries and an e-bank, Nordea also has a large distribution network for customers in the Nordic and Baltic sea region, including more than 260 branches in five new European markets, Russia, Poland, Lithuania, Latvia and Estonia.
               
Nordea was first conslidated as an associate company from 31 Dec. 2009 with Sampo's holding of 20,05 %. In the financial year 2011, Sampo's holding in Nordea was 21.26 % with the goodwill related to the acquisitions of EURm 976.
               
Sampo´s share of Nordea's loss/profit consists of the following as of 31 Dec 2011:
               
EURm           2011
  Share of loss/profit of the associate   560
  Amortisation of the customer relations   -35
  Change in deferred tax   9
Share of the loss/profit of an associate   534
               
Due to the decrease in the Nordea's market value during the financial year 2011, Sampo performed an impairment test in accordance with IAS 36 Impairment of Assets where the recoverable amount for Nordea was compared with its carrying amount in the Group.The recoverable amount was defined using a discounted cash flow model, where the cash flows were based on the public information on Nordea and Sampo's estimates of Nordea's future based on this information. No impairment losses were recognised based on the test, as the recovarable amount exceeded Nordea's carrying amount.
13 Intangible assets
15 Financial assets