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Notes to the Group’s financial statements

14 Investments in associates
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Associates that have been accounted for by the equity method at 31 Dec. 2012
               
EURm
Name Carrying amount Fair value*) Interest
held %
Assets/ liabilities Revenue Profit/loss
  Nordea Bank plc 6,687 6,226 21.25 677 420 /
649 204
10,236 3,126
  Topdanmark A/S 352 512 25.44 8 291 /
7 612
1,253 178
  Autovahinkokeskus Oy 3   35.54 9 / 1 8 1
  Consulting AB Lennemark & Andersson 1   21.98 16 /1 16 1
  Urzus Group AS 3   28.57 4 / -6 4 -6
  Svithun Assuranse AS (Norway) 1   33 2 / 0 2 0
  Watercircles Skandinavia AS (Norway) 2   27.68 3 / -4 3 -4
               
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
1,106 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
               
*) 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         2012 2011
  At beginning of year         6,593 5,699
  Share of loss/profit         700 540
  Additions         3 583
  Disposals         -224 -250
  Changes in the equity of associates         -21 18
  Exchange differences         -1 2
  At end of year         7,049 6,593
               
At 31 Dec. 2012, the carrying amount of investments in associates included goodwill EURm 1,100 (1,094), including goodwill from the Nordea acquisition EURm 978 (976).
               
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 2012, Sampo's holding in Nordea was 21.25 % with the goodwill related to the acquisitions of EURm 978.
   
               
Sampo’s share of Nordea’s loss/profit consists of the following as of 31 Dec. 2012:
               
EURm           2012
  Share of loss/profit of the associate           664
  Amortisation of the customer rlations           -35
  Change in deferred tax (incl.the effect of the decrease of Sweden's tax rate to 22 %)   25
Share of the loss/profit of an associate           653
               
At the end of the financial year 2012, Nordea's market value was below its carrying amount in the Group. 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. Based on the test, the recoverable amount exceeded Nordea's carrying amount and no impairment losses were recognised.