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Notes to the Group’s Financial Statements

14 Investments in associates
Associates that have been accounted for by the equity method at 31 Dec. 2013
EURm


Name
Carrying amount Fair value*) Interest held % Assets/ liabilities Revenue Profit/loss
Nordea Bank Abp 6,906 8,413 21.25 630 434 / 601 225 9,891 3,116
Topdanmark A/S 363 603 27.98 7 980 /
7 278
1,187 167
Autovahinkokeskus Oy 3 35.50 9 / 1 9 0
Consulting AB Lennemark & Andersson 1 22.00 11 / 6 17 1
Urzus Group AS 2 28.60 11 / 10 8 -4
Svithun Assuranse AS (Norway) 1 33.00 1 / 1 2 0
Watercircles Skandinavia AS (Norway) 4 39.60 7 / 10 6 -4
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 Abp 6,687 6,226 21.25 668 178 / 640 173 9,998 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 33.00 2 / 0 2 0
Watercircles Skandinavia AS (Norway) 2 27.68 3 / -4 3 -4
*) Published price quatation
Changes in investments in associates
EURm 2013 2012
At beginning of year 7,049 6,593
Share of loss/profit 686 700
Additions 3 3
Disposals -293 -224
Changes in the equity of associates -128 -21
Exchange differences -36 -1
At end of year 7,282 7,049
At 31 Dec. 2013, the carrying amount of investments in associates included goodwill EURm 1,102 (1,100), including goodwill from the Nordea acquisition EURm 978 (978).
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 per cent. In the financial year 2013, Sampo's holding in Nordea was 21.25 per cent with the goodwill related to the acquisitions of EURm 978.
Sampo's share of Nordea's profit at 31 Dec. 2013:
EURm
Share of loss/profit of the associate 662
Amortisation of the customer rlations -35
Change in deferred tax 8
Share of the loss/profit of an associate 635
Note
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