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Notes to the Accounts

14 Investments in Associates
               
           
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       - - -
               
Associates that have been accounted for by the equity method at 31 Dec. 2009
               
EURm
Name
Carrying amount Fair value*) Interest held % Assets/ liabilities Revenue Profit/loss
Nordea Bank Abp 5,168 5,756 20.05 507 544/
485 124
9,073 2,318
Autovahinkokeskus Oy 2   35.54 7 / 1 7 1
               
Associates not accounted for by the equity method at 31 Dec. 2009 **)
               
EURm
Name
      Assets/ liabilities Revenue Profit/loss
Consulting AB Lennemark & Andersson       9 / 6 11 1
Euro-Center Holding A/S       6 / 4 9 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         2010 2009
At beginning of year         5,172 5
Share of loss/profit         522 0
Additions         238 5,168
Disposals         -233 -2
Exchange differences         1 0
At end of year         5,699 5,172
               
At 31 Dec. 2010, the carrying amount of investments in associates included goodwill EURm 909 (866), including goodwill from the Nordea acquisition EURm 905 (866). The share of loss/profit for 2009 does not include Nordea, as it was consolidated as an associate only at 31 Dec. 2009.
 
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 %. During the financial year, Sampo's holding rose to 20.54 %. Due to the additional acquisition, the goodwill increased to EURm 905.
               
Sampo´s share of Nordea's loss/profit consists of the following as of 31 Dec. 2010:
               
EURm           2010
Share of loss/profit of the associate           547
Amortisation of the customer relations           -33
Change in deferred tax           9
Share of the loss/profit of an associate           523
               
               
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