Sparebanken Møre

Quarterly Report • Aug 11, 2022

Presentation Sparebanken Møre Group 2nd quarter 2022

Trond Lars Nydal CEO

John Arne Winsnes CFO

Oslo, 11 August 2022

H1 - highlights

• The bank has experienced a good half-year with high activity and growth in several areas
• Good growth and rising interest rates contribute to stronger Net Interest Income
• Positive development in losses with recoveries on losses per H1
• Increasing Profitability and Efficiency
• The bank has a solid capital base and good liquidity

Good activity and growth

Lending growth: 4.6 % Deposit growth: 8.3 % (last 12 months)

Stronger Net Interest

In NOK: 687 million

In per cent: 1.64

Income

Recoveries on losses

In NOK: - 8 million In % of Average Assets: -0.02 (losses on loans and guarantees)

Return on Equity: 9.9 %

Profitability Strong liquidity and solidity

Deposit-to-loan ration: 61.9 % LCR: 140 CET1: 18.1 % Leverage Ratio: 7.7 %

Results in H1 Profit after tax

• The bank delivers a good result per H1
• The Profitability is rising and ROE ended at 9.9 per cent

• Profit per Equity Certificate in the first half of 2022 is NOK 3.35 (Group) against 3.02 (Group) in H1 2021

• NOK million

• Income growth due to good contribution from Net Interest Income (12.4 per cent) and from Other Income excluding financial instruments (12.9 per cent)
• Increased investment in several areas leads to an increase in costs compared with the 1st half of 2021
• The loss development per H1 shows recoveries on losses
• Overall, this development results in an improvement in Profit after tax of NOK 33 mill. (10.7 per cent)

Results compared Profit after tax in H1 2022 compared with H1 2021

2nd quarter 2022

Results Q2 Profit after tax

• The result for the second quarter was NOK 183 million, corresponding to a Return on Equity of 10.4 per cent
• Profit per Equity Certificate in the second quarter of 2022 is NOK 1.78 (Group) compared with 1.37 (Group) in the second quarter of 2021

• NOK million

Return on Equity - in per cent

• Revenues are rising and we are touching the highest level in the last 5 quarters
• Net Interest Income continues to strengthen throughout the quarter
• Other Income is affected by mark-to-market valuation of the financial instruments
• Customer related Other Income shows a good development with 13.5 per cent growth compared with the first half of 2021

Total income Total Income in the quarter - NOK million

Total Income in the quarter

• in per cent of Average Assets

Net Interest Income Other Income

Net Interest Income rebounds

• The positive development in Net Interest Income continues in the second quarter
• The bank implemented interest rate changes on loans with effect from 16 May and on deposits with effect from 4 June
• The last interest rate change will have effect from August
• We expect continued strengthening of Net Interest Income in the coming quarters

Net Interest Income in the quarter -NOK million

Net Interest Income in the quarter

• in per cent of Average Assets

High activity and good growth

• Over the last 12 months, there has been an increase in lending to customers of a total of NOK 3,168 million, corresponding to 4.6 per cent
• Deposit growth has continued in 2022 and annual growth ends at 8.3 per cent by quarter end
• We have increased growth in the second quarter and expect continued good growth going forward

Loans

• NOK billion and per cent (y/y)

• Customer lending over the last 12 months: 4.6 %

• Deposit growth of 8.3 % over the last 12 months.
• High deposit-to-loan ratio of 61.9 %

Lending

• The competition in our market is high, but we are growing both in the retail and the corporate market
• The activity is high, and we expect continued growth both in retail – and corporate loans going forward
• Lending growth in Q2 was NOK 1 bln. in the retail market and exceeded NOK 900 million in the corporate market

Retail market

• NOK billion and per cent (y/y)

Corporate market

• NOK billion and per cent y/y

• Retail lending has increased by 4.1 % over the last 12 months
• Loans to the retail market amount to 67.2 % of total loans

• Corporate lending has increased by 5.6 % over the last 12 months
• Loans to the corporate market amount to 32.8 % of total loans

Good growth in Deposits

• The good growth in deposits continues in the second quarter
• The deposits have increased by NOK 3,462 million y/y, corresponding to 8.3 per cent

Retail market

• NOK billion and per cent y/y

Corporate and public

-NOK billion and per cent y/y

2018 2019 2020 2021 Q2-22

• Retail deposits have increased by 6.2 % over the last 12 months
• Deposits from the retail market amount to 58.9 % of total deposits
• Corporate deposits have increased by 13.5 % y/y to NOK 17.5 billion

• Public deposits are reduced by 14.0 % to NOK 1.0 billion

• Customer related Other Income shows a good development with an increase of 13 per cent compared with the same period in 2021

• Other Income is significantly affected by the development in the value of the bond portfolio
• The net result from financial instruments in the quarter was MNOK -10

Other Income Other Income in the quarter - NOK million

Financial instruments

Commissions and other operating income

Q2-21 Q3-21 Q4-21 Q1-22 Q2-22

Other Income in the quarter

• in per cent of Average Assets

Q2-21 Q3-21 Q4-21 Q1-22 Q2-22

Costs

Cost/Income ratio

Total Assets and Man Years

• Total Assets in NOK billion

• The first quarter had oneoff cost effects
• The target of costs as a percentage of revenues < 40 per cent remains unchanged

Operating costs in the quarter - NOK million

Losses and portfolio quality

• The quarterly accounts show net reversal of losses
• Positive development in credit-impaired commitments

Losses on loans and guarantees - NOK million

Losses on loans and guarantees

• in per cent of Average Assets

Credit-impaired commitments (net)

1,12 1,22 1,16

2018 2019 2020 2021 Q2-22

5

Q2-21 Q3-21 Q4-21 Q1-22 Q2-22

0

-8

0,57

• in per cent of loans and guarantees

2

28

0,46

Impairments

Ind. impairments on comm. in default>90 days Ind.impairments on other credit-impaired 14

ECL on loans and guarantees

Diversified loan book

• The bank has a stable share of commitments towards the corporate sector
• There is good industry risk diversification and a persistently low level of risk in the portfolio
• Lower relative exposure towards CRE than the banking industry in general

Loans by sector

Low exposure towards Oil Services

1,9 %

Loans to Oil Services EAD by type of vessel

• in per cent of total loans (Loans, guarantees) - NOK million

				Expected Credit Losses
(EAD in NOK million)	Loans	Guarantees	Total EAD	Individual	ECL-IFRS 9	Total	Per cent of EAD
Low Risk (Risk Class A-C)	248	58	306	0	0,0	0,0	0,0 %
Medium Risk (Risk Class D-G)	13	130	143	0	0,4	0,4	0,3 %
High Risk (Risk Class H-M)	257	168	425	0	9,4	9,4	2,2 %
Loans and guarantees with individually assessed impairments	871	99	970	185	6,6	191,6	19,8 %
Total Sparebanken Møre	1.388	454	1.843	185	16,4	201,4	10,9 %

Exposure to commercial real estate (CRE)

• Well-diversified property portfolio
• 82 per cent of the portfolio within our county Møre and Romsdal, central office and hotel properties in Oslo make up 14 per cent
• 95 per cent of the portfolio is in the low and medium risk category

Risk classification

Good quality in our retail portfolio

• Low risk in the portfolio with a large proportion below 85 per cent loan-to-value ratio
• The proportion of customers with payment problems is low and there are few enquiries concerning interest-only periods

- In per cent of total loans (LTV)

Loans to retail customers Loan-to-Value – retail loans

• 97 % of mortgages are within 85 % of LTV

• Deviation from Boliglånsforskriften reported in Q2-2022:
  • o 9,4 % outside Oslo (flexibility quota 10 %)
  • o 7,1 % in Oslo (flexibility quota 8 %)

House prices Price per square meter

Based on pre-owned dwellings sold in March 2022, Norwegian seasonal adjusted house prices increased by 0.3 per cent last month.

Last twelve months Norwegian house prices have increased in average by 6.3 per cent.

The City of Ålesund and the Mid-Norway region has over time experienced moderate growth in house prices compared to the national average, both indexed development and in price per square meter.

Indexed development - January 2015 = 100

• January 2015 – June 2022

Key information on pre-owned dwellings sold in June 2022	Norway	Mid-Norway	Greater Ålesund	City of Oslo
Seasonal adj. development last month	+0.3 %	+0.2 %	+0.7 %	+0.3 %
Development last 12 months	+6.3 %	+6.3 %	+6.4 %	+7.0 %
Development last 10 years	+67.4 %	+48.8 %	+43.3 %	+94.5 %
Per square meter (NOK)	52,165	41,676	36,005	90,185
Average number of days on market	25 days	32 days	28 days	18 days
Price median dwelling (NOK)	3,846,000	3,215,000	3,070,000	5,120,000

Strong Capital gives competitive financing

Deposits are the Group`s most important source of funding . The bank has high Deposit-to-Loan ratio.

Sparebanken Møre with good access to the market

• Our deposit-to-loan ratio stood at 61.9 per cent by quarter end
• Total net market funding ended at NOK 30.4 billion by end of H1 – more than 92 per cent with remaining maturity of more than one year
• The senior bonds with a remaining term of more than one year have a weighted remaining maturity of 2.14 years, while the financing through Møre Boligkreditt AS has a correspondingly weighted remaining maturity of 3.43 years - in total for market financing in the Group the remaining maturity is 3.34 years
• In July this year, Moody's confirmed the bank's A1 rating with stable outlook. All issues from Møre Boligkreditt AS are rated Aaa
• The Group's first green financing in the market was established when Møre Boligkreditt AS entered the euro market on 21 September last year with a 5-year semi benchmark (EUR 250 million inaugural green covered bond). The issue was very well received
• In January, Sparebanken Møre further issued its first green Senior Non Preferred bond (SNP with a first tranche of NOK 1.0 billion). With a total of NOK 2.0 billion issued, the bank is well on track with the minimum linear phase-in of the new capital class
• The Group has no market financing maturing in the second half of 2022.

Strong rating updates

• The latest rating update for Sparebanken Møre from Moody's Investor Service is dated 25 July 2022. The bank's deposit and issuer ratings have been maintained at A1 with a stable outlook. The rating is the result of the bank's baa1 Baseline Credit Assessment (BCA) and the rating agency's Loss Given Failure analysis (LGF). The analysis results in a three-notch upgrade compared to BCA

• In an update from July, Sustainalytics improved Sparebanken Møre's ESG rating to Low Risk from Medium

Moody's confirms the bank's solid A1 rating (stable)

Sustainalytics improves Sparebanken Møre`s ESG rating to Low Risk

Domicile	Norway
Long Term CRR	A7
Type	LT Counterparty Risk Rating - Fgn Curr
Outlook	Not Assigned
Long Term Debt	Not Assigned
Long Term Deposit	A7
Type	LT Bank Deposits - Fgn Curr
Qutlook	Stable

Source: Moody's Source: Sustainalytics

CET1-target of 16.95 per cent

• Sparebanken Møre received a new Pillar 2 requirement with effect from 30 April. The requirement of 1.7 per cent remains unchanged
• Finanstilsynet (FSA) also expects the bank to maintain a capital requirement margin of 1.25 per cent (Pillar 2 Guidance)
• The EU's Banking Package (CRR II/CRD V) entered into force on 1 June and the extension of the SME discount had a positive effect of 1.3 p.p. on CET1

Leverage Ratio

MORG – strong Q1 followed by a weak Q2

• The positive price development from 2021 continued into 2022, Total Return on MORG was 2.93 per cent in Q1
• The equity market for the financial sector fell markedly through Q2. MORG has so far this year had a decrease in Total Return of 13.3 percent while the EC index (OSEEX) in the same period fell by 12.8 percent

Development at Oslo Stock Exchange YTD (MORG vs EC-index)

Dividend policy

• Sparebanken Møre aims to achieve financial results providing a good and stable return on the bank's equity capital
• Sparebanken Møre's profit allocation must ensure that all equity owners are guaranteed equal treatment
• If the solvency ratio does not indicate otherwise, the aim is that around 50 per cent of the year's profit overall can be distributed as dividends

MORG – price and Price/Book (P/B) value*

• Equity, price and P/B

*Equity per MORG is calulated on Group figures. Figures from 2018-2021 stated before the split in 2022

0

1

2

1,2 1,4 1,6 1,8

0,2 0,4 0,6 0,8

The largest and most complete financial institution in Nordvestlandet

• Our business model is to be local, personal and digital
• More than 240 authorized advisors located close to the customers
• Strong professional environments located in the region
• Markets and wealth management expertise
• Real Estate brokerage company
• Covered Bonds company
• Independent and alliance-free savings bank

27 offices

371

in our market area, Nordvestlandet

FTE

In Total Assets

Proximity, availability and local knowledge

• Communities and towns are important for value creation in the county
• The bank's Customer Centre named the best customer service in the banking sector – for the fourth year in a row!

Local branches Proximity to customers

Industry teams

Advisors passionate about the industry

Customer Service

Quick response and solves the problem

26

Wealth Management Sparebanken Møre

Investment Advisory

Arve Langva SVP, Head of Investment Advisory

Bjørg-Marit Larsen Senior Investment Advisor

Trond Moldskred

EVP, Wealth Management

Kenneth Nordstoga Investment Advisor

Monica Finnøy Draper Investment Advisor

Torunn Moldvær Senior Advisor

Discretionary Portfolio Management

Jorunn Maaseide Senior Portfolio Manager

Tove Lunde Bjørge Senior Portfolio Manager

Kjersti Blomvik Portfolio Manager

Thomas V. Johansen Portfolio Manager

Private Banking

Wealth Management through personal advice

• Strengthens our position in Nordvestlandet • Growing in number of customers and capital under management

• Strong expertise environment and authorized advisors with close follow-up of their customers

• Provides competent and good counselling in cooperation with the bank's financial advisors

Møremegling (Real Estate Brokerage)

• Strenghtens our position in Nordvestlandet • Growing in assignments and turnover

• Significantly increased capacity in recent years
• Provides fast and good counselling together with the bank's advisors

Second-hand home

Ambition to become the market leader

Industry/ New buildings

New focus area

Personal and digital

• High rate of development
• Self-service solutions launched within i.a. mortgage and wealth management

where this is natural

Increased self-service

Streamlining

More time for customer contact

Interaction

It is through the customers that we develop

A good basis for further growth

A fully-fledged consulting environment for customers

Investment advisors Møremegling (real estate brokerage)

Customer Centre/«Næringsbasen» ³¹

An active and adaptable region

Outlook for the region and the bank

• The outlook for global economic growth has weakened as a result of geopolitical uncertainty, high inflation and prospects for higher interest rates in many countries. To alleviate inflationary pressures, several central banks have begun to raise key interest rates
• Higher inflation expectations and the prospect of significantly higher interest rates have also affected the international financial markets. There have been major fluctuations in the stock markets and long -term interest rates have risen sharply on expectations of higher policy rates
• Norges Bank raised the key interest rate by 0.50 percentage points to 1.25 per cent in connection with the interest rate decision on 23 June. Furthermore, the central bank announced that the key policy rate will most likely be raised to 1.50 per cent in August. In addition, the interest rate path, ie the central bank's forecast for the key policy rate, was lifted. Norges Bank now envisages that the key policy rate will increase to around 3 per cent towards the summer of next year. In the justification for the interest rate increase and the raising of the interest rate path, the bank pointed out that there is high activity in the economy and little spare capacity. In addition, inflation is clearly above target for core inflation of 2 per cent
• The level of activity both in Norway and in Møre og Romsdal is high. Production of goods and services in mainland Norway was almost 3 per cent higher in May than before the pandemic. Mainland Norway is the Norwegian economy apart from oil activities and foreign shipping. As a result of the rise in demand, unemployment has continued to fall. At the end of June, the number of completely unemployed in Møre og Romsdal was 1.5 per cent of the labor force. This is the lowest unemployment rate since 2008
• The bank has a solid capital base and strong liquidity and will continue to be a strong and committed supporter for our customers. The focus is always on having good operations and profitability

Financial targets

Contact

sbm.no facebook.com/sbm.no @sbmno engasjert.sbm.no

CEO Trond Lars Nydal

+47 95 17 99 77 trond.nydal@sbm.no

Disclaimer

R

This presentation has been prepared solely for promotion purposes of Sparebanken Møre. The presentation is intended as general information and should not be construed as an offer to sell or issue financial instruments.

The presentation shall not be reproduced, redistributed, in whole or in part, without the consent and Sparebanken Møre. Sparebanken Møre assumes no liability for any direct or indirect losses or expenses arising from an understanding of and/or use of the presentation. of Sparebanken Møre.

CFO John Arne Winsnes

+47 46 28 09 99 john.winsnes@sbm.no

Runar Sandanger Senior Economist SVP

+47 95 04 36 60 runar.sandanger@sbm.no

Attachments

Results in Q2 Key figures in Q2 2022 and Q2 2021

	Q2 2022		Q2 2021		Changes
Results (NOK million and %)	NOK	%	NOK	%	NOK	p.p.	%
Net Interest Income	353	1.65	307	1.53	46	0.12	15,0
Net Income Financial Investments	-35	-0.16	-4	-0.02	-31	-0.14	-
Gains/losses liquidity portfolio	14	0.06	2	0.01	12	0.05	-
Gains/losses on shares	11	0.05	14	0.07	-3	-0.02	-21.4
Other Income	59	0.28	52	0.27	7	0.01	13.5
Total Other Income	49	0.23	64	0.33	-15	-0.10	-23.4
Total Income	402	1.88	371	1.86	31	0.02	8.4
Salaries and wages	100	0.47	89	0.45	11	0.02	11.1
Other costs	74	0.35	69	0.35	5	0.00	8.8
Total operating costs	174	0.82	158	0.80	16	0.02	10.1
Profit before losses	228	1.06	213	1.06	15	0.00	7.0
Losses on loans, guarantees etc	-8	-0.04	28	0.14	-36	-0.18	-
Pre-tax profit	236	1.10	185	0.92	51	0.18	27.6
Taxes	53	0.25	42	0.21	11	0.04	26.2
Profit after tax	183	0.85	143	0.71	40	0.14	28.0
Return on equity (ROE) %	10.4		8.5			1.9
Cost/Income ratio	43.3		42.9			0.4
Profit per EC (NOK)	1.78		1.37			0.41

Resultat per H1 Key figures in H1 2022 and H1 2021

	H1 2022		H1 2021			Changes
Results (NOK million and %)	NOK	%	NOK	%	NOK	p.p.	%
Net Interest Income	687	1.64	611	1.53	76	0.11	12.4
Net Income Financial Investments	-66	-0.16	3	0.01	-69	-0.17	-
Gains/losses liquidity portfolio	25	0.06	12	0.03	13	0.03	108.3
Gains/losses on shares	29	0.07	31	0.08	-2	-0.01	-6.5
Other Income	114	0.27	101	0.26	13	0.01	12.9
Total Other Income	102	0.24	147	0.38	-45	-0.14	-30.6
Total Income	789	1.88	758	1.91	31	-0.03	4.1
Salaries and wages	205	0.49	175	0.43	30	0.06	17.1
Other costs	147	0.35	138	0.37	9	-0.02	6.5
Total operating costs	352	0.84	313	0.80	39	0.04	12.5
Profit before losses	437	1.04	445	1.11	-8	-0.07	-1.8
Losses on loans, guarantees etc	-8	-0.02	42	0.11	-50	-0.13	-
Pre-tax profit	445	1.06	403	1.00	42	0.06	10.4
Taxes	99	0.24	90	0.23	9	0.01	9.5
Profit after tax	346	0.82	313	0.77	33	0.05	10.7
Return on equity (ROE) %	9.9		9.4			0.5
Cost/Income ratio	44.7		41.3			3.40
Profit per EC (NOK)	3.35		3.02			0.33

Balance sheet and key figures

Key figures per Q2 2022 and Q2 2021

	30.06.22	30.06.21	Changes
Balance in NOK million			NOK mill	%
Total Assets	85 314	82 830	2 484	3.0
Loans to customers	72 300	69 132	3 168	4.6
Deposits from customers	44 946	41 484	3 462	8.3
Net Equity and Subordinated Loans	7 540	7 056	484	6.9

Key Figures	30.06.22	30.06.21	Changes p.p.
Return on Equity	9.9	9.4	0.5
Cost/Income ratio	44.7	41.3	3.4
Total Capital	22.4	20.6	1.8
Tier 1 Capital	19.9	18.6	1.3
CET1	18.1	16.9	1.2
Leverage Ratio	7.7	7.6	0.1
Profit per EC (NOK, the Group)	3.35	3.02	0.33
Profit per EC (NOK, the bank)	4.90	4.18	0.72

Specification of other income

Per H1 2022 and 2021

(NOK million)	H1 2022	H1 2021	Changes y/y
Guarantee commission	20	19	1
Income from the sale of insurance services (non-life/personal)	12	12	0
Income from the sale of shares in unit trusts/securities	9	7	2
Income from Discretionary Portfolio Management	22	20	2
Income from payment transfers	40	37	3
Other fees and commission income	13	13	-1
Commission income and income from banking services	116	108	8
Commission expenses and expenses from banking services	17	19	-2
Income from real estate brokerage	15	12	3
Other operating income	0	0	0
Total other operating income	15	12	3
Net commission and other operating income	114	101	13
Interest hedging (for customers)	7	7	0
Currency hedging (for customers)	21	20	1
Dividend received	1	1	0
Net gains/losses on shares	25	12	13
Net gains/losses on bonds	-66	3	-69
Change in value of fixed-rate loans	4	9	-5
Change in value of issued bonds	-3	-5	2
Net gains/losses related to buy back of outstanding bonds	-1	-1	0
Net result from financial instruments	-12	46	-58
Total other income	102	147	-45

Specification of costs Per H1 2022 and 2021

(NOK million)	H1 2022	H1 2021	Changes y/y
Wages	151	127	24
Pension expenses	12	9	3
Employers' social security contribution and Financial activity tax	30	26	4
Other personnel expenses	12	13	-1
Wages, salaries, etc.	205	175	30
Depreciations	22	23	-1
Operating expenses own and rented premises	8	8	0
Maintenance of fixed assets	3	4	-1
IT-expenses	73	67	6
Marketing expenses	15	14	1
Purchase of external services	14	11	3
Expenses related to postage, telephone, newspapers etc.	4	3	1
Travel expenses	1	0	1
Capital tax	3	3	0
Other operating expenses	4	5	-1
Total other operating expenses	125	115	10
Total operating expenses	352	313	39

Efficient operations

Low level of creditimpaired commitments

Group figures

• in % of total commitments

Retail market - in % of retail commitments

Corporate market - in % of corporate commitments

Corporate market (excl. offshore/supply) - in % of corporate commitments

Credit-impaired commitments

• The overview shows nonperforming commitments in default above 90 days and other credit-impaired commitments in stage 3

• in NOK million - in % of commitments

Total credit-impaired commitments Total credit-impaired commitments

Losses by sector Losses on loans and guarantees

• NOK million

Expected credit losses Expected credit losses Expected credit losses

- in NOK million - in % of commitments

233

375

239

99

338

• NOK million - In % of Average Assets

16

Recognized losses Losses on loans and guarantees Losses on loans and guarantees

2018 2019 2020 2021 H1-21 H1-22

Development in CET1 Changes in CET1 from 31.12.2021

EC capital in Sparebanken Møre

The largest owners (1-10) of EC capital

EC holder	Number	of ECs
	30.06.22	31.03.22
Sparebankstiftelsen Tingvoll	4.977.850	4.946.850
Cape Invest AS	4.927.345	5.027.345
Spesialfondet Borea Utbytte	2.205.437	1.825.500
Verdipapirfondet Eika egenkapital	2.176.585	1.978.150
Wenaasgruppen	1.900.000	1.900.000
MP Pensjon	1.698.905	1.698.905
Pareto Aksje Norge	1.308.985	1.270.285
Verdipapirfond Nordea Norge Verdi	1.265.060	1.415.060
Kommunal Landspensjonskasse	1.098.104	886.135
Wenaas EFTF AS	1.000.000	1.000.000
Total 10 largest EC holders	22.558.271	21.948.230
Of which Møre & Romsdal	12.805.195	12.874.195
Of which Møre & Romsdal in %	56.8	58.7

EC capital in Sparebanken Møre

The largest owners (11-20) of EC capital

EC holder		Number of ECs
	30.06.22	31.03.22
Beka Holding AS	750.500	750.500
Pareto Invest Norge AS/Pareto AS	729.780	1.157.610
Lapas AS (Leif-Arne Langøy)	617.500	617.500
Forsvarets personellservice	459.000	459.000
Stiftelsen Kjell Holm	419.750	403.750
BKK Pensjonskasse	353.350	353.350
Brown Brothers Harriman & Co.	253.743	254.045
U. Aandals EFTF AS	250.000	250.000
PIBCO AS	229.500	229.500
Morgan Stanley & Co. International	212.568	209.560
Total 20 largest EC holders	26.833.962	26.633.045
Of which Møre & Romsdal	14.321.945	14.374.945
Of which Møre & Romsdal in %	53.4	54.0