Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q4 2013 Earnings Presentation
67 slides from Sparebank 1 Sor-norge Asa's earnings presentation, February 2014
Slide 1: Investor Update - 2013
Investor Update - 2013 Markedsoppdatering og strategiske vurderinger Juni 2011 February 2014 Page 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although SpareBank 1 SR-Bank believes that the expectations reflected in such forward-looking statements are reasonable,
Slide 3: Agenda
Agenda Presentation of SpareBank Introduction to SpareBank 11 SR-Bank SR-Bank ASA ASA Financials Solvency and liquidity position Appendix Page 3
Slide 4: A unique situation with a continuing budget surplus…
A unique situation with a continuing budget surplus… Economic Indicators (%) 2009 2010 2011 2012 2013E 2014P GDP growth - mainland -1.6 1.7 2.5 3.4 1.8 2.1 Household consumption growth 0.0 3.8 2.5 3.0 2.3 2.3 Investment growth – mainland -13.2 -4.5 6.3 4.5 2.7 1.7 Investment growth oil & gas 3.4 -9.
Slide 5: Stavanger is the oil capital of Norway and a major player in Europe
Stavanger is the oil capital of Norway and a major player in Europe …and the third largest discovery ever on the Norwegian Continental Shelf was Major oil companies are located in Stavanger… made 140 km from our headquarters in 2011 Employees Production (BOE/day) 4000 5000 1 461 000 3000 Estimated r
Slide 6: One of Norway’s most prosperous regions
One of Norway’s most prosperous regions Strong growth prospects in the region Planned infrastructure project total 100-150BNOK • Norway’s most rapidly growing population – currently 24 % of the country’s • New infrastructure projects creating business opportunities in Rogaland, total population Hord
Slide 7: 52 local bank offices in one of Norway’s most prosperous regions
52 local bank offices in one of Norway’s most prosperous regions 1 Rogaland Population 452,000 Retail market 38 % Market share Corporate market 21 % Year of establishment 1839 Market strategy Market leader 2 Oil & Gas, Oil service, Important business segments Supply Unemployment rate 2.0 % 2 Hordala
Slide 8: The SpareBank Alliance – 2nd largest mortgage lender in Norway
The SpareBank 1 Alliance – 2nd largest mortgage lender in Norway Founded in 1996 based on efficiency and local market focus Geographic overview Ensure the independence and regional foothold of the individual member banks by maximizing their: - Competitiveness Purpose - Profitability - Capital streng
Slide 9: SRBANK’s activities
SRBANK’s activities Divisions of SpareBank 1 SR- Capital Markets Retail Market Corporate Market Administration & Support Bank ASA Number of employees: 37 Number of employees : 482 Number of employees : 168 Number of employees : 219 Fully owned companies Number of employees : 219 Number of of employe
Slide 10: Investor Presentation
From equity certificates to shares from 2012 SR-Bank is in the «Top-20» based on market cap of domestic listed companies SpareBank 1 SR-Bank ASA Investor Presentation March 2012 Page Page 10 10
Slide 11: 2013 brought widening investor interest and positive share price development
2013 brought widening investor interest and positive share price development Development in Price/Book 2013 Relative share price development 2013 • Greater share liquidity in 2013, 65 1,1 170 compared with 2012 60 1 160 Index 100 = 1. jan 55 150 0,9 140 50 45 0,8 130 • International p/B 120 40 0,7 o
Slide 12: 20 largest shareholders as at December 2013
20 largest shareholders as at December 2013 • International Investor Number Stake Sparebankstiftelsen SR-Bank 76.835.551 30,0 % ownership Gjensidige Forsikring ASA 26.483.470 10,4 % increased from Folketrygdfondet 7.934.328 3,1 % 6.0 % to 14.1 % SpareBank 1-stiftinga Kvinnherad 6.226.583 2,4 % Odin
Slide 13: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Solvency and liquidity position Appendix Page Page 13 13
Slide 14: Strong results allow for further lending
Strong results allow for further lending Pre-tax profit for the quarter of NOK 674 million (NOK 458 million) – Return on equity after tax: 16.2 % (11.2 %) Pre-tax profit for 2013 of NOK 2,347 million (NOK 1,761 million) – Return on equity after tax: 14.0 % (12.4 %) The net interest margin incr
Slide 15: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 capital ratio 15,6 % 16,2 % 12,3 % 11,1 % 11,8 % 10,0 % 10,1 % 10,3 % 10,5 % 11,2 % Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Cost ratio Earnings per share (NOK) 51,0 % 2,22 48,2 % 49,1 % 2,02 42,4 % 1,54 1,50 40,8 % 1,35 Q
Slide 16: Key figures – annual development
Key figures – annual development Return on equity CET 1 capital ratio 14,0 % 11,1 % 12,4 % 10,0 % 11,2 % 8,3 % 2011 2012 2013 2011 2012 2013 Cost ratio Earnings per share (NOK) 7,27 50,0 % 49,9 % 44,9 % 5,42 5,32 2011 2012 2013 2011 2012 2013 Page Page 16 16
Slide 17: Key figures
Key figures 31.12 31.12 13 12 Q4 13 Q3 13 Q2 13 Q1 13 Q4 12 Return on equity after tax (%) 14,0 12,4 16,2 15,6 11,8 12,3 11,2 Net interest margin (%) 1,42 1,27 1,46 1,49 1,43 1,27 1,36 Impairment losses on loans and guarantees in % of gross loans 0,11 0,13 0,17 0,11 0,09 0,09 0,10 -incl. SB1 Boligkr
Slide 18: Income statement
Income statement 31.12 31.12 Group Income Statement (MNOK) 13 12 Q4 13 Q3 13 Q2 13 Q1 13 Q4 12 Net interest income 2.119 1.742 574 568 526 451 480 Net commission and other income 1.824 1.466 489 466 465 404 411 Net income on investment securities 555 578 195 137 62 161 97 Total income 4.498 3.786 1.
Slide 19: Change in profit 2012 – 2013
Page Page 19 19 500 -500 0 1.000 1.500 2.000 2.500 3.000 2012 1.761 Net interest income incl. net commission income SB1 Boligkreditt and SB1 377 272 649 Næringskreditt Change in profit 2012 – 2013 86 Other income Net income on investment securities -23 Total operating expenses -131 5 Impairment loss
Slide 20: Consolidated income profile
Consolidated income profile 1200 1000 322 299 314 800 290 34 37 278 2 167 167 MNOK 21 30 600 151 121 126 400 568 574 526 480 451 200 0 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Net interest income Commission income SB1 Boligkreditt and SB1 Næringskreditt Profit before tax SB1 Boligkreditt and SB1 Næringskreditt
Slide 21: Change in net interest income and net commission income 2012 – 2013
Change in net interest income and net commission income BK and NK 2012 – 2013 2.900 2.730 356 -9 -277 272 143 -64 -31 260 611 2.400 2.081 1.900 339 1.400 1.742 2.119 2.119 1.742 900 400 Other 2012 Net fundingcost 2013 Lending margin Lending volume Deposit volume Deposit margin Guarantee fund levy Bo
Slide 22: Lending and deposit margins
Lending and deposit margins Lending margins 2,88 % 2,99 % 2,93 % 2,57 % 2,64 % 2,28 % 2,33 % 2,13 % 1,97 % 2,21 % 2,21 % 2,06 % 1,85 % 1,88 % 1,61 % 1,63 % 1,36 % 0,99 % Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Corporate market Retail market Deposit margins 0,69 % 0,25 % 0,14 % 0,07 % -
Slide 23: Lending volume and 12 months growth
Lending volum and 12 months growth Corporate Market 60 000 50 000 15% 15 % 11,4 % 10,3 % 40 000 8,6 % MNOK 10% 10 % 30 000 6,9 % 5,8 % 5,5 % 20 000 4,0 % 4,5 % 4,6 % 55% % 10 000 0 00% % Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Volume Growth % Retail Market 120 000 100 000 15 15%% 12,1
Slide 24: Loan portfolio as at 31.12.2013
Loan portfolio as at 31.12.2013 Q4 2013 Q4 2012 Industry, Retail trade, Agriculture / forestry / fishing 4.867 4.738 Power/water hotels and Agriculture/ supply and Industry, Power/water supply and construction 6.503 5.939 restaurants: forestry/ construction: Retail trade, hotels and restaurants 2.87
Slide 25: Deposits volume and 12 month growth
Deposits volume and 12 month growth Corporate Market • The deposits volume in the corporate market includes here institutional 40 000 20% 20 % deposits from money market funds, 30 000 15% 15 % etc. The willingness to pay is 7,9 % MNOK 10% 10 % deliberately reduced in this segment. 20 000 3,4 % 4,2 %
Slide 26: Operating expenses
Operating expenses 31.12 31.12 MNOK 13 12 Q4 13 Q3 13 Q2 13 Q1 13 Q4 12 Personnel expenses 1.159 1.125 297 283 294 285 295 Restructuring costs 37 2 26 1 3 7 2 Non-recurring effect, pension-related items 0 -45 0 0 0 0 -5 Total personnel expenses 1.196 1.082 323 284 297 292 292 IT expenses 250 228 65
Slide 27: Impairment losses on loans/Non-performing and doubtful commitments
Impairment losses on loans/Non-performing and doubtful commitments Impairment losses on loans Non-performing and doubtful commitments 0,17 % 0,10 % 0,09 % 0,09 % 0,11 % 1,41 % 1,14 % 1,25 % 1,14 % 1,24 % 0,12 % 0,87 % 0,81% 0,88 % 0,91 % 0,08 % 0,79 % 0,07 % 0,06 % 0,06 % 689 912 985 787 884 80 830
Slide 28: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Solvency and liquidity position Appendix Page Page 28 28
Slide 29: Deposit coverage ratio and market funding
Deposit coverage ratio and market funding • The reduced deposit coverage ratio reflects Deposit coverage ratio our funding strategy in 2013 with a greater 100,0 % share of unsecured funding and the slightly 80,0 % 66,8 % 67,6 % reduced use of covered bond funding. 63,2 % 66,2 % 63,6 % 61,7 % 61,1 %
Slide 30: Improved access to long-term funding in the Euromarket
Improved access to long-term funding in the Euromarket SHBASS 2¼ 06/14/2018 Corp DNBNO 3⅞ 06/29/2020 Corp NDASS 1⅜ 04/12/2018 Corp NDASS 4 06/29/2020 Corp 120 SPAROG 2 05/14/2018 Corp 120 120 120 SPAROG 2⅛ 02/03/2020 Corp SEB 4¼ 02/21/2018 Corp 100 100 100 100 80 80 80 80 Bps. Bps. Bps. Bps. 60 60 6
Slide 31: Stronger capital ratio - Basel I floor taken into account
Stronger capital ratio - Basel I floor taken into account 16% • The "transitional rule" that the minimum requirement for IRB capital ratio cannot be 14% reduced to less than 80 % in relation to the 14,1 % Basel I rules will be in force until the end of 13,1 % 12% 12,8 % 2017. 11,4 % 12,1 % 10% • The
Slide 32: Core equity tier 1 capital being strengthened in line with stricter requirements
Core equity tier 1 capital being strengthened in line with the stricter regulatory requirements • The new capital requirements entail a need to continue increasing core equity tier 1 capital 0,18 16,00% • Over the last two years the equity is 0,16 10,0 -13,0 % 14,00% strengthened by appr. NOK 4.0 bi
Slide 33: Stronger core equity tier 1 capital ratio on unweighted balance sheet
Stronger core equity tier 1 capital ratio calculated on basis of unweighted balance sheet 9% • Core equity tier 1 capital ratio calculated on 7,9 % 8,0 % basis of unweighted balance sheet as of 31 8% December 2013 was 8.0 % - 0.1 percentage points stronger than last year. 7% 6,4 % 6,2 % 5,9 % 6% • M
Slide 34: Outlook
Outlook Further reinforce our financial strength and funding in line with the new requirements. Will gradually adapt until the overall requirements have been fully clarified. Macroeconomic developments indicate moderate and subdued international growth. A somewhat higher level of uncertainty c
Slide 35: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Solvency and liquidity position Appendix Page Page 35 35
Slide 36: Norwegian Economy - A unique situation with a continuing budget surplus…
Norwegian Economy - A unique situation with a continuing budget surplus… GDP per capita in PPS, index, EU 27 = 100 Regional overview of GDP per capita 200 180 160 140 120 GDP per capita, EUR 100 Above 50,000 1995 1997 1999 2001 2003 2005 2007 2009 2011 Norway United States Denmark 43,750 – 50,000 Sw
Slide 37: Norwegian Housing and Mortgage Market
Norwegian Housing and Mortgage Market Population Change and Completed Housing Units Page Page 37 37 Source: Statistics Norway and Norwegian Central Bank
Slide 38: Norwegian Housing and Mortgage Market - House price development
Norwegian Housing and Mortgage Market - Nominal and real house price development 240,0 Index of House Prices, Norway, Monthly (Jan 2002 = 100) 220,0 203 200,0 180,0 160,0 140,0 125 120,0 100,0 80,0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 House Price Index Nominal House Price Inde
Slide 39: Dividend policy
Dividend policy “The financial objective of SpareBank 1 SR-Bank ASA is to achieve earnings that yield adequate, stable returns on the bank’s equity, thereby creating value for owners through competitive returns in the form of dividends and share appreciation. In determining the level of the annual d
Slide 40: Rating
Rating Moody’s Fitch Long-term debt A2 Long-term IDR A- Outlook Stable Outlook Stable Updated 30 August 2013 Updated 20 December 2013 Ratinghistory AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 Moody's A-/A3 Fitch BBB/Baa BB/Ba B 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Page Page 40 4
Slide 41: SRBANK as at 31 December 2013
SRBANK as at 31 December 2013 2013 2012 2011 2010 2009 • Ownership interests: –From Rogaland, Agder-counties and Hordaland: 53.0 % Share price 60,25 37,20 40,70 57,00 50,00 –International: 14.1 % –10 largest: 56.7 % –20 largest: 63.6 % Marketvalue (MNOK) 15.409 9.514 5.182 7.257 6.047 • Number of ow
Slide 42: Balance sheet
Balance sheet Balance sheet (MNOK) 31.12.2013 31.12.2012 Cash and balances with central banks 1.265 1.314 Balances with credit institutions 1.253 1.087 Net loans to customers 119.525 108.758 Certificates, bonds and other fixed-income securities 21.065 18.677 Financial derivatives 4.923 4.578 Shares,
Slide 43: Net commission and other income
Net commission and other income 31.12 31.12 MNOK 13 12 Q4 13 Q3 13 Q2 13 Q1 13 Q4 12 Payment facilities 233 205 59 66 56 52 47 Savings/placements 151 140 39 40 37 35 36 Insurance products 164 156 41 41 42 40 51 Commission income real estate (EM1) 433 427 108 101 127 97 99 Guarantee commission 104 89
Slide 44: Net income on investment securities
Net income on investment securities 31.12 31.12 MNOK 13 12 Q4 13 Q3 13 Q2 13 Q1 13 Q4 12 Dividend 33 25 -2 3 32 0 0 Investment income, associates 355 265 95 130 31 99 22 Securities gains/losses -81 130 13 -38 -55 -1 23 - of which capital change in shares and certificates 46 61 42 11 -28 21 46 - of w
Slide 45: Subsidiaries
Subsidiaries MNOK 31.12.13 31.12.12 EiendomsMegler 1 SR-Eiendom AS* Number of sales 7.246 7.449 Operating profit before tax 41,9 86,4 SpareBank 1 SR-Finans AS Total assets (BNOK) 6,4 6,1 Operating profit before tax 149,0 115,2 SR-Forvaltning AS Portfolio (BNOK) 7,7 6,1 Operating profit before tax 22
Slide 46: Ownership interests
Ownership interests MNOK 31.12.13 31.12.12 SpareBank 1 Gruppen AS (19,5 % interest ownership) Profit after tax 218,1 88,0 Adjusted profit previous years -1,6 9,3 SpareBank 1 Boligkreditt AS (26,2 % interest ownership) Profit after tax 64,7 84,3 Adjusted profit previous years 1,8 SpareBank 1 Næringsk
Slide 47: Impairment losses on loans and guarantees
Impairment losses on loans and guarantees 31.12 31.12 Losses on loans in income statement (MNOK) 13 12 Q4 13 Q3 13 Q2 13 Q1 13 Q4 12 Corporate customers 145 161 87 9 22 27 28 Retail customers 17 6 -7 23 3 -2 -2 Change in collective impairment losses on loans -30 -30 -30 0 0 0 0 Net impairment losses
Slide 48: Savings/placements – portfolio development
Savings/placements – portfolio development 16000 • Assets under management of NOK 13.9 billion as at 31 December 2013 14000 — Increase from NOK 12.0 billion as at 31 December 2012 12000 — 52 185 active savings contracts – approximately NOK 45.0 million in 10000 monthly savings 8000 MNOK • Most of th
Slide 49: Risk profile of the loan portfolio
Risk profile of the loan portfolio Distributed by risk group • 95.6 % of the loan portfolio satisfies the criteria for low and the lowest risk. 100 % 95,6 % 92,3 % Expected losses in this portion of the 90 % 80 % portfolio are very limited at 0.03 %. 70 % 60 % 50 % • Exposure to high or the highest
Slide 50: Low concentration of individual LGRs in the lending portfolio
Low concentration of individual LGRs in the lending portfolio Distributed by loss given realisation (LGR) • At the end of 2013, SpareBank 1 SR-Bank had a total of 23 commitments with 100 % estimated loss potential exceeding NOK 100 million. 90 % 86,7 % 83,2 % • These commitments represent 80 % appro
Slide 51: Lending to the retail market – risk profile
Lending to the retail market – risk profile Retail market portfolio distributed by risk group • The quality of the retail market 0,2 % 0,2 % 0,3 % 0,2 % 0,2 % portfolio is considered very good and 100 % 0,8 % 0,6 % 0,4 % 0,6 % 0,5 % 99 % with low potential losses. 98 % 97 % 96 % • The development is
Slide 52: Loan to value ratio on home mortgage loans
Loan to value ratio on home mortgage loans Total-distributed • The proportion of loans with a 80 % 71,8 % loan-to-collateral value ratio of less than 70 % 67,8 % 85 % is very high and has also increased in 60 % 2013. It currently stands at 91.4 %. 50 % 40 % 30 % 23,6 % 19,3 % • 98 % of gross exposur
Slide 53: Loan to value ratio on home mortgage loans (excl Boligkreditt)
Loan to value ratio on home mortgage loans (excl Boligkreditt) Total-distributed • SpareBank 1 SR-Bank has in the last 70 % year introduced restrictions to reduce 58,0 % 60 % 55,6 % the risk associated with new mortgages. These include stricter 50 % equity requirements and liquidity 40 % 28,7 % 28,6
Slide 54: Lending to the corporate market – risk profile
Lending to the corporate market – risk profile Development in corporate market’s portfolio distributed by risk group • The quality of the corporate market portfolio is considered to be good. 100 % 3,9 % 3,4 % 4,4 % 3,2 % 1,9 % 12,0 % 9,5 % 16,2 % 14,1 % 13,5 % 80 % • The risk profile has improved*.
Slide 55: Historical LTV development for home mortgage loans
Historical LTV development for home mortgage loans Total incl. SpareBank 1 Boligkreditt AS SpareBank 1 SR-Bank ASA 100 % 100 % 90 % 90 % 80 % 80 % 70 % 70 % 60 % 60 % 50 % 50 % 40 % 40 % 30 % 30 % 20 % 20 % 10 % 10 % 0% 0% 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2011Q4 2012Q1
Slide 56: Low exposure to the shipping segment
Low exposure to the shipping segment • Lending to conventional shipping is low Dry cargo; and represents 1.4 % of total loans Product- Gas; 3,0 % (3,0 %) 6,7 % (6,2 %) /chemicaltanks; 8,2 % (7,6 %) Other; • Lending to the offshore sector 2,7 % (3,0 %) Seismic; represents 5.2 % of total loans 6,2 % (
Slide 57: Lending to commercial property
Lending to commercial property Housing Real estate • Lending to commercial property cooperative; management; constitutes 15.4 % of total loans, which 4,8 % (5,6 %) 4,4 % (3,5 %) is stable compared to last year. • The portfolio is characterised by lending Development and to commercial properties for
Slide 58: Liquidity portfolio
Liquidity portfolio Liquidity buffer – survival period Liquidity portfolio 16 Of which, 14 securities 12 Market classified to value, amortised 10 Category MNOK Share % cost, MNOK 8 Norwegian government/municipal 1.010 7% 0 BNOK 6 SSA/Foreign guaranteed 2.522 18 % 0 Covered bonds (Norwegian/foreign)
Slide 59: Investments in bonds and certificates
Investments in bonds and certificates Risk category Rating Market value Share • Most of the bond portfolio is managed as Very low risk AAA, AA+, AA og AA- 13.514 64,5 % part of the liquidity management Low risk A+, A og A- 269 1,3 % activities. Bonds held for liquidity Moderat risk BBB+, BBB og BBB-
Slide 60: Norwegian Housing and Mortgage Market Key Characteristics
Norwegian Housing and Mortgage Market Key Characteristics Market • Total mortgage market approx NOK 2,000 billion (approx USD Household Credit Growth Rate 360bn, €260bn) (12 month growth rate) • Banks and credit institutions are the dominant supplier of mortgages with over 90% market share • Typical
Slide 61: Norwegian Economy – international context
Norwegian Economy – international context Unemployment rates GDP growth rates Source: OECD Economic Outlook no.92 and Statistics Norway Page 61 Source: OECD Economic Outlook no.93 and Statistics Norway
Slide 62: Norwegian Economy ..has translated into a solid net financial position
Norwegian Economy ..has translated into a solid net financial position 2013 governments financial liabilities (in per cent of GDP) Page 62 Source: OECD Economic Outlook no. 92
Slide 63: Aggregate Household Debt Burden
Aggregate Household Debt Burden Total Debt burden in per cent of household income (after tax) Norway: • All HH debts included in the statistic, question of int’l comparability • High home ownership (mortgage debt rather than rent commitments) • Generous benefits (pensions, healthcare, education, chi
Slide 64: Companies are relatively positive to 2014
An important indicator – companies are relatively positive to 2014 Expectation index1 (total) Employees Turnover Profitability Investments Development #unemployed2 • Business survey conducted November 2013 • 334 companies participated - represents approximately 40 000 employees • 4 clusters and 7 in
Slide 65: SpareBank 1 Alliance
SpareBank 1 Alliance Owners of the Sparebanken alliance Samspar Samspar Hedmark • All credit decisions are made at the 19.5 % 19.5 % 19.5 % 19.5 % 12.0 % 10.0 % local banks • Economies of scale related to expenses, Products, commissions, dividends IT solutions, marketing and branding Sales, loan por
Slide 66: Our vision: Recommended by customers
Our vision: Recommended by customers Primary objective Financial targets • SpareBank 1 SR-Bank ASA is commited to value • ROE 13-15 % at a normalised level of interest rates creation in the bank`s core market area • Sustainable contribution to the value creation process • Top 50 % ROE and cost/incom
Slide 67: Contact Details
Contact Details Address Management Investor Relations Arne Austreid Vidar Torsøe Bjergsted Terrasse 1 CEO VP Investor Relations Postboks 250 4066 Stavanger Tel. Tel. +47 900 77 334 +47 970 80 656 Tel. E-mail. E-mail. arne.austreid@sr-bank.no vidar.torsoe@sr-bank.no +47 915 02002 Inge Reinertsen Shor