T-rank

When you have selected a company to view, a window similar to the following will appear:

If you click "Preferences", a left panel will appear where you can adjust settings for the map. If you click an entity in the map, a right panel will appear with information and options related to the entity you selected. Below, both panels have been opened.

The completeness indicator (only available for certain types of maps) is calculated as the sum of integrated ownership for the identified ultimate owners (natural persons, associations, foundations,..)

Shareholder Maps visualizes owners and subsidiaries of a company, with indirect ownership and shareholder power shown in each entity.

This is an example Owners map:

This is an example of a corporate entity in a map:

(1) The BvD-ID, consisting of a two letter country code collowed by some kind of ID that will vary from country to country. Entities with unknown country will have a BvD-ID that starts with YY (legal entities) or WW (natural persons).

(2) See seperate help section for a list of Entity Types

(3) Read more about Voting Power (only available if your account has access to Shareholder power and coalitions)

(4) Read more about Integrated Ownership

(5) Some entities might have a «+» before the name. The «+» indicates that some of the owners are hidden, either because their ownership is below the current threshold or to give a better overview. Right-click the entity (or click the entity, then click the «Load more owners»-button in the Info panel) to load more owners.

(6) If this entity is in control of or is controlled by the entity in the green box, the box will have a green frame. If it is not controlled or controlling, but the integrated ownership is above a threshold set in Advanced Options (25% by default), the box will have a grey frame. When the info panel is open for an entity, that entity will get a dark frame.

Behind a name, the following symbols might occure:
♀: Female
♂': Male
📈: Listed company

The edges represent Moody's shareholder data, where the arrows point at the owned entity. Different information providers provide different types of data. Some report direct ownership only, some total ownership and some a mix. The labels on the edges are either on the format direct_ownership (if only direct ownership is available) or on the format direct_ownership / total_ownership. A dashed line (as opposed to a solid line) tells that we only know total ownership for this link, and that there might not exist a direct link at all.

Sometimes, there will be an asterisk (*) behind a percentage within the boxes. The asterisk marks that at least one total ownership link has been involved in calculating this number. Total ownership links introduces extra uncertainty in the calculations - more information may be found in the help section What is integrated ownership.

In some maps, you will find non-numerical ownership labels rather than exact percentages on the edges. The meaning of the different values are as follows (values used in caluclation of Integrated ownership in parenthesis):

- > X% More than X% (X + 0.01%)

- < X% Less than X% (X - 0.01%)

- +/- X% About X% (X%)

- BR Branch (100%)

- FC Foreign company (100%)

- T Sole trader (100%)

- VE Vessel (100%)

- WO Wholly owned, ≥ 98% (98.00%)

- MO Majority owned, > 50% (50.01%)

- CQP1 50% + 1 share (50.01%)

- AA Administrative authority (50.01%)

- JO Jointly owned, 50% (50.00%)

- NG Negligible, ≤ 0.01% (0%)

- GP General Partners (0%)

- na. Not available - The ownership is reported to exist, but the percentage is unknown (0%)

All nodes in the ownership graphs are marked with type of entity. The following abbreviations are in use:

Shareholder Maps has two modes, Investigation mode and Edit&Save mode.

Investigation mode is the default/start mode. Investigation mode is for navigating and investigating existing data for an entity. Note that you can save a map even when in investigation mode by either hitting p, which will save the map as PDF - using you last selected options for PDF export, or by hitting c, which will copy the map to your clipboard - using your last selected options for png export.

Edit&Save mode is the mode you use when you want to edit and/or export a map for a company. You enter into Edit&Save mode when you click the Edit and save

symbol.

When you click on Preferences, a number of options appear in the left-hand column.

Map type

Owners

Shows direct and indirect owners of a company. This is the default map for legal persons.

Subsidiaries

Shows what an entity, directly and indirectly, owns. This is the default map for natural persons.

Owners & subsidiaries

Displays both Owners and subsidiaries in a single map.

Beneficial Owners

Shows the Beneficial Owners of a company. Only the ownership relevant for identifying Beneficial Owners are shown: The Beneficial Owners, ownership paths leading to the Beneficial Owners, legeal persons satisfying the BO criteria and paths leading to these legal persons. Different models for defining Beneficial Ownership is available to choose from in Preferences - hover the behind each model for explanations.

Corporate group

Displays all companies in the same corporate group. Corporate groups are identified by using Voting Power - two companies will be linked to the same corporate group if one of them has Voting Power above the Control Threshold (set in Preferences → Advanced Options) in the other or they are both controlled by the same mother company.

Ownership threshold: The threshold controls which entities are included in the map. Normally, only entities having integrated ownership equal to or above the threshold will be included. Sometimes, nodes with a lower integrated ownership may appear. Entities with high Voting Power (> 49.8%) will always be included in order to make sure you won't miss important entities even if their ownership percentage is below threshold. Another reason for nodes below threshold to be included is if they are part of one of several paths leading to an entity above the threshold.

If you set the threshold to 0%, a different algorithm for selecting which nodes to include is used in the owners direction (a simple breadth first), and even links that does not contribute to integrated ownership will be included at the first level.

Max no. of entities: Maximum number of owners/owned companies to include in the map. The default - no value - lets the system decide the appropriate maximum.

Layout: Some maps (generally very wide maps) are better viewed left-to-right than top-down. For maps including circular ownership, Star layout might be the best choice. Change layout in the Layout drop down.

Include: Check Branches if you want to include them in maps.

Entity content: You can enable Country Markers inside the boxes. Country Markers mark entities from flagged countries - defined in the Advanced Options menu.

Before you save a shareholder map, you may do some modifications to the map. The editing functionality is made available as soon as you hit the symbol. Changes are stored in the browser only, and will be lost as soon as you leave Edit&Save mode. However, if you save the map as GraphML, you may open the file on a later stage (by clicking the main menu item) and keep on editing.

As long as you are in Edit&Save mode, you may not navigate between different types of maps, switch to other entities etc.

You leave Edit&Save mode by clicking Quit Edit & Save just above the left panel.

The following editing operations are currently supported:

Remove parts of the graph

Click on a node and select one of

Remove - which will delete both the node it self and all siblings
Collapse - which will delete all siblings but keep the node itself

(These options are also available in investigation mode).

Add new nodes

Depending on the type of graph, you may add new owners or new subsidiaries to a node. Click on the node you want to attach the new node to and click New owner or New subsidiary.

Edit node information

Click on a node and then click Edit

Edit/Delete link

Click on a link and then edit the information in the form that appears or click Delete.

All changes you do might be undone one at the time with ctrl-z. Undone changes might be redone with ctrl-y.

A shareholder map might be saved as an image in PNG or SVG format, a PDF or as GraphML. GraphML is an XML format for graphs that can be read by various software packages.

The different save options described below are available in the left panel in «Edit&Save» mode:

PDF: you may choose between "improved layout" - embedding the SVG, layout as on screen - embedding the PNG, or as seen on screen - embedding PNG with the current zoom level.

PNG: you may choose resolution and whether to include the complete map or just the part displayed on your screen.

SVG: uses a different layout machine than the user interface and the other export options. In general, the layout will be prettier and avoids overlaps. Another benefit of using SVG is that SVG is vector graphics, giving much better results when zooming. The footprint will also be much smaller. Unless you do spesific manual arranging of the nodes within the map that you want to keep when exporting, we highly recommend SVG.

Keyboard Shortcuts let you navigate Shareholder maps in a fast way. The following shortcuts are defined:

u

Draw an owners map (mnemonic: up)

d

Draw a subsidiaries map (mnemonic: down)

a

Draw a map containing both owners and subsidiaries (mnemonic: all directions)

b

Draw a beneficial owners map (mnemonic: beneficial owners)

g

Draw a corporate group map (mnemonic: group)

c

Copy map to clipboard (mnemonic: copy)

p

Save map as PDF (settings used last in Edit/Save mode applied) (mnemonic: pdf)

ESC

Close modal (a "window" like the one you are looking at right now)

+

Zoom in

-

Zoom out

Using the mouse

Click/tap

Clicking or tapping a box will open a context panel on the right with more information about the entity and more actions you may perform.

Double-click/tap

Double-clicking or double-tapping the green box will change the type of map. Double-clicking/tapping another box will change the focus - drawing a new map where this selected entity becomes the green box. If the clicked/tapped box is a natural person, the type of map will change to subsidiaries, otherwise the type is preserved.

Right-click/two-finger-tap

If the box has more associated entities than currently included in the map (there is a + character in front of the name, more entities (up to 50) will be loaded.

Scroll

Scrolling (using a scroll-wheel or two-finger-drag) will alter the zoom level, with the current pointer position as center.

Hold and drag

If performed on a box, the box will be moved. If performed outside all boxes, the entire map will be panned.

The Report Generator is started by clicking in the main menu when in Investigation mode.

The purpose of the Report Generator is to generate an overall report for a company - e.g. a map of owners, a map of subsidiaries and a list of Beneficial Owners into a single PDF. You may also include your own comments in the report.

The report is generated step by step:

Select elements to include and their order
One step for each of the elements that were selected. You may add a comment to each element.
The last step will generate and download the report

Start by clicking in the context panel for the green entity

All ownership or subsidiary data for the company within the selected parameters will be exported. Any modifications done to the map (delete/collapse) will have no effect on the export.

Most functionality is identical in the mobile version. Save&Edit mode is not available in the mobile version, but you might save a map as PDF from the main menu. A few other features have been removed due to lack of feasability on smaller screen

Integrated ownership, a.k.a. cash rights, effective ownership, accumulated ownership or simply indirect ownership, is the sum of direct and indirect ownership. It is calculated by multiplying together edges in ownership paths.

If A owns B by 30%, and B owns C by 70%, A's integrated ownership in C will be 30%*70% = 21%.

If there are several ownership paths from an entity to another, the different paths are added together. If A in the previous example in addition owns C directly by 79%, his integrated ownership in C will be 79% + 30%*70%=100%.

Indirect owners of a company will in general have a sum of integrated ownership far exceeding 100%. If A owns B by 100%, B owns C by 100%, C owns D by 100% and D owns E by 100%, A, B, C and D will all have 100% integrated ownership in E.

Cross (circular) ownership structures lead to extra complexity in the calculations. If A owns B by 60% and B owns itself by 40%, A will have 100% integrated ownership of B (A owns 60% directly, but then he also owns 60%*40% of the shares B owns in itself. But these extra shares also own a part of B's self ownership and so on, yielding a geometric series with the sum of 100%).

Exactly the same will happen if A owns B by 60%, B owns C by 100% and C owns B back by 40%. In real life, there are many large ownership structures with circles, circles within circles and so on. The shareholder map module will handle any kind of complex structure correctly. Given that the input data is correct, the integrated ownership figures will always be correct.

Voting Power makes it easy to see which shareholders have the power / control in a company. A shareholder's voting power is defined as the shareholder's a priori probability of being in a position to flip a decision in a company, given that he/she/it acts as an independent player.

100

If a shareholder has a voting power of 100% in a company, he is in position to dictate all decisions in a General Assembly - he is in control. An actor with a voting power close to 100% could also be considered to be in control, in line with the definition of control set out in IFRS 10. The threshold for considering someone to be in control can be adjusted in Advanced Options. Common choices for the control threshold is 99.9%, 99.8% or 99%. A Queen - the most powerful chess piece - is used as symbol for control.

50

T-rank recommends that natural persons with a Voting Power above ~ 50% should be considered as beneficial owners. A rook is used as symbol for Voting Power between 49.8% and the control threshold.

25

A pawn is used as symbol for entities having some, but at most 49.8%, Voting Power

Entities that control the subject company (owners map) or entities controlled by the subject company (ownership map) are marked with a green frame. You can adjust the Voting Power theshold in "Advanced Options"

The company behind shareholder maps, T-rank AS, is a Norwegian company specializing in network analysis of shareholder networks. Read more at trank.no

White papers, videos, links to documentation and more can be found here.

If you have any questions or feedback, please contact us at support@trank.no.

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