30 Years of Innovation and Excellence: GRID-Arendal Annual Report 2019

Revenue statement (NoK) Operating income and operating expenses Operating income Project expenses Personnel expenses Depreciation of operating and intangible assets Other operating expenses Operating expenses Operating profit Financial income and expenses Interest income Other financial income Interest expenses Other financial expenses Net financial income and expenses Ordinary result The annual accounts have been prepared in conformity with the Accounting Act and NRS 8 – Good accounting practice for small companies. Operating revenues Income from the sale of goods is recognized on the date of delivery. Services are posted to income as they are delivered. Costs are expended in the same period as the income to which they relate is recognized. Costs that cannot be directly related to income are expensed as incurred. Tax The foundation is defined as an ideal organization and is exempt from tax liabilities. Classification and valuation of fixed assets Fixed assets include assets included for long-term ownership and use. Fixed assets are valued at acquisition cost. Property, plant, and equipment are entered in the balance sheet and depreciated over the asset’s economic lifetime. Annual net profit Brought forward Net brought forward Note 1 Accounting principles

Note

2019

2018

67 917 342 17 750 949 30 141 075 31 474 18 178 858 66 102 356 1 814 986 126 361 1 022 268 447 335 1 048 807 –347 513 1 467 474 1 467 474

53 045 773 12 692 521 26 820 751 18 360 13 699 564 53 231 196 –185 423 112 211 1 181 400 376 656 544 518 372 437 187 014 187 014

2 3 2

6

1 467 474

187 014

Classification and valuation of current assets Current assets and short-term liabilities normally include items that fall due for payment within one year of the balance sheet date, as well as items that relate to the stock cycle. Current assets are valued at the lower of acquisition cost or fair value. Shares in subsidiaries Subsidiaries are valued using the cost method in the company accounts. The investment is valued at acquisition cost for the shares unless a write-down has been necessary. A write-down to fair value is made when a fall in value is due to reasons that cannot be expected to be temporary and such write-down must be considered as necessary in accordance with good accounting practice. Write-downs are reversed when the basis for the write-down is no longer present. Receivables Receivables from customers and other receivables are entered at par value after deducting a provision for expected losses. The provision for losses is made on the basis of an individual assessment of the respective receivables.

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