GRID-Arendal Annual Report 2002

Funding sources in 2002 (NoK)

NOT SUBJECT TO AUDIT

25 000 000

International organizations

20 000 000

15 000 000

UNEP

10 000 000

Bilateral aid agencies/public sector

Core funds

5 000 000

Private sector

0

49%

26% 11% 9% 5%

Total (NoK) 42 721 617

14

GRID-Arendal Annual Report 2002 Section 1 Board report

Financial statement continued

Note 4 Pension funds

Note 5 Accounts receivable trade Accounts receivables are included in the accounts at face value.

The premium for the year, NoK 1 008 102,- is charged to personnel costs. The yield from the pension premium fund of NOK 47 752,- is included under financial income. The pension funds include the annual premium for the Managing Director.

Note 6 Work in progress

Work in progress carried out and costs incurred, not invoiced at the year end, related to 47 projects, and costs incurred amounted to a total of NoK 6 159 371,-.

NoK NoK NoK NoK

97 422,- 98 527,- 47 752,- 243 701,-

Value 01.01.02 Pension Managing Director Yield Value 31.12.02

Note 7 Short-term investments Unit trust DNB Grønt Norden DNB Miljøinvest EarthPrint Ltd 1 525,22215 24 265,6368 3500 No. of units

992 063,- 992 063,- 44 961,- Purchase cost NoK NoK NoK

327 043,- 699 632,- 44 961,- Market value NoK NoK NoK

Cash Flow Statement (NoK)

2002

2001

CASH FLOW FROM OPERATING ACTIVITIES RESULT OF THE YEAR DEPRECIATION WRITE-DOWN OF FIXED ASSETS CHANGES IN INVENTORY, ACCOUNTS RECEIVABLES AND ACCOUNTS PAYABLE CHANGES IN OTHER BALANCE SHEET ITEMS NET CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES PURCHASE OF TANGIBLE FIXED ASSETS PROCEEDS FROM SALE OF OTHER INVESTMENTS PURCHASE OF OTHER INVESTMENTS NET CASH FLOW FROM INVESTING ACTIVITIES

2 465 002 353 818 321 062 -659 555 180 952 2 661 279

964 481 390 836 576 504

The Unit trust funds, DNB Grønt Norden and DNB Miljøinvest, are written down to their market value, and the loss of NoK 576 505,- is included under financial expenses. Earthprint Ltd is valued at its purchase cost. Note 8 Petty cash and bank accounts NoK 502 472,- of the total bank holdings is restricted to meet the liability arising from payroll taxes withheld.

-5 758 460 -650 265 -4 476 904

-597 862 329 174 -44 961 -313 649

-426 988 300 000 0 -126 988

Note 9 Advance

2 347 630

-4 603 892

NET CHANGES IN CASH AND CASH EQUIVALENTS

Work in progress invoiced on account and advances at the year end related to 26 projects and amounted to a total of NoK 4 172 094,-.

6 627 602 8 975 232

8 975 232 4 371 340

CASH AND CASH EQUIVALENTS 01.01 CASH AND CASH EQUIVALENTS 31.12