CONSOLIDATED FINANCIAL STATEMENTS
2015
CONSOLIDATED FINANCIAL STATEMENTS
Uni Research AS 2015
1
Key Financial Figures MNOK
2015
2014
2013
Total operating income
366,9
397,9
367,9
Salary and social security costs
267,6
283,7
264,5
2,3
1,8
1,8
Other operating expenses
99,4
112,8
111,0
OPERATING INCOME
-2,4
-0,4
-9,4
Result of financial items, net
3,8
8,9
8,5
Result of extraordinary items, net
0,1
-
-
NET INCOME
1,5
8,5
-0,9
22,0
40,6
34,1
187,3
215,7
228,4
209,3
256,3
262,5
Ordinary depreciation
Fixed assets Current assets
TOTAL ASSETS
Equity Liabilities
TOTALE QUITY AND LIABILITIES
Net income margin Operating income margin Return on equity Equity to asset ratio 2
Uni Research AS
77,3
122,1
113,7
132,0
134,2
148,8
209,3
256,3
262,5
0,4%
2,1%
-0,2%
-0,7%
-0,1%
-2,6%
1,9%
7,0%
-0,8%
36,9%
47,6%
43,3%
Consolidated financial statements Uni Research AS Profit and loss statement PARENT COMPANY
GROUP
2014
2014 *)
2015
397.926.740
397.926.740
366.936.590
397.926.740
397.926.740
366.936.590
0 283.673.602 1.821.765 112.806.313
0 274.369.874 1.821.765 112.806.313
0 267.570.565 2.352.274 99.372.016
398.301.680
388.997.952
369.294.855
-374.940
8.928.788
-2.358.265
NOTE OPERATING REVENUE AND OPERATING EXPENSES 2
3 5, 6 4
2015
2014
Operating revenue
378.416.505
397.926.740
Total operating revenue
378.416.505
397.926.740
Costs of goods sold Payroll and related costs Depreciation and amortisation of fixed and intangible assets Other operating expenses
1.018.522 275.971.821 2.409.942 101.195.757
0 274.369.874 1.821.765 112.806.313
Total operating expenses
380.596.042
388.997.952
-2.179.537
8.928.788
6.827.899 1.045.899 -3.330.771 -4.375.391 -931.559
1.570.976 1.239.580 6.260.174 -4.852.500 -174.332
Operating income FINANCIAL INCOME AND FINANCIAL EXPENSES
1.570.976 1.239.580 6.260.174
1.570.976 1.239.580 6.260.174
6.827.899 1.042.907 -3.330.771
-174.332
-174.332
-772.875
8 8 7
Income from other investments Other financial income Change in fair value of financial assets Loss from associated company Other financial expenses
8.896.398
8.896.398
3.767.159
Financial items, net
8.521.458
17.825.186
1.408.894
Operating income before taxation
0
0
-128.750
15
Income tax
8.521.458
17.825.186
1.537.644
11
NET INCOME FOR THE FINANCIAL YEAR Minority's share of net income Majority's share of net income
-763.923
4.043.898
-2.943.460
12.972.686
-128.750
0
-2.814.710 11.289 -2.825.998
12.972.686 0 12.972.686
ALLOCATION OF NET INCOME AND EQUITY TRANSFERS 8.521.458
17.825.186
1.537.644
Transferred to other equity
8.521.458
17.825.186
1.537.644
Total allocations and equity transfers
*)
3
Changed accounting principles for experience adjustments, see note 1.
-2.825.998
Consolidated financial statements Uni Research AS Balance sheet at 31 December PARENT COMPANY 2014
2014
2015
2014
Total intangible assets
1.176.113
0
Tangible fixed assets Land, buildings and other property Fixture and fittings, tools, office machinery, etc
3.228.293 3.422.035
0 5.810.932
3.387.544
Total tangible fixed assets
6.650.328
5.810.932
51.000 4.000.000 9.800.000 78.212
Financial non-current assets Overcoverage pension liabilities Investments in subsidiary companies Loans to group companies Investments in associated companies Investments in shares
0 0 42.367.248 200.212
0 0 46.632.014 78.212
3.648.412 1.018.568 0
0
0
4.666.980
0 5.810.932
0 5.810.932
0 3.387.544
5.810.932
5.810.932
5 15 5
Non-current assets Intangible assets Research and development Deferred tax assets Badwill
2015
0 0 0
0 0 0
0 0 9.800.000 78.212
NOTE ASSETS
3.952.841 1.018.568 -3.795.296
0 0 0
24.862.500 0 0 9.800.000 78.212
6, 16 6
7 9 7 8
34.740.712
9.878.212
13.929.212
Total financial non-current assets
42.567.460
46.710.226
40.551.644
15.689.144
21.983.736
Total non-current assets
50.393.901
52.521.158
Current assets Receivables Accounts receivable Sales not invoiced Other receivables
54.914.900 47.663.575 4.449.619
59.842.366 45.147.561 2.421.142
107.028.094
107.411.069
Current investments Equity fund Bond fund Fixed income fund
15.318.292 31.370.387 6.629.080
25.371.950 22.855.285 16.733.210
Total current investments
53.317.759
64.960.445
59.842.366 45.147.561 2.421.142
59.842.366 45.147.561 2.421.142
50.469.804 40.618.246 4.140.933
107.411.069
107.411.069
95.228.983
25.371.950 22.855.285 16.733.210
25.371.950 22.855.285 16.733.210
15.318.292 31.370.387 6.629.080
64.960.445
64.960.445
53.317.759
14
Total receivables
8 8 8
43.378.183
43.378.183
38.734.327
40.760.366
43.378.183
215.749.697
215.749.697
187.281.069
Total current assets
201.106.218
215.749.697
256.301.341
231.438.841
209.264.805
TOTAL ASSETS
251.500.119
268.270.855
*)
4
*)
GROUP
18
Cash and cash equivalents
Changed accounting principles for experience adjustments, see note 1.
Consolidated financial statements Uni Research AS Balance sheet at 31 December 2014
2014
*)
2015
NOTE EQUITY AND LIABILITIES
17.500.000 17.326.200
17.500.000 17.326.200
17.500.000 17.326.200
34.826.200
34.826.200
34.826.200
87.355.714
36.284.898
42.482.135
87.355.714
36.284.898
42.482.135
10 11
11
11 122.181.914
71.111.098
2014
Equity Paid-in capital Share capital (17.500 shares at NOK 1.000) Share premium
17.500.000 17.326.200
17.500.000 17.326.200
Total paid-in capital
34.826.200
34.826.200
Retained earnings Other equity
74.950.506
73.116.912
Total retained earnings
74.950.506
73.116.912
60.288
0
109.836.994
107.943.112
Minority interests
77.308.335
Total equity Liabilities Provisions for liabilities and charges Pension obligations
12.465.332
26.208.316
Total provisions for liabilities and charges
12.465.332
26.208.316
0
26.208.316
12.465.332
0
26.208.316
12.465.332
0
0
Other non-current liabilities 0 13, 16 Other non-current liabilities
2.914.985
0
0
0
0
Total non-current liabilities
2.914.985
0
15.415.418 0 20.030.975 71.976.839 26.696.195
15.415.418 0 20.030.975 71.976.839 26.696.195
15.160.599 889.818 20.590.098 58.027.206 24.823.417
15.870.248 398.644 23.470.660 58.027.206 28.516.050
15.415.418 0 20.030.975 71.976.839 26.696.195
134.119.427
134.119.427
119.491.138
Total current liabilities
126.282.807
134.119.427
134.119.427
160.327.743
131.956.470
Total liabilities
141.663.124
160.327.743
256.301.341
231.438.841
209.264.805
TOTAL EQUITY AND LIABILITIES
251.500.119
268.270.855
*)
5
2015
12
14 15
14
Current liabilities Accounts payable Current income taxes payable Other taxes and withholdings Prepayments from principals/ income not earned Other current liabilities
Changed accounting principles for experience adjustments, see note 1.
CONSOLIDATED FINANCIAL STATEMENTS 2015
Uni Research AS
6
Consolidated financial statements Uni Research AS Cash flow statement PARENT COMPANY 2014
GROUP 2015
2015
2014
-2.943.459 4.375.390 2.409.942 0 -3.497.128 4.927.466 454.830 -22.809.151
17.825.186 0 1.821.765 0 -7.831.149 -17.546.363 -369.565 -28.515.933
-17.082.110
-34.616.059
-3.669.457 -304.429 3.795.296 0 15.239.814 -283.625 -3.228.293
-2.827.605 0 0 0 20.004.230 0 0
11.549.306
17.176.625
CASH FLOW FROM OPERATIONS:
17.825.186 0 1.821.765 0 -7.831.149 -17.546.363 -369.565 -28.515.933
1.408.894 0 2.352.274 -9.083.391 -3.497.128 9.372.562 -254.819 -12.453.764
Operating income before taxation Share of net income without cash effect Depreciation and amortisation Pension expenses without cash effect Items classified as investment or financing activities Change in trade receivables Change in trade payables Changes in other current assets and other liabilities
-34.616.059
-12.155.372 Net cash flow from operations
CASH FLOW FROM INVESTMENT ACTIVITIES:
-2.827.605 0 0 0 20.004.230 0 0 17.176.625
-3.577.298 0 0 -51.000 15.139.814 0 -4.000.000
Outflows due to purchases of fixed assets Outflows due to purchases of intangibles Outflows due to purchases of financial non-current assets - Equity Outflows due to purchases of financial non-current assets - Shares Inflows due to investments in financial non-current assets - Shares Outflows due to investments in financial non-current assets - Shares Outflows due to investments in financial non-current assets
7.511.516 Net cash flow from investment activities
CASH FLOW FROM FINANCING ACTIVITIES:
0
0 Inflow due to new non-current liabilities
2.914.985
0
0
0 Net cash flow from financing activities
2.914.985
0
-4.643.856 Net change in bank deposits, cash and equivalents 43.378.183 Bank deposits, cash and equivalents at 1 January
-2.617.819 43.378.183
-17.439.434 60.817.618
38.734.327 Bank deposits, cash and equivalents at 31 December
40.760.364
43.378.184
-17.439.434 60.817.618 43.378.184
7
Notes to the accounts, year ended 31 December 2015
depreciation schedule. Other long-term liabilities, as well as short-term liabilities, are valued at nominal value.
FOREIGN CURRENCY All balance sheet items denominated in foreign currencies are translated into NOK at the exchange rate prevailing at the balance sheet date.
INTANGIBLE FIXED ASSETS
Note 1 Accounting policies
Expenses relating to the development of intangible assets, including research and development expenses, are capitalized when it becomes probable that the future economic benefits arising from the assets will accrue to the company, and the cost of the assets can be reliably measured.
The financial statements have been prepared in accordance with the Norwegian Accounting Act of
1998 and generally accepted accounting principles in Norway.
Intangible assets that are acquired separately, are recognised at historical cost. Intangible assets
acquired in a business combination, are recognised at historical cost when the criteria for balance
CONSILIDATION PRINCIPLES
sheet recognition have been met.
The consolidated financial statements consist of Uni Research and its subsidiaries, where Uni Research
has a controlling interest through legal or actual control. The consolidated financial statements are
Intangible assets with a limited economic life are amortised on a systematic basis. Intangible
prepared in accordance with uniform accounting policies for uniform transactions in all companies
assets are written down to the recoverable amount if the expected economic benefits are not
included in the consolidated financial statements. All material transactions and group inter-company
covering the carrying amount and any remaining development costs.
balances are eliminated. Investments in companies where the group has significant influence (associate companies) are treated in accordance with the equity method in the consolidated
SHARES IN SUBSIDIARIES AND ASSOCIATES
financial statements. Significant influence normally exists when the group owns between 20 and 50
Subsidiaries and investments in associates are carried at cost. A write-down to fair value will be
percent of the voting capital.
performed if the impairment is not considered to be temporary, and an impairment charge is
deemed necessary according to generally accepted acccounting principles. Received dividends
Shares in subsidiaries are eliminated in accordance with the acquisition method. This involves the
and group contributions are recognised as other financial income. The same applies for
acquired company’s assets and liabilities being assessed at fair value on the date of acquisition, and any
investments in associates.
value added/deducted is classified as goodwill/badwill.
OTHER SHARES CLASSIFIED AS NON-CURRENT ASSETS VALUATION AND CLASSIFICATION OF ASSETS AND LIABILITIES
Other non-current investments in shares and in general and limited partnerships, in which the
Assets intended for permanent ownership or use in the business are classified as non-current assets.
company does not have significant influence, are carried at cost. The investments are written
Other assets are classified as current assets. Receivables due within one year are classified as current
down to fair value if a decline in the value is expected to be permanent. Dividends received from
assets. The classification of current and non-current liabilities is based on the same criteria.
these companies are recognised as financial income.
Current assets are valued at the lower of historical cost and fair value.
FINANCIAL INSTRUMENTS AND DERIVATIVES
Financial instruments, including shares and bonds, which
Fixed assets are carried at historical cost, but are written down to their recoverable amount if this is l
ower than the carrying amount and the decline is expected to be permanent. Fixed assets with a
- are classified as current assets,
limited economic life are depreciated on a systematic basis in accordance with a reasonable 8
- are included in a trading portfolio, and held with the intention to sell
- are traded on a stock exchange, authorised market or equivalent regulated foreign market, and
life to the extent they exceed 10% of the greater of the pension obligation and the plan
- have satisfactory diversity of ownership and liquidity are recognised at fair value on the balance
assets (corridor) but charged directly to the company retained earnings. The effect of these
sheet date. Other investments are recognised at the lower of average acquisition cost and fair value at
changes are included in the comparative figures. Changes from previous accounting principles are
the balance sheet date.
reflected in note 11 regarding Equity and note 12 regarding Pension plans.
REVENUE
The net post-employment benefit obligation is the difference between the present value of the
Sale of services:
pension obligations and the value of plan assets that are invested for the purpose of paying the
Revenue is recognised when it is earned, i.e. when the claim to remuneration arises. This occurs when
post-employment benefits. Plan assets are recognised at fair value. A valuation of post-employment
the service is performed, as the work is being done. The revenue is recognised with the value of the
benefit obligations and plan assets is carried out as of the balance sheet date. An accrual for
remuneration at the time of transaction.
social security costs is included in the figures, calculated based on the net actual post-employment benefit deficit. Post-employment benefit obligations associated with the early retirement pension
PROJECTS/CONTRACTS
(AFP), in accordance with the LO/NHO arrangement, are a multi-employer defined benefit plan,
For contracts, revenue is recognised continually based on the stage of completion of the project
but is recorded as a defined contribution plan, as it is not measurable.
(the percentage of completion method). The stage of completion is calculated from the incurred costs on the balance sheet day as a percentage of total estimated costs. For construction contracts
COST OF SALES AND OTHER EXPENSES
expected to yield a loss, an accrual is made for the net costs of the remaining contractual production.
In principle, cost of sales and other expenses are recognised in the same period as the revenue to which they relate. In instances where there is no clear connection between the expense and
RECEIVABLES
revenue, the apportionment is estimated. Other exceptions to the matching criteria are disclosed
Trade receivables and other receivables are recognised at nominal value, less the accrual for expected
where appropriate.
losses of receivables. The accrual for losses is based on an individual assessment of each receivable.
INCOME TAXES - THE COMPANY IS PARTIALLY SUBJECT CASH AND CASH EQUIVALENTS
TO TAXATION
Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity
Tax expenses are matched with operating income before tax. Tax related to equity transactions e.g.
of less than three months at the date of purchase.
group contribution, is recognised directly in equity. Tax expense consists of current income tax expense and change in net deferred tax. Deferred tax
POST-EMPLOYMENT BENEFITS
liabilities and deferred tax assets are presented net in the balance sheet.
Defined contribution plans are accounted for according to the matching principle. Contributions to the pension plan are recorded as expenses.
GOVERNMENT GRANTS Investment grants are recognised in the balance sheet based on gross amounts, and allocated to
Defined benefit plans are post employment benefit plans other than defined contribution plans. In
operating income over the economic life of the investment. Operating grants received are matched
accounting for defined benefit plans, the obligation is expensed over the service life according to the
with their corresponding costs.
plan benefit formula. The method of allocation corresponds to the plan benefit formula, unless the bulk of the service costs accrue towards the end of the service life. In such instances, the service cost is
CHANGE IN ACCOUNTING PRINCIPLES AND
allocated on a straight-line basis. A straight-line allocation is therefore applied for post-employment
COMPARATIVE FIGURES
benefit plans operated in accordance with the occupational pension legislation.
The company has changed accounting principles for post employment benefits. Comparative figures for 2014 has been changed according to these new accounting principles
The company has changed accounting principles for experience adjustments. Experience adjustments and the effect of changes in assumptions are no longer amortised over the expected remaining service 9
Numerically effect is reflected in note no. 11
Note 2
Sales revenue
Parent company 2014 28.565.853 57.889.300 93.117.906 46.790.108 63.055.512 45.667.959 62.840.103 397.926.740
Group 2015 18.974.194 53.970.319 105.602.572 57.878.475 74.713.536 48.046.752 7.750.741 366.936.590
Per area of operation: Computing Energy Health Climate Environment Social science Other Total
2015 18.974.194 65.450.234 105.602.572 57.878.475 74.713.536 48.046.752 7.750.741 378.416.505
2015 339.910.465 10.111.289 3.404.584 3.093.085 2.284.572 1.416.678 1.379.821 1.272.216 4.063.880 366.936.590
Per geographic market: Norway Belgium Germany Canada France Poland Oman Kuwait Other countries Total
2015 351.390.380 10.111.289 3.404.584 3.093.085 2.284.572 1.416.678 1.379.821 1.272.216 4.063.880 378.416.505
Parent company 2014 362.164.098 15.215.702 2.208.523 3.797.289 1.665.458 1.557.039 11.318.631 397.926.740
10
2014 28.565.853 57.889.300 93.117.906 46.790.108 63.055.512 45.667.959 62.840.103 397.926.740
Group 2014 362.164.098 15.215.702 2.208.523 3.797.289 1.665.458 1.557.039 11.318.631 397.926.740
Note 3
Payroll costs, number of employees, benefits, loans to employees etc.
Payroll costs
Parent company
Group
2014 220.685.083 35.403.875 17.725.255 555.662 274.369.874
2015 206.004.891 33.617.015 24.611.497 3.337.162 267.570.565
365
324
Wages and salaries Social security tax Pension costs (see note 12) Other benefits Total Average number of employees during the year
Directors' remuneration General manager Board of directors Corporate assembly
Lønn 1.502.602 563.000 -
2015 213.233.873 34.176.741 25.312.795 3.248.412 275.971.821
2014 220.685.083 35.403.875 17.725.255 555.662 274.369.874
353
365
Pensions 180.312 -
benefits -
Auditor Remuneration to Deloitte AS and their associates is as follows:
Parent company 2014 287.129 100.500 32.000 419.629
11
Group 2015 266.200 201.000 171.000 638.200
Statutory audit Other assurance services Tax couselling Other services Sum
2015 266.200 201.000 171.000 638.200
2014 287.129 100.500 32.000 419.629
Note 4
Operating costs
Specification of other operating costs
Parent company
Group
2014 18.079.769 36.223.485 13.966.967 44.536.092 112.806.313
Note 5
2015 13.280.590 33.292.563 13.325.014 39.473.849 99.372.016
Other operating costs Purchase of minor equipment Purchase of services Travelling, courses etc. Other operating expenses, working plant, rent, etc. Total
-
2015 13.476.352 33.567.044 13.608.899 40.543.462 101.195.757
2014 18.079.769 36.223.485 13.966.967 44.536.092 112.806.313
Internally developed IT 3.246.912 1.381.246 4.628.158
Total 3.246.912 1.381.246 4.628.158
979.746
979.746
Intangible assets
Parent company
Cost at 1 January 2015 Additions Disposals Cost at 31 Desember 2015 Acc. amortisation at 31 December 2015 Net accumulated and reversed impairment at 31 December 2015 Accumulated and reversed amortisation and impairment at 31 Dec. 2015 Balance at 31 December 2015 Current year amortisation charge Current year impairment charge Current year reversal of impairment charges Economic life Amortisation method
12
-
-
3.648.412
3.648.412
925.632 -
925.632 -
5 years straight-line
Group
266.667 266.667
Internally developed IT 3.246.912 1.467.156 4.714.068
Total 3.246.912 -2.061.473 1.185.439
-
26.668
1.001.226
1.027.894
-
-
R&D
Badwill Cost at 1 January 2015 Additions Disposals Cost at 31 Desember 2015
-3.795.296 -3.795.296
Acc. amortisation at 1 Jan. 2015 Net accumulated and reversed impairment at 31 December 2015 Accumulated and reversed amortisation and impairment at 31 Dec. 2015 Balance at 31 December 2015
-3.795.296
Current year amortisation charge Current year impairment charge Current year reversal of impairment charges
-
Economic life Amortisation method
Note 6
5 years straight-line
-
239.999
3.712.842
157.545
26.668 -
947.112 -
973.780 -
5 years straight-line
5 years straight-line
Property, plant and equipment
Parent company Land
13
-
Buildings
Plant and machinery -
Cost at 1 January 2015 Additions, purchased Additions, in-house manufactured Disposals Cost at 31 Desember 2015 Including capitalised interest cost on manufactured additions
-
-
-
-
-
Acc. depreciation at 31 Dec 2015 Net accumulated and reserved impairment at 31 December 2015 Accumulated depreciation and impairment at 31 Dec. 2015 Balance at 31 December 2015
-
-
-
-
-
-
-
-
-
Fittings and fixtures 14.377.138 2.196.052 16.573.190 13.185.646 13.185.646 3.387.544
Total 14.377.138 2.196.052 16.573.190 13.185.646 13.185.646 3.387.544
Current year amortisation charge Current year impairment charge Current year reversal of impairment charges Economic life Depreciation method
-
-
-
Not amortised
Cost at 1 January 2015 Additions, purchased Additions, in-house manufactured Disposals Cost at 31 Desember 2015 Including capitalised interest cost on manufactured additions Acc. depreciation at 31 Dec 2015 Net accumulated and reserved impairment at 31 December 2015 Accumulated depreciation and impairment at 31 Dec. 2015 Balance at 31 December 2015 Current year amortisation charge Current year impairment charge Current year reversal of impairment charges Economic life Depreciation method
14
1.426.642 -
3-5 years straight-line
Group Land 3.228.293 3.228.293
1.426.642 -
Buildings -
Plant and machinery -
Fittings and fixtures 14.377.138 2.240.063 16.617.201
-
-
-
-
-
-
-
-
-
-
-
13.195.166 3.422.035
13.195.166 6.650.328
-
-
1.436.162 -
1.436.162 -
3.228.293 Not amortised
-
Total 17.605.431 2.240.063 19.845.494
13.195.166 -
5 years straight-line
13.195.166 -
Note 7
Investments in subsidiaries and associated companies
Company Uni Research Polytec AS CMR AS
Date of acquisition 1/9 2015 1/12 2004
Consolidated (yes/no) yes yes
Registered office Haugesund Bergen
Ownership share 51 % 35 %
Net income Equity latest financial latest financial statements statements 148.759 4.044.055 -12.501.117 113.758.015
Company Uni Research Polytec AS CMR AS
Haugaland Kunnskapspark AS 110.625
Companies recorded using the equity method: Acquisition cost Share of equity at the time of aquisition in 2004 Share of equity 31/12 2014 Share of current year net income Closing balance at 31 December 2015
Note 8
Voting share 51 % 35 %
-
CMR AS 9.800.000 32.376.417 46.632.014 -4.375.391 42.256.623
Other financial instruments
Non-current assets
Company BerGenBio AS
Share 0,84
Carrying amount
Market value
2.077
78.212
Carrying amount
Market value
2.077
78.212
Group Company
BerGenBio AS Marin Energi Testsenter AS
Share
0,84 -
20
122.000 200.212
15
Current assets
Parent company Financial instruments and commodity derivates accounted for at fair value according to the Norwegian Accounting Act § 5-8.
Cost of acquisition 18.924.727 31.142.376 6.747.081 56.814.184
Equity fund Bond fund Fixed income fund Total
Note 9
Fair value 15.318.292 31.370.387 6.629.080 53.317.759
Receivables; amounts due after more then one year
Parent company
Group
2014 -
Note 10
Change in fair value during the period 3.606.435 -228.011 118.001 3.496.425
2015 4.000.000
2015 -
Loan to Uni Research Polytec AS
2014 -
Share capital and shareholder information
The share capital in the company at 31 December 2015 consists of the following classes:
Number A-shares B-shares Total
17.500 17.500
Nominal amount Carrying value 1.000 17.500.000 17.500.000
Ownership structure Largest shareholders as of 31 December 2015:
University of Bergen Unifob Foundation Total shareholders with minimum 1% ownership Total remaing shareholders Total number of shares 16
A-shares 14.875 2.625
B-shares -
Total 14.875 2.625
Ownership share 85 % 15 %
Voting share 85 % 15 %
17.500 -
-
17.500 -
100 % 0%
100 % 0%
17.500
-
17.500
100 %
100 %
Note 11
Equity
Parent company Paid in equity Equity at 1 January 2015 This year's change in equity: Capital increase/reduction Purchase/sale of own shares Received/given group contribution Equity at 31 December 2015
Earned equity Equity at 1 January 2015 This year's change in equity: Experienced adjustment re. Post employment benefits Net income of the year Received/given group contribution Translation differences Equity at 31 December 2015
Share premium 17.326.200
17.500.000
17.326.200
Valuation variance fund -
Other equity 87.355.714
Total earned equity 87.355.714
-46.411.223 1.537.644 42.482.135
-46.411.223 1.537.644 42.482.135
-
The company has changed accounting principles for post employment benefits whereas experience adjustments and changes in experience adjustments are amotized directly to the balance of retained earnings. Amortization of experience adjustment by 31.12. 2014 -51.070.817 Amortization of experience adjustment by 31.12. 2015 -46.411.223 Changes in amortization 4.659.594 The changes og accounting principles has a cost reducing effect in 2015 of NOK 8.307.893. The equity effect is reflected above.
Group
17
Equity at 1 January 2015
122.181.914
This year's change in equity: Capital increase/reduction Added value CMR AS Net income of the year Minority interests Equity at 31 December 2015
-46.411.224 36.832.014 -2.825.998 60.288 109.836.994
Additional paid in equity -
Share capital 17.500.000
-
Note 12
Pension costs, assets and liabilities
The company is required to have an occupational post-employment plan in accordance with Norwegian legislation on occupational post-employment ("lov om obligatorisk tjenestepensjon"). The company's post-employment plan must meet the requirements of this legislation. Defined contribution plan The entity's defined contribution plan is organized in accordance with Norwegian legislation on defined contribution pensions ("lov om innskuddspensjon"). Defined benefit plan The entity's defined benefit plan provides the right to defined future benefits. These are mainly dependent on the number of years of service, the level of salary at the retirement age and the level of the government funded pension benefits. The obligations are funded through an insurance company. Accounting for the pension liability for the new AFP plan The company has a actual financial liability due to the agreement for the new AFP-plan. However, the information available in 2015 is not sufficient in order to enable recognition of a new pension liability in the financial statements for 2015. The consequence of this is that no liability is recognized for the new pension plan in 2015.
Parent company
Group
2014 2015 2015 16.989.687 9.704.448 Present value of current year service cost 9.704.448 6.445.918 3.369.635 Interest cost on projected benefit obligations 3.369.635 -7.888.069 -3.858.273 Return on plan assets -3.858.273 4.548.776 1.691.975 Accrued social security tax 1.691.975 1.049.975 2.784.014 Cost of administration 2.784.014 21.146.287 13.691.799 Net pension costs 13.691.799 The company changed to a post employment defined contribution plan as of 01.01 2015 for its employees born after 01.01 1963
Parent company 01.01.14
18
2014 16.989.687 6.445.918 -7.888.069 4.548.776 1.049.975 21.146.287
Group 01.01.15
Number of people covered by the plan
01.01.15
01.01.14
-
290 290
Defined contribution plan: Current employees Total
318 318
-
449 33 482
101 38 139
Defined benefit plan: Current employees Retirees Total
101 38 139
449 33 482
Financial assumptions (defined benefit plans) Discount rate Expected increase in salaries Expected increase in pensions Expected increase in the base amount (G-amount) Expected return on pension plan assets
Parent company
Funded
Accrued post-employment benefit obligations Plan assets (market value) Accrued social security tax Unrecognised net actuarial losses/(gains) Net pension benefit obligations
Group
Note 13
Unfunded AFP
-142.896.138 131.971.220 -1.540.413 -12.465.331 Funded
Accrued pension benefit obligations Plan assets (market value) Accrued social security tax Unrecognised net actuarial losses/(gains) Net post-employment benefit obligations
Other unfunded -
Unfunded AFP
-142.896.138 131.971.220 -1.540.413 -12.465.331
-
Total -142.896.138 131.971.220 -1.540.413 -12.465.331
-
Total -142.896.138 131.971.220 -1.540.413 -12.465.331
Other unfunded -
01.01.14 2,30 2,75 2,50 2,50 3,20
Other non-current liabilities
Parent company 2014 -
19
01.01.15 2,70 2,50 2,25 2,25 3,30
2015 -
Liabilities that mature more than five years after year end: Convertibles Bonds Borrowings from financial institutions Other non-current liabilities Total other non-current liabilities
Group 2015 2.914.985 2.914.985
2014 -
Note 14
Related party transactions and balance items
Related party transactions, profit and loss
Transaction/transaction type Accounts receivable Accounts receivable Accounts payable Other current liabilities Total
Note 15
Belongs to P&L line
Counterpart University of Bergen CMR AS University of Bergen University of Bergen
Relationship to the counterpart Shareholder Associated company Shareholder Shareholder
2015 11.767.054 1.043.675 5.124.878 17.935.607
2014 8.603.366 2.044.869 5.810.278 568.865 17.027.378
Income tax expense
Parent company
Group
2014 2015 Specification of income tax expense: 2015 889.818 Current income tax payable 398.644 -1.018.567 Changes in deferred tax -1.018.567 Effect of changes in tax rules -128.749 Tax on net income -619.923 The company is partially subject to taxation from fy 2012. The cost of income taxes for the period 2012-2015 are calculated in arrears and the net effect included in the 2015 accounts Income tax payable for fy 2012 Net effect of defecit subject to taxation for the period fy 2013-2015 (25%) Net effect of income taxes accounted for in fy 2015
2014 -
889.819 1.018.567 128.749
Postponed tax benefit balance (1.018.567) is reflected as deferred tax asset in the balance sheet
Parent company 2014 -
Group 2015 889.818 889.818
Specification of current income tax payable: This year's payable income tax expense Income tax on given group contribution Too little/much income tax allocation pervious years Current income tax payable in the balance sheet
2015 398.644 398.644
Parent company 2014 20
2014 -
Group 2015 1.018.567
Deferred tax asset in the balance sheet 25% income tax on losses carried forward
2015 1.018.567
2014 -
Note 16
Secured borrowings and guarantees
Parent company 2014 -
Group 2015 -
Secured borrowings etc: Current borrowings Debentures Borrowings from financial institutions Other non-current borrowings Total
2015 2.914.985 2.914.985
2015 -
Carrying amount of pledged assets Plant and equipment, etc. Buildings Other Total
2015 3.228.293 3.228.293
Parent company 2014 -
Note 17
Group
Solitary transactions
The Marine Molecular Biology Unit, The Sars International Centre, is as of 01.01. 2015 no longer a department with Uni Research. The 2014 department income was NOK 55.135.369 The company purchased 51% of the shares in the research company Uni Research Polytec and issued a loan to this subsidary of NOK 4.000.000
Note 18
Bank deposits
Bank deposits, cash etc. include restricted tax deduction funds with NOK 11.864.569 for the Parent company and NOK 12.757.729 for the group.
21
2014 -
2014 -
ANNUAL REPORT 2015
Examples include developing new knowledge that benefits patients of family doctors, developing and disseminating professional knowledge within local authority accident and emergency medicine, and research into side-effects relating to dental biomaterials. Within the social sciences we study how policy and reforms are shaped and implemented, as well as the effects that they have on individuals and society as a whole. The
Uni Research AS is a multidisciplinary research institute with around 400 highly-qualified employees. Its core activities are research and development for the public and private sectors in the fields of biotechnology, energy, health, climate, environment, ICT and social sciences. Uni Research AS was originally established as a foundation in 1986 under the name Stiftelsen Universitetsforskning Bergen. In 2003 the academic activity was spun off into a limited company called UNIFOB AS, which subsequently changed its name to Uni Research AS in 2009. The University of Bergen is our most important partner and main shareholder with 85% of the shares, while the foundation, Stiftelsen Universitetsforskning Bergen, owns the remaining 15%. Uni Research is a non-profit company meaning the owners are not allowed to take out dividends. Uni Research Polytec AS was established in autumn 2015 and the company is organised as part of a group with Uni Research AS as the parent company and Uni Research Polytec AS as a subsidiary. Uni Research AS owns 51% of Uni Research Polytec AS and the foundation, Stiftelsen Polytec, owns 49%. Uni Research AS also owns a 35% stake in Christian Michelsen Research AS, as well as stakes in a couple of spun-off companies. Most of the employees are based in Bergen, although Uni Research Polytec AS primarily operates in Haugesund. In the following Uni Research refers to group activities, while Uni Research AS refers to activities that only concern the parent company.
SOCIAL MISSION Our vision is to be a Premise provider for society and business. Uni Research carries out research in key areas for policy, public administration and business – nationally and internationally. Through commissions from, and in collaboration with, the business community and public agencies we contribute to value creation, renewal and innovation in companies and central and local government administration. Within the field of health we conduct research within subject areas that are important with 22 to health, lifestyle and work, both from an individual and a societal perspective. respect
research is wide-ranging, covering the spectrum from topics such as democracy, power and public administration to culture, working life and education research. The major challenges the world faces include a lack of energy and food, as well as the capacity to cope with climate change. We address these topics through research into climate models, climate forecasting and climate services. We have long experience of conducting research into increasing oil extraction, CO2 storage, offshore wind power and, in the last few years, geothermal energy. Our research into the sustainable exploitation of maritime and coastal zones forms an important part of our activities. Examples include our research into fish farming, wild fish and marine resources as a basis for fish and animal feed, newproducts and new industrial production methods. The social challenges we face today are big and complex, and require an interdisciplinary approach. Uni Research has great academic breadth and is therefore able to meet these challenges by bringing together knowledge and expertise in multidisciplinary projects.
AMBITIONS A new strategy for 2016-2020 was adopted in 2015. One of the main goals is to develop outstanding research communities in collaboration with other nationally and internationally recognised research communities. The University of Bergen (UiB) is our most important partner and during the strategy period we will strive to strengthen and develop our collaboration on research and participate in UiB’s cluster strategy. We also work closely with other research communities, regionally and nationally, including the Nansen Centre, Christian Michelsen Research, the Institute of Marine Research, IRIS, Bergen University College, the Institute for Social Research and the Norwegian Institute of Public Health. Uni Research intends to develop its scientific profile and make the most of its academic breadth in order to achieve greater interdisciplinary cooperation. We also aim to grow our international project portfolio, especially within EU projects and programmes. In addition to this, we will apply to be a host and partner in the Research Council of Norway’s centre of excellence projects with long-term funding, such as SFI, SFF and FME. Our core activities are within applied research. By connecting research with the business community and public sector we want to contribute to new knowledge, preparedness, restructuring and solutions to regional, national and global challenges. Where appropriate we will also commercialise our research results.
BASIC FUNDING
In 2015, the subsidiary Uni Research Polytec AS achieved 13 instances of publication, which resulted in
All of Uni Research AS’s departments were enrolled in the state basic funding scheme with effect from
an NVI score of 8.6 publication points.
1 January 2015. Before this we only received basic funding for one department, Uni Research Rokkan Centre. We made a systematic effort to get the entire institute into the basic funding scheme so this
PROJECT PORTFOLIO
was a major and important event. Basic funding provides us with opportunities for new initiatives and
Our research is structured as projects. At any time, we have around 800 ongoing projects. This
scientific development beyond what we could achieve through ordinary project work. It also opens
requires efficient, highly competent administration and good cooperation between researchers and
important doors to forums, provides access to incentive schemes and affords new opportunities for
administrators. Feedback and evaluations show that we have achieved this.
networking and better exposure. Uni Research AS’s project portfolio is composed as follows: 30% funding from the Research Council
ESTABLISHMENT OF UNI RESEARCH POLYTEC AS
of Norway and 42% from other public grant and project funds. In addition, 15% of the project
One important element of the strategy is that we must be open to considering mergers with other
portfolio comes from the domestic private sector and 7% of the funds from international sources
research institutes if this can strengthen the undertaking. In autumn 2015, this attitude resulted in the
(EU and private projects). The basic funding amounted to 6% of income in 2015.
establishment of Uni Research Polytec AS in collaboration with the Stiftelsen Polytec foundation. In order to achieve the best possible cooperation, Uni Research Polytec AS will, insofar as it is practically
EMPLOYEES
possible, be treated as a department of Uni Research. Joining forces in this way will enable us to
Uni Research aims to be an attractive workplace for ambitious employees that offers them good
offer greater breadth within our marine and maritime activities and engage better with the business
development opportunities and a good working environment. Working environment surveys that
community in Western Norway.
cover all employees are conducted regularly and the results are used to develop the institute further.
COMMUNICATION AND SCIENTIFIC PUBLICATION
75% of our researchers have doctoral degrees.
Disseminating research results and knowledge is a key part of the social mission of a research institute, and a top priority for Uni Research AS. Results are disseminated via a number of channels: scientific
The purpose of the Anti-Discrimination Act is to promote equal status, ensure equal opportunities
publications, books, reports, conference speeches, presentations and meetings with users, our website,
and rights, and to prevent discrimination. The company actively, deliberately and systematically
social media, the mass media, etc.
strives to advance the purposes of the Act. The activities encompass recruitment, pay and working conditions, promotion, opportunities for development, and protection from harassment.
It is important for us to reach more than just our peers and over time we have built up a good culture and expertise in relation to research dissemination, which, not least, means having a journalist in the
SKILLS DEVELOPMENT
company as part of the support system is an advantage.
At Uni Research we attach great importance to nurturing and developing our employees, while also working to ensure we have a sound basis for future recruitment. One important element of this
We conduct research into a number of topical social fields and find there is a great deal of media
work is the ‘Uni School’, which represents the systemisation of skills development in the institute.
interest in our knowledge, especially with respect to health, social and environmental research. The
Courses have been held on project management, HSE, financial management, etc. The individual
number of media items from Uni Research AS has increased greatly in the last few years.
departments also actively focus on skills development.
Uni Research’s aims to conduct research of a high international standard and wants to be among the 20
INTERNATIONAL PROFILE
most published institutions in Norway (ref. the Research Council of Norway’s indicator report). In 2015,
In 2015, Uni Research AS had around 400 employees, representing 320 full-time equivalents.
the parent company, Uni Research AS, achieved 276 unique instances of publication, which resulted in a
We are an international research institute in which around 110 of our employees have a language
Norwegian Scientific Index (NVI) score of 273.5 publication points.
and cultural background other than Norwegian. Between 30 and 40 nationalities from all over the world are represented in the group at any one time. In total the group has around 430 employees.
23
GENDER BALANCE
A total of 32 HSE incidents were reported in Uni Research AS in 2015, a clear increase on previous
Uni Research aims to increase the proportion of women among researchers and research managers.
years. Five of the incidents included personal injuries. Two of these resulted in sick leave, while the
The gender distribution in the parent company Uni Research AS is presented below:
other three involved minor personal injuries without sick leave.
Gender distribu,on in the company
Gender distribu,on on the board
In parallel with risk assessments and prevention, we are working on preparedness. In 2015, we refined plans and carried out drills.
50%
50%
Women
40%
Women
Men
60%
By systemising meetings between safety deputies and management in the departments and at a
Men
company level, we have formalised and strengthened participation. The sick leave rate (doctor and self-certified) in 2015 was 3.21%. In 2014, the sick leave rate was Gender breakdown of managers in the company Execu&ve management team
2.68%. The increase is due to more people on long-term sick leave. The goal continues to be a Departmental administra.on managers
Research managers
We will achieve this by continuing to work on an inclusive working life, following up individuals on
33%
40%
Women 60%
Women
Men
low sick leave rate.
Women
Men
sick leave properly and systematic HSE work.
67% 100%
EXTERNAL ENVIRONMENT Uni Research AS makes a substantial contribution to environmental research. Two departments,
General breakdown of research positions
40%
Uni Research AS therefore wants to exercise environmental responsibility in practice. A board Women Men
60%
Uni Research Climate and Uni Research Environment, primarily focus on scientific environmental research and most of our departments are involved in projects that have an environmental profile.
Research posi,on
resolution from 2011 means that a decision has already been taken to Eco-Lighthouse certify Uni Research AS.The head office and five of the departments have had their own certifications since 2011 and 2012 and set their own goals for local environmental work. Thanks to co-localisation, Uni Research AS will now have a general certificate from 2016.
HEALTH, SAFETY AND THE ENVIRONMENT
ACCOUNTS 2015
A good working environment, with a focus on health and safety, is a precondition for good research.
In 2015, Uni Research AS’s operating revenue totalled NOK 367 million and its operating deficit
Occupational health and safety (HSE) is a natural element in all project planning and execution at Uni
NOK 2.3 million. The company invested NOK 3.5 million in ‘new focus areas’, i.e. costs for work in
Research.
research areas we wish to develop, but which are not covered in the development phase. We have
Besides planning the movement and facilitation of new areas, we focused on risk and prevention in our
chosen not to capitalise these development costs, but to expense them directly as they arise.
projects in 2015. This included the development of an electronic system for safe job analyses. We have
Uni Research AS has good liquidity. We achieved a satisfactory return on investments in mutual,
also developed an electronic reporting system for HSE related incidents with the aim of simplifying
bond and money market funds, despite it halving since 2014. The investments provided a combined
reporting. This has been achieved.
return of 6%. The net financial result totalled NOK 3.8 million, which represented a profit for the year of NOK 1.5 million before tax.
24
In 2015, the company was found partially liable for tax with effect from 2012. The tax costs for the period 2012 to 2015 have been calculated in arrears and the net effect is taxation revenue of NOK 128,000. The company profit for the year was NOK 1.4 million. The company’s debt is low. Our largest liability is to contributors in the form of advance payments. Uni Research AS has a solid customer base and the risk associated with liquid funds, accounts receivable and liabilities is therefore regarded as low. However, risk has risen in line with a rising number of new private sector customers. Uni Research is always working on applications for new research projects and traditionally the coverage of employees has been 60-70% at the start of a new year. Uni Research’s operating revenue totalled NOK 378 million and its operating deficit NOK 2.2 million. The group posted a loss for the year of NOK 2.8 million following the addition of the share of the result from the associated company Christian Michelsen Research. The consolidated financial statements have been prepared on the basis of a going concern assumption. The profit for the year is allocated to equity and presents a true and fair picture.
OUTLOOK The oil and gas sector in Norway is experiencing a difficult economic period and this is expected to continue in 2016. The downturn is naturally having an impact through reduced demand for research in this industry. At the same time, some export industries, such as salmon farming, are benefiting from the effects of a weak NOK exchange rate and low interest rates and are therefore experiencing a good period with the corresponding greater interest in research. The public sector is also undergoing change, for example the higher number of asylum seekers is increasing the need for new expertise in the local government sector. The same is true when it comes to climate change, where the need for analysis and preparedness in local authorities requires access to regional climate information. Given our great academic breadth, we are affected by all of these trends, but less vulnerable than we would have been had we concentrated on a single market. Given that our areas of research also correspond with the government’s long-term research priorities, we believe that we are generally wellplaced to meet the future. We are in a position to withstand economic downturns and contribute to new knowledge, preparedness, restructuring and solutions to pressing social challenges.
Bergen, 7 April 2016 25
26