The Board of Directors are satisfied with the results of the 2014 research activities. Activities in the energy sector have contributed significantly to the financial results for the year. After several years with operational and financial challenges, activities in the area of Biomiljø (bio-environment) showed a positive financial development over the previous two years, but 2014 was again a difficult year.
Activities in the area of social science show fluctuations over time, where 2014 to some extent has been a challenging year. Continued increase in research capacity both in environmental and social sciences is a priority.
Commercialization of research results both from IRIS and UiS is an important part of our value creation. The output of commercialization will naturally vary from one year to another, but the Board considers that there has been a good overall progress. Gains from the sale of shares etc. for 2014 constitute MNOK 35.0 (MNOK 1.5 in 2013).
The IRIS group’s operating income for 2014 amounts to MNOK 360, of which sale revenues amount to MNOK 324. Sale revenues have increased by MNOK 12 (4 percent) from 2013. The accounts of IRIS group show profits before taxes of MNOK 27.6, up from MNOK 15.5 in 2013.
2014 accounts for the parent company IRIS show operating income and profit before taxes of MNOK 331 (MNOK 317 in 2013) and MNOK 16.3 (MNOK 25.2 in 2013), respectively. Decrease in profit must be seen in the context of increased pension costs. The equity in IRIS group is MNOK 142 as of Dec. 31 2014, corresponding to an equity ratio of 47 percent. Equity and equity ratio in the parent company IRIS constitute MNOK 134 and 45 percent respectively.
Working capital in IRIS group is reduced by MNOK 12.9 for 2014 and amounts to MNOK 45.5 as of Dec. 31 2014. Working capital for the parent company IRIS is MNOK 33.1 as of Dec. 31 2014, against MNOK 32.5 in 2013. Dividends received from subsidiaries totaled MNOK 6.5, while group contribution rendered to subsidiaries totaled MNOK 5.2.
Total investments in equipment, labs, and facilities etc. for 2014 amount to MNOK 10.9, down by MNOK 16.9 from 2013. Of the total investments, MNOK 6.3 is self-financed, MNOK 3.6 is funded by an infrastructure grant from the Research Council of Norway, and MNOK 1.0 is project financed. Self-financed investments are similar to the previous year.
The Board of Directors believes that the annual accounts give a true and fair view of the company´s financial assets and liabilities, financial position and results.