In 2013, BI Norwegian Business School achieved a total turnover of MNOK 1 395, compared with MNOK 1 350 the year before. This is an increase of three per cent. The turnover figures include invoiced rent and overhead costs for tenants. State contributions of MNOK 246 were received in 2013, amounting to 17.6 % of the operating revenues (MNOK 228 and 16.9 % in 2012).
The operating profit for 2013 came to MNOK 134. This is an increase of MNOK 35 from MNOK 99 in 2012. The increase can be explained by a 2012 provision for costs relating to the closing down of two campuses, amounting to MNOK 6.6, plus a provision for estimated loss of rental income amounting to MNOK 28.2, as a consequence of "Studentenes hus" being shut down. Mainly on account of considerable investment activity in digitising the campus, the year's depreciation increased by MNOK 12.1 to MNOK 68.9.
The year's profit before tax came to MNOK 73.9.
There is no tax cost for 2013, due to no payable tax and no recording of deferred taxes on losses carried forward. The annual profit after tax was therefore also MNOK 73.9.
As of 31 December 2013, the foundation's equity was MNOK 548, compared to MNOK 595 as of 31 December 2012. This year's effect from estimate deviations on pensions amounts to MNOK 121 and has been recognised against the foundation's equity (cf. Note 14). The discrepancy can largely be explained by changed assumptions for life expectancy adjustments in the calculation of pension liabilities.
The Nydalen building has been depreciated with 1.5% in 2013. Other fixed assets have also been depreciated according to the same principles as in previous years.
BI Norwegian Business School changed its main banking resource in December 2013. DNB is again the foundation's main bank. Two interest swap agreements were bought out in connection with the change. All other agreements were transferred to DNB. These transactions increased the annual financial costs by MNOK 21.0.
Of the outstanding balance of MNOK 840.0, MNOK 33.5 falls due in six instalments; the first instalment is due 20 April 2016. The remaining balance falls due on 20 December 2018. BI has the opportunity to pay instalments of at least MNOK 10.0 between due dates.
BI Norwegian Business School has satisfactory liquidity.
In accordance with Section 3-3 a of the Norwegian Accounting Act, we confirm that the going concern assumptions have been met.
ANNUAL PROFIT AND ALLOCATIONS:
| This year's allocation (use) of research development funds | MNOK (4.7) |
| This year's allocation (use) of funds for MSc and PhD scholarships | MNOK (4.5) |
| This year's allocation (use) of funds for the physical learning environment | MNOK (8.5) |
| Transfer to other equity | MNOK 91.6 |
| TOTAL ALLOCATIONS | MNOK 73.9 |
| Foundation capital | MNOK 1.3 |
| Research development fund | MNOK 52.9 |
| Fund for MSc and PhD scholarships | MNOK 11.0 |
| Fund for physical learning environment | MNOK 0.0 |
| Other equity | MNOK 482.6 |
| TOTAL EQUITY | MNOK 547.8 |
Allocation of research development funds takes place through the annual budget process. Specific guidelines have been prepared regarding allocations from the MSc and PhD scholarships fund and the physical learning environment fund.