Operating expenses for the parent company in 2013 were NOK 270.4 million, compared with NOK 256.7 million the year before. Consolidated operating expenses totalled NOK 271.7 million in 2013. These expenses related primarily to payroll and administration expenses and to the purchase of external services. The purchase of leading-edge expertise relating to supervision of joint ventures in the SDFI portfolio accounts for a substantial proportion of the company’s operating expenses. The company gave priority to devoting substantial resources and study funds to mature fields and the work on Johan Sverdrup. This boosted costs for studies and leading-edge expertise by NOK 13.6 million from 2012.
The board again devoted attention in 2013 to the company’s overall resource position, and has followed up the organisational and management changes made in order to equip Petoro even better to tackle the challenges and opportunities faced in managing the SDFI portfolio. The business manager arrangement was not renewed when contracts expired in the autumn of 2013, and Petoro included follow-up of fields during 2013 which were previously handled by business managers. Priority will be given by Petoro to directing resources at the three main topics specified in its strategy. The company’s commitment to the strategically important priority areas of mature fields and Johan Sverdrup will depend on available disposable funds.
The net loss after net financial income came to NOK 0.5 million for the group and NOK 0.6 million for Petoro AS. The board proposes that this loss be covered from other equity. Remaining other equity at 31 December was NOK 14.8 million for the group and NOK 12.8 million for Petoro AS. The company’s equity position is satisfactory, with low financial risk.
Pursuant to section 3, subsections 3 and 2a, of the Norwegian Accounting Act, the board confirms that the annual accounts for the portfolio and the company provide a true and fair picture of the company’s assets and liabilities, financial position and results of the business, and that the annual accounts have been prepared on the assumption that the company is a going concern.