Joint parish councils, accounts, 2003

Accounts

The accounts for the joint parish councils for the 2003 financial year show that operating expenses came to NOK 2 294 million, while operating revenues amounted to NOK 2 357 million, an increase of 5 and 7 per cent respectively.

Investments decreased by NOK 79 million, or nearly 32 per cent, from 2002. Overall, investments have increased by 54 per cent since the 1997 financial year, the first year that the joint council prepared separate accounts.

The 2002 financial year showed a negative difference of NOK 7 million between new acquisitions and use of resources, a reduction from 2001 of NOK 1 million. In 2003 the same difference showed a positive difference of NOK 79 million, an increase of NOK 86 million from 2002. This was still up 10 per cent compared with 2000, when the difference between acquisitions and use of resources showed a difference of NOK 72 million.

Improved net operating result

The net operating result shows how much of the operating revenues that is available for investment and allocation to legal reserve.

In 2003 the net operating result was NOK 48 million. This is an increase of NOK 40 million from the 2002 financial year. Nevertheless, this is not higher than in 1997, when the joint parish councils achieved a net operating result of NOK 72 million, their best net operating result so far.

Balance sheet

The balance sheet shows total assets of NOK 4.5 billion, an increase of about 5 per cent from 2002.

Working capital improved from NOK 323 million in 2002 to NOK 398 million in 2003. This is an increase of NOK 75 million, or 23 per cent, from 2002. A change in working capital is the factor with the greatest effect on liquidity.

Tables:

• Table 1 Annual accounts for joint parish councils. 2002 and 2003. NOK million
• Table 2 Balance sheet, total per 31 December. 2002 and 2003. NOK million