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Annual Report 2009<br />
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1<br />
History in a nutshell Highlights of 2009<br />
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1919 Elektrisitet Forsyningen i Buskerud founded.<br />
1955 De<a title="Vardar Annual Report 2009 page 1" href="http://viewer.zmags.com/publication/04e95b67?page=1">Annual Report 2009green</a> Annual Report 2009green<a title="Vardar Annual Report 2009 page 2" href="http://viewer.zmags.com/publication/04e95b67?page=2">History in a nutshell </a> History in a nutshell <a title="Vardar Annual Report 2009 page 3" href="http://viewer.zmags.com/publication/04e95b67?page=3">Table of contents Vardar is a holding company w</a> Table of contents Vardar is a holding company w<a title="Vardar Annual Report 2009 page 4" href="http://viewer.zmags.com/publication/04e95b67?page=4">Vardar’s people and expertiseVardar’s head offic</a> Vardar’s people and expertiseVardar’s head offic<a title="Vardar Annual Report 2009 page 5" href="http://viewer.zmags.com/publication/04e95b67?page=5">A morefocused strategy...During the past year </a> A morefocused strategy...During the past year <a title="Vardar Annual Report 2009 page 6" href="http://viewer.zmags.com/publication/04e95b67?page=6">Vardar ASVardar AS has prepared its financial st</a> Vardar ASVardar AS has prepared its financial st<a title="Vardar Annual Report 2009 page 7" href="http://viewer.zmags.com/publication/04e95b67?page=7">Five-year financial overviewAmounts in NOK 1000.</a> Five-year financial overviewAmounts in NOK 1000.<a title="Vardar Annual Report 2009 page 8" href="http://viewer.zmags.com/publication/04e95b67?page=8">Vardar´s business areas</a> Vardar´s business areas<a title="Vardar Annual Report 2009 page 9" href="http://viewer.zmags.com/publication/04e95b67?page=9">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 10" href="http://viewer.zmags.com/publication/04e95b67?page=10">Hydropower</a> Hydropower<a title="Vardar Annual Report 2009 page 11" href="http://viewer.zmags.com/publication/04e95b67?page=11">DESCRIPTION OF OPERATIONS Hy</a> DESCRIPTION OF OPERATIONS Hy<a title="Vardar Annual Report 2009 page 12" href="http://viewer.zmags.com/publication/04e95b67?page=12">DESCRIPTION OF OPERATIONSHydropowerEnergiselska</a> DESCRIPTION OF OPERATIONSHydropowerEnergiselska<a title="Vardar Annual Report 2009 page 13" href="http://viewer.zmags.com/publication/04e95b67?page=13">DESCRIPTION OF OPERATIONSHydropowerEnergiselska</a> DESCRIPTION OF OPERATIONSHydropowerEnergiselska<a title="Vardar Annual Report 2009 page 14" href="http://viewer.zmags.com/publication/04e95b67?page=14">EnergiselskapetBuskerud</a> EnergiselskapetBuskerud<a title="Vardar Annual Report 2009 page 15" href="http://viewer.zmags.com/publication/04e95b67?page=15">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 16" href="http://viewer.zmags.com/publication/04e95b67?page=16">DESCRIPTION OF OPERATIONSHydropowerEnergiselska</a> DESCRIPTION OF OPERATIONSHydropowerEnergiselska<a title="Vardar Annual Report 2009 page 17" href="http://viewer.zmags.com/publication/04e95b67?page=17">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 18" href="http://viewer.zmags.com/publication/04e95b67?page=18">Bioenergy</a> Bioenergy<a title="Vardar Annual Report 2009 page 19" href="http://viewer.zmags.com/publication/04e95b67?page=19">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 20" href="http://viewer.zmags.com/publication/04e95b67?page=20">DESCRIPTION OF OPERATIONSHydropowerEnergiselska</a> DESCRIPTION OF OPERATIONSHydropowerEnergiselska<a title="Vardar Annual Report 2009 page 21" href="http://viewer.zmags.com/publication/04e95b67?page=21">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 22" href="http://viewer.zmags.com/publication/04e95b67?page=22">ARTICLESStart of constructionof Mehuken IIMore</a> ARTICLESStart of constructionof Mehuken IIMore<a title="Vardar Annual Report 2009 page 23" href="http://viewer.zmags.com/publication/04e95b67?page=23">With its five wind turbines, Mehuken wind farm wa</a> With its five wind turbines, Mehuken wind farm wa<a title="Vardar Annual Report 2009 page 24" href="http://viewer.zmags.com/publication/04e95b67?page=24">Wind powerin Norway</a> Wind powerin Norway<a title="Vardar Annual Report 2009 page 25" href="http://viewer.zmags.com/publication/04e95b67?page=25">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 26" href="http://viewer.zmags.com/publication/04e95b67?page=26">DESCRIPTION OF OPERATIONSHydropowerEnergiselska</a> DESCRIPTION OF OPERATIONSHydropowerEnergiselska<a title="Vardar Annual Report 2009 page 27" href="http://viewer.zmags.com/publication/04e95b67?page=27">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 28" href="http://viewer.zmags.com/publication/04e95b67?page=28">Wind power abroad</a> Wind power abroad<a title="Vardar Annual Report 2009 page 29" href="http://viewer.zmags.com/publication/04e95b67?page=29">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 30" href="http://viewer.zmags.com/publication/04e95b67?page=30">DESCRIPTION OF OPERATIONSHydropowerEnergiselska</a> DESCRIPTION OF OPERATIONSHydropowerEnergiselska<a title="Vardar Annual Report 2009 page 31" href="http://viewer.zmags.com/publication/04e95b67?page=31">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 32" href="http://viewer.zmags.com/publication/04e95b67?page=32">ARTICLESStart of constructionof Mehuken IIMore</a> ARTICLESStart of constructionof Mehuken IIMore<a title="Vardar Annual Report 2009 page 33" href="http://viewer.zmags.com/publication/04e95b67?page=33"> ARTICLES Sta</a> ARTICLES Sta<a title="Vardar Annual Report 2009 page 34" href="http://viewer.zmags.com/publication/04e95b67?page=34">Real estate andproperty management</a> Real estate andproperty management<a title="Vardar Annual Report 2009 page 35" href="http://viewer.zmags.com/publication/04e95b67?page=35">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 36" href="http://viewer.zmags.com/publication/04e95b67?page=36">DESCRIPTION OF OPERATIONSHydropowerEnergiselska</a> DESCRIPTION OF OPERATIONSHydropowerEnergiselska<a title="Vardar Annual Report 2009 page 37" href="http://viewer.zmags.com/publication/04e95b67?page=37">DESCRIPTION OF OPERATIONS </a> DESCRIPTION OF OPERATIONS <a title="Vardar Annual Report 2009 page 38" href="http://viewer.zmags.com/publication/04e95b67?page=38">Society andthe environmentBjørn Husemoen med s</a> Society andthe environmentBjørn Husemoen med s<a title="Vardar Annual Report 2009 page 39" href="http://viewer.zmags.com/publication/04e95b67?page=39">Social and environmental responsibility has alway</a> Social and environmental responsibility has alway<a title="Vardar Annual Report 2009 page 40" href="http://viewer.zmags.com/publication/04e95b67?page=40">NeFrom woptimal from the standpoint of envir</a> NeFrom woptimal from the standpoint of envir<a title="Vardar Annual Report 2009 page 41" href="http://viewer.zmags.com/publication/04e95b67?page=41">Renewable futureVardar wishes to contribute to </a> Renewable futureVardar wishes to contribute to <a title="Vardar Annual Report 2009 page 42" href="http://viewer.zmags.com/publication/04e95b67?page=42">Market conditions and riskHydropowerUste Nes AS</a> Market conditions and riskHydropowerUste Nes AS<a title="Vardar Annual Report 2009 page 43" href="http://viewer.zmags.com/publication/04e95b67?page=43">For that reason, following an overallassessment,</a> For that reason, following an overallassessment,<a title="Vardar Annual Report 2009 page 44" href="http://viewer.zmags.com/publication/04e95b67?page=44">The Board of Directors’ Annual Report for 2009Va</a> The Board of Directors’ Annual Report for 2009Va<a title="Vardar Annual Report 2009 page 45" href="http://viewer.zmags.com/publication/04e95b67?page=45">In accordance with Section 3-3 of theAccounting </a> In accordance with Section 3-3 of theAccounting <a title="Vardar Annual Report 2009 page 46" href="http://viewer.zmags.com/publication/04e95b67?page=46">after tax of NOK 577,000. Results aresomewhat be</a> after tax of NOK 577,000. Results aresomewhat be<a title="Vardar Annual Report 2009 page 47" href="http://viewer.zmags.com/publication/04e95b67?page=47">risk, please see Note 1 to the accounts.Personn</a> risk, please see Note 1 to the accounts.Personn<a title="Vardar Annual Report 2009 page 48" href="http://viewer.zmags.com/publication/04e95b67?page=48">Chairman Svein Marfi. </a> Chairman Svein Marfi. <a title="Vardar Annual Report 2009 page 49" href="http://viewer.zmags.com/publication/04e95b67?page=49">Income statement IFRSAmounts in 1000 NOK.GROUP </a> Income statement IFRSAmounts in 1000 NOK.GROUP <a title="Vardar Annual Report 2009 page 50" href="http://viewer.zmags.com/publication/04e95b67?page=50">Balance sheet IFRSAmounts in NOK 1000.GROUP </a> Balance sheet IFRSAmounts in NOK 1000.GROUP <a title="Vardar Annual Report 2009 page 51" href="http://viewer.zmags.com/publication/04e95b67?page=51">Amounts in NOK 1000.GROUP </a> Amounts in NOK 1000.GROUP <a title="Vardar Annual Report 2009 page 52" href="http://viewer.zmags.com/publication/04e95b67?page=52">Statement of changes in equity IFRSAmounts in NO</a> Statement of changes in equity IFRSAmounts in NO<a title="Vardar Annual Report 2009 page 53" href="http://viewer.zmags.com/publication/04e95b67?page=53">Consolidated statement of cash flows IFRSAmounts</a> Consolidated statement of cash flows IFRSAmounts<a title="Vardar Annual Report 2009 page 54" href="http://viewer.zmags.com/publication/04e95b67?page=54">Notes to the 2009 IFRS financial statementsGener</a> Notes to the 2009 IFRS financial statementsGener<a title="Vardar Annual Report 2009 page 55" href="http://viewer.zmags.com/publication/04e95b67?page=55">General Information IFRSVardar AS and its subsid</a> General Information IFRSVardar AS and its subsid<a title="Vardar Annual Report 2009 page 56" href="http://viewer.zmags.com/publication/04e95b67?page=56">with employees and others providing • </a> with employees and others providing • <a title="Vardar Annual Report 2009 page 57" href="http://viewer.zmags.com/publication/04e95b67?page=57">that the general requirement of IAS 1 </a> that the general requirement of IAS 1 <a title="Vardar Annual Report 2009 page 58" href="http://viewer.zmags.com/publication/04e95b67?page=58">on or after 1 July 2010). IFRIC 19 </a> on or after 1 July 2010). IFRIC 19 <a title="Vardar Annual Report 2009 page 59" href="http://viewer.zmags.com/publication/04e95b67?page=59">policies of associates have been changed </a> policies of associates have been changed <a title="Vardar Annual Report 2009 page 60" href="http://viewer.zmags.com/publication/04e95b67?page=60">recognised in the income statement as part of </a> recognised in the income statement as part of <a title="Vardar Annual Report 2009 page 61" href="http://viewer.zmags.com/publication/04e95b67?page=61">amount is greater than its estimated </a> amount is greater than its estimated <a title="Vardar Annual Report 2009 page 62" href="http://viewer.zmags.com/publication/04e95b67?page=62">or have been transferred and the group </a> or have been transferred and the group <a title="Vardar Annual Report 2009 page 63" href="http://viewer.zmags.com/publication/04e95b67?page=63">Subsequent recoveries of amounts previously </a> Subsequent recoveries of amounts previously <a title="Vardar Annual Report 2009 page 64" href="http://viewer.zmags.com/publication/04e95b67?page=64">The defined benefit obligation is calculated </a> The defined benefit obligation is calculated <a title="Vardar Annual Report 2009 page 65" href="http://viewer.zmags.com/publication/04e95b67?page=65">classified as an interest-bearing receivable. </a> classified as an interest-bearing receivable. <a title="Vardar Annual Report 2009 page 66" href="http://viewer.zmags.com/publication/04e95b67?page=66">to generation of water-/windpower and </a> to generation of water-/windpower and <a title="Vardar Annual Report 2009 page 67" href="http://viewer.zmags.com/publication/04e95b67?page=67">Notes to the 2009 IFRS financial statementsAmoun</a> Notes to the 2009 IFRS financial statementsAmoun<a title="Vardar Annual Report 2009 page 68" href="http://viewer.zmags.com/publication/04e95b67?page=68">Amounts in NOK 1000.</a> Amounts in NOK 1000.<a title="Vardar Annual Report 2009 page 69" href="http://viewer.zmags.com/publication/04e95b67?page=69">Amounts in NOK 1000.Note 1. Financial risk and f</a> Amounts in NOK 1000.Note 1. Financial risk and f<a title="Vardar Annual Report 2009 page 70" href="http://viewer.zmags.com/publication/04e95b67?page=70">Amounts in NOK 1000.Note 1. Financial risk and f</a> Amounts in NOK 1000.Note 1. Financial risk and f<a title="Vardar Annual Report 2009 page 71" href="http://viewer.zmags.com/publication/04e95b67?page=71">Amounts in NOK 1000.Note 2. Critical accounting </a> Amounts in NOK 1000.Note 2. Critical accounting <a title="Vardar Annual Report 2009 page 72" href="http://viewer.zmags.com/publication/04e95b67?page=72">Amounts in NOK 1000.</a> Amounts in NOK 1000.<a title="Vardar Annual Report 2009 page 73" href="http://viewer.zmags.com/publication/04e95b67?page=73">Amounts in NOK 1000.Note 3. Segment reporting (</a> Amounts in NOK 1000.Note 3. Segment reporting (<a title="Vardar Annual Report 2009 page 74" href="http://viewer.zmags.com/publication/04e95b67?page=74">Amounts in NOK 1000.</a> Amounts in NOK 1000.<a title="Vardar Annual Report 2009 page 75" href="http://viewer.zmags.com/publication/04e95b67?page=75">Amounts in NOK 1000.Note 5. Property, plant and </a> Amounts in NOK 1000.Note 5. Property, plant and <a title="Vardar Annual Report 2009 page 76" href="http://viewer.zmags.com/publication/04e95b67?page=76">Amounts in NOK 1000.</a> Amounts in NOK 1000.<a title="Vardar Annual Report 2009 page 77" href="http://viewer.zmags.com/publication/04e95b67?page=77">Amounts in NOK 1000.Note 7. Investment in joint</a> Amounts in NOK 1000.Note 7. Investment in joint<a title="Vardar Annual Report 2009 page 78" href="http://viewer.zmags.com/publication/04e95b67?page=78">Amounts in NOK 1000.</a> Amounts in NOK 1000.<a title="Vardar Annual Report 2009 page 79" href="http://viewer.zmags.com/publication/04e95b67?page=79">Amounts in NOK 1000.Note 11. InventoriesInvent</a> Amounts in NOK 1000.Note 11. InventoriesInvent<a title="Vardar Annual Report 2009 page 80" href="http://viewer.zmags.com/publication/04e95b67?page=80">Amounts in NOK 1000.</a> Amounts in NOK 1000.<a title="Vardar Annual Report 2009 page 81" href="http://viewer.zmags.com/publication/04e95b67?page=81">Amounts in NOK 1000.Note 15. Deferred taxDeferr</a> Amounts in NOK 1000.Note 15. Deferred taxDeferr<a title="Vardar Annual Report 2009 page 82" href="http://viewer.zmags.com/publication/04e95b67?page=82">Amounts in NOK 1000.</a> Amounts in NOK 1000.<a title="Vardar Annual Report 2009 page 83" href="http://viewer.zmags.com/publication/04e95b67?page=83">Amounts in NOK 1000.Note 16. Pensions (continue</a> Amounts in NOK 1000.Note 16. Pensions (continue<a title="Vardar Annual Report 2009 page 84" href="http://viewer.zmags.com/publication/04e95b67?page=84">Amounts in NOK 1000.Note 18. Wage costs and rem</a> Amounts in NOK 1000.Note 18. Wage costs and rem<a title="Vardar Annual Report 2009 page 85" href="http://viewer.zmags.com/publication/04e95b67?page=85">Amounts in NOK 1000.Note 18. Wage costs and rem</a> Amounts in NOK 1000.Note 18. Wage costs and rem<a title="Vardar Annual Report 2009 page 86" href="http://viewer.zmags.com/publication/04e95b67?page=86">Amounts in NOK 1000.</a> Amounts in NOK 1000.<a title="Vardar Annual Report 2009 page 87" href="http://viewer.zmags.com/publication/04e95b67?page=87">Amounts in NOK 1000.Note 23. Companies included </a> Amounts in NOK 1000.Note 23. Companies included <a title="Vardar Annual Report 2009 page 88" href="http://viewer.zmags.com/publication/04e95b67?page=88">Income statement NGAAPAmounts in NOK 1000.PAREN</a> Income statement NGAAPAmounts in NOK 1000.PAREN<a title="Vardar Annual Report 2009 page 89" href="http://viewer.zmags.com/publication/04e95b67?page=89">Balance sheet NGAAPAmounts in NOK 1000.PARENT C</a> Balance sheet NGAAPAmounts in NOK 1000.PARENT C<a title="Vardar Annual Report 2009 page 90" href="http://viewer.zmags.com/publication/04e95b67?page=90">Balance sheet NGAAPAmounts in NOK 1000.PARENT C</a> Balance sheet NGAAPAmounts in NOK 1000.PARENT C<a title="Vardar Annual Report 2009 page 91" href="http://viewer.zmags.com/publication/04e95b67?page=91">Cash flow statement NGAAPAmounts in NOK 1000.PA</a> Cash flow statement NGAAPAmounts in NOK 1000.PA<a title="Vardar Annual Report 2009 page 92" href="http://viewer.zmags.com/publication/04e95b67?page=92">Notes to the 2009 NGAAP financial statementsGene</a> Notes to the 2009 NGAAP financial statementsGene<a title="Vardar Annual Report 2009 page 93" href="http://viewer.zmags.com/publication/04e95b67?page=93">Accounting principlesGeneralThe annual accounts</a> Accounting principlesGeneralThe annual accounts<a title="Vardar Annual Report 2009 page 94" href="http://viewer.zmags.com/publication/04e95b67?page=94">invoiced income, incurred expenses, othergrids/e</a> invoiced income, incurred expenses, othergrids/e<a title="Vardar Annual Report 2009 page 95" href="http://viewer.zmags.com/publication/04e95b67?page=95">Notes to the 2009 NGAAP financial statementsAmou</a> Notes to the 2009 NGAAP financial statementsAmou<a title="Vardar Annual Report 2009 page 96" href="http://viewer.zmags.com/publication/04e95b67?page=96">Amounts in NOK 1000.</a> Amounts in NOK 1000.<a title="Vardar Annual Report 2009 page 97" href="http://viewer.zmags.com/publication/04e95b67?page=97">Amounts in NOK 1000.Note 4. Subsidiaries, joint </a> Amounts in NOK 1000.Note 4. Subsidiaries, joint <a title="Vardar Annual Report 2009 page 98" href="http://viewer.zmags.com/publication/04e95b67?page=98">Amounts in NOK 1000.Note 5. Shares in other com</a> Amounts in NOK 1000.Note 5. Shares in other com<a title="Vardar Annual Report 2009 page 99" href="http://viewer.zmags.com/publication/04e95b67?page=99">Amounts in NOK 1000.Note 11. Pension costs and </a> Amounts in NOK 1000.Note 11. Pension costs and <a title="Vardar Annual Report 2009 page 100" href="http://viewer.zmags.com/publication/04e95b67?page=100">Amounts in NOK 1000.Note 14. Share capital and </a> Amounts in NOK 1000.Note 14. Share capital and <a title="Vardar Annual Report 2009 page 101" href="http://viewer.zmags.com/publication/04e95b67?page=101">101</a> 101<a title="Vardar Annual Report 2009 page 102" href="http://viewer.zmags.com/publication/04e95b67?page=102">Responsibility StatementWe confirm, to the best</a> Responsibility StatementWe confirm, to the best<a title="Vardar Annual Report 2009 page 103" href="http://viewer.zmags.com/publication/04e95b67?page=103">103</a> 103<a title="Vardar Annual Report 2009 page 104" href="http://viewer.zmags.com/publication/04e95b67?page=104">P.O. Box 4091, Gulskogen3005 Drammen, NorwayTel</a> P.O. Box 4091, Gulskogen3005 Drammen, NorwayTel