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<br /> Annual Report<br /> <br /> 2010<br /> <br /> <br /> <br /> <br /> <br /> Fornybar energi for framtiden<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Renewable energy for the future<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 1<br /> Highlights of<br /> <br /> 2010<br /> APRIL<br /> On 1 April the Tooma I wind<br /> farm in Estonia received final<br /> approval from the authorities.<br /> The farm consists of eight<br /> Enercon mills with a total<br /> output of 16 MW and will<br /> generate 45 GWh of power<br /> annually. Vardar Eurus owns<br /> 50% of the windfarm.<br /> <br /> <br /> <br /> <br /> <br /> <br /<a title="Vardar_Annual_Report_2010_E-book.pdf page 1" href="http://viewer.zmags.com/publication/9c6f83fc?page=1">Annual Report2010Fornybar energi for fram</a> Annual Report2010Fornybar energi for fram<a title="Vardar_Annual_Report_2010_E-book.pdf page 2" href="http://viewer.zmags.com/publication/9c6f83fc?page=2">Highlights of2010APRILOn 1 April the Tooma I </a> Highlights of2010APRILOn 1 April the Tooma I <a title="Vardar_Annual_Report_2010_E-book.pdf page 3" href="http://viewer.zmags.com/publication/9c6f83fc?page=3">TABLE OF CONTENTS:VARDAR IN 2010Highlights of </a> TABLE OF CONTENTS:VARDAR IN 2010Highlights of <a title="Vardar_Annual_Report_2010_E-book.pdf page 4" href="http://viewer.zmags.com/publication/9c6f83fc?page=4">”Renewable Energy for the Future”A slightly dif</a> ”Renewable Energy for the Future”A slightly dif<a title="Vardar_Annual_Report_2010_E-book.pdf page 5" href="http://viewer.zmags.com/publication/9c6f83fc?page=5">VisionGoalsStrategyVardar is a group in whic</a> VisionGoalsStrategyVardar is a group in whic<a title="Vardar_Annual_Report_2010_E-book.pdf page 6" href="http://viewer.zmags.com/publication/9c6f83fc?page=6">Vardar 2010The Vardar Group prepares its accoun</a> Vardar 2010The Vardar Group prepares its accoun<a title="Vardar_Annual_Report_2010_E-book.pdf page 7" href="http://viewer.zmags.com/publication/9c6f83fc?page=7">Five-year financial overviewAmounts in NOK 1000</a> Five-year financial overviewAmounts in NOK 1000<a title="Vardar_Annual_Report_2010_E-book.pdf page 8" href="http://viewer.zmags.com/publication/9c6f83fc?page=8">Vardar’s business areasAmounts in NOK 1000.Ren</a> Vardar’s business areasAmounts in NOK 1000.Ren<a title="Vardar_Annual_Report_2010_E-book.pdf page 9" href="http://viewer.zmags.com/publication/9c6f83fc?page=9">Renewable energy Fornybar energiVardar’s </a> Renewable energy Fornybar energiVardar’s <a title="Vardar_Annual_Report_2010_E-book.pdf page 10" href="http://viewer.zmags.com/publication/9c6f83fc?page=10">Renewable energyEnergiselskapetBuskerudV</a> Renewable energyEnergiselskapetBuskerudV<a title="Vardar_Annual_Report_2010_E-book.pdf page 11" href="http://viewer.zmags.com/publication/9c6f83fc?page=11">ReFnoernwyabaler energiyVardar’s commitment to</a> ReFnoernwyabaler energiyVardar’s commitment to<a title="Vardar_Annual_Report_2010_E-book.pdf page 12" href="http://viewer.zmags.com/publication/9c6f83fc?page=12">Renewable energyWind powerNorwayVardar’s</a> Renewable energyWind powerNorwayVardar’s<a title="Vardar_Annual_Report_2010_E-book.pdf page 13" href="http://viewer.zmags.com/publication/9c6f83fc?page=13">ReFnoernwyabaler energiyVardar’s commitment to</a> ReFnoernwyabaler energiyVardar’s commitment to<a title="Vardar_Annual_Report_2010_E-book.pdf page 14" href="http://viewer.zmags.com/publication/9c6f83fc?page=14">Other business activities Real estateand </a> Other business activities Real estateand <a title="Vardar_Annual_Report_2010_E-book.pdf page 15" href="http://viewer.zmags.com/publication/9c6f83fc?page=15">Other business activities Fornybar energi</a> Other business activities Fornybar energi<a title="Vardar_Annual_Report_2010_E-book.pdf page 16" href="http://viewer.zmags.com/publication/9c6f83fc?page=16">Opening ofMehuken IIRenewable energy fo</a> Opening ofMehuken IIRenewable energy fo<a title="Vardar_Annual_Report_2010_E-book.pdf page 17" href="http://viewer.zmags.com/publication/9c6f83fc?page=17">Mehuken II opened officially on Friday, 29 Octobe</a> Mehuken II opened officially on Friday, 29 Octobe<a title="Vardar_Annual_Report_2010_E-book.pdf page 18" href="http://viewer.zmags.com/publication/9c6f83fc?page=18">New green profileIn connection with the new str</a> New green profileIn connection with the new str<a title="Vardar_Annual_Report_2010_E-book.pdf page 19" href="http://viewer.zmags.com/publication/9c6f83fc?page=19">Board of Directors’ Annual ReportConsolidated Ac</a> Board of Directors’ Annual ReportConsolidated Ac<a title="Vardar_Annual_Report_2010_E-book.pdf page 20" href="http://viewer.zmags.com/publication/9c6f83fc?page=20">Board of Directors’ Annual Report for 2010Varda</a> Board of Directors’ Annual Report for 2010Varda<a title="Vardar_Annual_Report_2010_E-book.pdf page 21" href="http://viewer.zmags.com/publication/9c6f83fc?page=21">confirms that the prerequisites forcontinued ope</a> confirms that the prerequisites forcontinued ope<a title="Vardar_Annual_Report_2010_E-book.pdf page 22" href="http://viewer.zmags.com/publication/9c6f83fc?page=22">Uste Nes AS reported a profit of MNOK 61.5and eq</a> Uste Nes AS reported a profit of MNOK 61.5and eq<a title="Vardar_Annual_Report_2010_E-book.pdf page 23" href="http://viewer.zmags.com/publication/9c6f83fc?page=23">MNOK 1,634. The corresponding figures for2009 we</a> MNOK 1,634. The corresponding figures for2009 we<a title="Vardar_Annual_Report_2010_E-book.pdf page 24" href="http://viewer.zmags.com/publication/9c6f83fc?page=24">On the Board of Directors of Vardar AS,two of th</a> On the Board of Directors of Vardar AS,two of th<a title="Vardar_Annual_Report_2010_E-book.pdf page 25" href="http://viewer.zmags.com/publication/9c6f83fc?page=25">Chairman Svein Marfi. </a> Chairman Svein Marfi. <a title="Vardar_Annual_Report_2010_E-book.pdf page 26" href="http://viewer.zmags.com/publication/9c6f83fc?page=26">Income statement Vardar GroupIFRS(Amounts in N</a> Income statement Vardar GroupIFRS(Amounts in N<a title="Vardar_Annual_Report_2010_E-book.pdf page 27" href="http://viewer.zmags.com/publication/9c6f83fc?page=27">Balance sheet Vardar GroupIFRS (Amounts in NOK</a> Balance sheet Vardar GroupIFRS (Amounts in NOK<a title="Vardar_Annual_Report_2010_E-book.pdf page 28" href="http://viewer.zmags.com/publication/9c6f83fc?page=28">Consolidated statement of cash flowsVardar Group</a> Consolidated statement of cash flowsVardar Group<a title="Vardar_Annual_Report_2010_E-book.pdf page 29" href="http://viewer.zmags.com/publication/9c6f83fc?page=29">Consolidated statement of changes in equity(Amon</a> Consolidated statement of changes in equity(Amon<a title="Vardar_Annual_Report_2010_E-book.pdf page 30" href="http://viewer.zmags.com/publication/9c6f83fc?page=30">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 31" href="http://viewer.zmags.com/publication/9c6f83fc?page=31">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 32" href="http://viewer.zmags.com/publication/9c6f83fc?page=32">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 33" href="http://viewer.zmags.com/publication/9c6f83fc?page=33">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 34" href="http://viewer.zmags.com/publication/9c6f83fc?page=34">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 35" href="http://viewer.zmags.com/publication/9c6f83fc?page=35">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 36" href="http://viewer.zmags.com/publication/9c6f83fc?page=36">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 37" href="http://viewer.zmags.com/publication/9c6f83fc?page=37">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 38" href="http://viewer.zmags.com/publication/9c6f83fc?page=38">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 39" href="http://viewer.zmags.com/publication/9c6f83fc?page=39">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 40" href="http://viewer.zmags.com/publication/9c6f83fc?page=40">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 41" href="http://viewer.zmags.com/publication/9c6f83fc?page=41">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 42" href="http://viewer.zmags.com/publication/9c6f83fc?page=42">IFRS Consolidated financial statements 2010 </a> IFRS Consolidated financial statements 2010 <a title="Vardar_Annual_Report_2010_E-book.pdf page 43" href="http://viewer.zmags.com/publication/9c6f83fc?page=43">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 44" href="http://viewer.zmags.com/publication/9c6f83fc?page=44">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 45" href="http://viewer.zmags.com/publication/9c6f83fc?page=45">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 46" href="http://viewer.zmags.com/publication/9c6f83fc?page=46">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 47" href="http://viewer.zmags.com/publication/9c6f83fc?page=47">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 48" href="http://viewer.zmags.com/publication/9c6f83fc?page=48">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 49" href="http://viewer.zmags.com/publication/9c6f83fc?page=49">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 50" href="http://viewer.zmags.com/publication/9c6f83fc?page=50">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 51" href="http://viewer.zmags.com/publication/9c6f83fc?page=51">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 52" href="http://viewer.zmags.com/publication/9c6f83fc?page=52">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 53" href="http://viewer.zmags.com/publication/9c6f83fc?page=53">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 54" href="http://viewer.zmags.com/publication/9c6f83fc?page=54">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 55" href="http://viewer.zmags.com/publication/9c6f83fc?page=55">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 56" href="http://viewer.zmags.com/publication/9c6f83fc?page=56">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 57" href="http://viewer.zmags.com/publication/9c6f83fc?page=57">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 58" href="http://viewer.zmags.com/publication/9c6f83fc?page=58">P ensio n co stP ensio n co st fo r the yearP </a> P ensio n co stP ensio n co st fo r the yearP <a title="Vardar_Annual_Report_2010_E-book.pdf page 59" href="http://viewer.zmags.com/publication/9c6f83fc?page=59">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 60" href="http://viewer.zmags.com/publication/9c6f83fc?page=60">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 61" href="http://viewer.zmags.com/publication/9c6f83fc?page=61">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 62" href="http://viewer.zmags.com/publication/9c6f83fc?page=62">Vardar – Notes to the 2010 IFRS Financial Stateme</a> Vardar – Notes to the 2010 IFRS Financial Stateme<a title="Vardar_Annual_Report_2010_E-book.pdf page 63" href="http://viewer.zmags.com/publication/9c6f83fc?page=63">Vardar AS Accounts and Notes</a> Vardar AS Accounts and Notes<a title="Vardar_Annual_Report_2010_E-book.pdf page 64" href="http://viewer.zmags.com/publication/9c6f83fc?page=64">Income statement Vardar ASNGAAP(Amounts in NO</a> Income statement Vardar ASNGAAP(Amounts in NO<a title="Vardar_Annual_Report_2010_E-book.pdf page 65" href="http://viewer.zmags.com/publication/9c6f83fc?page=65">Balance sheet Vardar ASNGAAP(Amount in 1000 NO</a> Balance sheet Vardar ASNGAAP(Amount in 1000 NO<a title="Vardar_Annual_Report_2010_E-book.pdf page 66" href="http://viewer.zmags.com/publication/9c6f83fc?page=66">Cash flow statement Vardar ASNGAAP1. januar </a> Cash flow statement Vardar ASNGAAP1. januar <a title="Vardar_Annual_Report_2010_E-book.pdf page 67" href="http://viewer.zmags.com/publication/9c6f83fc?page=67">Vardar AS – financial statements 2010Notes to t</a> Vardar AS – financial statements 2010Notes to t<a title="Vardar_Annual_Report_2010_E-book.pdf page 68" href="http://viewer.zmags.com/publication/9c6f83fc?page=68">Vardar AS – financial statements 2010value tha</a> Vardar AS – financial statements 2010value tha<a title="Vardar_Annual_Report_2010_E-book.pdf page 69" href="http://viewer.zmags.com/publication/9c6f83fc?page=69">Vardar AS – financial statements 2010Foreign c</a> Vardar AS – financial statements 2010Foreign c<a title="Vardar_Annual_Report_2010_E-book.pdf page 70" href="http://viewer.zmags.com/publication/9c6f83fc?page=70">Vardar AS – Notes to the 2010 NGAAP Financial Sta</a> Vardar AS – Notes to the 2010 NGAAP Financial Sta<a title="Vardar_Annual_Report_2010_E-book.pdf page 71" href="http://viewer.zmags.com/publication/9c6f83fc?page=71">Vardar AS – Notes to the 2010 NGAAP Financial Sta</a> Vardar AS – Notes to the 2010 NGAAP Financial Sta<a title="Vardar_Annual_Report_2010_E-book.pdf page 72" href="http://viewer.zmags.com/publication/9c6f83fc?page=72">Vardar AS – Notes to the 2010 NGAAP Financial Sta</a> Vardar AS – Notes to the 2010 NGAAP Financial Sta<a title="Vardar_Annual_Report_2010_E-book.pdf page 73" href="http://viewer.zmags.com/publication/9c6f83fc?page=73">Vardar AS – Notes to the 2010 NGAAP Financial Sta</a> Vardar AS – Notes to the 2010 NGAAP Financial Sta<a title="Vardar_Annual_Report_2010_E-book.pdf page 74" href="http://viewer.zmags.com/publication/9c6f83fc?page=74">Vardar AS – Notes to the 2010 NGAAP Financial Sta</a> Vardar AS – Notes to the 2010 NGAAP Financial Sta<a title="Vardar_Annual_Report_2010_E-book.pdf page 75" href="http://viewer.zmags.com/publication/9c6f83fc?page=75">Vardar AS – Notes to the 2010 NGAAP Financial Sta</a> Vardar AS – Notes to the 2010 NGAAP Financial Sta<a title="Vardar_Annual_Report_2010_E-book.pdf page 76" href="http://viewer.zmags.com/publication/9c6f83fc?page=76"></a> <a title="Vardar_Annual_Report_2010_E-book.pdf page 77" href="http://viewer.zmags.com/publication/9c6f83fc?page=77"></a> <a title="Vardar_Annual_Report_2010_E-book.pdf page 78" href="http://viewer.zmags.com/publication/9c6f83fc?page=78">Responsibility StatementWe confirm, to the bes</a> Responsibility StatementWe confirm, to the bes<a title="Vardar_Annual_Report_2010_E-book.pdf page 79" href="http://viewer.zmags.com/publication/9c6f83fc?page=79">Corporate Governance</a> Corporate Governance<a title="Vardar_Annual_Report_2010_E-book.pdf page 80" href="http://viewer.zmags.com/publication/9c6f83fc?page=80">Corporate GovernanceVardar's corporate governa</a> Corporate GovernanceVardar's corporate governa<a title="Vardar_Annual_Report_2010_E-book.pdf page 81" href="http://viewer.zmags.com/publication/9c6f83fc?page=81">Capital increaseThe Board of Directors does not</a> Capital increaseThe Board of Directors does not<a title="Vardar_Annual_Report_2010_E-book.pdf page 82" href="http://viewer.zmags.com/publication/9c6f83fc?page=82">The Annual General Meeting shall approve the annu</a> The Annual General Meeting shall approve the annu<a title="Vardar_Annual_Report_2010_E-book.pdf page 83" href="http://viewer.zmags.com/publication/9c6f83fc?page=83">10. Risk management and internal controlRespons</a> 10. Risk management and internal controlRespons<a title="Vardar_Annual_Report_2010_E-book.pdf page 84" href="http://viewer.zmags.com/publication/9c6f83fc?page=84">P.O. Box 4091, Gulskogen3005 Drammen, NorwayTel</a> P.O. Box 4091, Gulskogen3005 Drammen, NorwayTel