Financial results

In 2024, the Foundation had The Ship Sørlandet operating income of NOK 40.7 million, of which approximately half came from public subsidies. This represents a decrease from the previous year, mainly due to a 13-week workshop stay that led to lost summer income. Operating expenses were reduced to NOK 36.3 million, resulting in an increased operating profit of NOK 4.4 million. The annual profit ended at NOK 3.9 million, an improvement from NOK 2.8 million in 2023. The ship is rented out to the subsidiary A+ World Academy each school year. It is a significant source of efficient year-round operation and good maintenance.

The balance

On the balance sheet side, the Foundation's assets increased to NOK 67.7 million, while equity and subordinated loan capital rose to NOK 22.6 million. Debt obligations also increased, with long-term debt of NOK 33.5 million and short-term debt of NOK 11.6 million. The increase is due, among other things, to provisions for future maintenance. In 2024, the Foundation paid NOK 2.1 million in interest on the loans, and repayments were NOK 3.4 million.

Important events

Among the most important events in 2024 was the receipt of NOK 36.1 million in public and private grants and donations for maintenance and rehabilitation. The foundation spent NOK 32.9 million for this purpose, and the provision for future maintenance increased to NOK 14.7 million.

Summary

The overall picture shows that the Foundation has improved its results and strengthened its balance sheet, despite a decline in revenues. For more information and details, please refer to the annual report and financial statements with notes attached below.

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