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SINTEF records healthy profit in 2010
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Published May 30, 2011

SINTEF achieved good financial results in 2010. The group’s operating profit was NOK 139 million, compared with NOK 107 million in 2009. Good earnings over a period of several years have made it possible to invest more than half a billion kroner in laboratories and scientific equipment in the last five years.
Good earnings over a period of several years have made it possible to invest more than half a billion kroner in laboratories and scientific equipment in the last five years.

“We are satisfied with our results in 2010. SINTEF has become more robust during the last two years, in spite of the fact that industry has been cautious with its research investments throughout the financial crisis,” says Unni Steinsmo, CEO of SINTEF.

Financial results
Gross operating revenue in 2010 was NOK 2.81 billion, compared with NOK 2.75 billion in the previous year. In the last five years, SINTEF’s gross revenue has increased by NOK 850 million.
The operating profit was NOK 139 million, compared with NOK 107 million in 2009. Profit before tax was NOK 170 million, compared with NOK 139 million in 2009.

Financial key figures for SINTEF (group figures)

NOK millions

2006

2007

2008

2009

2010

 

 

 

 

 

 

Profit

 

 

 

 

 

Gross operating revenues

1 959

2 271

2 592

2 754

2 813

Net operating revenues

1 566

1 846

2 100

2 232

2 325

Operating profit

35

133

103

107

139

Profit before tax

88

223

145

139

170

Investments

55

90

142

129

83

 

International sales increase
During 2010, SINTEF worked with approximately 7,169 projects for a total of 2,273 clients. 36 per cent of the gross operating revenue came directly from assignments for Norwegian businesses.
16 per cent of SINTEF’s operating revenue was from international assignments, invoiced to addresses outside Norway. In reality, more than half of SINTEF’s revenue is connected with assignments acquired through international competition.
International sales amounted to NOK 441 million, compared with NOK 394 million in 2009. In 2010, SINTEF had clients in 59 countries worldwide.
EU projects make up about one third of international sales. SINTEF is by far the largest Norwegian participant in EU research programmes. Participation in these programmes has been of decisive importance for the acquisition of expertise in the fields of ICT, solar energy and CO2 treatment, among other things.

Investments and corporate efforts
SINTEF’s owners are not entitled to dividend payment. Profit from SINTEF’s operations is invested in new research, scientific equipment, laboratories and the development of new expertise. Good results over the last few years have made it possible to increase these investments.
In 2010, SINTEF invested NOK 83 million in laboratories, scientific equipment and buildings, and NOK 14.5 million in technical corporate efforts.
In the last five years SINTEF has invested NOK 519 million in laboratories, scientific equipment and buildings. The largest investments in recent years have been connected with the modernisation of laboratories for multiphase transport of oil and gas and new research facilities for CO2 capture. In the same period, NOK 114 million was also invested in so-called “corporate efforts”, which are self-financed technical efforts aimed at developing cutting-edge skills in high-priority fields. Pipeline technology, “intelligent clothes” and maritime logistics are examples of such corporate efforts.

Health, Safety and Environment (HSE)
I 2010 we recorded six instances of personal injury resulting in absence, which gives an H1score (total injuries resulting in absence per million work hours) of 1.7, which is the same as in 2009. SINTEF has not been involved in an accident which has resulted in damage to the external environment during 2010. Absence due to illness was 3.6 per cent – the same as in 2009.

Staffing and recruitment
On 31 December 2010 SINTEF had 2,081 employees. This was 42 fewer than at the end of 2009.
46 per cent of the research scientists at SINTEF have doctor’s degrees, an increase of 40 per cent since 2005. In the same period, the proportion of female research scientist has increased from 22 per cent to 26 per cent.
322 of our employees originate in a total of 67 countries outside Norway. International recruitment contributes to Norway’s acquisition of highly qualified manpower. For SINTEF, international employees provide access to valuable scientific and cultural expertise.

Development of new businesses
The development of new businesses is an important part of SINTEF’s role in society. This work is organised by Sinvent, which is a SINTEF subsidiary established to promote the commercialisation of research results. In 2010, eight different SINTEF technologies became commercialised in the form of new businesses and licensing.

Additional information is available from:
Reidar Bye, Senior Executive Vice President, Telephone: +47 970 74 306