Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698060369969.pdf (Liberia)
GEORG- Rannsóknarklasi í jarðhita Financial Statements 1.1.2020-31.12.2020 Audited GEORG-Rannsóknarklasi í jarðhita kt: 430412-0350 Grensásvegi 9 108 Reykjavík Contents Report of the Board of Directors and Operational Manager ....................................................

Independent Auditor's Report ..................................................................................................
Statement of Activities ............................................................................................................

Statement of Financial Position ...............................................................................................
Statement of Cash Flows ......................................................................................................... Notes ........................................................................................................................................

Page 2 3 5 6-7 8 9-10 Statement of Activities 1st of January 2020 - 31st of December 2020 Income Sales ......................................................................................................
Grants .................................................................................................... Other revenues .......................................................................................

Expenses Cost of conference ................................................................................. Salaries and related expenses ................................................................
Grants awarded ...................................................................................... Other expenses ...................................................................................... Value of shares written off ....................................................................
Note 2020 2019 39.491.152 66.485.028 290.194 36.740.088 59.215.094 2.796.801 106.266.374 98.751.983 910.873 73.823.135 8.600.316 11.328.628 16.757.592 936.469 69.827.190 11.618.911 16.846.638 0 111.420.544 99.229.208 Profits (losses) from operation ................................................................. ( 5.154.170) ( 477.225) Financial income and (expenses) Interest revenues .................................................................................... Interest expenses and bank related service fees ..................................... Exchange rate differences ...................................................................... ( 119.847 21.805) 5.056.128 ( 71.346 79.950) 485.829 5.154.170 477.225 Net income ............................................................................ 0 0 GEORG-Rannsóknarklasi í jarðhita - Financial Statements 2020 ______________________________________________________ - 5 - All amounts in ISK ______________________________________________________ Statement of Financial Position Assets Note 31.12.2020 31.12.2019 Fixed assets Investments: Shares in companies ........................................................................ 5 1.861.955 18.619.547 Fixed assets 1.861.955 18.619.547 Current assets Receivables: Accounts receivable ........................................................................ 16.162.227 33.447.803 Cash and cash equivalents ..................................................................... 95.766.702 47.304.115 Current assets 111.928.929 80.751.918 Total assets 113.790.884 99.371.465 GEORG-Rannsóknarklasi í jarðhita - Financial Statements 2020 ______________________________________________________ - 6 - All amounts in ISK ______________________________________________________ 31st of December 2020 Liabilities Note 31.12.2020 31.12.2019 Current liabilities Deferred income - Horizon 2020 ...........................................................
Deferred income - Other grants ............................................................. Accounts payable .................................................................................. Other payables ....................................................................................... 7 6 68.875.996 33.785.388 4.122.197 7.007.303 55.121.544 34.768.748 400.713 9.080.460 Current liabilities 113.790.884 99.371.465 Total liabilities 113.790.884 99.371.465 Total liabilities 113.790.884 99.371.465 GEORG-Rannsóknarklasi í jarðhita - Financial Statements 2020 ______________________________________________________ - 7 - All amounts in ISK ______________________________________________________ Statement of cash flows Net income (loss) ...................................................................................
Adjustments to reconcile net (loss) income: Write off value of shares .................................................................
Note 2020 2019 0 16.757.592 16.757.592 0 0 0 Short term receivables, change ....................................................... Short term payables, change ........................................................... 17.285.576 1.648.327 ( 31.776.216) 5.292.066 Changes in operating assets and liabilities 18.933.903 ( 26.484.150) Net cash from operating activities 35.691.495 ( 26.484.150) Financing activities Deferred income and Grants payable, change ....................................... 12.771.092 3.122.806 Net cash flow from financing activities 12.771.092 3.122.806 Increase in cash .................................................................... 48.462.587 ( 23.361.344) Cash at beginning of year ................................................... 47.304.115 70.665.459 Cash at year end .................................................................. 95.766.702 47.304.115 GEORG-Rannsóknarklasi í jarðhita - Financial Statements 2020 ______________________________________________________ - 8 - All amounts in ISK ______________________________________________________ Notes Accounting principles 1.
2.

3.

4.

These Financial Statements of GEORG-Rannsóknarklasi í jarðhita for the financial period January 1st 2020 - December 31st 2020 have been prepared in accordance with applicable Icelandic laws and regulations and in accordance with generally accepted accounting principles pertaining to non-for-profit organizations.

Revenues are recorded at the time of grant decisions made.
All grants received in another currency are registered in ISK using the exchange rate on the date of the grant payments received.

Assets and liabilities at the end of financial year 2020 which are subject to changes in price indexes are restated based on the price index in the beginning of year 2021.

Assets and liabilities which are subject to changes in currency exchange rates are translated into ISK based on the most recent rates in January 2021.

Investments in shares in other company 5.


GEORG - Rannsóknarklasi í jarðhita supports innovation in the Geothermal field and encourages the startup of companies in that field.

This has mainly been achieved by partnering up with companies and other organisations that are also willing to support innovation, research and development in the Geothermal field.

Shares owned at year end have been aquired with these objectives in mind.

The shares owned at year end are written off 90%.

SER eignarhaldsfélag ehf.


................................................................................ 18.619.547 1.861.955 Shares owned at 31.12.2020 .............................................................................. 18.619.547 1.861.955 Nominal value Estimated value Deferred income and Grants payable 6.
GEORG-Rannsóknarklasi í jarðhita is a partner in 5 projects (called DEEPEGS, GECO, GEOENVI, Crowdthermal, SU-DG-IWG) which is sponsored by the Horizon 2020 Programme which is the EU Framework Programme for Research and Innovation.

The grant is partly paid in advance but it will be treated as the projects will be funded 100% by the Horizon 2020 programme.

Therefore, the grant is registered as income at the same rate as the cost that belongs to this project.
A number of parties have committed themselves to fund the operations of GEORG as well as funding grants that GEORG is to pay out to beneficiaries.

All payments received are registered as deferred income until grant awarding decisions have been made and as the operational costs are registered.

GEORG-Rannsóknarklasi í jarðhita - Financial Statements 2020 ______________________________________________________ - 9 - ______________________________________________________ Notes, continued: 7.
At year end the deferred income was recognised as follows: Deferred Income 1.1.2020 Payments received 2020 Eligible cost 2020 DEEPEGS ........................................ GEOENVI ....................................... GECO .............................................. Crowdthermal .................................. SU-DG-IWG .................................... ( 11.312.939) 11.830.730 33.448.041 11.792.921 9.362.791 48.153.716 2.706.827 25.303.633 0 2.227.858 ( ( ( ( ( 36.840.777) 4.565.778) 14.731.191) 1.595.927) 6.903.909) Deferred Income 31.12.2020 0 9.971.779 44.020.483 10.196.994 4.686.740 Total 2020 ......................................... 55.121.544 78.392.034 ( 64.637.582) 68.875.996 8.
GEORG-Rannsóknarklasi í jarðhita has commitments regarding grant payments to beneficiaries.

The Grants payable at year end are not recorded in the statement of Financial Position due to the fact that they only become payable if and when the Beneficiary meets certain conditions.
Grants payable at year end are recognised as follows: SPESIA, DRG and others Total Grant commitments total at 1.1.2020 ............................................................ Grant payments paid at beginning of fiscal year .......................................... 108.054.000 104.554.000) ( 108.054.000 104.554.000) ( Grants payable at 1.1.2020 ............................................................................. 3.500.000 3.500.000 Grant commitments total in year .................................................................... Grant payments made ................................................................................... 0 0 0 0 Grants payable at 31.12.2020 ......................................................................... 3.500.000 3.500.000 GEORG-Rannsóknarklasi í jarðhita - Financial Statements 2020 ______________________________________________________ - 10 - ______________________________________________________