Grieg Foundation annual report 2018

2018

Annual Report

NOK 592,544,000 Total contribution from 2002-2018

25% 2

of the profit of the Grieg Group Companies goes to Grieg Foundation Annual report 2018

Since 2002, the Foundation has contributed NOK 592,544,000 to projects all over the world

Making a difference In the Grieg Foundation we want to make a difference.

What we do is make a small, but hopefully important, contribution to the world's common agenda to ensure the sustainable development of this planet.

We often say: "What matters are

Annual report 2018

the footprints we leave as we go along." We feel that fits well with the definitions the UN has set for their Sustainable Development Goals.

In the work of the Grieg Foundation, we seek to further build on the UN's Sustainability Goals, the world`s largest corporate sustainability initiative.

We have to make sure that fulfilling our needs today does not destroy the possibilities for future generations.

Read more about us at www.griegfoundation.no

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We may well say that, as a rule, almost all of what we do is within the scope of the UN Sustainable Development Goals.

From the secretary The UN Sustainable Development Goals is an historically important document. It describes in clear and detailed terms how the world community has agreed on a lifesaving program for our planet.

This programme aims to achieve specific targets on 17 different issues by 2030. Each of the issues is crucial to reach the high ambitions of the UN.

If the ambitions are fulfilled, we may still be able to pass this earth of ours on to future generations in a shape that makes it a safe place, with potential for a rich, meaningful and happy life for all. It is perhaps the most important initiative on which the UN has been able to agree. But it is up to 4

each and every one of us to do our part, if the programme is to have any possibility of success.

It was well deserved when the Grieg Group in 2018 received the first Sustainability prize awarded

by Bergen Chamber of Commerce and Industry. The Group has had the sustainability issue high on its agenda for a long time. It is a part of both its long-term targets, as well as its strategy and the daily running of the Group. Grieg Foundation supports the Group's ethical strategies. We have ascertained that the projects the Foundation supports are aligned with the UN's sustainability goals.

We may well say that, as a rule,

almost all of what we do is within the scope of the UN Sustainable Development Goals (SDG). Our main activity is within the category of helping under-privileged children and youngsters in their general livelihood, with strong emphasis on education (SDG number four and gender equality SDG number five).

A main element of the SDGs is to provide education and good living conditions to people all around the world.

The Foundation has always regarded its support to health institutions and medical research as one of our pillars. We feel confident when we say those are Annual report 2018

vital parts of SDG no. 3: “Good Health and well-being.” And our strong involvement in culture of various types responds well to the SDG target on sustainable cities and communities. There is no doubt in my mind that culture is important in this regard. It is specifically emphasized to protect and maintain the world's cultural and natural inheritance.

It is obvious that a foundation like ours cannot be involved in all of the UN's 17 Sustainable Development Goals. We have a small but efficient administration, and we have over the years built a fair amount of expertise within these three areas: Children and youth education, medical projects and Annual report 2018

culture in its widest sense. We also have our eyes open for projects which are directly related to the challenges within climate and the environment.

is genuinely concerned with the condition of a world in explosive change.

From the secretary Per Grieg sr.

Through the Grieg Group we have a close relationship with the maritime and marine industries.

That makes it only natural for us to devote a special attention to the development of the sea, and its ability to increase the production of healthy food for the world's increasing population.

We feel inspired by the fact that the UN's Sustainable Development Goals has become such a clear-cut working document. It can be used as a roadmap for everybody who

Photo: Eirik Hagesæter, Bergensavisen.

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Photo: Playonside

Positive impact on goals no: 3: Good health and well-being 5: Gender Equality

Children and youth The Foundation's primary target is the support of children and youth with the emphasis on education.

About 40% of the budget goes to different

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projects to help and support children and young people.

We believe education can reduce poverty and increase equality.

Annual report 2018

Photo: Mada Consult

Leaving the storage buildings In 2013, Mada Woodlands built the first Grieg Foundation supported school in Malekal, Madagascar.

In the course of 2017 and 2018 they have built two additional schools, two teachers' residences, and two libraries. All in cooperation with the local community.

The photo to the left (above) shows the situation before the new school building was finished. All education was conducted in a storage building. The picture to the right is from one of the new school buildings. The new school in Malekal have a capacity of 400 pupils.

Equal opportunities The focus of PlayOnside is on access education through football and games for all children on the Thai/Burma border, regardless of ethnicity, gender, religion or socioeconomic status.

This is an area with a substantial migrant and refugee population. Myanmar is a divided country, not only ethnically, but also culturally and socioeconomically. To combat these barriers hampering social cohesion, football can be a powerful tool.

Photo: Playonside

Annual report 2018

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Photo: Oseana Kunst- og kultursenter

Positive impact on goals no: 3: Good health and well-being 10: Reduced inequalities

Music and Culture Grieg Foundation supports a wide variety of cultural projects every year. We believe that by supporting different cultural initiatives, we can bring people from different cultures together.

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Bergen International Festival, Opera Bergen, Bergen National Opera and Oseana art and culture centre are some of the projects we have supported through the years.

Annual report 2018

Come Closer

"Come Closer" is a long-term programme aimed at giving young people, during aftercare, the opportunity to participate in meaningful cultural activities. In 2018 the organization celebrated its 15th anniversary.

Their activities have included a number of revues and recordings as well as several trips

Photo: Kom nĂŚrmere / JHM

The whole world on one stage

Fargespill is an organization that demonstrates diversity opportunities through artistic expression.

It is far more than a performance.

It is a belief that we humans can meet as equal, even if we come from very different cultures.

Photo: Magnus Skrede/FiB Annual report 2018

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Preserving history for future generations The Grieg Group has long shipping traditions and Grieg Foundation contributes to several restoration projects for old veteran ships.

We are proud of and impressed by the voluntary work that is done to take care of the veteran

ships. The veteran ships DS Stord, MS Sunhordaland and DS Stavenes, in addition to the sailing ship Staatsraad Lemkuhl, are some of the ships that received support under different renovation projects in 2018.

Photo: Stord/Stavenes av Harald SĂŚrte

Photo: Sunnhordaland

Photo: Vulcanus/Egil Sunde 10

Photo: Fjordsteam 2018/Egil Sunde Annual report 2018

Photo: Staatsraad Lemkulh

Photo: SOS Barnebyer

Positive impact on goals no: 4: Quality Education 6: Clean Water and Sanitation 10: Reduced Inequalities 17: Partnership for the goals

Gender Equality The Grieg Group and the Grieg Foundation are working to give women and men equal opportunities in life.

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We believe that it starts with giving equal access to basic education: to learn to read and write.

Annual report 2018

Photo: SOS Barnebyer

Grieg Gender Challenge Through the project "Grieg Gender Challenge SOS Children`s Villages" we are working to equalize the differences between the genders.

The schools are an essential part of the programme, because education is essential to be able to get a job and steady income.

This is a project with activities in six different African countries, which we have been supporting for several years. The project gives children the opportunity to decide for themselves on matters affecting their own body, income, assets, and their opportunities for the future. It is a project that encompasses both children and their parents.

The objective is to give girls and boys better opportunities in relation to education, health and matters of choice - regardless of gender.

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Read more at: http://www.sos-childrensvillagestanzania.org

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"Seeing the pride in their eyes and listening to their stories on how this had changed their lives was a highly memorable moment."

- Elisabeth Grieg

Making an impact on Literacy Empowerment

Photo: Private 14

In 2018, Elisabeth Grieg visited Rwanda together with Care and their Village Saving and Loan groups (VSL). It made an enormous impression on her.

supported by Grieg Foundation.

The core activity of the project in Rwanda was empowering women and men in relation to incomerelated work. However, it became clear that many of the participants in these groups were illiterate.

Consequently, they faced many challenges. Grieg Foundation encouraged Care to come up with a project to rectify this issue.

Becoming literate had made them more self-confident, enabling them to start their own businesses or simply being able to help their children with their homework. That made them see the importance of letting their children go to school.

All unique stories.

Since 2011, almost 60,000 people, mainly women, have become literate through the Literacy and Numeracy Empowerment Project

In 2018 we visited Rwanda and attended the graduation of some of these students.

Read more about the partnership between Grieg Foundation and Care at their web site: https://www. care.no/Aktuelt/?article_id=1010

Annual report 2018

How would you feel if you were unable to read and write?

Most people take it for granted – but not everyone

Graduation ceremony in Rwanda. Photo: Private Annual report 2018

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Photo: Right to Sight

Positive impact on goals no: 3: Good health and well being 4: Quality education 17: Partnership for the goals

Medical Research

The Grieg Foundation focuses on medical innovations and research projects. We support different projects such as heart diseases, cancer, muscular atrophy etc. In addition, we support alternative 16

methods of treatment. Studies show that alternative methods, like music and art therapy, may help the treatment of both mental and physical illnesses.

Annual report 2018

Innovation in medical research

Photo: Right to Sight

Heart diseases

Muscular atrophy

Right to sight

In 2018 we supported five different

The Department of Biology at the

Right to Sight is an organisation

research projects in the invasive

University of Bergen, has previously

working to exterminate unnecessary

section at the Heart department at

found that FGF19 (Fibroblast Growth

blindness in Africa.

Haukeland University Hospital.

Factor) can increase muscle mass and

One is the clinical testing of new treat-

protects against muscular atrophy.

They educate local ophthalmologists and contribute to getting qualified

ment modalities for valvular disease

In the long term, they hope to be able

ophthalmologists to practice in their

and severe heart disease. This is an

to reduce the muscular atrophy of

home country.

area that concerns many patients but

the elderly so that the quality of life

has a limited offer of treatment today.

is increased and the health cost to society is considerably reduced.

Annual report 2018

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Photo: Byfjellskogene

Positive impact on goals no: 4: Quality education 9: Industry, Innovation, and Infrastructure 13: Climate Action

Nature for everyone

Overweight is one of the biggest health challenges of today. We wish to contribute to this challenge by making sure that more people can use nature and 18

at the same time take care of it.

This is in line with the philosophy of Halfdan Grieg, grandfather of Per Grieg sr.: "We plant so that future generations may chop".

Annual report 2018

1500 stairs "Oppstemten" is the name given to the steps leading up Mt. Ulriken in Bergen.

The goal for the project is to give easier access to leisure activities, and prevent destruction of the nature around the highest mountain in Bergen.

The hiking path was opened in 2018 by the Norwegian Prime Minister, Erna Solberg. "A masterpiece of construction", said the Prime Minister.

Photo: Byfjellskogene

The Finse Cabin DNT (The Norwegian Tourist Association) has been working for a full-year DNT offer at Finse for hikers. They will start to build an annex in 2019 that will be finished next winter.

Finse is easily accessible from the east and west coast of Norway and the use of the cabin will be well suited for cross country skiers and others.

Photo: DNT

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Alternative treatment methods The art of being healthy

Haukeland’s Friends

Dementia expertise

The children and youth clinic in Bergen offers therapeutic art by art therapist IrĂŠn Kleiven. This is an offer to patients and relatives at Haukeland University Hospital.

"Haukeland's friends" is a voluntary organisation where the main focus is on organising different projects that are intended to increase well-being and welfare for patients and relatives at Haukeland University Hospital.

Klokke-Klovnene is a national non-profit organisation with special expertise in dementia.

"Art therapy brings out what you are unable to put into words" - Mother of 10-year-old girl

They are not circus clowns but dementia-competent communicators. When words and speech do not work like they used to, it is good to meet someone who communicates in other ways.

Photo: Kunstterapi/ Irene Kleiven 20

Annual report 2018

Photo: Lillian Julsvik Annual report 2018

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Photo: Karl Schembri/NRC

Photo: Stine Sofie Senter

Photo: Nobels Fredssenter

Norwegian Refugee Council

Stine Sofie’s Centre

Digital education

During a seven-week military offensive, a total of 158,000 people fled Eastern Ghouta, with 46,000 displaced to sites on the outskirts of Damascus where NRC, Norwegian Refugee Council, responded.

Stine Sofie’s Centre is a haven for abused children and their relatives.

Every year about 900 school classes visit the Nobel Peace Centre in Oslo, to take part in their education programmes and guided tours.

NRC was able to provide education in emergency activities to displaced children and youth, as well as distribute basic non-food items.

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Violence and sexual abuse have a great impact on many children's lives.

They often live in a state of fear, watchfulness and stress. Stine Sofies Center in Grimstad, Norway is a place for the victims of such abuse to learn and to manage to master their lives.

Grieg Foundation has given financial support to enable the Nobel Peace Centre to broaden the digital outreach towards schools. We support the spirit of Alfred Nobel and his legacy: "Work for the greatest benefit to mankind".

Annual report 2018

Photo: Maritime Bergen

Photo: Vil Vite Senteret

Photo: Nabolagshager

Play and learn

Ocean industries

Neighbourhood Gardens

The primary goal of Bergen Science Centre, VilVite, is to inspire and motivate children and youth to learn more about the natural sciences and technology. To help them choose an education within these fields in order to secure recruitment to these areas.

"Storm in a teacup" is an event to introduce students of both genders to all ocean industries in Bergen.

Neighbourhood Gardens are Oslo's urban centre for cultivation, urban ecological innovation and a green neighbourhood environment.

Grieg Foundation has given support to a new exhibition for school children focusing on the human body, head and intestines.

Annual report 2018

It offers both lectures and speed dating between students and resource persons from the industries in Bergen.

They are social entrepreneurs who combine commercial services, courses and networking activities, with social projects that have cultivation in the centre. Their focus is on the ultra-race; vegetation and beautification where the asphalt dominates.

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NOK 46 million Total contribution in 2018

10 MNOK

20

MNOK Children and youth projects

Other benevolent projects

2018 5

MNOK Medical an research projects

5 MNOK Other cultural projects

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6

MNOK Music projects

Annual report 2018

All numbers in 1000 NOK

Report for 2018 from the Board of Trustees The Grieg Foundation receives its revenues from its 25% ownership of the Grieg Group. Total income from dividends and interest was NOK 98.492.917 million.

The Foundation’s contributions mainly focus on the support and education of children and young people, both in Norway and worldwide. The Foundation also supports musical art, other cultural activities, medical research, environmental, and community projects. We follow our main projects closely.

The Foundation’s administration consists of two part-time positions.

In addition, Per Grieg sr. performs significant unpaid work for the Grieg Foundation.

The Board of Trustees consists of five members and one deputy member. The Foundation operates no business activity and all its Bergen, 19 March 2019

funds are used for the benefit of society in accordance with the Statutes of the Foundation. The activity of the Foundation does not negatively affect the environment.

There has been no absence due to illness or injuries. The conditions for continued operations are present.

The Foundation is subject to and regulated by the Norwegian Foundations Act and is supervised by the Norwegian Foundation Authority.

As a result of increased earnings in 2018, the Board will gradually increase the Foundation's allocations of support in the next few years.

We wish to sincerely thank all employees of the Grieg Group. It is their hard work over the years that enables the Foundation to continue to develop its charitable activities.

During 2018, the Foundation distributed NOK 46,044 mill. as follows:

NOK ('000)

%

19 529

42

For the support of musical art

6 590

14

For the support of other cultural projects

4 700

10

For the support of medical research and projects

5 345

12

For the support of other projects for the benefit of the society

9 880

21

46 044

100

For the support and education of children & youth

Total

Total Distributions years 2002-2018: NOK 592,518 million Administration costs: 1,4% of total income.

We engage in projects where we can make a difference and drive change. We support projects all over the world where our involvement and commitment have significant impact on local communities

Donations 2018 Barnevakten, skolehefter 50 Bergen Elektriske Sporvei 250 Bergen International Festivals 1500 Bergen Kunsthall 100 Bergen Maritime 20 Bergen National Opera 500 Bergen Skogplantingselskap 800 Bergen Philharmonic Orchestra 250 CARE Norway 3000 Catalyst v/Lisa Cooper 750 Christiegården Dagsenter 75 Collective Insurance, Kenya 400 Dale Oen Experience 100 Den Nationale Scene 30 DNT - Den norske Turistforening 1000 Edvard Grieg barne/ungdomskor 150 Eilert Munch Lund, book-project 250 Erling Dahl jr., Edv.Grieg exhibition100 Fargespill, youngsters 100 Fjelberg Prestagard, renovation 150 Fjordsteam, veteranskips-festival 500 Fotballklubben READY 100 Fyllingsdalens Teater 100 Grieg Internasjonale Korfestival 100 Haukeland Hospital/GF - clowns 500 Haukelands Venner 100 Annual report 2018

All numbers in 1000 NOK

Help Moldova, eye surgery 600 Helse Bergen, Aktiv mot kreft 245 Helse Bergen, Kreftavd.

50 Helse Bergen/Haukeland Hospital 200 Institutt for biologi/UIB 300 Kirkens Bymisjon 220 Klokkeklovnene, sykehjem 100 Knarvik Mila 100 Kolibri/CARF - Brasil, education 1000 Kom nærmere 60 Krohnengen Brass Band 200 Kunzt v/Silje Sigurdsen, digitalt 250 Kysthospitalet Hagavik 125 år 50 Kystsogevekene, veteran-ships 100 Leger Uten Grenser 1500 Mada Woodlands 2536 Marianne Heske, Exhibition 2019 300 Matsentralen Bergen 60 Mozambique/West Norway 100 Nabolagshager, "green project" 200 NOAS - norsk org. Asylsøkere 78 Nobels Fredssenter 400 Norna Salhus Friidrettsklubb 100 Norsk Folkehjelp, schoolbuilding 1095 NRC,Norsk Folkehjelp, Syrian 1000 Opera Bergen

1500

Os Festival 100 Oseana: Os Art & Culture Center 2850 Oslo Women's Rights Initiative 200 Pestalozzi Scholarships, UK 6500 PlayOnside Norge 200 Proffene 30 år, concert 30 Regnbuen Barne & Ungdomsork. 50 Right to Play 500 Right to Sight, eye-surgery Kenya 500 Ronny Østnes, fotograf 500 Shackleford Centre/India 50 SOS Children Villages 7000 Statsraad Lehmkuhl 300 Stine Sofies Stiftelse 1000 The Etiopia Project 1000 TV-aksjon 2018, Kirkens Bymisjon 100 UIB/Haukeland Heart-pump 200 Vedholmen Galleri 100 Veslemøy Fluge Berg, musikal 100 Vestlandske Teatersenter 100 Veteranship STORD 200 Veteranskipet "Stavenes" 295 Veteranskipet "Sunnhordland" 250 VilVite, exhibition youngsters 500 Zuccarello stiftelsen 100

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Annual report 2018 Photo: Mada Consult

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Donations per year Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total

All numbers in 1000 NOK

Children and youth projects 1 229 8 810 6 205 4 595 12 979 11 931 13 320 18 148 22 828 20 101 25 266 10 456 13 095 15 850 11 850 10 800 19 529 226 992

Music projects 3 750 4 081 4 673 8 350 4 755 5 510 3 725 4 130 3 700 6 047 3 745 3 880 3 935 5 461 6 590 6 455 6 590 85 377

Other cultural projects 910 1 630 1 573 3 005 3 123 1 859 1 605 55 835 11 890 7 623 3 050 2 515 1 755 1 333 1 929 3 582 4 700 107 917

Medical and research projects 625 1 140 561 3 235 5 180 3 699 8 855 4 925 6 362 7 142 4 831 6 117 3 655 3 802 4 110 4 060 5 345 73 644

Other benevolent projects 390 652 1 142 10 955 11 935 2 128 8 465 5 231 5 244 3 740 5 310 9 192 6 390 5 548 5 515 6 871 9 880 98 588

6 904 16 313 14 154 30 140 37 972 25 127 35 970 88 269 50 024 44 653 42 202 32 160 28 830 31 994 29 994 31 768 46 044 592 518

38 %

14 %

18 %

12 %

17 %

100 %

Percent

Annual report 2018

Total

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Photo: PlayOnside

Income statement as of 31 December 2018 Income Dividends

2018

2017

Notes

97 500 000

66 013 000

3

Share premium etc.

Interest income

2 733 822 992 917

1 079 351

98 492 917

69 826 173

1 405 599

1 397 963

701 558

239 170

2 107 157

1 637 133

96 385 760

68 189 040

46 044 000

31 767 500

Carrying forward from/to other equity

50 341 760

36 421 540

Totals

96 385 760

68 189 040

Total income

Other operating expenses: Losses shares/bonds Total expenses

Result

4

Allocations: Distributions

Annual report 2018

31

Photo: SOS Barnebyer

Balance sheet as of 31 December 2018 Balance

2018

2017

21 505 810

20 796 610

Shareholdings

1 399 230 290

1 399 635 749

Total Fixed Assets

1 420 736 100

1 420 432 359

Cash and bank deposits

112 462 502

62 425 512

Total Current Assets

112 462 502

62 425 512

1 533 198 602

1 482 857 871

1 243 980

1 243 980

Equity-capital

1 531 875 899

1 481 534 138

Total equity

1 533 119 879

1 482 778 118

Other short-term liabilities

48 343

48 343

Public debt

30 380

31 410

Total liabilities

78 723

79 753

1 533 198 602

1 482 857 871

Notes

Assets Fixed Assets: Art Investments

1

Current Assets: Receivables

Total assets

EQUITY Basic capital

2

CURRENT LIABILITIES

Total equity and liabilities

Annual report 2018

33

Annual report 2018 Photo: Festspillene

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The financial statements have been prepared in accordance with the Norwegian Accounting Act, and generally accepted accounting principles, adapted to charitable foundations. The company has not changed its accounting policy in 2018 Note 1

Note 2

Shareholdings:

Equity 01.01.18

1 482 778 119

Distribution 2018

(46 044 000)

Cost 01.01.18

1 399 635 749

Access

296 066

Result 2018

Disposal

-701 525

Equity 31.12.18

Shares/Bonds 31.12.18

96 385 760 1 533 119 879

1 399 230 290 Note 3 Dividend:

Art investment Cost 01.01.18 Access

20 796 610 709 200

Grieg Maturitas II AS

97 500 000

Total dividends

97 500 000

Retirement Cost 31.12.18

21 505 810

Note 4

Note 5 Employees: Two persons have been working part-time for the Grieg Foundation during 2018 No Board-members or staff are among the debitors of the Foundation Note 6 Fees for board and auditor.

In total there are expensed NOK 140.000 as board members fees Board-members from the Grieg family abstain from fees and other remuneration Paid auditor's fees NOK 34.375

Expenses: Total fixed Assets

Annual report 2018

1 420 736 100

Payroll/Board memberfees

636 090

Administrative costs

382 571

Other expenses

386 938

Total expenses

1 405 599

Note 7 Taxes According to Norwegian Tax act sec.

2-32 Charitable organisations has no tax liability.

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Secretariat: Grieg-Gaarden, PO Box 234 Sentrum, NO-5804 Bergen, Norway | griegfoundation.no Financial: Grieg Foundation, Industrivegen 49, 5210 Os, Norway | Enterprise: 984 589 468 Design /production: Grieg Group Resources, Print: Allkopi AS