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Purpose Event-based clinical outcome trials have shown limited evidence to support guidelines recommendations to lower blood pressure (BP) to

Gjennom den juridisk bindende Parisavtalen fra 2015 har Norge satt seg mål om å kutte sine nasjonale utslipp med 50-55% av 1990-nivå innen 2030. Dette setter press på bygge- og anleggsbransjen som årlig slipper ut over 2 millioner tonn CO2. For å senke utslippene kreves det en omstilling innad i bransjen, og innføring av ny teknologi som ikke bidrar til direkte utslipp av klimagasser. Manglende nasjonal kravsetting i bygge- og anleggsbransjen har presset offentlige byggherrer til å gå foran og drive utviklingen av utslippsfrie løsninger gjennom kommunale kravsettinger. I et interkommunalt samarbeid fra 2021 signerte flere av Norges største kommuner den ambisiøse Storbyerklæringen som sikter på utslippsfrie byggeplasser- og anleggsplasser innen 2030. Denne rapporten tar sikte på å skape et kunnskapsgrunnlag for offentlige byggherrers kravsetting av utslippsfrie løsninger i anskaffelsen av framtidige byggeprosjekter. Kunnskapsgrunnlaget baserer seg på en kartlegging av identifiserte utfordringer tilknyttet de mest sentrale utslippsfrie løsningene som benyttes innenfor byggegjerdet. For å understøtte relevansen av utfordringene er det benyttet erfaringer fra Trondheim og Bodø kommune i rollen som offentlige byggherrer, i tillegg til andre relevante aktører innenfor bygge- og anleggsbransjen. Summen av utfordringene munner i dag ut i en merkostnad for byggherren og entreprenør, og det er forventet at en fortsatt etterspørsel av utslippsfrie løsninger vil senke anskaffelseskostnader og terskelen for å gå til innkjøp av slike løsninger. For at en utvikling skal finne sted, må byggherrer vise betalingsvilje og bidra til innovasjon i anskaffelsesprosessen gjennom å sette realistiske krav som markedet har mulighet til å levere på. De regionale forskjellene rapporten har kartlagt viser at utfordringene tilknyttet utslippsfrie byggeprosjekter gjelder nasjonalt, men størrelsesorden varierer og påvirkes av ulike geografiske faktorer. Norway has through the legally binding Paris agreement from 2015 set itself ambitious goals of cutting its national greenhouse emissions by 50-55% compared to the 1990 emission levels, within 2030. These national ambitions are pressuring the construction industry in reducing its emissions. In order for this to happen, a restructuring of the industry itself is needed through the introduction of new emission-free technology. The lack of national regulations for the construction industry has pressured the municipalities into spearheading the development of emission-free technology with local regulations, through their role as public developers. In 2021 several of Norway’s largest municipalities signed an ambitious climate agreement that aims to implement emission-free construction sites by 2030. This study aims to form a compilation of knowledge for public developers’ regulations of emission-free construction sites through the procurement of future building projects. The compilation of knowledge is based on an identification of challenges connected to the most important emission-free technology that is used in the construction zone. To support the inclusion of these challenges, the experiences of the municipalities Trondheim and Bodø in their role as public developers have been mapped. The experiences of other relevant participants in the construction industry have also been mapped. The sum of these challenges results in an increase of cost for both public developers and contractors, while it is also is to be expected that a higher demand for emission-free technology over time will lower the cost of procurement and the threshold for buying this technology. For such a development to occur, public developers have to show a will to handle these costs and contribute to the development by applying realistic regulations, so that the market has the ability to adapt and deliver. The mapping of the regional differences shows that the challenges connected to emission-free construction sites are universal, but the magnitude of these challenges depends on different geographical factors.

Financial distress has been frequently addressed in the sports business and management literature, however, surprisingly little attention has been devoted to implications for financial viability derived from funding beyond what the Union of European Football Association (UEFA) defines as relevant income in football, henceforth referred to as extraordinary funding. This study critically discusses and reflects upon whether extraordinary funding can contribute to financial viability. To address this issue, we draw on approximately 100 financial statements for Norwegian top division clubs and their cooperating companies for three fiscal years. Results indicate that, although extraordinary funding contributes with sorely needed funds, thus from the outset contributing in making clubs more robust, the manner in which extraordinary funding occurs is still of great importance from a viability perspective. In this respect, it is useful to distinguish clearly between ex ante and ex post funding. While ex post funding can be argued to be counter-productive to financial viability (e.g., cloaking inadequate finances, providing incentives for overspending, and rewarding clubs that overspend), ex ante funding is more in line with sound financial management (e.g., funds that are contingent upon a history of sound finances, incorporated in budgets). One important implication of this study is that ex post funding can contribute to crowding out of good practices, as clubs that overspend can be rewarded for their actions by having funds injected ex post.

Purpose Available data of event-based clinical outcomes trials show that little evidence supports the guidelines recommendations to lower blood pressure (BP) to

Nonadherence to drugs is a challenge in hypertension treatment. We aimed to assess the prevalence of nonadherence by serum drug concentrations compared with 2 indirect methods and relate to the prescribed drug regimens in a nationwide multicenter study. Five hundred fifty patients with hypertension using ≥2 antihypertensive agents participated. We measured concentrations of 23 antihypertensive drugs using ultra high performance liquid chromatography tandem mass-spectrometry and compared with patients’ self-reports and investigators’ assessment based on structured interview. We identified 40 nonadherent patients (7.3%) using serum drug concentrations. They had higher office diastolic blood pressure (90 versus 83 mm Hg, P P P P =0.03). Prescription of fixed-dose combination pills were lower among the nonadherent patients identified by serum concentrations (45.0 versus 67.1%, P Registration: URL: https://www.clinicaltrials.gov ; Unique identifier: NCT03209154.

BACKGROUND While expected need for intensive care after lung transplantation (LTx) does not normally affect organ allocation, it would be useful to estimate whether intensive care capacity is limited. The aim of this study was to assess factors available before LTx to identify predictors of prolonged intensive care unit (ICU) length of stay (LOS) after LTx. METHODS All bilateral LTx recipients excluding re-transplantation and multi-organ transplantation at Oslo University Hospital from 2000 to 2013 were included (n = 277). Predictive factors for ICU LOS were identified using pre- and perioperative variables. RESULTS Univariate analyses showed that recipients with pulmonary arterial hypertension, young age, female gender, low body height, low pretransplant actual total lung capacity (aTLC), and recipients who received an oversized donor lung were at risk for long ICU LOS. Patients with emphysema had lower risk of long ICU LOS. In multivariate analyses, a lower aTLC (p

Available data of event-based clinical outcomes trials show that little evidence supports the guidelines recommendations to lower blood pressure (BP) to

Women’s soccer is more popular than ever, but match attendance is still relatively low. In order to develop sustainable revenue streams for women’s football, and help it grow further, it is necessary to understand what drives spectator’s overall demand. We explore factors that affect the overall match experience for spectators (i.e., spectator satisfaction) attending Danish women’s national soccer A-team games in the 2016 to 2019 period as a proxy for this. Using survey data gathered by the Danish Football Association (DBU) consisting of 4010 individuals and 13 matches, coupled with other match-specific data, we employ multilevel regression modelling. The results at the individual level suggest that female spectators are significantly more content with the overall match experience, while several additional factors are also important at the match-specific level, such as kick-off time and the result. Furthermore, there are indications that match significance and derby matches affect overall match experience. An important implication of these results is that they can aid national and international federations and other governing bodies in promoting women’s soccer in general, and women’s national A-team soccer specifically, in order to help the sport to become more financially viable. Although numerous initiatives have been designed to increase the attractiveness of women’s soccer, these are yet to materialize into long-term effects. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

All over Europe, mandatory audit requirements have been repealed forsmall- and medium-sized enterprises (SMEs). Audit exemption was introduced for small enterprises in Norway in 2011. This option was justified by benefits of reduced costs and bureaucracy for small companies. On the other side, weakened reliability of financial statements and tax returns may increase the extent of tax evasion. This study of 163 769 Norwegian companies reveals that small companies in tax evasion inclined industries opt-out auditors to a significantly greater extent than companies in other industries. The results highlight the concern that the abolition of auditing obligations impair the reliability of tax accounts and lead to increased tax evasion. Several explanations for the result are discussed, including asymmetric information and opportunism and demand side issues within the Allingham and Sandmo (1972) framework for explaining tax evasion. The results may also be due to supply side factors such as the fact that companies in evasion inclined industries are likely to pay higher audit fees than companies in other industries. The increased information asymmetry actualises the questionofwhether the tax authority's control capacity should be strengthened or whether audit exemptionsshould be limited in evasion inclined industries. Copyright © The Author(s). All Rights Reserved. Published by American Research Institute for Policy Development.

Research question: Although previous research has shown that there is an association between financial strength and sporting outcome, whereby teams with larger budgeted revenues typically perform better in sports than other teams, this was not supported by a newspaper article describing the 2012 season in Norwegian football. Drawing on the Norwegian football league over the period 2011–2013, this paper sets out to explore the association between financial strength and sporting outcome in detail.Research methods: To examine fully the association between financial strength and sporting outcome, a wide array of different statistical methods is adopted, ranging from simple t-tests to regression analysis and fixed effects regression analysis.Results and findings: A duality is present in the relationship between budgeted revenues and sporting outcome, as evidence is found suggesting that budgeted revenues are a significant driver of sporting outcome among the bottom-half teams but not among the top-half...

Rare earth (RE) borohydrides have received considerable attention during the past ten years as possible hydrogen storage materials due to their relatively high gravimetric hydrogen density. This review illustrates the rich chemistry, structural diversity and thermal properties of borohydrides containing RE elements. In addition, it highlights the decomposition and rehydrogenation properties of composites containing RE-borohydrides, light-weight metal borohydrides such as LiBH4 and additives such as LiH.

Denne studien viser på bakgrunn av to spørreundersøkelser gjort av Riksrevisjonen i 2008 og 2014, at mye tyder på et økt økonomifokus i helseforetakene. Blant annet viser resultatene at avdelingsledere i helseforetakene i økende grad føler seg kompetente til å styre enhetenes økonomi samtidig som oppfølgingen fra nærmeste leder er tettere enn tidligere. Vi ser også at ledelsesoppgavene og oppfølging av enhetenes økonomi vektlegges i større grad enn tidligere. Studien og dens funn bidrar i så måte til den voksende litteraturen omkring regnskapsorientering (accountingization) i sykehussektoren. This is a submitted manuscript of an article published by Universitetsforlaget in Praktisk økonomi & finans, 2017

Phase transition associated with anion disordering over two orientations in Na11BD4 (NaBH4) and its solid solutions with NaCl, Na(11BD4)1−xClx, is investigated with powder diffraction (neutron and synchrotron radiation), differential scanning calorimetry and Raman spectroscopy. Upon heating, the transition temperature extrapolated to zero rate of heating is 192.2 K for Na11BD4, ΔS = 4.41 J/mol K, hysteresis 1.7 K and the volume increase 0.43%. Thermal parameters of the transition in Na(11BD4)1−xClx follow a colligative-property model of an ideal solution, with x = 0.158(1) as the critical concentration at which the ordering interactions and the transition itself are eliminated. On approaching this limit, the tetragonal distortion of the ordered structure decreases somewhat towards the cubic average, and this is associated with a partial disorder of the tetrahedral anions seen by diffraction methods. In fact, a 3% disorder is already present in the pure solvent of the solid solution (Na11BD4) at 8 K.

RECl3 (RE = La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Er, Yb, Lu) and LiBH4 ball-milled in the molar ratio of 1 : 6 resulted in formation of numerous rare-earth metal (RE) borohydrides and LiCl in mixtures with excess LiBH4. The reaction products were characterized by powder X-ray diffraction and infrared spectroscopy, and their hydrogen sorption properties were investigated by thermogravimetric analysis combined with differential scanning calorimetry and in situ synchrotron radiation powder X-ray diffraction. La, Ce, Pr and Nd form LiRE(BH4)3Cl compounds which crystallize in the cubic space group I3m. Sm, Gd, Tb, Er and Yb form RE(BH4)3 phases crystallizing in the cubic space group Pa, with a possible polymorphic transition to a higher symmetry space group, Pmm. The smaller RE-elements Yb and Lu form tetrahedral [RE(BH4)4]− anionic complexes stabilized by Li+ cations crystallizing in the tetragonal space group P2c. Additionally Sm and Gd also exhibit a transition to the LiRE(BH4)3Cl phases observed for the largest lanthanides. LiSm(BH4)3Cl is reduced to Sm(BH4)2 upon heating, which takes a previously unreported orthorhombic structure in space group Pbcn. Eu did not form any of these RE-borohydride compounds, but infrared spectroscopy indicates formation of a new borohydride phase. Hydrogen desorption from the composite mixtures starts around 200 °C. Rehydrogenation of the La-system under p(H2) = 10 MPa at 300 °C showed a partial reversibility, with 18% recovery of the original hydrogen capacity, which increased to 36% at 415 °C. Rehydrogenation under p(H2) = 10 MPa at 400 °C showed a partial reversibility of 25% in the Er-system. Formation of REH2 during thermal decomposition destabilizes the remaining LiBH4 in the composites, thus releasing hydrogen at lower temperatures than for pure LiBH4.

We analyze risk management trends in electricity commodity markets using the production and transaction data and written hedging policies of 12 Norwegian hydropower companies. The scope of our analysis is the hedging of physical electricity production using the power derivatives available at NASDAQ OMX Commodities. In their hedging policy, these companies either use a Cashflow at Risk (C-FaR) approach or a hedge ratio approach, or follow no explicitly stated approach. We find that the derivative cashflows constitute substantial profits for these companies. Furthermore, hedging contributes to reducing the C-FaR for 10 of the companies. These findings are surprising considering that we expect hedging to yield zero expected profit and to smooth the earnings. Overall, our findings reveal that a practice of incorporating market views in hedging decisions is widespread in the sample companies, as both sanctioned in their written hedging policy and as indicated by the substantial hedging profits. © 2013. This is the authors’ accepted and refereed manuscript to the article. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/

The paper describes a tertiary treatment method (intended for water reuse) based on the moving bed biofilm reactor (MBBRTM), followed by a high-rate biomass separation step such as disc filter, DAF or Actifl o and followed by UF. Results from an experimental period carried out in pilot scale at the Gardermoen WWTP in Norway are described. Focus was on the use of the Hydrotech disc filter in combination with a contained, hollow fiber, outside-in ultrafiltration membrane unit. Different coagulation scenarios were tested and compared to the one based on the effluent from the full scale plant that uses coagulation/flocculation and DAF after the MBBR. It is concluded that the MBBR – high rate separation – UF process (the TERFLEX® process) offers an interesting and competitive alternative to the activated sludge based MBR. The best result when the UF membrane was used after primary biomass separation by DAF. The use of disc fi lter as the high rate biomass process ahead of the UF offers a very compact ...

The changes in structure and stability of NaBH4 on Cl-substitution obtained in mechanochemical reactions between NaBH4 and NaCl have been investigated by conventional and synchrotron radiation powder X-ray diffraction, differential scanning calorimetry and temperature programmed desorption. Powder X-ray diffraction shows an apparent full homogeneity range between NaBH4 and NaCl, giving Na(BH4)1−xClx phase where x corresponds to the ratios of the initial reagents. Differential scanning calorimetry indicates that the Cl-substitution stabilizes the product, by increasing temperature for melting and desorption.

Mechanochemical milling of LnCl3 (Ln: La—Tb, Er, Yb, Lu) with LiBH4 in the molar ratio of 1:6 for 5 h and additional annealing at 100 °C for 50 h leads to the new compounds LiLn(BH4)3Cl (Ln: La, Ce, Pr, Nd, Sm, Gd), Ln(BH4)3 (Ln: Sm, Gd, Tb, Er, Yb), and/or LiLn(BH4)4 (Ln: Yb, Lu).

Based on detailed stratigraphical analysis of sediment cores spanning the last ca. 4000 calendar years, we reconstruct the palaeoceanograhic changes in the fiord Van Mijenfjorden, western Svalbard. Benthic foraminiferal ?18O indicate a gradual reduction in bottom water salinities between 2200 BC and 500 BC. This reduction was probably mainly a function of reduced inflow of oceanic water to the fiord, due to isostatic shallowing of the outer fiord sill. Stable salinity conditions prevailed between 500 BC and. 1300 AD. After the onset of a major glacial surge of the tidewater Paulabreen (Paula Glacier) system (PGS) around 1300 AD, there was a foraminiferal faunal change towards glacier proximal conditions, associated with a slight bottom water salinity depletion. During a series of glacial surges occuring from 1300 AD up the present salinity in the fiord has further decreased, corresponding to a ?18O depletion of 0.5 %o. This salinity decrease corresponds to the period when the PGS lost an equivalent of 30 – 40 % of its present ice volume, mainly through calving in the fiord.

NaBH4 has long been identified as a viable hydrogen-storage material due to a theoretical gravimetric H2 capacity of 10.6 wt %. Because of the high enthalpy of decomposition of 108 ± 3 kJ mol–1, thermal decomposition of the pristine material does not occur until at least 500 °C, and thus NaBH4 has yet to be utilized in hydrogen-storage processes. In this study, NaBH4 has been milled with a variety of Ni-containing additives to investigate the effects on the temperatures required for thermal desorption of H2 by temperature-programmed desorption (TPD) measurements and the products characterized by powder X-ray diffraction (PXD). Ni-containing additives have been determined to significantly enhance the thermal desorption of H2 by at least 60 °C (Ni (65 wt %) on Si/Al2O3). PCT cycling experiments have been conducted to ascertain their effects on the reversible hydrogenation of the milled NaBH4. PXD analysis indicates that Ni reacts with B evolved during thermal decomposition to form NixBy species including Ni...

Metal borohydrides offer high theoretical storage capacity for solid state hydrogen storage. This work is aimed at the mechanochemical synthesis of Yb(BH4)3 from LiBH4 and YbCl3. Different synthesis routes resulted in three new compounds, LiYb(BH4)4−xClx, α-Yb(BH4)3 and β-Yb(BH4)3. Their crystal structures have been determined from lab and synchrotron powder diffraction. LiYb(BH4)4−xClx takes a primitive tetragonal structure with x = 1.0, a = 6.1729(3) A and c = 12.4155(10) A in the space group P2c (no. 112), α-Yb(BH4)3 a primitive cubic structure with a = 10.70715(15) A in the space group Pa (no. 205), and β-Yb(BH4)3 a primitive cubic structure with a = 5.44223(3) A in the space group Pmm (no. 221). Thermal decomposition properties of the materials have been investigated by in situ synchrotron radiation powder X-ray diffraction, thermo gravimetric analysis/differential scanning calorimetry and temperature programmed desorption. The decomposition product, Yb(BH4)2−xClx, adopting a primitive tetragonal structure with space group P (no. 81) was formed after release of diborane gas, and x increases with increasing temperature. A deuterated sample of this compound was synthesized for powder neutron diffraction. Rietveld refinement gave x = 0.76, a = 6.74763(2) A and c = 4.28368(2) A. Another polymorph of Yb(BH4)2−xClx was synthesized, which adopts a primitive orthorhombic structure with space group Pbca (no. 61), where x = 0.3, a = 13.20997(20) A, b = 8.26829(12) A and c = 7.44532(11) A.

Formålet med oppgaven er å undersøke hvordan lønnsomheten til SalMar ASA har utviklet seg i perioden 2018 til 2021, samt hvilke forhold som kan ha påvirket lønnsomhetsutviklingen. SalMar ASA er et norsk selskap som oppdretter og videreforedler atlantisk laks. Oppgavens første del vil vi gi en introduksjon om selskapet SalMar ASA og bransjen selskapet opererer i. Videre vil vi redegjøre for relevant teori knyttet opp mot både regnskapsanalysen og den strategiske analysen, før vi går over til metodedelen. Metodedelen vil fokusere på hvordan vi har gått metodisk frem i henhold til problemstillingen vår, samt hvordan vi har sikret validitet og reliabilitet. I regnskapsanalysen starter vi med en presentasjon av resultatregnskapet og balansen, før vi dykker inn i nøkkeltall knyttet til soliditet, likviditet, finansiering og lønnsomhet. Regnskapsanalysen avdekket en negativ trend i lønnsomheten til SalMar ASA, hvor særlig pandemiåret 2020 hadde svak lønnsomhet. Gjennom benchmarking så vi den samme utviklingen for konkurrentene Lerøy Seafood Group ASA, Grieg Seafood ASA og Mowi ASA. Mot slutten av analysedelen, er det foretatt en strategisk analyse ved bruk av SWOT. For å forklare hvordan trusler og muligheter påvirket SalMar ASAs utvikling i perioden har vi valgt å benytte oss av analyseverktøyet PESTEL. Her viser det at SalMar ASA har noen styrker som plasserer de foran konkurrentene. Dette gjelder spesielt deres fortrinn innenfor teknologiske utviklinger og arbeidet med Ocean Farm 1. I den avsluttende delen vil vi gjennomgå en oppsummering av hva vi presentert, før vi samler oppgavens viktigste funn i en konklusjon. For å gi et helhetlig bilde av selskapets lønnsomhet, kombinerer vi i denne regnskapsanalysen med den strategiske analysen. Analysen viser til at utviklingen i lønnsomheten til SalMar ASA har vært positiv sett opp mot konkurrentene, til tross for en negativ utvikling i bransjen generelt. I tillegg ser vi at konsesjonsordningen utdeling av tillatelser har vært svært viktig for SalMar ASAs lønnsomhet. Avslutningsvis retter vi fokus opp mot oppgavens begrensninger. Kritikken er nært knyttet opp mot bruken av sekundærdata, ettersom vi ikke fikk tilgang til primærdata. The purpose of this thesis is to analyze how the profitability of SalMar ASA has developed between the years 2018 to 2021 and identify the factors that may have contributed to this development. SalMar ASA is a Norway-based aquaculture company engaged in farming and processing of Atlantic salmon. The initial part of the thesis will provide an introduction of SalMar ASA and the industry in which they operate. Furthermore, we will present theory relevant for accounting analysis and the strategic analysis before we move onto the research methods. The method section will detail our systematic approach to address our research problem, along with how we ensured validity and reliability. In the accounting analysis, we start with a presentation of the income statement and balance sheet, before diving into key financial performance indicators associated with solvency, liquidity, financing, and profitability. The accounting analysis revealed a negative trend in the profitability of SalMar ASA, where the pandemic year in 2020 had a negative effect in particular. In the benchmarking part of the analysis, we observed similar development for the competitors Lerøy Seafood Group ASA, Grieg Seafood ASA and Mowi ASA. After the accounting analysis, a strategic analysis was conducted using the SWOT framework. To explain how threats and opportunities affected SalMar ASA's development during the given period, we have chosen to use the analysis tool PESTEL. PESTEL shows that SalMar ASA has some solid strengths that place them ahead of the competitors. Especially noteworthy are their technological advantages and work with Ocean Farm 1. In the final part, we will review a summary of what we presented, before we gather the thesis' most important findings in a conclusion. In order to provide a more complete picture of the company's profitability, we combine the accounting analysis with the strategic analysis. The analysis shows that the development in the profitability of SalMar ASA has been positive compared to its competitors, despite a negative development for the industry in general. In addition, we see that the allocation of licenses through the concession system has been important for the profitability of SalMar ASA. Finally, we focus on limitations of the task. The criticism is closely linked to the use of secondary data, as we did not get access to primary data.

I denne oppgaven har vi tatt for oss utviklingen i lønnsomheten av oppdrettsselskapet SalmoNor AS i perioden 2016-2020. Her har vi sett på den økonomiske utviklingen til selskapet ved å se på nøkkeltall for lønnsomhet, likviditet, finansiering og soliditet. I tillegg har vi gjennomført en strategisk analyse for å avdekke mulige årsaker til utviklingen. I innledningen presenterer vi kort selskapet SalmoNor AS, i tillegg til valgt problemstilling og tema. Videre er teoridelen delt i to deler, der den første delen omhandler regnskapsanalysen med undergruppene lønnsomhet, likviditet, finansiering og soliditet. Den andre delen dreier seg om den strategiske analysen der PESTEL-analysen introduseres. Deretter beskriver vi valg av metode. Dette inkluderer valg av problemstilling og undersøkelsesdesign, innsamling av data, og undersøkelsens reliabilitet og validitet. I hoveddelen analyseres ulike nøkkeltall for å besvare problemstillingen i oppgaven. I regnskapsanalysen har vi sett på historiske data hentet fra proff.no. Deretter har vi valgt å sammenligne nøkkeltall for lønnsomheten til SalmoNor AS med SinkabergHansen AS og Fastlands-Norge. Årsaken til benchmarkingen er fordi det gir oss et bedre bilde på hvordan utviklingen har vært i perioden. I den strategiske analysen har sett på eksterne forhold som kan være mulige årsaker til den økonomiske utviklingen i perioden. Vi har også intervjuet nøkkelpersoner i selskapet for å høre deres tanker rundt utviklingen. Avslutningsvis knytter vi sammen det vi har funnet ut i regnskapsanalysen og den strategiske analysen for å svare på problemstillingen. Totalt sett konkluderer vi med at SalmoNor AS har hatt en positiv utvikling i en svært lønnsom bransje. Med andre ord har lønnsomheten vært særdeles god. In this thesis, we have analyzed the development in the profitability of the fish farming company SalmoNor AS during 2016-2020. Here, we have looked at the company´s financial development by examining financial key figures for profitability, liquidity, financing and solidity. Additionally, we have also undergone a strategic analysis to uncover possible causes for the development during this period. In the introduction, we present a brief overview of the company SalmoNor AS, as well as the chosen research question and topic. Furthermore, the theory is divided into two parts, whereas the first part addresses the accounting analysis, including profitability, liquidity, financing and solidity. The second part is about the strategic analysis, where we introduce the PESTEL analysis. We then describe the methodological approach, which involves the choice of research question and survey design, data collection and the reliability and validity of our assignment. In the main part, various key figures are analyzed to answer the research question in the assignment. In the accounting analysis, we have looked at historical data obtained from proff.no. Later we chose to compare key figures for the profitability of SalmoNor AS with the following company SinkabergHansen AS and the mainland Norwegian economy. The reason to benchmark is to provide a better representation of the development during the period. In the strategic analysis, we have looked at external factors that may have affected and will affect the economic development of the company. We have also interviewed key individuals in the company to get their view on the development. Finally, we have gathered our findings in the accounting analysis and the strategic analysis into a conclusion. Overall, our conclusion is that SalmoNor AS had a growth in a very profitable market. In other words, the company´s profitability has been truly remarkable.

Temaet for denne oppgaven er lønnsomhetsanalyse. Vi har valgt å gjennomføre en horisontal analyse av lønnsomheten til restauranten Frati AS i perioden 2014-2017, og samtidig peke på mulige årsaker til denne utviklingen. Ved innhenting av datamaterialet har vi benyttet Proff.no for å skaffe opplysninger om regnskapet til Frati AS, med utgangspunkt for å danne et helhetlig bilde av bedriften og deres utvikling. Vi var i kontakt med Frati AS for å høre om et eventuelt samarbeid, men dette var noe de ikke ønsket. Det er dermed datainnhenting fra Proff.no som har gitt oss grunnlaget for våre beregninger av nøkkeltall og antakelser i oppgaven. Sammen med dette har vi tatt for oss Porters bransjeanalyse for å analysere markedet selskapet befinner seg i. For å få et mer presist bilde av lønnsomheten til Frati AS har vi sammenlignet noen utvalgte nøkkeltall med to andre konkurrenter i samme bransje, Tulla Fischer og Una Pizzeria. Frati AS starter med lavt lønnsomhetsnivå sammenliknet med sine konkurrenter de to første årene, men har i løpet av 2016 hatt en særdeles positiv utvikling. Denne positive utviklingen fortsetter i 2017 og bedriften har særdeles tilfredsstillende nøkkeltall på lønnsomhet sammenlignet med konkurrentene. This thesis is based on a horizontal profitability analysis of the restaurant Frati AS located in Trondheim, in the period 2014-2017. The restaurant’s financial statements form the empirical basis for the thesis and were gathered from Proff.no. We contacted Frati AS to ask for a collaboration, something they were not interested in. The data collection from Proff.no is therefore the basis for our calculations and assumptions. In order to identify Frati AS ́s position in the market, we have drawn on Porters Five Forces analysis. To get a more accurate picture related to how the company is performing, we have compared Frati AS with Tulla Fischer AS and Una Pizzeria AS, two other restaurants in the same industry, Italian food. The results from our study shows that Frati AS has a remarkable positive development during 2016. It continues to increase in 2017, and the company has highly satisfactory key figures on profitability compared to competitors.

Denne studien er en analyse av lønnsomheten til Gintel AS. Formålet med oppgaven er å analysere selskapets lønnsomhet, basert på kvantitative data hentet fra "Proff Forvalt". I oppgaven bruker vi finansielle nøkkeltall til å analysere data for regnskapsårene 2014 - 2017. I første del av oppgaven presenterer vi informasjon om Gintel, deres bransje, og hvordan Gintel skiller seg fra sine konkurrenter. Deretter presenteres teori vi har valgt å fokusere på. Videre legger vi fram vår metodiske framgangsmåte, og diskuterer oppgavens gyldighet og reliabilitet knyttet til undersøkelsesdesign og innhentet data. Dette blir så etterfulgt av en analyse av de valgte nøkkeltallene. For å få en dypere forståelse bruker vi, i tillegg til lønnsomhet, nøkkeltall knyttet til soliditet og likviditet. Vi sammenligner noen av disse nøkkeltallene med Gintels konkurrenter, Phonero og Netnordic, før vi til slutt forklarer hvordan Gintels lønnsomhet har endret seg de siste årene. I denne oppgaven innhentet vi kvantitative data fra Proff, og analyserte disse dataene i Excel. Vi brukte også Excel som et verktøy for å utvikle diagrammer og tabeller. Våre funn var at Gintels totalkapital hadde en sterk vekst gjennom perioden, samtidig som driftsresultatet holdt seg mer stabilt. Dette førte til at lønnsomheten svekket seg i løpet av perioden, men den anses fortsatt som god. This study is an analysis of Gintel AS' profitability. The purpose of this thesis is to analyze the company's probability based on quantitative data obtained from "Proff Forvalt". In this thesis, we use key financial figures and analyze data for the fiscal years 2014 – 2017. In the first part of this thesis, we present information about Gintel, its industry, and how Gintel differs from its competitors. Thereafter, we present the key financial figures we have chosen to focus on. In the next chapter, we reflect on issues related to the research design of the study, followed by an analysis of the chosen key financial figures. To get a deeper understanding, we use key figures regarding solvency and liquidity as much as profitability. We are comparing some of these key figures with Gintel's competitors. Finally, we explain how Gintel's profitability have changed in the past years. In this thesis, we obtained quantitative data from Proff. We analyzed this data in Excel. We also used Excel as a tool for developing charts and tables. Our findings were that Gintel's capital increased during this period. However, the profitability did not follow this rate of growth. The company's profitability therefore weakened during our chosen period.

Vi har i denne oppgaven gjennomført en regnskapsanalyse av Rosenborg Ballklub AS med fokus på lønnsomheten i perioden fra 2014 til 2017. RBK er Norges største og mestvinnende fotballklubb. De spiller i Eliteserien, den øverste divisjonen i norsk fotball. Deres primære inntektskilder er Europacupspill, billettinntekter fra publikum, sponsorinntekter, spillersalg og utsalg fra Rosenborg sportsbutikk i form av drakter og annet utstyr. I den første delen av oppgaven vil vi presentere vår problemstilling og vårt case. Vi vil gi en kort introduksjon av klubben, bakgrunnen for våre valg og hvorfor akkurat dette tema interesserer oss. Vi vil presentere relevant teori i form av relevante nøkkeltall som vil bli drøftet i selve analysen av Rosenborg Ballklub AS. Metodedelen vil belyse fremgangsmåten som vi har benyttet for å løse denne oppgaven. Analysen består hovedsakelig av to deler. Vi har først tatt for oss en strategisk analyse av klubben, og deretter drøftet relevante nøkkeltall. Vi har ved å analysere nøkkeltallene til RBK opparbeidet oss et bedre grunnlag for å si noe om deres gode økonomiske situasjon. Vi har under hele den relevante perioden sett en positiv utvikling i Rosenborg Ballklub AS sin økonomiske situasjon der hovedårsaken er Europacupspill i flere av de aktuelle årene. På slutten av oppgaven har vi drøftet og diskutert ytterligere relevante forhold knyttet til Rosenborg Ballklub AS sin økonomiske situasjon. In this thesis, we have conducted an accounting analysis of Rosenborg Ballklub AS, focusing on the profitability in the period from 2014 to 2017. Rosenborg Ballklub is Norway's largest and most winning football club. They play in the Norwegian Top Division. Their primary sources of income are European Cup qualification, gate revenues, sponsorship deals, player sales and sales from Rosenborg Sportshop (e.g., shirts, training kits and other equipment). In the first part of the thesis we will present RBK as well as the research question. We give a brief introduction to the club, the background for our choices and why this particular topic interests us. In the next chapter we present relevant theory in the form of relevant key financial figures/numbers that will be discussed in the actual analysis of RBK. In the research methodology section we will explain the procedure carried out to answer the research question. The analysis consists mainly of two parts. We first conduct a strategic analysis of the club, and then discuss relevant key financial figures/numbers. By analyzing the key figures of Rosenborg Ballklub AS we have built up a better basis for saying something about their good economic and financial situation. For the relevant period, we have seen a positive development in Rosenborg Ballklub ́s financial situation. The main reason is European Cup qualification in several of the years in question. At the end of the task, we discuss other relevant issues related to Rosenborg Ballklub ́s financial situation.

Sammendrag Tema for vår oppgave har vært en regnskapsanalyse av Ytterøykylling AS med fokus på lønnsomhet. Vi har regnet på ulike nøkkeltall innenfor områdene lønnsomhet, finansiering, soliditet og likviditet. I nøkkeltallene innenfor lønnsomhet har vi valgt å sammenligne med to andre bedrifter i bransjen, Norsk Kylling AS og Stanges Gårdsprodukter AS, slik at vi bedre kan analysere hvordan Ytterøykylling AS har prestert. Tidsrommet vi har valgt å analysere er perioden 2014-2017. I tillegg har vi valgt å se på den strategiske posisjonen og omgivelsene rundt bedriften, og har i den sammenheng gjennomført to analyser; Porters fem konkurransekrefter og en SWOT-analyse. Problemstillingen vi har undersøkt lyder som følger: Hvordan har lønnsomheten til Ytterøykylling AS utviklet seg i perioden 2014-2017, og hva kan være årsaker til denne utviklingen? Ved å sammenligne med to konkurrerende bedrifter fant vi ut at Ytterøykylling AS er den mest lønnsomme bedriften av de tre, og har hatt best utvikling i perioden 2014-2017. Selv om utviklingen i lønnsomhet hadde en negativ trend i årene 2016 til 2017, har Ytterøykylling AS hatt minst nedgang blant de tre. I den gjenværende delen av regnskapsanalysen har vi kun sett på utviklingen hos Ytterøykylling AS. Når det gjelder likviditet har bedriften hatt en god utvikling. Både finansieringen og soliditeten har også hatt en positiv utvikling. Gjeldsgraden har vært noe høy, men er blitt redusert fra 3,5 i 2014 til 1,3 i 2017, noe som er svært bra. I situasjonsanalysen kommer det frem at bedriften har flere styrker som kan ses på som konkurransefortrinn. Dagens situasjon er relativt stabil for bedriften, men de må fortsette å utnytte sine styrker for å kapre ytterligere markedsandeler. Resultatene fra de to situasjonsanalysene kan bidra til å forklare den økonomiske utviklingen for Ytterøykylling AS. Abstract The topic of our paper is an accounting analysis of Ytterøykylling AS with focus on profitability. We have calculated a series of key figures related to profitability, financing, solidity and solvency. We also compare the key financial figures related to profitability with two companies, Norsk Kylling AS and Stanges Gårdsprodukter AS, so that we can better analyze how well Ytterøykylling AS has performed. The time period we have chosen for our analysis is 2014 to 2017. In addition, we have looked at the strategic position and the surroundings of the company, and in this context carried out two analyzes; Porter's competitive forces and a SWOT analysis. Our research question is as follows: How has the profitability for Ytterøykylling AS developed during the period 2014-2017, and what can be the reasons for this development? By comparing with two competing companies, we found that Ytterøykylling AS is the most profitable company of the three and has had the best development in the period 2014-2017. Although there was a decline in profitability from the year 2016 to 2017, Ytterøykylling AS had the lowest reduction among the three. In the remaining part of the accounting analysis, we looked at the development of Ytterøykylling AS. In terms of solvency, the company has performed well. Both the financing and the solidity have also had a positive development. The debt ratio has been somewhat high but reduced from 3.5 in 2014 to 1.3 in 2017, which is very good. The strategic analysis shows that the company has several strengths that can be seen as competitive advantages. The current situation is quite stable for the company, but they should continue to utilize their strengths to further increase their market share. The results of the two strategic analysis can help explain the economic development for Ytterøykylling AS.

Jeg har i denne studien sett på forhold som påvirker lønnsomhet i den norske oppdrettsnæringen av laks og ørret. Formålet er å finne ut om det er noen forhold som er sammenfallende for flere selskaper som påvirker deres lønnsomhet. Dette vil bli testet opp mot relevant økonomisk teori og sett opp mot tidligere forskning på området. Jeg har valgt å bruke samme problemstilling som en masteroppgave levert på Trondheim økonomiske høyskole i 2010 av Mørkve og Ulvan og retest de variablene som de fant mest relevante. Hvilke forhold har betydning for lønnsomheten i den norske oppdrettsnæringen? For å undersøke denne problemstillingen har jeg hatt en kvantitativ tilnærming til stoffet, med innsamling av offentlig tilgjengelige regnskapsdata og hentet utfyllende informasjon fra andre offentlige kilder. Videre har jeg benyttet et personlig intervju for å finne ut mer om temaet og finne relevante kilder og data. Jeg har i studien tatt med 112 selskaper med data fra 2017. Og undersøkt for 5 variabler: Dette var antall konsesjoner som selskapene har; Om daglig leder var en del av styret i selskapet; Hvilken fôrfaktor som selskapene har; Hvor selskapene er lokalisert på kysten av t i Norge og tilslutt en variabel jeg har kalt Vertikal integrasjon som ser på hvor stor del av verdikjeden selskapene dekker. Det viste seg at fôrfaktoren ble den eneste variabelen som hadde signifikant påvirkning på lønnsomheten. Beliggenhet i Nord ble forkastet i fra modellen siden denne hadde for stor korrelasjon med fôrfaktoren.