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Annual Report 2017 (11th financial year)
Annual Report 2017
Annual Report 2017(11th financial year)
2 Annual Report 2017
page
The Norwegian Chamber of Commerce in Latvia Address: Ogļu iela 3, Riga, LV 1048Registration number: 50008111541www.nccl.lv
Contents
NCCL Board Report 3
Members by March 2018 8
General information 13
Report on Revenue and Expenses 14
Balance sheet 15
3 Annual Report 2017
NCCL Board Report
NCCL support and promote Norwegian companies in Latvia and serve as a platform for bilateral cooperation. All activities are member driven and funded. Membership is a channel to stay informed, to meet with key decision makers and to be inspired by other business leaders. We invite to 30 annual business and social events with many opportunities for relevant topics and networking.
During the year we celebrated our 10th anniversary and currently represent 111 members. These are both Norwegian companies operating in the Latvian market as well as local and international companies who are cooperating with Norwegian businesses.
Over the years, Norway and Latvia have built a strong economic relationship. Norway is among the largest foreign investors in Latvia with companies present in various sectors across the country. An important milestone for bi-lateral cooperation was reached in December when Norway and Latvia signed MOUs for a new period of the EEA and Norway Grants. The total financing available to Latvia will be EUR 102.1 million, with research and innovation, climate and environment as key priority areas.
Supporting Norwegian companies abroad is one of the main priorities of the Norwegian Embassy. We cooperate very closely with the Embassy in Riga. Honorary member Ambassador Steinar Egil Hagen often invites members to meetings, dinners and receptions in the Residence. The Business Networking with the Ambassador has become an annual tradition in the autumn where members are updated on Norwegian business activities and present their companies.
Ambassador Steinar Egil Hagen hosting a dinner in the Residence in June.
NCCL Board Report 3
Members by March 2018 8
General information 13
Report on Revenue and Expenses 14
Balance sheet 15
4 Annual Report 2017
During the celebration year, members were invited to many company visits. We started in January with Livonia Print, printing plant and bindery exporting 40 million books annually to the Nordic markets and ITAB, producing shop fitting concepts for retail chain stores to 30 countries worldwide.
Northern Europe’s largest car dealer MøllerGruppen, presented in June their Baltic experiences and the outlook for the future with all the innovations facing the car industry. The successful rebranding of Statoil Fuel & Retail to Circle K was shared in the autumn, along with a presentation of the Business Centre who is the largest in all of the group, with 500 employees in Riga and about 100 working with IT in Poland.
At the Business Networking with the Ambassador we heard presentations from Art Nouveau Hotel Clarion Collection Valdemars and leading supplier of quality metal castings Sperre Baltic. One of our largest investors, Linstow Center Management also presented the planned expansions of their shopping centres in Riga and Tallinn.
A cluster of Norwegian related businesses are situated in Ogre region and Ogre Business Park. Ring Baltic, producing high quality office chair mechanisms and recliners and Satema Baltic, producing electrical distribution and electronic control apparatus are both located in the industry park, founded already in 2001. It was also impressive to visit our member Latlaft, who has built several hundred handcrafted log cabins in the Norwegian mountains since 2001.
Circle K Latvia and Circle K Business Centre presented their business units and the successful rebranding process from Statoil Fuel & Retail.
5 Annual Report 2017
The hotel industry is booming and the new Hotel Park Inn by Radisson Riga Valdemara invited for a tour of the premises and tasty pizza in the Bocca Buona restaurant. Lursoft hosted a practical workshop on their databases and both KPMG Baltics, Leinonen and Gencs Valters Law generously shared their advises related to the local tax laws.
We co-hosted two “Doing business with Latvia” events in Oslo for companies involved or interested in investments or trade with Latvia, in cooperation with LIAA and the Latvian Embassy in Oslo. Judite Dobele, new Ambassador of Latvia to Norway welcomed us in the Residence for networking and updates. During the two events that were held in Oslo we also heard presentations from Orkla Confectionary & Snacks who is currently building a new factory in Riga, leading IT company Visma, Klaveness Marine, investing in small and medium sized shopping centres around Riga and Neptun Tecofa, manufacturer of PP, PVC, PU, paper and cardboard products.
The 4th Nordic Baltic Business Forum in the autumn brought interesting ideas on innovation, leadership and business development. Nordic Baltic Business Forum is our largest annual event and a good platform to meet with executive management of Nordic Baltic companies, new business partners and relevant stakeholders. The agenda this year presented business cases, inspiring speakers, a panel on business culture and an update on the macro environment and Nordic investments in the Baltic region.
6 Annual Report 2017
Female Focus is a forum inspired by Scandinavian values where professional women are inspired and challenged.
Female Focus presents women from Scandinavia and Latvia with different professional backgrounds speaking on topics such as leadership, entrepreneurship, meeting professional and private challenges and life & work balance. Four female networking events were held during 2017 with seven inspiring ladies: Dr. Vaira Vike-Freiberga, former President of Latvia, Hege Aamotsmo, Senior Vice President Human Resources of Orkla Confectionery & Snacks Norway, Jana Ezerina, CEO of Madam Bonbon, Zane Čulkstēna, CEO of employer branding consultancy ERDA, Ingrīda Blūma, Supervisory Board member and Head of NGO Mission Possible, Annika Jagander, Ambassador of Sweden to Latvia and Ylva Johansson, Minister for Employment and Integration of Sweden.
We also connect our members with relevant decision makers. Andris Ozols, Director of Investment and Development Agency of Latvia, met with members of the Tourism Working Group and other members to present “Magnetic Latvia”, Latvian tourism development and state support programmes at a Joint Networking Breakfast in November. And the political parties running for the Riga mayor chair shared their visions for the development of the business environment at a dinner in April, organized by the six largest foreign Chambers of Commerce.
7 Annual Report 2017
The Royal Norwegian Lutefisk Association cute the cake at the 20th Lutefisk Party.
Social and cultural events are popular arenas for networking and fun. We celebrated the 10th anniversary in June with a grand reunion. All members and guests were invited, as well as everyone who served on the Board or were involved in the development of the Chamber the past decade.
We also celebrated the 20th anniversary for the Lutefisk parties in Riga. Our special guests, the Norwegian chef Erlend Engdahl and his colleague Lauris Aleksejevs, prepared the fish and Hotel Grand Palace made a wonderful cake to mark the anniversary.
The Constitution Day in May gathered a large crowd of Norwegians dressed in national costumes parading through the Old Town. This annual tradition is a cooperation between the Embassy, NCCL and the Norwegian students in Latvia (ANSA).
Thank you to all who supported our events during the year in different ways: Norwegian Embassy, Clarion Collection Hotel Valdemars, DNB Bank (Luminor), Dome Hotel, EEA/Norway Grants, ESPA Riga, Gateway&Partners, Grand Palace Hotel, Hamid Ladjevardi, HRX Transport, Linstow Center Management, Mandatum Life, Orkla Confectionery & Snacks, Park Inn by Radisson Valdemara, Radisson Blu Hotel Daugava, Radisson Blu Latvija Conference & SPA Hotel, Radisson Blu Elizabete Hotel, Radisson Blu Ridzene Hotel, Riga Graduate School of Law, Spigulis and Kukainis Law office, SunCrisp, Termex Building Services and the Embassies of Sweden, Finland and Denmark.
We would like to thank all members for their support during the year. Especially our Gold Members DNB, EVRY, Cirkle K Business Centre, Gjensidige, Husvik, ITAB, Klaveness Marine, Linstow Center Management, Møller Baltic Import, Narvesen, Orkla Confectionery & Snacks, Radisson Blu Hotels, Riga Business School, Runway, Rødl & Partner, Ræder, Sperre Baltic and Visma.
On behalf of the Norwegian Chamber of Commerce in Latvia, Sincerely, Alf Erik Lundgrenn Lene Grønvold Chairman Executive Director
8 Annual Report 2017
Members by March 2018Honorary Member Industry WebsiteRoyal Norwegian Embassy in Latvia Embassy https://www.norway.no/en/
latvia
Gold Corporate Members Industry WebsiteDNB Service Centre Riga Business service centre www.dnb.no
EVRY Business service centre www.evry.com
Circle K Business Centre Business service centre http://corpo.couche-tard.com/en/business-units/europe/
Gjensidige Risk management/ insurance www.gjensidige.lv
Husvik House production www.husvik.lv
ITAB Shop Concept Latvia Retail solutions www.itab.se
Klaveness Marine Investment/ maritime www.klavenessmarine.com
LaFoca Latvia House production www.lafocahouse.com
Linstow Center Management Shopping center development www.linstow.lv
Møller Baltic Import Car dealer www.audi.lv
Narvesen Convenience retail www.narvesen.lv
Orkla Confectionery & Snacks Latvija
Food/ beverage www.orkla.com
Radisson Blu Hotels Hotel www.radissonblu.com
Riga Business School Education www.rbs.lv
Runway Business Services Center www.runwaybpo.com
Ræder Law firm www.raeder.no
Rödl & Partner Accounting/ auditing/ consulting www.roedl.com/lv
Sperre Baltic Metal casting www.sperre.com
Visma Entreprise IT/ Telecommunication www.visma.com
9 Annual Report 2017
Silver Company Members Industry Website4Energia Renewable energy www.4energia.ee
Accor hotels (Pullman, Mercure, Ibis Hotels)
Hotel www. accorhotels.com
AMB Architects Architects www.arkamb.no
Anacott Steel Healthcare/ house production/ other www.amepure.com
AON Baltic Latvia Risk management/ Insurance www.aon.com
AquaFence Flood protection systems www.aquafence.com
B2 Holding/ B2 Kapital Banking/ accounts receivables management
www.b2holding.no
Baltic Pork Pork breeding/ energyBaltic Beach Hotel & SPA Hotel www.balticbeach.lv
Baltic Sotheby's International Realty
Real estate www.balsir.com
Baltic Travel Partner Meetings/ incentive/ events www.btp.travel
Business Park Ogre Business Park www.pbogre.lv
CBRE Baltics Property development www.cbre.lv
Clarion Collection Hotel Valdemars
Hotel www.valdemars.lv
Cobalt Law firm www.cobalt.legal
DNV GL Insurance/ Risk management www.dnvgl.com
Europark Parking services www.europark.lv
Fontes Grupa HR Consultancy www.fontes.lv
Fiskevegn Production of fishing equipment www.fiskevegn.no
Gateway & Partners Market intelligence and research www.gatewaypartners.net
Gencs Valters Law Firm Law firm www.gencs.eu
Glimstedt Law firm www.glimstedt.lv
Grand Palace Hotel Hotel www.grandpalaceriga.com
Grant Thornton Baltic Accounting, auditing, business consulting
www.grantthornton.lv
Grifs AG Security services www.grifsag.lv
Guard systems IT/ transportation https://guardsystems.com
Handelsbanken Latvija Banking/ finance www.handelsbanken.lv
Jets Sanitary systems www.jetsgroup.com/en
Karlsberg Manifacturing company www.karlsberg.no
Klavins Ellex Law firm www.klavinsellex.lv
Kronberg Cukste Derling Law firm www.kcderling.lv
LMI Translations Translation services www.lmi.lv
LAPA Maritime sector www.lapa.lv
Latlaft Log house production www.latlaft.lv
10 Annual Report 2017
Silver Company Members Industry WebsiteLeinonen Accounting and consulting www.leinonen.eu
Libra Plast Maritime production of doors www.libraplast.no
Lindorff Credit management www.lindorff.lv
Linstow Baltic Property development www.linstow.no
Livonia Print Printing production www.livoniaprint.lv
Lursoft Databases of entreprises www.lursoft.lv
Neptun Tecofa Manufacturing PP, PVC, PU, paper and cardboard
www.neptuntecofa.no
Norplast Glass-fiber production www.norplast.lv
Numeri Accounting and consulting www.numeri.lv
OSM Crew Management Maritime sector www.osm.no
Park Inn by Radisson Riga Valdemara
www.parkinn.com/hotel-valde-mara-riga
Pearl Baltic Labs SAP implementation www.pearlconsulting.no
PK serviss Construction Management www.pkserviss.lv
Riga Graduate School of Law Education www.rgsl.edu.lv
Riga Norge Property development www.riganorge.lv
Riga Ship Management Maritime sector www.shipmanagement.com.lv
Ring Baltic Production www.ringmek.com
Satema Baltic Electrical and mechanical manufacturing
www.satema.no
Suncrisp Food/ bererage www.suncrisp.eu
Spigulis & Kukainis Law firm www.ska.lv
Our Christmas Party served traditional Norwegian salty meat (pinnekjøtt) and the raffle raised 1590 EUR donated to the Latvian Foster Family Association.
11 Annual Report 2017
Silver Company Members Industry WebsiteSwarm Robotics/ Industries Holding
IT/ Telecommunication www.industriesholding.com
Termex Building maintenance and engineering system mng
www.termex.lv
The Payment House Banking/ IT www.thepaymenthouse.com
Tilde IT www.tilde.com
United Press Printing production www.unitedpress.no
WorkingDay Latvia HR/ recruitment www.workingday.lv/
Bronze Small Business Industry WebsiteAmber Pool Real estate consultancyArhīvu serviss Document storage, archiving and
destructionwww.arhivuserviss.lv
Cessa Author of childrens books, illustrated and printed in Latvia
www.cessa.no
CreoNordic/ Sima Global Office industry/ real estate www.creonordic.no
Ducodot Accounting/ consulting www.ducodot.lv
Evolve Sustainability and human rights consulting
Gruppereiser.no Travel industry www.gruppereiser.no
ICT Latvia Transportation/ logistics www.ict-as.dk
JLB Consulting Food/ bererageLaNoDe Fish industryNordic Invest Real estate developerNordisk Language center Language education and translation www.nordisksia.wordpress.com
Nortrade HR/ Recruitment www.nortrade.lv
Plast-Tech Production of painted GRP components
www.navette.no
Prime Recruitment Recruitment services www.prime.lv
Rixport Property development www.rixport.lv
RTS Baltic Transportation/ logistics www.rts.ee
Vangazu Sildspeks EnergyVilgerts Law office www.vilgerts.com
12 Annual Report 2017
Not for Profit Industry WebsiteLatvian Foster Family Association Charitable association for Foster
children www.labiedriba.lv
Latvian Wood Construction Cluster Industry cluster www.woodhouses.lv
Navigatørene i Baltikum Christian charitable association www.navigatorene.no
Nordic Council of Minister`s Office Nordic Governmental cooperation Industry cluster
www.norden.lv
Faculty of Engineering Economics and Management (RTU)
MBA, cooperating with Buskerud University College
www.mba.rtu.lv
Individual Frode AasheimHelge Andersen Jan BranteAgnese CimdinaOdd GomsrudJahn HaldorsenJørn HennieWerner T. Johansen
Visit to Norwegian related businesses located in Ogre Business Park and Ogre region: Ring Baltic, Satema and Latlaft.
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General informationName of the organization
Legal status of the company
Number, place and date of registration
Registered office
Management Board of the association
Auditor
Reporting year
Previous reporting year
Auditor
The Norwegian Chamber of Commerce in Latvia
Association
50008111541, Riga, 19th February, 2007
Riga, Oglu Street 3, LV-1048
Alf Erik Lundgrenn (Chairman)Sinde Beathe Fure (Vice Chairman)Antra Zālīte (Board member) from 07.03.2017Knut Kvisvik (Board member)Gerhard Erasmus (Board member) from 07.03.2017Matīss Dāvis Kukainis (Board member) from 07.03.2017Dace Paegle (Board member)Jan Otto Brante Kalnberzs (Board member) to 07.03.2017Erik Smith-Hansen (Board member) to 07.03.017Irēna Tokmakova (Board member) to 07.03.2017
Leinonen SIA
01.01.2017– 31.12.2017
01.01.2016– 31.12.2016
Grant Thornton Baltic SIABlaumaņa iela 22, Rīga, LV-1011, Licences Nr.155 Sworn Auditor Silvija Gulbe, Sertifikāts Nr. 142
14 Annual Report 2017
Report on Revenue and Expenses
31.12.2017 31.12.2016 EUR EUR
Membership fees 50 050 46 425Received donations and grants 1090 1 361Other income 20220 26 155TOTAL INCOME 71 360 73 941Expenses - -
Salaries (37 171) (35 558)Social security payments (8 769) (8 388)Depreciations and amortizations (834) (526)Other expenses (25 275) (29 286)
TOTAL EXPENSES (72 049) (73 758)INCOME AND EXPENSE DIFFERENCE -689 183
15 Annual Report 2017
Alf Erik Lundgrenn Chairman of the Board
6 March 2018
Balance sheet
2017 2016
Non-current Assets EUR EUR
Tangible fixed assets 866 1 700Other fixed assets 866 1 700
Current assetsReceivables 366 1 582Trade receivables 280 280Prepaid expenses 84 209Other receivables 2 1 093
Cash 34 702 33 863TOTAL ASSETS 35 934 37 145
Funds and Liabilities
Funds 34 923 35 612General funds 34 923 35 612
Current liabilities 1011 1 533Income of the next period 850
Other liabilities -Trade payables 378 77Accrued liabilities 633 606Total funds and liabilities 35 934 37 145
