At the Annual General Meeting of CO-LaN Members organized on October 15, 2020 within the CAPE-OPEN 2020 Annual Meeting, Dr Richard BAUR from Shell Global Solutions, president of CO-LaN, presented the statement of revenues and expenses as well as the statement of financial position for the year ended 31 December 2019 (PDF, video) for CO-LaN. It was followed by the projected statement of revenues and expenses for the year 2021. These statements had been prepared by Dr Philippe ARPENTINIER, representative of Air Liquide and treasurer of CO-LaN.
Year 2019 ended with a loss of 27503 euros, very close to the loss projected at the Annual General Meeting of Members organized in October 2018. However the nature and respective distribution of expenses were different from the projection made in 2018. Additional expenses were mainly:
- consultancy services offered both to Optimized Gas Treating and to Aspentech,
- additional work requested from CO-LaN CTO for interoperability testing.
Simultaneously CO-LaN experienced a lower cost on services provided by Michael Halloran who had fewer time to spare for CO-LaN.
The six Full Members present all approved the statement of revenues and expenses as well as the statement of financial position for the year ended 31 December 2019.
In order to cover the loss, the six Full Members all agreed to compensate it with the accumulated reserves. Hence at the beginning of 2020, the accumulated reserves stood at 59845 euros.
Dr Richard BAUR went on with presenting the projected statement of revenues and expenses for the year 2021.
As for revenues, fees from Associate Members are expected to reach 20000 euros while the current six Full Members bring a total contribution of 60000 euros. The expenses will include COBIA Phase III as well as the first development steps of the self-test software suite. No consultancy services are expected to be offered in 2021.
Year 2021 is expected to end with a loss of 9680 euros, so a much lower loss than in 2019. It is only in 2022 that CO-LaN expects to operate without any loss.
The six Full Members present all approved the projected statement of revenues and expenses for 2021.