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Government Ownership Steering GOVERNMENT OWNERSHIPGOVERNMENT STEERINGOWNERSHIP STEERING STEERING ANNUAL REPORT 2016ANNUAL REPORT 2016 Congratulations Finland! CONTENTS Key indicators _____________________________________ 2 A word from the Minister ____________________________ 4 Director General’s review ____________________________ 6 Developments in 2016 _______________________________ 8 Government ownership steering ______________________ 10 Remuneration _____________________________________ 12 Board appointments ________________________________ 13 Corporate social responsibility and social impact _________ 14 State-owned companies ____________________________ 16 Basic data on companies ____________________________ 18 Movement in the value of the State’s share portfolio _______ 22 Direct state holdings in listed companies ________________ 26 Non-listed commercial companies _____________________ 29 Special assignment companies overseen by the Prime Minister’s Office _________________________ 49 Special assignment companies overseen by other ministries __________________________________ 54 State holdings and parliamentary authorisations __________ 66 Sources of data and formulae for calculating key financial indicators ______________________________ 68 Prime Minister’s Office, Ownership Steering Department Po BOX 23, 00023 Government, Finland ISBN Print 978-952-287-426-9 ISBN PDF 978-952-287-427-6 Layout: Mainostoimisto Visuviestintä Oy, Taina Ståhl Printing place: Lönnberg Print & Promo, Helsinki 2017 0 ANNUAL REPORT BY THE GOVERNMENT OWNERSHIP STEERING DEPARTMENT 2016 3000 6000 9000 Key indicators 12000 15000 VALUE OF STATE’S INTERESTS IN COMPANIES Energy Financing Basic industry and industrial products and services Information technology and telecommunication services Transport and logistics Infrastructure Consumer goods and services Services Real estate property EUR 29.0 billion KEY FIGURES EUR EUR NET SALES OPERATING 76.6 9.6 INCOME billion billion EUR EUR 6.3 TAX FOOTPRINT* INVESTMENTS 7.8 billion * Prime Minister’s Office portfolio billion NO. OF PERSONNEL 199.000 2 ANNUAL REPORT BY THE GOVERNMENT OWNERSHIP STEERING DEPARTMENT 2016 KEY INDICATORS MAJORITY-WNED LISTED COMPANIES NET SALES, EUR BILLION OPERATING INCOME, EUR BILLION 22.0 17.1 17.6 total 3.5 5.1 1.9 5 20 ROI % 4 15 3 10 8.0 2 5 (21.0) 1 0 0 2014 2015 2016 2014 2015 2016 Comparable operating income, continuing operations NON-LISTED COMMERCIAL COMPANIES NET SALES, EUR BILLION OPERATING INCOME, EUR BILLION 6.9 6.2 6.1 0.34 0.55 0.52 6 ROI 1,4 5 % 1,2 1,0 4 0,8 3 7.3 0,6 2 (7.7) 0,4 1 0,2 0 0 2014 2015 2016 2014 2015 2016 SPECIAL ASSIGNMENT COMPANIES NET SALES, EUR BILLION OPERATING INCOME, EUR BILLION 4.6 4.9 5.2 1.3 1.5 0.9 6 ROI* 1,4 5 % 1,2 1,0 4 0,8 3 4.0 0,6 2 (6.2) 0,4 1 0,2 0 * Municipality Finance 0 2014 2015 2016 figures not included 2014 2015 2016 3 ANNUAL REPORT BY THE GOVERNMENT OWNERSHIP STEERING DEPARTMENT 2016 A word from the Minister New Government resolution implemented For government ownership steer- Much of the new Government ing, the year 2016 was significant in resolution on state ownership policy terms of creating something new. The was implemented towards the end of Government issued a new resolution the year. August saw the establish- on state-ownership policy on 13 May ment of the State Business Develop- 2016. It seeks to ensure that corpo- ment Company Vake Oy. It will serve rate assets held by the State are put as a tool for employing released capi- to more efficient use to boost eco- tal reserves to generate new busi- nomic growth and employment. State ness, reinforce the capital base of © Prime Minister's Office ownership is a tool of active social the companies held in Vake’s portfo- ownership designed to deploy capi- lio and implement corporate restruc- tal efficiently and generate new eco- turing schemes more efficiently. At nomic activity in Finland. the end of the year, the Government issued more detailed guidelines for State ownership can increase Vake’s operations and decision-mak- limit is designed to make it easier to investment and accelerate the crea- ing procedures. deploy company balance sheets to tion of new business. It may greatly generate new growth and promote contribute to the emergence of new The first company to be transferred business development, while at the markets or provide support in the face to Vake was Ekokem Corporation. same time safeguarding the State’s of major transitions when new ways However, before the transfer, the strategic ownership interests. Use will of working need to be tested on the company was sold to Fortum Corpo- be made of this new provision in low- markets. Additionally, the State, in its ration. Vake Oy completed the trans- ering the ownership interest limits in capacity as an owner and shareholder, action in accordance with its mission. Vapo and Neste from the current 50.1 may promote the creation of corporate State interests in Altia Plc, Arctia Ltd, to 33.4 per cent. The ownership inter- structures that have true potential for Kemijoki Oy, Neste Corporation, Nor- est limits and adjustments to these success in the new post-transition dic Morning Plc, Posti Group Corpora- limits are determined by Parliament. operating environment, characterised tion, Raskone Ltd and Vapo Oy will be by extensive networking and global transferred to Vake Oy at a later date The State holds major interests in competition. as determined by the Government. companies deemed to have a spe- cific strategic importance. Safeguard- By its own actions, the Government The Act on State Shareholdings ing strategic interests vital to society seeks to reinforce Finnish ownership. and Ownership Steering was amended because they are typically based on State ownership is one way of doing at end of the reporting period. A new the need to maintain adequate emer- so. Sate ownership aims to increase 33.4 per cent ownership interest limit gency stocks of critical supplies or value over the long term rather than was added to the previous 100 and other vital functions. When the reso- seek quick profits. 50.1 per cent limits. The new one-third lution on ownership policy was pre- 4 A WORD FROM THE MINISTER between the company’s board of directors and the State, the returns expected by the State, state inter- ests in portfolio companies and board appointments. Solidium-owned com- panies play a key role in the Finnish economy. Solidium’s active ownership policy seeks to develop the compa- nies to promote the economy, employ- ment and corporate growth in general. Solidium is a Finnish ‘anchor owner’ which takes into account the national interests while at the same time oper- ating on market terms. Considering the past year, it is fair to say that as a result of the actions taken, state ownership was trans- formed into a tool of active reform as envisioned in the Government Pro- pared, the Government examined and In its resolution, the Government gramme. Among the changes under- updated all relevant strategic inter- also issued guidelines for corporate lying the State’s pioneering role and ests to reflect the current situation. social responsibility (CSR) and recom- responsibility as an owner and share- mended more conservative remuner- holder was the establishment of the In December, a new Parliamentary ation policies. In the spring of 2017, State Business Development Com- Advisory Council was established state wholly owned and majority- pany Vake Oy; the introduction of the to support state ownership steering owned companies reported to their new one-third ownership interest and reinforce the role of Parliament. Annual General Meetings regarding limit; the establishment of the Par- The Government’s ownership policy CSR performance and actions taken liamentary Advisory Council; as well involves a long-term approach that to achieve the established objectives. as the new corporate social respon- calls for a parliamentary commitment Additionally, the companies have sibility and remuneration guidelines. spanning several electoral periods. reported on their remuneration poli- The past year was not an easy one: The Council will serve in an advisory cies and criteria for incentive rewards. the state of the economy posed chal- capacity, reviewing the Government’s Underlying these policy lines are rel- lenges to companies and shareholders ownership policy, evaluating the gen- evant directives as well as the Gov- alike, but we were successful in find- eral principles of ownership steering ernment’s ambition to set an exam- ing a new path and taking the first few and addressing issues related to par- ple. We want to act as a responsible steps along it. A turn for the better liamentary authorisations in general. shareholder in these areas. has already taken place and now we The Advisory Council will not be con- need to proceed with determination. sulted regarding the actual business Additionally, new guidelines were in which the individual companies are issued for Solidium Oy determin- Mika Lintilä engaged. ing the framework for cooperation Minister of Economic Affairs 5 ANNUAL REPORT BY THE GOVERNMENT OWNERSHIP STEERING DEPARTMENT 2016 Director General’s review State-shareholder on the forefront Of the events of the reporting period, cipal shareholders sold their inter- nies increased from EUR 174 in 2015 most of the media attention up to ests to Forum early last autumn. The to EUR 255 million in 2016. While a lot the end of the year focused on the year was crowned by the creation of of work remains to be done, we are new Government resolution on state the new Veikkaus on the last day of definitely moving in the right direction. ownership policy. Few of our other December when determined efforts achievements received much public- to merge Fintoto, the Slot Machine A veritable wave of corporatisation ity, even though they occupied this Association and Veikkaus, the Finn- is under way in the public sector.
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