Annual Report State-Owned Companies 2005
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Photo:RugnerMartin This report can be ordered via fax +46 8 21 57 99 ReportState-owned Annual Companies2005 or via Internet at web address: www.regeringen.se Item number: N6022 Annual Report State-owned Companies 2005 Ministry of Industry, Employment and Communications www.regeringen.se Sveriges Bostads- Swedish Space Corporation Swedesurvey AB Vasakronan AB finansieringsaktiebolag, Box 4207 SE-801 82 Gävle Box 24234 SBAB SE-171 04 Solna Telephone: +46-26 63 33 00 SE-104 51 Stockholm Box 27308 Telephone: +46-8 627 62 00 Fax: +46-26 65 18 19 Telephone: +46-8 783 21 00 SE-102 54 Stockholm Fax: +46-8 98 70 69 [email protected] Fax: +46-8 783 21 01 Telephone: +46-771 45 30 00 [email protected] www.swedesurvey.se [email protected] Fax: +46-8 614 38 60 www.ssc.se www.vasakronan.se [email protected] Swedfund International AB www.sbab.se Swedish Ships Box 3286 Vasallen AB Mortgage Bank SE-103 65 Stockholm Trädgårdsgatan 14 SJ AB Box 11010 Telephone: +46-8 725 94 00 SE-702 12 Örebro SE-105 50 Stockholm SE-404 21 Göteborg Fax: +46-8 20 30 93 Telephone: +46-19 764 86 00 Telephone: +46-8 762 20 00 Telephone: +46-31 80 61 60 [email protected] Fax: +46-19 764 86 60 Fax: +46-8 762 24 24 Fax: +46-31 15 80 85 www.swedfund.se [email protected] The Swedish state is Sweden’s largest company owner. [email protected] [email protected] www.vasallen.se www.sj.se www.skeppshypotek.se SweRoad Box 4021 Vattenfall AB Approximately 190,000 people are employed in these companies. Statens Väg- och AB Svenska Spel SE-171 04 Solna SE-162 87 Stockholm Baninvest AB SE-621 80 Visby Telephone: +46-8 799 79 80 Telephone: +46-8 739 50 00 Very large values are involved and some of Sweden’s largest companies SE-781 87 Borlänge Telephone: +46-498 26 35 00 Fax: +46-8 29 46 89 Fax: +46-8 17 85 06 Telephone: +46-243 754 00 Fax: +46-498 26 36 30 [email protected] [email protected] Fax: +46-243 756 11 [email protected] www.sweroad.se www.vattenfall.se belong to this sphere. The state therefore has a great responsibility www.vagochbaninvest.se www.svenskaspel.se www.vattenfall.com Systembolaget AB to be an active and professional owner. The overarching goal for Förvaltningsaktiebolaget Svensk-Danska Broförbindelsen SE-103 84 Stockholm Venantius AB Stattum SVEDAB AB Telephone: +46-8 503 300 00 Box 16184 c/o Ministry of Industry, Box 4044 Fax: +46-8 503 310 00 SE-103 24 Stockholm the Government is that the companies should create value and, Employment and Communications SE-203 11 Malmö [email protected] Telephone: +46-8 440 81 00 SE-103 33 Stockholm Telephone: +46-40 660 98 80 www.systembolaget.se Fax: +46-8 440 81 10 where applicable, comply with the special societal interests. Telephone: +46-8 405 36 92 Fax: +46-40 20 22 75 [email protected] Fax: +46-8 21 57 99 [email protected] TeliaSonera AB www.venantius.se [email protected] www.svedab.se Sturegatan 1 SE-106 63 Stockholm VisitSweden AB Sveaskog AB SP Sveriges Provnings- Telephone: +46-8 504 550 00 Box 3030 SE-105 22 Stockholm och Forskningsinstitut AB Fax: +46-8 504 550 01 SE-103 61 Stockholm Telephone: +46-8 655 90 00 Box 857 [email protected] Telephone: +46-8 789 10 00 Fax: +46-8 655 94 14 SE-501 15 Borås www.teliasonera.com Fax: +46-8 789 10 31 [email protected] Telephone: +46-33 16 50 00 [email protected] www.sveaskog.se Fax: +46-33 13 55 02 Teracom AB www.visitsweden.com [email protected] Box 1366 AB Svensk Bilprovning www.sp.se SE-172 77 Sundbyberg Voksenåsen A/S Box 508 Telephone: +46-8 555 420 00 Ullveien 4 SE-162 15 Vällingby Swedcarrier AB Fax: +46-8 555 420 01 NO-0791 Oslo, Norway Telephone: +46-8 759 21 00 Box 520 [email protected] Telephone: +47-22 81 15 00 Fax: +46-8 759 54 24 SE-101 30 Stockholm www.teracom.se Fax: +47-22 81 15 21 [email protected] Telephone: +46-8 410 626 03 [email protected] www.bilprovningen.se Fax: +46-8 410 626 50 V&S Group www.voksenaasen.no www.swedcarrier.se SE-117 97 Stockholm AB Svensk Exportkredit Telephone: +46-8 744 70 00 Zenit Shipping AB Box 16368 Fax: +46-8 744 70 80 Box 8807 SE-103 27 Stockholm [email protected] SE-402 71 Göteborg Telephone: +46-8 613 83 00 www.vinsprit.se Telephone: +46-31 22 25 41 Fax: +46-8 20 38 94 Fax: +46-31 51 10 90 [email protected] www.sek.se This report has been produced by the Ministry of Industry, Employment and Communications in collaboration with Intellecta Communication. Photo: The photographs are from the companies included in the report. Printed by: NRS Tryckeri, Huskvarna. Translation: David Kendall, Anglia AB. Financial overview STATE-OWNED COMPANIES Financial facts, SEK bn 2005 2004 Change, % Net turnover 311.3 287.6 8 Profit before tax 63.1 37.3 69 Net profit 52.0 30.6 70 – attributable to shareholders in parent company 50.7 29.9 70 – attributable to minority interests 1.3 0.7 98 Equity attributable to shareholders in parent company 272.6 245.9 10 Equity attributable to minority interests 11.8 10.9 8 Total equity 284.4 256.9 11 Total assets 1,060.3 923.9 15 Cash flow from operating activities –1.4 34.1 –104 Gross investment 39.6 26.0 52 Average no. of employees 126.8 130.3 –3 Average no. of employees, including associated companies 187.5 189.1 –1 Return on equity, % 19.6 14.6 +5.0 percentage points Equity/assets ratio, % 22.1 22.3 –0.2 percentage points Dividend 26.5 17.4 53 RETURN ON EQUITY, % DIVIDEND, SEK bn AVERAGE NO. OF EMPLOYEES, thousands including associated companies 20 30 200 16 24 160 12 18 120 8 12 80 4 6 40 0 0 0 2003 2004 2005 2003 2004 2005 2003 2004 2005 2 COntentS FOREWORD 4 THE YEAR IN BRIEF 6 OWNErsHIP ACTIVITIEs 10 STATE OWNErsHIP ADMINISTRATION 13 The Government’s administration mandate 13 Frameworks and tools 14 State ownership policy 16 Organisation 23 INNOVATIVE SWEDEN 24 STRUCTURAL DEVELOPMENT 26 TWO GROUPS OF COMPANIEs 29 OBJECTIVES – FOLLOW-UP AND AssEssMENT 30 Photo:Fond Magnus THE STATE CORPORATE SPHERE 33 COMPANIES OPERATING UNDER MARKET CONDITIONs 35 Strong earnings performance and increased levels of investment 36 COMPANIES WITH SPECIAL SOCIETAL INTERESTs 39 Stable turnover although decreased profits 40 STATE OWNErsHIP OF LISTED COMPANIEs 43 EMPLOYEES AND INTERNATIONAL OPERATIONs 44 SURVEY OF COMPANIES 2005 46 A-Banan Projekt AB 47 Akademiska Hus AB 48 ALMI Företagspartner AB 49 Apoteket AB 50 AB Bostadsgaranti 51 A/O Dom Shvetsii 52 Green Cargo AB 53 AB Göta kanalbolag 54 Imego AB 55 IRECO Holding AB 56 Kasernen Fastighets AB 57 Kungliga Dramatiska Teatern AB 58 Kungliga Operan AB 59 Lernia AB 60 Luossavaara-Kiirunavaara AB, LKAB 61 Nordea Bank AB 62 Norrland Center AB 63 OMX AB 64 Posten AB 65 Samhall AB 66 SAS AB 67 SIS Miljömärkning AB 68 ÖsterPhoto:Leif SJ AB 69 SOS Alarm Sverige AB 70 SP Sveriges Provnings- och Forskningsinstitut AB 71 COntentS Specialfastigheter Sverige AB 72 Statens Bostadsomvandling AB, Sbo 73 Statens Väg- och Baninvest AB 74 Stattum, Förvaltningsaktiebolaget 75 Sveaskog AB 76 Swedcarrier AB 77 Swedesurvey AB 78 Swedfund International AB 79 Swedish National Road Consulting AB, SweRoad 80 AB Svensk Bilprovning 81 AB Svensk Exportkredit, SEK 82 AB Svenska Miljöstyrningsrådet 83 Swedish Space Corporation 84 Swedish Ships Mortgage Bank 85 AB Svenska Spel 86 Svensk-Danska Broförbindelsen SVEDAB AB 87 Sveriges Bostadsfinansieringsaktiebolag, SBAB 88 Photo: Kalle Rimling Photo:Kalle Systembolaget AB 89 TeliaSonera AB 90 Teracom AB 91 V&S Vin & Sprit AB 92 Vasakronan AB 93 Vasallen AB 94 Vattenfall AB 95 Venantius AB 96 VisitSweden AB 97 Voksenåsen A/S 98 COMPANIES UNDERGOING RESTRUCTURING 99 Zenit Shipping AB 99 SAKAB AB 99 A HISTORICAL REVIEW 100 CHANGES IN OWNErsHIP 103 ACCOUNTING PRINCIPLES AND NOTEs 104 DEFINITIONS AND ABBREVIATIONs 105 REVIEW OF COMPANIEs 106 LIST OF GOVERNMENT BILLs 107 Photo:Stenberg/DramatenRoger CHANGES IN EXECUTIVE MANAGEMENTS AND BOARDs 108 DIVISION OF RESPONSIBILITY WITHIN THE SWEDISH GOVERNMENT OFFICES FOR STATE-OWNED COMPANIEs 110 BOARD MEMBErs ELECTED BY THE ANNUAL GENERAL MEETING OF SHAREHOLDErs 112 EMPLOYEE REPRESENTATIVEs 118 REPORT DATES FOR STATE-OWNED COMPANIEs 119 ADDREssEs 120 FOre WOrd Foreword Now that the accounts are available for two periods of office, it is a stronger group of state-owned companies which is looking to the future. The state corporate group is an asset for Sweden. They play an important role for diversity in the business sector Photo: Anna Simonsson/PressensPhoto:Anna Bild and contribute to employment in the whole of Sweden. Some of them have special responsibility for the performance of important public services and functions. The holdings include companies that manage and develop natural assets. The overall goal of state ownership administration is that the companies are to create value. Valuable companies are able to play an active part in the changeover and development of Sweden and provide stimulating workplaces. The Government has devel- oped active, long-term administration on this basis. During the past two periods of office, many steps have been taken towards a more uniform and professional owner administration.