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The State's Ownership Report 2005

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The State's Ownership Report 2005 THE STATE’S OWNERSHIP REPORT 2005 E M O C L E W Table of Contents The Norwegian State Ownership Report 2005 includes 51 companies in which the ministries administer the State’s direct ownership interests. The companies presented in this report include both commercial-oriented companies and the largest, most important companies with other objectives. Commercial companies Companies with other objectives 3 State Ownership Report 2005 42 Argentum Fondsinvesteringer AS 66 Avinor AS 5 An owner for the community 43 Baneservice AS 67 Bjørnøen AS 6 The year 2005 44 BaneTele AS 68 Gassco AS 11 Rate of return and values 45 Cermaq ASA 69 Husbanken 18 The companies’ fi nancial growth 46 DnB NOR ASA 70 Industritjeneste AS 18 Commercially oriented companies 47 Eksportfi nans ASA 71 Innovasjon Norge 22 Companies with other objectivesl 48 Electronic Chart Centre AS 72 Kings Bay AS 24 Other issues 49 Entra Eiendom AS 73 Kompetansesenteret for IT i helse- 30 Organisation of State ownership 50 Flytoget AS og sosialsektoren AS 34 State ownership administration 51 Kommunalbanken AS 74 Norfund 38 The State’s principles of good corporate 52 Kongsberg Gruppen ASA 75 Norsk Eiendomsinformasjon AS governance and corporate management 53 Mesta AS 76 Norsk Rikskringkasting AS 54 Nammo AS 77 Norsk Samfunnsvitenskapelig 55 Norsk Hydro ASA datatjeneste AS 56 SAS AB 78 Norsk Tipping AS 57 Statkraft SF 79 NSB AS 58 Statoil ASA 80 Petoro AS 59 Statskonsult AS 81 Posten Norge AS 60 Store Norske Spitsbergen Kulkompani AS 82 Simula Research Laboratory AS 61 Telenor ASA 83 SIVA SF 62 Venturefondet AS 84 Statnett SF 63 Yara International ASA 85 Statskog SF 86 Uninett AS 87 Universitetssenteret på Svalbard AS 88 Veterinærmedisinsk oppdragssenter AS 89 AS Vinmonopolet Regional Health Authorities 97 Contact details 92 Helse Midt-Norge RHF 98 Restructuring of state-owned enterprises 93 Helse Nord RHF 102 Comments and defi nitons 94 Helse Sør RHF 95 Helse Vest RHF 96 Helse Øst RHF THE STATE’S OWNERSHIP REPORT 2005 2 E M O C L E W State Ownership Report 2005 The purpose of the State Ownership Report is to provide an overview of the State ownership, the administration of this ownership, and the development of value within the companies. We hope that this report will increase awareness of how the ministries manage the ownership, as well as increase insight into of the management of the companies’ assets. The Ownership Report is divided into two main sections. The tive is not commercial in nature. In these companies, State fi rst section contains articles highlighting events and results ownership is administered as a component of sectoral policy from the previous year as well as articles about the State’s in various areas, such as NSB, Norway’s largest transport exercise of its ownership function. The second section group. contains descriptions of the companies owned wholly or in part by the State. The companies are divided into two groups In addition to the printed Norwegian and English versions of based on the main objective of State ownership. the State Ownership Report 2005, the report is also avail- able on the Internet: www.eierberetningen.nhd.no • Companies in which the primary objective of ownership is to maximise their commercial value The information presented in this report has been updated • Companies in which the primary objective of ownership through 31 March 2006. is not commercial in nature A total of 22 companies comprise the group in which the State’s primary objective is to maximise commercial value. Eight of these companies are listed on the Oslo Stock Exchange. As of 31 March 2006 the value of the State’s shareholdings in the listed companies was NOK 518 billion. There are 29 companies in which the State’s primary objec- Key fi gures for the companies in the State’s ownership report 2005 Listed Unlisted commercial Companies with NOK millions companies companies other objectives Total State’s shareholding - value 1) 427 739 49 737 n/a 477 476 Weighted return last year 2) 54 % Profi t 3) 69 243 7 115 (1 802) 74 561 Weighted return on equity 4) 24 % 16 % (2 %) 18 % Dividend 5) 18 897 5 061 411 24 369 Sales proceeds 16 074 0 0 16 074 Capital injections, share acquisitions (212) (320) (673) (1 204) 1) For listed companies are the value based on market price and the state’s shareholding 31.12.2005. For Entra Eiendom AS the value is calculated from value adjusted- equity published by the company. For other companies book equity is used 2) Change in market value plus dividends received during the year, corrected for issues and share buy-backs. The return is weighted relative to total market value as of 31.12.2005 3) Profi t after tax and minority interests 4) Weighted relative to the book equity as of 31.12.2005 5) State’s share of proposed dividends for the fi scal year 2005 which will be paid out in 2006 THE STATE’S OWNERSHIP REPORT 2005 3 R E T S I N I M E H T © Dagsavisen THE STATE’S OWNERSHIP REPORT 2005 4 R E T S I N I M E H T An owner for the community State ownership is a debated issue –which is good. The State- as in other fi elds such as banking and telecommunications. owned companies administer substantial economic values on We should not, however, let the good times make us behalf of the community, and the companies are important complacent. To make these companies viable over time we social actors. Wholly and partly State-owned companies need to maintain a focus on development and adaptation – not employ more than 280.000 people. Many of the companies least in times when the rate of return is high. Many of the are engines for Norwegian business and industry. These companies with State ownership have handled complicated companies face high expectations. They must operate in a processes of restructuring in local communities in a benefi cial fi nancially sound way, and they must also attend to their social manner. This ability to assume a social responsibility that responsibilities in a cogent manner – they must show corpo- develops goodwill towards local communities, may not produce rate responsibility. In an open society like ours, it is a positive a short-term profi t for the company. However, it is evidence of sign that many people have an opinion on these matters. a company which is in equilibrium with its environment, and Norwegian industry holds a leading position in several which is viable in the long term. In order to understand this fi elds. Shipping and offshore technology is one example; fi sh- environment and achieve favourable decision-making proc- eries and aquaculture is another, and there are other examples esses, many different perspectives are necessary to inform the as well. On the whole, Norwegian companies have never previ- debate. We therefore need diversity in the managerial groups ously held a better position internationally than they do today. and on the boards of directors. Women are still strongly under- This positive development has emerged during a period when represented in both management and board positions. The fact the State has held major ownership shares in Norwegian trade that we have so few women in managerial posts in Norwegian and industry. This mixed ownership, in which public and private business is a source of concern. Women represent a major interests stand side by side in partnership, has proven to be resource that can help develop the companies for the future. successful. The Government want a better balance between women and The Government is in favour of substantial State owner- men in managerial positions and on the boards. ship in many Norwegian companies, with a view towards The value of the State’s shares has increased substantially ensuring that these companies have a national basis and since the Government came to power. Much of this increase is retain their head offi ces, research activities and other strategic caused by factors over which we have little control, but it also decision-making in Norway. State ownership also ensures the shows that the stock markets have confi dence in the actions of benefi cial rights over our common natural resources and the State as an owner in listed companies. It is essential to ensures benefi ts to the community. maintain this confi dence because this is crucial for the compa- The Government wants the State to be an active owner. nies and the values that they manage on behalf of the commu- The State is an owner in these companies in order to ensure nity. Confi dence must be built on openness. This ownership long-term value creation. Value creation is more than the rate report provides an overview of the State’s ownership interests of return from one quarter to the next. The purpose of State and the principles on which the administration of this owner- ownership is to attend to the common good. As an owner, the ship is based. It is my hope that the report can contribute to State also expects these companies to take corporate respon- increased openness with regard to the State’s administration of sibility and to uphold our basic values in an exemplary manner. its ownership interests. Companies can survive and develop their competitiveness over time only if they maintain a reasonable equilibrium with their Kind regards environment. Norwegian citizens should expect that the Government’s ownership policies address such issues. 2005 was a good year for the State-owned companies.
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