The State's Ownership Report 2005

Total Page:16

File Type:pdf, Size:1020Kb

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.
Recommended publications
  • Annual Report Norske Skog
    09 ANNUAL REPORT NORSKE SKOG BOD report Sustainability 22 and accounts 96 report KEY FINANCIAL FIGURES DEFINITIONS 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Income statement (NOK million) Operating revenue 20 362 26 468 27 118 28 812 25 726 25 302 24 068 23 471 30 354 26 635 Gross operating earnings 1 2 185 2 723 3 932 4 704 3 957 4 353 4 686 5 198 8 419 6 599 Operating earnings (1 325) (1 407) 677 (2 527) 630 757 1 536 1 306 5 096 4 211 Earnings before financial expenses 2 (1 209) (1 242) 785 (2 275) (51) 868 1 383 1 833 5 581 4 575 Profit/loss before income taxes (1 019) (2 779) 235 (3 480) (1 004) 210 770 806 3 894 3 021 Net profit/loss for the year (1 400) (2 765) (683) (3 017) (848) 629 406 1 168 2 660 2 184 Balance sheet (NOK million) Non-current assets 23 546 26 980 29 307 37 577 43 740 36 861 39 219 38 197 45 417 43 717 Current assets 9 609 18 211 13 953 7 653 8 293 7 238 7 119 6 769 10 855 17 510 Total assets 33 155 45 191 43 260 45 230 52 033 44 099 46 338 44 966 56 272 61 227 Total equity 12 015 13 632 15 957 18 550 22 679 18 894 19 416 17 921 19 526 22 351 Non-current liabilities 17 316 23 277 21 533 18 802 21 700 20 052 21 402 18 814 30 858 31 906 Current liabilities 3 824 8 282 5 770 7 878 7 654 5 153 5 520 6 210 5 888 6 970 Total equity and liabilities 33 155 45 191 43 260 45 230 52 033 44 099 46 338 42 945 56 272 61 227 Net interest-bearing debt 9 595 14 047 16 408 17 320 19 063 16 871 17 759 18 204 22 820 20 535 Profitability Gross operating margin % 3 10.73 10.30 14.50 16.30 15.40 17.20 19.50 22.10 27.70 24.80
    [Show full text]
  • Statens Eierberetning 2014
    STATENS EIERBERETNING 2014 Statsrådens forord Innhold Monica Mælandw næringsminister Contents Innhold 2 Statsrådens forord 3 Omfang og hovedtall 5 Sentrale saker Nordisk Institutt for Odontologiske Materialer AS 94 for staten som eier 9 Norfund 95 Norges sjømatråd AS 96 Statsrådens forord 3 Kategori 3 – Forretningsmessige Norsk Helsenett SF 97 Avkastning og finansielle verdier 13 Omfang og hovedtall 5 mål og andre spesifikt definerte mål Norsk rikskringkasting AS 98 Sentrale saker for staten som eier 9 Aerospace Industrial Maintenance Norway SF 64 Norsk samfunnsvitenskapelig datatjeneste AS 99 Avkastning og finansielle verdier 13 Argentum Fondsinvesteringer AS 65 Norsk Tipping AS 100 Nøkkeltall Nøkkeltall økonomisk utvikling 19 Eksportfinans ASA 66 Petoro AS 101 Andre forhold 25 Electronic Chart Centre AS 67 Rogaland Teater AS 102 økonomisk utvikling 19 Omstilling: Hvorfor, hvordan og til hva? 34 GIEK Kredittforsikring AS 68 Simula Research Laboratory AS 103 Verdiskapende styrearbeid 37 Investinor AS 69 Siva - Selskapet for Industrivekst SF 104 Kommunalbanken AS 70 Space Norway AS 105 Andre forhold 25 NSB AS 71 Statnett SF 106 Posten Norge AS 72 Statskog SF 107 Omstilling: Statkraft SF 73 Staur gård AS 108 Kategori 1 – Forretningsmessige mål Store Norske Spitsbergen Kulkompani AS 74 Trøndelag Teater AS 109 Ambita AS 44 UNINETT AS 110 Hvorfor, hvordan og til hva? 34 Baneservice AS 45 Universitetssenteret på Svalbard AS 111 Entra ASA 46 AS Vinmonopolet 112 Verdiskapende styrearbeid 37 Flytoget AS 47 Mesta AS 48 Kategori 4 – Sektorpolitiske
    [Show full text]
  • Candidates Nominated to the Board of Directors in Gjensidige Forsikring ASA
    Office translation for information purpose only Appendix 18 Candidates nominated to the Board of Directors in Gjensidige Forsikring ASA Per Andersen Born in 1947, lives in Oslo Occupation/position: Managing Director, Det norske myntverket AS Education/background: Chartered engineer and Master of Science in Business and Economics, officer’s training school, Director of Marketing and Sales and other positions with IBM, CEO of Gjensidige, CEO of Posten Norge and Managing Director of ErgoGroup, senior consultant to the CEO of Posten Norge, CEO of Lindorff. Trond Vegard Andersen Born in 1960, lives in Fredrikstad Occupation/position: Managing Director of Fredrikstad Energi AS Education/background: Certified public accountant and Master of Science in Business and Economics from the Norwegian School of Business Economics and Administration (NHH) Offices for Gjensidige: Member of owner committee in East Norway Organisational experience: Chairman of the Board for all FEAS subsidiaries, board member for Værste AS (regional development in Fredrikstad) Hans-Erik Folke Andersson Born in 1950, Swedish, lives in Djursholm Occupation/position: Consultant, former Managing Director of insurance company Skandia, Nordic Director for Marsh & McLennan and Executive Director of Mercantile & General Re Education/background: Statistics, economy, business law and administration from Stockholm University Offices for Gjensidige: Board member since 2008 Organisational experience: Chairman of the Board of Semcon AB, Erik Penser Bankaktiebolag and Canvisa AB and a board member of Cision AB. Per Engebreth Askildsrud Born in 1950, lives in Jevnaker Occupation/position: Lawyer, own practice Education/background: Law Offices for Gjensidige: Chairman of the owner committee Laila S. Dahlen Born in 1968, lives in Oslo Occupation/position: Currently at home on maternity leave.
    [Show full text]
  • Annual Report 2019 DIRECTORS’ CORPORATE FINANCIAL 2 YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME
    DIRECTORS’ CORPORATE FINANCIAL YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME Annual report 2019 DIRECTORS’ CORPORATE FINANCIAL 2 YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME Gassco secures energy supplies GASSCO ANNUAL REPORT 2019 DIRECTORS’ CORPORATE FINANCIAL 3 YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME FRODE LEVERSUND President and CEO Norwegian gas in a time of change Gassco secures energy supplies for Europe. We do this together with and on behalf of many important players on the Norwegian continental shelf (NCS). Safe, reliable and efficient operation is always our priority, and safety always comes first. It is gratifying to note that virtually all HSE indicators moved in the right direction during 2019. An absence of gas leaks provides an important example of this. We also again achieved good gas deliveries from the NCS, providing some 107 billion standard cubic metres (scm) of natural gas to the UK and continental Europe. That nevertheless represented some reduction from 2018. One reason for this decline is that we implemented an extensive maintenance programme on the transport network during the year. That work safeguards the integrity and safety of our gas deliveries for the future. GASSCO ANNUAL REPORT 2019 DIRECTORS’ CORPORATE FINANCIAL 4 YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME Engagement with the climate expanded The first gas infrastructure on the throughout Europe in 2019 and set the NCS was constructed 43 years ago. A agenda. The world population is growing well-functioning and ever more extensive and ever more energy is needed. At the transport system has grown up. This has same time, greenhouse gas (GHG) been crucial for Norway’s position as one emissions must be reduced.
    [Show full text]
  • Sak 1: Mål Og Indikatorer for Måloppnåelse Og Effektiv Drift I
    Sak 1: Mål og indikatorer for måloppnåelse og effektiv drift i heleide selskaper der staten har en samfunnsmessig begrunnelse eller et sektorpolitisk mål med eierskapet Målet med undersøkelsen har vært å vurdere om heleide selskaper der staten har en samfunnsmessig begrunnelse for eller et sektorpolitisk mål med eierskapet, benytter mål og indikatorer for måloppnåelse og effektiv drift og rapporterer med bakgrunn i disse. Videre er det vurdert i hvilken grad departementene følger opp og vurderer samfunnsmessige effekter eller sektorpolitisk måloppnåelse og effektiv drift i selskapene. Som eier skal staten utarbeide et tydelig mål for eierskapet, fastsette vedtekter og velge styre, samt følge opp statens forventninger. Staten kan også benytte virkemidler som sektorspesifikk lovgivning, konsesjoner, statlige tilsyn og finansielle virkemidler som tilskudd, kjøp av tjenester og brukerfinansiering. Valg av styringsvirkemidler og selskapsform setter rammer for selskapets virksomhet og for statens eieroppfølging. Selskapets styre skal utarbeide klare mål og strategier innenfor rammene av selskapets vedtekter og rapportere om oppnåelse av disse til eier. Flere av Riksrevisjonens tidligere undersøkelser har vist at staten i liten grad benytter eierdialogen til å følge opp de samfunnsmessige effektene eller den sektorpolitiske måloppnåelsen som ligger til grunn for eierskapet. Undersøkelsene har også vist at det er behov for å styrke selskapenes arbeid med å fastsette mål og indikatorer som gjør det mulig å vurdere måloppnåelse og effektiv drift. Studier foretatt av blant annet Sørensen og Rattsø og Direktoratet for forvaltning og IKT har pekt på lignende utfordringer. For å tydeliggjøre statens mål med eierskapet i det enkelte selskap har den statlige selskapsporteføljen siden 2006 vært inndelt i fire kategorier.
    [Show full text]
  • DE NORSKE KRIGSANSTRENGELSER En Fornyet Undersøkelse Av Ralph Hewins
    Stiftelsen norsk Okkupasjonshistorie, 2014 OG NR. 23·24·25 - 18. ÅRGANG JUI.. EN 1969 LØSSALG KR. 3,- «APRILDAGENE»: DE NORSKE KRIGSANSTRENGELSER En fornyet undersøkelse av Ralph Hewins Il. VAR REpJERINGEN I FUNKSJON? Sammenfiltret med kon-' nasjonen kan ikke sies å dagstider . De tyske hær- og troversen om mobilisering være «i krig» i den vanlige l marinesjefer, Engelbrecht er et annet separat spørs- mening av uttrykket. Et va- og Kunmetz, ble løslatt av mål - hvorvidt Norge på cuum (tomrom) oppstår og nordmennene som hadde noen måte var «i krig», slik Ihvis inntrengeren lykkes i å tatt dem tilfange, og luft­ NS-medlemmer domfelt for okkupere storparten av lan- attache Spillers styrke fikk «landssvik» er forutsatt å ha det effektivt, går suvereni- frivillig lov å vende tilbake visst og som J. C. Hauge ny- teten over til ham og Haa- til Oslo uskadd efter Midt­ lig erklærte i retten. gerkonvensjonen trer auto- skogenaksjonen natten mel- «Er ikke et invadert land matisk ikraft med forrang 10m 9. og 10. april. Bortsett automatisk i krig» skrek An- foran den nasjonale lov i fra isolerte handlinger av næus Schjødt, aktor i Quis- meget vid utstrekning efter- spontan tapperhet var mot­ ling-saken, retorisk til meg som det passer ham. standen like ynkelig som efter en .middag i British, På alle fem punkter anty- før krigspolitikken med «det Embassy I 1964. r der jeg at Norge hadde brukne gevær». Dette er en side ved «retts- mangler og ufullkommen- De tre andre punkter tren­ oppgjøret» som ikke har heter i «aprildagene». ger nærmere undersøkelse. blitt undersø~t grundig n<;>k.
    [Show full text]
  • Econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Bjerkholt, Olav Working Paper Ragnar Frisch (1895-1973) Memorandum, No. 08/2018 Provided in Cooperation with: Department of Economics, University of Oslo Suggested Citation: Bjerkholt, Olav (2018) : Ragnar Frisch (1895-1973), Memorandum, No. 08/2018, University of Oslo, Department of Economics, Oslo This Version is available at: http://hdl.handle.net/10419/202629 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu MEMORANDUM No 08/2018 December 2018 Ragnar Frisch (1895-1973) Olav Bjerkholt ISSN: 0809-8786 Department of Economics University of Oslo This series is published by the In co-operation with University of Oslo The Frisch Centre for Economic Department of Economics Research P.
    [Show full text]
  • Last Ned Prospektet
    2 TORJUSBAKKEN 11 TORJUSBAKKEN 11 3 Torjusbakken 11 Velkommen til Montebello ...................4 Kart .......................................................6 7 luftige og eksklusive leiligheter ...... 10 Leilighet 1 .................................................................12 Leilighet 2 ................................................................13 Leilighet 3 ................................................................16 Leilighet 4 ...............................................................20 Leilighet 5 ................................................................21 Leilighet 6 ............................................................... 24 Leilighet 7................................................................ 25 Fasader ...............................................28 Utomhusplan ......................................32 Snitt og kjeller ....................................33 Expo Nova understreker kvaliteten ....36 Kjøkken ...............................................38 Baderom ............................................ 40 Belysning ............................................42 Tilvalg ................................................ 44 Leveranse beskrivelse ........................ 48 4 TORJUSBAKKEN 11 Velkommen til Torjusbakken Torjusbakken 11 ligger høyt hevet og tilbaketrukket fra på Montebello veien på fredelige Montebello. Eiendommen blir eksklusiv med kun syv leiligheter i et bygg over tre etasjer. TORJUSBAKKEN 11 5 Torjusbakken 11 ligger åpent og luftig til med utsikt mot Oslofjorden.
    [Show full text]
  • Vehicle Routing Problem Applied for Demand Controlled Waste Collection
    Anett Cammermeyer Katrine Lunde Master Thesis - Vehicle routing problem applied for demand controlled waste collection - GRA 19003 Master of Science in Business and Economics: Logistics – Supply Chains and Networks Supervisor: Mehdi Sharifyazdi Date of Submission BI Norwegian Business School, Oslo Deadline 29.08.2014 01.09.2014 “This thesis is a part of the MSc Program at BI Norwegian Business School. The School takes no responsibility for the methods used, results found and conclusions drawn” GRA 19003 Master Thesis 01.09.2014 Acknowledgement This thesis is a submission to BI Norwegian Business School and completes our MSc degree in Logistics – Supply Chains and Networks, and thereby rounds out our five-year long education. The process of writing this thesis has been challenging, however interesting. We have learned a lot and know to this day that this is an experience we would not be without. We would like to thank Renovasjonsetaten and Sørum, which provided us with some necessary data needed for this thesis and giving us this opportunity. We would also like to give a special thanks to the chauffeur who let us participate on a route, and provided us with a lot of interesting information needed to understand the complexity of the work. The project has been very challenging and we would not have made it without the help of our supervisor Mehdi Sharifyazdi. His competence, guidance, time and insightful feedback have been a huge part of this thesis. At the end we will like to thank our partners and family for good support and positive enthusiasm during the work with this Master Thesis.
    [Show full text]
  • Norway's Financial System
    2021 NORWAY’S FINANCIAL SYSTEM AN OVERVIEW Key figures – Norway’s financial system GDP Government Pension Cash in Loans from financial institutions (gross domestic product) Fund Global (GPFG) circulation to private individuals, businesses and local governments 3 413bn 10 914bn 41bn 5 828bn GDP (mainland) 3 043bn Total domestic bonds Oslo Børs market Bank Average daily turnover in outstanding capitalisation deposits the foreign exchange market 2 439bn 2 778bn 2 930bn 257bn Number of Total assets of Card transactions Debt-to-GDP banks insurance companies per capita per annum ratio 134 1 982bn 456 229% Norway’s financial system Norges Bank Address: Bankplassen 2 Postal address: P.O. Box 1179 Sentrum, 0107 Oslo Telephone: +47 22316000 Telefax: +47 22413105 Email: [email protected] Website: http://www.norges-bank.no ISSN 2535-4078 (online) Contents PREFACE AND READER’S GUIDE 7 THE FINANCIAL SYSTEM 8 The primary tasks of the financial system 9 Providing consumers and businesses with borrowing and saving opportunities 9 Providing payment services 11 Risk management 12 Box: What is money? 12 Supervision and regulation of the financial system 13 Box: Risks in the financial system 14 International cooperation 15 1 FINANCIAL MARKETS 17 1.1 Money markets 17 1.1.1 Money market participants 18 Box: Turnover in securities: exchange-traded and OTC 18 Box: Liquidity 19 1.1.2 Unsecured money market instruments 20 1.1.3 Short-term paper and Treasury bills 20 Box: Norges Bank’s liquidity management and overnight lending rate 21 1.1.4 Secured money
    [Show full text]
  • Statoil 2006 Sustainability Report
    mastering challenges Statoil and sustainable development 2006 Our performance at a glance Financials1 2006 2005 2004 Total revenues 425,166 387,411 301,443 Income before financial items, other items, income taxes and minority interest 116,881 95,043 65,085 Net income 40,615 30,730 24,916 Cash flows used in investing activities 40,084 37,664 31,959 Return on average capital employed after tax 27.1% 27.6% 23.5% Operations Combined oil and gas production (thousand boe/d) 1,135 1,169 1,106 Proved oil and gas reserves (million boe) 4,185 4,295 4,289 Production cost (NOK/boe) 26.6 22.2 23.3 Reserve replacement ratio (three-year average) 0.94 1.02 1.01 Environment2 Oil spills (cubic metres) 156.7 442 186 Carbon dioxide emissions (million tonnes) 10.0 10.3 9.8 Nitrogen oxide emissions (tonnes) 31,600 34,700 31,100 Discharges of harmful chemicals (tonnes) 15 40 167 Energy consumption (TWh) 49.4 50.4 48.1 Waste recovery factor 0.73 0.76 0.76 Health and safety Total recordable injury frequency3 5.7 5.1 5.9 Serious incident frequency3 2.1 2.3 3.2 Sickness absence4 3.5 3.5 3.2 Fatalities3 0 2 3 Organisation Employee satisfaction5 4.6 4.6 4.6 Proportion of female managers6* 26% 25% 26% Union membership (per cent of workforce), Statoil ASA* 70 72 73 R&D expenditures7 1,225 1,066 1,027 1 Key figures given in NOK million 6 New reporting system implemented 2 Data cover Statoil-operated activities.
    [Show full text]
  • Temaplan Kulturminner Kristiansund 2021-2027
    TEMAPLAN KULTURMINNER KRISTIANSUND 2021-2027 Fotokilder: Mellemværftet – Vardetårnet – Hauggata (Petter Ingeberg) / Kvalvik Fort (Kvalvik Forts Venner) Temaplan – Kulturminner Kristiansund 2021-2027 (Kulturenheten, TMY, 13.04.21) TEMAPLAN – KULTURMINNER KRISTIANSUND 2021 – 2027 ............................................................... 5 Verdisetting og verdivekting. ................................................................................................................................................. 5 Representativitet og sjeldenhet. ............................................................................................................................................ 6 Opplevelsesverdier. ............................................................................................................................................................... 6 Bruksverdier, fysisk tilstand og vedlikehold. .......................................................................................................................... 6 Økonomi og bruksverdi. ......................................................................................................................................................... 6 Føringer. ................................................................................................................................................................................ 6 Nasjonalt. .............................................................................................................................................................................
    [Show full text]