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The State's Ownership Report 2006

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The State's Ownership Report 2006 THE STATE’S OWNERSHIP REPORT 2006 The Norwegian State Ownership Report 2006 comprises 52 companies in which the Definitions ministries administer the State’s direct ownership interests. The companies presented in this report include both companies with commercial objectives and the largest, most The list below contains definitions of the concepts used in • Capital employed – Equity plus interest-bearing debt important companies with sectoral policy objectives. this report. Please note that these definitions may deviate from those used by the companies, as several of these • Dividend ratio – funds set aside for dividends as a concepts are defined differently by the companies. proportion of the annual profit for the group. The State Ownership Report CATEGORY 1 – Companies with CATEGORY 4 – Companies with 3 The State Ownership Report 2006 commercial objectives sectoral policy objectives • Rate of return – Here used on matters pertaining to • The geometric average has been used to calculate the The Minister 50 Argentum Fondsinvesteringer AS 78 Avinor AS shares. The rate of return consists of the change in average profit share. 4 The State – an active, long-term owner 51 Baneservice AS 79 Bjørnøen AS value of the share plus the dividends paid. The geome- The Year 2006 52 Eksportfinans ASA 80 Enova SF tric average is used to calculate the average annual rate • Equity ratio – Equity as a percentage of total capital. 6 The Year 2006 for the State as 53 Entra Eiendom AS 81 Gassco AS of return, and account has been taken of the increase in Shareholder 54 Flytoget AS 82 Industritjeneste AS the value of dividends paid by assuming that dividends • Total remuneration to the Chief Executive Officer Key Figures 55 Mesta AS 83 Kings Bay AS have been reinvested to give a rate of return correspon- – salaries, pensions and other forms of remuneration in 11 Rates of return and values 56 SAS AB 84 Kompetansesenter for IT ding to five-year state bonds. accordance with information provided by the companies 18 Economic development in the companies i helse- og sosialsektoren AS in their annual reports. ABLE OF CONTENTS T 24 Other factors 85 Norsk Eiendomsinformasjon AS • Return – Here used with regard to accounting magni- State as an Owner CATEGORY 2 – Companies with 86 Norsk Rikskringkasting AS tudes. • Directors’ fees – remuneration paid to the directors for 30 The State’s management commercial objectives and ensuring 87 Norsk Samfunnsvitenskapelig – Return on equity – The annual profit after minority their work on the board, as reported in the companies’ of its ownership stakes head office functions in Norway datatjeneste AS interests and taxes divided by the majority’s share of annual reports. 34 The administration of State ownership 58 Cermaq ASA 88 Norsk Tipping AS the average book equity. is being developed and reformed 59 DnB NOR ASA 89 Petoro AS – Return on capital employed – EBIT divided by the • Number of employees – the number of employees at External article 60 Kongsberg Gruppen ASA 90 Simula Research Laboratory AS average capital employed. year-end or on average for the year; some companies 37 Directors’ independence – should 61 Nammo AS 91 SIVA SF use man-years. The reporting method varies between the norwegian model be changed? 62 Norsk Hydro ASA 92 Statnett SF • The arithmetic average has been used to calculate the companies, but is used consistently for each 45 Mesta shows the way 63 Statoil ASA 93 Stat skog SF average return on equity. company over time. 64 Telenor ASA 94 Uninett AS 95 Universitetssenteret på Svalbard AS • EBIT – Operating profit plus share of profit made by • Cost ratio – operating costs divided by the sum of net 96 AS Vinmonopolet associated companies and financial income. interest and commitment fee income and other opera- KATEGORI 3 – Companies with 97 Innovasjon Norge* ting revenues. 105 Contact details commercial objectives and other 98 Norfund* • EBITD A – EBIT before depreciation/amortisation and 106 Comments and definitions specific, defined objectives write-downs 66 BaneTele AS Regional health enterprises 67 Electronic Chart Centre AS 100 Helse Midt-Norge RHF 68 Kommunalbanken AS 101 Helse Nord RHF 69 NSB AS 102 Helse Sør RHF 70 Posten Norge AS 103 Helse Vest RHF 71 Statkraft SF 104 Helse Øst RHF 72 Statskonsult AS 73 Store Norske Spitsbergen Kulkompani AS 74 Veterinærmedisinsk oppdragssenter AS Front cover: Photo: Helge Hansen/Hydro Media The picture is edited 75 Secora AS* * Not included in Report no 13 (2006-2007) to the Storting. THE STATE’S OWNERSHIP REPORT 2006 THE STATE’S OWNERSHIP REPORT 2006 2 107 Norwegian State Ownership Report 2006 The objective of the State Ownership Report is to provide an overview of State ownership, the administration of this ownership and the developments in the companies in which the State owns stakes. We hope that this report will increase awareness of how the ministries administer State ownership, as well as improve the insight into the way in which the companies’ assets are managed. The Ownership Report is divided into two main sections. The no. 13 (2006-2007) to the Storting – An active and long- first section contains comments and overviews of the term ownership. previous year as well as articles about the State’s exercise of its ownership function. The second section contains descrip- In addition to the printed Norwegian and English versions, tions of the companies owned wholly or in part by the State. the State Ownership Report 2006 is also available on the In this Owner Report, the companies are divided into four Internet: www.ownershipreport.net categories depending on the objective of State ownership: Companies with commercial objectives The report is up to date as at 31 March 2007. Companies with commercial objectives and ensuring head office functions in Norway As from this year, the Ministry of Trade and Industry will also Companies with commercial objetives and other publish its own, annual document on the Government’s specific, defined objectives ownership policy parallel to the publication of the State Companies with sectoral policy objectives Ownership Report. This new document provides a full presentation of the ownership policy and the frameworks The companies are grouped according to the categorisation that apply to it. This means that the Ownership Report will of the companies in which the State owns a stake in Report hereafter be more fact-oriented than before. Main figures for the companies referred to in the State’s Ownership Report 2006 Listed Non-listed companies Companies with sectoral Mill. NOK companies (categories 1-3) 1) policy objectives (category 4) 2) Total State ownership share - value 3) 533 685 64 066 n/a 597 751 Weighted rate of return past year 4) 35 % Profit (loss) 5) 92 274 8 255 1 895 102 424 Weighted return on equity 6) 31 % 14 % 4 % Dividend 7) 21 393 7 102 524 29 019 Sales proceeds 1 685 0 0 1 685 Capital contribution, share purchases 0 -82 -545 -627 1) Includes Secora AS which was not included in Report no. 13 (2006-2007) to the Storting 4) Change in market value plus dividend received, adjusted for share issues and repur- 2) Includes the regional health enterprises and Innovasjon Norge and Norfund. Innovasjon chases of shares. The return is weighted in relation to the value of the State’s ownership Norge and Norfund were not included in Report no. 13 (2006–2007) share as at 31.12.2006 3) For listed companies, the values are based on the share prices as at 31 December 2006 5) Profit (loss) after taxes and minority interests and the State’s ownership shares on the same date. For Entra Eiendom AS, the value is 6) Weighted in relation to the value of the State’s ownership share as at 31.12.2006 calculated on the basis of the net asset value published by the company. For the other non- 7) Dividend payable to the state that has been set aside for the 2006 financial year and will listed companies in categories 1-3, the book equity as at 31 December 2006 is used be disbursed in 2007 THE STATE’S OWNERSHIP REPORT 2006 3 State ownership ensures command over common natural resources and that important companies are anchored in Norway The State – an active, long-term owner State ownership is important for several reasons. It ensures The report underlined that the main purpose of State command over our common natural resources and that ownership is to contribute to the companies’ long-term value important companies are anchored in Norway. Great value is creation and industrial development. Only if companies are linked to State ownership – almost 30 per cent of the value competitive over time can they continue with and further of the shares on the Oslo Stock Exchange. This makes up a develop their role in the Norwegian economy and society. considerable part of the State’s assets and is a major source One of the main reasons for the State wishing to remain an of income for society. Many of the companies in which the owner of many of the companies is the importance these THE MINISTER State owns a stake are our foremost and leading industrial companies have in Norway. locomotives. Companies that are to be competitive over time must take The State’s ownership policy will hereafter be reported annu- into account considerations that go beyond short-term profit ally in a separate document: “The Government’s Ownership maximisation. These companies must not at least invest Policy”. This will ensure openness and greater clarity regar- sufficiently in research and development work and in develo- ding the State’s objectives and expectations linked to its ping the competence of their employees. It will over time be ownership of each company.
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