The State's Ownership Report 2006

THE STATE’S OWNERSHIP REPORT 2006 TABLE OF CONTENTS The pictureisedited Front cover:

106 105

37 34 30 24 18 11 45 6 4 3

The Sta The administra The Sta The The Sta The StateOwnershipReport External artic is beingdevelopedandref the norweg Key Figures Shareholder of itsownershipstakes Comments anddeﬁnitions Contact details Mesta showsthewa Directors’ independence–should State asanOwner Other factors Economic developmentinthecompanies Ra The Y The Minister Photo: tes ofreturnandvalues Y HelgeHansen/HydroMedia ear 2006f ear 2006 te’ te –anactive, te OwnershipReport2006 s mana ian modelbechanged? tion ofSta le or theSta gement important companieswithsectoralpolic in thisreportinc ministries administertheState’ The NorwegianStateOwnershipReport2006comprises52companiesinwhichthe y long-termowner te ownership

te as ormed

lude bothcompanieswithcommercialobjectivesandthelargest,

75 74 73 72 71 70 69 68 67 66 64 63 62 61 60 59 58 56 55 54 53 52 51 50

T Argentum Fondsinvesteringer T V C KA C head officefunctionsinNorway specific, commercial objectivesandother commercial objectives commercial objectivesandensuring SAS Mesta Fl Entra Eiendom Eksportfinans Baneser Sta Norsk Hydro Nammo Kongsberg Gruppen DnB NOR Cermaq Secora Store NorskeSpitsbergenKulkompani Sta Sta Posten Norge NSB Kommunalbanken Electronic ChartCentre BaneT H elenor eterinærmedisinsk oppdra E A A ytoget

TEGOR TEGOR TEGORI 3–Companieswith S toil tskonsult tkraft SF T AB AS A T ele AS ASA E AS* ASA ’ s directownershipinterests. vice AS AS ASA S deﬁnedobjectives

AS ASA O Y 1–Companieswith Y 2–Companieswith W AS N ASA AS E AS ASA 2 R AS S H I P AS y objectives.

R ASA E P O AS R

2 gssenter 0 0 AS 6

AS AS

Thecompaniespresented

* NotincludedinReportno13(2006-2007)totheStorting.

104 103 102 101 100 84 83 82 81 80 79 78 98 97 96 95 94 93 92 91 90 89 88 87 86 85

A AS C Regional healthenterprises da i helse-ogsosialsektoren sectoral polic Kompetansesenter f Kings Ba Industritjeneste Gassco Enova SF Bjørnøen Helse ØstRHF Helse Helse SørRHF Helse NordRHF Helse Midt-NorgeRHF Norfund* Innovasjon Norge* Universitetssenteret påSvalbard Uninett Sta Sta SIV Simula ResearchLa Petoro Norsk Norsk Samfunnsvitenska Norsk Rikskringkasting Norsk Eiendomsinf vinor A ta TEGOR A SF Vinmonopolet t skogSF tnett SF tjeneste V T AS AS est RHF ipping AS AS y AS Y 4–Companieswith AS AS AS

most y objectives AS ormasjon bora or IT AS tor pelig

AS y AS AS

• concepts aredefineddif from thoseusedb this report. The listbelowcontainsdefinitionsoftheconceptsusedin Definitions • • • •

The arithmetica

– Return ding toﬁve-yearsta ha the valueofdividendspaidb of return, tric a value oftheshareplusdividendspaid. shares. Rate ofreturn write-downs EBITD associa EBIT – tudes.

average returnonequity a Returnonca the a interests andtaxesdividedb Returnonequity– ve beenreinvestedtog vera –Opera vera Pleasenotetha A vera

–Hereusedwithregardtoaccountingma ted companiesandfinancialincome. ge ca The ra –EBITbef andaccounthasbeentakenoftheincreasein ge isusedtocalcula ge bookequity pital employed. y thecompanies, ting profitplusshareofmadeb te ofreturnconsiststhechangein pital employed–EBITdividedb –Hereusedonma vera ore deprecia ferentl te bonds. ge hasbeenusedtocalcula The annualprofitafterminority t thesedefinitionsma ive ara . y b

. y assumingtha y thecompanies.

te thea y themajority’ asseveralofthese tion/amortisa te ofreturncorrespon tters pertainingto vera ge annualra

The geome t dividends y devia

s shareof tion and T y the H E

te S T gni A te y T E ’ - S - te

- O W N 107 E R S H I P • • • • • • • •

E P O The geometrica

ting revenues. interest andcommitmentfeeincomeotheropera Cost ratio compan the companies, use man-years. year Number ofemployees annual reports. their workontheboard, Directors’ in theirannualreports. accordance withinf – salaries, Equity ratio proportion oftheannualproﬁtf Dividend ratio Capital employed

average proﬁtshare R otal remunerationtotheChiefExecutiveOfﬁcer T

2 0 -end orona 0 6 y overtime. pensionsandotherf –opera fees – Equityasapercenta butisusedconsistentl

–fundssetasidef The reportingmethodvariesbetween vera

vera – remunera ting costsdividedb –Equityplusinterest-bearingdebt orma

ge hasbeenusedtocalcula ge f

. asreportedinthecompanies’ –thenumberofemployeesa or theyear;somecompanies tion providedb tion or theg orms ofremunera paid or dividendsasa ge oftotalca to y f y thesumofnet roup. y thecompanies the or each directors te the pital. tion in - f or t

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. It is orderly and important for difficult for a company to carry out reorganisation measures the State, as a leading owner, to in this way contribute to with the necessary speed and scope if it does not handle creating openness regarding its ownership policy. such processes well. Companies in which the State owns a stake must also handle environmental considerations well. In December 2006, the Government presented Report no. Similarly, the company must develop diversity in manage- 13 (2006-2007) to the Storting, entitled “An active and long- ment at all levels, otherwise the ability to understand the term ownership”, which provides a broad presentation of the company’s surroundings will be weakened. High ethical Government’s ownership policy. The Storting debated this report in April 2007 and agreed to its main points.

THE STATE’S OWNERSHIP REPORT 2006 4 The State must be a good, predictable owner in the business sector

standards in all matters will be necessary to maintain the company’s values and legitimacy. The salary conditions and any other compensation schemes for the company’s management must be reasonable and moderate. They must be competitive, but not wage-leading in a Norwegian context, and must be transparent in order to prevent the management’s general authority and shareholders’ assets from being weakened. THE MINISTER

An active ownership policy means that the State formulates clear expectations as to the development in these areas, and that this is openly communicated to the companies. This provides an important additional dimension to the general business management requirements regarding return and dividends, and is intended to support the goal of long-term value creation and good industrial development.

State ownership contributes considerable revenues to the Norwegian welfare society each year. The Government is interested in society’s resources being managed well. The State is not just a major owner of Norwegian industry, it must also be a good and predictable owner in the business sector.

Kind regards

Dag Terje Andersen Minister of Trade and Industry John Lerskau oto: F

THE STATE’S OWNERSHIP REPORT 2006 5 The ministries administer the State’s ownership interests in 82 companies

The Year 2006 for the State as Shareholder

The Norwegian economy in general, and the companies with a State owner share, performed well in 2006. In 2006 the State had a return of 30 percent on its investments in listed companies. Companies where commercial operation is one of the objectives (categories 1-3), had total annual proﬁts after taxes and minority interests of NOK 100.5 billion, and the State will receive NOK 28.5 billion in dividends from these companies for the 2006 accounting year. The State will also receive NOK 524 million in dividends for 2006 from the companies with

YEAR 2006 sectoral policy objectives (category 4). During 2006 and the ﬁrst part of 2007 the State has been involved in a number of ownership transactions, including in connection with the ownership structure in Statoil and Hydro, the

THE regional health enterprises, BaneTele and Nammo. In December 2006 the Government submitted Report No. 13 (2006-2007) to the Storting -An active, long-term ownership. In this white paper, the Government lays down guidelines and primary objectives that will serve as the basis for the administration of State ownership interests during the current Storting period.

Financial trends dividends to the State from the listed companies to a total of The Norwegian economy showed good results in 2006. NOK 21.3 billion for the 2006 accounting year compared with Growth in BNP for mainland-Norway was 4.6 percent, which NOK 18.9 billion for 2005. The State also received NOK 1.685 was the third consecutive year with an economic growth rate billion in 2006 for the sale of shares related to the proportional higher than 4 percent1. Low unemployment and continued cancellation of shares in connection with the buy-back low interest rates contributed to a large increase in private programmes in Norsk Hydro ASA, Telenor ASA and Yara Inter- demand and investments, as well as good economic perfor- national ASA. Altogether these transactions gave the State a mance in Norwegian trade and industry as a whole. return of 30 percent on its investments in the listed companies in 2006. Listed companies Good macro-economic performance, strong international Non-listed companies (categories 1-3)2 economic expansion and high oil prices, especially in the The non-listed companies in categories 1-3 also showed second quarter, resulted in a strong performance by the Oslo good performance in 2006, although the performance of the Stock Exchange in 2006. The main index, measured by the different companies varied somewhat. These companies had OSEBX index (adjusted for dividends), rose in 2006 by 32 total annual proﬁts after taxes and minority interests of NOK percent compared with 40 percent in 2005. During 2006 the 8.2 billion in 2006 compared with NOK 8.5 billion in 2005 total value of shares traded on the Oslo Stock Exchange rose Weighted average return on equity for these companies was by over NOK 500 billion to NOK 1 915 billion at year-end. The 14 percent compared with 15 percent the previous year. Oslo Stock Exchange also showed good performance in 2006 Statkraft was clearly the most valuable non-listed company, when compared with international exchanges. During 2006 and the company’s book equity accounted for over 50 the value of the State’s shares on the Oslo Stock Exchange percent of the total book equity for all the non-listed compa- rose by 25 percent, from NOK 427.7 billion to NOK 533.7 nies in categories 1-3. Based on the proposals submitted, billion. This good performance also resulted in an increase in 2 Includes Secora AS, which was not included in Report no. 13 (2006–2007) to 1 Source: Statistics Norway the Storting

THE STATE’S OWNERSHIP REPORT 2006 6 In 2006, the State received * a return of 30 per cent on its investments in listed companies

the State will receive NOK 7.1 billion in dividends for the Capital contribution and transactions 2006 accounting year from the non-listed companies in In autumn 2005 the Swedish company Saab AB came to an categories (1-3) compared with NOK 5.2 billion from the agreement with Patria Oyj to sell its shares in Nammo AS to 2006 same companies in 2005. For all 52 companies presented Patria. The State exercised its right of ﬁrst refusal and in this report, the State will receive NOK 29.0 billion in divi- acquired 5 percent of the shares from Saab AB for NOK EAR Y

dends for 2006 compared with NOK 24.3 billion from the 61.8 million; cf. Proposition No. 25 and Recommendation same companies in 2005. No. 70 (2005-2006) to the Storting. The agreement was HE

signed on 23 December 2005, and the sale was completed T Companies with sectoral policy objectives (category 4)3 on 3 February 2006. As a result of this transaction, Patria Although the main aims of companies with sectoral policy and the Norwegian State each own 50 percent of Nammo. objectives are not commercial in nature, corporate profitability In 2005 Statnett sought an injection of NOK 2 billion in nonetheless plays an important role in these companies. The new equity capital on the basis of the company’s investment companies are required to operate in an efficient manner and plan. Following an overall assessment, the Government to ensure that societal objectives are achieved through an determined that a capital injection was not necessary. The effective use of resources. Several of the sectoral policy Government pointed out that Statnett, as the network companies had a high turnover in 2006. For example, the company with systems responsibility for the Norwegian regional health enterprises had a turnover of NOK 79.7 billion power system, has been directed to carry out important compared with NOK 74.3 billion in 2005. Total profits for the societal tasks, which includes making socially beneficial sectoral policy companies, excluding the regional health investments in the network. Statnett’s investments should enterprises, came to NOK 3.8 billion in 2006. Norsk Tipping not be influenced by the decision not to inject new capital. AS showed the greatest surplus in 2006 with NOK 2.8 billion, The matter was deliberated in the Storting in connection with which will be distributed primarily to socially beneficial initia- the revised national budget for 2006; cf. Proposition No. 66 tives in the areas of culture, sports and health. (2005-2006) to the Storting. Due to unexpected accounting provisions for future pension obligations in Statskonsult AS, the Government found 3 Includes Innovasjon Norge and Norfund which were not included in Report no. it necessary to strengthen the equity capital in the company by 13 (2006–2007) to the Storting

Return on equity – weighted average, Value development for listed companies (NOK billion) companies in categories 1-3 600 000 31 % 550 000 29 % 500 000 27 % 450 000 25 % 23 % 400 000 21 % 350 000 19 % 300 000 17 % 250 000 15 % 2005 2006 2005 2006

Net sales through year Dividends received Market value at year-end

THE STATE’S OWNERSHIP REPORT 2006 7 2006 EAR Y

HE T

NOK 20 million. The matter was deliberated in the Storting in through the digital broadcasting network for television. The connection with the changes to the national budget for 2006; general meeting also agreed that, provided certain condi- cf. Proposition No. 28 (2006-2007) to the Storting. tions are fulfilled, NRK may enter into an agreement with RiksTV AS on the discontinuation of the company’s analogue Other ownership matters television broadcasts through the network. The decisions On 14 December 2005, the EFTA Surveillance Authority (ESA) taken by the general meeting give NRK the necessary autho- ruled that Entra Eiendom AS had received unlawful govern- rity to implement a quick transition from analogue to digital ment support in the form of exemptions on payments of docu- distribution of television broadcasts. ment duties in connection with the establishment of the In June 2006 the Storting voted to rescind the previous company. As the owner of Entra Eiendom AS, the Ministry of decision to dissolve the monopoly held by Posten effective Trade and Industry decided not to bring this decision to the from 1 January 2007; cf. Proposition No. 58 (2005-2006) to EFTA court. In accordance with the ESA decision, Entra the Storting. Eiendom paid NOK 99 million in document duties to the state In 2005 the Storting adopted the Finnmark Act. As a treasury in June 2006. This sum includes accrued interest. result, the private legal entity known as the Finnmark Estate In January 2006 new boards of the regional health was established, and on 1 July 2006 the Finnmark Estate enterprises were appointed at the general meetings. The acquired at no charge the property rights to and administra- appointments were made following a process whereby the tion of the properties owned by Statskog SF in the county. county authorities and the Sámi Parliament were invited to The area administered by Statskog SF was therefore propose suitable candidates from among the elected officials reduced from 110.000 km2 to about 70.000 km2, a at the municipal and county levels. A majority of board reduction of 36 percent. The employees of Statskog Finn- members selected by the shareholders were appointed from mark have been transferred to the Finnmark Estate and the among the proposed candidates. The changes in the compo- Norwegian Nature Inspectorate. sition of the boards were implemented as a measure in the As an outcome of the deliberations on Proposition No. Government’s follow-up of the Soria Moria declaration and 74 (2005-2006) to the Storting, the Government received were intended to enhance the level of understanding of social the Storting’s consent to enter into agreements with Bred- issues and local knowledge among the board members. båndsalliansen AS and its six underlying shareholders to Despite these changes, requirements were maintained regar- implement an industrial collaboration between these parties ding board members’ qualifications, and gender balance and BaneTele AS. In November 2006 a private offering of considerations remained a high priority. Similar changes in Bredbåndsalliansen was issued in which BaneTele AS the boards of the regional health enterprises at the local level received an injection of NOK 625 million in new equity were also implemented in spring 2006. capital. As a result of the offering, Bredbåndsalliansen In spring 2006 the Ministry of Trade and Industry increased its owner share in BaneTele AS to 50 percent, commissioned a valuation of the Statkraft SF group. Based on while the State’s owner share in the company was reduced public information, Lehman Brothers estimated the value of from 100 to 50 percent. the company to be NOK 129-157 billion. This estimate In January 2007 the Government decided to merge two suggests that Statkraft has had positive growth in value in of the health regions and establish the South-Eastern recent years and is one of Norway’s most valuable companies. Norway Regional Health Enterprise. The purpose of the In June 2006 the general meeting gave NRK AS the merger is to ensure cohesive management and better utili- authority to participate as an owner in NTV Pluss AS as well sation of resources within the specialist health services in as in any capital expansion of the company with up to NOK the Oslo region and across the two regions. The merger is 150 million. Since that time, NTV Pluss has changed its now being planned for the establishment of the new region name to RiksTV. RiksTV AS is charged with providing pay-TV and the dismantling of the two existing regional health enter-

THE STATE’S OWNERSHIP REPORT 2006 8 2006 EAR Y

HE T

prises on 1 June 2007. In addition, in 2006 a study was merger of Norsk Hydro ASA as a step in the merger of initiated to assess the possible coordination of staff and Hydro’s petroleum activities with Statoil. The planned merger support functions across all the regional health enterprises. will be brought before the general meetings of both compa- On 18 December 2006 the boards of Statoil ASA and nies. Plans call for extraordinary general meetings in the Norsk Hydro ASA announced that they agreed to recommend companies to be held in July 2007, and it is expected that to their shareholders that Hydro’s petroleum activities and the merger will be carried out during autumn 2007. Until Statoil undergo a merger. In the opinion of the boards, that time, Statoil and Hydro will continue to operate as inde- combining the companies’ resources and knowledge will pendent companies. On 30 March 2007 the Ministry of result in a ﬁnancially and technologically solid company that Petroleum and Energy submitted Proposition No. 60 (2006- will play an even greater role on the international market 2007) to the Storting, which presents the Government’s than each of the companies on their own. In March 2007 the assessment of the merger in its role as owner and adminis- two companies deliberated and signed a plan for the de- trator of resources. In 2003 the Storting voted that Norsk Tipping would be granted a monopoly on the placement of lottery machines. The objective was to provide lottery machines in a socially responsible form and to improve control of the lottery machine market. Both the EFTA Surveillance Authority (ESA) and the lottery machine industry ﬁled a lawsuit to force an overturn of the Storting’s decision based on Norway’s obligations under the EEA agreement. On 14 March 2007 the EFTA court handed down its ruling in the case, in which the State prevailed on all counts. As a consequence, Norsk Tipping may be granted a monopoly to operate lottery machines in accordance with the Storting’s decision in 2003. Eight other EEA countries supported Norway’s arguments in the EFTA court. In addition, the Borgarting Court of Appeals ruled in a judgment in August 2006 that the establishment of a monopoly on lottery machines for Norsk Tipping did not violate the EEA agreement, although the decision was appealed by the lottery machine industry. As of March 2007 the Supreme Court has not completed its deliberations on Norsk Tipping’s operation of lottery machines. In a written argument, the State has asked the Supreme Court to hand down its decision as soon as possible and in accordance with the EFTA court’s ruling. The lottery machines currently in use will be removed before 1 July 2007, and Norsk Tipping will prepare the placement and operation of its lottery machine beginning on 1 January 2008. John Lerskau Photo:

THE STATE’S OWNERSHIP REPORT 2006 9 Shares redeemed by the State in 2006 2006 No. of shares Revenue (NOK) Date of redemption Norsk Hydro ASA 3 644 685 471 260 719 14.7.06 EAR Y

Telenor ASA 14 190 541 765 923 292 1.8.06 Yara International ASA 4 257 712 448 285 416 20.9.06 HE

T Sum 1 685 469 427

Buy-back of own shares for cancellation the companies’ deletion of the bought-back shares. The In companies with State ownership, a buy-back of own shares shares purchased by the companies were acquired on the for cancellation should not result in a change in the State’s basis of authorisation granted by the general meetings in owner share. In recent years the State has therefore entered 2005. into agreements on the proportional redemption of shares for The table above shows the number of shares redeemed and deletion when buy-back programmes are implemented. the State’s proceeds as a result of the redemptions. Through this approach, the State’s owner share remains The State entered into similar agreements on proporti- unchanged. These buy-back agreements fall within the para- onal deletion in connection with the authority to buy back meters that the Storting has granted the Government for the shares in DnB NOR ASA, Norsk Hydro ASA, Telenor ASA, administration of State ownership. Statoil ASA and Yara International ASA, which was granted Buy-back agreements have been drawn up so that the by the general meetings in 2006. Authority was granted for companies are obliged to pay a volume-weighted average of the ﬁrst time in 2006 to Statoil to buy back its own shares the market prices paid by the companies plus interest for the for cancellation, a decision that must be viewed in connec- delayed transaction. The State is then guaranteed a price tion with the company’s revised dividend policy. During 2007 comparable to the price that the other shareholders have the State has entered into agreements on proportional dele- been willing to sell for. tion in connection with the authority granted to buy back In 2006 the State redeemed shares in Norsk Hydro ASA, shares in DnB NOR ASA, Statoil ASA, Telenor ASA and Yara Telenor ASA and Yara International ASA in connection with International ASA. John Lerskau Photo:

THE STATE’S OWNERSHIP REPORT 2006 10 RES GU FI

K Rates of return and values

At the end of 2006, the value of the State’s direct ownership of shares listed on the Oslo Stock Exchange amounted to NOK 533.7 billion. This represents an increase of NOK 106.0 billion over year-end 2005. The State’s share of the accounting value of the non-listed companies in categories 1 – 3 amounted to NOK 64.1 billion at the end of 2006 compared to NOK 60.8 billion at year- end 2005. This gives a total estimated value of NOK 597.8 billion of the State’s share in the 26 companies where commercial operation is one of the objectives (categories 1 – 3)1 at the end of 2006.

The total return on equity is determined by the company’s divi- Development of the listed companies during 2006 dend and rise in value adjusted for any contributions to and The value of shares on the Oslo Stock Exchange grew strongly divestments of capital. The value of a company can be in 2006, against the background of strong growth in the assessed in several ways, and the different methods may Norwegian economy, a period of strong economic growth produce different results. Nevertheless, one should employ a internationally, and relatively high oil prices, especially in the method of assessing a company’s value that yields consistent second quarter. Meassured by the all-share index (OSEBX), the results over time in order to produce comparable results. value increase on the Oslo Stock Exchange was however This report uses share prices as a means of assessing the somewhat less than in the previous year. The index rose by value of the listed companies, while book equity less the value 32% compared to 40% in 2005. of minority interests is used to estimate the value of the non- listed companies in categories 1-3. The exception is Entra Telenor had the largest share price gains in 2006, producing Eiendom AS which is required to undertake annual valuations of an 80% rate of return on shares including dividends. The its assets and state these values in its annual reports. Entra annual rate of return on its shares for 2006 has been signifi- employs two external firms to assess the market value of all its cantly greater than the average of 26% for the previous five properties as the basis for estimating the market value of its years. Cermaq ASA produced the second highest return on equity. This method has consequently been used to assess the shares of all the listed companies with State ownership in value of the shares in Entra Eiendom. At the end of 2006, 2006. At the end of 2006, the share price stood at NOK 91 Entra’s value-adjusted equity was estimated at NOK 9.1 billion, resulting in a 70% rate of return on the shares. Cermaq ASA’s while the book value came to NOK 1.5 billion. opening share price was fixed at NOK 44 when the company With regard to the other non-listed companies in categories was first listed on 24 October 2005. The average annual rate 1-3, the market value is, as already mentioned, assumed to be of return since listing has been 90 %. Yara International ASA equal to the value recorded in the accounts. In other words, it is was first listed on 25 March 2004, since when the company assumed that the price-book ratio (P/B) is equal to 1, which may has produced an average annual rate of return of 59% inclu- not necessarily give a correct view of the market value of a ding dividends. The 2006 rate of return came to 47%, company. This can be seen as a somewhat conservative valua- somewhat lower than the average since listing but conside- tion, although it is consistent over time. Less emphasis is placed on the rate of return in the case NOK Telenor last 5 years 150 of companies with sectoral policy objectives and no assess- OSEBX (indexed) ments of value have been included in this report. The accounts 120 Telenor of these companies are presented in the article on the finan- 90 cial development as well as in the description of each indivi- OSEBX (indexed) dual company. 1 60 Telenor 30

0 1 Includes Secora AS, which was not included in Report no13 (2006–2007) to 02-01-02 02-01-03 02-01-04 02-01-05 02-01-06 29-12-06 the Storting

THE STATE’S OWNERSHIP REPORT 2006 11 RES GU FI

EY K

NOK Cermaq since listing NOK DnB NOR last 5 years 100 140 Cermaq OSEBX (indexed) OSEBX (indexed) 120 80 Cermaq DnB NOR 100 60 80 OSEBX (indexed) DnB NOR 40 60 OSEBX (indexed) 40 20 20 0 0 24-10-05 24-04-06 24-10-06 29-12-06 02-01-02 02-01-03 02-01-04 02-01-05 02-01-06 29-12-06

NOK SAS last 5 years NOK Yara since listing 180 OSEBX (indexed) 150 OSEBX150 (indexed) Yara OSEBX (indexed) SAS 120 Yara 120 90 90 SAS OSEBX (indexed) 60 60

30 30 0 0 02-01-02 02-01-03 02-01-04 02-01-05 02-01-06 29-12-06 25-03-04 25-03-05 25-03-06 29-12-06 NOK Statoil last 5 years 240 NOK Kongsberg Gruppen last 5 years 210 Statoil OSEBX (indexed) 300 OSEBX180 (indexed) 250 Kongsber150 g Statoil OSEBX (indexed) 200 120 90 150 60 OSEBX (indexed) 100 30 Kongsberg Gruppen 50 0 02-01-02 02-01-03 02-01-04 02-01-05 02-01-06 29-12-06 0 02-01-02 02-01-03 02-01-04 02-01-05 02-01-06 29-12-06 rably better than the corresponding figure of 26% for last year. Kongsberg Gruppen ASA achieved a rate of return on its NOK Norsk Hydro last 5 years 210 shares (including dividends) of 43% for 2006, a significant Norsk Hydro 180 improvement over the 27% rate of return recorded for 2005. 150 The average annual rate of return including dividends has 120 amounted to 14% over the last five years. Norsk Hydro 90 OSEBX (indexed) presented a rate of return on its shares (including dividends) of 60 43% for 2006, somewhat lower than the figure of 50% in 30 2005. The average annual rate of return including dividends 0 has been 26% over the last five years. The rate of return on 02-01-02 02-01-03 02-01-04 02-01-05 02-01-06 29-12-06 the DnB NOR ASA shares in 2006 was 28% including divi-

THE STATE’S OWNERSHIP REPORT 2006 12 RES GU FI

EY K

dends. Although this represents a improvement on the dends will be received from Statoil (NOK 14.0 billion), Statkraft average rate of 21% for the last five years, it was nevertheless (NOK 5.875 billion) and Norsk Hydro (2.819 billion). lower than the rate of return achieved by the Oslo Stock With regard to the listed companies, the State will Exchange all-share index. SAS AB attained a rate of return on receive NOK 21.4 billion in dividends compared to NOK 18.9 its shares including dividends of 19% for 2006, compared to billion last year. All the listed companies with the exception 53% in 2005. Its share price did, however, start 2005 at a of SAS, which again will not be paying a dividend for 2006, very low level following several years of weak financial results. have increased the dividend per share. The share of divi- The average annual rate of return on its shares during the last dends as a percentage of the annual profits of these compa- five years is at 12%. SAS did not pay a dividend to its share- nies after tax and minority interests has increased for most holders for the fiscal year 2006 either. Of all the listed compa- of these companies. However, Telenor, Statoil and Yara expe- nies with State ownership, Statoil ASA achieved the lowest rienced a decrease. Cermaq and Telenor are responsible for rate of return (12 per cent) on its shares in 2006 . The the greatest relative increase in dividend payments amount corresponding figure for 2005 was 69 per cent, while the to the State at 130 per cent and 23 per cent respectively. average annual rate of return on its shares during the last five The non-listed companies in categories 1 – 3 will pay years is at 25 per cent. the State dividends totalling NOK 7.1 billion for the fiscal year 2006, an increase of NOK 1.9 billion or 36 per cent Net share divestments and capital contributions compared to 2005. The Statkraft SF dividend of NOK 5.857 In 2006 the State earned the net amount of NOK 1058.7 million billion represents 82.0 per cent of the dividends received from the sale of shares, capital contributions and purchases of from the non-listed companies in categories 1-3. Mesta AS shares in the companies with State ownership. Capital contribu- and Store Norske Spitsbergen Kullkompami AS will not pay tions and acqcusitions of shares made by the State totalled NOK any dividend for 2006 due to negative annual financial 627 million in 2006, comprising NOK 495 million to Norfund, results. Flytoget AS and Posten Norge AS, both of which for NOK 50 million to SIVA and NOK 20 million to Statskonsult. The different reasons did not pay a dividend in 2005, will pay the sole acquisition of shares by the State in 2006 was its purchase State dividends totalling NOK 520 million for 2006, of which of 5% of the shares in Nammo AS from SAAB AB for NOK 61.8 NOK 488 million come from Posten Norge AS. As part of the million. This agreement was signed on 23 December 2005, and revised 2007 National Budget process, it has been proposed the purchase became effective as of 3 February 2006. Conse- that the State will not receive any dividend from Kommunal- quently, the State increased its shareholding in Nammo from 45 banken AS for the fiscal year 2006. per cent to 50 per cent. In 2006, dividends receivable by the State from companies During 2006, the State redeemed shares in Norsk Hydro with sectoral policy objectives (Category 4) amount to NOK 524 ASA, Telenor ASA and Yara International ASA as part of the million compared to NOK 168 million from the same companies process of deleting shares repurchased by these companies in in 2005. The increase is mainly due to higher dividends from order to maintain its shareholdings in these companies. These Avinor and Statnett, which also pay the higest dividends amongst repurchases were made in light of the authority granted by the the companies with sectoral policy objectives, with NOK 324.5 respective annual general meetings in 2005. The redemption of million and NOK 152 million, respectively. Norsk Tipping AS will these shares resulted in NOK 1 685.5 million in income for the not be paying any ordinary dividend. From Norsk Tipping’s State. annual surplus of NOK 2.8 billion, a total of NOK 198 million will be given to the foundation Helse og rehabilitering, while NOK 2.5 Dividends billion will be given to sports and cultural purposes. In addition, a For the fiscal year 2006, the State will receive NOK 29.0 total of NOK 12 million of Norsk Tipping’s surplus was set aside billion in dividends, an increase of NOK 4.7 billion (or 19 per for research into, the provision of information on and the preven- cent) compared to the previous year. The largest of these divi- tion and treatment of gambling addiction.

THE STATE’S OWNERSHIP REPORT 2006 13 RES GU FI

EY K

Return and values 2006 Dividends The State’s Average Value of the payable sales proceeds, Return annual return State the State’s to the State capital contribu- in 2006, including ownership ownership for the 2006 tions and share including dividend, MNOK Market value 1) share 1) share ﬁnancial year 2) purchases 3) dividends last 5 years 4) Listed companies Cermaq ASA 8 418 43.5 % 3 665 171 0 70 % 90 % DnB NOR ASA 118 313 34.0 % 40 226 1 818 0 28 % 21 % Kongsberg Gruppen ASA 5 250 50.0 % 2 625 38 0 43 % 14 % Norsk Hydro ASA 248 929 43.8 % 109 090 2 819 471 43 % 26 % SAS AB 17 026 14.3 % 2 433 0 0 19 % 12 % Statoil ASA 357 955 70.9 % 253 776 14 006 0 12 % 25 % Telenor ASA 197 012 54.0 % 106 308 2 267 766 80 % 26 % Yara International ASA 42 947 36.2 % 15 551 274 448 47 % 59 % Total listed companies 995 850 533 685 21 393 1 685 35 %

Dividends The State’s Book value payable sales proceeds, State of the State’s to the State capital contribu- ownership ownership, for the 2006 tions and share MNOK Book equity 5) share 1) share ﬁnancial year 2) purchases 3) Non-listed companies (categories 1-3) Argentum Fondsinvesteringer AS 3 336 100.0 % 3 336 131 0 Baneservice AS 162 100.0 % 162 3 0 Eksportﬁnans ASA 2 601 15.0 % 390 33 0 Entra Eiendom AS 6) 9 100 100.0 % 9 100 140 0 Flytoget AS 761 100.0 % 761 32 0 Mesta AS 2 084 100.0 % 2 084 0 0 Venturefondet AS 98 100.0 % 98 0 0

Nammo AS 819 50.0 % 409 37 -62

BaneTele AS 722 50.0 % 361 0 0 Electronic Chart Centre AS 15 100.0 % 15 1 0 Kommunalbanken AS 1 098 80.0 % 878 0 0 NSB AS 6 451 100.0 % 6 451 380 0 Posten Norge AS 5 589 100.0 % 5 589 488 0 Statkraft SF 33 844 100.0 % 33 844 5 857 0 Statskonsult AS 43 100.0 % 43 0 -20 Store Norske Spitsbergen Kulkompani AS 468 100.0 % 468 0 0

THE STATE’S OWNERSHIP REPORT 2006 14 RES GU FI

EY K

’Secora AS 7) 58 100.0 % 58 0 0 Total non-listed companies (categories 1-3) 67 285 64 066 7 102 -82 Total all companies in categories 1-3 1 051 470 597 751 28 495 1 604

Dividends The State’s payable sales proceeds, to the State capital contribu- for the 2006 tions and share MNOK ﬁnancial year 2) purchases 3) Companies with sectoral policy objectives (category 4) 8) Avinor AS 324.5 0 Norsk Eiendomsinformasjon AS 7.4 0 SIVA SF 0.0 -50 Statnett SF 152.0 0 Statskog SF 5.2 0 AS Vinmonopolet 35.1 0 Norfund 7) 0.0 -495 Total companies with sectoral policy objectives (category 4) 524.2 -545.0 Total all companies in categories 1-3 28 495 1 604

Capital to (+)/from(-) the State during the period 29 019 1 059

1) As at 31.12.2006 2) Proposed dividends - may be changed at the general meetings in the spring of 2007 3) Sales proceeds and reductions in capital (when the capital has been distributed to the owners) are shown with a plus sign, while capital contributions and share purchases are shown with a minus sign 4) Taking into account the rise in the value of dividend. The last 5 years or since listing on a stock exchange 5) Book equity as at 31.12.2006 6) For Entra, the net asset value is stated instead of the book equity. Entra Eiendom achieved a return of 29 per cent in 2006. The average annual yield for the past ﬁve years is 20 per cent 7) Not included in Report no. 13 (2006–2007) to the Storting 8) Companies with sectoral policy objectives which distribute dividend or from which the State has received sales proceeds, contributed capital or bought shares. No estimated value is stated for these companies

THE STATE’S OWNERSHIP REPORT 2006 15 RES GU FI

EY K

Return and values 2005 Value of the Dividends paid The State’s sales State’s to the State proceeds, capital State ownership ownership for the 2005 contribution and MNOK Market value 1) share 1) share ﬁnancial year share purchases 2) Listed companies Cermaq ASA 5 064 43.5 % 2 205 75 1 289 DnB NOR ASA 96 255 34.0 % 32 727 1 591 -212 Kongsberg Gruppen ASA 3 720 50.0 % 1 860 32 0 Norsk Hydro ASA 179 455 43.8 % 78 644 2 497 981 SAS AB 14 312 14.3 % 2 045 0 0 Statoil ASA 335 752 70.9 % 238 035 12 593 12 500 Telenor ASA 113 060 54.0 % 61 013 1 842 1 185 Yara International ASA 30 923 36.2 % 11 198 268 120 Total listed companies 778 541 427 726 18 897 15 863

Book value Dividends paid The State’s sales of the State’s to the State proceeds, capital Book State ownership ownership for the 2005 contribution and MNOK equity 3) share 1) share ﬁnancial year share purchases 2) Non-listed companies (categories 1-3) Argentum Fondsinvesteringer AS 3 080 100.0 % 3 080 0 -200 Baneservice AS 163 100.0 % 163 4 -138 Eksportﬁnans ASA 2 577 15.0 % 387 17 0 Entra Eiendom AS 4) 7 170 100.0 % 7 170 120 0 Flytoget AS 734 100.0 % 734 0 0 Mesta AS 2 252 100.0 % 2 252 77 0 Venturefondet AS 96 100.0 % 96 0 0

Nammo AS 681 45.0 % 306 46 0

BaneTele AS 131 100.0 % 131 0 -120 Electronic Chart Centre AS 12 100.0 % 12 1 0 Kommunalbanken AS 1 011 80.0 % 809 0 0 NSB AS 6 176 100.0 % 6 176 246 0 Posten Norge AS 4 739 100.0 % 4 739 0 0 Statkraft SF 34 061 100.0 % 34 061 4 720 0 Statskonsult AS 38 100.0 % 38 0 0 Store Norske Spitsbergen Kulkompani AS 553 100.0 % 518 7 0 Veterinærmedisinsk oppdragssenter AS 36 51.0 % 18 1 0

Secora AS 5) 52 100.0 % 52 0 0

THE STATE’S OWNERSHIP REPORT 2006 16 RES GU FI

EY K

Total non-listed companies in (categories 1-3) 63 561 60 776 5 238 -458 Total all companies in categories 1-3 842 103 488 503 24 135 15 405

Dividends paid to the State The State’s sales proceeds, capital MNOK for the 2005 ﬁnancial year contribution and share purchases 2) Companies with sectoral policy objectives (category 4) 6) Avinor AS 26.4 0 Norsk Eiendomsinformasjon AS 10.4 0 SIVA SF 0.0 -50 Statnett SF 87.0 0 Statskog SF 7.3 0 AS Vinmonopolet 36.5 0 Norfund 5) 0.0 -485 Total companies with sectoral policy objectives goals (category 4) 167.6 -535.0 Total all companies in categories 1-3 24 135 15 405

Capital to (+)/from(-) the State during the period 24 302 14 870

1) As at 31.12.2005 2) Sales proceeds and a reduction in capital (when the capital is distributed to the owners) are shown with a plus sign, capital contributions and share purchases are shown with a minus sign 3) Book equity as at 31.12.2005 4) For Entra, the net asset value is stated instead of the book equity 5) Not included in Report no. 13 (2006–2007) to the Storting 6) Companies with sectoral policy objectives which distribute dividend or from which the State has received sales proceeds, contributed capital or bought shares. No estimated value is stated for these companies

THE STATE’S OWNERSHIP REPORT 2006 17 RES GU FI

K Economic development in the companies

The State monitors financial developments in all companies incorporating a public ownership share. This article will mainly focus on the companies where commercial operation is one of the objectives (categories 1 – 3). Nevertheless, the State is also concerned that the companies with sectoral policy objectives are efficiently managed and that political and social objectives are met by employing resources efficiently. A brief overview of the financial development of the companies with sectoral policy objectives is provided at the end of this review.

COMPANIES WHERE COMMERCIAL OPERATION IS ONE OF Of the non-listed companies in categories 1-3 Posten Norge THE OBJECTIVES (CATEGORIES 1 – 3) AS and Statkraft SF had by far the largest turnover of NOK 23.7 billion and 15.4 billion, respectivly. The Statkraft Group’s opera- Solid growth in turnover and a considerable ting revenues increased by NOK 840 million (or 6 per cent) parti- enhancement of the operational efficiency in 2006 ally due to high electricity prices during 2006, especially in the The 26 companies in categories 1-3 had a total turnover of first three quarters of the year. Furthermore, the company NOK 922.7 billion in 2006, an increase of 12 per cent achieved a considerably improved operating profit of NOK 10 compared to 2005. These companies produced total opera- billion, an increase of NOK 1.5 billion (or 17 per cent). In 2006 ting profits of NOK 217.1 billion for 2006, an increase of Secora had the largest relative growth in turnover – 46 per cent NOK 31.7 billion, or 17 per cent, compared to the year - due to positive developments in the construction industry. The before. As in previous years, Statoil and Norsk Hydro had the company was established in 2005, and its first operating year highest turnovers in 2006 at NOK 431 billion and NOK 195 was characterised by reorganisation and restructuring. billion, respectively. The operating profits for 2006 for these two companies increased by 9 per cent and 14 per cent Good development in profits in 2006, especially for respectively. High oil and gas prices, especially in the second the listed companies quarter of 2006, contributed to the growth in income of these Satisfactory macroeconomic developments, strong economic two companies, as did strong economic expansion internatio- expansion internationally, and high prices for energy and raw nally. Statoil’s operating profit for 2006 increased to NOK materials led to good financial developments in the companies 114 billion, up 18 per cent compared to 2005. Likewise, where commercial operation is on of the objectives (categories Norsk Hydro’s operating profit rose to NOK 50.7 billion, up 1-3) during 2006. Several of them, including Statoil, Norsk 11 per cent compared to 2005. Hydro, Telenor and Statkraft, actually presented their best-ever Of the listed companies Cermaq and Telenor experi- annual results that year. Total profits for the 26 companies in enced the largest percentage increase in turnover during categories 1 – 3 after tax and minority interests amounted to 2006. Cermaq achieved a 40 per cent growth in operating NOK 100.5 billion in 2006. This represents an increase of 29 revenues due to higher prices and volumes in its fish per cent compared to 2005. farming and fish feed operations. Its operating profit came to The highest profits after tax and minority interests NOK 1 288 million, an increase of 50 per cent. Telenor’s were achieved by Statoil ( NOK 39.1 billion), Norsk Hydro operating revenues rose by 32 per cent as a result of a (NOK 16.3 billion) and Telenor (NOK 15.9 billion). Their strong growth in subscribers to its international mobile respective annual profits increased by 22 per cent, 7 per phone companies in Asia and Ukraine, while operating cent, and 108 per cent. In 2006 SAS AB achieved an profits increased by NOK 6 billion, or 51 per cent, to NOK annual profit of NOK 3 997 billion after tax and minority 17.7 billion in 2006. Among the listed companies in which interests compared to NOK 150 million the previous year. the State owns a stake, Yara produced the smallest The increase can principally be attributed to the income increases in turnover at 4 per cent. However, SAS did recorded from the sale of its shareholding in the Rezidor achieve the largest growth in operating profits (198 per cent) Hotel Group. After adjusting for this transaction, SAS made of all the companies in categories 1-3 as a consequence of a profit of NOK 40 million in 2006, which is in line with the major cost reductions and rationalisation. previous year’s figures.

THE STATE’S OWNERSHIP REPORT 2006 18 RES GU FI

EY K

Consolidated accounting figures 2006 - Companies in categories 1-3 State ownership Operating Operating Profit (loss) Capital Balance MNOK share 1) revenues profit (loss) for the year 2) employed sheet total Listed companies Cermaq ASA 43.5 % 7 534 1 288 938 5 265 6 895 DnB NOR ASA 34.0 % 28 493 14 689 11 665 n/a 1 320 242 Kongsberg Gruppen ASA 50.0 % 6 720 448 249 2 689 7 356 Norsk Hydro ASA 43.8 % 195 108 50 679 16 252 118 662 227 663 SAS AB 14.3 % 52 560 973 4 222 30 019 46 733 Statoil ASA 70.9 % 431 112 114 449 39 065 138 631 312 430 Telenor ASA 54.0 % 91 077 17 708 15 920 111 739 148 376 Yara International ASA 36.2 % 48 261 3 352 4 188 22 679 33 264 Total listed companies 860 865 92 274 2 102 959 Non-listed companies (categories 1-3) Argentum Fondsinvesteringer AS 100.0 % 396 309 389 3 338 3 342 Baneservice AS 100.0 % 495 8 5 207 339 Eksportfinans ASA 15.0 % 511 333 243 n/a 165 183 Entra Eiendom AS 100.0 % 1 137 618 171 9 976 10 692 Flytoget AS 100.0 % 627 157 104 1 016 1 243 Mesta AS 100.0 % 5 939 -312 -190 2 084 4 340 Venturefondet AS 100.0 % 3 -1 1 98 98

Nammo AS 50.0 % 1 991 270 186 903 1 750

BaneTele AS 50.0 % 593 2 -34 794 966 Electronic Chart Centre AS 100.0 % 13 2 4 15 18 Kommunalbanken AS 80.0 % 221 160 115 n/a 110 949 NSB AS 100.0 % 9 168 668 507 8 746 13 339 Posten Norge AS 100.0 % 23 668 1313 862 8 298 15 769 Statkraft SF 100.0 % 15 435 9 997 5 976 71 555 97 175 Statskonsult AS 100.0 % 52 -16 -15 43 76 Store Norske Spitsbergen Kulkompani AS 100.0 % 1 266 -41 -77 1 504 1 744 Veterinærmedisinsk oppdragssenter AS 51.0 % 166 3 3 50 67

Secora AS 3) 100.0 % 150 6 7 62 95 Total non-listed companies 61 830 8 255 427 186

Total all companies in categories 1-3 922 695 100 529 2 530 145

1) State ownership share 31.12.2006 2) Annual proﬁt (loss) after taxes and minority interests 3) Not included in Report no. 13 (2006-2007) to the Storting

THE STATE’S OWNERSHIP REPORT 2006 19 The Statkraft SF Group achieved proﬁts of NOK 5 976 and 18 per cent respectively. Kongsberg Gruppen saw a million after tax and minority interests. This favourable result reduced return on equity of 16 per cent compared to 18 per RES was due to high electricity prices during 2006 and to the cent in 2005.

GU phasing out of industrial contracts. The high spot price for elec- As far as the non-listed companies were concerned, the FI

tricity, however, also led to a reduction in the hedged income average return on equity was 14 per cent in 2006, although and higher taxation costs. The group’s annual proﬁts after tax relatively large variations could be noted among the compa- EY

K and minority interests increased by 2 per cent in 2006. nies. The highest returns on equity for the non-listed compa- Among the smaller companies, Flytoget and Eksportfi- nies were achieved by ECC (Electronic Chart Centre) at 31 nans showed a good development in their financial situation per cent and Nammo at 25 per cent. ECC can attribute this during 2006. Flytoget reported annual profits of NOK 104 positive development to improved results due to a 60 per million, an improvement of 93 per cent compared to 2005. cent increase in the number of charts available for sale and This positive development can be attributed both to an to a 130 per cent increase in the number of ships using the increase in passenger numbers of well over 10 per cent and company’s electronic chart services. The revenue from navi- to strong emphasis on controlling cost increases. Eksportfi- gational charts consequently rose by 123 per cent in nans achieved an annual profit of NOK 243 million, an comparison to 2005. Statkraft had an 18 per cent return on increase of 89 per cent compared to 2005, having experi- equity, which is in line with the 17 per cent achieved in the enced positive growth in most of its market segments. previous year. BaneTele, Mesta, Statskonsult and Store Mesta showed the most marked negative set of annual Norske Spitsbergen Kulkompani had negative returns on results for 2006. After tax the company made a loss of NOK equity for 2006. 190 million, compared to a profit of NOK 216 million in As the State takes a long-term perspective on its 2005. These negative figures resulted from substantial ownership it is also relevant to view a company’s return on accounting provisions in the fourth quarter and from the fact equity over time as well as the results for one single year. that the company operates in a market affected by overca- If one examines the average return on equity over the last pacity, strong competition and relatively low operating five years, then Statoil has attained the highest rate at 35 per margins. cent followed by Yara (31 per cent), Cermaq (20 pst), and DnB The annual results of Kongsberg Gruppen, Argentum, NOR (16 per cent). In addition, Norsk Hydro (15 pst), Telenor BaneTele, Posten, and Store Norske Spitsbergen Kulkompani (13 per cent) and Kongsberg Gruppen (12 per cent) have had also declined in 2006 compared to 2005. The annual results average returns on equity of over 10 per cent in recent years. of these four companies fell by NOK 11 million, NOK 68 SAS AB has a average return on equity over the last five years million, NOK 10 million, NOK 57 million and NOK 123 million around 0, despite producing positive annual results in both respectively compared to the previous year. 2005 and 2006. As for the non-listed companies in categories 1 – 3 Higher return on equity Statskonsult (despite the fact that its loss for 2006 is consi- The average return on equity for the 26 companies in cate- derably lower than in 2005) and BaneTele continue to gories 1 – 3 increased from 27 per cent in 2005 to 29 per produce negative returns on equity. Flytoget is in the process cent in 2006. Return on equity is measured as the profit of reversing the negative trend with a positive return on after tax and minority interests divided by the majority share- equity of 14 per cent for 2006. Mesta’s negative 2006 holders’ average equity. The average is weighted according results contributed to a lower average return on equity for to the value of the State’s ownership share at year-end 2006. the company over the last five years. The listed companies had an average weighted return on equity of 31 per cent. The highest returns on equity were Dividend ratio achieved by Statoil (39 per cent) and SAS AB (32 per cent). The dividend ratio is that part of the company’s annual profits However, once adjustments have been made for the sale of which is paid out to the owners. That part of the company’s the SAS shareholding in the Rezidor Hotel Group, which was annual profits not paid out as dividends is added to book recorded as income in 2006, SAS’s return on equity drops to equity. The table below presents the dividend ratio for last year only 0.3 per cent. Telenor and Yara had returns on equity of as well as the average dividend ratio for the last five years. approximately 30 per cent in 2006, up from 18 per cent and The average is calculated as the total dividend amount of each 26 per cent respectively in 2005. Cermaq achieved a return company for the last five years divided by the total profit after on equity of 25 per cent in 2006 compared to 27 per cent in tax and minority interests for the last five years. Some of the 2005. DnB NOR and Norsk Hydro had exactly the same companies publish their dividend ratio as a share of their stan- return on equity in 2006 as in 2005, namely 19 per cent dardised or adjusted profits. This has not been used in the

THE STATE’S OWNERSHIP REPORT 2006 20 RES GU FI

EY John Lerskau K Photo:

Consolidated accounts ﬁgures 2006 - Companies in categories 1-3 Cash ﬂow Dividend Average dividend Return on Average return on Equity MNOK operations ratio ratio past 5 years 1) equity equity past 5 years 2) ratio 3) Listed companies Cermaq ASA 1 133 42 % 35 % 25 % 20 % 62 % DnB NOR ASA -74 932 46 % 45 % 19 % 16 % 7 % Kongsberg Gruppen ASA 605 30 % 32 % 16 % 12 % 23 % Norsk Hydro ASA 38 727 38 % 36 % 18 % 15 % 42 % SAS AB 1 920 0 0 32 % 1 % 32 % Statoil ASA 60 543 50 % 48 % 39 % 35 % 35 % Telenor ASA 30 641 26 % 44 % 31 % 13 % 42 % Yara International ASA 3 854 18 % 19 % 29 % 31 % 48 % Weighted average listed companies 31 %

Non-listed companies in categories 1-3 Argentum Fondsinvesteringer AS -229 34 % 40 % 12 % 10 % 100 % Baneservice AS -34 55 % 65 % 3 % 3 % 50 % Eksportﬁnans ASA -290 90 % 78 % 9 % 8 % 8 % Entra Eiendom AS 290 82 % 133 % 13 % 7 % 14 % Flytoget AS 220 31 % 21 % 14 % 5 % 61 % Mesta AS -239 0 % 40 % -9 % 6 % 48 % Venturefondet AS n/a 0 % 0 % 1 % -3 % 99 %

Nammo AS 169 39 % 32 % 25 % 21 % 47 %

BaneTele AS 82 0 % 0 % -8 % -51 % 75 % Electronic Chart Centre AS n/a 30 % 36 % 31 % 10 % 80 % Kommunalbanken AS 88 0 % 22 % 11 % 11 % 6 % NSB AS 1 617 75 % 52 % 8 % 4 % 50 % Posten Norge AS 2 065 57 % 45 % 17 % 12 % 55 % Statkraft SF 6 392 98 % 88 % 18 % 13 % 37 % Statskonsult AS -12 0 % 0 % -37 % -45 % 56 % Store Norske Spitsbergen Kulkompani AS -235 0 % 41 % -15 % 22 % 27 % Veterinærmedisinsk oppdragssenter AS 4 61 % 96 % 7 % 4 % 55 %

Secora AS 4) 10 0 % 0 % 12 % 3 % 61 % Weighted average non-listed companies (categories 1-3) 14 % Weighted average all companies in categories 1-3 29 %

1) Geometric average for the past 5 years or from start-up date 2) Arithmetic average for the past 5 years or from start-up date 3) Equity as a percentage of the total assets. For ﬁnancial enterprises, core capital coverage is used 4) Not included in Report no. 13 (2006-2007) to the Storting

THE STATE’S OWNERSHIP REPORT 2006 21 RES GU FI

EY K

table, where we keep to the figures detailed in all the compa- constructing the transmission lines between Fræna and nies’ accounts. In 2006, the dividend ratio has been highest in Nyhamna on behalf of Hydro ASA. Statkraft at 98 per cent, while Entra Eiendom, Veterinærmedi- Avinor also improved its results in comparison to 2005, sinsk oppdragssenter, Statkraft and Eksportfinans have had with profits after tax of NOK 433 million. the highest average dividend ratio over the last five years. Statskog made a profit of NOK 7 million in 2006 compared to NOK 26 million in the previous year. The decline COMPANIES WITH SECTORAL POLICY OBJECTIVES was caused by the Finnmark Estate being separated from (CATEGORY 4) Statskog as of 1 July 2006 as well as by the consequent reorganisation process the company is going through. Statskog’s Turnover revenues from Finnmark fell by NOK 26 million from 2005 to The companies with sectoral policy objectives, excluding the 2006, while the remainder of the company has experienced a regional health enterprises, had a turnover of NOK 38.3 very slight increase in revenues. billion in 2006, an increase of NOK 3.8 billion or 11 per cent AS Vinmonopolet also presented lower profits for 2006 compared to 2005. Among these companies (excluding the than for 2005, with a reduction of 4 per cent, from NOK 91 regional health enterprises), the largest turnovers in 2006 million to NOK 88 million. were achieved by Norsk Tipping with NOK 9.8 billion and AS Vinmonopolet with NOK 9.2 billion. Statnett and NRK also Public procurements and subsidies as part of sectoral had significant turnovers of NOK 6.5 billion and NOK 3.9 policy billion respectively. Several of the companies with sectoral policy objectives The regional health enterprises had a total operating perform services at prices and in areas that are not commer- revenue of NOK 79.7 billion compared to NOK 74.3 billion in cially profitable. The State therefore pays these companies to 2005. perform certain services in accordance with its desire to achieve the sectoral policy objectives related to its ownership Profit (loss) / surpluses of such companies. One example of such public procure- Although the State as an owner does not have pure business ments is the purchase of services from Avinor in order to aims in connection with its ownership of companies with maintain unprofitable airports. Public procurements also sectoral policy objectives, it still requires these companies to include the purchase of health services from the regional be run effectively and that political and social goals are health enterprises, representing the bulk of their revenues. attained with the most effective use of resources possible. In Some of the companies in category 3 are also required 2006 the combined surplus of the companies with sectoral to carry out work and provide services that further sectoral policy objectives, excluding the regional health enterprises, policy objectives. This is frequently done by way of public amounted to NOK 3.8 billion. The corresponding figures for procurements, for example in NSB. In the case of companies 2005 were NOK 3.7 billlion. Norsk Tipping produced the such as Avinor or Posten, public procurements represent largest individual surplus of NOK 2.8 billion in 2006. These only a relatively small part of the company’s activities, while results should be viewed in the context of Norsk Tipping’s the State’s purchase of transport services from NSB’s gambling monopoly. The profits are distributed for socially passenger transport division represents 23 per cent of the beneficial purposes in the fields of culture, sports and company’s total turnover in 2006. health. The 52 companies covered by this report received a Statnett achieved an annual profit of NOK 303 million combined total of NOK 78.6 billion in subsidies and income compared to NOK 174 million in 2005. The main reason for from the State’s purchases of services. The largest share of this these improved results lies in the increase in revenues gene- amount was spent on financing health services, with a total of rated by electricity grid activities in 2006 and the income from NOK 75.3 billion, NOK 10.3 billion going to Central Norway

THE STATE’S OWNERSHIP REPORT 2006 22 RES GU FI

EY K

Consolidated accounts figures 2006 - Companies with sectoral policy objectives (category 4) Operating State subsidy/ State ownership Operating profit (loss) Profit (loss) Balance sheet government MNOK share 1) revenues for the year 2) Equity total procurements Avinor AS 100.0 % 6 198 942 433 7 480 22 410 0 Bjørnøen AS 100.0 % 237 2 0 4 041 4 149 0 Enova SF 100.0 % 39 0 0 9 20 0 Gassco AS 100.0 % 0 0 1 13 267 11 Industritjeneste AS 53.4 % 37 1 1 6 13 0 Kings Bay 100.0 % 37 0 0 7 19 13 KITH 80.5 % 31 0 0 11 15 0 Norsk Eiendomsinformasjon AS 100.0 % 192 12 9 43 103 0 NRK AS 100.0 % 3 882 -18 -4 1 554 3 209 0 NSD AS 100.0 % 36 2 3 18 33 21 Norsk Tipping AS 100.0 % 9 798 2 750 2 838 1 374 4 524 0 Petoro AS 100.0 % 185 15 17 33 81 180 Simula AS 80.0 % 70 4 4 6 19 49 SIVA SF 100.0 % 252 54 -6 590 2 178 86 Statnett SF 100.0 % 6 848 580 303 4 918 13 978 0 Statskog SF 100.0 % 220 -6 7 253 323 20 Uninett AS 100.0 % 74 7 13 138 287 53 UNIS AS 100.0 % 79 5 5 12 58 95 AS Vinmonopolet 100.0 % 9 161 90 88 287 2 335 0 Innovasjon Norge 3) 100.0 % 859 77 37 776 16 534 644 Norfund 3) 100.0 % 76 -59 18 3 299 3 415 0 Total 38 311 3 765 1 172 Accounting figures - the Regional Health Enterprises Helse Midt-Norge 100.0 % 11 049 -880 -7114) 3 794 13 967 10 344 Helse Nord 100.0 % 9 561 -727 -4334) 6 272 9 883 9 068 Helse Sør 100.0 % 18 176 -986 -3074) 12 123 21 000 16 663 Helse Vest 100.0 % 14 214 -880 -4054) 8 071 14 170 13 563 Helse Øst 100.0 % 26 686 -832 -154) 14 671 25 370 25 639 Total 79 686 -1 870 75 277

1) State ownership share 31.12.2006 2) Proﬁt (loss) for the year after taxes and minority interests 3) Not included in Report no. 13 (2006-2007) to the Storting 4) Adjusted proﬁt

Regional Health Authority, NOK 9.1 billion going to Northern Neither Avinor nor Posten had any income resulting from Norway Regional Health Authority, NOK 16.7 billion going to public procurements in 2006, while NSB and Statskonsult Southern Norway Regional Health Authority, NOK 13.5 billion earned NOK 2.1 billion and NOK 9.0 billion respectivly from going to Western Norway Regional Health Authority and NOK public procurements and subsidies. 25.6 billion going to Eastern Norway Regional Health Authority.

THE STATE’S OWNERSHIP REPORT 2006 23 RES GU FI

K Other factors

The companies also publish non-financial key figures in their annual reports. This is in part due to statutory requirements but is also a result of an increased focus on good corporate governance, ethics and social responsibility. The tables provide an overview of some non-financial key figures on which the State places emphasis when following up its ownership of companies.

Auditors’ fees Board composition The task of the auditor is to audit the company’s accounts to One of an owner’s key tasks is to appoint board members. The ensure that these reflect the actual state of company and its State as an owner places a great deal of emphasis on ensuring financial situation. For the owners, this is an important task that the board as a whole possesses expertise suited to the since it ensures that an independent and critical review of company’s challenges and market situation. In order to the accounts has been conducted. In order to ensure that strengthen efforts related to the composition of the boards, the the auditor is an independent and critical party, it is essential State has actively contributed to the establishment of nomina- that the auditor is not involved to any substantial degree in tion committees in the major companies. The nomination the execution of the activities to be audited. In addition, the committee scheme is not a statutory one and should therefore auditor should not carry out advisory assignments of such a be stipulated in each company’s articles of association. scope or nature that the auditor’s independence may be The nomination committees comprise representatives of questioned. the owners, who jointly propose candidates for the board and Some of the companies use several auditing firms to possibly the corporate assembly. In wholly State-owned compa- perform partial assignments in their group. The table on page nies, the work of preparing for elections is carried out by the 26-27 provides an overview of the fees paid to the companies’ ministry that manages the State ownership. main auditors at group level. The auditing fees are divided into The board composition should be such that it safeguards four categories: statutory audits, services related to audits, the shareholders’ interests in the best possible way. Both short- services related to tax matters and other services. Practices may term and more long-term owner interests must be taken into vary between companies as to how they split the auditor fees, account. The State places emphasis on the companies having to and not all companies split the fees into the four categories take into account a number of considerations in order to develop outlined above. For companies that do not distinguish between their assets in the longer term. For a more detailed description audit-related and tax-related services in their reports, the fee is of this, confer to the document entitled “The Government’s included in the services related to audits, even though parts of Ownership Policy”. The State also places emphasis on the the fee may be related to tax matters. boards having sufficient diversity to be able to safeguard such When a fee other than the fee for the statutory audit considerations. Representation of both genders on the boards comprises a considerable share of the total fee to the of wholly State-owned companies and public limited companies company’s chosen auditor, there may be grounds for ques- is regulated in the company legislation and was introduced with tioning the auditor’s independence. However, there are situa- effect from 1 January 2006. tions in which it is expedient to use an auditor for tasks On average, women account for 47 per cent of the share- where there is no conflict with the independence linked to holder-elected directors in the 52 companies referred to in this the ordinary auditing assignment. For example, this applies report. to transactions where a confirmation of assets may follow from the auditor. When other fees account for a substantial Remuneration to the Chief Executive Officer and directors proportion of the auditors’ total fees, the State seeks to The companies are required by the Accounting Act to disclose obtain information on the nature of these fees. This informa- the total remuneration paid to the Chief Executive Officer in the tion is often specified by the companies in the notes to the annual report. This includes regular salary, additional pension accounts. savings, bonus premiums paid, earned option schemes, direc-

THE STATE’S OWNERSHIP REPORT 2006 24 RES GU FI

EY K

tors’ fees for wholly owned subsidiaries and other taxable bene- ﬁts. The reason for the companies being obliged to publish information on the remuneration to their senior executives is that there is to be openness regarding remuneration. The board is responsible for hiring the CEO and determining his/her remuneration. The remuneration to the board members is to be determined by the general meeting and should reﬂect the board’s responsibilities and expertise, the time spent on this work by the directors and the company’s complexity. In December 2006, the State adopted guidelines regarding the remuneration to senior executives in companies in which the State is an owner. For further information on this, confer to the Government’s owner policy. The table below shows the total directors’ fees paid by the parent company.

Number of employees At year-end 2006, the 52 companies referred to in this report employed around 290 000 people. The corresponding figure at year-end 2005 was 284 000. Some companies report the number of man-years, while others use the actual number of employees they have. However, the figures for each company are consistent over time and can therefore be compared. The table below shows an overview of the number of employees or number of man-years depending on how the companies themselves report these. The companies in categories 1-3 had about 189 000 employees at year-end 2006, of which 49 per cent worked in Norway, while the sector-policy companies, excluding the regional health enterprises, had about 11 000 employees on the same date. The corresponding figure for the regional health enterprises was about 93 000. Measured in number of employees, Telenor is the largest company in which the State owns a stake, with 35 600 employees. This is followed by Norsk Hydro, with nearly 34 000 employees, and Eastern Norway Regional Health Authority with about 29 000 employees. Telenor saw the largest increase in its number of employees compared to last year, with an increase of 8 000 linked to acquisitions in Serbia and Sweden, followed by Posten and Norsk Hydro. SAS AB had the largest decline in its number of employees in 2006, due to the sale of the Rezidor Hotel Group. On average, the companies, including the regional

John Lerskau health enterprises, had 5 600 employees at year-end 2006

Photo: compared to nearly 5 500 at year-end 2005.

THE STATE’S OWNERSHIP REPORT 2006 25 RES GU FI

EY K

Other factors - Remuneration

Audit- Tax- Board Statutory related related Other Total remuneration fees, audit, services, services, services, NOK thousand to CEO 1) total group group group group Listed companies Cermaq ASA 4 132 1 483 4 698 233 288 455 DnB NOR ASA 11 961 4 507 13 299 3 106 2 889 2 766 Kongsberg Gruppen ASA 3 922 1 280 7 274 550 578 1 217 Norsk Hydro ASA 15 219 2 875 103 341 1 115 6 349 1 915 SAS AB 4) 12 068 3 079 19 000 6 900 0 0 Statoil ASA 9 852 2 525 35 800 6 600 0 0 Telenor ASA 8 404 2 588 78 100 19 200 6 000 0 Yara International ASA 6 662 1 750 19 501 1 486 2 480 1 587

Non-listed companies (categories 1-3) Argentum Fondsinvesteringer AS 2 687 545 234 53 20 214 Baneservice AS 952 1 350 442 0 28 180 Eksportﬁnans ASA 3 224 1 320 1 146 3 177 153 388 Entra Eiendom AS 3 658 1 200 2 358 98 163 1 083 Flytoget AS 1 832 780 256 220 0 0 Mesta AS 2 973 1 350 1 150 174 0 28 Venturefondet AS 0 185 38 0 0 0

Nammo AS 3 698 1 147 1 804 126 32 1 144

BaneTele AS 3) 1 878 91 5 757 123 16 26 Electronic Chart Centre AS 951 226 11 20 0 0 Kommunalbanken AS 1 662 512 375 111 0 335 NSB AS 3 327 1 230 4 075 206 397 2 786 Posten Norge AS 4 534 2 680 8 774 1 148 1 436 2 262 Statkraft SF 5 311 2 185 7 238 932 650 198 Statskonsult AS 1 128 460 134 15 17 0 Store Norske Spitsbergen Kulkompani AS 2 460 1 024 685 125 0 0 Veterinærmedisinsk oppdragssenter AS 1 257 315 103 16 0 0

Secora AS 2) 703 480 75 0 0 111

THE STATE’S OWNERSHIP REPORT 2006 26 RES GU FI

EY K

Audit- Tax- Board Statutory related related Other Total remuneration fees, audit, services, services, services, NOK thousand to CEO 1) total group group group group Companies with sectoral policy objectives (category 4) Avinor AS 1 300 1 600 800 0 100 500 Bjørnøen AS 0 49 8 0 0 6 Enova SF 900 463 147 0 0 149 Gassco AS 2 963 981 595 0 1 552 30 Industritjeneste AS 1 007 173 98 29 0 0 Kings Bay 719 290 79 0 0 24 KITH 871 110 52 29 0 0 Norsk Eiendomsinformasjon AS 1 651 549 90 11 0 0 NRK 2 501 937 847 64 81 315 NSD 713 153 66 10 0 0 Norsk Tipping 1 550 580 0 0 0 0 Petoro 3 013 1 250 280 0 0 0 Simula 1 258 296 73 0 0 36 SIVA SF 1 355 515 782 5 74 101 Statnett SF 3 022 1 515 575 349 223 669 Statskog SF 874 529 281 6 29 126 Uninett AS 903 150 150 0 0 0 UNIS 1 000 175 62 7 0 0 AS Vinmonopolet 1 739 978 781 0 0 0

Innovasjon Norge 2) 1 689 930 772 128 367 1954 Norfund 2) 1 961 525 845 0 0 76

The regional health enterprises Helse Midt-Norge 2 101 1 204 2 224 552 16 32 Helse Nord 1 563 1 051 1 475 1 682 13 161 Helse Sør 1 679 1 174 3 030 2 567 55 1 428 Helse Vest 2 130 1 086 1 940 357 20 281 Helse Øst 1 609 1 148 2 521 1 248 81 243

1) Includes regular salary, bonus premiums paid, additional pension savings, other beneﬁts and the value of new opiton schemes in 2006 at the time when they are given Norsk Hydro ASA CEO Eivind Reiten has exercised option rights for a value of NOK 4.4 million in 2006 Telenor ASA CEO Jon Fredrik Baksaas has exercised option rights for a value of NOK 15.9 million in 2006 2) Not included in Report no. 13 (2006-2007) to the Storting 3) Severence pay of NOK 1.4 million to former CEO Bjørn Kristiansen is not included 4) Remuneration to SAS CEO consist of pay for two CEOs, totally 13 months, due to overlap. The used currency rate is NOK/SEK 115.63

THE STATE’S OWNERSHIP REPORT 2006 27 RES GU FI

EY K

Other factors - Employees and the percentage of women on the board

No. of employees No. of employees % of women on % of women on the 2006 2005 the board, total board, shareholder elected1) Listed companies Cermaq ASA 3 937 3 681 25 % 40 % DnB NOR ASA 12 187 11 716 45 % 43 % Kongsberg Gruppen ASA 3 650 3 372 25 % 40 % Norsk Hydro ASA 33 605 32 765 33 % 50 % SAS AB 26 554 32 363 30 % 29 % Statoil ASA 25 435 25 644 50 % 57 % Telenor ASA 35 600 27 600 40 % 50 % Yara International ASA 7 060 6 586 38 % 40 %

Non-listed companies (categories 1-3) Argentum Fondsinvesteringer AS 9 9 40 % 40 % Baneservice AS 328 245 25 % 40 % Eksportﬁnans ASA 100 94 38 % 43 % Entra Eiendom AS 140 123 40 % 40 % Flytoget AS 275 265 38 % 40 % Mesta AS 3 237 3 293 38 % 60 % Venturefondet AS 0 0 33 % 33 %

Nammo AS 1 276 1 230 13 % 17 %

BaneTele AS 143 167 38 % 33 % Electronic Chart Centre AS 13 12 67 % 67 % Kommunalbanken AS 37 34 43 % 60 % NSB AS 10 474 10 646 25 % 40 % Posten Norge AS 22 273 20 541 50 % 50 % Statkraft SF 2 087 2 021 44 % 50 % Statskonsult AS 63 63 57 % 60 % Store Norske Spitsbergen Kulkompani AS 366 310 50 % 60 % Veterinærmedisinsk oppdragssenter AS 48 46 40 % 20 %

Secora AS 2) 97 75 40 % 20 %

THE STATE’S OWNERSHIP REPORT 2006 28 RES GU FI

EY K

No. of employees No. of employees % of women on % of women on the 2006 2005 the board, total board, shareholder elected1) Companies with sectoral policy objectives (category 4) Avinor AS 2 990 2 716 33 % 50 % Bjørnøen AS 0 0 40 % 40 % Enova SF 37 31 40 % 50 % Gassco AS 155 143 50 % 50 % Industritjeneste AS 130 130 50 % 33 % Kings Bay 23 22 40 % 40 % KITH 29 28 50 % 67 % Norsk Eiendomsinformasjon AS 65 56 57 % 60 % NRK 3 470 3 440 44 % 50 % NSD 62 57 33 % 40 % Norsk Tipping 324 367 43 % 40 % Petoro 53 53 43 % 40 % Simula 76 80 43 % 40 % SIVA SF 32 32 57 % 57 % Statnett SF 613 599 44 % 50 % Statskog 165 197 50 % 50 % Uninett AS 48 42 50 % 50 % UNIS 66 52 71 % 60 % AS Vinmonopolet 1 743 1 701 55 % 67 % Innovasjon Norge 2) 693 664 55 % 56 % Norfund 2) 31 26 60 % 60 %

The regional health enterprises Helse Midt-Norge 12 643 12 291 54 % 56 % Helse Nord 12 289 11 776 55 % 50 % Helse Sør 20 776 20 576 54 % 56 % Helse Vest 17 534 17 220 55 % 36 % Helse Øst 29 426 28 911 50 % 51 % Total/average 292 467 284 111 44 % 47 %

1) % of board members elected by the shareholders or appointed by the owners 2) Not included in Report no. 13 (2006-2007) to the Storting

THE STATE’S OWNERSHIP REPORT 2006 29 R E N W O

N A

S A

T The State’s management of its A T S ownership stakes

The State is the largest owner of companies in Norway and the ministries manage the State’s ownership stakes in a total of 82 companies. This report describes the companies where commercial operation is one of the objectives (categories 1-3) and the most important companies with sectoral policy objetives (category 4). This comprises a total of 52 companies, including the regional health enterprises.

One of the main objectives of the owner management of the the Ministry of Local Government and Regional Development companies in categories 1-3 is to maximise the value of the (Kommunalbanken AS), the Ministry of Agriculture and Food State’s shares and contribute to the good industrial develop- (Veterinærmedisinsk Oppdragssenter AS), the Ministry of ment of these companies. In addition, the management of Petroleum and Energy (Statoil ASA) and the Ministry of the State’s ownership stake in some of these companies has Tranport and Communications (Baneservice AS, NSB AS and other objectives, such as anchoring the head office in Posten AS). Norway or some other specific, defined goal. The management of the ownership in most of the companies where the The sector-policy companies are companies in which the main objectives with State ownership are commercial opera- State owns a stake, which have sectoral policy and social tion is managed by the Ownership Department in the objectives, and where the main objectives of State Ministry of Trade and Industry. This department managed the ownership are not commercial (category 4). These compa- State’s ownership interests in 18 companies where nies are managed by the individual ministries that are commercial operation is one of the objectives (categories 1- responsible for the sector policy in the various areas. For 3) and 2 companies with sectoral policy objectives (category example, the State ownership of Norfund and NRK is 4) at year-end 2006. The State ownership of the other managed by the Ministry of Foreign Affairs and the Ministry companies in category 1-3 is managed by the Ministry of of Culture and Church Affairs respectively. Examples of Fisheries and Coastal Affairs (Secora AS), the Ministry of objectives which form the basis for the State ownership of Government Administration and Reform (Statskonsult AS), the sector-policy companies include the control of sales of John Lerskau Photo:

THE STATE’S OWNERSHIP REPORT 2006 30 R E N W O

N A

S A

E T A T S

alcoholic beverages (AS Vinmonopolet), the provision of safe, sectoral policy objectives, and the State as an owner is inte- environmentally friendly, good travel opportunities throughout rested in achieving sectoral policy objectives in the most effi- Norway to the general public (Avinor AS), or the provision of cient way possible. The sector-policy companies’ degree of good, equal, specialist health services to all those who commercial orientation varies. For example, NRK operates in require these (the regional health enterprises). Although the a market characterised by competition, while AS Vinmono- sector-policy companies’ main objectives are not commer- polet manages a sales monopoly. cial ones, financial results and the efficient use of society’s resources are also important in these companies. These companies’ financial results must be weighed up against the

THE STATE’S OWNERSHIP REPORT 2006 31 R E N W O

N A

S A

E T A T S

This report refers to 52 companies in which the ministries administer the State’s direct ownership interests. The companies presented in this report include both companies with commercial objectives and the largest, most important companies with sector-policy objectives. However, the State’s ownership interests comprise more than just this. The table below shows a combined overview of 82 companies in which the State’s ownership interests are administered directly by the ministries. In the table, these companies are attached to the ministries that own them. Ownership interests that are administered by subordinate agencies are not included in the table. Please contact the ministry responsible if you require more information on these companies.

Ministry of Labour and Social Inclusion Ministry of Local and Regional Development Rehabil AS 100 % Husbanken 100 % Blindes Produkter AS 44.4 % Kommunalbanken AS 80.0 % Kompetansesenter for IT i helse- og sosialsektoren AS (KITH AS) 10.5 % Ministry of Culture and Church Affairs Industritjeneste AS 7.3 Hundreårsmarkeringen-Norge 2005 100 % Nationaltheatret AS 100 % Ministry of Finance Norsk Rikskringkasting AS 100 % Nordiske Investeringsbanken 19.1 % Norsk Tipping AS 100 % Den norske Opera AS 90.0 % Ministry of Fisheries and Coastel Affaires Norsk Filmstudio AS 77.6 % Eksportutvalget for ﬁsk AS 100 % Carte Blanche AS 70.0 % NOFIMA 100 % Den Nationale Scene AS 66.7 % Secora AS 100 % Rogaland Teater AS 66.7 % Protevs AS 66.0 % Trøndelag Teater AS 66.7 % Norsk institutt for ﬁskeri- og Beaivvas Sami Teahter AS 40.0 % havbruksforskning AS (Fiskeriforskning) 49.0 % Norsk opplagskontroll AS 33.0 % NORUT Gruppen AS 11.6 % Rosenkrantzgt. 10 AS 3.0 % Institutt for akvakulturforskning AS (Akvaforsk) 5.0 % Ministry of Education and Research Ministry of Government Administration and Reform Norsk Samfunnsvitenskapelige Datatjeneste AS 100 % Statskonsult AS 100 % Norsk Syklotronforskning AS 100 % Uninett AS 100 % Ministry of Health and Care Services Universitetssenteret på Svalbard (UNIS) 100 % Helse Midt-Norge RHF 100 % Simula Research Laboratory AS 80.0 % Helse Nord RHF 100 % Helse Sør RHF 100 % Ministry of Agriculture and Food Helse Vest RHF 100 % Staur gård AS 100 % Helse Øst RHF 100 % Statskog SF 100 % AS Vinmonopolet 100 % Veterinærmedisinsk Oppdragssenter AS 51.0 % Kompetansesenter for IT i helse- Kimen Såvarelaboratoriet AS 51.0 % og sosialsektoren AS (KITH AS) 70.0 % Instrumenttjenesten AS 45.0 % Graminor AS 34.0 % Ministry of Justice and the Police Bioparken AS 8.0 % Norsk Eiendomsinformasjon AS 100 % Institutt for akvakulturforskning AS (Akvaforsk) 5.0 % Industritjeneste AS 46.1 %

THE STATE’S OWNERSHIP REPORT 2006 32 R E N W O

N A

S A

E T A T S

Ministry of Trade and Industry Ministry of Petroleum and Energy Argentum Fondsinvesteringer AS 100 % Gassco AS 100 % BaneTele AS 50 % Petoro AS 100 % Bjørnøen AS 100 % Enova SF 100 % Electronic Chart Centre AS 100 % Statnett SF 100 % Entra Eiendom AS 100 % Statoil ASA 70.9 % Flytoget AS 100 % Innovasjon Norge 100 % Ministry of Transport and Communications Kings Bay AS 100 % Avinor AS 100 % Mesta AS 100 % BaneService AS 100 % SIVA SF 100 % NSB AS 100 % Statkraft SF 100 % Posten Norge AS 100 % Venturefondet AS 100 % Stor-Oslo Lokaltraﬁkk AS 33.3 % Store Norske Spitsbergen Kulkompani AS 99.9 % Telenor ASA 54.0 % Ministry og Foreign Affairs Kongsberg Gruppen ASA 50.0 % Norfund 100 % Nammo AS 50.0 % Norsk Hydro ASA 43.8 % Cermaq ASA 43.5 % Yara International ASA 36.2 % DnB NOR ASA 34.0 % Eksportﬁnans ASA 15.0 % SAS AB 14.3 %

THE STATE’S OWNERSHIP REPORT 2006 33 R E N W O

N A

S A The administration of State ownership E T A T

S is being developed and reformed

Several countries have a large State-owned portfolio of commercial companies. Within the OECD, there has been a particular focus on the work of privatisation, which has for many countries been important as part of the process of improving their budget balance. Gradually, this work has also included strengthening the State’s administration of such ownership interests, and within the OECD a working group has prepared a set of guidelines for good corporate governance of State-owned companies. This group has consisted of civil servants from most OECD countries who have wide experience of administering State ownership interests. Norway has been represented by the Ministry of Trade and Industry. Meetings have been held with colleagues from similar ﬁelds in many countries that were not members of the OECD. Some international conferences and seminars relating to this ﬁeld have also been held.

A considerable portfolio of commercial companies has been been organised in accordance with normal company law, like a matter of course for a number of East European States as equivalent private companies, but this has been the excep- a consequence of nationalisation and developments follo- tion rather than the rule. Many countries have their own wing the Second World War. However, there has also been a legislation for State-owned companies, and also often sepa- strong State sector in a number of other European countries, rate laws for each individual company. Combined with the including the Nordic ones, among other things as a result of fact that the employees of such companies have often had industrial expansion after the war. Infrastructure operations, the same status – including salaries, pensions and other such as postal, telephone, railway, energy production and terms – as civil servants, this has been a type of company supply services, have also often been State-owned. The that it is difficult to restructure and make more efficient. privatisation of such State ownership interests has long been These are often companies that also have their own financial regarded as a priority issue to be raised within the OECD; and result reporting systems, and in which the systems both in order to improve the efficiency of these operations need to be considerably reorganised and upgraded in order and because an economically significant reduction in share- to improve the companies’ operations. At times, the holdings became important in order to improve the coun- company auditing work has been defective. There is tries’ budget balances. normally also a statutory provision that such companies In the early 1990s, the OECD appointed a working group cannot go into liquidation. to look into the privatisation of State-owned companies. The working group’s advice has been to try to simplify Several countries, especially the Nordic ones, gradually the company’s legal status and reform the way it operates, stated that they did not see it as necessary to privatise all with the aim of creating a company that can to a greater State-owned business operations. These were an important degree be compared with corresponding private companies. part of these countries’ industries. Economic and national This is important in order to achieve unambiguous results considerations indicated that the State should keep conside- and set targets for the State-owned companies and in order rable ownership interests in such companies. The working to be able to compare them with corresponding private group’s operations were thus extended as from 1999 to also companies. These are often companies that operate in the include good corporate governance of State-owned compa- same sectors as private companies, and here it has also nies. Work was started to produce a set of guidelines for been important to create a level playing field. It has been administration in this field, and this work was completed in proven that measures related to the organisation of compa- the spring of 2005. nies and their management and the improvement of finan- State-owned business operations have in many coun- cial reporting also often contribute to improved results for tries had an unclear legal status and corporate structure, these companies and make circumstances more secure for and there has been a need for reforms and a better struc- the employees. ture. In some countries, the State ownership interests have

THE STATE’S OWNERSHIP REPORT 2006 34 R E N W O

N A

S A

E T A T S

It has been important to create a greater understanding sense of responsibility. This naturally also creates problems of the State’s various roles – as a political authority, a control for the State unit that is administering the State ownership. body and the owner and manager of companies. There has Several countries need to formulate a clearer ownership been a lot to deal with here. In many countries, several of policy. An important element of this is to strengthen the the State-owned companies are regarded as a strategic, State in its role as the owner and administrator of commer- integral part of the State’s operations. It is considered self- cial companies. Some countries have a centralised evident that the ministries are to play an active role in their ownership function, while in others the ownership is exer- management, including in commercial issues. Such conside- cised by several ministries. However, it is necessary for the rations are naturally strengthened if the company is making State ownership to be carried out professionally and predic- a loss and is dependent on regular State subsidies. tably and in accordance with guidelines that are known and It is often stipulated by law and/or fixed practice that with which compliance can be verified. The working group such State-owned companies are to have State employees has recommended the creation of a clearly identifiable on their boards, often from all the ministries involved: the ownership unit, which may possibly also coordinate other professional ministry concerned, the Ministry of Finance and ministries that have ownership functions. Part of this work the Ministry of Economy. In some countries, directors who will include the publication of regular reports on the compa- are representatives of the ministries hold separate meetings nies owned by the State, their operations and their results. It in advance in order to agree what they are to vote in favour is also important to create a good structure for the process of at the board meeting. In other countries, a State represen- relating to the appointment of directors. tative cannot vote on a board matter without the written A clearly identified State ownership policy will in time instructions of the ministry. It is often regarded as important increase the value of the State’s share portfolio. Openness that a leading politician is the chairman of the company’s combined with respect for minority shareholders can create board. a basis for part-privatisation with the assistance of national The need to get independent directors into State-owned and international investors, for example combined with a companies is not rejected but it is nonetheless clear that listing on a stock exchange which may also be positive for some people in many countries’ ministries do not look many State-owned companies. forward to such a trend and work to oppose it. The reasons An underlying area of tension that has been noticeable stated for this strong state representation on boards are in in many countries relates to the relationship between various part the need to have control and obtain information, and in political groups’ views on the State-owned companies’ part the lack of qualified independent directors in the country operations and what can be called a more professional, in question. business-economics approach taken by civil servants. Natu- This discussion also became part of the work of strengt- rally, many State-owned companies must have sectoral or hening the board’s role in State-owned companies. The regional policy objectives, but these should then be clearly working group believes that a strong, independent board is stated in the objects clause of the company’s articles of important for creating efficient, businesslike companies. The association. In some cases, it will also be preferable for board must be able to lead the company with expertise and companies to be compensated for their public tasks in the integrity and be responsible for its results. A key part of the national budget. board’s authority must also be the appointment of the chief In this context it also cannot be denied that in some executive officer, agreeing on this person’s terms and, if countries State-owned companies have been a source of necessary, dismissing this person. In several countries, it is financing for political leaders or parties, so that a reform of the ministry, or in some cases the republic’s president, that the management model and greater transparency regarding appoints the company’s chief executive officer. This creates their operations and results may help to reduce corruption, uncertainty regarding the board’s role and may reduce its camaraderie and other negative financial cultures. The

THE STATE’S OWNERSHIP REPORT 2006 35 R E N W O

N A

S A

E T A T S

working group actually believes that the work of reforming As previously mentioned, the working group presented State-owned companies may also lead to more democratic recommended guidelines for the administration of State- developments in some countries. owned companies in the spring of 2005 and these were The Nordic countries on the whole comply with identical approved by the OECD’s supreme body. The guidelines have principles for managing enterprises in which the State is an been received with positive interest in many countries. The owner, and form in many ways a reference centre in this group is now aiming to disseminate knowledge of these field. We can state our views on this field based on our guidelines and discuss them within the OECD countries. experience and systems. The work in the group has provided There are also some countries that are not a member of a unique opportunity to monitor State ownership policies and OECD but which have an important State-owned business how owners are organised within the OECD and, later on, in sector and are interested in raising and discussing this several non-member countries. Participation has created issue. There are groups working on corporate governance useful contact between State ownership environments in questions in Russia, Asia and Latin America, as well as in various countries and provided insight which also allows us North Africa/the Middle East. Some of the working group’s in Norway to better evaluate the way in which we administer members have already attended seminars at which matters our ownership. It is worth noting that representatives of the relating to the administration of State ownership in various EU, IMF and World Bank, as well as the OECD’s advisory parts of the world have been discussed. Private organisa- bodies relating to trade unions and employers, have tions have also been established to work on these issues. attended several of the working group’s meetings and The World Bank uses the recommended guidelines as contributed useful experiences, well-considered views and a guides in countries in which it has invested. lot of expertise. The work programme for 2007-2008 entails following In Norway, we have on many occasions particularly up the guidelines by especially discussing measures that pointed out our long experience of having a statutory right may improve the results of State-owned companies, giving for the employees to elect directors; not only in State-owned the companies better directors, and creating greater trans- but also in private Norwegian limited companies. We have parency and better information on State-owned companies’ stated that this is a scheme which most people believe has administration and operations. been very positive for the board’s work and for the development of good cooperation between the management and This article is written by Morten M employees of the companies. We have also urged diversity Kallevig, Assistant Director General on the board; ie, a greater number of female directors. This of the Ministry of Trade and has been a fixed rule in Norwegian companies in which the Industry and a member of the State is involved for a long time, and a corresponding rule OECD Working Group on Corporate has now been introduced for public limited companies. Governance of State-owned Enter- Despite the fact that both employee-elected directors and a prises John Lerskau oto: greater number of female directors have produced positive F experiences in Norway and strengthened the boards’ insight The content of this article do not and varied expertise, it is unfortunately probably difficult to necessarily represent the view of obtain general support for this in most other countries. the Norwegian Ministry of Trade and Industry

THE STATE’S OWNERSHIP REPORT 2006 36 TICLE AR Directors’ independence – should the TERNAL

EX norwegian model be changed?

The number of independent directors seems to be increasing in Norway and abroad, but is this having the desired effect? Why have these independent board members not managed to limit senior executives’ option gains, protect minority interests from attacks by majority shareholders and improve the companies’ results as the shareholders expect? Are the new corporate governance norms any use at all for businesses or is this something politicians and researchers focus on for their own sake? Why does it take so long for the boards in the listed companies to live up to the norms for good corporate governance? Is it because they listen to the researchers? Would they have implemented anything at all if the Oslo Stock Exchange did not have demanded it? In this article, I will take a closer look at directors’ independence in norms, research and practice in Norway and some other countries. Who is independent? Can we rely on the director really being as independent as the directors’ report states? What is required of an independent director? Is it enough that the board is ﬁlled up by independent directors? What is the situation in other countries? What distinguishes the Norwegian model from most foreign ones?

Industry’s voluntary norms are subject to pressure For some, this is about recapturing power as an owner by Industry’s own voluntary corporate governance norms, referred balancing the power better between the owners, board and to internationally as good corporate governance (CG), are being management. For others, the objective of good CG is to challenged from two sides. Lawyers and politicians are driving enhance the efficiency of decision-making processes and forces to turn the norms’ recommendations into new Acts and create the best possible value creation for the shareholders. regulations, while researchers are struggling to find out what For others again, the needs of the companies’ interest groups influences and does not influence changes in shareholder value. and society’s need for clear rules are the driving force when Companies’ boards and managers are reluctant to comply with new recommendations regarding the work and composition of the new voluntary norms that have been developed in Norway boards of directors are tabled. My motive for taking part in the by nine business organisations. Naturally, they are asking development of the Norwegian Code of Practice for Corporate themselves: is this necessary? Is it useful? Some researchers Governance has been my desire for the players to have a reply that the norms for good CG are based on beliefs, with no more conscious attitude to what is desirable and what is empirical basis or academic analysis, and are therefore of no unacceptable conduct in the Norwegian capital market. Not value to industry. Politicians are getting impatient over the everything that is lawful is a clever thing to do if you want to boards not dealing with situations may violating good corporate maintain society’s confidence in you. governance, and reacting with making new laws. Two factors in particular have influenced the work of developing better CG. International norms and recommendations • One is the Internet’s importance for spreading real-time A lot of the constantly increasing focus on good CG is due to information on a company’s actions, developments and a few companies’ undesirable conduct. Hostile takeovers results to all its shareholders. The volume of information financed by junk bonds in the 1980s, fat salary packages in has also increased in more traditional channels, with the 1990s, and bankruptcies due to criminal acts after the segment reporting and a much greater degree of open- millennium weakened people’s faith in the capital markets ness. In 1950, an average annual report in the USA and led to other players in industry and politicians reacting. (Form 10-K) for a major company was 16 pages long, The subsequent investigation reports and analyses have while in 2000 it contained around 126 pages. regularly given politicians, institutional fund managers, • The other is the growth of professional owners in the academics, managers and directors with an interest in form of institutional investors and their considerable society new motivation to put forward proposals regarding increase in and use of their power as owners. This trend ways in which listed companies, in particular, should be is illustrated below. managed and controlled.

THE STATE’S OWNERSHIP REPORT 2006 37 TICLE AR

TERNAL EX

Both these factors have led to increased demands for period, that problem will be over. However, it is unfortunate greater openness and for the same information to be that industry, boards, managers, authorities and unions did not provided to the players in the market. They have also at a far earlier stage make conditions more suitable so that affected how issues are dealt with in boardrooms. more women actually want to become senior executives in industry, as is the case in politics. Now they have to be The legislature’s role assigned a quota. This will lead to some of them displacing A lawyer friend of mine believes that the Norwegian Code of other, more experienced, expertise. Practice for Corporate Governance should have been submitted to the Norwegian parliament and adopted as an The same political moves will be seen in other areas that are Act. On a more serious note, there are driving forces in many currently voluntary norms in the Norwegian Code of Practice countries for making the voluntary norms into regulations for Corporate Governance unless the chairmen of compa- and Acts. One benefit of this may be clearer boundaries nies’ boards start to make efforts to implement the Code of between what is permitted and not permitted. The drawback Practice in their own companies. is that some players may act in a way that is very close to the defined outer limits. Politicians, and not business itself, Researchers are struggling to get the real value of would set the boundaries. The players’ own norms for good corporate governance sensible conduct would be irrelevant. The market’s attitudes Researchers are struggling to find out which norms for good to what is good business practice and value-creating CG CG can be said to give shareholders a better increase in may be reduced to the question of what is legal and illegal. value over time. That is perhaps not so strange when they The framework for industry would in such case become have to compare quantitative sizes relating to the size of the narrower than it is at present. board, gender distribution, number of independent members, etc, against the company’s profits and/or share The initiatives to improve roles played by the owners, board and price developments from outside the boardroom. The results management through voluntary norms adapted to local condi- so far are roughly that small boards (6-9 directors) make tions may be taken over by the legislature - with good reason. better decisions than large ones (15+ directors), while Scandals due to a lack of control, information, crime or stupidity boards with independent directors, women, employees and in relation to immoderate remuneration make politicians world- owners have not been shown to achieve better results – wide impatient. It is enough to mention the costly measures for rather the contrary. Very few studies have so far looked at listed companies that Messrs Sarbanes and Oxley have what takes place inside the boardroom. managed to implement in the USA over the past few years. After more than 30 years in various boardrooms, I have This worries me as a practitioner. In Norway, the new rule that observed different chairmen, directors and their interaction 40% of a large company’s directors must be women is an as a team in “good and bad cases”. So I have great under- understandable political reaction to the fact that industry has standing for the fact that researchers are having difficulty reacted too late to society’s signals. More rules may be imple- finding out which composition or management system mented unless the boards themselves more or less immedia- produces the best results over time. The hierarchical group tely stop the growth in the overall remuneration to the top processes that take place in a boardroom are, in my opinion, executives of our largest banks and industrial companies. Now more crucial to the outcome of an issue than the number of that the Act relating to female representation on boards is one thing or the other. coming into force, there are still relatively few women with experience of leading positions and/or of sitting on the board The division of roles between the chairman and CEO, the of major companies to choose among. Following a transitional complexity of the company’s situation and the issues

THE STATE’S OWNERSHIP REPORT 2006 38 TICLE AR

TERNAL EX

enough. This does not determine whether a director will

12,000.0 80.0% oppose a doubtful board resolution in a particular case.

70.0% Expertise, experience and sufﬁcient conﬁdence to state and 10,000.0 Total Value of Institutional Ownership 60.0% win support for one’s objections can be just as important. 8,000.0 50.0% This can lead to the rest of the board obtaining the counter-

6,000.0 40.0% arguments they need to reverse their decision in time. Board

30.0% work is not only about numbers and quotas, it is also about 4,000.0 20.0% putting together a competent team that can understand both 2,000.0 Institutional Share of US Market Cap 10.0% the perspective and details of the issues they are to discuss. 0.0% 5 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 199 2000 It takes a long time to become a good, valuable director. One must understand the company’s operations and situation in (source: ECGI Law Working Paper No. 74/2006) order to make a valuable contribution. In the hunt for independent directors, one must in my opinion always demand presented to the board, the relationship of trust between the sufficient expertise and experience. A board must be owners, board and management, the mutual respect for adapted to fit the company’s actual situation and needs. each other’s roles and expertise, the willingness to listen with an ability to find constructive, better solutions together, Independence also has a personal dimension. How important the chairman’s ability to lead the debate and draw conclu- is this directorship for the individual. Is it a “position” in itself, sions, etc, are in my opinion of far greater importance to the or does this director have his/her own position? Will this decisions and results. director follow power or his/her conviction if the price to be paid is the loss of a valuable position? The board’s composition and independence In the 1950s, it was not uncommon in many countries for a The most valuable directors I have met have themselves had board of directors to be made up of people from the company’s operations management experience from companies of a management, banking connection, legal advisers and some certain size in industries that are subject to competition. They other people the management had appointed. Today, the relati- have worn those shoes and can – usually far better than onships are not as close. Many of the codes of practice I have others – contribute their own experiences and advice to the read are characterised by a desire to have more control over the boardroom situation in question. An understanding of business management. The answer to how to achieve better control over is important. What advice and guidance do the management acquisition situations, avoid high executive salaries, protect need in order to do a better job. The control side is also impor- minority interests against attacks from majority shareholders tant, but this can be better taken care of by auditors and and make information from the company more accessible is internal controls systems. The board should instead make use usually more independent directors. of specialist professional expertise as required.

I believe the need for independent directors depends on the Control of directors’ independence situation. In an association, it is the members themselves The many different countries’ voluntary CG codes of that decide. The statutes regulate authorisations and the practice have in common the fact that they ask companies’ election process. Companies with a widespread ownership boards to state which directors are counted as being inde- structure and large shareholders on the board should have pendent of the company’s management and (often) major independent directors that are able to safeguard the minority shareholders. A research study conducted in March 2006 interests. Their individual independence is, however, not (Santella, Paone and Drago) of 284 directors of 40 Italian

THE STATE’S OWNERSHIP REPORT 2006 39 TICLE AR

TERNAL EX

Classiﬁcation of directors’ independence

2003 2007 Japan 3 % 8 % Tyrkia, Syd Korea, Taiwan, Hellas, Tsjekoslovakia, Fillipinene, Russland, Argentina, Brazil, Kina, Hong Kong 18 – 36% Portugal 27% 39% Poland, Thailand 40% Spania 35% 43% Tyskland 44% 44% Danmark, Egypt, Østerrike, Ungarn, Singapore, India 46-52% Frankrike 44% 52% SydAfrika 52% Sverige 52% 52% Chile, Mexico, Peru, Belgia, Irland, Venezuela, New Zealand 52-58% UK 51% 58% Colombia, Malaysia 58-59% Italia 28% 66% Norge 66% Australia 60% 67% Canada 76% 71% Sveits 70% 73% Israel 73% USA 69% 74% Finland 73% 76% Jordan 82% Nederland 62% 86% Indonesia 91%

listed companies who had declared themselves to be inde- The researchers claim that information on each director pendent in 2003 shows that such self-declarations may be must improve if the directors’ self-declaration that they are rather doubtful. A comparison with the local Preda Code independent is to be verifiable by third parties. They believe and the EU’s international recommendations in this area (EC it should be a task for the stock exchange to demand and Recommendations 2005) shows that only 58% of the direc- check such information. I believe such a quantitative practice tors comply with Preda’s five criteria and 52% meet the may be costly and not add any particular value for investors. EU’s 11 criteria. Based on the information provided, the researchers could only state with certainty that five out of Classification of directors’ independence the 284 directors met all five criteria for independence New services have appeared for international investors. For stated in the Preda Code while 18 met four out of the five example, criteria. Only four satisfied the EU’s 11 criteria for director GovernanceMetrics International (GMI) was established in independence. 2000. In cooperation with institutional investors, directors,

THE STATE’S OWNERSHIP REPORT 2006 40 TICLE AR

TERNAL EX

managers and CG specialists, GMI has developed a tool for results or have a justifiable cost/benefit ratio. However, it will measuring whether companies meet its definitions of good CG take place. irrespective of country or local norms. Its reports are claimed to provide an independent evaluation of these factors. What is the difference between the Norwegian and international norms? Directors’ independence is measured according to an exten- In Norway, we were lucky enough to create 3-4 good ideas sive definition based on statutory requirements and voluntary that were widely supported by industry. With good help from norms in many countries. I include the following as an illus- the ministries, the work of preparing a common national tration of how comprehensive the external, quantitative norm became part of a good consensus process. With nine control of such factors seems to be: active organisations at the forefront and numerous constructive anchoring points behind, the Norwegian Code of GMI believes directors are only completely independent if Practice for Corporate Governance was presented in January they do not have any relationships with the company other 2003. Later, the workgroup has been changed to the Norwe- than their directorship and director’s fee. The objective is to gian Corporate Governance Board (NUES) (see www.nues. measure degrees of independence and inform investors no), which annually monitors and renews the national norms about this. The analysis is of each director and all board in accordance with developments in the legislation, the committees. GMI’s classification is shown in the box (figure capital markets’ views and other trends in society. 2) – refer to the annex. The list is extensive and intended to be quantitatively measurable. I assume that Norwegian I believe the Norwegian model is different from most other managers will ask GMI to adjust the amounts stated to suit European norms in one important area. Independence. In their local circumstances in each country. Based on these some fundamentally important points in the Norwegian Code criteria, GMI states that the share of independent directors in of Practice, there is a requirement of an independent division selected companies in selected countries varies as follows: of roles when important decisions are to be made. Practical With the exception of Canada, where the figures show a experience indicates that the decisions will in such case be reversal, and Germany and Sweden, where the figures are better. Below are a few examples: standing still, comparable figures from 2003 show that the trend is in the direction of more and more directors who are In Norway, it is recommended that the general meeting itself independent according to GMI’s definitions. Norway scores appoints its independent nomination committee, which is to satisfactorily high on this list. We are only surpassed in the contain people that are not themselves candidates for the Nordic region by Finland, which was right at the top even in posts that are up for election. It is easier to replace the 2003. I would think that countries and companies with less chairman of the board and other directors with others that than a 50% share of independent directors will be more have better, more suitable expertise if the board is not itself carefully assessed on the basis of other CG criteria and their responsible for appointing the nomination committee and/or transactions by vigilant portfolio managers and analysts. A does not appoint people to this as is common in many coun- weakness of such international surveys is that they are not tries. After all, it is rare for a chairman of a board or a adapted to the local markets’ company sizes, legislation or member of a nomination committee to propose that he/she CG norms. If such surveys and future research reports are to should resign from an important position. have any opportunity to converge in their perception of reality, the information on a number of detailed factors rela- In Norway, as perhaps the only country, it is recommended ting to directors must be made known to the general public that the board’s evaluation of its own work is to be sent to an in a quite different and more extensive manner than they are independent nomination committee for assessment and a at present. I am very doubtful that this will produce better decision on measures. With such an “external” recipient with

THE STATE’S OWNERSHIP REPORT 2006 41 TICLE AR

TERNAL EX

the power to make changes, the directors will naturally be rate culture and the new CEO is always recruited from within more attentive to their duties than otherwise. the company. Again, it is important to take a practical approach. In Norway, we have many examples of the fact that general meetings should be chaired by an independent person, not Several norms allow for directors to receive profit-based the chairman of the board. The fundamental basic view of remuneration. The hypothesis is that this will give the board this is that good procedural work necessitates distin- and owners the same financial interests. I believe considera- guishing between the submitter of a proposal and the deci- tions relating to independent monitoring and control of the sion maker. The same person/body should not submit the accounts and the company’s performance mean that the proposal, chair the debate and draw the conclusions on a board should not have such incentives. matter. Independent professional expertise on the board auditing and The same ideas form the basis for the recommendation that compensation committees is important to ensure a more all boards should have a vice chairman that can ensure the thorough treatment and independent assessment for the board will deal impartially with cases if the chairman of the board as a whole. Nonetheless, we still see many cases of board joins the management in important negotiations unnecessarily large salary increases and generous options regarding a merger or acquisition. My own observations in packages far in excess of that which is obviously necessary the boardroom have supported my view that an independent for skilled executives to remain in their jobs and be motivated meeting chairman leads to better discussions, more objec- to work for the company’s best. Where were the independent tions being raised, better decisions and less of a risk of directors that were supposed to prevent this? Did they have an losing assets and positions. Perhaps every board meeting opportunity, due to their independence, to better understand should appoint a devil’s advocate so that the same director that the share prices could actually reach such a high level? I does not have to assume this role every time? think more knowledge of options schemes and a clearer board attitude to setting a limit on profit-based pay would have been For the same fundamental reason, the CEO should not be a of greater help. member of the board and must naturally not be the chairman of the board: however, such schemes in other countries seem For me, it is more important that companies have a good to provide the same yield for shareholders as our and other system for dealing with issues independently in the case of countries’ bipartite management model. There is a larger elections and in the relationship between the board and number of independent directors on such boards, but this has management than it is to stipulate measurable demands rela- thus no proven effect. ting to the directors’ independence from the company, management, shareholders and suppliers. I am not a supporter of the OECD’s thesis that the CEO should not take over as the chairman of a company’s board. Many What more remains? countries have included this in their norms. Although such a The Norwegian model still has weaknesses. Our mandatory chairman of the board is not defined as being independent in corporate assembly is an excellent body for improving any norm, the requirement of an independent chairman of the contact and cooperation between owners and employees. board is also not a prominent one anywhere. Some of the best However, it should be deprived of its responsibility for companies I know in the banking/finance and manufacturing choosing the board. Proposals regarding candidates for the fields in the Nordic region have had a tradition for decades of board should be submitted directly to the company’s the CEO being promoted to the chairman of the board – and owners at the general meeting and directors should be with good results. Such companies also have a strong corpo- elected there.

THE STATE’S OWNERSHIP REPORT 2006 42 TICLE AR

TERNAL EX

The indirect choice of directors, a closed process in the corpo- believes the company’s internal business is his or her domain. rate assembly, which is often rather randomly composed and The board is responsible for managing the company’s has no personal responsibility or risk, has in practice not led to resources. An expertise committee will be able to increase the many replacements of directors or in the corporate assemblies board’s insight and the company’s ability to achieve better themselves. I believe it is about time to change this and allow results. the shareholders, including the minority interests who do not normally get a place in the corporate assembly, to reassume Conclusion their right to choose the company’s most important body – The Norwegian Code of Practice for Corporate Governance has directly. attracted the attention of the largest listed companies. No one knows how much attention it would have received without the In this era of general shortages of professional expertise, it Oslo Stock Exchange’s “comply or explain” principle. How strict may once more be time to propose that the companies’ will the stock exchanges be in the future regarding to those of boards establish an expertise committee. Such a committee their companies not following or having insufficient explanations was proposed in 2002 by the Norwegian Society of Financial why they are not following the norms? After the privatisation of Analyst’s CG committee. At that time, the proposal was too the stock exchanges, corporate governance also has made premature to be included in the national Code of Practice. One impact on these institutions. If the implementation of good of the main tasks for an expertise committee is to ensure that corporate governance is supposed to have any real effects, the the company has sufficient expertise and managerial capacity. investors and board members, as well as the whole business The company should have several qualified internal candi- sector, have to react more strongly against companies violating dates ready to take over if the CEO or other important execu- good corporate governance. I have no doubt that the compa- tives or key personnel leaves. Often, in practice, it is found that nies’ owners, boards and managements will achieve better there are no internal candidates to take over after so-called results and enjoy greater confidence if they place emphasis on strong leaders. Could it be that these have been “cowboy complying with these recommendations, which nine Norwegian managers”? “This company is not big enough for both of us”? organisations have prepared and more have been involved in. It Such a board committee should also maintain an overview of is important that all the listed companies now give priority to the company’s human resources and how the management complying with the recommendations in practice, and thus avoid administers these. The committee should consist of 2-3 inde- negative articles in the media. Such compliance must also be pendent directors with organisational and management exper- achieved quickly – before politicians once more lose patience tise. It should prepare clear principles governing the and submit new draft legislation to tighten up this field. In addi- company’s recruitment policy based on the company’s need tion, boardrooms should be made more accessible to resear- for expertise, operations and competition circumstances, and chers. We would all benefit from more knowledge about what it should monitor the company’s recruitment, dismissals/resig- happens in the boardroom. nations, sickness absence rate, etc. The expertise committee should ensure that the company has a good physical working This article is written by Ludvik Sandnes, environment, a positive atmosphere and first-rate internal partner in Rokade AS and co-founder collaboration, since this increases the company’s ability to and member of the Norwegian Corpo- create value. Control measures should also be established to rate Governance Board. ensure that the board is made aware of and can implement The content of this article do not measures that resolve internal conflicts resulting from vague necessarily represent the view of divisions of responsibility or personal conflicts. Many compa- the Norwegian Ministry of Trade and nies suffer from a fuzzy organisation, weak management, Industry internal conflicts and low levels of efficiency, while the CEO

THE STATE’S OWNERSHIP REPORT 2006 43 TICLE AR

TERNAL EX

GMI’s criteria for independence

(This table may be abbreviated or put into a separate box. It illustrates what is required of details and information if measuring independence is given too great emphasis)

A director is not independent if he/she

1. has been employed by the company during the past five years (apart from an independent director that has agreed to be employed temporarily, for example as an interim executive for less than one year). 2. owns 10% of the shares or is employed by such a shareholder group that also has business connections, etc, with the company. A representative of a 10% (or larger) shareholder without any links other than its investment in the company is defined as independent. 3. is an employee or director of a subsidiary in which the parent company has more than 10% of the votes (apart from a director of a holding company who is also an independent director of a wholly owned subsidiary). 4. has been employed during the past five years by an acquired company or a company that has been merged with the company and which comprised more than 50% of the new company’s revenues or assets at the time of the merger. 5. provides personal or professional advice to the company or its management for more than USD 120.000 per annum. 6. has during the past three years been an owner, partner, employee or paid adviser of a firm that provides services (legal, accounting, auditing, insurance, banking, IT or other consulting activities) to the company or management for more than USD 120.000 per annum. 7. is an owner, partner or employee of or paid adviser to a firm that has sold goods or services for more than 1% of its own revenue. GMI also assesses directors that have similar relationships with the company’s customers, but such relationships are regarded as being less problematical than they are for suppliers. 8. has been employed during the past three years by a firm where one of the employees of the company in question is a director (cross relationship). 9. is one of the company’s founders, irrespective or his/her present relationship with or ownership of the company. 10. has during the past five years been employed by or some other representative of a previous parent company, irrespective of the current ownership or link. 11. has been nominated by an owner that has more than 5% of the voting rights or is represented in the management. 12. is a “non-executive” chairman of the board who receives cash remuneration of more than either 1) 50% of the salary and bonus paid to one of the company’s executives or 2) more than five times that paid to other directors. 13. is employed by a company that is owned or managed by another independent director or member of the management. 14. is related to any of the abovementioned.

Other circumstances and transactions that are known are also taken into consideration.

THE STATE’S OWNERSHIP REPORT 2006 44 TICLE AR

TERNAL

EX Mesta shows the way

After 180 years of operations in road construction and management, the production division of the Norwegian Public Roads Administration was de-merged and exposed to market competition on 1 January 2003. This policy decision led to the establishment of Mesta, Norway’s largest roads contractor. In addition to building and maintaining most of Norway’s road network, the company has given the country more road for its money by reducing costs by about NOK 1 billion annually.

Mesta is wholly-owned by the Norwegian Ministry of Trade the company’s own capital, and this was taken into account in and Industry, and was established as a result of the second the opening balance when the company was established. Bondevik Government’s programme for improving efficiency in In addition, the Storting voted to allocate NOK 1.468 million to and restructuring of the public sector. the company in 2003-2005 to cover Mesta’s expenses related Parallel with the establishment of Mesta, the activities of the to early retirement, retention of the special retirement age for Norwegian Public Roads Administration related to the operation, certain professions, and the pension scheme in the Norwegian maintenance and expansion of the road network were exposed Public Service Pension Fund. The restructuring funds are to competition on the open market, a move that was expected intended to compensate for expenses arising from the agre- to yield more road for the money. From day one Mesta had to ement negotiated between the labour organisations and the compete for new contracts for road construction and surfacing. Ministry of Transport and Communication with a view to facili- Contracts involving operation and maintenance were exposed to tating a well-managed staff reduction process. The funds are competition over a four-year period, and during 2006 all these earmarked as an extraordinary expenditure not normally part contracts had to compete on the open market. of the establishment of a company. Mesta has achieved better results than anticipated. The need Staff adjustments for restructuring funds was reduced to NOK 1.2 billion. Mesta The production division of the Norwegian Public Roads Admi- has not been allocated more than the NOK 994 million nistration had about 5.000 employees when Mesta was earmarked for restructuring. This means that the remaining established. To strengthen the builder-owner function in the restructuring costs of over NOK 200 million must be covered Norwegian Public Roads Administration, 250 of these by the company’s own capital. employees remained in that organisation, leaving Mesta with The first phase of restructuring has now been completed. The 4.750 employees at its start-up. To increase Mesta’s ability to initial years have been dedicated to defining goals, directions compete on the open market, the Storting and the Govern- and objectives. Efforts have been targeted at developing stra- ment directed Mesta to implement efficiency measures and tegic awareness and customer orientation, fostering confi- reduce its staff. It was uncertain how many employees needed dence and the desire to succeed, and reorganising contractors to be cut, and one estimate put the number at 1.500 and subcontractors. employees. Initial plans called for Mesta to complete the A staff reduction has been implemented, and the company restructuring within a three-year period. had 3.300 employees at the start of 2007. In addition to It was important that the employees whose positions were elimi- adjusting the staff size to the market, the restructuring process nated received fair treatment and that their rights were required the company to enter new markets, cooperate across respected. The staff reduction presented enormous challenges areas of activity, establish a common value platform and new and incurred substantial costs for the company. In response, the company implemented a number of measures. Emphasis was placed on ensuring that as many employees as possible who left the company did so voluntarily. Measures such as severance pay, termination packages and retraining would be covered by

THE STATE’S OWNERSHIP REPORT 2006 45 TICLE AR

TERNAL EX

production methods, enhance expertise, merge districts and Mesta is a values-driven company with a special focus on exploit economies of scale. ethics and external environment. The company is developed, operated and governed according to the company values of Focus on roads focus, willingness to change, overall responsibility and The establishment of Mesta as a company subject to market honesty. These values are used as practical tools and mental competition represented a rapid dismantling of the state checklists on a daily basis. The company’s vision, values and monopoly. Just 13 months following the Storting’s decision to ethical guidelines apply to everyone in the company, regard- expose the production activity in the Norwegian Public Roads less of function, level or geographic location. After the exten- Administration to competition, the decision was implemented. sive efforts to incorporate these values into the company took The transition from a public administration organisation to a hold, over 90 per cent of the employees today say that these profit-oriented business, which occurred over night, placed values are used and lived out every single day. Mesta has extremely high demands on the pace of decision-making and defined these values as the very cornerstone of all its business the ability to implement the plans. and personnel-related activities in Mesta. From the outset, Mesta determined that the company’s stra- The company has committed substantial resources to reducing tegy would focus on roads. The company’s business concept the number of injuries. Working with and on roads entails a high is to be a turnkey supplier of safe roads. The Norwegian Public risk of injury, and initially the company experienced a large Roads Administration is Mesta’s largest customer, but Mesta number of injuries. In the past year, this number has dropped has established a position in new markets as well. The dramatically – by almost 70 per cent in the course of 2006. company carries out construction and maintenance assign- As a large, machinery-based company, Mesta has made a ments for national, municipal and private customers. The conscious decision to take responsibility for the burden it company is Norway’s largest roads contractor – a local places on the environment. The objective of Mesta’s environ- contractor with a presence throughout the country. Mesta is mental efforts is to produce positive environmental effects and organised as a company with four areas of activity: benefits for customers and society, as well as for the Construction, Operations, Surfacing, and Electro. company. It is an internal company objective to demonstrate In Mesta’s four years as a commercial contractor, the that effective environmental efforts result in good profitability. company has shown significant positive development. Mesta Key focus areas include the implementation of an environ- has made great strides in its restructuring efforts and has mental strategy, the enhancement of expertise, and the use of already managed to become the strongest brand name in the new environmental technology. industry and a recognised contractor with a foothold in a Mesta continues to face challenges. Efforts are ongoing to growing number of markets. improve profitability and buying power. Nonetheless, the To ensure that Mesta remains competitive and is able to adapt company’s long-term prognosis is excellent, and the market is to market conditions, the restructuring efforts have been very good – and will remain so in the foreseeable future. implemented at a rapid pace. Power and authority have been positioned in the operational segment closest to the customer. Precise systems of measurement have been introduced, and investments have been made in new machinery inventory. Four years after its establishment, Mesta is characterised by optimism about the future and a strong internal company culture. Based on expectations, the financial results have been satisfactory, the number of injuries has been reduced considerably, absence due to illness is low, and morale is high.

THE STATE’S OWNERSHIP REPORT 2006 46 TICLE AR

TERNAL EX

Industrialisation The management is also undergoing a maturation process. All Although Mesta has shown satisfactory results in the initial managers in Mesta have participated in development years, which coincides with expectations, goals for the programmes and will continue to hone their skills so that they company have been set even higher. On this basis the become more adept at filling their roles as administrators, company has begun extensive efforts to industrialise its strategists and developers. Employees of Mesta are required contracting activity through Mesta’s production system. to show advancement in their professional development. A review of work processes has shown that up to 85 per cent The contracting industry is characterised by a shortage of of all operations are so similar that they can be standardised. management resources and, consequently, by tough competi- This standardisation is the most central element in Mesta’s tion for skilled managers and industry experts. For each production system. The purpose of the system is not to project manager Mesta recruits, the company is able to perform more work or at a faster pace, but to work smarter employ approximately five to ten professional and construction through better planning and an overview of all aspects of the workers. Successful recruitment is therefore necessary for operations. The objective is improved profitability, productivity continued growth. and employee morale.

This article is written by CEO in Mesta AS, Kyrre Olaf johansen, and the content do not necessarily represent the view of the Norwegian Ministry of Trade and Industry

THE STATE’S OWNERSHIP REPORT 2006 47 tkraft SF © Sta

THE STATE’S OWNERSHIP REPORT 2006 48 S E I

N Companies where commercial A P

M operation is one of the objectives O (categories 1-3) C

The State’s ownership interest in the companies where commercial operation is one of the objectives are administered with the aim of maximising the value of the State’s shares and contributing to the good industrial development of these companies. The expected results and return depend on the companies’ risk proﬁles. The companies operate in markets with other commercially oriented players.

CATEGORY 3 – Companies with CATEGORY 1 – Companies with commercial objectives and other commercial objectives specific, defined objectives 50 Argentum Fondsinvesteringer AS 66 BaneTele AS 51 Baneservice AS 67 Electronic Chart Centre AS 52 Eksportfinans ASA 68 Kommunalbanken AS 53 Entra Eiendom AS 69 NSB AS 54 Flytoget AS 70 Posten Norge AS 55 Mesta AS 71 Statkraft SF 56 SAS AB 72 Statskonsult AS 57 Venturefondet AS 73 Store Norske Spitsbergen Kulkompani AS 74 Veterinærmedisinsk oppdragssenter AS 75 Secora AS*

CATEGORY 2 – Companies with * Not included in Report no 13 (2006–2007) to the Storting. commercial objectives and ensuring head ofﬁce functions in Norway 58 Cermaq ASA 59 DnB NOR ASA 60 Kongsberg Gruppen ASA 61 Nammo AS 62 Norsk Hydro ASA 63 Statoil ASA 64 Telenor ASA 65 Yara International ASA

THE STATE’S OWNERSHIP REPORT 2006 49 O D K C B P % offemaleshareholder A Current assets Change T T Dividend pa Return onca T Sta % ofemployeesinNorwa No. Provisions f Ca Financing activities Investment activities Opera Subscribed equity Fixed assetinvestments T Intang Opera A Annual returnonequity Equity ra EBIT EBITDA Minority interests Retained earnings/otherequity Opera Dividend ra T Operating T Ca Current interest-freelia Current interest-bearinglia Long-term lia Equity Provisions f Net financialitems Minority interests T Profit Profit A R T E A I otal %ofwomenontheboard ang ax otal otal otal otal vera vera V H Y pital employed pital contributedb S O L te shareholdinga ofemployees

E A H

F D ible ﬁxedassets F

ge returnonequityoverpast5years ge dividendra R tional activities ting revenues ting costs assets ﬁxed equity liabilities

I ible assets N COMPANIES E before after I T F

C N

tio

I L in U A N E D O Argentum Fondsinvesteringer

I T NO-5835 Bergen A M

tio or dividend or lia R

proﬁt ya F liquid N ,

assets W S E tax pital employed D

O A E bilities D and

T E

ble totheSta L H

tax D

S R N E

E E

L bilities andcharges R

and R M A C

(loss) E liabilities

and assets N G

H A T

tio overpast5years S S

t year

y theSta I O

S N S minority T

N I

bilities

: G minority : O

-elected directors www E P

y N -end C : D

.O. bilities +4755547000

C I R

O Box3965Dreg

U interests

.argentum.no C

N interests T T

R :

Joachim Høegh-Krohn

gen, 99.9 % 100 % 100 % 2 2 2 2 2 2 3 1 971 1 3 338 3 2 650 1 364 3 11 % 10 % 12 % 40 % 40 % 40 % 34 % -133 -226 0 0 0 0 0 0

342 371 103 342 131 366 366 465 338 687 396 131 365 309 389

0 0 0 0 0 0 87 25 56 6 6 6 6 6 6 MNOK 9 1 5 4 4 0 0 0 2 0 0

100 % 100 % 2 2 2 2 2 2 3 3 2 277 3 081 3 2 650 40 % 40 % 17 % 16 % 28 % 99 % -192

0 0 0 0 0 0 114 836 114 175 081 835 130 478 478 430 477 432 500 200 457 -11 -20 0 0 0 0 0 0 33 33 68 45 5 5 5 5 5 9 6 2 0 0 0 0 0 0 0 5 a d T i r F E N r a c F i r A K 1 a E t c A a i m N r m s s m A Marie JoreRitterbergandBjørnarSkjevik. B C f B a c N T P V i ( w A H n n n n A h u o a e e e p e i o n o n i n c

e h q u h e 1 a H O e r r r r i o o e o a n h v n v n n o t n g t a a e t r g g g g l n c e m D r d v d d n i e v r r e u r e

r r r A e e e g A l y l i o s e s d n n n n m i o

t e g a c e e e e e e d w w i c t

t o c

r e c s s c n t e

R v e I ) w m q f E i u

e a a t p ﬁ m h n n n n n e n e l s i f e i t

n R V u t t f

r n t o a a e e a c e n u

s a D u q r b g g e m o e c o i s

n i d c

t t t t

o v

n n i u M t m p l

e g n y r t s t a p u u u u AS

n N n s i i a v

u o l e e r . c e

i ’ u s h f . n e s d

g d t n p v s s e t i h s e o M n t l m m m m

i d i

d T T l m u m m ’ a o o A r o ,

o a t h m e E e i t

s e n s ,

- i e

d n u a a i d H t e

h 2

h c s n E A

r p s a y n r E N d a y a m

Q ’ i

S B c r t p e e

s w t n n E c

s n k i t ’ i r F a e e c e u e 0

c i . M n s s t

d e s h : i e

i n n s N a T a

d d P i ’

v a o o s t a

a e

c S e n v e v 0 c s

i a c n

w a , i b k c i Widar Salbuvik n n n t t e s c

e B

c o r o m P n

l n n T i e h s a d

g n e

, s r u 6 h i h o t i t

o i e A t

v y d 2 s o A e s r a t s n e f

v e d E d f a

u A s i i t a b i a n a s , ﬁ a m t s e p a o a

a e P T t e e n x

n v

s a 0

s c a R s g e s i t s s k i r e

a s n

a E t c t t v s n r r s

c a e h s

t r a t v t

i g

i 0 w

n t e

e p e S c e e s

’ i s n T e e e n t c e m c t

C p e t

r n

c i a n r a S f o A e m i m r ’ h 6 i q

p e

i a

e t s y : o l

d i v o

e d

t s n l n o r i i r o t

a i b u y a l

E r i

t n a . e o s l e n t d u n r c i r e . O

e m s

Knut Borch,

u I e p

n v v

e a

n e p b h a i i e I T q l i E t l

t s n a o

A h w v

n i v s y

W I t e n . e a h s c 1 u I s t n e b

n i m i i s l o a u h

p n u Q e a n

i g t t y t n n i ( g s a t t h s t a l i e N i m s w 1 n s e t

a 2 l t l d

r d o r t e a v

i e s t d i

o P

T d t e t t r n 50 h

E h s n f

y e r o d l t B . e t . e y m

t e y

e n

a c u

p e

s i h 3

n R o i r 5 h c

i p o

e i

o P a t n S

a n V n

s n e r n c i o i s i r

i n o e

h m o S e I

t v o n e

e l s

e r q a g t r m e g V i t a g i v

i o g h

r s p m g p s q m d e o H n a e f e n

n (

e d n g b u y i s r e

l 0 g a

t n w e

i e r I s

u s r t t a

. v i 2 ( p i t t t s m o

t a P e p l i p h o n r

s s e e b 2

d n y a r i o r . t y i F e r

e i r B t e o

l t n 0

7 y n n a t f a

e e ,

n a o

f a A a

g a e r h e l 0 R b u n o

y s u c a t c E s ’ n o

o t c 0

. n c t s

v m r o s y n s b e

E f r i S 2

t n c r . n e o i e

p n t q g i n

i r u A t f o t t s e

1 d e

6 e e p

P t e

t s l i Ada Kjeseth, e

s u e n d f i

0 i e n i e d a y i n e N u s y g

n v f n i

n O t r ﬁ i r

d s

r r t .

n a

s t a n l . r t

o t r d 0 a c s s

p g

e e i n s w o d o

w h c o c R ) I s

s t ﬁ

i t

I N t d

h c e n s o e e

y n 6 r c t h

I a n l f T u s e h O

r e h , a b i r

b i

i N a e d ,

n B

t t i v w n t v r e n n o

e ( s i e n - .

b s a d e P i t b a i o h n 1 2 p y

r q L

s e i v

e t i o

n y t r t e T s

c n

u - S e r v a n e

t k t a a r

0 c

u p e

t N 4 u G i l s

i h r e h s i t t

I a h v e S n e o f h

c n

g t e - 0 a n w s n o T w e ) w m l o t u i N . a o

s e o e

T y . c n f e s

p v h t z o 6 e ) 1 i - c o v m t

r r r u a a n a i , n

r 2

i r a n i h e

t o E o i

t e m i s

r t e d

r t i t f i t

C d e n n )

n f n n v h d u n d i

t 0 e s r e p n e m Q s t , h v s u

i t s u d i g a w

. u e d a

a n , n i

c h

n o e e 0

e t i n n a

e T t - i R r n I g

w e r i s p d i f e n e a v t r

l n e t 1 t n n d

p V y g

h r e h i y i l y g i t - - d e a n

e . a . e

- - s r l p M H n S n s E I T a h y m 2 a a T f T s p a b A d A i T i i m i m a c i T m A F c N A c (Ministr S A t n n n n t u e o h

s e o h n n r d t o a o q h a h h r i u h h i e 0 r r r t i o T U l c t c i

n t n o i i a e i i

g g g l

a s l o r m w e o w d l d s l d d l t v u e e e r e e t v e i 0 t r A d f r r o l l D t e d u h i n o i

h a i i e e e r w u a

r r e s e e n - i n i i c o o . w

T h 7 g e t e t ﬁ A t m d e f i c r ﬁ c n s n e t I

e M n n n 7 e n t n r t a a i y l V - g u s n n e e E T o i r s e y y

c s o o

s n a

r d o c

t t t t n

d 0 s s a

g c

n i y i i s , g g

e t O n e u u u I

a t m m s P l t n a i o

r t

h f I f d e e a

O e

e s

n e

i r t i d I c h N i r t n e r o , a m m m t r i o d R i o n

, p e r e a a y of a

o d e b s o n q q e m a c k

W p p p o s e

i n d r t i s f O u n i c d e t n : t d n u l i n p

l m h s v u r u e r n

’

m a a r r n

m i s A - 9 a i h m e

N r m

“ u h y K Pricewa i e n m o

t u e o e a t i i

t p n n t v a t A

a t w t

r l N w a h a e h r . o p a e a s c l E t r n f m

l y A e E a l 6 a y y e n g a n T e

n e r

e 1 u o e a s d a e e t

e l r s

a a

o R i d h 2 n ’ t g x r l d rade andIndustr u m d i d n e

d r f r n d n s s b e s n

. c y h e r d

n g r s r t u i e a i e S t . o e 0 3 c ﬁ e i m n e

c t

i c i e d

a d

l e r d

i a n

v t m d e N e a

2 r i n n A t b m o s w n o H e e n a

a 0 6 o

t h d o t i i m

e e s v s a n s u o n u c

o t d t i n 0 o b m o q t t a

a w m I T a 6

o d f e

e s a

u c e

A f t a P b

t m

t r s n i o n y r 0 e u l e t n p t F e n

u s n e s i t , t s s o i k a terhouseCoopers a o m v m d h v l i e , S

s :

r h d n o n c i c

6 o

r l , u n A

a t q m g a

N ’

e e t t r g n i l i e

o t e w

s a o e c N e s

d 100% h y i e c t i d n s ’ i n . h u l i u r

o r r a h i e s s s t

b O

ﬁ d ,

a n t

o e n s g a h T h e t e s O s f d e

e 9 n a Y f n h l f i

o i n l e c

u t a

d n , t u K u n o i p o l e

i e o d n h i e

s v r

v d i n

. e a g K w t l w r d l n n a n f d e d a v n w e s 6 r n d l n r

u c r a e

d e e a e e o o

r t a

o t

c t e m v d d r u

p e i

b d i

d t

e t

m l d 4 t

r h i a - s a v r l g t N a t u H o o u p t o e ﬁ h n . o s l ” s

s c o h o s

t i s

e e 5 s 2 e s i o o y b r 2 e f e

N m n s m e t t a e

b f O a i

n p

c . w t n e e

f t e .

a r m

u n - l

t r

o a r o 0 s r e

p t p e p e M t

i O O b e

d K l o m d N m b t 2 b w e

i o e o e n s f

v i p r r c o o r

e s 0 a w c r e

i s

m s f K

f y) i n o

e p u r l f r 0 a i o a i i t t

V l n s n n s 1 e i

l e

z i

i n z n t w

i o n t i d a t u t a

t t a n p l r e r t t P 0 a i o

f e i e s h i n

a n s u h 1 s . h t d n h y s t

l c

a s u

o r n e i 8 d l

d l n n h o s

e 6 i

2 l d e

t i a t e

i i e t i u f 2 v i h e n n

2 l n s f r s o i s r n d

i o

3 d

f . t z i b n

n c

0 e s

e 9 i s o

i n

v 0

a e

d r

9 f n ﬁ i o g

n n f w n o Y n

N u a n

d e a r o t u

s t N e

0 a f 9 v l x c

c n

a f t e

c r n

d AS m i 0 m d m s t

l e e “ i n

h s 1 l O o c i P 2 e i g 6 e n e O o i . n a e a k i o a t t a e

s l N

a 9 v g t r 0 d s t e l h 1 l o r

d a r 0

u s m

K e s d

n o v m r

e i i

e l

p e t h b d i l

e o 2

N o V

7 t ” e f a h i u v l

e m i . 0 . u i c n

n p

i f n h

i l

ﬁ e t o n

i u . t n

p 00 n r 3 0 o n

a u o n , S a 1 O c l d h i

n 6 t e e f w s d a i

c r a w

a f v s n t . t p o 8 t u 0 d e r

T 3 e 2 w t t

r K i . e a t i u l e e i c

n e a , w I c o .

m s

n d

e 9 n a 5 t n i 1 r

c r h t e s s n a o i A s s . n e c 3 d n h

e e . o

e 0 i

t a n 2 s

- h n s s i - d e

. s r n n d 6 t i 2 1 k . - y . s - , %

COMPANIES © Baneservice AS N t f o t g t r a N d r p B g track ownersaswellf provides rail Na its mostimportantcustomeristheNorweg market istheNorweg construction contractsinNorwa turnke Januar Norweg Baneser Baneser M I T NO-0106 Oslo A h o h o a a N f d round trains. o e l a E o a D a

r e i i i A T v m o s l l a a L n tional Rail

r t D n w w

N t i E e w

p E r r e o h

p R e r o R a A r a a P t t s n a e i n l r e o E u t s N y y G a H e y supplierf g y a d e y 2005. m S d

’ n n . E I r O ian Na i s l e r s u

N vice S m

v d a e T

e a N e

R c w i : s G : B

t d c n P

p c www E t N a

e p

i a u a e w t t r : D o i .O. r O wa

o l +4722456600 l o s n

c AS wasdemergedfromthe a v i

n I h Administra w r n A

v K t R e

i n . tional Rail

s i i c

Box596Sentrum, c a i d o s y-rela

E The compan

P t t n vice e 5

.baneser t h o h e s n m C e a o

s 0

r or technicalrail e t , T f r

h i v 0 ﬁ t p

o t n O a t s i

a o e h c c e p

l i i R t l s s u m

ted ser e i e a e d e c e : ian rail e t

b l r i

n o u i s c n Lars Skålnes

n f f l a l t r

l t tion. m o m o c i AS v i o Administra m t i o s vice.no o or tramsandunder m l m i y e

l o m p h n n o t

o s h n a i e e p

. w n r t y isthelargest

vices topriva o

Baneser wa t e , t d a i t e T

e n i f i h

t t t o

d d g i h h a o e 2 o

y g y networkand

e e c s f

y 0

n t o

N .

c h o wa

o t t Itsmain 0 . p u S N

h h i o

m a t

s H 5 a t a t e e o tion on1 r s s i o y r p w . l o o

t r c vice also n i w d e T m n w

n t e h o a i e n h

e g n c e a t a f t s i g o r

g i i v s r n a o t te a e i k e

h g a n n t a l e r ian e e e n e , a s t

d -

e l i n d heim*, Jessesen*, Are LangemoenandOlafMelbø, B C c t r p t N N T Financial be repaidtotheowner decision, those af succeeded inﬁndingalterna employees earl has hadacleargoalof pensions. restructuring fundsislinkedtoearl market conditions. restructuring opera 2005, restructuring opera tion, from theNorweg In connectionwiththetransferofopera welding market. strong positionintheSwedishRail the summerof2006. Sweden’ vice acquired51percentofthesharesin In linewithitsinterna Key when thecompan results aremuchbetterthanwere expected sa The overallresultf n 2 c m p m w m h h e e o a r e h H 0 O O O h e e a i i s e m n tisfactor r l l r e A A 0 i l l u K K

r i v y l i i t

o e p g e o o R 6 I

i p

l theownerg G

o R t events d i g n r 4 8

n n i

n D

a n i o r u ﬁ thecompan p M

e t t , , 9 . *Employeerepresenta o

n f

s ﬁ 9 s n 2 r r n r M o c c T 5 u A y

e e fected. t o

a s Scandina e 0 o o o H f s thesurplusrestructuringfundscan y ’ p m . E N s

m s However n 2 r E p

m m e y 0 0

e M y f f

a :

c a Geir e trends i e

a r p 5

. S l n l m p p o Thor Svegården 3 l i 9 c a B

r r T i a . t . m or adevelopingcompan o a a a m

o h 0 A r

e E i l T T p ’ n l

t r r T ﬁ i s d

l R e y i InlinewiththeStorting’ e h e e

i h y retirement, e E M n . t o

e S v d d e

Wilhelm Røer*andOveSnar ’ o i r i g I n b S s ian Na ranted NOK45.6millionf s w a t e t

p s

i c

t t y wasf .

e r n d y r

p or theyearisregardedas y hascarriedoutman , e Eli Giske, o o b e

A signiﬁcantpartofthe tions. tions inordertoada e therestructuringprocess S i f

o g

vian w W v r d

r o e t n a v N N i o p a o i

n e r t N d a t

t e

tional stra d t t e e

This compan O O , p o n 51 E c e s e . i 3

n o u r

R r tional Rail e ’

K K r n t a u 1 b s o d n T c S o a

Sinceitstartedin

voiding of d

t t e

e ormed. ﬁ

t rack Group(STG)in e H e s m x 5 3 i h S D h

t . I d

t t . 7 w a N P

T e c e e g o p 8 T b

andsofarithas

n 2 G Anita Kåveland,

a tive solutionsf r a O a c

R a h

e G m r t

m m . n e s E

r tive h i K e e f 1 o r f e P o

m i

e v

teg e i N o

n n O i d p l r 2 m e t

Jon u l

p e b e l R i

O S

a t . y n o h Administra p t

e o T 6 e d i r t o

K fering y wa t n l u a ’ y hasa

a y retirement r e r l

r a

7 s ,

2 i N e

a e b

d Baneser o t 1 n x

i 4 0 2

e y ﬂ n t

s y

O n m

y’ t . 0 i c 5 . r 0

o e

6 h n

e f 6 K t a 2 The s rail- t 9 s i f 0 pt to o c a g tions h

l h ﬂ m

p 0 l t . r y r 6 e i 4 e e s 7 o

e e 0

t e , . c

or o r h or 4 t 5

t o t h . r

t h e e , - f o d - e

- e d i - P B O V K C T (Ministr S A T % offemaleshareholder T T Sta Current interest-freelia Current interest-bearinglia Long-term lia Provisions f Dividend pa A Annual returnonequity Current assets T Fixed assetinvestments T Intang Opera % ofemployeesinNorwa No. Ca Dividend ra Provisions f A Equity ra EBIT EBITDA Ca Change Financing activities Investment activities Opera Def Equity Subscribed equity T Net financialitems Operating Opera Sta Return onca Retained earnings/otherequity T Profit Minority interests Profit Minority interests A R A T ransport andCommunica E A otal %ofwomenontheboard ang ax otal otal otal otal T U vera vera H Y L A pital contributedb pital employed O S L D te shareholdinga te loan ofemployees

ferred tax U

T E A H

F ible ﬁxedassets I F

ge dividendra ge returnonequityoverpast2years E T E R ting revenues tional activities ting costs equity liabilities ﬁxed assets

I ible assets N

after before I T F

O S G

C O

tio

I L in R

y of U A N E

W A O

tio or lia or dividend R

proﬁt ya F liquid

N assets W S N tax pital employed Pricewa

O E bilities D and

ble totheSta D H

E tax

S R

E R

L bilities andcharges

and D M

O S

(loss) liabilities

and assets I

A T

H tio overpast2years S V

t year

y theSta

I S I minority

P D I

bilities

terhouseCoopers minority O

: A -elected directors E

y N 100% C N

-end bilities

C D

U interests

N interests

tions) T

AS. 1

00 2 100 % 2 2 2 2 2 3.0 % 5.7 % 2.9 % 332.1 170.4 168.4 138.0 338.8 226.6 112.2 487.4 495.2

-81.1 -45.5 -33.9 40 % 25 % 78 % 65 % 55 % 49 % 0 0 0 0 0 0 86.9 38.6 44.9 11.4 84.8 26.5 30.4 -1.7 328 200 0.0 2.7 2.7 0.0 0.9 6.7 4.9 1.8 2.2 8.9 1.1 7.8 0 0 0 0 0 0 28 6 6 6 6 6 6 0 0 MNOK %

100 % 100 % 2 2 2 2 2 2 2.9 % 3.7 % 365.9 203.4 101.5 162.5 346.1 137.9 138.0 266.4 367.8 372.1 40 % 22 % 76 % 47 % 38.3 43.8 19.8 79.7 38.3 40.9 50.5 60.7 18.7 24.5 0 0 0 0 0 0 -1.1 -8.4 245 201 0.0 3.5 3.5 7.4 0.3 4.6 5.8 4.4 0.0 0.0 1.1 1.4 0 0 0 0 0 0 20 5 5 5 5 5 5 O D K C B P % offemaleshareholder T Dividend pa Sta No. Provisions f Core ca Investment activities Opera Subordina Other lia Contributions fromcustomers Lia Cash andreceiva Interest received A T Other opera Ca T Earned equity T Net Interest costs Dividend ra Subscribed equity Opera % ofemployeesinNorwa Change Financing activities Provision f Cost/income ra Currency ef A Annual returnonequity Loss as%a Net loans Net loss Operating T Other assets Securities Proﬁt T A R T E A I otal %ofwomenontheboard ax otal otal otal otal vera vera V H Y pital covera S O L bilities tocreditinstitutions te shareholdinga ofemployees

E A H interest F D F

ge dividendra ge returnonequityoverpast5years R tional activities ting costs equity equity liabilities assets

I N COMPANIES E after I T F pital covera G

C N

bilities andcommitments

I L in

U A

N E ted loanca D or lossas%a O Eksportﬁnans M I T A

tio or dividend R fect ge oflending

N proﬁt ya F ting revenues N liquid

W E S

tax D

A O

E D

and

and T ble totheSta ge L H D

S N R tio

E E L

R M A

bles fromcreditinst. P

(loss) E liabilities credit N assets G

H ge A T tio overpast5years S S

t year E

I O

T pital S

N S T

N I

: G : O ge ofg A P -elected directors

www E

y N revenues -end C : D

.O. +472201 te

C I R

O Box1601 ross lending E

.eksportﬁnans.no C N

T T O

R :

or F

Vika, ASA . Johansen NO-0119Oslo 165 161 326 162 165 -35 383 34 670 63 403 90 314 100 % 2 2 2 2 2 2 2 1 756 1 255 4 872 5 356 9 409 2 057 43 % 38 % 15 % 78 % 90 % 35 % 12.2 -910 -177 0 0 0 0 0 0 32.7

8 % 9 % 0 % 0 % 183 601 218 8.3 845 582 484 100 178 183 243 333 -20 -91 0 0 0 0 0 0 27 6 6 6 6 6 6 0 0 0 MNOK

135 133 131 917 135 -21 711 22 656 49 830 73 608 100 % 2 2 2 2 2 2 2 1 756 1 441 2 930 3 285 9 851 2 646 43 % 33 % 15 % 90 % 51 % 13.1 -553

17.3

0 0 0 0 0 0 5 % 0 % 0 % 935 577 404 358 356 115 9.8 821 935 128 182 188 -53 0 0 0 0 0 0 12 14 94 5 5 5 5 5 0 0 0 5 * Employeerepresenta Johansen and Ca Aker B C transactions. work ofpricingandautoma a The objectiveofeFundingistoachieve fa and documenta developed ding, In June2006, increased b loans providedb and oilgasindustr good marketconditionsinthemaritimesector than 100percent, New export-rela b In 2006, Key cipal enterprises. as tomunicipalities, export companiesandtheircustomers, of interna the compan T Sta finans hasalsobeencommissionedb subsidiar as tomunicipalitiesandcountiesthroughits financial ser The purposeofEksportfinans of whomworkinNorwa placement. of 15percentin2001throughapriva T to theSta 26 commercialandsa shareholders andEksportfinansisownedb recent years, in long-termfinancingandexportcredit. to ser cial banksinNorwa Norweg the initia Eksportfinans aking advanta rade andIndustr ble borrowingconditionsb y 60percentcomparedtothepreviousyear H O fer competitivefinancingtoNorweg A A to te toadministerexportcreditschemes. R I

, R events atradingpla LeifJohanLaugen, A. D ve asanafﬁlia M

tional ca Holmsen, M T ian Bankers’ A thevolumeofnewlendingincreased tive oftheMinistr H y KommunekredittNorge E N te. E M :

web-based

ErikBorgen S The g y 10percentin2006. y raisesfa B

vices toexportcompanies,

T The Sta eFundingena sa A E EksportﬁnanslaunchedeFun ASA wasesta T T R ge ofitsexcellentcreditra E pital markets. tion ofstructuredbondloans. or Østbø* vings banksha ted lendingincreasedb S ’ y KommunekredittNorge S

GunvorUlstein, roup has100employees, : y

BaardSyrrist, tf , O primaril purchasedashareholding orm tha W y esta countiesandothermuni ted institutionspecialising te, Associa N voura 52 E vings banksinaddition solution tive viatheMinistr y R y . S

. BodilP The volumeofnew H blished Eksportﬁnans y ofFinanceandthe I y asaresultofver P bles bankstoissue t isanin-house ticall ble loansinthe y simplifyingthe blished in1962on

tion. R

This ena E ASA istoprovide P ve alsobecome f O or . LiveHaukvik y processing Hollingsæter

The commer T T

the or F AS.

2 0 ian 0 y of y the Eksport bles itto . issuance 6 te

aswell aswell y more In vour ting, AS

all y - -

, y . -

a bondloaninthenameofEkspoertfinans24 Eksportfinans f receive NOK32.7millionindividend from volume ofNOK99billion. end of2006, financing municipalitiesandcounties. g f in 2005. loans in2006, The g to 5percentin2005. on equityaftertaxwas9.4percent, compared to0.15percentin2005. assets cameto0.12percentin2006, ting costsasashareofthe due tohighernetinterestincome. 128 millionin2005. profit ofNOK243million, In 2006, vel most ofitsmarketsegmentsdevelopedpositi Eksportfinans’ Financial interna b year totheworld’ the Suprana IFR Borrowerofthe In Januar hours ada (Ministr S A ollows: ian exportindustriesandNOK12.3billionf y IFR–Interna T U A y duringtheyear D Y T I ear 2006. E T roup disbursedNOK35.9billioninnew O O tionall NOK23.6billionf R y of W tional/Agency/Reg theg : These newloansweredividedas y 2007, Pr N

y trends E , T sevenda i R c y acclaimedﬁnancialma theg rade andIndustr e S s proﬁtsincreasedin2006and roup achievedaconsolida comparedtoNOK22.4billion

or the2006ﬁnancialyear w H These prizesarea tional FinancingReview I a Eksportﬁnanswaschosenas P s mostinnova t e : roup hadatotallending

. r 15% Y h

ear 2006andSovereign/ This increaseismainl o ys aweek. u s e

comparedtoNOK The Sta or ﬁnancingNorwe C ional Borrowerof o o vera y) p e tive borrowers r

s ge total te will warded each

The opera A S

compared The return

gazine. At the 15

, an ted .

y or - - % -

© Eksportfinans ASA COMPANIES the compan Kjørbo outsideOsloandwillf Entra EiendomboughtHydro’ comments. the criticalitemspointedoutin Storting’ compan Industr Entra Eiendom. Norwa In 2006, Key principles. compan authorities’ needsf The compan a has increasedfromroughl The floorspacemana pla and developmenthasbecomeake Eiendom hasexperiencedsignificantg Since itsesta employees. year pla primaril a prioritised marketsandof tha sa Entra Eiendom’ in theareasmentioneda and participa compan acquisition andsaleofrealesta mana Eiendom’ Property -toEntraEiendom the Directora ning marketwastransferredfromSta when propertytha Entra Eiendom Entra Eiendom A I T P A N t year ttractive jobs. .O. E C D tisfied customers, T L T yer intheNorweg yer inNorwa D t isnormalinthemarket, E E

Box3, -end 2006, I R R events N P gement, E N G H y conductedamana -end 2006. y will, S E y ha

O y canalsoownsharesorinterests, y’ y istoberunaccordingcommercial M S theOfﬁceof T N s opera : s boardandmana : A

BiskopGunnerusgt. www E

NO-0051Oslo

N : ve apresenceandbesigniﬁcant y wasesta +4721605100 y’ incolla A te ofPublicConstructionand te, blishment in2000, administra s mainpurposeistomeetpublic G

s mainobjectivesaretoha AS wasesta The compan I inotherﬁrmswithopera thecompan y’ The Ministr .entraeiendom.no N tions includetheleasing, s sevenlargestcities. G t waspartofawell-functio

or premises, D g bora ian realesta I R ged b ive itsownersthereturn blished to990 E C tion withthe bove. tion, T fer challeng Auditor Generalof y 600000m O gement auditof y of y EntraEiendom blished in2000, y’ gement, R y had143 beleadinginits AS. AS ormall s premisesa s stra development, :

T 14, T andthe Entra te. orodd Bøystad rade and Entra te market.

teg The

y takeover

ollow up ing, 000 m y isto tsb rowth

At 2 y when tions

t ve

g - s

2 -

* Employeerepresenta Åmdal* Reinertsen, Bra B C NOK 27millionoftheincreaseincostswas ha 37 millionin2006, Eiendom’ compared toNOK1072millionin2005. revenues cametoNOK1137millionin2006, NOK 32millionin2005. 2006 cametoNOK12million, completed. million, opera million in2005. NOK 236million, The Group’ Financial Asker andBærumtaxofﬁces. Oslo, Ska Eiendom KFowns40percent. Eiendom b encompasses atotalof21000m December in Drammenwashandedovertothetenants 2006. Several majorprojectswerecompletedin f The compan Asker andBærumpolicedistrictonthissite. Eiendom isgoingtoerectanewbuildingf this propertyinthesummerof2007. 49 percenta year was NOK9.1billion, basis. year andestima after tax. to apa in dividendf Entra Eiendomintendstopa million, this producedanopera due tohigherdeprecia or thisconstructionprojectin2006. y Pa H O ving alargerpropertyportf A A ge Guttelvik, ttens Hus(T R I -end 2005. R wasalsohandedovertoitstenants, D pirbredden Eiendom ting revenueincreasedb

Kunnska M At year

yout ra mainl upfromNOK591millionin2005. M T A H EntraEiendomvaluesitsassetseach E N s opera AS owns60percentandDrammen E .

M :

trends s proﬁtbef

BjørnarSletten*andMariFjærbu

This realesta S The gainonthesaleofpropertyin Grace M. B or the2006ﬁnancialyear T y wonthecompetitivetendering y duetoprojectsbeing A -end 2006, E t year tio of82percenttheproﬁt T R E psparken (theKnowledgePark)

ax House)inSandvika, Rentalincomeandother GerdKjellaugBerge, tes itsnetassetvalueonthis S The netassetvaluera ’ ting costsincreasedb S comparedtoNOK230 :

O Finn BergJacobsen, -end 2006. mainl W upfromNOK7.2billiona RekstenSkaugen N ore taxin2006cameto 53 E tion amounts. tives ting proﬁtofNOK618 R

S itsnetassetvalue te project, The Group’ y duetothecompan H AS, I P

y NOK140million R olio thanin2005. E inwhichEntra y NOK84

comparedto P InDecember O R T 2 which ,

isowned 2 s total Intotal, 0

Entra T 0 , outside tio was equal rond R. 6 y NOK Ottar Entra

or ,

P B O V K C (Ministr S A Fixed assetinvestments T Net financialitems % offemaleshareholder T Intang Minority interests T Profit Operating Opera Opera T Sta % ofemployeesinNorwa No. Market valuea Return onca Ca Change Financing activities Investment activities Opera Subscribed equity Current assets Profit A A Price/book A Annual returnonequity EBITDA Retained earnings/otherequity Return includinglastyear’ Dividend pa Dividend ra Provisions f Equity ra EBIT Long-term lia Provisions f T Minority interests T Current interest-freelia Current interest-bearinglia T T A R A T E A ang ax otal %ofwomenontheboard otal otal otal otal otal T U vera vera vera H Y L A pital employed O S L D te shareholdinga

ofemployees U

T E A H

F ible ﬁxedassets I F

ge returnoverlast5years ge dividendra ge returnonequityoverpast5years E T E R ting costs ting revenues tional activities ﬁxed equity assets equity liabilities

I ible assets N

before after I T F

O S G

C O

tio

I L in R

y of U A N E W A O

tio or dividend or lia R

proﬁt ya F liquid

N assets W S N tax pital employed Pricewa

O E bilities D and

ble totheSta D H

E tax

t year S R T

E R

L bilities andcharges rade andIndustr

and D M

O S

(loss) liabilities

and assets I

A T

H tio overpast5years S V

-end t year

I S I minority

P D I

bilities

terhouseCoopers DA minority O

: A -elected directors E

y N s dividend 100% -end C N

bilities

C D

U interests

N interests

1 00 10 040 10 10 10 100 % 100 % 133 % 2 2 2 2 2 2 9 100 9 976 1 414 8 528 1 9 40 % 40 % 20 % 29 % 82 % 13 % 14 % 1137 -887 -382 0 0 0 0 0 0

7 % 7 % 236 140 540 290 297 242 618 518 140 140 634 813 195 502 141 692 395 171 692 190 466 -57 -65 -53 6.1 0 0 0 0 0 0 15 6 6 6 6 6 6 1 0 MNOK %

100 % 100 % 2 2 2 2 2 2 9 1 9 9 152 7 170 9 099 9 8 1 414 7 784 40 % 29 % 23 % 74 % 12 % 14 % 1072 -955 -361

0 0 0 0 0 0 7 % 230 439 377 727 591 123 180 824 311 727 350 287 163 481 120 120 607 759 104 288 462 -67 -84 5.2 0 0 0 0 0 0 46 5 5 5 5 5 0 0 0 5 O D K C B P Return onca % offemaleshareholder A T Sta No. Provisions f Ca Opera Equity Subscribed equity Intang Opera Annual returnonequity Provisions f Net financialitems Profit T Profit A Equity ra EBIT EBITDA Investment activities Retained earnings/otherequity Fixed assetinvestments T Operating Opera % ofemployeesinNorwa Dividend pa Long-term lia Dividend ra T Current assets Financing activities Current interest-bearinglia T Change Current interest-freelia T T A R T E A I otal %ofwomenontheboard ax ang otal otal otal otal vera vera V H Y pital employed S O L te shareholdinga ofemployees

E A H

F D ible ﬁxedassets F

ge returnonequityoverpast4years ge dividendra R tional activities ting revenues ting costs ﬁxed assets liabilities equity

I ible assets N COMPANIES E after before I T F

C N

tio

I L in U A N E D O Fl

I T A M

tio or dividend or lia R

proﬁt ya F liquid N

assets W S E tax pital employed D

O A E bilities D and

ble totheSta L H

tax D

ytoget S R N E

E E

L bilities andcharges R

and R M A

(loss) E liabilities

and assets N G

H A T

tio overpast4years S S

t year

I O

S N S minority T

N I

bilities

: G minority : O

A P -elected directors www E

y N -end C : D

.O. bilities +4723159000

C I R

O Box19Sentrum,

U interests

AS .ﬂytoget.no C

N interests T T

R :

Thomas Ha

NO-0101Oslo 100 % 100 % 2 2 2 2 2 2 1 016 1 1 1 15 % 14 % 40 % 38 % 21 % 31 % 61 % vnegjerde -192 0 0 0 0 0 0

5 % 160 236 220 118 761 692 243 190 166 640 384 104 145 157 470 627 275 255 243 109 482 -52 -41 -13 -80 0 0 0 0 0 0 32 32 68 53 6 6 6 6 6 6 0 MNOK

100 % 100 % 2 2 2 2 2 2 1 059 1 1 1 10 % 40 % 25 % 61 % -155

0 0 0 0 0 0 8 % 0 % 734 206 097 112 113 195 178 692 676 422 453 565 265 206 335 109 473 -21 -37 0 0 0 0 0 0 54 75 58 41 15 80 -8 5 5 5 5 5 0 0 0 0 5 o e c P K p t t c ﬁ G a T e o m m O o c t t a c N I G b n F * Employeerepresenta Randi Daltveit*. Nilsen, T B C a T m h e T w c s 2 t l f n e h u r o o h r u h o o o o n x n i m f f n l m m h a h o h a a H 0 u O a e a S a s i a r y

e e r ygve Gjertsen, i i o t p c n n m m a 2 - r a l n d n m v p e e i c 3 2 t n v l t A 0 A r r t y h B d l s

o d p p o h t h t o i r c d d e ﬁ n i n o e u e o 0 N S c 4 1 . o i 6

R I n

i e

p p n c c C

l e e l e m e g e n

e e e h n d R e n l c o n o r G t t C 0 t n 0 o . h l . s D o o a a g r e

u t a r s o e i p g r r

a e e v c i y y t

M N M

n n

T r 3 e e r a s

e I m A m m m n n r s MarkJohnston*,

a s t e m p t e e t e

t s w r o n k w e i M i

e n

l S T s l s

i . A e y y t

b l S x

i p A

t a p e e r o a m u

c t n i p p o o a s n H ’

e p t e e a r m

I B h i p u E N s

s s s r f t n r s e r n e p S n h o a

c y e e n a a E i t r b g l l u o o r

a e p

s r

M t s

. t a s d :

w u e v

i f a p

n n i n n d o

G e e a r e i

n r w i i ﬁ S 2 l t v a

o a e w T o c a o i s n

Endre Skjørestad o

n s n n e r c

w B y y

c s t T n g a t

l a S n r s n 0

a o h e t

t y n i

m e

n o s t a ’

o i r A i s c e l t s h E c o y e a l 1 s t r c s s n . d m t e

g p n m

e 0 h

. e T g h s

d e l a o

e r h R

r C d n e a h p T g o e 6

d t e e d s E s c

6 a r u o

e d e b t f r e a o e t n MariSkjærstad,

S i f a h ’

b r i v u e

o n i

n b h c b i o , v t A o

S o r

T a a e t s r t t u n s o h i g

n : e e c r

s a m i e o m - r i o e c i g

j i p F y u r

h n t t s c i p , n a a r t e s n a i O e y t o

e r T

s n a w d

. e

s s l e n o u a c a i

e p n p

. l n p c m F o y s t i W r oril BariusdotterRessem, m n p

a T y

s n

h h h r o m d t o s r p m q i l d t o O t i . e a a a l b a d

f N i n e e n h e

y o i s

a a e

m e

e w p f o O

u v r

w I n c n n a p f n 54

E t v t e u

r d e n s

e g i t s k

tives s e o d s 2 a i o a s h i 1 t i d v n d R

s i e a M o e p

r v

u n

e e

h s e ReidarDamm

c i

n g c n i u a 0 i

O 2 t S l

u 9 e

t r s t a n

i c a i t e s c s o i t S r a

h p a i s o n c r u i o y H e b h n d n

n o 0 p i a l 9 n e s s t n t v

n t c . e d

a o r

f I s o b t i A l e

i t

g v t l 6

n 0 e P

i o a 8 o e 1

y f

i I a i v A o I n o t e c s o w n t t m F n y n

m o a n e i

r i d

e v l o . n

4 o e . 9 c r r t

s a s R t m a l

S t h a p l

r d d n l A

h r i p r

o m a y c

s s

o , e f i E d e m 2 9 n s p t i a d y a . O r

n t e u

a e o t i e p e

o o g

t P r r a i

o s u e

a 0 2 o

w d e N m e m g p s c e o s n l r r s s d o O r p m

e 9 e d

o p r g IngarNicolai t a e d 0

g r t

t a

n l

s S

a f R

r o t

. u 2 6 r e m o

a i p e g u o g f O

e a

a s

i o a e 6 o

n e s T e y s o T B r n m F a n n

7 r y

u f o c r t

r c f .

d t t n A a r s d r ,

i p

e r ’ a o g

l e l 2 o

d e

t n

b 0 t o v F a s h y T l l

a G t t i s e t

i e i

e r

0 d f o

a u s

e f i B h r i i n

f h t e l l n t i

a h

s s r c s

t r n i y t r 0 t

p o t a o e

r t n r c a h o k

l e w o a a N yr* and s s A

e n f , t e 1 e h t 6 e t

2 g r o p

d c a r

d n o e s e p

t m r s h c s d a s i o t e 9 m a e l t a r e h 0 e e o , r c e g

t r d i k o o r f

a n t e r

p m e t 4

a i t e e n

e m t i m 0 a v e s w i r s e r n n t v r d i o n o n . p d r o t t i h a

6 m h t i n e 9 d n

r e o a i n r t ’ s o n s l e s t s a e e . t t u

s t r y h

s r i e r d d o e n e ’ t e - e s r f r p e t s i p T h R r d T t c m i t r w p a T c w c g 1 T p m 6 I F d f d t c i H o 457,6895 (Ministr S A n n n m h a i h o a e i e o o o o o n p d o a h i i h e h e h e i e a i 0 2 e e T a a U

g v t s e x c i e i i n s a t m m s m n l r t s e 2 e e l n j r r l n p l e e e s a A . 7 i a w s s

l u l r

h D u e u

t s d 1 a t t i i t r a

r s c b s t o e a 0 a s l c T o o

i b

s r s s

s p p p a l

c d r s t e I a n e m 6

f m n s a i t i f e r a s e t c e h 0 e E T n n

o t l h e e f c p

s t o ﬁ a a a s i i t y n g e a s m l 1 c r s o r d r o i i c n , a a O . 6 c n k w a d

a o n e i t c m

n r n o

c e e

d d O r t t o l n f m

. c - i t E e T s n c u n l r R o

n i

e , r

e o y of i y y 2 m h c a , t i

. b n r W p

l i n p

a o 2

o p o

d a n h t s y

l f n i e

F i : n r e t

p c

c a a

l e l n o N o r t

n u h h

e n n

p a

v i p y

s p

N l o r , t r e KPMG n o s a 2 n i t b t t a a 2 y s r

n a a a

i i n s

n O i a

s 0 i e h o a 2

s r r

a e

n r E t o m r d o a t e s s i 0 r 0 a s s r

d T t e c

e o

e y l o r e e e r e 6 K i 0 g n f R t i h f i s

n a i n u g 6 n

0 rade andIndustr

t t b

i 0 e q t o g n

f p g d s

n t c c p f .

s i

h 0 e s b r g

t S d e a n i g 0

y e o l – 6 r o 2 r u 6 a m e n a h a e o

o e e u o s I

d a

r t

H a t n

s c . f b r

2 . 5 s

m r t t e i t p i n

n o s l r e s 8

i s n v s – e F

d o t

w o e m I

u n i a s l F o F AS

0 f r 5 t w h i t

c t a

P n s e n h

l n o

l f o

r e n d

e 2

o s u s c l y l n l o e h p a a a t a 0 h

d a a a a

: g y y c o t n t r

e h g d

e t ﬁ a m l 0 m i

r t s i h e

n m i d u

i a t c n t t o m d t n 6 e

w c 100% r r a d m d a e t t -

t o

o o

s a 0 r

o s d

g h n N

i r

c h t i

p t l e

i n

e t v g o e

l a a r p c h e ﬁ ) e

n 5 l e i w p l o e e e c e i 7 o

t . a O r l . n a i d d o

p d e s f e c w a t

n e e r

i o

e t

r n r t

f t T o . u t i F l g t . m n t i

j a p ’ t e

e t s o K o

c e d t

a u 5 n e

d s u d h n o i

S ’ a

i n h h e T r l

l h , n s u r m s

n t v r r

n y

l e

e s n

e t

n N a a

t s i

6 n p h

e a i

p o s s t e e r d

d t d s b o o B c

n t

h i c f

t o e d a d e o e n

8 O 1 m a f N e d n e o n

e u a i e e i n

o t

p h e n t i n a g a t s

f r

u 2 d x r 2 o 0

t n

u b h

K n t s O

h c

o m e v e m . a

r 2

l d s s g e p y

y) e c t

m c t c t a e d o e

o e f r a h n n F K e s u

e y p r e t

0 h q e 4

b o e a 0 w i 0 m t s ’ r

f y e e n 2 n l e u t l q r e

s x b a

n f c d u 0

e y 5 a l m

. n u t 3 e 6 8 t y a

N i a

o m

r 0 u t i s u e p t e o h

i v o 5 r e c o o

e t l

s t 2 o c . . i r r e t d e m i O p

N 0 c r e s e a n t

y f e . o x f t n . q s

k b

i T t g s

r d

y t n e t

a t d n n 6 u

c o 1 O K e m m

s u o 9 e o o i h h e i c

a n i l

u y n e a f r ,

6 o s i l

m i r 2

f f K 3 e t e o 1

i o r

a t i p

t 1 y r

o e

T l p f

y t

t 0 m o

e l f t v a n

a n h i e 0 r

r d d i a h n 8 (

o o a n 1 h 00

o e o f

d e a 0 s n r d n e e r t c e i 4 m e

r s 0 c a a 3 n h r n s f o n f u a a t 5

w r

y t v

s e r a h t

s t t e

e g u u . s t N c c n o ’ e i . i h i h f e 9 h s r n e n a o

f - l a o r c e r d a r O e o y e n e c y e - e i - r s r - - ’ e K d s e e % :

COMPANIES Foto: Bo Mathisen Mesta report f to organiza million b Mesta NOK its machiner competition. 2006, tions in2006. Mesta Key end 2006. compan lished anotherbusinessarea: from 1Januar rials Production, ness areas: 2006, and reg headquarters andareg Mesta hasopera road construction, largest Norweg owned limitedcompan 2003, Public Roads Mesta M I T A N E D A T L D N E E

R A events P 500 millioninthis2006. E thecompan thecompan becominganindependent, N G H AS hasintotalbeenpaidNOK993.6 AS continuedtoreorganiseitsopera AS wasdemergedfromtheNorweg S or 2006, E I O ional ofﬁcesinBergenandBodø. y had3237employeesa N S y theSta T N : G : P www E

tional restructuring. Construction, : D .O. 05200

Mestaiscontinuingtomodernise y andinvestedmorethan AS I Administra R

y 2007, With ef Box5133, E ian contractorintheareaof .mesta.no thecompan andOpera C tions throughoutNorwa te tocoverthecostsrela T opera y becamefull y consistedofthreebusi O R : fect fromSeptember thecompan

y Kyrre OlafJohansen ional ofﬁcea .

tion on1Januar tion andmaintenance. The compan SurfacingandMa NO-1503Moss tions. y hasestima Electro. Initsannual y exposedto

With ef wholl t theyear y esta t L y isthe

The ysaker y Sta y fect b In y , ted it with - ting ian - - - te te- -

* Employeerepresenta Aalerud* Jens PetterHermansen*, holt, B C rised b compan unting provisionsin2006andthefacttha 2005. compared toaproﬁtofNOK216millionin loss f 6 076millionin2005. came toNOK5939million, a lossf In itsf opera competition andinasectorwithrela characterised b process. Mesta Financial contracts andrestructuringmeasures. compan Sur 2006 torepl The Ministr accounts. million f compan a compan further restructuringfundsbecausethe f restructuring measures. will incurtotalcostsofNOK1145millionf ﬁnancial year Mesta willnotpa 48 NOK 4340millionandanequityra year with rela or 2007, bility thantha H O A A

per cent. veillance R I -end, Ing R or theyearaftertaxofNOK190million, D ting marg

M ourth yearofopera This losswasduetoconsidera AS isundergoingarestructuring

y overca or theﬁrsttime. M T A or futurelia rid DahlHovland, y isopera y’ y hastheref y hashadamuchbetterearnings

tivel H The compan E N theStortingdecidednottog thecompan

s openingbalancesheet, E

M :

trends

y of S Frode B Duetothelossmadef T y toinquiriesfromtheEFT y lowopera Authority (ESA)rela . A E

T R t assumedin2002. pacity andintensecompetition E ins. T y overca S ’ rade andIndustr S y an : ting inamarketcharacte

Alhaug O Mari Skjærstad, bilities inthe2006 W ore setasideNOK129 N y dividendf y opera y hadtotalassetsof 55 E

tives The compan Itsopera R Inthena pacity andintense ting marg S JonL. IngarEira*andFrode tion, H I P comparedtoNOK

R tes inamarket Mesta E P O Gjemble, ting tothe ting revenues or the2006 R y continuedin tional budget ins. T

transitional T

The tio of 2 y madea or theyear uva Barn tivel 0 AS made

ble acco 0 At the rant an 6 A y low

t the - or -

y - ,

P B O C D K C (Ministr S A Return onca Dividend pa A A Dividend ra Annual returnonequity Current assets Fixed assetinvestments T Intang Opera No. Contribution f Provisions f Equity ra EBIT Ca Change Financing activities Investment activities Opera Subscribed equity T T Net financialitems Operating Opera % offemaleshareholder % ofemployeesinNorwa EBITDA Retained earnings/otherequity Profit T Profit T Sta Def T Provision f T Long-term lia T Current interest-freelia Current interest-bearinglia R A T O E A I ang ax otal %ofwomenontheboard otal otal otal otal otal T U vera vera V H Y A pital employed O S N L D te shareholdinga ofemployees

ferred tax I

T E A H

F T D ible ﬁxedassets I F

ge dividendra ge returnonequityoverlast4years E T R ting revenues tional activities ting costs assets ﬁxed equity equity liabilities

I ible assets N R

E after before I T F

O G

I C N O

tio

I L in B R y of U A N E D W or commitments O

tio or dividend R

proﬁt ya F liquid

assets W S N tax pital employed T Ernst &

O E bilities or restructuring D and

ble totheSta H I

E tax

S R T

E R L rade andIndustr

O S

(loss) liabilities

and assets

A T

H tio last4years S F

t year

T I S R

P I

bilities

Y O minority O

: A -elected directors oung

M y N 100% -end C

bilities

C S

A AS

N interests T

T E

1 00 100 % 100 % 2 2 2 2 2 2 2 -12 % 3 237 2 084 1 922 4 2 909 1 1 209 6 251 5 939 2 4 2 1 418 63 % 48 % 60 % 38 % -262 -863 -312 -190 -9 % -261 -548 -239 0 0 0 0 0 0 0

6 % 0 % 340 431 222 084 162 340 256 838 -77 -43 0.0 0.0 0.0 0 0 0 0 0 0 0 72 50

6 6 6 6 6 6 6 0 0 0 0 MNOK %

100 % 100 % 76.50 2 2 2 2 2 2 2 4 280.1 2 3 293 2 252 4 2 1 900 3 658 5 822 6 076 1 518 14 % 35 % 10 % 49 % 40 % 25 % -154 -322

76.5

0 0 0 0 0 0 0 644 302 252 986 303 454 244 644 391 873 113 254 352 216 874 -77 -85 0 0 0 0 0 0 0 48 5 5 5 5 5 5 0 0 0 0 5 1) O V K C B P Financing activities % offemaleshareholder T T Investment activities Intang Opera No. Market valuea Ca Opera Current assets Return onca Change Subscribed equity T Profit Sta Annual returnonequity Net financialitems % ofemployeesinNorwa Price/book EBITDA T T Fixed assetinvestments Minority interests Operating Opera A Equity ra EBIT Retained earnings/otherequity Profit A Closing price Disposed business Provisions f T Minority interests Provisions f Return includinglastyear’ Dividend pa Dividend ra A Long-term lia Current interest-bearinglia Current interest-freelia T T

A A R T E NOK/SEK exchange ra exchange NOK/SEK NOK. in are ﬁgures The

A otal %ofwomenontheboard ang ax otal otal otal otal otal vera vera vera H Y L pital employed O S L te shareholdinga ofemployees

E A H

F ible ﬁxedassets F

ge returnonequityoverlast5years ge returnoverlast5years ge dividendra E R tional activities ting revenues ting costs assets ﬁxed equity equity liabilities

I ible assets N COMPANIES before after I T F

S G

tio

I L in

U A N E A O SAS

I T A C

tio or dividend or lia R

proﬁt ya F liquid N

N assets W S E E tax pital employed D

O E bilities D and

ble totheSta D L H O

tax D

t year S R E

E :

L bilities andcharges R

and D R M

Ma O

(loss) E liabilities

and assets N I

H A T

tio overpast5years S V S

-end t year

S I S minority ts Jansson T

AB D N I

te used: te bilities

: minority : O

calcula A SE-19587Stockholm -elected directors E www E

y N s dividend -end C N :

bilities +46879700

C D

closing:

U interests ted from SAS’ from ted

.sasg

N interests T

109.45. roup.net

s g s a roupe ﬁgurs in SEK. in ﬁgurs roupe vera ge: 14.3 % 17 026 30 019 46 18 245 28 12 163 13 647 51 586 52 560 26 554 13 446 14 12 416 46 31 12 829 -6 794 2 2 2 2 2 2 6 837 1 920 2 678 1 482 3 180 1 1 502 103.5 3 3 957 3 886 2 634 29 % 30 % 27 % 12 % 32 % 32 % 19 % -111 -721 -102 115.63 0 0 0 0 0 0

5 % 1 % 0 % 0 % 963 733 488 253 997 973 969 733 764 1.1 0 0 0 0 0 0 MNOK 20 6 6 6 6 6 6 0 0

14.3 % 49 30 14 312 32 600 18 348 11 156 16 545 47 555 47 881 32 363 10 49 39 16 359 13 024

-2 120 1) 2 2 2 2 2 2 1 301 3 284 1 048 2 924 1 958 87.00 7 824 3 716 5 962 29 % 30 % 28 % 21 % 53 % -114

0 0 0 0 0 0 5 % 2 % 0 % 864 333 986 212 150 326 273 497 491 333 060 -66 -70 1.5 0 0 0 0 0 0 45 5 5 5 5 5 0 0 5 is primaril owned b compan cent and21.4perrespectivel Swedish sta compan through commonownershipinalistedholding SAS’ 500 dail 2007, T comprises SASGroundSer business areaisSAS also includedinthisbusinessarea. Greenland, Newco Widerøe, comprises thef na Danmark, the na areas. the SASGroupconsistsofthreebusiness Following thesaleofRezidorHotelGroup, the compan provided thesedirectl also enga market ofNorthernEurope. transport fromopera main goalistoof SAS isScandina * Employeerepresenta vedt* and Jens ErikChristensen, Kjøll, B C took uphispositionon1Januar The newCEOofSASisMa December August 2006. Former CEOJørgenLindegaardresignedon1 Key in Norwa end of2006, The SASGrouphad26554employeesa and Copenha Exchange, echnical Ser H O tional. A A R I

s ownershipstructureisorganised

R events T D theSASGroupwillha M SASScandina tional companies-SASNorge, imo Peltola,

Airport Ser M T A y’ y y departuresto164destina SASIndividuall y priva H Blue1andairBaltic. y , E N SAS s shares. SASSverige–aswellInter ges inairline-rela E . y listedontheStockholmStock , V andissecondaril

M : GunnarReitanwastheactingCEO.

Skywa

S erner L. y’ Eg tes own14.3percent, B

T ofwhom7278wereemployed A gen stockexchanges. vices andSASCargoGroup. s marketvalue. E From1 T il Myklebust R AB. te shareholders. E ollowing airlines: S ’ via’ S fer competitivepassenger :

ys andBritishMidlandare

vices, FritzH.

O Jacob

The Danish, Jensen* The othersharesare W s leadingairlineandits tions basedinitshome vian N y orindirectl A August until31 56 E Ola tives via R Estonian y Branded S W H Airlines comprises Schur tion Ser v H. I P ts Jansson, ted activities allenberg, vices,

The SASGroup y listedontheOslo

ve morethan1 R

SAS’ E Lie*, P Norweg

O The compan , Spanair y 2007.

SAS R Anitra Steen, Airlines, vices, y increase T s stakesin y ofthe Airlines 14.3per

UllaGrönt 2 The third tions. 0 SAS Berit 0 who 6 ian and which

t the

In Air y -

of theyearto32percenta ra revenue fromthesaleofRezidor million duringtheperiod. increased b December 2005. compared toSEK58016millionasa December 2006equalledSEK51164million, in 2005. 3 090million, (EBITDA) f 2005. million, take accountofRezidor)cametoSEK60777 opera earnings onmorepassengersin2006. 2005. compared toalossofSEK322millionin the proﬁtcametoSEK164millionin2006, sale ofthesharesinRezidorHotelGroup, 255 millionf year ofSEK4740million, The Groupmadeaproﬁtf Financial Februar oned tha was soldinMa 6.7 percentstakeinthecompan SEK 5.1billion. 75 percentshareholdinginthiscompan December 2006. Stockholm StockExchangea The RezidorHotelGroupwaslistedonthe (Ministr S A T U tio rosefrom20.8percenta A D T I E T ting revenuef

O The opera The improvedresultisduetohigher O comparedtoSEK55501millionin R y 2007f y of W

t SASsoldFlight : The SASGroup’

or theyearasawholecametoSEK N

Deloitte & trends E y SEK4307millionto16388 T or 2005. R rade andIndustr comparedtoSEK2548million S y 2007.

H At theyear or SEK750million. I ting proﬁtbef SASsold91percentofits P

The Group’ :

or theyear(adjustedto 14.3% T

After adjustingf ouche Itcanalsobementi s totalassetsasa

This wasduetothe or the2006ﬁnancial comparedtoSEK -end, t theyear AB t thebeg s equity y) ore deprecia Academ t thebeg SASstillhada .

y butthis The equity 14.3 -end. t 31 or the inning of y in

The inning y f

tion t 31 or -

% © SAS Group COMPANIES the past fewyears. tion ofthefundtha Sta employees andlimitedassetsca tions. AS arenowsafeguardedb reasons f The considera T onl NOK 3.2million. in Nordnorsk April-Ma began whenitwas The compan but mana V no employeesandismana Industr transferred totheMinistr Invest 2000. V V I T NO-2609 Lillehammer A N røndela enturef enturef E D T enturef L y consistsofSikonØst D te willtheref E T E R R reasur P

E V InconnectionwiththesaleofSND N H AS, y inOctober2003. S enturef E O S ondet ondet hasnoopera g y 2006, T N or theesta ges investmentsinreg : : allthesharesin

V thor E Thor Svegården, y assoonthefund’ : ekst +4791621541 y isinaliquida V tions whichweretheprevious ondet AS wasesta ekst .svegarden@eidsivaenerg

ore continuewiththeliquida The ca ondet

AS (37.9percent). thecompan The portf t hastakenplaceoverthe AS wassolda owned b blishment of AS currentl pital willbereturnedto . y of

olio theref ASA (5percent)and The compan y newfundsolu ged b blished on12Jul V Bregneveien15, tion phase, AS tions ofitsown, y enturef y’ T SND Invest rade and s shareholding y hasno ional funds. y itsboard. V s investments t againof enturef ondet were ore now pital. which y has i.no ondet AS.

- The

- y

In Johnsen B C 2006. equity cametoNOK98milliona interest-bearing debt. other ﬁnancialincome. 1.4 million. The annualaccountsshowedaproﬁtofNOK Financial ning investmentsin2007. V Ministr million withrepa decided toreducetheca general meetingon25 ha enturef H O ve beenwoundup. A A R I R D

y of M T A ondet H E N E

M :

trends T

S This isduetorealisedgainsand Thor Svegården rade andIndustr B T A E T AS aimstowindupitsremai R E S ’ yment totheownervia S :

O Jon Melle, W N

At thecompan The bookvalueofits 57 E

R The compan April 2007, S pital b H

I P

R y IdaEspolin . E P y NOK75 O t year R T itwas

2 y hasno 0 y’ 0 -end s 6 - V P B O D K (Ministr S A Current assets EBIT T T Fixed assetinvestments T Intang Operating Opera Opera No. Dividend pa Provisions f Annual returnonequity Equity ra EBITDA Ca T Current interest-freelia Current interest-bearinglia Long-term lia Provisions f T Retained earnings/otherequity Subscribed equity T T Net financialitems % offemaleshareholder % ofemployeesinNorwa A Dividend ra Return onca A Profit Minority interests Profit T Sta R T E A I ang ax otal %ofwomenontheboard otal otal otal otal otal T U vera vera V H Y A pital employed O L D te shareholdinga ofemployees

T E A

en F D ible ﬁxedassets I F

ge dividendra ge returnonequityoverpast5years E T R ting costs ting revenues equity ﬁxed liabilities equity assets

I ible assets N E after before I T

O G

C N O tio

I R y of U A N E D W

: tio or dividend or lia R

proﬁt ya F

assets S N tax pital employed Pricewa

O E bilities D and

ble totheSta H

E tax S R T

tur

E R

L bilities andcharges rade andIndustr

and M

O S

(loss) liabilities

and A T

H tio overpast5years S t year

I S minority

P I

bilities

terhouseCoopers minority O

: A -elected directors

y N 100% -end C

bilities

C ef

U interests

N interests

ondet

AS 1 00 99.5 % 100 % 2 2 2 2 2 33 % 33 % -3 % 0 0 0 0 0 97.6 98.1 97.6 91.9 98.1 98.1 -0.8 -0.3 0 % 0 % 2 % 1 % 1.6 2.1 0.5 0.5 0.0 0.0 0.0 5.7 0.0 0.0 0.0 0.0 4.0 3.2 1.4 0.0 1.6 2.4 0 0 0 0 0 n/a

6 6 6 6 6 0 0 0 MNOK %

99.7 % 100 % 2 2 2 2 2 50 % 50 % 96.5 96.2 96.5 96.2 91.9 96.5 0 0 0 0 0 5 % 5 % 0.3 0.0 4.4 0.3 0.0 0.0 0.0 4.4 0.0 0.0 0.0 4.4 4.4 3.0 0.8 3.8 0.0 0.0 1.4 n/a 0 0 0 0 0 5 5 5 5 4 0 0 0 0 5 O V K C B P % offemaleshareholder A Annual returnonequity T Equity ra Investment activities Return onca Change No. Market valuea Ca Financing activities Opera Subscribed equity Intang Opera Sta Current assets Net financialitems Currency ef T Profit EBIT EBITDA Minority interests Retained earnings/otherequity T T Fixed assetinvestments T Operating Unrealised fairvalueadjustments Opera % ofemployeesinNorwa Price/book A Closing price T Provisions f Equity Minority interests Dividend ra Provisions f T Current interest-freelia Current interest-bearinglia Long-term lia Dividend pa Profit The Sta A Return sincequota A A R T E A otal %ofwomenontheboard ax ang otal otal otal otal vera vera vera H Y L pital employed S O L te shareholdinga ofemployees

E A H

F ible ﬁxedassets F

ge returnonequityoverpast3years ge dividendra ge returnoverlast5years E R tional activities ting revenues ting costs assets ﬁxed equity liabilities

I ible assets N COMPANIES before after I T F

S te’ G

tio

I L in

U A N E s sharepurchase A O

C I T P A

tio or lia or dividend R fect

proﬁt ya F N liquid

N .O. assets W E S E tax D pital employed

O E bilities D and

ble totheSta D L H O

tax D

t year S R

Box144Sentrum, E :

L bilities andcharges R

and D R GeirIsaksen M

(loss) E liabilities

tion N and assets I

H A T

tio overpast3years S V S

-end t year E

S I S minority T

D N I

bilities

: : minority O

A Grev -elected directors E www E

y N -end C N :

bilities +4722317580

C D

U interests

.cermaq.com W

N interests edels Plass5, T

NO-0102Oslo

43.5 %

2 2 2 2 2 2 3 937 8 418 1 325 1 582 5 265 1 133 2 401 1 860 6 3 357 3 1 451 1 873 1 6 222 7 534 6 2 1 225 4 1 91.00 25 % 20 % 25 % 62 % 40 % 25 % 11 % 35 % 42 % 90 % 70 % -125 -880 -353 -303 0 0 0 0 0 0

895 538 288 895 633 262 214 240 393 929 405 938 171 -24 -47 -24 0.0 2.0 0 0 0 0 0 0 74 6 6 6 6 6 6 0 0 MNOK

43.5 % 2 2 2 2 2 2 6 3 3 681 5 064 1 140 5 334 6 3 3 1 017 2 606 3 055 1 480 1 970 4 731 5 367 1 064 1 393 54.75 1 289 40 % 25 % 19 % 26 % 54 % 12 % 24 % -541

0 0 0 0 0 0 749 694 858 903 542 749 127 623 767 244 223 170 419 251 738 -65 -90 -61 -59 0.4 1.4 0 0 0 0 0 0 24 75 5 5 5 5 5 2 5 * Employeerepresenta Hitland * Helge Førde*, W B C cent. year the beg in 2006. The compan red farmedfishin2006. the CermaqGroupselling115000tonnesof close totheRussianmarket. now inapositiontoincreaseitsproduction Hammerfest Lakseslakteri bought allthesharesinPolarlaks f tonnes ofsalmoneachyearinFinnmarkunder in Langefjordlaks October 2006, culture industr The positivedevelopmentsintheglobalaqua position asaleadingaquaculturecompan compan Stock ExchangeinOctober2005, Following itssuccessfullistingontheOslo Key salmon andCohosalmon. the farmingofredfish, on thesustaina tional leaderinaquaculture, feed. per centshareoftheglobalmarketf facilities inallthesecountriesandhasa34 Chile. land, opera red farmedfish. world’ EWOS companies, producer ofredfarmedfishand, ASA isnowtheworld’ Through theMainstreamcompanies, our licences. H O enche Kjølås, A A R I

-end, R events withmostoftheseopera

Cermaq’ D

tions inNorwa s largestmanufacturersofﬁshfeedf M The compan

M inning oftheyearandNOK91a T A y hasmadeef

H The sharepricewasNOK54.75a E N equivalenttoanincreaseof66per E M :

SigbjørnJohnsen S B T y’ A InDecember2006, E Jim-Eg s visionistobecomeaninterna s sharepriceincreasedstrongl T y in2005continued2006. Cermaqboughtalltheshares R E

ble productionoffeedf Astrid EvensethSørgaard,

S ’ The compan S : AS,

FinnJebsen, Cermaqisalsooneofthe O y hasﬁshfeedproduction W y , whichproduces2500 N il Hansen*andNilsInge Chile, s second-largest 58 E f tives suchastrout, orts tostrengthenits R S H I AS. P CanadaandScot withanemphasis

Intotal, R y hasﬁshfarming E

tions loca P The compan KjellFrøyslid, O throughthe R Cermaq the AS and T

2 thisledto 0 or redﬁsh Cermaq

0 Atlantic 6 or and t the ted in Jan y . or t

y is In y

- - - Sta valent toapa financial accountingyear2006, pa million morethanin2005. to NOK937.5million, profit aftertaxesandminorityinterestscame in 2005toNOK1311million2006. the biomassincreasedfromNOK636million opera revenues roseb volumes andpricesin2006. stream andEwoscompaniesachievinghigher 40 percent, billion in2005. 7.5 billionin2006, Cermaq’ Financial (Ministr S A T U ying NOK393millionindividendf A D te willreceiveNOK171.2millionofthis. T I E T ting profitbef O O R y of W s opera :

Ernst & trends E T whichwasduetoboththeMain R rade andIndustr yout ra S

H This isanincreaseofalmost ting revenuescametoNOK y morethanthecosts, I P Y : comparedtoNOK5.4 ore adjustingthevalueof oung

43.54% tio of42percent. whichisNOK200 AS

The compan

The opera y) whichisequi 43.5 or the

andthe

The ting The y is

- - % © Cermaq ASA COMPANIES Foto: Stig B. Fiksdal 1 d T K r a b e G N n ( o e m a a B c m r i D A r c H a D DnB NOR C I T A n 8 a i a N e o d q n s r m n i h e a e

a s o e r o n n E E D g t e a

e t t J o t n n e T l m e u a d s e s l p i e l r L B B y O o a e t D r o r o a d

u d

t s e r q l E

i i a

e E k s

t s :

c u

n m i n e i B R i e p l t s e N N R N s y u

s n o

p e r P s a e

Rune Bjerke s n u a a

h E a

’ t

v r M a g f N t t p e O O O H n 5 s c c o t a , ( t t e a

b , s n S i

h e 1 c

r s i a r

e p E t d f O 0 k s R R R o

g r a a r t e g o o k S

y e n

4 o r h n T y o p s u e a N

n l n n i

x o x i r

e :

e o p f :

h i t

n h b e t a i r ) c s t Stranden21, r a p s a d i www

2 E n p u r ) , s a n

n m e e t

a g a a d .

l l g r

: h g l e 0 n t a e b t t N , r s a G 03000/+4791503000 s s n T e , .

i i

e a

r e

d n 0 a n a o e u P t

r T s k R c h o (

e j m t o N n

g 9

e d s s

t 7 l s o e e e h r e f 5 e

o t t w

t e n o e o

e h , l t l n n e r

D .dnbnor

t f a p 0 o a

y w h s G l n s r o 1 e a

d e R n , r t l a c

e w 6 f n n

t e

i o u t e i t 5

p d C t

u y b l c

r h d g s b B t w . o

ASA

g u n a g o

’ h e 5 i r B n o a y a h s e , o g e p c u

r p y

e h f i

m n N e r n D

a o

a D e e e e p 2

t p

l l t s

d c a a s a n u g D O l n o n

r n m

e 0 B e p p

a N s i e

r l i k p

i t .com

t n B n s n l R c r L N-0021OSLO a s 0 m i j g b a

c )

n n e n i O e

i o c B a e n

i n , c e u 8 a l t a f t r

r H g

e l s

R n n e g . a

o i o g e P s k l u s r , n h

e , a N e .

r t d

, n

f t n e i e

d c o a d a

s , i & n i r e h n

I l O e

D d r

n t d b ﬁ o k s e

a c e n a d h

c d N t

n R

r i o a s n

b P o

h 2 s n e C v i a t b a o e o

c n

o r a n h B e D e r s o e e r g 0 s n m a r

r p r o p g r n g d e t m

n e o

u e

n d 0 w e w a s N a s o ( s ) c a

w s s t a , k

c a r t r 3 a e c

u .

i e n e O n F i c

e r a

i a e a o o

e a r r l A . c n 5 g e e d i o y p e

t a l R k v n n n r t n r p T

c i t s t

i n

1 . e v p a o s i s g e a e d ,

u l b

G c i e h

T e

( t

: o n t r f n V r

r r D m V e

a a e p e , j r n o l h o n ﬁ r n C a s e

i o

a l r i d e

a n b t o d u c u s e a t

s n

a n G e o a m r a i e r o t B u u f h . p t e t n r d s k

e r l

r i l d n k r , T t s e p - c )

i o e

e . - t e t h - t i

o u h t o s a o s t e - p e s - l r ,

a d P T g r s D f T i t D F r a i a I e 1 o b B s t e s m c c 2 b o S B C g B p h 2 D f b w 4 p p n t n r a i o e e a y h e o a s o n c m w n u g r o o a i a r h o o i i H e 0 6 . 5 v O o a o n n n h l a x r e n s t 4 u o n n l

n q a n n n e 2 D d o r s u t a s y r i d a n a m

0 A i B B B n e p i n s u e e e t v e o A m t p e a c u

r t l

i u n c a d r

g 0 e r i k f e h m y 6 R n I

a a

c e

i l e r l n t P d e n o h r d

e p m n e p s s R t t

N N N i e e

h r i i e

0 c

* e N

s o g

r d , D

e m n n p t m

e t l s r

i a h A r l

i r d c c o t c , M r t . i e d w o O O O i h

i l 6 l o h u

i e

g g o O o l r

r t a e l n N e a t l o

c i a b y f s N a i m i j

M n o e i e w

a v T n , s i B R R R

A g o

a . u n o a

m t i d s r K H o

e n h s

y o m r a t n H g d n s i i

i p s o t u e n s I r s n d , e o E h N ’ n n

k b l C n

n e

a e 0 n r o s n

E t h a e i

t r i a

e m w t

p s 1 t

r n H v M

f e e n a w e s o a e e

: r t

e t m r

h a

E f

0 s d c s m o a i i t c .

i l r r e a f u

. n t . r

t n

r x n

e s o d Ola e u i o h e 1 a O e s

B h m 3

6 e

6 r g

s a c B T i g e T

n y

T c V e n d a s c s K i e e i

2 n e f

t s a g A s

5 i l o t n o d , E 4

n d b r o t

M i h e a h r

d e l i u

a h n d a b t T j o n

d s o r 0 i e t i l t u n i o c

D o

R i ø e

o r e u G t a y d v t o n h e a e x E

e v Hytta s n

. n p a

f p d i

t i d i i 0 n i n d M

f l l

t s

S n

d f e

t y n ’ n t t o n

r s

t l s

e l r l s r n D

g s e S h i b a e H

S y

i h , H d o 2 c i e

u 6

n N o d g u : e o

f B n ,

i i s t

* d r r . 2

e u r u t s n

B n e o P a m h h a p e c t b

0 u u

, O i

e e d n a e i ,

O c

h n e

t t n l . a c v y

c B r t t c t f l a e r e N s s W p t D 0 n S h

r e d

t 8 * p e t o

s j e v a o t o

K s e e

t i f e e o y ø n e

t r i

e t

e b

m e t e O g a 6

o E t N a o l d

e f r h N h

t ﬁ l

E n t C n

s u

n a n i r d m t g b u a T o s r a x

e c o

59 o 4 o E

r t r . l i B h n e R t e m

D t o c O e e n o a y t t B

h E e

e t

ø l

m t n R

c a c r

f n o

w l c i

i t i

p e o

m s n c p r

s r n e t s O c l p d n * S a S R h S k 2 N

o o u n p T d

l w i o h y j e t t l r e o e i , n i t , m w

u H n e B e

o e r r r t o s u

t t

. o

p A

O n e a P o

o a m n a a i d M h h J d I t

a D l t

r k a

d n l

i B n P w

a 0 o t h V e s o r S

t w l

l 2 o N R o y ø t n d a , i

o a n s h

g l n

e n s e

d e r p r i t a j e o n

e r i A R 3 f

l r n o d 0 h o e I r n e

n h O

e n n a r t h e a s d B e

v h n a ’ , n a r e

l i t h E e a

e s N f 4

. d e a r d c s 0 u e S

. s k e n n a ﬁ e c R A a

g r

a h

P r n

e a P s k

d a e D r r

t ,

O a e O e 5 D l t r r e d n e o e O s j n

e t D h e n t p a e h o i m e

v a a e o e e e t

B n h l t e d n m r i

w m . O a R . n K i w g

d r

e . b e n p e a s

n v

e l ﬁ r r

p , o a

w e r

e p B a T e n

e n K B e d T e

e ,

R r t l e r e n g k t e m n a i n l e e r

r I e

c 1 h n n r l

e t o

, c o

c a n

n v h e

C 2

f a ’ e o o d D

c h r m a q g d

S o x s N C N a e t 1 d s

i r w i o

0 a s k s d e e c c

r a ﬁ o e

o l 2 n

u e

p a e

. m

k c

O h w

0 i s O .

a r t e e O n e j

o l r

u e l t d f n n N

r t c u r 7 p i 0 T e

h p e d

S j t a 6 h a

o a v r . h t p n e d p R s e

e s K y p

t t a

i s n r . r h e o r i

0 - i l a t t u a r i A y l . o t n

r t o t t e l r n b e l i e ’ p a s

a h f t l T

- d i

r l a i e r o s e o 5 l l T o g 1

s r e s w a a v i e o w -

n y t a a e h o i i n t l u a a p y w h * . e

n n g . i l , r g i n

t i n - i r a v i

, v 8 e c e t g r h o l o e , s

r ’ e t l e

e u e - o s a h r a

e n - t r s d p n r s - o .

B P O V K C (Ministr S A Proﬁt T T Cash andreceiva Minority interests Proﬁt fromdiscontinuingopera Interest received % offemaleshareholder T Sta No. Sales commissionSta A Return includinglastyear’ Dividend pa A Dividend ra Provisions f Market valuea A Core ca Opera Lia Net loanskunder T Operating Net loss Opera Other opera Net Interest costs % ofemployeesinNorwa Closing price Price/book Annual returnonequity Loss as%a Ca Change Financing activities Investment activities Minority interests Earned equity Subscribed equity T Subordina Other lia Contributions fromcustomers T Other assets Securities Provision f Cost/income ra A R A T E A otal %ofwomenontheboard ax otal otal otal otal T U vera vera vera H Y L A pital covera O S L bilities tocreditinstitutions D te shareholdinga ofemployees

T E A H interest F I F

ge returnoverlast5years ge dividendra ge returnonequityoverpast5years E T E R tional activities ting costs equity equity liabilities assets

I N

after I T F O S pital covera G

C O

bilities andcommitments

I L in R

y of U A

N E ted loanca W A or lossas%a O

: tio or dividend R ge oflending

N proﬁt ya F ting revenues liquid

N W S

N tax

E D

and

and ble totheSta D ge H E

r t year S R tio T

E R

c L

rade andIndustr

and

D M

bles fromcreditinst.

E e

O S

(loss) liabilities credit assets I

ge W A T tio overpast5years H S V

-end t year

pital S I I

minority te/deletion ofshares a

P D I

t O ge ofg : A -elected directors e

y N revenues s dividend r 34.0% -end C N

h te

C D o

u tions ross lending

U interests s

e N

C T

o y) p

A S 1 1 1

320 118 313 253 620 955 474 526 124 372 320 362 716 827 947 -0.03 % -74 932 10.0% 34 0.45 % 11 66 12 187 69 655 38 907 25 304 33 977 47 035 82 544 14 14 427 13 204 15 27 092 42 381 -6 -2 881 MNOK 6.7% 2 2 2 2 2 2 1 818 5 336 88.50 2 201 43 % 45 % 34 % 78 % 21 % 28 % 45 % 46 % 16 % 19 % 39 % -844 0 0 0 0 0 0

665 242 412 830 242 143 689 289 121 623 1.8 0 0 0 0 0 0 6 6 6 6 6 6 0 0

% 1 1 1 477 916 410 991 108 053 697 579

-39 472 081 023 081 10.2% 281091 0.02 % 0.63 % 10 58 13 13 11 716 96 255 10 49 830 32 075 25 332 26 112 40 675 62 083 12 864 11 725 16 363 29 973 -2 965 7.4% 2 2 2 2 2 2 1 591 4 679 72.00 -212 43 % 45 % 34 % 85 % 25 % 46 % 19 % 51 % -241

0 0 0 0 0 0

131 353 109 610 116 191 946 075 191 638 1.7 0 0 0 0 0 0 13 5 5 5 5 5 0 5 O V K C B P % offemaleshareholder T A Return onca No. Market valuea Ca Opera Subscribed equity Intang Opera Sta Annual returnonequity Current assets Net financialitems Profit bef Equity ra EBIT EBITDA Financing activities Investment activities Minority interests Retained earnings/otherequity T T Fixed assetinvestments T T Operating Opera % ofemployeesinNorwa Price/book T Change A A Closing price Provisions f Profit Provisions f Current interest-bearinglia Long-term lia Dividend pa Minority interests Return includinglastyear’ Dividend ra Current interest-freelia Profit T T A A R T E A otal %ofwomenontheboard ang ax otal otal otal otal otal vera vera vera H Y L pital employed S O L te shareholdinga ofemployees

E A H

F ible ﬁxedassets F

ge returnonequityoverlast5years ge returnoverlast5years ge dividendra E R tional activities ting revenues ting costs assets ﬁxed equity equity liabilities

I ible assets N COMPANIES from after I T F

S G

tio

I L ore taxandminorityinterests in

U A N E A O Kongsberg Gruppen

I T NO-3601 Kongsberg, A C

tio or lia or dividend R

proﬁt ya F liquid N

N assets W S E E discontinued tax pital employed D

O E bilities D and

T ble totheSta D L H O

t year S R E

E :

L bilities andcharges R

and D R M

Jan ErikKorssjøen O

(loss) E liabilities

assets N I

H A T

tio overpast5years S V S

-end t year

S I S minority T

D N I bilities

: : O

A P -elected directors E www E

y N s dividend -end C N :

.O. bilities +4732288200

operations C D

Box1000,

U interests

.kongsberg.com

N T

Norwa

y 2 2 2 2 2 2 3 650 5 250 2 689 7 4 550 2 1 068 1 358 6 272 6 720 1 005 1 366 1 7 5 3 301 17 % 12 % 16 % 40 % 25 % 50 % 23 % 83 % 14 % 43 % 32 % 30 % -127 -503 -138 0 0 0 0 0 0

37.5 356 806 454 633 605 684 692 982 380 390 448 175 356 672 249 -25 -58 3.1 0 0 0 0 0 0 10 75 6 6 6 6 6 6 0 3 0 MNOK

ASA 2 2 2 2 2 2 6 2 3 372 3 720 2 523 1 4 196 1 001 1 135 5 420 5 791 6 5 1 016 1 192 2 871 40 % 25 % 50 % 14 % 18 % 23 % 85 % 27 % 25 % -375

0 0 0 0 0 0 586 390 505 371 380 545 563 307 631 586 081 513 982 254 314 124 260 -57 -99 2.5 0 0 0 0 0 0 10 47 32 65 5 5 5 5 5 2 2 5 going accordingtoplanandthelasttwotest project, Defence & compared tothepreviousyear and itsopera revenues increasedb volume andproﬁta The Groupasawholeexperiencedimproved Key systems. solutions andautoma wea support systems;fromcommand-and and systeminteg processing, areas. & Kongsberg MaritimeandDefence with a50.001percentownershipshare. Exchange andtheSta The GroupislistedontheOsloStock achieved arevenueofNOK6.7billionin2006. g marine, the of high-tech systemstodemandingcustomersin more than20countries. ledge-based g The KongsbergGroupisamultina Solås*, Marthiniussen*, Erik Must, B C place f high NOK1.2billionworthofneworders were Marine orderswereobtainedin2006. A largenumberofnewOf total valueofNOK345million. Royal Netherlands anti-aircraft systemswasenteredintowiththe this system. ma countries. sta Januar launches werecarriedoutver The KongsbergGroup’ roup’ H O Aerospace, A A tion (RWS)hasnowbeensoldtoseven tel R I

pons-control systemstocommunica R events D y NOK1.2billionwereenteredintof M Bothha s headofﬁceisinKongsbergandit fshore oilandgasproduction, or dynamicpositioningsystems.

*Employeerepresenta y 2007. anewna M defenceandspaceindustries. T A H

E N E In2006, SiriHa M :

Aerospace’

S cybernetics, Finn Jebsen InDecember2006, B T ting proﬁtroseb workinthesametechnolog A E T roup with3650employeesin ve specialexpertiseinsignal

R E KaiJohansen*and The Protectorremotewea S ’ S ra tlen, val strikemissile(NSM)is :

O Benedicte BergSchilbred, bility lastyear Arm contractswortha tion. W N y 16percentin2006 JohnGiverholt, tion andsur te isitslargestowner s largestdevelopment 60 E y s twobusinessareas, R Bothsuppl .

softwaredevelopment S

The g This contracthasa H fshore &Merchant I P

R y 22.8percent E y successfull . tives roup supplies P

O acontractf . Itsopera R veillance T tional, y decision-

2 Audun merchant 0 Roar pproxi 0

A record 6 The Inaddi know tions

y pons or ting y in , -

- -

In 2006, Financial cruise market. f cruise ship. contract f Januar ries totheGjøa, of intentwith veries torigs. tion, of theGroup’ 175 a NOK 124a The priceoftheKongsbergsharerosefrom NOK 12millioncomparedto2005. lities cametoNOK294millionin2006, equity in2006. in estima NOK 85millionrela value ofﬁnancialinstruments. proﬁt f main reasonf cent comparedto22.9perlastyear which producesanequityra The GrouphadequityofNOK1684million, NOK 6586millionasa million a The Group’ steadil compared to2005. million in2006, The GroupreceivedordersworthNOK7672 the Sta NOK 2.50persharef and theboardproposedpa cent. 378 millionin2005, came toNOK464million, than in2005. to NOK6.7billion, (Ministr S A or KongsbergMaritime’ T U A D T man I

E T The earningspersharewereNOK8.30 t theyear O y throughout2006. or theyearandincreaseinfair O y 2007, te adividendofNOK37.5million. R y of W t theyear theGroup’ : tes linkedtopensionswasdebited y contractswereenteredintof or deliveriestotheworld’

Ernst & trends s totalassetscametoNOK7356 t thebeg

E T This iscountedasabreakthrough R s sharesarea rade andIndustr

Aker Kvaernerregardingdelive or theincreaseinequityis The compan S The opera

KongsbergMaritimewona

H -end. anincreaseof35percent aﬂoa The netinterest-bearinglia I P -end 2006, Y whichis16percentmore : oung

ting toactuarialdevia s opera The orderreser 50.001% inning of2006toNOK anincreaseof22per

The volumeandliquidity or 2006. ting productionvessel. t 31December2005. s productsinthe ting proﬁt(EBIT AS comparedtoNOK

y hassignedaletter ting revenuescame ying adividendof t alowlevel. tio of22.9per comparedto y)

The amountof This willg s largest

ve rose 50 A) up

or deli ive

. tions

The bi

- In %

- - COMPANIES Kilde: Nammo AS Nammo. Norweg result ofthistransaction, was completedon3Februar signed on23December2005and thesale 2006) totheStorting. Storting andRecommenda million; seeReportNo. of thesharesfromSaa right ofpre-emptionandpurchased5percent in NammotoPa a In theautumnof2005, Key Norwa employees, At theendof2006, Finland, Nammo hasopera Missile ProductsdivisionandDemildivision. division, Nammo hasf and Finland’ is ownedb with astronginterna supplier ofammunitionsandrocketeng Nammo’ eng production andsaleofammunition, Nammo isinvolvedinthedevelopment, Nammo C I T A N g E E D T reed withPa L O D E ines anddemilitarisa E

: R events R

P Edgar Fossheim E N H y S . E O ian Sta German

Medium&Largecaliberdivision, S s visionistobeacustomer

T N : : P www E y theNorweg ofwhom587areemployedin : .O. s Pa +4761153600 our businessunits: te eachown50percentof Box142, tria Oyjtosellitsshareholding AS .nammo.com tria. y tria Oyj(50percent). , SwitzerlandandtheUSA. tions inNorwa thecompan

The Sta

The a tional presence. 25(2005–2006)tothe b SvenskeSaa ian Sta NO-2831Rauf tion ser AB f Pa tion No. g tria andthe te exercisedits y 2006. or NOK61.8 reement was te (50percent) vices. y had1311 Smallcaliber y , Sweden, 70(2005– rocket -driven

b As a

Nammo AB

ines oss

* Employeerepresenta berg, Seppo Seppälä, million. taxes andminorityinterestscametoNOK186 items cametoNOK0.6million. interest-bearing lia At theendof2006, efﬁciency andbetterquality developments hasbeenthef An importantcontributiontothesepositive f per centin2006. 2006. NOK 217millionin2005to270 The opera 1.6 billionin2005toNOK2.02006. revenues increasedb compared tothepreviousyear Nammo’ Financial included inNammoasit’ was ﬁnalisedinMarch2007. shoulder years andwhichrela with Nammotha tion of T contract tobuyUSwea On 30November2006, one businessunit. large-calibre divisionsweremergedtof In Januar B C reg exports wenttocountriesoutsidethe Nordic tion. continuing tostrengthenitsinterna ingl The interna the Sta minority interests. compan 74.3 million, dividend f ounda alle H O A A ion in2006. y important, R I Fifty-f y DefenseSystemsInc(TDS). R EinarLinnerud*andJuhaEväsoja* D

M The compan

TDS isacontinua tion f

te ofNOK37million. M The boardhasproposeddistributinga T A y’ s opera -fired anti-tankrocket. H E N y 2006, s consolida or the2006financialyearofNOK E ting profitroseb

M : our percentofthecompan

trends

S tional markethasbecomeincreas Jorma or sta B T equalto40percentofthe A E T R E

andNammoisf Jan tions improvedconsidera S ’ t hasexistedf S themedium-calibreand :

ble andefﬁcientproduction.

This providesalong-term This meansadividendto O Karl Glad, Wiitakorpi bilities anditsnetfinancial y’ W Nammodidnotha T s orderreser tes totheM72, ted profitsaftertaxesand N y 21percentfromNOK . Jørgensen, 61 E tives R pons manufacturer Nammoenteredintoa S tion ofacolla s fifthbusinessunit. H I y 24 P .

JarmoPuputti, R ocus ong

E TDS willbe . or morethan20 P

The opera The acquisition O per centfrom The proﬁtafter ocusing on R ve g

T T The acquisi

tional posi one Lind 2 a 0 0 rew b bora y’ 6 rea ve an s orm bl ting ter tion y y 7

- y - -

P B O D K C (Ministr S A Profit T Profit T Current assets Intang Net financialitems Operating Opera Opera % offemaleshareholder T Sta % ofemployeesinNorwa No. Dividend pa A Provisions f Return onca A Annual returnonequity Ca Change Opera Provisions f T Fixed assetinvestments T Buy shares Dividend ra Equity ra EBIT EBITDA Financing activities Investment activities Long-term lia T Retained earnings/otherequity Subscribed equity T Current interest-freelia Current interest-bearinglia T R A T E A I ax otal %ofwomenontheboard ang otal otal otal otal otal T U vera vera V H Y A pital employed O S L D te shareholdinga

ofemployees I

T E A H

F D ible ﬁxedassets I F

ge dividendra ge returnonequityoverpast5years E T R ting costs ting revenues tional activities assets ﬁxed equity equity liabilities

I ible assets N

E after before I T F

O G

C N O

tio

I L in R y of U A N E D W O

: tio or dividend or lia R

proﬁt ya F liquid

assets W S N tax pital employed KPMG

O E bilities D and

ble totheSta H

E tax

S R T

E R

L bilities andcharges rade andIndustr

og M

O S

(loss) liabilities

and assets

A T

tio overpast5years H S

minoriteter t year

T S I AS

P I

bilities

minority O

A -elected directors S y N -end C

H bilities

C A

O R

N interests :

T 50%

50 2 2 2 2 2 2 1 276 1 1 307 1 721 1 991 1 17 % 13 % 50 % 46 % 32 % 39 % 21 % 21 % 25 % 47 % 0 0 0 0 0 0

270 750 186 282 345 903 169 750 124 819 460 359 444 335 270 932 724 -84 -85 -86 0 0 0 0 0 0 62 37 74 29 79 82 -2 % 6 6 6 6 6 6 0 1 MNOK

2 2 2 2 2 2 1 1 1 230 1 099 1 435 1 641 20 % 14 % 45 % 46 % 50 % 34 % 29 % 45 %

0 0 0 0 0 0 217 508 508 184 681 410 206 216 266 681 127 218 827 120 322 359 310 827 -33 -93 0 0 0 0 0 0 11 46 92 21 79 5 5 5 5 5 0 2 0 0 5 O V K C B P A The Sta Dividend pa Return onca Net financialitems No. Price/book Market valuea EBITDA Ca Opera Subscribed equity Intang Profit bef Operating Opera Opera % offemaleshareholder A A Closing price Annual returnonequity T Sta % ofemployeesinNorwa Equity ra EBIT Investment activities Minority interests Retained earnings/otherequity T T T Return includinglastyear’ Dividend ra Provisions f Profit Financing activities Provisions f Disposed business Currency ef Fixed assetinvestments Minority interests Current interest-bearinglia Long-term lia T Current interest-freelia Profit Current assets Change T T T A A R T E A otal %ofwomenontheboard ax ang otal otal otal otal otal vera vera vera H Y L pital employed S O L te shareholdinga ofemployees

E A H

F ible ﬁxedassets F

ge returnonequityoverpast5years ge returnoverlast5years ge dividendra E R tional activities ting costs ting revenues equity ﬁxed liabilities assets equity

I ible assets N COMPANIES from after I T F

S te’ G

tio

I L ore taxandminorityinterests in

U A N E s sharepurchase A O Norsk Hydro

C I T A

tio or dividend or lia R fect

proﬁt ya F N liquid

N assets W E S E discontinued tax D pital employed

O E bilities D and

T ble totheSta D L H O

t year S R

E :

L bilities andcharges R

and D R

Eivind Reiten O

(loss) E liabilities

N assets I

H A T

tio overpast5years S V S

-end t year E

S I S minority T

D N I bilities

: : O

A NO-0240Oslo -elected directors E www E

y N s dividend -end C N :

bilities +4722538100

operations C D

U interests

.hydro.com

N T

ASA 118 662 144 429 195 108 248 929 124 682 150 227 132 227 -11 152 -31 727 -37 280 43.8 % 31.2 % 33 605 53 251 76 087 38 727 80 414 14 223 53 611 50 19 619 49 977 95 20 272 59 025 77 400 16 -3 2 2 2 2 2 2 471.3 2 819 6 131 193.5 5 309 2 933 3 654 45 % 15 % 18 % 50 % 26 % 36 % 42 % 33 % 43 % 38 % 0 0 0 0 0 0

679 389 751 656 181 315 263 252 246 167 663 275 663 2.6 0 0 0 0 0 0 6 6 6 6 6 6 MNOK

115 741 125 246 171 032 179 455 153 128 113 217 128 217 -24 318 -30 317 43.8 % 35.5 % 45 32 765 48 780 65 132 27 385 89 73 258 15 078 45 436 21 387 52 667 19 612 15 49 289 64 401 -3 -6 797 2 2 2 2 2 2 981.1 2 497 5 503 138.6 5 572 5 037 33 % 44 % 18 % 41 % 22 % 50 % 36 % -349 -173

0 0 0 0 0 0 784 903 317 981 296 174 174 697 380 697 118 2.0 0 0 0 0 0 0 5 5 5 5 5 0 5 * Employeerepresenta Martinsen*, Anker Nielsen, Faremo, B C k o L 1 o p B o v 2 n o b 2 e n s t l t b l r g T K p t e c N p I i F e c m a g N h c N e e t n e i h e i t o o o m o p a p f f x l r x l i e a h r e a r o e r H 0 6 0 O r e o o o e d u e l e d r h c

r o c a i o a i

p c m m m n n l t s e e . v e m r P o A t e A 0 0 r r r w y c c s g i m u

h a

r o r s n d t e i O h e e s s s e

r g n 6

n l s e u e o e o t R 7 7 I

e 3 t s o n o s p p p m b s a k e u s k k k a v c

a r e R e e

c h g 0 t l d n n t n

. . D n f i

o a a a 3 o f o e o o t

e c

r n t n r

c r b v w t l d

M o

e u m e m

H H H t e o T e o

e g l n n n o p f i u u t a

p t d

e s ( a g i i o e a e U

n r f h r d M i 0 n t 2 d l i h T d t y y y

A b

y y y t e r o m r s r u , w

e e l s HåkanMog t i y e g i e l i n p h

n e l

H d n c i e . i d d d . 0

0 i n ’

h e r n

t E N

a p n m O n u

s s s t c i n e f i

c E

e h e t a

g i t i s n H e N r r r c o 0 d 0 p o r o , n M s b m c p t

o d m : o s

s o o o

l s

t e e e i P s a

t e

S i o r p e t

r o and p 6 o m d n o L u 2 p i l e o m s t v Jan Reinås

b . n t e e B o m i h

e n r o l

r a A w w i l

r r e m r h f a e l

s m - i , e d n 0 m n a s i e o A r m t y n d o

e E O n e o n b p 2 r S i r n p e

p r a s S

e i T n a 0

p n GeirNilsen*, k s p u r p r n R c J i g l e a t a e 1 l i a s i s 0

n g A b E p e l n o r e i v n a t h t d m

o e 6

a e o e a s a

t S o o a l i n ’ 8 H a b n , e e u l f 0 T d s L

o o t o m i i i e

g S s s o h

, n s s n l n

s s o d i u i t : E y p n l erje Friestad*.

e S r l

d t y

s a a o 7 t , n

i s o e

y s e e y , e D w t

. a i e

n t i O h u n w e n Elisa l

d d

e e s . i t n l t n

N i a i ) r e e i d d

i d m u

a r a

o h s a l W a n e e c d

r e i t

S s r T r n

g t o

l ren, e e m t t e g

o S

n A m

o e t

r o e a r c g

h r o ’ N t w g h i p t p t w T r p e

o s e c

e s n g n o

t o

r s S l

l 62

E e t r o a e u o e i

i c s l a d w i a tives o a a s

i S N r h i

e y s s n a s e l l m R d i beth Grieg, l

A n a t n s

1 t m

t r o n n r t l

’

Y m s n

LenaOlving, t h

i e

t a o m y S e s

i o a s o o e t ﬁ e o n n

t p

e N y u o o m o o e

b a d e p e H t

a n r n f t e r a i v w n l f

g r d s S f m r t l r w r

e y e l o 0 n s e

I B r d o i u n . e d

e b d h r l t N p k g a P o p a h . s

m i t t s r k i r StenRoar g r t

5 w T

n r l d l o a l s t

e ’ n , i

h a , a n y g i T ,

w n

e y l o o a i

s r

c h

N R l e

p n 2 h e .

n l

t r w

H g t o d L n e c d n e t h b l r y p

u i c e E N h a a a o g a

i r h o T a

n l e s 0

s o

i n - i

r r N e y e P o e m m t o

i s t a e e n n n i w o y

t o r r a h t o k

t l h a t l h n 0 d e O o r h

n a

h c n s b . e t o ’ l

d d n r

c t p m e

a s l n e e

i o 4 e G d t

R r 6 f r a g k a H y

s n a

d s . F r o o

i h ﬁ o o

n t g

o n d r T

s n o 0 a g

Grete k t

n i o T e l c n o i a

e h a f y s l e d c m a

a H

u w t d p e t k P

l a

0 a v o s 2

h w h d l d r t u e t . N u t L i

n r e H l c m b

e a

y o d ’ a r , h e s 0 e t o c s m p g e a r

H k s t

m o Kurt o r d i

o o t d e r l M y m c c u o 0 l s . P r l o e

r w s a

t e n h l

l a n . y p t u r n d r y p i M f 6 o

T ’ m

i u a h n n b s w o s o e t o d b a t i a n d H o n m r m a n h h i r b t e

t y l w r

i o r r e n i n o s p e t e i p e y n n 1 g u w e e e c o ’ m s

r e

n b

a i s n

d g a - h - e A y i i t

y m - a h

’

o s n e i s i s i g t 2

a - r i l a o t n o S h a f o l t s o t

r e n 0 r - s ’ n i a o i A n n . s n - y s r d t

0 - - . ,

a c a I o s L o p ﬁ r T t d N t e c a A t a c t m c p a o N F n I H a 4 m j i I s p C (Ministr S Sta A n n u t n h o i o i u t o o o o o s d l n a n e a n c v n v a h e r o r n i 7 t y a O o T U u

d s a

i i e n o o

e e

n p m m m h n n l r 2 c s d c l n d l t e d e N N A s 1 r y t d o m i l r D u K t a

e n ﬁ c a r r t i s , o t e p i tsautoriserte revisorer s g i d

t r t 0 h a e T o O O

e y w ’ o t

a s r p p p g t d a e g e I i t i

o k s , m t n n

l i t i e n n

l a i e a

5 E T 0 n

v t y o v h n g i t n h a a a l s r d i p K K a

a n w l t n r u

v e c g g r

c A O e e H

. g e i

6 n

e i s i e r r r ﬁ g e y s - . a n f f

2 p u i l e c m r t s s

i i e e e T d e t r t 1 5 d a l S R s

y of

s y e a o i e e W e

m 0 o o c t S

w c p p h i o d d d m h

h s d e n 2 0 3 A N : m

o l p n a i d r i d l r r t f m d a Deloitte n

r i t n a

e a n t

r N h d

. .

n . p e

e o t s f t t w e

o h t p

t o s t 5 7 s d i e 6 2 s a .

b h r a o o d t i

u i e a e r E r d e h

t g r o n c n e - e h n h ’ 2 i T t T n i i n

0 c y

e s e

s t v m s x l t R

e e a i b s p m h 1 2 t

s l rade andIndustr f e i a

a t h 0 h t f

n M d

i k

l n 0 i

w o t

l r h a

e r S r i r i c s

e r

r i e

6 0 l i r i h ,

n i

l c

o 0 o e n f d

e i n e e e t r e r 6 s

d l e s 2 w i a H 2 e t e H r l i o e n i y . 0 o e

e o c g l f t n h p 6 n c c i

t o a c

s t

6 , i 2 r n s r

h 0 n 0

r m I a y t o t o

s n i 5

g a r e e e u u i e s n a t , P e

o n y w N c A

t 0 d d

g 0 n

e 0 i u n m d

t p

u r .

i e

N r p n l t , e N r

p p o : o

a r v

t r u o i c

M o 0

o a d

h c 5 l

e e r a H e s r a s t t g a a t o N r k l e a s o 43.82% n b o e a f t r u s h o h i e

5 i l d

o . t n

r c

o o

i h e t i l f s s r

d a i r y

t m h e n t g

i y s n r e a r p p h s T o n

d s t

r u s n n h m h

t c t a i h a w n i

T e s d a

i e h

, s d s

s r i l r

n k h e u k s s r k e

o a e s r o e d S a o d

d v

e o e s t h p a n e o

d t e i e

c t t 2 s

b n a n c

e f N c g H m i ﬁ o e H

e r o

u s m

t n a r t r

U s c

0 e l y t o y , o r h i f n

o t E

AS d w i a

O e y l w

y v t

d a

m o o p K

b a s n t

h s

t N e 0

i n a d e n d i

f d e

7 o i n l

N h

t i r n K h v r m e e a w a o n ’ n o e e l

t 1 o t t h d 6 u g i s r

y i r f

i N h e

h n

l t c

O s r a d S f

o v

d o p 2 l

l e

1 i

t c i y) l

6 w i e T O

a o K

n w a e g a

e a e n r h

t O ’

o e t ’ 2 l A e K S e e

0 r 1 s

p o e s .

d c g r

e s r S

a r

e p t a p n 4 b r n

0 K f s u

u O c 4 A t n 0

4 s c a o e i

a e

ﬁ d s r 1

a t r d e a i e e d e

f o c 0 c

t t u o g n . e a y u 5

l e . c a

b s t n c o . 2 t o r 4 e r

4 e s e N r

9 t m r e

m r m e 6 e

p t k r t u t

. t a f

a i T i u r

E m e , t

. 2 e n d

, o

u e c l e a t o

n O N

n r u i a T

l c b p t o h p r p a q o t e r o i ’ b

a b c e i a 0 n r c b 43.8 r i t o s e e o h n r n t h o e K L

o l e t n e e

a u n n i o e n n e u

o e t c b l 0 a

l i n 2 s r t e c d r d e a e m n r

i ,

n r

n s i s t i m r

r c a r h t r n s i o

1 l

r 6 o v .

0 n

t e l s

e t g

. s

w y e c e o l l k e a g o g o p u d e 2

a n 2 6 O . i . e p g 0 r d h

a o

e m

a s r f t e a m n i l k 0 I 0

w I m a e v e f 6

o a s o n t n n e 2 s N e r s i i s 0 i e 0 r v c t n r w

e a . i t - e

5 e

e s t O

i e , o e n 8 i 6 i s n - h

d - d s t d 2 . f l t K . h

. s

% COMPANIES strengthened itspositionintheGulf ofMexico Gunashli oilfieldin two developmentsinthe Deniz gasfieldandthesecondoftwo phase- Algeria, production in2006: opera to demandingreser was duetoproductionbeingpostponedowing barrels o.e. of 958000barrelso.e. Norweg (o.e.) perda came to1135000barrelsofoilequivalents Sta 2007. expected tobeimplementedintheautumnof the endofJune2007, meetings ofthetwocompanieswillbehelda meeting f to bepresentedeachcompan companies areindividuall will beastrongerinterna technolog knowledge willcontributetoafinanciall combina shareholders. petroleum opera the ASA ga The boardsofSta Key 13 911employeesinNorwa 2006, compan exchanges. and listedontheOsloNew In June2001Sta vendor ofna world’ production isincreasing. and gasproductionitsinterna is anopera with opera Sta Sta C I T A N E E D T L O D y recommendedamergerofHydro’ toil’ toil isaninteg E E

: R R events

P Helge Lund tions. E s largestvendorsofoilandasigniﬁcant

N toil H Sta s totaloilandgasproductionin2006 S ve noticeon18December2006tha theDaliaoilﬁeldin E O ian ContinentalShelfwasana y is70.9percent. S tion ofthecompanies’resourcesand T N or a : : icall toil NO-4035Sta www E tions in33countries. Fournewﬁeldscameinto tor f lessthanin2005.

: The Sta y

+47519900 tural gasintheEuropeanmarket. ASA . pproval.

had Sta y soundmergedcompan The boardsbelievedtha or 60percentofNorweg .sta tions andSta ra toil waspartiall toil’ toil 25 ted oilandgascompan Azerbaijan. te’ voirs andcomplica toil.com theIn s productionfromthe Extraordinar ASA andNorskHydro 435 s shareholdinginthe andthemergercanbe perda vanger Sta tional pla y Azeri-Chira employees, .

Almenas gasﬁeldin

As a The mergerplanis Angola, toil isoneofthe y . toil totheir

y Sta This reduction . t 31December

The compan y priva This is27000 y’ ork stock yer thanthe y general s general tional toil theShah g-

t the vera including ted well y tha s tised y and ian oil ge y t t y t receive NOK14.0billion. NOK 19.7billion, produces atotaldividendpa per shareisanextraordinar 9.12 persharef Sta compared toNOK14.19in2005. earnings persharecametoNOK18.79, compared to27.6percentin2005. was 27.1percenta Sta compared toNOK394billionin2005. revenues cametoNOK431billionin2006, oil andgasprices. 2005. NOK 39billion, 2006. Sta Financial compan g general meetinginMa Sta market sotha number thecompan number ofsharestha autumn of2006. shares severaltimesinthemarket own shares. dends andastherepurchaseofcompan to thecompan emphasises tha ca Sta compan Sta At thegeneralmeetingon10Ma Anadarko PetroleumCorpora areas b * Employeerepresenta Morten Svaan*andClausClausen*. Marit Åm, B C ranted anewauthorisa y buyingstakesindiscoveriesandexplora H O pital distributiontargetsovertimeand A A toil proposespa toil’ toil presenteditsbestannualresulteverin toil remainsunchanged. toil’ toil’ Finn R I R D Arnstad,

M from This increasewasmainl The compan s returnona s reviseddividendpolicysta s boardwasauthorisedtopurchasethe

M T A y’ y’ H E N A. s ownsharesinordertodeletethem. s ownsharesinordertodeletethem. E

M :

trends

S Hvistendahl, Plains Jannik Lindbæk Sta B T A E t theSta Ing T y’ R comparedtoNOK32billionin E t theca toil repurchaseditsown s ownersbothincashdivi S ’ or 2006, S

ofwhichtheSta : The Sta rid

Explora Sta O Kaci KullmannFive, y achievedanetproﬁtof ying adividendofNOK vera W t theyear y hasrepurchasedinthe Wiik, N t isinproportiontothe toil’ 63 E te’ y 2007, tives R pital canbedistributed ge ca GraceR. tion toacquirethe S s percenta

ofwhichNOK5.12 te willredeema H tion s totalopera Lill-HeidiBakkerud*, I P

y dividend. At theordinar

yment ofaround R tion. pital employed -end 2006, E & theboardwas P y duetohigher O Production R y 2006,

Skaugen, te will T tes total

ge stakein 2

0 The 0 ting Knut

6 This

y - tion and

y’ s

P B O V K C Energ (Ministr S A T Profit Net financialitems Return onca A Annual returnonequity Intang Profit Minority interests Operating Opera Opera No. Closing price Price/book Market valuea Equity ra EBIT EBITDA Ca Opera Subscribed equity T % offemaleshareholder Sta Fixed assetinvestments T % ofemployeesinNorwa Provisions f Change Financing activities Investment activities Retained earnings/otherequity Current assets The Sta A Provisions f A T Return includinglastyear’ Dividend ra Minority interests T Def T Provision f Long-term lia Current interest-bearinglia T Current interest-freelia T A R A T E A ax ang otal %ofwomenontheboard otal otal otal otal otal T U vera vera vera H Y L A pital employed O S L D te shareholdinga

ofemployees ferred tax U

T E A H

F ible ﬁxedassets I F

ge returnonequityoverpast5years ge returnoverlast5years ge returnonequityoverlast5years E T E R ting costs ting revenues tional activities ﬁxed assets equity equity liabilities

I ible assets N

before after I T F y)

O S te’ G

C O

tio

I L in R

y ofPetroleumand U A N E s sharepurchase W A or commitments O

tio or dividend or dividendtilsta R

proﬁt F liquid

N assets W S N tax pital employed

Ernst &

O E bilities D and

D H

E tax

t year S R

E R

and D and M

O S

(loss) liabilities

and assets I

A T

H S V

-end t year

I S I minority commitments

P D I

bilities

Y minority O

: A -elected directors E

oung

y N s dividend 70.9% -end C N

bilities

C D ten

interests

N interests T

70.9 -316 663 119 357 955 117 239 139 166 138 631 114 431 112 209 231 312 240 108 312 203 -79 523 -20 536 -39 714 71.0 % 39 25 435 165.25 60 543 16 735 14 006 19 702 90 550 71 892 29 590 46 595 35 804 26 831 91 400 2 2 2 2 2 2 4 859 1 717 1 465 3 050 89 % 35 % 39 % 35 % 57 % 50 % 55 % 25 % 12 % 48 % 50 % -720 0 0 0 0 0 0

308 065 449 293 430 538 750 430 680 3.3 0 0 0 0 0 0 6 6 6 6 6 6 0 MNOK

% 335 752 120 957 125 213 284 211 296 779 393 718 181 481 284 192 -16 514 -37 664 70.9 % 93 32 96 99 801 60 453 25 644 155.00 56 250 92 17 770 12 500 12 593 17 756 73 170 73 338 27 949 40 422 26 264 29 469 92 929 -3 712 2 2 2 2 2 2 2 2 060 1 492 3 312 85 % 39 % 32 % 50 % 44 % 51 % 69 % 55 %

0 0 0 0 0 0 227 009 939 072 828 490 432 765 828 396 3.6 0 0 0 0 0 0 5 5 5 5 5 5 O V K C B P Profit bef Intang Opera 1) No. Market valuea Ca Opera Net financialitems Price/book Subscribed equity % offemaleshareholder T Sta A Closing price A Annual returnonequity % ofemployeesinNorwa Equity ra EBIT EBITDA Investment activities Minority interests Retained earnings/otherequity Fixed assetinvestments T T Operating Opera Dividend ra Provisions f Change T T The Sta Dividend pa Return onca Current assets Financing activities Provisions f Currency ef A T Return includinglastyear’ Long-term lia T Profit Minority interests T Current interest-freelia Current interest-bearinglia Profit A A R T E A otal %ofwomenontheboard ang ax otal otal otal otal otal Includesestima vera vera vera H Y L pital employed O S L te shareholdinga ofemployees

E A H

F ible ﬁxedassets F

ge dividendra ge returnonequityoverpast5years ge returnoverlast5years E R tional activities ting revenues ting costs equity ﬁxed assets equity liabilities

I ible assets N COMPANIES from after I T F

S te’ G

tio

I L ore taxandminorityinterests in

U A N E s sharepurchase A O T

I T A C

tio or dividend or lia R fect

proﬁt ya F liquid N

N assets W S E E discontinued tax pital employed D

elenor O E bilities D and

T ble totheSta D L H O

t year S R

E :

L bilities andcharges R

and D R M

P ted ﬁguresfromtheKyivstaropera

Jon FredrikBaksaas O

(loss) E liabilities

assets N I

H A T

tio overpast5years S V S

-end t year

S I S minority T

D N I bilities

: : O

A Snarøyveien30, -elected directors E www E

y N s dividend -end C N :

bilities +4781077000/67890000

operations C D

ASA

U interests

.telenor

N T

.com

NO-1331Fornebu tions 197 012 111 739 122 148 148 -39 716 24 135 39 114 30 641 33 633 24 360 16 653 46 093 59 762 21 528 17 73 369 91 077 35 600 117.25 62 25 868 85 27 841 40 211 15 -1 -3 148 2 2 2 2 2 2 4 735 3 820 4 200 2 267 7 370 7 644 9 952 2 615 50 % 40 % 54 % 31 % 26 % 44 % 26 % 24 % 13 % 31 % 42 % 80 % -179 0 0 0 0 0 0

708 884 278 508 376 648 376 766 920 155 3.2 0 0 0 0 0 0 MNOK 6 6 6 6 6 6

113 060 124 124 -19 998 11 14 146 26 277 92 580 22 340 53 18 164 28 235 98 43 958 44 997 12 591 57 222 68 927 27 600 70 25 749 25 198 11 908 27 719

-3 453 1) 2 2 2 2 2 2 1 7 134 9 691 3 419 66.25 1 185 1 842 6 037 7 1 488 43 % 40 % 54 % 40 % 44 % 18 % 18 % 43 % 23 % -832

0 0 0 0 0 0 705 725 533 646 886 215 395 862 395 650 2.4 0 0 0 0 0 0 5 5 5 5 5 0 5 i o g a s I K 2 c c T R H B n o s b T I n s b c e i t t T p T * Employeerepresenta monsen*, Giverholt, Jørgen Lindegaard, B C m T n o m 2 T o g e t I b n n n P n h i h e e e e e e h e u o o o o f r n n p n f e e r o i r e a h H 0 0 O u a u e

d e f

o a o a a o l l l l l l a r a c m n c m n n t t o a w e t s d o a c n s A 0 0 A n e e e e e e y u s 2 e w u v w n b r n a o r h c e v e p s r r S o n n s g k n n n n n n g

0 6

R I

s i e r p m n 3 u

t i m a d c n e c e i

e d r c o R p i m l e e d t e 1 e l o o o o o o t n a a s a a e , D a d a a s a t c

o e r n r e a

r v r a d

M d

u t e M a 2 r r r r r r r

. r s

t y i o l e n

k o t d c a p

c r s s n e f N

l n

y p e n e

e 1

e n s M t l d

o 0 T m h h w p o i n r s o i A x y s

a t e a

, e i c a

t s m

n d h d

n ’ o o s

i 4 o i o T H a r o i

t a a r s

t m n b b c o s n d E S t N y

m LiselottKilaas, a

Irma t a w h

e m o w

i e

o E n u i t n . o

c s s n o o h T i a

t r o a l i M

w 2 e s n e : s s n n e

l n e e e v 2 w h p h T , t

c n

a e a a e

b S g t , n s i

h s h n r r s

a m t i Thorleif Enger i d

l e s i a B r a e e 0 k f e l n t T n s d n m b i l e e i o h

o M f

n i e

a s o o a n e i l l .

s d A w y o n

a 0 o E s

e c

o e

e l i d n a

i ﬁ o e u w n S r u r l s l , o g e a c T c I e i a r e a o i o i y e

n R

, r e l n 6 s n m i d

x p t e s r o

E T m l

o c g t f S t s

, h

r i

i w l w

l s

e h

h a i

t S o . a e t ’ o a N s l e l v i r ystad* andHaraldSta b s o n n m h c M t

J w e a i e S n t e t a

’ o

d m r n h i i . : n

o l y r s s

a n o n t

u O T

t u o c

e r t d

s d

c t a l 2 h e T

s O a o d

o a i

e r

Bjørg S p v e d k u e s e s e f o

l d p i o s i d b

o k PaulBergquist, t a i d y g 0 W

t n n i

w l e o r i i t a e c l i g s n h c c w t p g b l e e w n o , o d s m l

o o t o e a n i e 0 o t h

i s n N t 7 , r ,

h e , l o a n d h t T . e e o a e g m e

n i

m e v

t i n b t o i

w e

e 64 o 6 E T

w m d 6 t s n t e ﬁ h r f o r tives r

t I c

e n i . r i t s , h , i

R n r

n e o

n a d h c d a h

. a h e a l c

t V

e e 6 r A o M n l e a

h i

e ﬁ S e u PerGunnarSalo r D o V

s d r o n ’

t T f s a b a

r o m s

a t n

g m n w

i m b i e H o n x

f b n w en, m s ’ m T n h l d t i

n e i h n

S f d o s c n a e g r d l e I r i y s e r o s b e u o . i i a c P p v e

e n o e o e s n t

t c

t r a t n

d p

t r T l u h

l s l y N

e a l

n t i

a w v a

b m b t s , s l e a o a s l i f R e t g m HannedeMora, h N N n

o a e

s - u i t n y

s t b o o

d n n e o t A O n i r

v r c r t E t n

b e e o e u l w n l t a - r 5 a i t O v o o g h y n i a o e , e n i

e a d P k e e o u n c m t

b K a

e f

c s k y e

r a r 4 e e e g r i u e

O g o n f U r . r K

t r n o e s

n k c a d s

p e e

h e e s e t k w k d t f

r s r ’ T e

g R e f i o 7 t k

k , g s a

a c o n e i d r p e h t

r e x e

r 1

p t s c T c i n h n h r o m m a h r T v . s

e k P n

u r

i i d

e e c e o t

t ’ e 5 d n a a S a l

t John 1 m i

t e r t 1 i r s s

a 2

. a

s t

h r a

h c e m a s r n

a m

r e o w k o s i i

m a

h w w r i .

e 0 w T d v 9

n t

a n v e e b

k m

a o 9 t o a d e t

f n d c t f c o 0 i p e e g e e a

a e

i o 9 o h e o n vn*

i t n s e i n b h l p e

e n t e q i s 6 r l a o

l a

e n i l s c t b n , o b l s d

r i d 4 e n

m i o e g i m a

e e n s i t o

r c u a s n l m y t d t a o o

k a i d i i e n n t n p . h t e

r s l t t h l a i s m i r n

e n l o m w n

e n o

a s n . o T e i , , t h

e s p i h t a

u o

e w s d o i . i r - i , e r a h n t o

o l l p

e a n t a t i I n n s i e o n n n e a l n . c t

n r y - g e ,

a F N i B a r t d i w S n c p n t c i T r F F o f f a c A l t (Ministr S A t n n i h o r r h e i t s o e o r o l o w c e o h u h t i u r s o o O T s r t U c

e o d e y n a

n n S

r c u d i n r i o m i

p m m A o ﬁ r t n n s

S D

K u

u a

v a e e s t e r u - n i o ﬁ t r a 2

T n

s c n , n i e h c

b t

I t e r i

i - s a n d n n c e u 9 r

d s E T a 0 a

t U r e c t t d r d e e m i s e 5 s h t e

a o a e i

c n t e k 1 O n v o c 0 o i c k T

r o

u e s O o a e

f n 6 r 2 N i e r

t u c m e

e R n o r a o 6 c y of w e u U a

o m a o n b s

W c a . n i 0 o r

l O m

n e n e : a s , 6 f e l b e

C . l i r p k i i n

t f

0 a a n n

d n N i

n t l T K Ernst & l t n T

d s l

r n a t

p o H a i s e o o a l u p

6 o e

a i o d i r u E

o h

r t t g o u a h a

n T

i o r f 2 r d e e n e h l i f e

c n R n b r i i

e o n e

f n n r rade andIndustr

a ﬁ d n o s l ’ a . r m i , e i d n

a a d t c o s s S t t u n

v 3 e s i

2 f c

e o e u

m o m m c c

i n a

d i e n

H o p , t s

n t o a l t b 0 t m s r

i p o a r m b e o g s - n h n s T . d r - r m n g I i e e a o

s r

x b

n i ’

e P r a e u T i e c

l s f s c

2 e s s e d

n b e

s Y l N 6 A r e t l e t : p l i e l h

i t i c t

o o

e u e 0

i oung o

e a f i p m r

, a

a / A l O o o s o n p e

o u

r e m n

t s n d d

S 0 l 53.97% r T k n

a h e f n

c s N r u K r

o d e o

5 e o n e o r t c d i s e i

w t o i r n a O

e u ﬁ

p d u r i N a n h l v . f a

u o 8 n t

i e t

n a i t d i h l o g

e n

e a T K h i O n r t l e a m t d g

a . n s 2 AS t r

h h e s

a y a

3 l d h a

d n

i 2

K i q o

0 v e i 1

e n i i p n o f r c

i t s t T

n t d i t 0 s t u r i e

b a i h v 0 n t e

t h

5 o o d a r e

v e 6

o i

e a 0 v e a i n c a e n s m j o U 1 g e a n m n e l . r l 7 u

e l r

e r r c 9 6 o v o y)

t i n a

t o s - n

k y n

o t S t n e

n s c

n w i o p t l a r

. e a

h b

o r d t d a d n

r b

c e t c o t u K o h a u a T n b r i x a i a a d h n a . l

, n l t o c i n e

e e i y T n n

l d e l e i r s t

e n a s 2 . i

o l

u o n t

e i r o p e l

i t t y s

2 e a v e r

t c e o N e 0 r h i i r n a s

. s n i l

n s s

l n o n a 0 r e

b w , r n s a a i e 0

o 1

d 54.0 i t g t n m f o

n a n u u 0 i s a

t n

a r i l a 6 n 0 r g e . l e

o a r n w e g o t l n o l 6

r d t ﬁ x t

i i 8 . r

f h l

v r 2

h r m o a .

e g a i

i T g

m s e e m s n n

t a 0 T S p f b g e u s t o a c h

o s h 0 e l d a i a l o r t t i i e e a a e n n h o e e r u 5 t b i n r n e

o v e s s e e i . i l e o n l

- e e s - r % Foto: Frederic Boudin COMPANIES and isresponsiblef Australia. pendent ammoniafactor In the compan and adistributionnetworktha gained accesstolocalproductionopera fertiliser industr tant upstreamcompan rity shareholdinginFosfertil, compan tion, of fertilizereachyear in 2006. Y opera wide willtakecareoftheseshipping ra to thesale, one thirdoftheglobalfreightammoniaprior 1.5 billionf received thenetamountofa shipping ﬂeettoBergesen opera ships wasnolongerake In Key worked inNorwa employees a Herøya. companies, The compan xima nitrogen fertiliser and marketingofcompoundfertiliser countries. products aredistributedtomorethan120 opera Stock Exchangeon25March2004. from NorskHydro make fertiliser compan Y Y C I T P A N ara acquiredFertibras, ara Interna .O. E E D tion a ara Interna April, April, T L O D E E

Box, :

R tel R events

Y P Thorleif Enger tions. tions. tions inmorethan50countriesandits E ara isthesecondlargestfertiliser N H S y 6percentshareoftheglobalmarket.

E g O Y Y y y inBrazil. The compan S Fertibrassellsalmost1milliontonnes T reement sta , N NO-2464Solli ara openedtheworld’ ara announcedtha

mostofwhoseproductsareusedto : : Itscoreactivitiesaretheproduction Y Bygdøy www E ara owns30percentofthefactor buthasnowenteredintoacoope

or this. onea : The compan y’ tional +4724157000 y hastwoNorweg t theendof2006, s existingmarketposition. .

The compan y .yara.com . . y

Through thisacquisition, t Glomf . The compan ASA (Y

ASA andlistedontheOslo Fertibrasalsohasamino

Y Allé 2, or allthemarketingofand ara wasresponsiblef y hadaround7060 . ting tha Followingthisacquisi tional y intheBrazilian aBraziliancompan y theref ara) isachemicals y a y partofitsfertiliser ord andonea

W t Burrupin y wasdemerged t owningammonia themostimpor t Bergesen orldwide Gas, pproxima t complements y hasana ian production ofwhom1200 s largestinde ore soldits ASA

Y ara has tel W t

W tions y NOK ppro estern or orld

and Y - y ara - - , -

- - y -

* Employeerepresenta Dyrkorn* andFrank Nergaard, Ole Haslestad, B C increased fertiliserprices. factories werenotfull The increasedenerg 25 percentcomparedtothepreviousyear sales toreduceNOxemissionsincreasedb increase thedemandf environmental requirementscontinueto higher volumethanlastyear g The industrialsegmentexperiencedsound NOK 6618millionlastyear EBITDA wasNOK6472million, This isthestrongestresultin NOK 3198million, share. NOK 4188million, Y Financial 36.21 percentremainsunchanged. and Industr owned b along with4257712sharestha shares inthemarketandtheseweredeleted in 2006. shares, In connectionwith employees whenfull of liquidammoniaandwillha annual productionca sales fromthefacility the Sta equals adividendofNOK739million, per sharef The compan previous year NOK 141.75, ments. compan ara achievedaproﬁtaftertaxf rowth, H O A A R I R D M

The correspondingﬁguref

te’ areductioninca At theyear M andendedupwitha10percent T A y experiencedver

y theSta H The compan E N s shareisNOK274million. E

M Arthur FrankBakke*, :

or the2006ﬁnancialyear trends

y S Øivind Lund B . T y ispa

. comparedtoNOK98.25the A The Sta E

T LoneFønssSchrøder R E S ’ S : te viatheMinistr

-end, O Elisa Y ying adividendofNOK2.5 orNOK10.20pershare. equaltoNOK13.86per W ara’ Andersen* y opera y costsf te’ pacity of760000tonnes N . y acquired7500200 y compensa

65 E The factor or industrialproducts; tives R beth Harstad, thesharepricewas s ownershipshareof s repurchaseofitsown S pital wascarriedout H y sounddevelop In2006, I P . tional.

. R Morestringent or theEuropean ve around100 Y E P ara’ Charlotte O comparedto or 2006of y hasan R or 2005was ted f t were

T y of s histor

the 2 ,

0 LeivL. . Jørgen

0 ofwhich This or b T 6 rade y - y . . y

Its

P B % ofemployeesinNorwa No. O V K C % offemaleshareholder T Sta (Ministr S revisorer A Intang Opera Market valuea Ca Opera Subscribed equity Current assets T Fixed assetinvestments T Currency ef Financing activities Investment activities Minority interests Retained earnings/otherequity Opera Closing price Price/book EBITDA Change T T Minority interests Sales commissionSta A Dividend pa A Provisions f Return onca A Annual returnonequity Equity ra EBIT T T Current interest-freelia Current interest-bearinglia Long-term lia Provisions f Profit T Profit Net financialitems Operating Return includinglastyear’ Dividend ra otal %ofwomenontheboard A R A T E A ang ax otal otal otal otal otal T U vera vera vera te shareholdinga ofemployees H Y L A pital employed O S L D

T E A H

F ible ﬁxedassets I F

ge returnoverlast3years ge returnonequityoverlast3years ge returnonequityoverlast3years E T E R ting revenues tional activities ting costs ﬁxed equity assets equity liabilities

I ible assets N

after before I T F

O S G

C O

tio

I L in R

y of U A N E W A O

tio or dividend or lia R fect

proﬁt ya F liquid AS DeloitteSta

N assets W S N tax pital employed

O E bilities D and

ble totheSta D H

E tax

t year S R

E R

L bilities andcharges rade andIndustr

and D M

O S

(loss) liabilities

and assets I

A T

t year

H S V

-end

I S I minority te/deletion ofshares

P D I

bilities

-elected directors minority O

: A E y

-end

N s dividend 36.21% C N bilities

C D tsautoriserte

U interests

N interests T

36.2 36.2 % 42 947 22 679 12 774 16 500 16 48 261 141.75 33 17 16 33 44 909 -2 317 -1 759 2 2 2 2 2 2 4 5 3 854 2 686 7 412 7 600 1 752 5 092 6 465 6 837 1 620 5 024 3 748 1 691 3 7 060 59 % 47 % 19 % 18 % 23 % 31 % 29 % 48 % 40 % 38 % 17 % -104 -833 0 0 0 0 0 0

188 043 764 118 264 229 035 575 264 448 274 739 352 2.7 0 0 0 0 0 0 22

6 6 6 6 6 6 MNOK

% 36.2 % 14 30 17 13 30 30 923 20 658 16 576 46 550 42 728 -1 284 -2 044 -1 014 2 2 2 2 2 2 3 4 3 106 9 306 3 913 5 004 7 536 1 501 3 98.25 5 232 6 580 7 255 1 176 5 482 3 409 6 586 26 % 23 % 28 % 26 % 43 % 40 % 38 % 17 % -122

0 0 0 0 0 0 198 224 041 617 321 219 618 821 100 120 268 749 402 2.3 0 0 0 0 0 0 77 11 5 5 5 5 5 5 P O O D K C B % offemaleshareholder T Interest onloanfromtheSta Provisions f Sta No. Loan financingfromtheSta Dividend pa Dividend ra Ca Ca Opera Subscribed equity Intang Opera Annual returnonequity Return onca A EBIT EBITDA Retained earnings/otherequity Operating Opera % ofemployeesinNorwa Net financialitems A T Equity ra Financing activities Investment activities Long-term lia T Profit Provisions f T Profit Current interest-bearinglia Fixed assetinvestments Change Current interest-freelia T T Current assets T T R A T T E A I otal %ofwomenontheboard ang ax otal otal otal otal otal vera vera V H H Y pital Contribution pital employed O S L te shareholdinga ofemployees

E E A H

F D ible ﬁxedassets F

ge dividendra ge returnonequityoverlast5years R R tional activities ting revenues ting costs equity ﬁxed equity liabilities assets

I ible assets N COMPANIES E after before I T F

C N

tio

I K L in U A N E D O BaneT E

I T NO-0402 Oslo A (Bjørn Kristiansenuntil29.11.06) C

tio or dividend or lia R

proﬁt ya F liquid N ,

Y assets W S E E tax pital employed D

O E bilities D and

T E

ble totheSta

L H O

tax D

F S R E

E E :

L bilities andcharges I R

and R M

P G

Stig Herbern O

(loss) E liabilities

and assets N

H A U T

tio overpast5years S S

t year

R S S minority T

N I

E bilities

: minority : O

A P -elected directors www E S y N -end C : ele

.O. bilities +472100

te C te

Box4323Nydalen,

U interests

.banetele.no

N interests AS T

100 % 2 2 2 2 2 2 2 -51 % 33 % 38 % 50 % 75 % -8 % -135 0 0 0 0 0 0 0

0 % 0 % 1 % 130 794 857 591 593 143 137 722 647 146 966 244 163 966 300 666

-34 -34 -73 -36 0 0 0 0 0 0 0 20 82 19 72

6 6 6 6 6 6 6 0 0 0 0 6 9 0 2 0 0 MNOK

100 % 100 % -29 % 2 2 2 2 2 2 2 40 % 43 % 15 % -119 -101 0 0 0 0 0 0 0 0 % 2 % 262 120 129 691 131 232 590 603 167 864 733 560 864 718 698 170 146 -24 -24 -25 -36 0 0 0 0 0 0 0 19 12 16 17 88 5 5 5 5 5 5 0 0 6 3 0 0 3 5 commercial terms. to allsuppliersofbroadbandser strengthened basedonanetworktha opera The Government’ employees a nica as animportantcompetitorinthetelecommu opera The compan and wirelesstechnolog means ofacombina branches outintolarger throughout thecountr kilometres inlength, The broadbandtransportnetwork, network isthebasisf power suppl f wide, broadband market. an importantparticipantintheNorweg high-ca As ana declared bankruptcy cant portionofEnitel’ same year Norweg compan BaneT F H B B 1 1 C reduced. tha obtained a50percentstakeinBaneT share issuemeanttha raised NOK625millioninnewequity båndsalliansen inNovember2006, Through apriva Key broadband market. opportunity toensurerealcompetitioninthe infrastructure andisver BaneT on ollows theinfrastructureofrail r 6 6 H O j a ø i g . . n A A r commercial 1 1 t theSta å n s R I

tions market. 1 1 r R events e o high-ca D d tions tobefurtherdevelopedand tions andcontinuetodevelopitsposition . . n v M ele wasesta ele comprisesanimportantna 2 2 *

M , tionwide, 0 0 pacity onlineser T ian Na R A B y in2001afteritsdemergerfromthe H *

0 0 ø E N The integ j

E a 6 6 E , s M :

thecompan r

S n m ) ) te’ n T , , B

y networksinNorwa T y’ KjellG. Jan e t theyear ormod Hermansen( e A p E pacity s s objectiveistoexpandits s stakewascorrespondingl tional Rail

T l R S , o E

principles. te placementwithBred A k S y ’ content-neutralproviderof S s goalisf e a s BaneT : T

b e a . O J ra

blished asanindependent

Jørgensen( The compan ,

j r The compan W a ﬁbre-opticnetworktha ø , r Knutsen( . connectscitiesandtowns tion ofﬁbre-opticca

tion withBredbåndsalli e n r N G s opera or BaneT n y p -end 2006.

66 E t Bredbåndsalliansen r T ,

y r R andthetele-network e y purchasedasigniﬁ . S , e y importantf . vices, ele had143

city-widenetworksb S Administra t J t s e H u

ø e The

I e or BaneT H r P n g s

ø t R tions afterEnitel e t a i ø BaneT E l n t u ele’ a network P l i * s v f n n O y istoberun r y hasana

e e vices on t y o a d a R i

s n . s opera l m n s T , 12500

, This 3

BaneT wa d K

tion. f 2 ele’

T r 0 3

j ele 0 or the tional o T o e . . t isopen 0 0

n y and m i l 0 This ele and n l 6 ian . -

e s used 5 0

I a AS is Tha v . 5 bles a tions. 2 y ele . r tion - 0 t - t 0 - b - 6 y - y )

a of NOK722million, the endof2006, the compan of theincreaseinca of NOK24milliontheyearbef the yearofNOK34million, than in2005. 2006 cametoNOK2million, the beneﬁtsofthis. customers, of half-year increase inrevenue, the yearbef million in2006, BaneT Financial ment inthemarket. reinf market. BaneT broadband compan buy allthesharesinBroadnetNorge In March2007, band market. nies’ expansionoftheiractivitiesinthebroad and earningsinlinewiththeelectricitycompa and will, be ana mers inthecorpora ser ansen willstrengthenBaneT (Ministr S A pproxima T U fensive whichledtog A D vice providertona T I orced itspositionandextendedinvest E T ele hadopera ele’ O O tional transportsupplierf

R y of Through thisacquisition, throughthis, W . :

s channelstra

This wasduetoamajormarket N

Kjelstrup & tel trends andthecompan E y’ ore. T R y 75percent. rade andIndustr

s ﬁnancialpositionissound.

S The compan H BaneT comparedtoNOK603million 2006wascharacterisedb I thecompan P :

y equaltoanequityra

te market. The opera ting revenuesofNOK593 50% especiall , pital inNovember2006, inordertosafeguard achievehigherrevenues tional andreg Wig ele signedacontractto rea teg gen y madealossf

y rela ter f comparedtoaloss y isnowrea ele’ whichisless y hadbookequity y) y inthesecond BaneT ting proﬁtf AS ore. ocus onnew s roleasa ting tothe or itsowners BaneT

As aresult ional custo ele isto AS, 50 ele ping a or tio of

or At y an

% - - - -

© BaneTele AS COMPANIES control centresalongthecoastwere linkedto All Norweg increased b per cent. using theelectronicchartser increased b In 2006, Key Norwa contributing toincreasedsafetya support Norwa ECC istoactinacommercialfashionand owned b la na a pursuant tointerna ECC istocompl The mainobjectiveoftheSta is wholl ting safetya charts acrossna nual accesstoauthoriseddig The chartser joint electronicchartser opera Authority Maritime DivisionoftheNorweg coopera ma other countriestha da Sta chart publishersthroughthePRIMAR da currentl Norweg ement withtheMaritimeDivisionof compan industr chart ser opera Electronic ChartCentre Electronic ChartCentre M I T A N t seaandtomeetsociety’ E D ble authorisedelectronicnauticalcharts A T viga ta ta f L D pping authority vanger colla N E E

base containselectronicchartsfrom14 R events R A P tion anddevelopmentofthecountries’ tes anauthorisedelectronicnautical or na E N G H y andinterna tion b y S y ownedb E I O y mana ian Ma . tion isorganisedanddirectedb y in1999. N S ECCwasesta thenumberofchartsf y thenauticalma , T

vice f N whileECCisresponsiblef The saleofnauticalchartda : G : P www E ian pilotsandsomeofthetrafﬁc viga

: D y 123percentcomparedto2005. y 60percent. .O. y administeringandmakinga t sea. +4751939500 I vice isintendedtoprovideconti R or theinterna pping y asaseafaringna Box60, tion providedb ges authorisednauticalchart E bora y withNorwa .ecc.as C tional borders, T ECChas13employeesand y theNorweg . Opera

O t aresuppliedb tional conventionsonsafety The inter tionall tion. R Authority :

Asbjørn Kyrkjeeide blished asalimited NO-4001Sta AS (ECC)developsand Inaddition, vice. ted underana y

pping authorities. The numberofships . s needsf tional maritime -governmental

y’ te’ vice roseb ital nautical , y 18nautical thecompan s obliga thereb ian Sta or sale s ownershipof ian Ma t seabothin tion b y theBritish theECC or thedail or safe vanger ta te. y promo tions pping y y the g y 130 re vai y -

- AS - y -

Ingvild Sæther Ma to theMaritimeDivisionofNorweg should beviewedinrela 2006. bank depositsofNOK13.9milliona ECC hadnointerest-bearingdebtand as aresultofmajorlossesinpreviousyears. compan million inchangesdeferredtaxes. includes thetakingtoincomeofNOK2.2 million theyearbef NOK 4.1million, The compan electronic chartser due tohigheropera 68 percentcomparedto2005. The compan Financial number ofordertransactions. varia new a Ma with theMaritimeDivisionofNorweg A newopera Norweg the trialopera The SwedishMaritimeDirectora ha this ser B C next decade(2011-2012). charts manda IMO isworkingtomakeelectronicnautical The interna crucial tofuturemarketdevelopments. authorised electronicnauticalchartswillbe tant customer H O ve upda A A pping pping R I R ble supplementtha D

g M The compan

reement hasaﬁxedbasicpriceplus vice in2006, M T ian onesf A y hasconsidera H E N Authority inDecember2006. Authority E

M ted nauticalchartda :

trends SiriNorsetChristiansen S tional maritimesafetyorganisa B T y’ y’ ting a A E . tor tion ofsolutionssimilartothe s proﬁtcametoa s opera T

R The increaseduseofa E S ’ comparedtosomeNOK1.2 y onboardshipsduringthe S : or itspilotsandicebreakers.

PeterJacob , g O whichisECC’ y’ ore. vice. reement wasenteredinto W ting revenuesfromthe sotha s ﬁnancialsitua N ting resultimprovedb 67 E

R The proﬁtf ble deferredtaxassets t isbasedonthe tion toitsassignments S H I P t the

R E

P ta a T pproxima

O y nowal te hasstarted ronslin and This ismainl R s mostimpor T or 2006 vaila

t year tion 0 The 0 vaila

ian 6 The ble. wa ian tel -end tion ble

ys y y

- P B O D K (Ministr S A Current assets Intang T Net financialitems Opera % offemaleshareholder No. Dividend pa A Provisions f Return onca A Annual returnonequity Ca T Equity T Fixed assetinvestments T Profit Minority interests Profit Operating Opera T Sta % ofemployeesinNorwa Dividend ra Equity ra EBIT EBITDA T Current interest-freelia Current interest-bearinglia Long-term lia Provisions f Minority interests Retained earnings/otherequity Subscribed equity T R T E A I ax ang otal %ofwomenontheboard otal otal otal otal T U vera vera V H Y A pital employed O L D te shareholdinga

ofemployees I

T E A

F D ible ﬁxedassets I F

ge dividendra ge returnonequityoverlast5years E T R ting revenues ting costs equity ﬁxed liabilities assets

I ible assets N E after before I T

O G

C N O tio

I R y of U A N E D W

: tio or dividend or lia R

proﬁt ya F

KPMG

assets S N tax pital employed

O E bilities D and

ble totheSta H

E tax S R T

E R

L bilities andcharges rade andIndustr

and M

O S

(loss) liabilities

and A T

tio overpast5years H S t year

S I minority AS

P I

bilities

minority O

: A -elected directors 100% y N -end C

bilities

U interests

N interests

1 00 100 % 100 % 2 2 2 2 2 67 % 67 % 36 % 30 % 14 % 10 % 31 % 80 % 0 0 0 0 0 14.6 18.3 14.6 10.6 18.3 14.5 11.3 13.0 1.2 1.2 1.9 2.5 3.7 3.7 0.0 0.0 0.0 0.0 4.0 3.8 0.0 1.0 2.8 4.1 0.0 2.2 1.9 0.3 1.7 0 0 0 0 0 13

6 6 6 6 6 MNOK %

100 % 100 % 2 2 2 2 2 67 % 67 % 67 % 10 % 10 % 79 % 14.8 11.7 14.8 12.3 10.6 13.1 10.9 11.9 0 0 0 0 0 3.1 1.7 1.2 1.2 1.0 0.8 0.8 1.2 1.6 3.1 0.0 0.0 0.0 0.0 1.1 0.0 1.1 0.6 0.0 0.0 0.2 0 0 0 0 0 13 5 5 5 5 5 P O D K C B A Annual returnonequity Loss as%a Provision f Cost/income ra % offemaleshareholder T Sta No. Ca Core ca Opera Lia Cash andreceiva Interest received Dividend ra Provisions f Ca Other opera A Contributions fromcustomers Net Interest costs Dividend pa Net loans % ofemployeesinNorwa Financing activities Investment activities Subordina Other lia Opera Change Other assets Securities T T Subscribed equity Net loss Operating T T Equity Earned equity Proﬁt R A T E A I otal %ofwomenontheboard ax otal otal otal vera vera V H Y pital contributedb pital covera O S L bilities tocreditinstitutions te shareholdinga ofemployees

E A H interest F D F

ge returnonequityoverpast5years ge returnonequityoverlast5years R tional activities ting costs liabilities assets equity

I N COMPANIES E after I T F pital covera G

C N

bilities andcommitments

I L in

U A

N E ted loanca D or lossas%a O Kommunalbanken M I T A

tio or dividend R ge oflending

N proﬁt ya F ting revenues N liquid ,

W E S

tax D

A O

E D

and

and T E ble totheSta ge L H D

S N R tio E

E E L

R M A C

bles fromcreditinst. P

(loss) E liabilities credit N assets G

H ge A T S S

t year E

I y theSta O

T pital S

N S T

N I

: G : O ge ofg A P -elected directors

www E

y N revenues -end C : D

.O. +4721502000 te

C I R

O Box1210 ross lending E

.kommunalbanken.no C N

T T O

R :

Petter Skouen

Vika, NO-0110OSLO 122 169 126 125 126 -15 674 10.5 % 10.9 % 27.6 % 11.0 % 15 586 37 514 87 543 100 % 2 2 2 2 2 2 6.0 % 2 154 3 209 3 421 1 201 1 60 % 43 % 80 % 22 % 0 0 0 0 0 0

0 % 870 212 623 098 524 623 696 417 682 160 115 AS 0.0 0.0 0.0 0.0 0.0 0 0 0 0 0 0 88 37 61 45

6 6 6 6 6 6 0 9 0 0 MNOK

110 109 106 883 110 -21 954 29.9 % 21 861 32 935 76 962 11.5% 100 % 2 2 2 2 2 2 9.6 % 1 837 2 697 2 873 1 1 219 60 % 57 % 80 % 6.1%

0 0 0 0 0 0 0 % 176 949 011 938 949 966 129 330 682 0.0 0.0 0.0 0.0 0.0 0 0 0 0 0 0 94 86 34 55 93 37 5 5 5 5 5 0 0 9 0 5 director), Jostein Eg B C as otherfinancialenterprises. pa ca to thegeneralleg a financialenterprise. Kommunalbanken hasalicencetoopera on equityisachieved. ensure tha ra ra The bankmustalsotakecommercialconside the largermunicipalitiesandcounties. elig and medium-sizedmunicipalitieswouldnotbe ties. municipalities asitdoestolargemunicipali lending termstosmallandmedium-sized lending terms. credit ra butes toKommunalbanken’ credit ra costs loans. the municipalsectorisensuredaccesstolow- lending tomunicipalitiesandcountiessotha The bankseekstoincreasethecompetitionon areas. its areasofactivityandrela ties, perf sa municipal guarantee, municipal companiesinreturnf lities andcountiestomunicipalinter Kommunalbanken providesloanstomunicipa ca f banken waswholl which wasesta Sta banken Founded on1November1999, ounded. H O te ofreturn, tions intoaccount. tisfactor pital wassoldtoKLP ble tofinancialinstitutions, tes inthecreditmarketonsame terms idius, A A te-owned bankNorgesKommunalbank, ible f orm othertasksclosel R I Inthelendingmarketasawhole, suchasprovidingconsultancyser R D M

The compan

M T Aksdal* andPetterSkouen(mana BjørnKristof A AS carriesontheopera ting andconsequentl ting (AAA). or asfa H In2000, *Employeerepresenta E N E M y security : t asa

Else Bug B T The bankhasthehighestpossible A E adjustedever T

R The bankof E blished in1927. voura S ’ tisfactor S : isla

20percentoftheshare y Sta PerN. O Sta y has37employees. W . Itesta

ge Fougner fersen, The compan tion andregula Sta N ble borrowingtermsas

The compan 68 E te ownershipcontri . te-owned whenitwas R S y risk-adjustedreturn Ha te guaranteeorother H y rela I fers thesame P blishes arequired s especiall ted municipal Martha y threeyears,

gen, R anditpartici y tofa Kommunal E P Kommunal tive tions ofthe ted toitsactivi O or eithera Kommunal Nanna R y ma T y issubject

voura 2 T tions a 0 akvam, 0 y strong small y also 6 vices in te as - ble to g - - ppli ing -

- -

t - - - - - are takenintoaccount, nies andmunicipalpriva municipal enterprises, municipalities andcounties. over 40percentoftheloansmadedirectl municipal sector Kommunalbanken isthelargestlenderto Key Norwa tilsynet (theFinancialSuper banken issubjecttothesuper 2006 financialyear dend ofNOK26.5millionwillbepaid f bank hasneverhadalossfromlending. been wellovertherequiredra limited compan equity of11.3percent. 15.8 percent. profit bef and profitaftertaxofNOK114.6million. million, 2006 showanetinterestofNOK231.7 a increase inlendingofNOK10.8billionor 87.5 billiona quarter the yearbutincreasedsignificantl The demandf Financial being themostimportantmarket. borrowed comesfroma currencies. 38.4 billionthrough400loansin14dif In 2006, structure. and refusefacilities, nursing homes, tant lendingpurposeswereshelteredhousing, investments intheschoolsector share oftheloansprovidedwasrela over 30percent. and Reg (Ministr S A pproxima T U A D T

I events E T O y). O . proﬁtbef

R y ofLocalGovernment The totallendingamountwasNOK W KommunalbankenborrowedNOK ional Development) : ore taxequalsareturnonequityof

Ernst & tel trends Ninety-ﬁvepercentoftheamount E R y 14percent. t thecloseof2006, or loanswasgoodthroughout S

After tax, H y kindergartens, . , I ore taxofNOK159.6million, Ithasamarketshareofjust thebank’ In2006, P Y : . oung

80% roadsandotherinfra inter itsmarketshareisjust Duringitsyearsasa thisequalsareturnon broad, te limitedcompanies AS

aconsidera s earningsha

-municipal compa The accountsf visor

When loansto te ofreturn. withJa vision ofKredit wa

. y Otherimpor whichisan

y inthe4th ter Authority of ted to , sewa pan 80 ble or the ferent

ve A divi

The -

y to or The ge % - - -

COMPANIES N T s T Key 2 f m d m o f t C E i d o c h n p o e c e T a ( ( ( ( G o o a o T c b b l N NSB C I T A a n M R N N u i o N h o o o n f w n s n n v f r t h h e v e i e o h h e a 0 o o r o E E r D s g ﬁ h r t a i e O e S e e p o o s m m g T c v t r e c n l s d g e e e e N a u m m 0 r r L t O n y h c w e D i

t t r t B r e u g w e w e u i k M n n E

i e n n r

E t

S 7 d s e

e :

A p p y r o c M o c R s s e m b r l a

c p e o r events R m ,

ﬁ s t a

P e o . e t r e

t B

) e

o o n e a

b o c e Einar Enger e r e

, i d u E s r r ’ o t . o i

n N e N t T M t

g p a H r d r s d u s a

m m h t n r w k

y j

o r n u h c

s a t i

e t a i i t N o g h l

i S m E

S v O

n o

l h . n e 1 a y r s l h a a f r b s I e i a

n S i o

o c n y p p v i e

a a i n

T . t S a B p f t i n t e R l g N c 8 s , n a ) AS s

R u n c e h s

n t l n

e a :

: a a ) , n n

b e l l i B i r t e d NO-0048Oslo

u a N t . www

E 5 l a p O a s

n m v

e r t

A i a m w

n n g y

s i t n a i a a s o s i o f

’ s i y r : i e t r t m y o 4 t S m p k

s l

s p t n y y n o +47231500 r s i v g

l a b

r p i w e m e r N e h a

r t t a

. i o o l ’

l B

o e b o e e i o r n e n o p

s o h a t h o a o d p c c s r k e n a A o i r f i

) r s d

y l u f

n s n s , g s n r

p r r l r

o o a t e

a T

s t

t y o r i , o s

s t o f a t o

a s d n , k

m p t .nsb.no s h

b g

e r e w p r r c s h t o

a t

b g h

s t v s

u a n e t r s o

e o a u r - f r h a

o h e r e t n a a a a i j h a r e b e

r i

u ﬁ a g d t d r t

p e x

e r t t t r n e a o A r e

o t r n e t s r n t a y m

o e

k t e t b c h

d e c h a h e S c

d n r t m

S t r

t s s i d r d k M S c o o a h m t

f o a t n r

o a

e t m e

a e t p t u e u i i m e i o

a e i

s o n - n m s a e o t v u

s s

n T

(

n n n t c s c i p a w r i u 1 t t N S t e g o

m e o n s t c

n s

t t d e å h e e

, e t p a t e o p ( t p s

t o r w

a t . o s

u e

e i S

s C e t a e g

, s r e

J w s s r o v e s p i

p y a o

n h p T

f m n

d e e a o B - u n n s a k s s i u t a a s e r e r f N a a e n r c s i e a h r o

s e

s w

e t a l o e s n t t ) r l r c a n N n

y i r p r i t y e

a h S y

i w g n p r e n g

r m h r a e d s o N i f

r t t n o ’ d i

, n o o s S

s y B u s o e h o

e s g T a 2 p

t p a n t

n n i r t

o s F

f d f

r h i p

o r B

n f , n s N a c

i h o h a o o a

t o 0 e d o e

g a n s i r n i

t i l o a n , T b g t c s t ’ n e p e e i n p n s a w e r p d

r p p

0 e f s d i

l o r

n a

t v t p a r

w p

s h s

s r t

e l

e o n t a c .

i 2 i S N e i a . a G a ) e m g n i o l r t n l h e t e e

r a

, e i a a u r a r n g i o e g

, w a u 1 n m a

o S e n d o r

s n e f a t

s v r t r o c y a v r s e F

p s o , i N r t s t f 8 e ) , n p B e s

e i t g e

a r t

e u e n i e ,

i p n t r f

o c u u i w h

e o t

t l N ﬁ S a

s o i

o r d t n e

f a

m e

r o o a ( o r b h p t i t o e n n o a s

a x t l r 2 h a n B s r e

o s a r t d

u n d r g h m t e e r ’ m

t p e r s i n m a e n

n i s t n i s 0 r . t v

S t a l

s a c e k e t e

y i d h w r r i s t w

s T o e p . o a 0 t n i

e t h e t r a m o h h

l t h a 4 o p i T l i h w t a n n a s s a 6 h n a n n y n e e h s a r 7 o h e i n y . d t e d g - - s g a g s a

e t e r ’ n t e y - n s

y d t h i ’ t , s s

* Employeerepresenta Rønningen* andØysteinSneisen* Rasmussen, Gjemble, T Financial a t s I e n T p c L y g s o T o t 4 c c g c t o n t B C y 3 c c r s A a f i i m n n n r h r o o e e e t h e e o o o a e d s i a n p n h i h r e h i r H 8 . O c a o e c s e a

i i t 5 o o a a e a n m r n n m r J 2 s a l r e e e e 4 3 c n u m A 0 A e r n s l f n t N r g b s w

r r i n

r a s t t r r p e

o 0 h 7 2 r s i o . . p d .

R I d i d . . p p e G r N e o e a l

S n s i m

n R

a u t t e a p e 0 e n A d . n N e

T o a a D M s a a a h d m

r S 3

a B u s n M m n

o s i a

a e 5 r d

o m n

h o r i r r O t o

G i n e l t B

a i n ’ t d e r d i w 1 e e l

M n

r l

n n T .

u e o s m c o A n - i s i 2 t w K

p d a j r i

n o a

o s d d H

0 e BenteHa ø T e

n i

t A p n a A . s y E c N 2 n 0 b l p

S e

S a

g s w i n E

h d v a s h 3 n c a

’ 2 l s

s f u S M n t t :

0 s l l q

a 0 u l 2 r v

t trends o

i o t o o

c i e r IngeborgMoenBorgerud t i

t S r . k 3 S s a o f b o , a s

b e h s 4 o u t f r . e 0 6 7 e r 0 B Øystein l

T p

o t a l e t s

1 n

t a u t 9 t s o o y n T f e a i y r A

o 6

. e 0

w E c a e h r t

l e d p g a m

s e

a d

m p T

9 s l h

y s o 4 c m

a , R t n i

s 7 e m o G

e a i E

n n w m

h k

o e e e o ﬁ . b l 8 f i l c

A i d a

S w

, ’ w 1 n s r c t e l r r

g a i p e

r o

m i t N S i y l o h n .

2 a f o o o l i S : N n a l i

e n 9 c l n

a t w l o

ChristianBrinch, d b m p T e i

m S

m n u N O 0 e t 1 gem, u

p l o S e r w e s

r y r

n d a i e s e a r å n B W b g p

r o m a 0 e m l n o 2 n a p d i B e t

s t u y

s f e s g l l e Aslaksen*, o

’ n r t 1 c p

i t N r 5

o l i t

t a d s

n m p

b i i f i s n a e a b t w k i r p . s t B w e o a l o 69 a b E

o r s

l ’ tives h e g i s i k e x J e o T e p u - i e s R i t e i n l n s n a o f o r e

n i v

i e n

s a

a T r m t

S N r e b d d a s s

t c s j u p a a g i e n h r t t

o g i ore Heldrup h n n c H e n e s h o a

o n i e

n a c a 3 O r g n e i

a h r t i e I t a e

u d a i

p n s f x t e n q n e d m

P o n

i h

, d J r b a K

h a r o 9 2 n

N a i

a g

e n u i

n u s 6 n o t

i c d ( n u n R 2 e v

2 p n N e

a r 6 0 k

N s

e o

t i 4 i c n n g u a t

E e i y i s r t s

o c . 0 u

r 0 i s v e

0 h a O r r e N e A l r P l t 5 e

m m y

t p o n o s e w i n e 0 o OleReidar e c 2 0 t n o e b a 5 r O d m K

o S o 4

e m

m v m n c

o o a 2 A 6 e b p

d r 0 6 e e R i l

e d 7 r

B r

e n r i t t - e g s f s

6 0 T a e e w e

m g B 0 ,

p e n e e u o s

t l

ﬁ ) c t e n

e t s b r r n 8 JonL. a o 5 0 i 2 c

m d a d t 7

, s a 2 d e h a n e

a i

r t t r

l o

n 1 0 o

6 0 c

s o l r .

a d g e l s l e n g N r a n t p n i f t a o i o i a 0 m t o f a i y e t f o o

0 l

s u i

n o r t y e

d i

f i

O a m a f t 6 , i G c

u n o e o r p

, u n

3 n

r 6 n c p t r

o n N n

R 7 o i a K s i r s w h r a n t n ,

2 i . n i , n s a

p g h l c d o a m 4

v e . O . O

a l s e a i g 0

t g 2 i r

t 7 e e a e u

e l T d o

h s t w s e f M K h

p 0 p

n r - t 6 l p h e t n

p d l e a a h a e o e 6 t 7 n e e , r t s - e r f d

, e - r

P B O D P K C Communica (Ministr S A Number of1.000 P T No. Return onca Intang Net financialitems Operating Opera Opera % offemaleshareholder Sta No. Dividend pa A Provisions f Muncipal procurements Sta A Annual returnonequity EBIT EBITDA Ca Change Investment activities Opera T Minority interests T Profit T % ofemployeesinNorwa Dividend ra T Equity ra Financing activities Subscribed equity Fixed assetinvestments Profit Retained earnings/otherequity Current assets T Long-term lia Provision f Pension enga Def T Minority interests Current interest-bearinglia T T Current interest-freelia T R U A T E A I onnes perkm. ang ax otal %ofwomenontheboard otal otal otal otal otal otal T u U vera vera V n H Y B A pital employed O S L D te shareholdinga te procurements oftra ofemployees

ferred tax c I

T E A H

L F D ible ﬁxedassets t I F

u ge returnonequityoverlast5years ge returnonequityoverpast5years E T R ting costs ting revenues tional activities public ﬁxed equity assets equity liabilities I

I ible assets N

a E before after I C T F

O l G

C i N O

t tio

I L

in vellers. y R y of U A N P E D W

or commitments O

: tio or dividend R

R proﬁt ya F liquid P

assets W S N tax pital employed

O E bilities O gement D procurements and

ble totheSta H

E tax

r S R C T freight

tions) i E passengertrafﬁc R

L c ransport and

and M U

TEU (goodstrainsinNorwa O e S

(loss) liabilities

and assets R

A T

H S

t year

S I minority a

P I

bilities

minority O

: A e -elected directors E

y N r 100% -end C N

bilities h

C T o

O S u

interests s

e N

interests C

T o

o p

r s y)

A S 1 00 10 474 13 13 100 % 2 2 2 2 2 2 2 2 629 2 517 1 558 1 680 8 746 1 617 8 500 9 168 2 5 536 8 337 1 312 1 008 6 4 665 8 6 2 857 88 % 10 % 40 % 25 % 90 % 52 % 75 % 50 % -261 -807 -256 0 0 0 0 0 0 0

4 % 8 % 767 493 380 380 137 579 872 550 234 668 257 471 659 208 915 339 674 103 507 339 680 775 0 0 0 0 0 0 0 98 6 6 6 6 6 6 6 4 MNOK %

10 646 12 12 -1 541 100 % 2 2 2 2 2 2 2 2 2 421 2 440 1 502 1 676 8 481 1 974 6 8 7 947 8 634 6 5 536 8 198 2 014 3 898 2 494 92 % 40 % 25 % 92 % 56 % 51 % -451 -208

0 0 0 0 0 0 0 9 % 7 % 651 095 443 379 425 527 687 246 246 593 867 425 047 207 440 307 796 348 203 640 122 -19 -36 0 0 0 0 0 0 0 88 5 5 5 5 5 5 2 5 P O D P K C B % offemaleshareholder Manned sta A T Deliver Return onca Sum Minority interests T No. Provisions f Sta (points max100) Costomer sa Ca Opera Subscribed equity Intang Opera Sta Annual returnonequity Provision f Current assets Net financialitems % ofemployeesinNorwa Operating Opera A EBITDA Investment activities Current interest-bearinglia Long-term lia Retained earnings/otherequity T T Fixed assetinvestments T Dividend pa Profit T Profit V Current interest-freelia Equity ra EBIT Dividend ra Minority interests T T Change Financing activities R A U T E A I otal %ofwomenontheboard ang ax otal otal otal otal otal olume development vera vera V H Y B pital employed O S L te procurementsofunprofita te shareholdinga ofemployees

E A H

L F D ible ﬁxedassets

ge returnonequityoverpast5years ge returnonequityoverlast5years Equity R tional activities ting revenues ting costs procurement assets ﬁxed liabilities equity I

I ible assets N COMPANIES E after before I y quality C T F

C N

tio

I L

in U A N P E D or commitments O Posten Norge C I T A

tio or dividend R

R proﬁt ya F tions N liquid

assets W E S tisfaction intheexpeditionnetwork E tax D pital employed

O E bilities O D and

ble totheSta L H O

tax D

S R C E

A-post (overnightdeliver

E E :

and R Da M U

(loss) E liabilities

N and assets R

H A T

S S

t year E

E O

A- andB-post S g Mejdell S minority T M

N I

bilities

: : minority O

A 0001OSLO -elected directors www E E y N -end C : N

bilities +4723149000

C T

O S

ble postser interests

.posten.no

N interests T

vices AS

22 273 22 355 23 668 15 15 10 -2 849 100 % 1563 2376 2 2 2 2 2 2 2 1 501 8 298 2 065 2 661 1 902 5 1 477 4 112 6 849 8 3 624 5 082 1 5 541 1 1 050 21 % 12 % 17 % 50 % 50 % 36 % 89 % 45 % 57 % -1 % -344 0 0 0 0 0 0 0

604 920 313 769 214 200 113 488 488 769 165 862 266 0 0 0 0 0 0 0 82 15 61 83 -6

6 6 6 6 6 6 6 0 0 MNOK

20 541 13 18 787 19 995 13 -1 166 100 % 1475 2276 2 2 2 2 2 2 2 1 523 4 6 1 6 271 2 707 1 466 1 942 4 680 6 423 3 475 3 093 1 8 4 938 30 % 50 % 24 % 20 % 66 % 92 % -6 % -300 -777

0 0 0 0 0 0 0 0 % 326 752 748 208 326 171 255 171 419 180 919 764 0 0 0 0 0 0 0 87 13 59 73 36 47 81 5 5 5 5 5 5 0 0 5 * Employeerepresenta Olafsen* Paul Ma Odd ChristianØverland*, Christof B C rements rela the previouslicence, the wholecontainssamerequirements as Januar a The Ministr remove themonopol a proposalregardingnewPostalDirectiveto as from2007. decision towindupNorwa In June2006, Key lenges, mented, issues tha Ministr mana which f the Stortingever submits areportonNorwa The Ministr tion, mainl the compan and promotegoodindustrialdevelopmentof must ef fashion. imposed b outlets, ser manda Norwa ErgoGroup Norge Group consistsoftheparentcompan express, domestic areaandopera g 2002. a Sta since 1719. 1647, Norwa warded anewlicencef roup tha H O A A vices na R I

includingalicence. R events te-owned limitedcompan D y safeguardedb gement overthenextfewyears, Norwa andthishasbeenownedb M y Postischargedwithproviding y esta AS andseveralsubsidiaries,

y providesinf tor y 2007to31December2010. stra andwithcarr orms thebasisf M fectivel T fersen,

A andonthecompan gnus Gamlemshaug*andJudith log Within thisframework, H E N y postalser t hastheNordicreg E t ha M y societyinagood, :

AS andNor

y of y of S tionwide throughitsnetworkof teg Ar y

istics andICTsegments. B blished itsownpostalser T The Grouphasbeenorganisedas ting tosuchthingsastheuseof . y Postisapostalandlog A Itssectoralpolicyobjectivesare E ve beena theStortingrevokeditsprevious vid Moss T

SigbjørnMolvik,Gr y administertheSta R ies andplansf The EUCommissionpresented E T T S ’ ransport andCommunica ransport andCommunica y secondyear S :

LivStette, O W orma buthassomenewrequi y rightsasfrom2009. N ying outthetasks vices andbasicbanking y sector 70 E -Cargo tives R or theownership g

S or theperiodfrom1 IngeborgSætre*, tes inthepostal, reed onorimple H tion onimportant I y Post’ y Post’ P

y’ Eli R -speciﬁc regula or thefuture. ion asits E cost-efﬁcient s mainchal AS. . P y since1Jul Inthisreport, thecompan O Arnstad, R s monopol

s activitiesto y Mølleskog, y theSta T te’ including

0 The s assets y Posten 0 the

vice in istics This on 6

T - -

tions tions erje

y y y

- -

a a a its newsoutheastNorwa development planf in themainpostalnetwork. its ownairfreightnetworkf the monopol the manda and introducesamaximumpriceschemef universal designofNorwa the twotypesofNorweg million f The Sta histor is thesecondbestresultinNorwa compared toNOK1255millionin2005. proﬁt bef cent in2005. equity was16.9percent, nues frombankingser government procurementsandtolowerreve was inpartduetonoamountsbeingpaidf to NOK2694millionin2005. deprecia The Groupachievedanopera esta f 3.8 percent, anse 29.3 percentf nies, Lunde Group’ Frigoscandia, (70.3 percent)f Log 18.4 percenttoNOK23.7billionin2006. Norwa Financial Norwa Da Communica (Ministr S A or futureg g pproved. t Robsrud, T U reed toanewstra A g MejdelltookoverasthenewCEOof D istics Segmentachievedthelargestg T blishing CityMailinDenmark. I amongothers. E T ASA. y O y Post’ y PostinJanuar . O

R te willreceiveadividendofNOK488 y of or the2006ﬁnancialyear W tion ofNOK2037million, : ore taxofNOK1200million,

Norwa N

Ernst & The PostSegment’ tor trends rowth b E Lørenskog, T tions) y right. R butthissegmentpositioneditself ransport and s opera HSD s refrigera y postalser

S The Group’ ollowing theacquisitionof H ollowing theacquisitionof I y Post’ P Y : y T or Norwa oung

Norwa ,

100% ransport amongotherthings, The ICTSegmentg ting revenueincreasedb teg vices. y 2006. outsideOslo, s boardofdirectors ted transportcompa y planf ian langua AS vices notcoveredb s accountsshowa y mail-sortingcentre comparedto21per y Post’ y Postesta

or transportingmail Inaddition,

y Post’ The returnon AS andtheJohs ting proﬁtbef s revenuefellb

This reduction or theGroup. s ser

. y Post’ compared ge and s buildingof was blished 1 vices,

the 00 rew b s

rowth This Alli

or ore or

The - y - - y y y % COMPANIES will ha until 9March2007. year dama the Svartisenpowerplantstopped f In October2006, Norwa the pastfewyearsandtha tha was publicl 129-157 billion, ma the springof2006. a The Ministr Key f a m S w p b T (66.7 percent). cent), Sverige (44.6percent), addition, cent) and in tworeg cent). T Energ includes theelectricityproducedb annual meanproductionof42.2 kraft ownsastake. run throughreg Norwa both theNordicreg The Grouptradesinelectricityfromofﬁces second-largest producerofrenewa largest producerofelectricityandEurope’ The Sta Sta i C I T NO-0216 OSLO A n r N rondheim Energ

o e h tion oftheSta t i E a E D

l e o a e 1 w g T e L r O n s D t t Sta ted thecompan a

i E 9 k E e . n

t f : S d R d

events R o

r 9 P r The powerplantwasoutofopera n i l Bård Mikkelsen Na Sta t a ge incurredduringastormearlierthan e i, E m

y r N a tkraft SF 2 H ve mostofthecostsrela y y’ i p m f Sta

r n S , t t e E , O tkraft GroupistheNordicreg

l p tkraft’ itsg e s mostvalua

g a S i Sta

S n w T n tur o N ’ t n

tkraft alsohasminorityshareholdings : s : h e Agder Energ F ional companies,

o r P i www E t E

t tkraft Development(windpower), t r e

f y a

a y of h a :

kraft (50percent)andBalticCa w

g u d .O.

t c tkraft ownsshareholdingsinE.ON n

rid andend-useropera b +47 24067000 y r e h t a s valuehasincreasedalotover q o t . h a vaila v e

s Box200Lilleaker u p a e e s tkraft SFGroupconductedin

ional companiesinwhichSta i .sta 2 e basedontheinf s c i

l s rade andIndustr s o g i, thegenera p

0 t i

i t p i Ska e n f v u i ble. t y tobewortharoundNOK

o o m n h LehmanBrothersesti ion andtheContinent. i The Sta

n tkraft.no t Sta n r t e

y ble companies. h

e c

. o S r

o e

e n i (45.5percent). a gerak Energ S f This estima t f

f n t a t SNPower(50per

ﬁ t

tkraft isinsuredand s i w a f t o t e

r u k t a n o a l k r ry t Sta d BKK(49.9per f

m a tkraft Grouphasan t r t o

e a e

f o tor (350MW)a f a t

r f r

’ S f f t n h s

a ’ t e t s ting tothe

d tkraft isoneof y h l a o l n

e , v t TWh. p y hadavalu orma l r

v s r a

i i e s o i te means y s g k i (66.6per r r ble energ i r p e g o ollowing r h o

tions are a

Sta a c o n e t ion’ n t s f o w - i m

tion tha o

This s v i n tion In a s tkraft e n e e c d

t s third r s a r t

In - o t k . s w a l t h

e a s b e o ble t n

l e y r i y t e - t l . - t s d

* Employeerepresenta V vold, Wærsted, record high, to NOK0.235/KWhin2005. pool) wasNOK0.391/KWhin2006, price ontheNordicPowerExchange(Nord to higherelectricitypricesin2006. billion in2005. NOK 15.4billionin2006, to takeaccountoftransmissioncosts, rests. 5 976millionaftertaxesandminorityinte with aproﬁtf Sta Financial completed duringthesecondhalfof2007. Kårstø inNorwa power sta Sta turbines. output of39.1MWandconsists17wind Kjøllefjord windfarm, sene powerplant. The compan expected tobecompleteda b district hea T the existinggenera ra kraft decidedtobuildanew250MWgene repair workcovered. B C per centoftheconsolida The dividendofNOK5857millionequals98 from BKKand NOK 1734million, associa taxes. reduced hedg However The Groupgenera rondheim Energ anvik *and yen in H O tor a A A tkraft achieveditsbestresulteverin2006, tkraft iscurrentl R I Ola R D Sta

M The shareoftheproﬁtfromg t theSvartisenpowerplantinadditionto

M tes increasedb T T A , v Fjell, H

rondheim. thehighspotpricealsoledto E N tkraft’

E tions –twoinGerman Aud PerdyMork,

M :

trends ting pipelinefromHeimdaltoMidt

S Ar especiall B T y alsostartedbuildingtheLeirf T or theSta A E ing revenuesandincreased orbjørn Holøs* vid Grundekjøn T Agder Energ R

s opera E Astri BottenLarsen*, This goodresultismainl y –whichareexpectedtobe S ’ S i completedthebuildingofa : InOctober

ted 45.7 O Marit Büch-Holm,

mainl tor y buildingthreegas-ﬁred The hea W InDecember2006, N whichhasaninstalled y intheﬁrstninemonths. .

71 E ting revenues, tives y NOK129millionto tkraft SFGroupofNOK R S ted proﬁtaftertax. y duetobetterresults H upfromNOK14.6 I HalvorStenstad i. P TWh in2006. ting plantis t theendof2007.

Priceswere R , Sta E P O y andonea R tkraft opened T

2 The spot compared Gunn 0 adjusted Odd 0 cameto 6 roup’ y due Sta

- -

os t t s - - -

P B O D K C Industr 100% (Ministr S Revisorer A Investment activities T Intang Opera % offemaleshareholder Sta % ofemployeesinNorwa No. Sta Dividend pa A Dividend ra Provisions f Ca Change Changes inexchangera Financing activities Opera Fixed assetinvestments T Profit Net financialitems Opera T Guarantee pa EBITDA Subscribed equity Minority interests Operating T Profit EBIT Retained earnings/otherequity Current assets Return onca A Annual returnonequity Provisions f Sum Minority interests T Equity ra Long-term lia Current interest-bearinglia T T Current interest-freelia R A T E A I ang ax otal %ofwomenontheboard otal otal otal otal T U vera vera V H Y A pital employed O S L D te shareholdinga te guarantee ofemployees

T E A H

F D ible ﬁxedassets I

ge dividendra ge returnonequityoverpast5years Equity E T R ting revenues tional activities ting costs ﬁxed assets equity liabilities

I ible assets N

E before after I T F

O G

C N O

tio

I L y) in R U A N E D W O

: tio or dividend or lia R

proﬁt ya F liquid ,

assets W S N tax pital employed AS

Deloitte Sta

O E bilities yment totheSta D and

ble totheSta H

E tax

S R

E R

L bilities andcharges

and M C

O S

(loss) liabilities

and assets y of

A T

tio overpast5years H S

t year

S I minority

P I

bilities

minority O

tes : A -elected directors T y N rade and -end C

bilities

C tsautoriserte

O te

U interests

N interests T

1 00 15343 71 555 51 511 15 435 13 517 29 250 32 237 11 995 12 284 36 97 90 32 726 97 60 13 336 -2 -4 985 -4 144 -3 480 100 % 2 2 2 2 2 2 9 5 2 087 5 857 5 857 6 392 6 555 9 5 438 2 492 4 594 6 873 2 493 50 % 44 % 94 % 88 % 98 % 17 % 13 % 18 % 37 % -195 0 0 0 0 0 0

117

802 976 379 997 336 175 302 346 175 839 0 0 0 0 0 0 -2

6 6 6 6 6 6 MNOK %

19762 11 953 72 718 38 92 83 47 979 14 595 12 887 29 250 29 704 10 978 92 54 10 320 32 464 -1 -8 965 -4 625 -2 553 100 % 2 2 2 2 2 2 8 5 8 2 021 4 720 4 720 6 270 6 067 3 953 4 811 8 441 9 356 2 240 50 % 44 % 93 % 81 % 15 % 17 % 41 %

153

0 0 0 0 0 0 583 854 528 664 014 394 953 394 380 176 0 0 0 0 0 0 55 5 5 5 5 5 0 5 P O D C K C B % offemaleshareholder Current assets T Sta T No. Ca Contribution f Ca Opera Subscribed equity Intang Opera T T Fixed assetinvestments T Investment activities Financing activities % ofemployeesinNorwa EBITDA Operating Opera Retained earnings/otherequity Dividend pa Dividend ra Provision f Annual returnonequity Change T Profit T Profit Net financialitems Return onca Equity ra EBIT A Def A Long-term lia Current interest-freelia Current interest-bearinglia Provision f T T R A T O E A I otal %ofwomenontheboard ang ax otal otal otal otal otal otal vera vera V H Y pital contributedb pital employed O S N L te shareholdinga ofemployees

ferred tax I

E A H

F T D ible ﬁxedassets F

ge dividendra ge returnonequityoverlast3years R tional activities ting revenues ting costs assets contribution ﬁxed equity equity liabilities

I ible assets N R COMPANIES E after before I T F

I C N

tio

I L in B U A N E D or dividend or commitments O Sta

I T A M U

tio R

proﬁt ya F liquid N ,

assets W S E tax pital employed D T

O A E bilities or restructuring D and T E

ble totheSta L H

tax D

S R N E

O T

E E

L R

and R M A C

N P

(loss) E liabilities

and assets N tskonsult G

A T

tio overpast5years S S F

t year

y theSta I O

S N S R minority T N I

bilities

: G O minority : O

A P -elected directors www E

M y N -end C : D

.O.

bilities +4722451000

C I S

O Box8115Dep.,

T E

U interests

A .sta C

N interests T T T E O

tskonsult.no R :

Gunnar Bakkeland

AS NO-0032Oslo 100 % 100 % 2 2 2 2 2 2 2 -37 % -45 % -37 % -14.8 -14.8 -15.9 -11.5 60 % 57 % 56 % 0 0 0 0 0 0 0 75.8 74.0 20.0 42.8 67.9 52.0 20.0 42.8 75.8 33.0 23.8 -0.4 0 % 0 % -15 -14 9.0 9.0 1.8 0.0 1.7 0.1 8.1 0.0 0.0 1.1 0.0 0.0 9.1 0.0 0 0 0 0 0 0 0 43 63

6 6 6 6 6 6 6 0 0 MNOK

100 % 100 % -57 % -57 % 2 2 2 2 2 2 2 -37.1 -30.1 -30.1 -31.2 -35.8 80 % 86 % 50 % 75.8 73.1 37.6 37.6 85.3 54.1 75.8 38.2 16.6 21.6 0 0 0 0 0 0 0 -1.2 0 % -30 -29 8.0 2.7 8.0 0.0 2.6 0.1 0.0 0.0 0.0 1.1 0.0 0.0 0.0 0.0 0 0 0 0 0 0 0 38 63 5 5 5 5 5 5 0 0 5 public sector these. development andser as evalua of goodmana The compan Administra It owned limitedcompan konsult wasconvertedintoawholl Following adecisionb Social Inclusion. which reportedtotheMinistr nica called Sta Ser 2001, tora its namewaschangedtoSta Consumer 1972, the thenMinistr Finance until1962, The Directora Directora necessar enhancement office. Sta b was esta T * Employeerepresenta Johanne Sundb Hellesjø, 20/06/06, B C of otherconsultingfirms. a returnf with otherconsultingfirmsandintimecrea compan Following arestructuringperiod(3years), holds astakeorwithwhichitcoopera ries orthroughothercompaniesinwhichit the compan

h y anefﬁciencycommitteetoesta H O now reportstotheMinistr e A A te-owned organisa vice andSta

te ofPublicMana R I tion, p R D r theNorweg itwastransferredtotheMinistr

M e The compan

M d T A y istocompeteonanequalf

expertiseandpublicmana H e blished in1945, Annette Selmer y fundsf te inadecisionda E N or itsownertha tions, E tskonsult –adirectora c thereafterSteinarLie), M : tion andRef

Af e

S y itself, Kari Gjesteb B s T y istopromotethedevelopment . fairs and

A s te reportedtotheMinistr E The opera gement b T o R reports, E r y* and tskonsult weremergedand y ofSalariesandPrices.

S ’

S t : o or esta

ian CentralInf O Anne Sæterdal(until

b y istoprimaril t whenitwastransferredto W h Stortingg y wholl vices na N e gement Development. tional andefﬁciency y theStorting, 72 E Administra

Amund Eriksen* y on1Januar tives orm. advice, p R y of tions ma y , S r blishing theEfﬁciency MariSkjærstad, . t isinlinewiththose

e basedonaproposal H s I P fering ser

e ted 14June1947. y ofGovernment y ownedsubsidia

n R y ofLa tskonsult –Direc turall E t

P expertise ranted the S O orma te f t y berunb R tion. a y workf Ca T y rela t blish a y Sta

s 2 gement or commu bour and k Sta 0 vices such y 2004. to o ooting In1987, tion 0 tes. y of n y of 6 te- s ted to In ts u Inger or the

the - l t y

In A te

/ - S - -

Key The compan considera of aroundNOK15million. compan sta Due totheexpectedtransf Financial (2006-2007) totheStorting. the Na discussed b the equityb the Governmentf in theaccountsf phase in2006. The compan Administra (Ministr S A T U A D te directora T

I events E T O tional Budgetf O R y ofGovernment y madealoss W :

ble improvementcomparedto2005. N

Ernst & trends tion andRef E y NOK20million. y theStortinginconnectionwith y’ y wasstillintherestructuring R S s equitysitua te intoalimitedcompan Duetoanunf H I or futurepensionlia P ound itnecessar Y : oung

100% or 2006, orm) gain in2006,

However orma

tion issa

oreseen provision This issuewas cfReportno. tion froma y toincrease , thisisa tisfactor bilities, thistime 1 y 00 , the 28

y .

© Statskonsult AS COMPANIES The compan tonnes comparedtotheplannedproduction. led toproductionlossesofalmost400 000 technical problemsandamineca tions ha Since startingupa bef with b insurance companies. Norske hasbroughtacivilaction settlement onl around NOK820million, on theinsurancesettlement. this ﬁre. compan tions a down, March 2006. tion workwasnotconcludeduntiltheendof galler On 30Jul Key employed b had 366employees, ment support. The compan its coalproductiontothelocalpowernetwork. Long Norske alsohasminoropera Mining opera cent ofitsproductionisexported. Grubekompani owned subsidiar opera pani diar Store NorskeBoligerisawholl Grubekompani owned subsidiariesStoreNorskeSpitsbergen Spitsbergen Kulkompani consists oftheparentcompan f Store NorskeSpitsbergenKulkompani Store NorskeSpitsbergenKulkompani M I T NO-9171 Long A ounded in1916. N E D A T L y receivedNOK230million. D ore thesettlementisclariﬁed. N E E y ofStoreNorskeSpitsbergenGrubekom

R R events A AS. yearb P y oftheSveaNordmine. tions onSvalbardthroughawholl E StoreNorskestartedproductionopera y thecourts, N G H gain inSveaNordon1 S E I O ve beeninterruptedthreetimesdue to

y hasmadeconsidera

N S The actualsizeofthelosswilldepend T The compan N : G : y 2005, P www E yen,

has : y theminingcompan D .O. +4779025200 y aimstoopera y changeditsbankingconnection I

tions arecentredinSvea. After eightmonthsofbeingshut R

At year whichdelivers35percentof Box613, E AS (SNSG). AS andStoreNorskeGull yearb still .snsk.no C y ,

T ﬁrebrokeoutinthemain StoreNorskeSpitsbergen The StoreNorskeGroup itwilltakesometime O gain in2006, not R ofwhom315were yen y carriesoutcoalmining -end 2006, : Sincethiswillbedealt

Robert Hermansen been

butStoreNorskehas AS,

Roughl te withoutgovern andthewholl

tions inMine7 clariﬁed The claimisf ble lossesdueto April 2006.

y y ownedsubsi The investiga

, The insurance StoreNorske Svea’ y StoreNorske

. y 95per ve-in.

gainst the and s opera A/S was Store y

These AS.

Store The y or -

- - - - -

* Employeerepresenta Nygård * Johansen*, Alnæs, B C means thecompan ting costscametoNOK1307million, came toNOK1267million, NOK 1096million. tonnes ofcoalfromwhichitmaderevenues 2006, quent shutdownofopera af Store Norske’ Financial of 2007. bard. cia ca asked itsownersf Store NorskeSpitsbergenKulkompani were tobedeleted. charges onpropertiesoutsidetheSveaarea a June 2006tha project. Spitsbergen Kulkompani (2001-2002) totheStortingonStoreNorske within theframeworkssta AS whetherthesecurityg board ofStoreNorskeSpitsbergenKulkompani Ministr properties tha charge wasg limits. in December2006andincreaseditscredit proﬁt f the yearofNOK77millioncomparedtoa NOK 41million. g H O fected b pital andf reed withitsbankingconnectiontha A A tion toallowf R I R

D The

StoreNorskeproduced2.4million M Among othersecurityf or theyearofNOK46millionin2005.

y of Esther M

T A H The boardinf E N E y theﬁrein2005andsubse Sta

M :

trends T HenningKløften*andBjørnHelge BårdMikkelsen S rade andIndustr B or thecompan T A te s resultsf E ranted inexplora t lieoutsidetheSveaarea. T Kostøl, R t theminingcompan E

is S ’ The compan or opera S :

considering or NOK250millioninnew O Ole FredrikHienn,

y madeanopera The opera W

N Lise ormed theMinistr 73 E AS tives R or 2006arestrongl S tions outsideSval AS andtheSveaNord tions in2006. H iven tothebankwas ted inReportno. Cha I y’ P whiletheopera

s articlesofasso R y hadaskedthe y madealossf or theloans, E ting revenues tion rightson twin this P O R T in

Olsen, 2 y had ting lossof Lisbeth 0 the 0 which AS has 6 t In y in

spring The

a Anita - - 2 y - or

- P B O D K C (Ministr S A Return onca A Annual returnonequity Equity ra Change Financing activities Current assets % offemaleshareholder Dividend pa A Provisions f T Fixed assetinvestments T Intang Opera T Sta % ofemployeesinNorwa No. Provisions f EBIT Ca Investment activities Opera T T Current interest-freelia Current interest-bearinglia Long-term lia T Retained earnings/otherequity Subscribed equity T Operating Opera Dividend ra EBITDA T Profit Net financialitems Minority interests Profit R A T E A I ang otal %ofwomenontheboard ax otal otal otal otal otal T U vera vera V H Y A pital employed O S L D te shareholdinga ofemployees

T E A H

F D ible ﬁxedassets I F

ge returnonequityoverpast5years ge dividendra E T R ting revenues tional activities ting costs ﬁxed equity liabilities equity assets

I ible assets N

E before after I T F

O G

C N O

tio

I L in R y of U A N E D W O

tio or lia or dividend R

proﬁt ya F liquid KPMG

assets W S N tax pital employed

O E bilities D and

ble totheSta H

E tax

S R T

E R

L bilities andcharges rade andIndustr

and M

O S

(loss) liabilities

and assets

A T

H tio overpast5years S

t year

I S minority AS

P I

bilities

minority O

: A -elected directors 99.94% y N -end C

bilities

U interests

N interests T

99.9 100 % 100 % 2 2 2 2 2 2 -15 % 1 504 1 1 1 1 307 1 266 22 % 27 % 60 % 50 % 41 % -589 -2 % -235 0 0 0 0 0 0

0 % 314 366 744 276 227 596 439 468 304 164 744 869 875 843 -85 -41 -77 -22 -80 -44 0 0 0 0 0 0 13 10 22 79

6 6 6 6 6 6 0 0 7 0 MNOK

% 100 % 100 % 2 2 2 2 2 2 1 1 1 329 1 044 1 139 36 % 40 % 40 % 15 % -200 -241

0 0 0 0 0 0 8 % 9 % 541 542 112 371 989 553 964 310 178 199 270 507 388 164 578 919 146 -70 -42 0 0 0 0 0 0 14 19 26 53 95 -7 5 5 5 5 5 7 7 0 5 P O D K C B % offemaleshareholder T Annual a Dividend pa Sta No. Provisions f Ca Opera Subscribed equity Intang Opera Dividend ra Investment activities Retained earnings/otherequity T EBIT Def Operating Opera Change Financing activities T Net financialitems % ofemployeesinNorwa EBITDA T Fixed assetinvestments Return onca A Annual returnonequity Equity ra Current interest-bearinglia Long-term lia Provision f T Profit Profit T Current assets T Current interest-freelia T R A T E A I otal %ofwomenontheboard ang ax otal otal otal otal otal vera V H Y pital employed O S L te shareholdinga ofemployees

ferred tax I

E A H

F D ible ﬁxedassets F

ge returnonequityoverpast5years R tional activities ting revenues ting costs equity ﬁxed equity liabilities assets

I ible assets N COMPANIES E after before I T F

C N

tio

vera I L in U A N E D or commitments O V

I T A M

tio or dividend R

proﬁt ya F liquid N

assets W S E tax pital employed D

ge dividendra O A E bilities D and

eterinærmedisinsk Oppdra T

ble totheSta L H

tax D

S R N E

E E L R

R M A

(loss) E liabilities

assets N G

H A T

S S

t year

I O

T S N S T

N I bilities

: G : O

-elected directors www E P

y N -end C : D

.O.

bilities +4722961100 tio overlast5years

C I R

O Box8109Dep.,

.veso.no C

N T T O

R :

Arne G.

Ruud NO-0032Oslo 100 % 2 2 2 2 2 2 163.0 166.0 96 % 61 % 20 % 40 % 51 % 55 % 0 0 0 0 0 0 37.0 32.0 12.1 67.0 30.0 17.0 13.0 67.1 50.0 17.0 -4.0 7 % 4 % 7 % 0.8 1.5 4.0 5.0 1.0 3.7 7.2 0.0 0.0 0.0 0.0 0.0 3.9 2.5 1.2 3.7 0.6 3.1 0 0 0 0 0 0 50 48

6 6 6 6 6 6 MNOK

100 % 2 2 2 2 2 2 175.4 178.9 50 % 50 % 51 % 41 % 13 % 11 % 52 % 36.1 69.4 33.3 31.1 69.4 17.0 12.8 18.2 15.1 52.5 0 0 0 0 0 0 -1.5 -1.2 0.8 454 1.5 1.8 4.6 5.0 0.0 3.7 4.5 3.6 4.6 0.0 0.0 0.0 4.1 0.8 0.9 0 0 0 0 0 0 51 46 5 5 5 5 5 5

Due tothechangedframeworkconditionsf Key rela Na colla activities, arch sta test ﬁshvaccinesanding carr medicines. industries. the Norweg products toandperf cant partofitsopera ties andtheveterinar ser VESO seekstoactivel employees. in themarket. opera market andissubjecttothesamecommercial ments. g compan per cent). and theSta Ministr owned b oppdra Opportunities (VESO)(V Esta * Employeerepresenta Obser Dille, B C distribution ofallveterinar pharmacies. solution wasesta VESO’ ian veterinar H O gssenter A A ture Mana vices totheveterinar ted towildsalmon. ying outcontrolledinfectionexperimentsto R I

blished in1988, bora R events PerFolkestad, D tion requirementsaspriva ver: s distributionofvaccines, M

y of gssenter The compan M T A y withascientiﬁcpla tion a y theSta H tes E N bothinNorwa

E VESO isaknowledge-based Anne Ramstad*

M :

This includesthesaleofveterinar Ag

The compan S te-owned enterpriseSIV ian ﬁsh-farmingandaquaculture Bjørn Kolltveit B

T with This ensuresthecost-efﬁcient gement onvariousprojects A E t y medicineandrela riculture andFood(51percent)

T The compan R Vikran isvitaltoaquaculture E S ’ AS) istoda S : blished incolla te, the

O Kristin AS W andGeirKongsmo* y opera representedb orming assignmentsf

tions rela N V y medicalﬁeld. Norweg y provideexpertiseand 74 E eterinar

tives R eterinærmedisinsk y isaworldleaderin y anda y researchcommuni S H redients. W y medicinestothe I y has46 P y alimitedcompan tes ontheopen oje Ellingsen,

R tf ian E tes todelivering y Science orm inNorwe P broad. ane-business O te participants bora Directora R ted environ T

y the The rese

A SF(49 2

0 tion with A signiﬁ

0 VESO 6 Marit te or or - - f - - y - or y Biocide Directive. a wanted tosendana Mana Norweg Sta of whichNOK0.76millionwillbepaidtothe million willbepaidf continuing in2007. restructuring opera sales thanin2005duetothenecessar wholesale opera the profitthanhadbeenbudgetedf the wild-fishdepartmentcontributedmoreto were positive. tions in2006anditsoveralldevelopments The compan Financial to revenues andmadeasignificantcontribution popular f use twonewinfectionmodelsf The infectionla August andwillbedealtwithin2008-2009. VESO andthea (Ministr S A or pproval ofrotenoneinaccordancewiththe T U VESO’ A D te. “new” T I E T gement andMinistr

O O . R ian market. y of

W This sta s proﬁts, : diseasesin2006andthiswasver

ESS Revisjon trends E Ag y achieveditsﬁnancialexpecta R Boththeinfectionla S riculture andFood) H bora pplica tion thusachievedver tions hadlowermarg I unlikeinpreviousyears.

P This workwascarriedoutb :

tions.

The Directora

tor or the2006ﬁnancialyear 51% A dividendofNOK1.5 pplica tion wasreceivedin y a AS

y oftheEnvironment

t This trendlookslike tion totheEUf Vikran startedto or testingﬁsh te f bora or or Na . ins and

y good 51 The tor y or the y and ture

- y % y ,

© VESO AS COMPANIES Foto: Terje Skåre mana the authorityg amend thearticlesofassocia The compan Norweg annum, contract, Nordland, f Secora media andenvironmentalorganisa subject ofconsidera being carriedoutsa environmental dredg as thecontractorf Secora Key esta The compan companies inthissector improve morethanthea compan onal compan market leaderandaproﬁta Secora The compan of piersandenvironmentaldredg and facilities, channels, are thedevelopmentofharboursandsailing construction compan Produksjon. and isacontinua Secora Secora C I T A or themaintenanceof136ferr N E E D T L O D E E

: blished intheNordicreg inspections, R R events

P Ole-Johnn ger basedonthecompan E N H S AS wonanopencompetitivetendering AS waschosenb AS’ AS wasesta isvalidf E O ian PublicRoads y’ S T carr whichisworthNOK21millionper N : buildingandmaintenanceofqua

s ﬁnancialgoalisf : T P www E s maingoalistobecomeana roms andFinnmarkcounties. : Secora +47992200 y alsoaimstobecommerciall y’ y’ .O. y intheNordicreg ying outofunderwa s generalmeetingdecidedto s headofﬁceisinSvolvær AS iven totheboardandgeneral Box693, y Johansen .secora.no

or ﬁveyears. construction tion ofthef or the blished on1Januar AS isamaritime tisfactoril ble a ing project. y whosecoreactivities . vera “Clean OsloFjord”

y OsloPort Administra ttention fromboththe NO-8301Svolvær ble andprofessi or itsresultsto ormer Kystverket ion b ge ofcompara y butisthe

tion tha The clientisthe and y’ ion. y qua

This workis s needf ing. ter sur y 2009. maintenance tions.

The tion. Authority

t regula ys in y 2005 ve

This or tional

ys y

y - ble te *Employee representa nesen, B C – – – wing: The sizeoftheproﬁtisaf million. NOK 150millionandmadeaproﬁtof6.5 tha to thepreliminar the compan in anupswing, oriented. the f In 2006, 1.7 millionintha of NOK102.5millionandmadealoss restructuring. which wascharacterisedb The compan Financial Tjeldsundet sound). (Laukvik harbour of NOK10-12millionrela Administra Secora markets. order toser Gothenburg, ciency g rea H O When Secora A projectrela The compan

the facttha charged toexpensesin2006. compan This alsoledtoanincreaseinthe salar increased inordertoada employees’ salarieswereconsidera in thefinal tional provisionsf in 2006. and alossofNOK8.2millionwasrecorded in extended afterall. A A t thecompan R I ter commercialfreedomofactionandeffi ocus onmakingthecompan Tjeldsundet Soundbecameunprofita R D M . MereteGrønhaug*andHåvardNæss*

Secora y leveltotha M AS hasaskedtheNorweg T A ef H

E N The constructionindustr E

y’ M : Itma tion f

trends f

S vice theSwedishandDanish orts werecarriedouttoincrease s pensionlia Stein-Wig y’ B Sweden-SecoraSverige T y wasesta A

accounts f s ﬁnances. E t LaukvikHarbourisnottobe The compan T y’ whichhashelpedtostrengthen R AS esta E ting tobuildingsailingmarkers or totalﬁnancialcompensa AS wasesta s costsha S ’ y hasincreaseditsrevenueto y benecessar , y accountsf S t year theSvelvikstreamand :

O Siv Sandvik,

W or lossesincurredin2007 t oftherestmarket. N go Bones tives 75 E . blished asubsidiar

blished in2005, R or 2006.

S bilities tha This hascontributed H fected b ting tothreeprojects ve increaseddueto y achievedrevenue I y reorganisa P pt thecompan

blished, R or 2006showing E y tomakeaddi SteinarJohan P O

R y market- ian Coastal y thef y iscurrentl T t are

2 its 0 0 bl 6 AB -in tion and ayear y ollo ble y in y’ tion - s - - y

- P B O D K C and Coastal (Ministr S A Change Financing activities Return onca Investment activities % offemaleshareholder A Annual returnonequity T Fixed assetinvestments T Intang Opera T Sta % ofemployeesinNorwa No. Dividend ra Provisions f Equity ra EBIT EBITDA Ca Opera T T Current interest-freelia Current interest-bearinglia Long-term lia Provisions f T Retained earnings/otherequity Subscribed equity T Current assets T Proﬁt Financial income Operating Opera Dividend pa Annual a Proﬁt Net Financial expenses R A T E A I ang otal %ofwomenontheboard ax otal otal otal otal otal T U vera V H Y A pital employed O S L D te shareholdinga ofemployees

T E A H

ﬁnancial F D ible ﬁxedassets I F

ge returnonequityoverlast2years E T R ting revenues tional activities ting costs ﬁxed equity liabilities equity assets

I ible assets N

E before after I T F

O G

C N O

tio

vera I L in R y ofFisheries U A N E D W O

tio or dividend or lia R

proﬁt ya F liquid

assets W S N tax pital employed Nordnorsk Revisjon

ge dividendra O E bilities D and

ble totheSta

E tax

items S R

E R Af

L bilities andcharges

and M

O S

(loss) liabilities and assets

fairs) A T

H S

t year

I S minority

P I

bilities

minority O

: A -elected directors

y N 100% -end C

bilities tio overlast2years

U interests

N interests

1 00 100 % 2 2 2 2 2 2 143.8 150.0 20 % 40 % 12 % 61 % 0 0 0 0 0 0 14.8 61.9 95.2 37.0 29.4 58.2 55.0 95.2 43.9 51.3 49.1 -7.8 3 % 0.2 3.4 0.1 3.7 0.0 6.8 7.5 0.0 3.7 3.9 3.2 0.4 1.8 0.0 6.5 6.5 0.2 0.4 6.4 0 0 0 0 0 0 96 97

6 6 6 6 6 6 0 0 MNOK %

100 % 2 2 2 2 2 2 105.2 102.5 -57.6 20 % 40 % 57 % -7 % 54.9 11.3 91.3 39.7 51.6 91.3 52.2 51.6 37.4 55.0 39.1 48.7 0 0 0 0 0 0 -1.7 -2.4 -2.7 -0.1 -2.3 -3.4 -0.7 8.7 0.0 4.9 0.0 0.0 2.3 0.3 3.2 0.3 0.0 0.1 0.4 0 0 0 0 0 0 75 75 5 5 5 5 5 0 5 AS © NSB

THE STATE’S OWNERSHIP REPORT 2006 76 COMPANIES C * NotincludedinReportno13(2006–2007)totheStorting. to ones, Companies areas. ownership

determined operate sectoral 98 97 96 95 94 93 92 91 90 89 88 87 86 85 84 83 82 81 80 79 78

their

A AS da i helse-ogsosialsektoren Norfund* Innovasjon Norge* Universitetssenteret påSvalbard Uninett Sta Sta SIV Simula ResearchLa Petoro Norsk Norsk Samfunnsvitenska Norsk Rikskringkasting Norsk Eiendomsinf Kompetansesenter f Kings Ba Industritjeneste Gassco Enova SF Bjørnøen C sectoral cf

vinor A Although

ta m

TEGOR main

A SF Vinmonopolet tsskog SF tnett SF

in the polic tjeneste

T . AS natural AS

ipping AS

State with for companies y

polic p goals. Y y AS

4 objectives AS several

the AS a – sectoral

y ownership AS

Companies monopolies objectives H

ormasjon companies n bora or IT owever

of AS i in tor pelig

polic

AS the of categor y AS

with , of s its

the companies

markets. AS

these

do ownership

objectives

level w y

not

companies of

i focus of

t Report The

104 103 102 101 100 based commercial h

are are

State on T

Helse ØstRHF Helse Helse SørRHF Helse NordRHF Helse Midt-NorgeRHF Regional E those

reached

no. s S commercial on

T is A

T stipulates

E V 13 the intended ’ est RHF S

where O

orientation

c (2006-2007) W

health compan

N as 77 E R t

efﬁciently H

o I P the

enterprises objectives,

to requirements R E

P r

y’ achieve O main R s

a T v

2 risk aries to 0 0 l

as goals the

proﬁle.

sectoral p they among possible,

Storting

for of o

may

the

the l

the

i and

have and State c – companies

companies, An

societal y

required

business active ownership

objectives b to and

rates several

ensure objectives j

long-term e are

of c

not

return of

that in t

which (categor commercial several

i in

the v

addition are e

y s

P O D P K C B Return onca % offemaleshareholder T Annual returnonequity A A Equity ra Dividend pa T Sta Dividend ra No. Provision f Public procurementsofreg carried outwithin15minutesofdela P (Percenta Regularity Ca Opera Subscribed equity Intang Opera Def Net financialitems EBITDA EBIT Investment activities T Retained earnings/otherequity T Operating Opera % ofemployeesinNorwa Change Financing activities Provision f T Profit Fixed assetinvestments Current interest-bearinglia Long-term lia T Current assets Current interest-freelia Profit Minority interests T T T R A U T E A I raffic (T otal %ofwomenontheboard ang ax otal otal otal otal otal u vera vera V n H Y B pital employed O S L te shareholdinga ofemployees

ferred tax c I

E A H

L F t D ible ﬁxedassets F u

ge dividendra ge returnonequityoverlast4years R tional activities ting revenues ting costs equity ﬁxed liabilities assets equity I

I ible assets N COMPANIES a E before after I C T F

l G

i C N

t tio

I L

y otal numberofpassangers) in ge ofplaneddeparturescarriedout) U A N P E

D or dividend or commitments O A (Share ofdepartures

I T NO-2061 Gardermoen M M

tio R

R proﬁt ya F liquid N

assets W S E tax pital employed

O A A E bilities O D and

ble totheSta vinor L H

tax

S R I N C E

E L E

and R M A U

P I

(loss) liabilities

N and assets N G R

H A T

tio last4years S

G t year

I E O

S N minority T

M N I

A bilities

G minority : O

A -elected directors www E E D

y N -end C : D N

bilities D ional airportser +4781530550

AS C I T R R

O S

E E

interests

.a S C

N interests S T

vinor T : O

P R .O.

.no Sverre Quale

Box150, vices

14 135 18 852 19 22 14 22 36 200 -1 638 100 % 100 % 324.5 2 2 2 2 2 2 2

2 990 324.5 1 034 2 219 1 698 7 1 575 5 905 5 257 6 198 6 655 6 075 2 199 2 876 98 % 33 % 50 % 33 % 71 % 75 % 82 %

-301 -361 -406 0 0 0 0 0 0 0

7 % 2 % 6 % 480 657 536 942 533 103 410 930 410 433 0 0 0 0 0 0 0 24

6 6 6 6 6 6 6 0 0 0 0 MNOK

14 363 19 18 523 22 14 22 32 800 100 % 100 % 2 2 2 2 2 2 2 7 2 716 2 013 1 575 1 467 5 905 4 445 5 255 6 991 5 951 1 791 3 047 40 % 25 % 84 % 98 % 33 % 26.4 -582 -826 -423

26.4

0 0 0 0 0 0 0 6 % 5 % 7 % 372 868 391 388 811 057 509 104 682 104 386 0 0 0 0 0 0 0 35 25 5 5 5 5 5 5 0 0 0 2 5 self-ﬁnancing andefﬁcientl hout Norwa environmentall make conditionssuita The objectiveofthesta airports. fees andcommercialrevenueslinkedtothe compan number ofmanda equipment. control towers, the civilianandmilitar Forces. colla sta Norwa and opera A gement (A and onedivisiondealingwith sized airportsandreg divisions dealingwithlargeairports, AS. AS, Luftha and itssubsidiariesOsloLuftha comprised oftheparentcompan limited compan prise Luftsfartsverketintoasta b A * Employeerepresenta Bjørn Johansen, V B C m a l m m r A t T cient manner manda over time. provide thesta e i e n angdal, o y theconversionofpublicsectorenter h H O vinor isresponsiblef vinor v n e e a p i n d e A A te-owned airports, n g n n t o FleslandEiendom s

The parentcompan t R I o e t t f M r bora e R

e o D t r s s T r o M

vn Eiendom ’ y d r i s , u AS wasesta

i ore Mikkelsen*andMa tor s n f

m .

n M T

The

s y’ b

i a The compan A t OddbjørgStarrfelt, H f o s tion withtheNorweg t E N h s m o s opera y obliga n E v

r p t ting airportsandthe TM). PetterJansen, M

The compan a : r a r

i d t

e i S m n y y A t h t Inge K. t A B

T .

r s e

o o . Moreover e vinor alsohastocarr h A a o TM divisionprovideser s E

g r f T

a a

t f . y friendl R controlcentresandna te withafairincreaseinvalue

b i E t i

y t

v e o T h S ’ . h a r S e

s r n tions areﬁnancedb e e : tions inasound, The s e

a tor

s p O

AS, Bård Mikkelsen, i Hansen b a

n blished on1Januar M s

c W o e n e s

y tasksf o y isresponsiblef r N f i 12ofwhicharerunin e d v p ional airportsrespectivel n A t o ble f

y sectorsandincludes m or planning, 78 E AS and

A e n y airser

tives o , y istocarr i r vinor Groupis t R te owning p thecompan y isdividedintothree s r

vinor Parkeringsanleg

o p r S a o y l t t

a a HelgeLøbergsli*, H r

g w t or safe, a y s I n n h P r y andwellrun,

n n

e s y e e

o Anne Stärk- R d c e

’ or society

e f s Air f E S ian o gne Jerpstad*

Værnes Eiendom

r o d

P i vices throug C A s te-owned t n m m vn r

O o h TM divisionin o

t d y T R t o r a p i Armed y outits m A efﬁcientand h

constructing cost-efﬁ p T rafﬁc Mana t y outa AS, A

i y o Kristin i

vinor isto n o e

n 2 m e vinor r medium- m y istobe r

g 0 vices to t a y user f c

a u 0 Oslo u

or 46 i a viga r h m . o n 6 . n t y 2003 n

a The u n t T i p a c l r AS h - g l a and e tion e i - e -

s - , - -

- - g y improve thesitua tions. are stillca is nolongerunrestinthecompan nar of theboardwasa a division. in As aresultofrestructuring, Key 2006 financialyear dend ofNOK324.5milliontotheSta years. considera 1.545 millionin2006. also risen. the commercialactivities. in therevenuesfrombothairportfeesand strong g compared toNOK386millionin2005. annual profitaftertaxwasNOK433million, a opera to NOK5.255millionin2005. ting revenueofNOK6,198million, In 2006, Financial Sta current overallorganisa sta assessed inthisreport, organisa (2006-2007) totheStorting. period inDecember2006, A submitted areporttoStortingregarding The Ministr and considera charges fellb of trafficroseb increased The volumeoftraffica Communica (Ministr S A ppointed in gainst NOK811milliontheyearbef vinor’ T U A A D ted itwasinfa te. y generalmeetingheldinMa vinor f T

A I events E T

TM opera ting proﬁtwasNOK942million,

A Ithasbeenproposeddistributinga divi O s opera O vinor hasimplementedmeasuresto R y of

W rowth intrafﬁchasledtoanincrease the tion andlinkstotheSta A newmana :

ble investmentsoverthenextfew ble investmentsinbothitsairports or alongtime, N

P pacity problemsinthe strongl The GroupinvestedatotalofNOK trends y of E r T

tions) i R c in A April 2006andanewchairman ransport and y 4.3percent. e S tions duringthe2006-2008 vinor Groupachievedanopera

w tions in2006. y 10.4percent. H T 2006 ransport andCommunica a I y tion. P vour ofcontinuingthe t e : ppointed b in .

100 % h g 2006. o

ing directorwas

t u The compan inwhichtheMinistr tion andlinkstothe A s especiall e vinor’ However C cfReportNo.

therewasunrest

o In

o A

y anextraordi p The compan vinor hasmade

s airports total, e

The Group’ The airport r te were y 2006. s A y butthere y inthe

TM opera A , compared costsha

y isfacing S the ore. te f 1 as

The 00 volume 15

or the

There The A tions y’ s - TM y

s - ve - - % COMPANIES © Bjørnøen AS super nistra The districtgovernorofSvalbardis theadmi passes amarineareaofaround2200 km2. to twelvenauticalmiles. Bjørnøya na the Ministr f small tractofland. encompasses theentireislandexceptf on 16 The Bjørnøyana on theisland. vities conductedonthepropertytha responsible f sta Norwa wea The Norweg Bjørnøen alloca the compan which alsoprovidesmana placed administra b island ofBjørnøya. historicall Bjørnøen Bjørnøen M I T A or Na N y theSta E D A T L tion onBjørnøya. D N E E ther f R R A P tive authoritywithresponsibilityf vising thena E ted toKingsBa ture Mana N G H y leasespropertyf August 2002. S E I O N S T N orecasting divisionf AS ownsallthelandandseveral AS f y preser : G : te in1932, NO-9173Ny-Ålesund www E y oftheEnvironmenttha

: D ture reser y ian Meteorolog +47790200 . or coordina I Partofthegovernmentsubsidy or itsopera R E .kingsba ture reser C gement hasrecommendedto T ved buildingsonthe tivel AS Bjørnøen ture reser

O The Norweg

This divisionisalso The conser y andin1967itwas : ve beextendedfromf y underKingsBa

AS istransferredto Oddvar Midtkandal

ting thescientiﬁcacti y This proposalencom or itsmeteorolog tions. .no gement ser ve wasesta ical Institute’ ve. AS wasacquired or northern

ian Directora va tion order t the t itleases vices to blished or Arctic y or one s AS, ical our

te -

- - Broch Ma B C northerl the BarentsSeaandotheractivitiesin port inconnectionwithan port requirementsandactasanemergency will bea Svalbard. half wa a stra the compan reignty b Bjørnøen The purposeoftheSta and carr utilise thecompan Bjørnøen in 2005. 221 924in2006, the na ferred fromKingsBa this amountarecoveredb 248 in2006. the leasingofpropertyandcametoNOK15 The compan Financial H O A A R I R D teg M tional budget.

y betweenNorwa M T y areas. A ble tosafeguardan y outotheractivitiesrela

H y owningpropertyonBjørnøya, icall E N

AS istosafeguardNorweg AS’ thisen, E A smalltractoflandontheisland

M :

trends

S Knut M. y isauthorisedtodo. B T y’ s objectiveistoopera y importantgeog

A E An s opera T R E

S ’ PålPresterud, y opera S :

comparedtoNOK198702 y’ O Ann-Kristin Olsen, W Ore

s propertiesonBjørnøya This subsidycametoNOK y N ting revenuesderivefrom 79 E AS whichisalloca te’ R ting coststha S y’ s ownershipof H y productionofoilin s mainlandand y asubsidytrans I P y suppl

R E ra P Eg O phical position, Bjørnøyahas R ted tothis. T il Murud te and y andtrans

2 ian sove 0 Kirsten t exceed 0 6 which ted in -

- -

P B O (Ministr S A Current assets Intang Operating Opera Of whichcontributionfromKingsBa Opera No. Subscribed equity T T Fixed assetinvestments T Profit T Profit Net financialitems % offemaleshareholder % ofemployeesinNorwa Retained earnings/otherequity T Sta Provisions f Sum T Current interest-freelia Current interest-bearinglia Long-term lia T R T A ang ax otal %ofwomenontheboard otal otal otal otal T U H A O L D te shareholdinga ofemployees

T E A F ible ﬁxedassets I

Equity E T R ting costs ting revenues assets ﬁxed equity liabilities

I ible assets N after before T O

C O

I R y of A N E W

: or lia

proﬁt F

assets S N tax Isha

O bilities D and

E tax R T

E R L bilities andcharges rade andIndustr

O S (loss) vsb liabilities

A T

H S t year

T I S P I yen Revisjon bilities

: A -elected directors

y N 100% -end C

bilities

AS y)

1 00 100 % 2 2 2 4 000 4 3 3 900 4 4 40 % 40 % 0 0 0

149 249 900 236 222 237 149 041 108 108 0 0 0 n/a 41

6 6 6 0 0 0 0 2 2 0 2 0 0 0 MNOK %

100 % 2 2 2 4 3 4 4 4 000 3 900 40 % 40 %

0 0 0 083 900 083 041 183 213 198 213 n/a 0 0 0 42 41 42 5 5 0 0 0 0 0 0 0 0 0 0 0 5 P O K B % offemaleshareholder Subscribed equity Def Current assets T T Sta No. Energ Current interest-freelia Current interest-bearinglia Long-term lia Provisions f Sum Retained earnings/otherequity T Fixed assetinvestments T Intang Opera Contractuall T Net financialitems Operating Opera % ofemployeesinNorwa T Profit Profit T R T E A otal %ofwomenontheboard ang ax otal otal otal otal H Y O L te shareholdinga ofemployees

ferred tax

E A F ible ﬁxedassets

Equity y measurement R ting revenues ting costs assets ﬁxed liabilities equity

I ible assets N COMPANIES after before I T G

I U A N E Enova SF

I T A M or lia R

proﬁt F N y a

assets S E tax D

O A E bilities D and T

L H

tax D g S R N E

E reed energ E L bilities andcharges R

R M A

O (loss) E liabilities

N G H A T

S S t year E

I O

S N S T N I bilities

: G : O

-elected directors www E Abelsga

y N -end C : D

bilities y result +4773190430

C I R

.enova.no C

N T

te 5, O

R :

Eli

NO-7030 Arnstad 8.3 7.0 100 % 100 % 2 2 2 2 T 50 % 40 % 0 0 0 0 TWh rondheim T 0 0 0 0 wh 20 20 37 11 39 39 20 11

6 6 6 6 0 0 0 0 9 4 5 0 0 0 0 0 0 0 0 0 MNOK

5.5 6.3 100 % 100 % 2 2 2 2 50 % 40 % 0 0 0 0 TWh TW 0 0 0 0 17 17 31 17 35 38 5 5 5 9 0 0 0 0 0 4 5 0 0 0 3 3 2 8 8 0 0 5 • • • • • • intended tocontributeto: Enova’ Fund. tion withthis, mentall developing themarketf restructuring isalong-termcommitmentto consumption andgenera ronmentall Enova’ 22 June2001. articles ofassocia memorandum ofincorpora bution ofenerg conversion, 50 of29June1990rela ting –Regardingamendmentstothe Proposition no. (2000-2001). Odelsting andDecisionoftheno. Recommenda energ reorganisa proposal regardinganewﬁnancingmodeland 5 based onthefacttha 22 June2001. da Enova wasesta * Employeerepresenta Enge* Refsnes, B C H O

April 2001a W The introductionanddevelopmentofnew The increaseduseofenerg A moreef Grea Increasedgenera tall opportunities f energ

ronmentall market technolog than electricityandoilf ted 1June2001whichcameintof A A ell-functioning marketsf R I R y friendl D y consumptionandgenera M s mana s mainobjectiveistopromoteanenvi

ter knowledgeinsocietya y friendl M T y sources A Ca H E N E M tion oftheworkrestructuring : y friendl

S transmission, fective useofenerg Jørn Ra thrine Hambroand ies andsolutionsintheenerg B T y friendl y energ A Enovamana E

tion no. gement oftheEnerg T The proposalwasputf g R 35(2000-2001)totheOdels

y E y energ blished b This OrderinCouncilwas reed tothegovernment’ S , ’ or usingefﬁcient, etc(theEnerg S :

tion f

O y restructuringofenerg Eimund Nygård, tion usingrenewa W ttsø y solutions. y energ N 59(2000-2001)tothe t theStortinghadon 80 E tives y solutions. or Enovawassignedon R or ef S y anOrderinCouncil ting tothegenera tion.

tradinginanddistri H or hea ges theEnerg I tion includingthe P

fective, y solutions or efﬁcient, R

y carriersother E This energ P Andreas K. y y O ting tion, R bout the Act). environmen T Inconnec y Fundis Karin

environ 2 0 cf orward in ble

Act no. 0 orce on 6 The envi s y y y

y tion, 75 - - -

- - - -

the Fund’ guarding theneedf Energ developed anorganisa “Enova hasinarela evalua presented itsreportinOctober2006. 2006. and itsmana conducted awide-rang The Ministr Key V was stipula Enova’ ca contributed tothecompan Enova SFwasesta Enova. dividend isdeterminedf compan covered b Ministr opera The annualbudgetframeworkf Financial good marg was 7 2001-2006 period. a Februar Enova presenteditsannualreportf Petroleum andEnerg (Ministr S A A g T U pital. T reed energ A D . T

I events E T tions isdeterminedannuall y Fundinanefﬁcientmannerwhilesafe Sta O tion concluded, s administra Enovaisnotlia TWh, y ofPetroleumandEnerg O

R y 2007. y of y doesnotgenera W : s assets.”

y theEnerg tskonsult carriedoutthisworkand N

Ernest & in. trends ted tobeNOK47million, y ofPetroleumandEnerg E sothishasbeenexceededb

R gement oftheEnerg

y resultsof8.3 S H Itreportedtotalcontractuall I P : blished, tion frameworkf

Y or controlovertheuseof 100% The goalf tivel oung y Fund. y) amongotherthings, ble topa tion tha ing evalua y shortspaceoftime or distributionfrom te revenueitself, y asinvested NOK5millionwas

Sincethe TWh f or theperiod t mana y tax. or Enova’ y andis y b tion ofEnova y Fundin or the or 2006in or 2006 y the

including y When ges the

1 The 00 s y a tha no y - % t COMPANIES © Gassco AS return. transport systemwithareasona transport tarif own. and risk, behalf ofthepartnersa partnership’ gas ontheNorweg nership comprisedofcompaniestha The transportsystemisownedb alloca nental shelf. and processinggasfromtheNorweg developing theinfrastructuref in coordina development ofthegastransportsystemand Gassco pla gas resources. promotes theef installa port systemandtransportprocessing ensuring tha port system. the opera rela compan Ministr wholl Gassco Gassco M I T A N E D A T L D N E ted gasprocessingfacilities. E R Companieswishingtotransportgas pa R A P y Sta E ting ca N G H y ofPetroleumandEnerg S tions ser E I O AS wasesta y opera N S soGasscohasnoearningsofits T N tion andexpansionofthegastrans : G : P te-owned compan www E

ys ake ting theprocessesf : D s opera .O. Gasscoisalsoresponsiblef +4752812500 Gasscoisresponsiblef t theopera pacity inthegastransportsystem. I fs, R Box93, AS E tes pipelinesandtransport- ves allgasproducersand fective overallutilisa thusprovidinginvestorsinthe .gassco.no C T y roleintheongoing O ian ContinentalShelf. tions areconductedon R blished in2001asa :

Brian Bjordal NO-5501Haugesund tion ofthegastrans t thepartners’expense y mana or transporting or further

ble ra y This includes y apart .

The ged b tion ofthe or t produce ian conti te of

- or The y the - y - - * Employeerepresenta Jonassen* andBjarne Krokeide, B C of Norweg opera On 1September2006, quality speciﬁca the gasdeliveriescompliedwitha 99.98 percent. network achievedatechnical during a24-hourperiod. delivered fromtheNorweg 300 millionstandardcubicmetresofgaswere In 2006andf Key had 155employees. of Karmøy Gassco isloca Energ handed overtotheMinisterofPetroleum and the willingnesstoinvestinthisproject was Sweden andDenmark. east partofNorwa possible gaspipelinefromKårstøtothesouth Gassco hasbeeninchargeoftheworkona start. deliveries ofgasfromtheOrmenLangeﬁeld opera northern partofLangeledwillcomeinto line totheUKmarketstartedon1October H O A A R I

R events

D tion in2007, tor f y on29Januar M

M T A H E N

or theLangeledpipeline. E Arild N. . ian gasthroughtheLangeledpipe M

At year

S Brit KristinSæbøRugland B T A E or theﬁrsttimeever T ted inBygnesthemunicipality R E In2006asin2005, tions. S ’ S Nystad, :

-end 2006, O y (Grenland), a T W r t thesametimeas ygve Refvem, y 2007. N

81 E Aarset* tives

Gasscotookoveras R An over S

The transport KjellaugHøie H I ian continentalshelf P

thecompan E P view showing vaila western O R , Elisa T morethan Deliveries

2 bility of almostall 0 0 g 6 reed beth y .

The - P B O D C K C (Ministr S Revisorer A T Current interest-freelia Current interest-bearinglia T Net financialitems % offemaleshareholder T Current assets T Financial assets T Intang Profit Profit Operating Opera Opera T Sta % ofemployeesinNorwa No. Provisions f Subsidy toCO (billions ofscm) Gas transportedtoonshoreterminalsinEurope Pipeline system–no. Opera Long-term lia Provision f Def T Retained earnings/otherequity Subscribed equity T Dividend pa Largest dail Regularity Investment activities Income ra Shipping arrivalKårstø Financing activities Opera Change O R A T O E A I ax ang otal %ofwomenontheboard otal otal otal otal otal T U p V H Y A O S e N L D te shareholdinga

ofemployees ferred tax I r

T E A H F a T D ible ﬁxedassets I F

t E T R ting costs ting revenues tional activities tor lia equity liabilities ﬁxed equity assets

I ible assets N R

o E after before I T F O r G

I C

N O

I L l in B i R y ofPetroleumandEnerg U A a N

E tes opera D W or commitments O

b U :

or dividend R

proﬁt y deliver bility costsGassco ya F liquid

i assets W S l N tax T Deloitte Sta

i O E bilities D t and

ble totheSta 2 y H I

E tax

value-chainstudies S

E R n L

N v

O S

(loss) e liabilities

assets

tor lia A T

H S y (millscm) F

t year t

T m ofkm. I S R

P I e bilities

O O : A n -elected directors bility Gassco

t M y N 100% -end s C

bilities

tsautoriserte S

O s

s U

A c

N o T

T E

1 00 99.56 % 300.00 26 488 100 % 100 % 2 2 2 2 2 2 2 266.9 254.0 206.2 84.17 7 800 266.9 174.9 3 958 2 391 -15.3 50 % 50 % 0 0 0 0 0 0 0 14.4 79.1 25.8 12.9 10.0 92.0 39.3 52.7 59.4 -0.3 -4.4 155 638 6.9 0.8 2.9 0.0 0.6 0.3 0.3 0.0 0.0 0.0 0 0 0 0 0 0 0 11 6 6 6 6 6 6 6 0 0 MNOK %

99.57 % 276.81 24 005 100 % 100 % 2 2 2 2 2 2 2 202.0 189.7 202.0 137.7 81.51 6 600 115.0 3 340 2 221 -71.1 -48.5 -15.1 60 % 57 % 17.5 11.3 12.3 87.1 23.3 10.0 35.9 50.8 0 0 0 0 0 0 0 -0.3 -7.5 143 598 0.5 0.2 0.0 0.0 2.3 0.4 0.2 0.0 0.0 0 0 0 0 0 0 0 0 5 5 5 5 5 5 0 0 5 Industritjeneste AS S E

I ADDRESS: P.O. Box 436 Økern, NO-0513 Oslo CHAIRMAN: Sissel Ose Pedersen AUDITOR: Revisjonsfirmaet Åsvang & Co. AS

N TELEPHONE: +47 23 37 17 00

A INTERNET: www.industritjeneste.no BOARD MEMBERS: Ellen Bjercke, Olav STATE OWNERSHIP: 53,4 P Råmunddal, Jørn Rangnes, Bente Solheim 46.1% (Ministry of Justice and the Police) 53.4 %

M MANAGING DIRECTOR: Arne Smith Fredriksen* and Morten Andersen* 7.3% (Ministry of Labour and

O * Employee representatives Social Inclusion) C

MNOK PROFIT AND LOSS ACCOUNT 2006 2005 Industritjeneste AS (ITAS) is a labour market/ Operating revenues 37.1 38.0 rehabilitation company founded in 1996. The Operating costs 36.5 38.9 Operating profit (loss) 0.6 -0.8 purpose of the company is to provide rehabili- Net financial items 0.0 0.0 tation in a realistic company environment. The Profit before tax 0.6 -0.9 company implements four different labour Tax 0.0 0.0 Profit after tax 0.6 -0.9 market measures: the Labour Market BALANCE SHEET 2006 2005 Company (AMB), Work with Assistance (AB), Intangible assets 4.6 5.2 Job Training in a Sheltered Workplace (APS) Tangible fixed assets 2.5 3.2 and Permanently Adapted Work (VTA). ITAS’s Fixed asset investments 3.5 2.1 vision is: More people in work – fewer recei-

Total ﬁxed assets 10.6 10.5 AS Current assets 2.3 2.0 ving social security and beneﬁts. Total assets 12.9 12.6

Subscribed equity 0.7 0.7 The company’s objects are to provide rehabili-

Retained earnings/other equity 5.4 4.7 tation services and carry out rehabilitation © Industritjeneste Sum Equity 6.1 5.4 Defferred tax 0.0 0.0 activities in a real company environment, Provision for commitments 0.0 0.0 including the clarification and qualification of Financial trends Long-term liabilities 0.0 0.0 rehabilitation candidates, with the aim of The company’s revenue fell from NOK 38.0 Current interest-bearing liabilities 0.0 0.0 Current interest-free liabilities 6.8 7.1 arranging normal jobs or educations for these million in 2005 to NOK 37.1 million in 2006. Total liabilities 6.8 7.1 people. In addition, the company is to develop, During the same period, the company’s results Total equity and liabilities 12.9 12.6 produce and sell other goods and services. improved from a loss of NOK 0.9 million in KEY FIGURES 2006 2005 Capital employed 6.1 5.4 The company is to be run according to healthy 2005 to a profit of NOK 0.6 million in 2006. EBITDA 0.6 -0.8 commercial principles with the aim of achie- The company’s equity ratio has risen from 42 EBIT 0.6 -0.8 ving the best result possible. The company’s per cent to 47 per cent. Equity ratio 47 % 43 % Annual return on equity 11 % -15 % profit is to remain in the company and be used Average return on equity over past 5 years 6 % to strengthen its future operations. Return on capital employed 10 % -14 % DIVIDEND 2006 2005 Key events Provisions for dividend 0.0 0.0 Dividend payable to the State 0.0 0.0 At the end of 2006, the company was given OTHER INFORMATION 2006 2005 considerably more authorisations. These signi- No. of employees 130 130 ficantly extend its activities within its traditional % of employees in Norway 100 % 100 % State shareholding at year-end 53.4 % 53.4 % areas. The Storting agreed on 16 December Total % of women on the board 50 % 50 % 2005 to the sale of the Norwegian state’s % of female shareholder-elected directors 33 % 50 % shares in Industritjeneste AS, AS Rehabil and Blindes produkter AS, cf Proposition to the Storting no. 20 (2005-2006). Attempts will be made to sell the state’s stakes in accordance with this and this work has already started.

THE STATE’S OWNERSHIP REPORT 2006 82 COMPANIES © Kings Bay AS 32 man-years. compan clima and aninterna sta Ny-Ålesund hasdevelopedintoaresearch during thesummerseason. and othervesselstha ser The compan safeguarded. tha the variousresearchenvironmentsthere, neutral organiserofinfrastructureser has beenplacedonthecompan area aroundNy-Ålesundeachyear countries conductresearchprojectsinthe extensive opera research institutionsandthesecarr ings toanumberofNorweg has leasedoutsomeofitsfacilitiesandbuild ning thela suppl f port, gency preparedness, opera ronment andculturalherita structure, compan buildings inNy-ÅlesundonSvalbard. Kings Ba Kings Ba M I T A ood/refreshments, N E D A T L tion withanadvancedenvironmental proﬁle D vices, t bothNorweg N E E R workshopser R A P te andenvironment-rela y tion oftheinfrastructureincludesemer E N G H .

S The compan E I O y isresponsiblef y’ N S T especiall y N includingtheprotectionofenvi : s employeesareequivalenttoaround G : NO-9173Ny-Ålesund www E AS ownsthelandandmostof yout ofNy-Ålesund.

: D +4779027200 y alsosuppliessometourism

I R tional centref

E tions inNy-Ålesund. .kingsba C y ian andf T y tothelargetouristships vices, O andwa AS y isresponsiblef R seaser t callintoportdail :

Oddvar Midtkandal accommoda y or thetown’ .no oreign interestsare ter andelectricity ge sites.

ian andf or researchinto vices, ted issues.

The compan y beinga airtrans . Emphasis y out

The Around 20 oreign

s infra or plan tion, The vices f y

The so

- y - - or - - - Broch Ma B C covered b due tothecompan and otherextraordinar unts tobreakeven, Kings Ba Financial to arrangethissymposiumever opportunities andchallenges”. Ålesund todiscuss sium wasarrangedf On 2-4March2006, i l K I r n c K I Key scientific researchsta develop Ny-Ålesundasaninterna arch andscientificopera aimed a The compan and carr utilise thecompan Kings Ba million investedinthemarinela largest investmentin2006wasthe NOK3.1 nar The compan NOK 3.1millionto36.8 in2006. 2006. per cent, number ofresearcherda 2005. compared toalossofNOK1733569f subsidy wasaprofitofNOK220830, in 2005. 236 587in2006, Kings Ba n e n n e o H O e i i n d n n p m N D w A A g u g g r y subsidyfromtheSta R I y e e

e s p s s R s events - c s D t s

a h Å M r B B

e e

The compan This positiveresultisdueinparttothe

n y a i l M m n a a T n . A e y t providingser

r y outotheractivitiesrela

H y y t T v from8535in2005to9470 y y y s ’ e E N The annualresultwithouttheSta e b s thisen, E

o y aSta h u s A A M

d : AS’ AS’ AS aimsf

trends l

s e n S

v S S

r Knut M. b B h T b

y’ y receivedNOK13millioninordi e

i 2 e A E a n d b y

d s objectiveistoopera s opera s activitiesareespeciall T i o 0 R

r c e e n

E t e p i 0 r h S c t g ’ n PålPresterudandEg

e t S e te subsidy i 5 e : c

n s k comparedtoNOK101293 O

a y’ , r Ann-Kristin Olsen, e y’ M s u

e y’

whilemajorinvestments

“The chang W Ore p t a e s propertiesonSvalbard d e or itsmana b e h s specialobliga or theﬁrsttimeinNy- s revenueincreasedb i i aninterna N l q

ting proﬁtcametoNOK t n p s l e i t a tion.

83 E y coststha u n vices tha c o y i i

R l s n g i

e r

p S t b s i g i e tions andhelpto a r n ys increasingb b H p h y

y te in2006. n r c e

t I e

P h e N r

d o r d r

e e o r R f e

a f

u E t

T o r l o K c s

P n

r e The intentionis ing r t promoterese m

gement acco e a a

O y year tional sympo

d bora s t 5 b

p d a R ted tothis. e . t areincurred e t

y tional T c i e h m a e t Arctic; new

k a

e 2 r t t te and a tions are h i l c i l tor 0 Kirsten l e n

n l h e The w . 0 i y tobe

il Murud g

o d

t 6

i y S h s

n l Arctic or o . y 11 l t e t

a f a b m

t c te t y i y e a o h

, k - - n a

e s l - - P B O C C (Ministr S A Current assets Intang T Net financialitems Opera % offemaleshareholder No. Contribution fromtheSta Investment activities Opera Provisions f T T Fixed assetinvestments T Profit Profit Operating Opera T Sta % ofemployeesinNorwa T Covera T T Investments Utiliza T Contribution toBjørnøen Other contributionf Change Financing activities T T Current interest-freelia Current interest-bearinglia Long-term lia Sum Retained earnings/otherequity Subscribed equity R A T O A ax ang otal %ofwomenontheboard ransfered tonextyear ransfered fromprioryears otal otal otal otal otal otal T U H A O S N L D te shareholdinga

ofemployees T E A H F T ible ﬁxedassets I

Equity tion ofcontribution E T R ting revenues tional activities ting costs assets ﬁxed utilization contribution equity liabilities

I ible assets N R

after before ge ofloss T F O

I C O

I L in B R y of A N E W O

U :

or lia

proﬁt F liquid

assets W S

N tax T Isha

O bilities D and

H I

E tax

R T

E R L bilities andcharges

rade andIndustr

O S

(loss) vsb liabilities

assets

or investments A T

H S F

to t year

T I S R P

yen Revisjon Kings bilities

O O

: A -elected directors

te M y N 100% -end C

bilities

C S

O Bay

N T

T E

y) AS

1 00 100 % 100 % 2 2 2 2 2 40 % 40 % 0 0 0 0 0 17.4 13.7 14.6 13.0 18.9 11.5 11.5 18.9 18.6 36.6 36.8 -0.2 23 0.0 3.7 2.9 1.8 3.6 0.9 0.0 2.7 0.0 0.0 0.0 7.4 0.4 7.0 0.2 0.0 0.0 0.2 0.2 0.0 0.2 0.0 0.2 0 0 0 0 0

6 6 6 6 6 MNOK %

100 % 100 % 2 2 2 2 2 -10.0 40 % 40 % 17.4 17.4 15.2 13.0 15.2 19.3 13.0 13.0 33.6 33.7 0 0 0 0 0 -7.8 -0.2 -0.1 2.2 2.2 0.0 0.0 0.1 22 1.8 2.9 6.5 4.6 2.2 0.0 9.0 0.0 4.1 0.0 0.2 2.0 0.0 1.9 0.2 0.0 0 0 0 0 0 5 5 5 5 5 P Social Inclusion10.5% 1) O D K B Current assets T Sta No. Provisions f Ca Subscribed equity Intang Opera Dividend pa T Retained earnings/otherequity T Fixed assetinvestments T Def T Net financialitems % ofemployeesinNorwa T Operating Opera EBITDA Return onca Annual returnonequity Equity ra EBIT T Current interest-freelia Current interest-bearinglia Long-term lia Provision f Profit Profit A % offemaleshareholder T Ministr R T E A I ang ax otal %ofwomenontheboard otal otal otal otal otal vera V H Y pital employed O L te shareholdinga ofemployees

ferred tax I

E A

F D ible ﬁxedassets F

ge returnonequityoverpast5years R ting revenues ting costs assets equity ﬁxed equity liabilities

I ible assets N COMPANIES E after before I T

y ofHealthandCareSer G

C N tio

I U A N E D or commitments helse- ogsosialsektoren Kompetansesenter f

I T A M

or dividend R

proﬁt ya F N

assets S E tax pital employed D

O A E bilities D and T

ble totheSta L H

tax D S R N E

E E L R

R M A

O (loss) E liabilities

N G H A T

S S t year E

I O

T S N S T

N I bilities

: G : O

A Sukkerhuset, -elected directors www E

y N -end C : D

bilities +4773598600

C I R

E U

1) .kith.no vices 70%andMinistr C

N T T O

R :

Jacob Hygen

NO-7489 80.5 % y ofLa 100 % 2 2 2 2 2 72 % 67 % 50 % 0 0 0 0 0 14.9 12.9 10.7 14.9 10.7 30.5 30.6 T 3 % 2 % 3 % 0.0 0.0 4.7 6.0 2.0 1.4 0.6 0.0 0.3 1.0 4.2 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.4 0.2 0.1 0 0 0 0 0 rondheim 29

6 6 6 6 6 MNOK bour and or ITi

80.5 % 100 % 2 2 2 2 2 59 % 67 % 43 % 17.4 17.5 10.4 16.0 10.4 27.7 28.2 0 0 0 0 0 6 % 6 % 1.4 0.0 0.0 7.1 4.4 6.0 0.2 1.2 0.0 0.6 0.6 0.5 0.6 0.6 7.1 0.0 0.0 0.0 0.0 0.0 0.1 0 0 0 0 0 28 5 5 5 5 5 AS

ser public administra pla The centreistoactasanadviserthe comes totheuseofinf the healthandsocialwelfaresectorwhenit be acentreofexpertiseandinf KITH’ ties, authorities andadministra sector’ assignments f pa standards, (concepts, ﬁelds ofstandardisa health andsocialwelfareadministra tasks ﬁnancedb The compan etc). ref ref organisa place inthehealthandsocialwelfaresector’ ada but itsopera al and socialwelfaresector coordina KITH wasesta Health andSocialCare KITH –Norweg * Employeerepresenta Kjøsnes, Evensen, Sunde, B C suppliers. H O wa tient recordsystems, A A orms, orm ofthehealthauthorities, yers inthissector–boththeauthorities/ vices. pted tothechangeswhichha R I municipalities, ys compliedwiththisbusinessconcept, R s objectiveis, D M s variouspla

M Wig T A rulesgoverningpublicprocurements, Ma tion andframeworkconditions(the ted ITdevelopmentswithinthehealth H

Ruth E N The centreistobeindependentof

E encoders, M inf :

S go Korsha Ivar Gammelmo B gnus T y carriesoutinpartlong-term tional f A E orma or thehealthandsocialwelfare blished in1990tocontribute T R Astrid EngMule, ian Centref E S ’ y thecentralgovernment S tion andthoseproviding : Alsaker* andGreteBach*

O onabusinesslikebasis, T tion securityandelectronic etc). yers (centralgovernment orm hasbeencontinuousl W rude Ma tion andcoordina inf N vn, 84 E tives orma R etc)andinpart orma

S ErikOftedal, .

H The compan tion, I or Inf P

thisen, tion technolog R tion exchange E healthauthori P orma OleGunnar mana O orma R ve taken T Elisa

2 tion inthe tion f 0 tics in Evi-Anni 0 tion gement y has 6 beth or y to .

s - y

health enterprisesandf health administra important assignmentsf Social sult onbehalfoftheDirectora back inanevalua standardisa nity tocontinuedevelopingpositivel 2006 too. KITH carriedoutman Key centre’ December 2006was71.8percentandthe year 14.9 million, ca ting proﬁtequalledNOK0.1million. came toNOK0.4million, than in2005. Its revenuesin2006were9percentmore sound compan tion toitsshareca this. sober levelofexpenses, employees throughouttheyear good, proﬁt in2006. KITH’ Financial La Ser 70% (Ministr S A T U pital asa A bour andSocialInclusion) D vices) and10.5%(Ministr T

KITHhasf -end 2005. I events E T s ordinar steadyef O Af s liquiditypositionissound. O R W fairs. : Ernst&

This ga trends t 31December2006cametoNOK E tion taskswereg comparedtoNOK17.4milliona R y ofHealthandCare

y opera S The compan The proﬁtf Plentyofnewassignmentsand y or yearsbuiltupequityinaddi H f

. orts onthepartofKITH’

I The equityra P tion bodies, tion conductedb ve thecompan Y pital andisnowaﬁnanciall :

oung 80.5% y interestingtasksin tions madeamodera or themunicipalsector arethereasonsf or centralgovernment ofwhichtheopera or theyearin2006 y hascarriedout

iven positivefeed f y of te f tio asa or thereg , togetherwitha y anopportu or Healthand y Sta

y Itstotal . 80.5 KITH’ t 31 tskon s ional or te s - - - - t y - . %

Norsk Eiendomsinformasjon AS S E

I ADDRESS: Haakon VIIs gt. 2, CHAIRMAN: Erik Keiserud AUDITOR: KMPG AS

N P.O. Box 1542 Vika, NO-0117 OSLO

A TELEPHONE: +47 23 11 39 30 BOARD MEMBERS: Tore V. Knudsen, Kari STATE OWNERSHIP: 100% P INTERNET: www.eiendomsinfo.no Johanne Bjørnøy, Ingeborg Moen Borgerud, (Ministry of 100 %

M Ingvild Myhre, Sissel Skovly* and Geir Vidar Justice and the Police)

O MANAGING DIRECTOR: Per Chr Selmer Mørner*, * Employee representatives C

MNOK Norsk Eiendomsinformasjon AS (NE) was estab- Commission’s eContent programme. This project PROFIT AND LOSS ACCOUNT 2006 2005 lished in 1987 under the name of Tinglysingsdata was concluded in the summer of 2004 with a Operating revenues 192 172 Operating costs 179 155 AS. In 1992, the company was acquired by the very good evaluation, and is now being continued Operating profit (loss) 12 18 State via the Ministry of Justice and the Police, by the parties themselves without any EU subsidy. Net financial items 1 1 and NE has been a wholly State-owned limited Profit before tax 13 18 Tax 4 5 company since then. Key events Profit after tax 9 13 At the request of the Ministry of Justice and the BALANCE SHEET 2006 2005 NE’s objective is to operate and further expand Police, NE has developed and supplied a system Intangible assets 2 3 the Property Register (EDR) and engage in other for registering housing cooperative shares in the Tangible fixed assets 14 14 Fixed asset investments 6 6 related activities. The company is responsible for Register of Land and Land Charges. This system Total fixed assets 21 23 performing socially important tasks that will was implemented on 1 July 2006. NE has also Current assets 81 83 Total assets 103 106 ensure the operation, maintenance and system carried out the technical conversion work so that development of the Register of Land and Land data on housing cooperative shares could be Subscribed equity 6 6 Charges. The company had 65 employees at transferred from the previous registers kept by Retained earnings/other equity 37 35 Total equity 43 41 year-end 2006. the business managers to the Register of Land Defferred tax 0 0 and Land Charges. Rights to housing cooperative Provision for commitments 2 1 Pursuant to agreements with the Ministry of shares are registered by the Norwegian Mapping Long-term liabilities 2 1 Current interest-bearing liabilities 0 0 Justice and the Police and the Ministry of the Authority office in Ullensvang. Current interest-free liabilities 58 63 Environment, represented by the Norwegian Total liabilities 59 106 Mapping Authority, NE is entitled and obliged to In the spring of 2007, a pilot project is due to Total equity and liabilities 103 106 CASH FLOW 2006 2005 disseminate information from the Register of start involving electronic documents being Operational activities 9 26 Land and Land Charges (Grunnboken) and the submitted for official registration on real estate. Investment activities -8 -7 Register of Real Properties, Addresses and Build- NE has developed the technical solution. Financing activities -10 -9 Change in liquid assets -10 11 ings (GAB Register). Data from the Register of KEY FIGURES 2006 2005 Land and Land Charges and the Register of Real In 2006, the company once again contributed Capital employed 45 43 Properties, Addresses and Buildings are available resources to ensure the continued successful EBITDA 21 26 online via the EDR database. This company has transfer of official registration data from the EBIT 13 19 Equity ratio 42 % 39 % taken over the dissemination of basic map infor- district courts to the Norwegian Mapping Autho- Annual return on equity 21 % 32 % mation from the Norwegian Mapping Authority. rity. Average return on equity over past 5 years 26 % Infoland® is the company’s Internet portal and Return on capital employed 30 % 45 % DIVIDEND 2006 2005 system for counting, authorisation and invoicing. In 2006, NE made the necessary changes to the Provisions for dividend 7.4 10.4 The system makes it possible to place direct EDR Property Register so that it is ready for the Dividend ratio 80 % 80 % orders directly with municipalities, housing Norwegian Mapping Authority’s new land register Average return on equity over last 5 years 86 % Dividend payable to the State 7.4 10.4 cooperatives and other information providers in system which will replace the GAB Register in OTHER INFORMATION 2006 2005 addition to accessing information in the EDR 2007. No. of employees 65 56 Property Register. Through Infoland®, NE offers % of employees in Norway 100 % 100 % direct access to information such as site plans, Financial trends State shareholding at year-end 100 % 100 % Total % of women on the board 57 % 40 % development plans and information regarding NE had revenue of around NOK 192 million in % of female shareholder-elected directors 60 % 40 % property taxes and municipal taxes. 2006, an increase of some 11 per cent compared to 2005. The operating profit came to NE is one of 10 partners in EULIS (European Land NOK 12.3 million in 2006, while the profit after Information Service), in which NE is responsible tax was NOK 9.2 million. At year-end 2006, NE for operating and developing the technological had an equity ratio of 42 per cent. For the 2006 solution. EULIS is a web portal that enables users financial year, NE is going to distribute 80 per to have electronic access to property information cent of its after-tax profit as dividend, giving the across European national borders. EULIS was State a dividend of approximately NOK 7.4 originally a project that was financed by the EU million.

THE STATE’S OWNERSHIP REPORT 2006 85 P O K C B % offemaleshareholder T No. A Ca Opera Subscribed equity T Intang Opera Return onca Annual returnonequity Current assets Net financialitems Sta Market shareNRKRadio Licence feesperyearhousehold T EBIT EBITDA Investment activities Minority interests Retained earnings/otherequity T T Fixed assetinvestments Minority interests Operating Opera % ofemployeesinNorwa Market shareNRK Licence feesaspertenta Profit Change Equity ra Financing activities Provision f T Profit Def Long-term lia Current interest-bearinglia Current interest-freelia T T R A T E A otal %ofwomenontheboard ang ax otal otal otal otal otal vera H Y pital employed O S L te shareholdinga ofemployees

ferred tax

E A H

F ible ﬁxedassets F

ge returnonequityoverpast5years R tional activities ting revenues ting costs assets ﬁxed equity equity liabilities

I ible assets N COMPANIES before after I T F

tio

I L in U A N E or commitments O Norsk Rikskringkasting (John G. D I T A

proﬁt F N liquid

assets W E S tax D pital employed I

O E bilities D and R T

L H

tax D

S R E

E E

L R

and R M

(loss) E liabilities

TV N and assets

T H A T

S S

t year O E

S S minority Bernanderuntil19March2007) T R N I

bilities

: : minority O

A 0340OSLO -elected directors

ge ogtotalrevenue www E G y N C :

-end bilities E +4723047000

C N

O E

U interests

R .nrk.no

N interests A T L

Hans-T

ore Bjerkaas 93.7 % 99.7 % 65.7 % 43.5 % -0.3 % 100 % 2 2 2 2 2 1.1 % 1.6 % 3 470 2 039 1 555 1 000 3 1 566 1 1 467 3 901 3 882 1 3 1 1 223 50 % 44 % 48 % -327 0 0 0 0 0

209 643 249 244 554 554 176 209 654 431 -18 -84 0 0 0 0 0 17 17 -2 -4 -3 -1

6 6 6 6 6 0 0 0 0 0 0 MNOK

94.7 % 99.7 % 61.0 % 43.9 % -0.2 % 100 %

2 2 2 2 2 0.4 % 3 1 3 440 1 969 1 579 1 1 000 1 582 1 371 3 710 3 693 3 1 1 154 50 % 44 % 50 % -282

0 0 0 0 0 117 535 559 227 169 117 558 559 160 385 -17 -94 0 0 0 0 0 20 16 20 AS -1 -2 -2 5 5 5 5 5 7 0 0 0 0 5 * Employeerepresenta and Per Herbern, Sif B C N I c e b m p T K d p p f e s e i P n p a i w i r n v c N a p p M l N l N a N b i b b 1 ( T n n s n i o n N u o m i o e o s x n n n n a r u u r e r h r l h e a u y H u 9 O R R o R R e e

i c

a n i a s o o i o o d e t c t

n m N ﬁ 1 J s n d d n d e m r e b m b e m b A A 3 r w y a h K K K K n i a t e k d Vik, a t g a r e r i t w u u t f e n t i l l 9 l i o e t R 3 I

s e b e s c i i

t ’ e i i a i c N b

c o e i d d b a r

i e c c R s n r n l A c n f

n i b h i c b 6 r t a k o a p t d e i

l n D s . o u o d e c o r r c c e y s o

w i r

c g v e

a u t M g y

b S r

y s s n m 0 y v

u s s b

, n r r

e y l KåreLilleholt, a e a a

p r i R o r l o

n a e 2 r

t n r

h a M

i e

h e s

e T b r

. w 1 t r 2 A s N r r v s s s a f h l r r t o o a t o o

r m i Asbjørn Ra o r d h o n a ElseBarra o 0 g t r a

g H d h r a a e k e o l u e N t t i g 5

n 0 E N a i b a a a d R o e f i m o v f i e

a c e a c E r

c t

i 0 c s r r n e m

l n l

e a i M d a t e

0 b d j e o c i m g : o b t s

n e u K

t e r d C

, d t t e k

p d

t 6

a l S p g s

s n S n

i w

s a s N r s

f p 2 6 i l e e

a Hallvard Bakke

c ’ s v r B c c e m h u a e y i r

T . o n

o s , b a

i u p

t g s i e e a N c i e 0

a l , o o s a R u

A a t o

n c a n a E r l n i

a I

t f n w m r i t i p h b t o i c o n o d r d T e

d n c t p s s

n v 0 s n w R o u e t K g s u R t

e d c m s h y r n E p a a r e r e m B

h e d t . i e u t g e t t o

a r 7 a l k . r K

a d

s S e . i e i n ’ i e e t i c s l

n s o

n p n r I

i e

o n t r r e S l e n

d a u d O u - l t l i i a

e i : a

e i

i a o o m

r e s s n s

l g

s f e h c g

t b i 2 d g s g j c r i a a a m d t i r O t

a s

n r o V w u h o r a t i

t s a l

s a

N e t vnaas* n i i a e s 0 i

i c tt-Due*, n r i e y t e N

a c W n a r l

a i f i o i

s algerd SvarstadHaugland, e d n t

c l

o i e a n , n n s s n c p h

g e s n s l t s

R r d d 1 t a a b t KarinJulsrud, n d . t i n o

N s c v o i a

e t o

e s e

t g

r q i v

e 1 i r s

p l a 2 a K w d h p 2 o o e s 86 r E a a o s n a s a o . n p e c t p

r tives n e C

u r t w

f 9 n R d r e , s l

w l

A ’ h s n v s 0 n t

v i a N

d u o o h v

r s f

s t a o w p f i n e h h S a o 5 n

o e w t - h m

i e r a a

u d S 0 l e r n

l o

n i d R i

d y e i

H e g n p t o u t c m m m w p r n e

e 0 i s m s y r n m

d u ) d l h 6

e p e p i

u r I e K m

e l t u e r i

. r n r 4 r e t g o P 3 s y c e i v

GeirHeljesen* e s r w e i o r a c

a e p e r s e d c o p

s c s

e i

n g a l

. a i

i t o t

. n o b e i n i h d R r s

k d

d o a C e

s o i d t i e o h a y w s 7 d e T l t

n r a s o f m

a f

n E s

t e

u t i r e n

o .

r p s o

m A 0 v a s . h a

d a r n a

P e

t a o b i i o t t i t h r s

c d e o T t

s n c N a a e r o n a

s a e

O i 0 e t f

n , b s e e n l f

p i e s e p a

e w p

e u n h f t i

n d r t l . g n N ﬁ n l T R p

s t d p

s , a h s u

i e

d o n o

- a t

s h e i e n t i N t h

c T w t c s c h V u s i t t R

i o r i w i e

v h o a a r

t l a e o r

s a o w m r

t g i o e i

e o i

i r StigM. R e a

t p , i 2 a s s n r a K o c w i u

c n e g

d n w s P

a b o s v

n m a n s

t 0 w

. t u 6 l K s y s p u o y

t g i n e

s i l t l i i l

e n l n o t . 0 t w h u . o y e d n i o

t i b e b 5

l v g

. e t

p h s

t d o N f l r o e 6 W h n

T s o m n r t

h a i n

e s e a l . o a u T h h

s b n a e

h n i s i a y d o n m a R p r n

c s a i v b

r r l s t m h o e s l n

i g o e ( b i e , l t r a r s s a s t i

e s d o

v N K i y e a s i u i d e A k h c y s e N e

t g t r e e r e

w o g ’ i t d

a e R .

t s t S r s o o e R e d n b n i t e m h y

i n e K o n o o i t o y t K d e s d y ) i f , -

n T n a r N n p i 1 c a p c N o r 1 n o l i b m m I F M J T o 2 J N a e N t c t p i i w b t and Church (Ministr S A t i t n n n o h r e e c o o o a o h s

n n r f f s s e h e e a r u a e r i 5 . 0 a R R e y T U o c t a ﬁ e i i a n g g g 7 o o e r

t m n n h e 2 r c t a t d l l l o y e m t d n n A 0 0 w r r n K K a l l a a D e c c w w

r o h a g a a i n 9 a i i - e t u n d l p k e s s 0 i r o s T c o o

6 o n n b a h e r g

p t d

I r n d T e b r e c m 3 n s e o o

t A a a B l e i r o i N h E T 0 n n d a g m c e

. l

i o t e G i b i a u

i c V e e g s s i e

r r n t r s i . t i n c s

k j c

O , s i m 6 e m o u

o g f i r a n 0 h k k u e a y k c t r

a 2

O i

c v e l T

a e e

t t o i e h o a f a i

l B R d r , n e e

y ofCulture l , . 2 r e a y s

t i e i 0 a n e r i g o e 0 o d W

h n

d p

n w v 2 m d M o e n k k e n

y ’

N t :

e n t p t x t r 0 d

0 e l f s u

m T e 0 t d

f o s g o

n d e a . 0 d a i

N t e f r i e r e t PriceW r

n h R p

e 0

s a h i h t . n m l .

e h l o

7 h

a . N

o l o

n t 0 c p i

g e b r l a a r E

a R t

p g e a d a c i u h e K 7 e w e I n g c e r s a o a v N n . m a a a c e n a 7 v R Af i o

e r a

n o i i t

a i

v u d

w n f l t e n c k

r d p i s i h o r h

d n T w d

a h i o

g a a K s ﬁ n n r S h u 2 y i

n e 2 n s e i a m c s S d s

fairs) s t i i i u t a o n i V e i r p s a g i d e ’ c d t ’ f t c c i H g

i g a

o d n s 0 T e o i s d r e n a o o . t n n r o i i d g

o c

d e n e e h e e

s d h s n n o i I e

n 0 t

i n P d u V 0

r l n d

r P t a d n s a o P

i n r h c t

m s e

h e a

a o

n r

s i t

4 n o a

b a l f i 6 o i a l t c a r N a

t t n terhouseCoopers o .

: b

e u r e h s t n a

e i o n l l o p c

N n s h o b

t r t e y i , a

o t h t

, n T n m

r r s 100% n 2 t R e

i g a e g t e f

o i

l w e e ﬁ e

t r n o n u o O l h f f

o d e a o a w N t y h e s c

h g

n d s o

0 d u o i

K m c e w t

m n e m a t n t r a n h

u r n

a r g

i c K s s o

R e

a a g

o r

e i n 0 i t s . r l h

w s c d r

s n a t a s o p p n r s e

h t

i e i n e

e d n o e e

K h T x e o n m i 5 e a f e

1 h

c , l c c l c t

v p e o . e

r s t i r r

t l

k c f t

e ø s i v h o o

c g s n e d l . r y a o i r c i c h h c s 0 o c o e l A n r

t d l

o s g

a e t o i r . t e

f e r e b

m r i o

i N s m o b o

h o

f a r i i

d o 8

s d o

r e i t o e r 2 i a s h T n r n c l y

o w t x o t a

e u u n e u v i n i

R p n e D i m c

w a h t s e t l l o e 0 e h n g f

s t g i o n t a l e m d s c

h n t d t m o t n i e , r i a

a . s K e n a m a i s t i e t i c

i 0 d h

f n i

r t

r o t a r r o s n e t i h h r a t e d w i l

k s

i e t c o t d

t r i

e e s n

a e a i 6 c e n N g

k l c n

a i

g t p i a

s l

l e e e

l t l r o w

n ﬁ

s w n c y

h h i l d g t e t i d c e

i o . r i s i

o i

O t

n w a o d r

h n e v

t m n e o n t g

a c

g h u i t i d

a a v

i m

v h i v o s c t n

a n

i e l i l t t e g s t K a

g s

i o m u t i h e e l p t a y 9 m

o h e h l

e a h s O r s

n i y c l o u

i n

r p

i p m

e r e e n n

0 t e a r v a

- i g

s N e m d r e r G t s o b b c e e s o r t R t a

o s w v w n e

e e o

a o r e t 1 s p

c t

t s

e w O n H u r i

p e n s e i t i r e p 8 n y

e e

t a o w s t i a n a

m r a k a h a i a N

N h l o s t n e

y b h a o d K e r o

v d s i l r 4 b l 00 s

r s s p m . n i o

a t a l e e ’ e t r e o R O n u a l e y e e d i

s o

, s e e T 6 i

T a i

n y n f

i u s 2

t d r n t a r v i s n , n e

c K f r t r r o K i V t r

h V a t g t f n o h o 0 e m - n

i a e g t y r o

e f o

1 e l . e n - e m t i , A 0 n n

a r h

9 d o S d t l e % f COMPANIES b a u c i o N p t t a t a a f a N y T m c i T d T i a i T a d N d t t c NSD hasbeenreorganisedasapriva the ResearchCouncilofNorwa Januar (NSD) wasesta (Norsk samfunnsvitenska Norweg Norsk Samfunnsvitenska M I T NO-5007 Bergen A n n n n h i o h o o e N o o o o u m r c n f r b h i i n r h h i h y S S S E s s s c c s c D ﬁ r a e c c a o A a

n m l c m t d r g r e e e e i T

L l c t s t l r r D D D t v l h h h t b n D t o e e e u r i r e i N

h e e

E o a

e e t i E a e s a i p p w ﬁ c c n o i ’ ’ p u - a p s m g u d R s b a a v e s s b t R s A i c m r t P . y n o o s g e r a a u h d r d l e s t i e e u s

o s s

E e i j t i n e N o p G i H

m m n e d m m N a r n t u m i

e . s s o i s d i e e y 2003itwaslinkedinstitutionall t r c c S o

i t e t n a g v i E I e c e e

r O k ian SocialScienceDa m y

r I r

o r n y o d d

u t n n N R a a S p p i i c d r o e a b i

i w t

d T o s s i d n

N c r a a s

n r i w

i i h c a a :

a e f d

t G e : v w , , b s r n n . e

r o a a g t

HaraldHårfa l

f i e l

www . E g

o N e n n

t n l e e s a o i r r h o h i e

s f d

n l s h

e d n

e :

D g o l

e r t y y

r a o t o o

l +4755582117 c e r d p h

s g f 2 a

c a e c s

g b ’ o a I t e 2 u a o r a r l f s o 2 i c i

e e f l R l . l i e r g . 0 p

s w u t a j r u y a a y s

t r

n n

0 n e o u t i 0 r

c T N m a a

a e

E o l

0 l i

blished in1971anduntil1 o e n d n u s i d a y a c d u 1 d 0 s t o h 0 .nsd.uib.no v h r , c s C n i S r h a 5 o d i

n s t y l

a c e a n i w 4 e 6 n

. D

a s a t i 5 t i s , T , r e D n s a

. i a v i h k r i

n d

r g

o v 0 ,

c v s n n t e o

n N a s s O

e n s a I n o i

w c

e i t t p t h

i n d a r

n d

i t t e t 8 n i h

l u i m d S R d

s N e o v t a i r a

n i e

e g l

s i a e a d i s c d s s e

y a d m

D m

: e f t

o c r m p c

o s

e s s s t t

e i s k I l a

c e ( s a s t n u o a t N Bjørn Henrichsen b r r

e o c

n e b e

d p i o i

- o g i t t o e w n a ,

p a n e

s d h s y o s c a i r v

e S o y i p r s r t

v res ga n a c t p u r l

s g p

pelig da i o h

a e e i e m e

w s t r c D n i e t a a p s m i a a

o p n t

e h o v s n a n g r s

y a e i

o d g

l i r ’ n l n a p i e f r i e

r n c ﬁ e e s t s e

e i n o v n a

n f s o a

b a e

d e l d s a t

t e

u t g a p

v k d c t o t h x t s N e n

M l ta Ser a r

a d N n

n h a r a r l a a i r

r t i i e r i

r e e i y d e

c n n e a t e m

s h S e y n s e t e o t , a y te 29, r n i i a a g

n n r e i h n i

d g n t

a . c s

D s v

w r m t t v d e t

d - n Sincethen, d i a 2 o d s

e y w e i p

c h o e p i t e e ta i t s d

e ’ d o h d c

i t o

t p i 0 .

s r e e o n n r r s a l r a d e m t c i a t e n y s e e a e

r o t o v

r tjeneste p t o s

f 0 o a t vices r p l e o u l u y

y h t d

s s i a t y

x d t c e e e o s

c i

i e l 6 a d

p r l e t

s n

ﬁ

t o i i d l l te limited h a ’ t i g i m o

r m i s t n

h 5 h h e x

s a o e c e v n a s c

d t h i a n

c f a p r v o g e u

a e a 7 t t n n r e t b g

i s a

l e v a i d i u i t s n E e a t a s

e y to n c t o p s d

d t l e

, a

t l r e

e m h d

a r o d r a l a s h e i n , e l a e

a d t t i t t g i

o i l e t t , h h t u n r i l i a s c r n r a a

e e h y s i e e n e n o t e t e c e AS) e v s n b d

e n s d h o e s .

6 n t e a s - . d l

- s

r e t

e i . - 2 i s . t

)

pelige da * Employeerepresenta Gilhus Mykkeltvedtand Sæbø, ﬁ p i 2 N F a w N N d s w l U N Key a t a t g r g c d e n p b N B C o a N p E p c f p n i o i u e s t m o o n f v t c n n a a u r i y r U e r e e i H 0 O n S S S S e e i a a

f h s n o n o o h l a

o t m a i t 2 N m r a r d c o i

l A 0 A s s D n D D D r n p t e i e a e j v d

v v a e i a p v l i e i r n e

0 s s l b c c o y 6 R i I d a s a

, e b i i p a r s b t .

i n d i n e

r n d d c R

events c t t n h A s e e t i s

e r 0 t r r e d r , a a D e b A s a s a a e y s d g

w r i t

t e e e c

e c e g M s n n

Mette S c i 5 s d a a o s c s

i l l t n

r r r e

s r n

c e h e d d d i s e l o i

i t t a

a M . a e o e

e t t t o T

l p . n A y

r w a

o .

S L

i u .

a i y t

T f y

p l H c o

v 2 a o t s

T m t o s p ’ t 3 h d 2

T f E r N t

l f s p h t o

h h s h d i E c a

f p r n d

o o o

h r f i 0 r c a a e c 5 h 2 M p

o t f : c e t e

e p e o e e e r t a o

r o m

f N o t t

a e S d t v e 0 t r i e r

h e n h r r

h w Bernt l v j a s h n n

B t

n p w p

o e e T a n e

E u s i

e S r a 1

u a n e e i

s e e c r p V g i

A R n e j s E l e a t e c

n s s ta 2 s

l p e n e o D g . . r h

r i s o

T b n o o l a

u estli,

t s n t R r e r t r s e s

a 0 d i b d c p r

E I h e N a

s o m e f r p

c ’ e

n t e

b n t s e g

o b s s S l f c c ’ h t

p l

0 . r

s n t i

s e e S e s p a l

a n b w x b e

j n o n i e i a e e tjeneste S p : i i e o r e 2 n c n t

7 f t n

Aardal , c s r

l u

y a o i

o g a e u r

n O n a e

Knud Knudsen, f d i u i n e e E c c t c p 0 s t N

o , IngerNjølstad, t e n

I o b r ﬁ e

t n

n W e t a t n P s h N u t s i o d d u l N a t i c f g N 0

u r S

l r t o a

o y o

e m i t

N c i

r s r

o h n o t r r s n o o s n 6 d a r h S n b D o t o r t

i h d f f 87 o

E t e u r i a

h n w i . h h

tive r p a g

w . , p a e g p y c D f

w C R

S w w v t

p N p t T

Atle Jåstad* e g i a p t p

p d

l h N a

i h e n S i n N

e e i

i c p o o N p r o e U h

S o , s w t e s a o

o r r H e a t e o

g f e n h r o u a i f O n g o i a e s

n e K S g w r r u n D w I e v t

n d o ﬁ a s

o u

P t t t n a r i w

c t

a i K a a

D a i e u a

i ’ r l N t h s

a t n

u p n c e i s t c v l t o s i a l

l R n n t

n n a n h t o

n i i o i

e s i e s s o e d

i i 2 m n o l a p E i s n y t e n d l

d r i a k e

e s

e f

r t

a r P d r . e

r b

a a f c t

c o q a

i p e w c

r e p 8 i N g

r e N h O i t d h i

t n

n t e

e o o n L n f t u n t d a n r s i h S e a c a s d

e R

i e S i i n i c O i

f m AS o t t m a s v i a . N e

g c n Hans t s

e n n t T u i

e e g t d

t t l D o

f t n r i l s d y

t a Alette K r u

e h

c o

t o d i y o y

r e v i A i p ’ a i i i 2 s e r m e t a i

w s o

l r a n n r d i s

’ e e r r a s l e r

o a n r p 0 a t c s a 2 n t i n m

w r t a e a

i e r o

s l h a t n o

i 0 N n

h s a t s a i t t o s a b

a . n a i s t g t t i h d

h n s 6 a e s r l w 4

i f e o d i e

l i i o o p a t e e

n l . i a o e e s o n h a e e

i s

r y n d

r Vig

t r o

n m c e T n v i a a n s e r

m g t n t T s

n t w s

o n r s e o h s s d h r h

e e t a l s . d h l e a e s

i i

f a

m e a l t i e a i a r e n a l i s l a

go s e a o d t n x s l m - l 5 r s i s n g i

n b n e f

o t c o , 6 t t d e d s

g - h n - o f P B O C K and Research) (Ministr S A Current assets Intang T Net financialitems Opera % offemaleshareholder No. Contribution toresearch Return onca A Annual returnonequity Ca T T Fixed assetinvestments T Profit Profit Operating Opera T Sta % ofemployeesinNorwa T Contribution f Contributions fromUFDandotherministries Equity ra EBIT EBITDA T T Current interest-freelia Current interest-bearinglia Long-term lia Provision f Def T Retained earnings/otherequity Subscribed equity R T O E A ax ang otal %ofwomenontheboard otal otal otal otal otal otal T U vera H Y A pital employed O N L D te shareholdinga

ofemployees ferred tax

T E A

F T ible ﬁxedassets I F

ge returnonequityoverlast4years E T R ting revenues ting costs assets ﬁxed Contribution equity liabilities equity

I ible assets N R after before I T

O G

I C O tio

I B R y ofEduca U A N E W or commitments

: R

proﬁt F

assets S N tax pital employed T

Ernst &

O E bilities orm NFR D and

H I

E tax S R

E R L

O S (loss) liabilities

A T

H S F t year

T S I R

P I bilities

Y O O tion

: A -elected directors oung

M y N 100% -end C

bilities

C S

A AS

N T

T E

1 00 100 % 100 % 2 2 2 2 2 40 % 33 % 17 % 23 % 18 % 56 % 0 0 0 0 0 21.0 12.5 18.3 32.9 14.5 14.5 18.3 10.9 32.9 30.7 33.8 35.8 8.3 2.8 3.1 0.0 0.0 0.0 0.0 7.3 2.1 1.4 0.8 0.0 2.8 0.0 2.8 0.8 2.0 0 0 0 0 0 62

6 6 6 6 6 MNOK %

100 % 100 % 2 2 2 2 2 40 % 33 % 14 % 17 % 58 % 24.0 27.0 11.4 15.6 27.0 16.0 15.6 11.4 24.6 31.7 33.8 0 0 0 0 0 2.4 2.4 2.4 2.1 8.0 2.5 2.8 0.0 0.0 0.0 0.0 8.2 7.4 1.5 0.9 0.0 0.0 0.3 0 0 0 0 0 57 5 5 5 5 5 Norsk Tipping AS S E

I ADDRESS: NO-2325 Hamar CHAIRMAN: Sigmund Thue AUDITOR: The Ofﬁce of the

N TELEPHONE: +47 62 51 40 00 Auditor General in Norway

A INTERNET: www.norsk-tipping.no BOARD MEMBERS: Anni Onsager, Berit P Fosheim, Torgeir Mjør Grimsrud, Knut Brofoss, STATE OWNERSHIP: 100% 100 %

M MANAGING DIRECTOR: Reidar Nordby jr. Kjersti Langseth* and Knut Johannessen* (Ministry of Culture

O * Employee representatives and Church Affairs) C

MNOK PROFIT AND LOSS ACCOUNT 2006 2005 Established in 1946, Norsk Tipping has since phones and commission agents. At year-end Operating revenues 9 798 9 362 1993 been a wholly State-owned company that 2006, 1.7 million of Norsk Tipping’s smart cards Operating costs 7 049 6 672 Operating profit (loss) 2 750 2 690 is structured pursuant to specific legislation. had been issued. Net financial items 88 42 Norsk Tipping’s core operations is to operate Profit before tax and minority interests 2 838 2 732 gambling in a socially acceptable form under In 2003, the Storting granted Norsk Tipping an Tax 0 0 Minority interests 0 0 public control. The company has an exclusive exclusive right to operate gaming terminals. The Profit after tax and minority interests 2 838 2 732 right to provide sports betting and other certain objective is to prevent crime and to offer respon- BALANCE SHEET 2006 2005 types of lotteries in Norway. The company had sible forms of gaming terminals in line with social Intangible assets 0 0 346 employees at year-end 2006. policy objectives. Both EFTA’s Surveillance Autho- Tangible fixed assets 414 500 Fixed asset investments 70 111 rity, ESA, and the slot machine industry have Total fixed assets 484 610 Through its ownership in Norsk Tipping, the State brought legal action against the State to have the Current assets 4 040 3 647 Total assets 4 524 4 258 aims to ensure that the company channels the law declared invalid pursuant to Norway’s EEA Norwegian public’s interest in gambling towards law obligations. The EFTA court handed down a Subscribed equity 0.2 0.2 moderate, responsible games that do not create judgement in favour of the State on 14 March Retained earnings/other equity 1 374 1 207 Total equity 1 374 1 207 problems for society at lage. Within the framework 2007. The case is, however, still pending before Defferred tax 0 0 stipulated by the authorities, the company is to the Norwegian Courts. The Supreme Court has in Provision for commitments 10 5 offer entertainment through responsible gambling March 2007 not completed its hearing of the Long-term liabilities 267 265 Current interest-bearing liabilities 0 0 opportunities aimed at preventing negative conse- appeal regarding Norsk Tipping’s exclusive right Current interest-free liabilities 2 874 2 781 quences of gambling and generating a profit for to operate gaming terminals. In its pleadings, the Total liabilities 3 151 3 051 Total equity and liabilities 4 524 4 258 socially benevolent causes. However, the State’s State has urged the Supreme Court to rule on CASH FLOW 2006 2005 primary objective will never be to achieve the this case as quickly as possible in line with the Operational activities 3 227 2 799 largest possible profit. The State’s objective for EFTA court’s decision. The current slot machine Investment activities -87 -198 Norsk Tipping is that the company contributes to market will be removed prior to 1 July 2007. Financing activities -2 588 -2 587 Change in liquid assets 552 14 the development of the gambling market in a soci- Norsk Tipping will prepare the operation of its KEY FIGURES 2006 2005 ally responsible direction. gaming terminals machines with the aim of Capital employed 1 651 1 477 installing these as from 1 January 2008. Equity ratio 30 % 28 % Key events Total profit 2 838 2 732 Profit Health and rehabilitation 198 195 The national gambling policy is under increasing International bookmaker company Ladbrokes has Profit Norsk Tipping AS 2 640 2 537 preassure from private operator seeking to offer also sued the State, partly because it believes Provision for investment fund 128 125 Provision for preventing gaming problems 12 12 their gambling services in Norway. However, Norsk Tipping’s exclusive right to operate certain Profit allocated to sport and culture 2 500 2 400 Norsk Tipping increased its revenues from gamb- gambling services contravenes the EEA Agre- Total utilized 2 838 2 537 ling by 4.5 per cent in 2006, after a steady ement. This case is pending before the Oslo OTHER INFORMATION 2006 2005 decline in revenues for the past few years. The District Court, which has submitted five questions No. of employees 324 367 % of employees in Norway 100 % 100 % increase also relates to the implementation of a to the EFTA court for a preliminary ruling related State shareholding at year-end 100 % 100 % ban on the use of bill acceptors in slot machines to the EEA legistation on 1 August 2006. The Total % of women on the board 43 % 43 % from 1 July 2006, which led to a reduction in slot EFTA court is expected to issue a preliminary % of female shareholder-elected directors 40 % 40 % machine revenues for the private operators. judgement in this case during the course of 2006 was the 20th anniversary of the first Lotto spring of 2007. draw in Norway. Lotto is still Norway’s most popular game and it achieved record revenues in Financial trends 2006 after two years of decline. Norsk Tipping’s operating revenues in 2006 came to NOK 9 798 million, an increase of 4.5 Norsk Tipping completed the introduction of a per cent compared to 2005. The Oddsen and smart card in 2006 as a tool for payment and Lotto games accounted for most of this increase. registration of gaming transactions. This card The company made a total profit of NOK 2 838 allows customers to safely interact with Norsk million, up from NOK 2 732 million in 2005. Tipping through electronic channels, mobile tele- The profits will be distributed in April 2007.

THE STATE’S OWNERSHIP REPORT 2006 88 Petoro AS S E

I ADDRESS: P.O. Box 300 Sentrum, CHAIRMAN: Bente Rathe AUDITOR: Erga Revisjon AS

N NO-4002 Stavanger

A TELEPHONE: +47 51 50 20 00 BOARD MEMBERS: Jørgen Lund, Hilde Myrberg, STATE OWNERSHIP: 100% P INTERNET: www.petoro.no Per-Christian Endsjø, Nils-Henrik Mørch von (Ministry of Petroleum and 100 %

M der Fehr, Britt Bjelland* and Ove Skretting*. Energy)

O CEO: Kjell Pedersen * Employee representatives C

MNOK The huge values which are managed mean PROFIT AND LOSS ACCOUNT 2006 2005 that Petoro has a particular responsibility for Operating revenues 185 178 Operating costs 170 178 good financial controls, including bookkeeping, Operating profit (loss) 15 0 for the SDFI portfolio. Net financial items 2 1 Profit before tax and minority interests 17 1 Tax 0 0 Financial trends Minority interests 0 0 Petoro is operated on the basis of grants from Profit after tax and minority interests 17 1 the State, and its operating budget in 2006 BALANCE SHEET 2006 2005 Intangible assets 0 0 AS was NOK 180 million excluding VAT. Separate Tangible fixed assets 8 13 accounts are maintained for Petoro’s opera- Fixed asset investments 0 0

© Petoro tions. A clear distinction is drawn between Total fixed assets 8 13 Current assets 74 61 The State-owned limited company Petoro AS financial aspects related to the SDFI portfolio Total assets 81 74 manages the State’s direct financial interest and those related to Petoro’s operations. (SDFI) on behalf of the State. The company’s Subscribed equity 10 10 Retained earnings/other equity 23 6 operations are regulated by Chapter 11 of the Total equity 32 16 Act relating to petroleum activities. The Defferred tax 0 0 company has a relatively small, flexible organi- Provision for commitments 24 31 Long-term liabilities 0 0 sation. Current interest-bearing liabilities 0 0 Current interest-free liabilities 25 28 Total liabilities 48 58 Petoro is the licensee for, not the owner of, the Total equity and liabilities 81 74 SDFI port folio on the Norwegian continental CASH FLOW 2006 2005 shelf. The company is not an operator. As a Operational activities 17 1 licensee for this considerable portfolio, Petoro Investment activities -2 -2 Financing activities 0 0 has an opportunity to be a driving force for Change in liquid assets 15 -2 implementing value-creation measures with a DIVIDEND 2006 2005 particular focus on area approaches and the The SDFI: Provisions for dividend 0 0 coordination of fields to achieve efficiency was established with effect from 1985. Dividend payable to the State 0 0 gains, cost reductions and increased recovery. The SDFI portfolio is owned directly by CONTRIBUTION FROM STATE 2005 2005 Contribution from State 1) 180 174 the State. The State participates as a Used for salaries and social costs 73 79 The overall objective for the SDFI portfolio direct investor in petroleum operations Used for IKT 13 12 Used for general manager fee 14 16 management is to achieve the greatest on the Norwegian continental shelf. As Used for accounting services 2 3 possible income for the State. at 31 December 2006, the State had Used for offices 7 9 participating shares in 105 production Used for others 54 58 Total usage of contribution 163 178 As part of the State’s joint ownership strategy, licences and 12 partnerships relating to OTHER INFORMATION 2006 2005 Statoil arranges for the sale of the State’s pipelines and onshore installations. Each No. of employees 53 53 petroleum along with its own petroleum, year the Storting approves the budget % of employees in Norway 100 % 100 % pursuant to a sales instruction adopted by and framework for the SDFI portfolio. In State shareholding at year-end 100 % 100 % Total % of women on the board 43 % 43 % Statoil’s general meeting. Petoro ensures that 2006, the net cash flow from the SDFI % of female shareholder-elected directors 40 % 40 % Statoil’s sale of the State’s petroleum is carried portfolio was NOK 126.7 billion. Total 1) out in line with the instruction. Petoro does not revenues were NOK 146.7 billion and Exclusive VAT receive revenues for such activities. Revenues costs were NOK 19.9 billion. The net from Statoil’s sale of the State’s petroleum are cash flow from the SDFI portfolio is transferred directly from Statoil to the State’s transferred to the Government Pension account. Fund - Global.

THE STATE’S OWNERSHIP REPORT 2006 89 Simula Research Laboratory AS S E

I ADDRESS: Postboks 134, NO-1325 Lysaker CHAIRMAN: Berit Svendsen AUDITOR: Lundes Revisjonskontor DA

N TELEPHONE: +47 67 82 82 00

A INTERNET: www.simula.no BOARD MEMBERS: Dagﬁn Brodtkorb, Eivind Hiis STATE OWNERSHIP: 80% P Hauge, Anne-Brit Kolstø, Ingvild Myhre, Hans (Ministry of Education and 80 %

M MANAGING DIRECTOR: Aslak Tveito Christian Benestad* and Bjørn Fredrik Nielsen* Research)

O * Employee representatives C

MNOK PROFIT AND LOSS ACCOUNT 2006 2005 Simula Research Laboratory was established as Operating revenues 69.8 66.8 a project run by the University of Oslo in 2001 Operating costs 66.2 68.7 Operating profit (loss) 3.5 -1.9 and was organised as a private limited company Net financial items 0.3 0.2 in 2002. The company conducts long-term, Profit before tax 3.8 -1.6 basic research in specified areas of software Tax 0.2 0.0 and communications technology, thereby contri-

Profit after tax 3.7 -1.6 tion BALANCE SHEET 2006 2005 buting to creativity and innovation in Norwegian Intangible assets 0.0 0.0 trade and industry. The State ownership of Tangible fixed assets 2.9 3.4 Simula Research Laboratory is intended to Fixed asset investments 1.4 0.3 gem communica Total fixed assets 4.3 3.6 ensure a high international standard of research Current assets 14.5 10.1 y/Ima and the training of highly qualified researchers. ull Total assets 18.7 13.7 T The company is not profit-oriented and does not

Subscribed equity 1.5 1.5 pay dividends to its owners. © Mick Retained earnings/other equity 4.2 0.5 Total equity 5.7 2.0 Defferred tax 0.0 0.0 The company has three main responsibilities: to from the Research Council of Norway over a Provision for commitments 0.0 0.0 conduct research at a high international level, to ten-year period. The Ministry of Transport and Long-term liabilities 0.0 0.0 provide innovation based on research Communications has contributed to Simula’s Current interest-bearing liabilities 0.0 0.4 Current interest-free liabilities 13.1 11.3 conducted at the laboratory, and to provide growth by awarding a total of NOK 27 million for Total liabilities 13.1 11.7 education in cooperation with Norwegian the 2006-2010 period for the Resilient Total equity and liabilities 18.7 13.7 universities. The company had 76 employees at Networks basic research project. This project’s KEY FIGURES 2006 2005 Capital employed 5.7 2.4 the year-end 2006. main scientific goal is to develop and demon- EBITDA 5.7 0.8 strate protocols and methods that can make EBIT 3.8 -1.5 Key events communications infrastructures able to cope Equity ratio 30 % 33 % Annual return on equity 96 % -57 % In October 2006, Simula’s board adopted a new with failing components, wrong configurations, Average return on equity over past 5 years -3.3 % strategy for the 2007-2015 period that aims to sabotage and other factors which may cause Return on capital employed 95 % 30 % make Simula world leader in its research fields. errors or breakdowns. Simula has two wholly OTHER KEY FIGURES 2006 2005 By 2010 Simula should have achieved at least owned subsidiaries, Simula Innovation AS and Publication Books and doctoral thesis 15 6 one scientific breakthrough and at least one Kalkulo AS. Articles in juornals with referee 33 20 research-based commercial success by 2015. Proceedings with referee and chapters in books 64 57 Number of post-graduate fellowships 21 24 Financial trends Number of post doc. 13 11 Simula Research Laboratory has for some time The Simula group’s total operating revenue CONTRIBUTION FROM STATE 2006 2005 now been working to improve its doctorate came to NOK 69.8 million in 2006, NOK 49 Contribution to research 49 49 education and applied to the Ministry of Educa- million of which was provided by the Total contribution 49 49 tion and Research for funds to establish an ICT government’s basic financing. Simula received OTHER INFORMATION 2006 2005 No. of employees 76 80 research college. The government has initially NOK 29 million from the Ministry of Education % of employees in Norway 95 % 98 % granted NOK 5 million to establish and start up and Research and NOK 10 million from each of State shareholding at year-end 80 % 80 % the Simula School of Research and innovation at the Ministry of Trade and Industry and the Total % of women on the board 43 % 43 % % of female shareholder-elected directors 40 % 40 % the University of Oslo (SSRI). One purpose is, Ministry of Transport and Communications. among other things, to improve the ICT doctorate External funding from other governmental and education by educating doctoral candidates who private sources came to NOK 15.2 million in are more relevant to industry, increasing the flow 2006, a slight increase compared to 2005 of doctoral candidates and improving the collabo- when the external funding amounted to NOK ration with international bodies. 15.1 million. The total operating costs were NOK 66.2 million in 2006, compared to NOK As from 2007, Simula has been awarded the 68.7 million in 2005. Simula made a profit of status of a Centre for Excellent Research, which NOK 3.7 million in 2006, compared to a loss of means it will receive a grant of NOK 75 million NOK 1.6 million in 2005.

THE STATE’S OWNERSHIP REPORT 2006 90 SIVA SF S E

I ADDRESS: P.O. Box 1253 Pirsenteret, CHAIRMAN: Siri Beate Hatlen AUDITOR: BDO Noraudit

N NO-7462 Trondheim Midt-Norge AS

A TELEPHONE: +47 48 03 90 00 BOARD MEMBERS: Kirsten I. Huser Lesch- P INTERNET: www.siva.no brandt, Bertil Tiusanen, Per N. Hagen, Peter STATE OWNERSHIP: 100% 100 %

M Arbo, Hilde Gjester Hoel and Siw Moxness. (Ministry of Trade and Industry)

O MANAGING DIRECTOR: Harald Kjelstad C

MNOK The Industrial Development Corporation of Report no. 46 (2003-2004) to the Storting on PROFIT AND LOSS ACCOUNT 2006 2005 Norway (SIVA) (Selskapet for industrivekst SF), SIVA’s future operations proposed giving SIVA Contribution 86 67 Other operating revenues 166 164 was established in 1968, and has been orga- NOK 150 million in equity over a period of Total operating revenues 252 230 nised as a State-owned enterprise since 1993. several years in order to reduce its debt to the Operating costs 198 162 SIVA has operations in the areas of real estate Treasury. In line with this, NOK 50 million was Operating profit (loss) 54 68 Net financial items -45 -22 and innovation. In addition, SIVA has some converted from treasury debt into invested Profit before tax and minority interests 9 46 international operations that focus on north- capital in 2006. In January 2007, an additi- Tax -14 -6 west Russia. The company is a driving force onal NOK 50 million of SIVA’s treasury debt Minority interests -1 -3 Profit after tax and minority interests -6 37 and facilitator for the development of innova- was converted into equity and the NOK 150 BALANCE SHEET 2006 2005 tion and value-creation environments throug- million has now been contributed. Intangible assets 38 37 hout Norway. The State’s ownership interests Tangible fixed assets 922 1 097 Fixed asset investments 727 699 are administered by the Ministry of Trade and In 2006, SIVA was given a grant of NOK 30 Total fixed assets 1 688 1 834 Industry. million in the Ministry of Trade and Industry’s Current assets 490 380 budget. This grant was spent on SIVA’s incu- Total assets 2 178 2 213

SIVA is to contribute to innovation and busi- bator efforts in central areas, network activi- Subscribed equity 717 667 ness development through its real estate ties, the follow-up of the clusters taking part in Retained earnings/other equity -127 -130 operations and the development of strong the Norwegian Centres of Expertise (NCE) Minority interests 50 68 Total equity 640 605 regional innovation and value-creation environ- programme, regional seedcorn and venture Defferred tax 0 0 ments throughout Norway. SIVA has a parti- funds, an innovation centre in north-west Provision for commitments 35 21 Long-term liabilities 1381 1482 cular responsibility for contributing to an Russia and the administration of innovation Current interest-bearing liabilities 42 41 increased rate of growth in the regions. activities. In 2007, a grant of NOK 31 million Current interest-free liabilities 80 64 has been provided in the Ministry of Trade and Total liabilities 1538 1608 Total equity and liabilities 2178 2213 In its real estate operations, SIVA had Industry’s budget for innovation and network CASH FLOW 2006 2005 ownership interests in about 428 500 m² of activities, to which funds were also granted in Operational activities 50 54 ﬂoor space in more than 110 buildings as at 2006. The Ministry of Local Government and Investment activities 40 142 31 December 2006. Innovation operations Regional Development gave SIVA grants of Financing activities -7 -79 Change in liquid assets 81 117 include competence initiatives, investment NOK 65.8 million in 2006 and NOK 66.5 KEY FIGURES 2006 2005 activities and network building. SIVA is million in 2007. These grants are mainly to be Equity ratio 29 % 27 % engaged in a total of 110 companies in busi- spent on business parks and business and Annual return on equity -1 % 7 % ness parks, science parks, research parks, industrial incubators. Average return on equity over past 5 years -9 % OTHER KEY FIGURES 2006 2005 business and industrial incubators, industrial State loan limit 750 857 hubs and network projects throughout the Financial trends State loans 700 700 country. The company had 32 employees at SIVA’s annual accounts show that the company Interests on State loans 40 40 Commissions on State loans 7 7 the end of 2006. made a loss of NOK 6.3 million in 2006. The DIVIDEND, ETC 2006 2005 scope of the company’s real-estate operations Capital contributed by the State 50 50 Key events has been reduced over the past few years, but Provisions for dividend 0 0 The Ministry of Trade and Industry completed this trend will be reversed in 2007 due to new Dividend payable to the State 0 0 its work on a goal- and result-management investments. The 2006 accounts were debited OTHER INFORMATION 2006 2005 No. of employees 32 32 system for SIVA in 2006, in cooperation with by increased pension costs of NOK 10.7 % of employees in Norway 100 % 100 % the Ministry of Local Government and Regional million as a result of changes in the calculation State shareholding at year-end 100 % 100 % Proportion of women on board 57 % 57 % Development. One main goal for SIVA and sub- assumptions in accordance with NRS6. The % of female shareholder-elected directors 57 % 57 % goals for the real-estate and innovation busi- company’s board and management continued ness areas were determined. The goal- and to have a strong focus on efﬁcient operations result-management system includes main goal in 2006. The grants given by the state also formulations and focus areas that can remain increased in 2006. in place for several years and function as a management tool for the ministries and SIVA.

THE STATE’S OWNERSHIP REPORT 2006 91 Statnett SF S E

I ADDRESS: P.O. Box 5192 Majorstuen, CHAIRMAN: Svein Rennemo AUDITOR: Ernst & Young AS

N NO-0302 OSLO BOARD MEMBERS: Kjell Olav Kristiansen,

A TELEPHONE: +47 22 52 70 00 Grethe Høiland, Christine Meyer, Heidi Ekrem, STATE OWNERSHIP: 100% P INTERNET: www.statnett.no Thor Håkstad, Ole Bjørn Kirstihaugen*, Kirsten Ministry of Petroleum and Energy 100 %

M Faugstad* and Steinar Jøråndstad*

O MANAGING DIRECTOR: Odd Håkon Hoelsæter * Employee representatives C

MNOK PROFIT AND LOSS ACCOUNT 2006 2005 Established on 1 January 1992, Statnett SF is Operating revenues 6 848 5 244 the Transmission System Operator (TSO) for Operating costs 6 268 4 778 Operating profit (loss) 580 466 the Norwegian power system. The company is Net financial items -168 -231 responsible for ensuring that a balance exists Profit before tax 412 235 between the production and consumption of Tax -109 -61 Profit after tax 303 174 electricity in Norway at all times (system BALANCE SHEET 2006 2005 responsibility), including measures for handling Intangible assets 61 83 critical energy situations. Furthermore, Statnett Tangible fixed assets 11 789 10 320 is responsible for ensuring the rational opera- Fixed asset investments 105 112 tion and development of the central electricity Total fixed assets 11 955 10 515 tnett Current assets 2 023 2 330 transmission network in accordance with Total assets 13 978 12 845 or Sta Subscribed equity 2 700 2 700 socio-economic criteria. Statnett must other- Retained earnings/other equity 2 218 2 067 wise comply with commercial principles. Total equity 4 918 4 767 rond isaksen f T Provision for commitments 131 123 Statnett currently owns roughly 85 per cent of

Long-term liabilities 7 081 4 594 Foto: Current interest-bearing liabilities 674 2 400 the central grid in Norway as well as the Current interest-free liabilities 1 174 961 connections to other countries. Statnett owns ously mentioned on page 7 in this report, the Total liabilities 9 060 8 078 Total equity and liabilities 13 978 12 845 50 per cent of the Nordic power exchange, Government decided it was not necessary to CASH FLOW 2006 2005 NordPool ASA, and a total of 30 per cent of the contribute the new capital Statnett had asked Operational activities 1 117 453 electricity spot market, Nord Pool Spot AS. for in 2005, cf Report no. 66 to the Storting Investment activities -2 153 -858 Financing activities 676 464 (2005-2006). Change in liquid assets -360 59 Statnett is a monopoly regulated by the energy KEY FIGURES 2006 2005 authorities. This means that the Norwegian Financial trends Capital employed 12 673 11 761 Water Resources and Energy Directorate The Group made a profit after tax of NOK 303 EBITDA 1 371 1 271 EBIT 666 546 determines the annual maximum revenue million in 2006, compared to NOK 174 million Equity ratio 35 % 37 % allowed for the company, just as it does for all in 2005. Its operating revenues increased by Annual return on equity 6 % 4 % other grid companies. NOK 1 605 million compared to 2005, to a Average return on equity over past 5 years 8 % Return on capital employed 5 % 5 % total of NOK 6 848 million in 2006. The DIVIDEND 2006 2005 Key events Group’s total operating costs increased by Provisions for dividend 152 87 The grid project from Viklandet to Nyhamna NOK 1 490 million compared to 2005, to a Dividend ratio 50 % 50 % Average return on equity over last 5 years 80 % was completed in December in accordance total of NOK 6 268 million in 2006. Dividend payable to the State 152 87 with the progress schedule and budget. The OTHER INFORMATION 2006 2005 work on the NorNed cable to the Netherlands The new regulation for the grid companies’ No. of employees 613 599 is going according to plan. A new roro ship is revenues, which are applicable as from 2007, % of employees in Norway 100 % 100 % State shareholding at year-end 100 % 100 % being built for Statnett Transport and will be take into account to a greater extent that the Total % of women on the board 44 % 44 % used for emergency preparedness work, grid companies, including Statnett, are now % of female shareholder-elected directors 50 % 50 % among other things. involved in a lot of investment activity. Stan- dard & Poors confirmed Statnett’s long-term Statnett’s operations are characterised by the AA rating in December. company currently making major investments in the transmission network. Two new major The established dividend policy of 50 per cent transmission line projects were agreed to in of the Group’s after-tax profit for the year was 2006: a new line from Skåreheia to Holen in extended to apply until 2010 by the Storting Setesdal and a new line from Trøndelag to when deciding on Report no. 1 to the Storting Sweden. Statnett also decided to acquire two (2006-2007). For 2006, this produces a divi- reserve gas-fired power plants for use in dend of NOK 151.5 million to the State. extremely critical power situations. As previ-

THE STATE’S OWNERSHIP REPORT 2006 92 COMPANIES was aresultoftheFinnmark mark Esta Finnmark countyweretransferredto theFinn On 1Jul Key must besafeguardedandfurtherdeveloped. balanced fashionandrenewa account. na compan achieving asa ties mustberunefﬁcientl the compan properties andotherf coopera ework, other adjacentactivities. carr property andassocia and developsta The compan and theMinistr request oftheMinistr rity delega among otherthingsinaccordancewithautho owned land. mana super tasks includetheexerciseofSta property mana tions mainl g ha Crown landsonwhichthelocalpopula much ofthearea(around27000km2)is T wilderness area, SF per centofthetotalareaownedb area inthecountr around 7percentofthetotalproductivef also Norwa 1/5 ofNorwa mana Sta Sta M I T A N roms andNordland. razing, E D A . T ture andtakeoutdoor ve variousrightsofuse(timber L

D tskog SFisNorwa N E E y outan The remaininglandismountainand

R events R A P gement ofhuntingandﬁshingonSta ges around70000km vision ofpropertyandCrownland, E N tskog SF G H thecompan S E I O etc). ting withothers, y mustactivel N S

y 2006, T N The resourcesmustbeusedinawell : G : te (Finnmarkseiendommen). Ser www ted tothecompan E y consistoflog

y’ : D y’ y opera

+4707800 y’ These tasksarecarriedout s largestf Sta I y’ s sphereofactivity R s objectiveistomana vice Box1016, tisfactor gement, s surfacearea. E y oftheEnvironment. te-owned f .sta allofSta C primaril tskog SF’ T y . O y ma Forestcoversjustunder5 tions rela tskog.no R InsouthernNorwa ted resourcesandto y’ y of : orms ofser y seektopreser

y ﬁnancialresult. orest ownerandhas whiletheadministra Øistein s largestlandownerand -life interestsinto y mana

y inthecountiesof Within thisfram , y withtheaimof b Ag tskog’ s commercialopera g orest andmountain ing activitiesand y participa riculture andFood ted tothisand y anda 2 Act whichwas NO-7800Namsos ble resources , Sta ormorethan Aa ge andrun s propertiesin . te authority

gesen vices within , tskog SFis wood, The proper y Sta ge, t the ting orin ve

This tion run tskog

y and The

- ,

orest te- , tive

- - - - * Employeerepresenta Knut Røst*, Karin Søraunet, investment. achieve anevenandsa ha Sta financial soundnessintheyearstocome. period. of 20man-yearsduringthe2007-2009 restructuring processwillleadtoadownsizing spun of process in2006asaresultofpropertiesbeing Sta of NOK5.7millionin2006. revenue. the enterprisehashadaslightincreasein million from2005to2006, revenue fromFinnmarkfellb from Sta the propertiesinFinnmarkbeingremoved opera restructuring process. fact tha from Sta b The opera Financial the FinnmarkEsta while theotheremployeesweretransferredto Directora Sta passed in2005. B C however tion tothemarketvalueofproperties, the compan due tothefacttha large portionofthecompan unting perspective, fixed assetsandreceiva year Sta largel y theFinnmarkpropertiesbeingdemerged H O ve alow-riskprofile. A A tskog’ tskog underwentanextensiverestructuring tskog Finnmarkweretransferredtothe tskog hadanequityra R I -end 2006. R D y builtupthroughthesaleofland. ting marg M

This willhelptoimprovethecompan M f totheFinnmarkEsta t Sta T A ,

tskog after30June2006. tskog asfrom1Jul H theliquidholdingsaresmall. te f The compan E s ﬁnancialmana N E ting resultsf

M :

trends OlafLandsverk*andKariGrønmo*

y’ Kirsti KolleGrøndahl The ﬁnancialportf B tskog isinthemidstofa or Na T A s propertiesisver E T R E ins ha HaraldEllefsen, Itsequityislargel S ’ EmployeesofFjelltjenestenin S : ture Mana

te. t thebalancesheetvalueof O Helene FalchFladmark, liquidholdingscomprisea W N ve fallenasaresultof y madeanopera Sta 93 E or 2006wereaf

tives R The objectiveisto tisfactor bles. S H tio of78percenta gement practices tskog’ I P whiletherestof

y’ y 2006andthe

gement (SNO), R Fromanacco y NOK26.2 s assets. te. E olio hasbeen P y low

y returnon O s revenuesand

T This R rond Loge, y tiedupin T

Sta 2 . 0 Inrela 0

ting loss 6 This is fected tskog’

- y’ s t s P B O D O K C (Ministr S A Return onca A Financing activities Investment activities Current assets Intang Profit Extraordinar T Profit Opera % offemaleshareholder No. Dividend pa Annual a Provisions f Number ofhuntingandfishingpermitssold Other income Ser W Property Division ofrevenue Annual returnonequity Ca Opera T Current interest-freelia Current interest-bearinglia Long-term lia Provision f Def T Fixed assetinvestments T Net financialitems Operating Opera T Sta % ofemployeesinNorwa Dividend ra Contribution fromSta Outdoor life Equity ra EBIT EBITDA Change T T Retained earnings/otherequity Subscribed equity T R A T T E A I ax ang otal %ofwomenontheboard otal otal otal otal otal T U vera oodland V H H Y A pital employed O S L D te shareholdinga

ofemployees vice sale ferred tax I

T E E A H

F D ible ﬁxedassets I F

ge returnonequityoverpast5years E T R R ting revenues tional activities ting costs equity ﬁxed liabilities equity assets

I ible assets N

E after before I T F

O G

C N

tio

vera I K L in R y of U A N

E D W or commitments O E

: tio or dividend R

proﬁt ya F liquid

y costs-Provisionsf

Y assets W S N tax pital employed

Ernst &

ge dividendra O E bilities

D and

ble totheSta

E tax

F S R Ag

E R

L I

and M

O S

(loss) liabilities

and assets

riculture andFood) A U T

H S

t year

R te S I minority

P I

bilities

Y minority O

: A -elected directors S oung

y N 100% -end C

bilities tio overlast5years

U interests

N interests or securingmines

00 30994 100 % 100 % 2 2 2 2 2 2 2 50 % 50 % 45 % 74 % 31 % 27 % 28 % 11 % 78 % 0 0 0 0 0 0 0 2 % 8 % 4 % 3 % 165 253 323 253 149 104 323 198 126 226 220 -12 -11 5.2 5.2 0 0 0 0 0 0 0 20 70 69 28 86 11 10 -6 -7 -2

6 6 6 6 6 6 6 6 0 0 0 0 7 0 5 5 8 MNOK %

37926 100 % 100 % 2 2 2 2 2 2 2 14 % 11 % 50 % 50 % 28 % 29 % 25 % 29 % 13 % 76 % 0 0 0 0 0 0 0 4 % 339 258 339 128 197 266 147 111 211 212 238 -13 -25 7.3 7.3 0 0 0 0 0 0 0 20 80 26 35 19 37 41 73 26 91 11 26 -9 5 5 5 5 5 5 0 8 5 3 0 8 9 5 P O C O K C B % offemaleshareholder A Return onca T Sta No. Contribution fromKD Number ofassosia Ca Opera Subscribed equity Intang Opera Annual returnonequity Long-term lia Provision f Def Retained earnings/otherequity EBITDA T Change Financing activities Net financialitems % ofemployeesinNorwa Operating Opera T Equity ra EBIT Investment activities Current interest-bearinglia T Current interest-freelia T Fixed assetinvestments Profit T Current assets T T T Profit R A T T O E A otal %ofwomenontheboard ang ax otal otal otal otal otal otal vera H H Y pital employed O S N L te shareholdinga ofemployees

ferred tax

E E A H

F T ible ﬁxedassets F

ge returnonequityoverpast5years R R tional activities ting revenues ting costs equity contribution ﬁxed assets liabilities equity

I ible assets N R COMPANIES before after I T F

I C

tio

I K L in B U A N E or commitments O UNINETT E M I T A

proﬁt F N liquid

Y assets W E S tax D pital employed T

A O E bilities D and T

L H I

tax D

F S N R E

E E L R I

R M A

P N G

(loss) E liabilities

ted Institutions N assets G

A U T

S S F

t year E

T R S N S R T N I E bilities

: G O : O

A NO-7465 -elected directors www E S

M y N -end C : D

bilities +4773557900

C I S R

T E

A .uninett.no C

N T T AS T E O

R T : rondheim

Petter Kongshaug

100 % 100 % 2 2 2 2 2 2 2 186.8 137.6 134.4 287.5 231.3 287.5 149.9 11 % 10 % 50 % 50 % 48 % 0 0 0 0 0 0 0 52.6 13.1 18.5 64.1 56.8 49.2 53.4 66.6 73.8 52.6 94.0 56.2 13.0 13.0 7 % 208 6.7 0.0 3.0 7.3 0.0 0.0 2.0 0.7 5.8 7.2 0.0 0 0 0 0 0 0 0 48

6 6 6 6 6 6 6 MNOK

100 % 100 % 2 2 2 2 2 2 2 124.6 166.5 121.6 236.9 236.9 112.3 175.3 50 % 50 % 17 % 11 % 53 % 25.4 36.4 12.2 25.4 15.0 30.1 42.2 41.9 61.5 58.2 15.0 59.6 71.8 65.6 15.0 0 0 0 0 0 0 0 -5.2 -0.6 208 4.9 0.0 3.0 0.0 2.0 1.3 2.7 0.0 0 0 0 0 0 0 0 42 5 5 5 5 5 5 5 * Employeerepresenta Binningsbø andFrodeStor Rustad, B C of 2006. a ﬁrst uppersecondar a decided inFebruar The Ministr users a ca campus networksuntil2009sotha which willstrengthenandcoordina networks. tionality andthusa log college sectoraimingtoupg prog with g colleges arelinkedtotheresearchnetwork Most universitiesandsta Key Sigma F wing subsidiaries: UNINETT Group, UNINETT istheparentcompan competition inthisﬁeld. Norwa open standardsf driving f academic community ser communica higher educa arch networkinNorwa UNINETT istodevelopandopera research networksworldwide. developed inclosetechnicalcoopera and Research. research onbehalfoftheMinistr research networkf UNINETT developsandopera Sta UNINETT AS t pplied totheentireeduca H O pacity infrastructurewillbea the A A y inordertoimprovethequalityandfunc vices alreadyf te-owned limitedcompan R I

AS, ramme, R events D M iga start y

AS. , t universitiesanduniversitycolleges. M BrittElinSteinveg, T UNINETTNorid A andtopromotedevelopment orce intheuseoffuture-oriented,

H bit ca E N AS wasesta

M :

This isaf

y ofEduca S of tion ser Bjørn Henrichsen B theuniversityand T tion areof A E the T

pacity R The networkisopera E S whichconsistsofthef ’ S or electronicinfrastructurein : ound intheinterna

UNINETT academic

O Siri Jansen, or highereduca y 2006tha vaila vices onparwiththebest W y schoolswerelinkedup . our

N . Through theGigaCampus blished asawholl tion andResearch UNINETTaimstobea 94 E y sotha tive R fered cost-efﬁcient bility ofthecampus -year prog AS andUNINETT S te-owned university H HansJørgen I vik* tion sector P ABC

year rade itstechno R y in1993. tes thena E t Feidewastobe

Benedicte t researchand P y ofthe vaila O y ofEduca AS, te therese R in T ramme tion and

te the 2 t ahigh- the ble toend ted and UNINETT tional 0 tion with , 0 andthe 6

tional ollo autumn y

- tion - -

- are alsoexpectedtof investment, holdings areexpectedtobeusedf 2007/2008. optical communica UNINETT isfacingmajorinvestmentsinanew name activities. from theprofitonUNINETTNorid’ other contributionstotheresultsmainl profit ofsomeNOK15millionin2005. ma The UNINETTg 2005 wasaprofitofNOK7.7million. million in2006. parent compan pla investment inanewopticalcommunica dela In 2006, Financial college sectorsince2000. on Feideintheuniversityand institutions. are tobehandledb Feide isalsoatempla themselves viaacommonlog-onser Norweg tion sector electronic identitymana Feide isana Research) (Ministr S A T U A D tf tel T yed itsinvestmentsa I orm in2007. E T y NOK13millionin2006, O O R ian academicinstitutionstoidentify y ofEduca W theparentcompan : eloitte N

. Feideallowspeoplelinkedto trends UNINETThascarriedoutthework E andsomeoftheretainedearnings

R tional systemf The parentcompan S roup madeaproﬁtof y makingaproﬁtofNOK6.9 H

The correspondingﬁguref I P

This contributedtothe tion and : tions pla 100% y Norweg orm partoftheﬁnancing. te f gement intheeduca or howpersonalda waiting amajor

or ensuringunif tf y orm in ian educa , UNINETT comparedtoa y’ s domain- s cash or this vice. 1 pproxi y came tion

The 00 AS, tions

orm - ta - %

© Uninett AS, Foto: Grete Duna COMPANIES ofﬁciall 1 June2006. director ofUNIS, Gunnar Sandtookoverasthenewmana Key tion. to of these researchpolicyobjectives. ownership ofUNISisintendedtosafeguard lectures areg The coursesha master anddoctorallevels. examina of theordinar universities onthemainlandandcomprisepart supplement totheeduca The coursesaretaughta Arctic technolog biolog UNIS of collection andanal ra use theisland’ students andresearcherstheopportunityto tion inthehigh research basedonSvalbard’ The compan of T Oslo, Norweg Svalbard tha known astheUniversityGradua in 2002. esta (Universitetssenteret påSvalbard The UniversityCentreinSvalbard(UNIS) Universitetssenteret påSvalbard M I T NO-9171 Long A N echnolog E D tor A T T L D N romsø). E E

blished asaSta R fer highquality y andarenaf events R A Norweg P E y N G H , S y openedon26 fers f

E I O ian universitiesin1994(Universityof Arctic geolog N S tions anddeg

T N The compan : G : y P www E

, : UniversityofBergenand D .O. +4779023300 y of t wasesta our studydirections: I ian UniversityofScienceand y studyprog SvalbardResearchParkwas R iven inEnglish. s uniqueenvironmentasala Box156, E ve aninterna yearb Arctic reg .unis.no fers coursesandconducts y replacingLasseLønnum, C . T

or obser ysis. O , research-basededuca R te-owned limitedcompan yen y : y replacedthef , rees a

blished b Gunnar Sand

Arctic geophysicsand April 2006.

tion provideda t universitylevelasa

ion, rammes leadingto va t thebachelor tional f s geog tion andda

whichaf The Sta te Centrein y thef UNISstrives

AS) was Arctic ra ocus and te ounda phic loca f our ords t ta g , on ing

- tion bo y - - **Student representa mark Daae**, Hanne H. Hegseth, cent oftheg revenues fromresearchincreased8per consultant ser research andtheremaindercamefrom came fromexternalprojectrevenuesrela Research. to itsg received NOK12millioninincomeaddition fixtures f million wereearmarkedf were spentonopera of investments. Educa UNIS receivesag Financial the 2007-2012periodinDecember2006. UNIS’ cent ofthestudentswereNorweg figure f the institutionwerewomen. 2006, ril a in 2005. students, theses. the coursesorworkedonmaster’ total of310studentsfrom20na which 23werea A totalof43subjectsweretaughtin2006, B C 2005. compared toaprofitofNOK4.5millionin UNIS madeaprofitof4.7millionin2006, locall cent The accountsf cent in2006. pplica H O y tothelowerlevel(bachelordeg NOK A A R I R of y inLong s boardadoptedanewstra D around45percentofthestudentsa

M tion andResearchf

rant fromtheMinistr or 2005was52percent.

tions fromNorweg M UNIS’ T 94.8 A This isequalto113full-time

H or SvalbardResearchPark. SteinarNordal, The reasonf Christiansen*andRa comparedto125full-timestudents E N E Ofthisamount,

M :

trends

S AS Kjell B T In2006, ross incomein2001to15per s million, A *Employeerepresenta E vices andrents. T yearb goods R or 2006showedtha E S ’ A. t master’ S : rant fromtheMinistr

O Sælen Annik M. W yen.

tions andNOK23.6 of tive N and or thisdeclineisfewer itreceivedatotalg 95 E R which KjellMa S or equipmentand H s ordoctorallevels. ian students, or itsopera ser NOK8.8million I P Myhre, y ofEduca

The corresponding R vices E UNIS’ NOK P gnhild Lund O tions a Fifty-ﬁveper teg R gne Mork, s ordoctoral ian. T were

ree). ElseNøst 67.3 t 42per 2 UNIS s external y planf tive, 0 tions and 0 tion and y of prima 6 In ttended

bought million

ted to rant

of or t -

A P B O C K and Research) (Ministr S A Return onca A Annual returnonequity Equity ra EBIT EBITDA Intang T Net financialitems Opera % offemaleshareholder No. Contribution toForskningsparken Ca T Current assets T Fixed assetinvestments T Profit Profit Operating Opera T Sta % ofemployeesinNorwa T Rent Contribution toopera Contribution other T T Current interest-freelia Current interest-bearinglia Long-term lia Provision f Def T Retained earnings/otherequity Subscribed equity R T O E A ax ang otal %ofwomenontheboard otal otal otal otal otal otal T U vera H Y A pital employed O N L D te shareholdinga

ofemployees ferred tax

T E A

T ible ﬁxedassets I F

ge returnonequityoverpast4years E T R ting revenues ting costs assets ﬁxed contribution equity liabilities equity

I ible assets N R after before I T

O G

I C O tio

I B R y ofEduca U A N E W or commitments

: R

proﬁt F

assets S N tax pital employed T

PriceW

O E bilities D and

H I

E tax S R

E R L

O S (loss) liabilities

A T

H S F t year

tion ofUNIS

T S I R a P I bilities

O O tion

terhouseCoopers : A -elected directors

M y N 100% -end C

bilities

C S

N T

T E

1 00 100 % 100 % 2 2 2 2 2 18 % 36 % 49 % 21 % 60 % 71 % 0 0 0 0 0 94.8 67.3 23.6 58.0 46.1 19.1 14.7 12.3 11.9 58.0 37.8 20.2 20.2 74.6 79.3 5.2 5.2 2.5 1.4 0.0 0.0 9.8 2.1 0.0 0.0 4.7 0.0 4.7 0.0 4.7 0 0 0 0 0 66 39

6 6 6 6 6 MNOK %

100 % 100 % 2 2 2 2 2 34 % 91 % 19 % 42 % 71 % 78.0 19.7 37.7 30.6 37.7 49.0 27.0 18.0 29.8 56.1 60.7 0 0 0 0 0 4.8 4.8 7.2 7.9 4.6 4.5 4.5 2.0 0.0 0.0 4.7 7.9 0.0 5.1 2.1 0.0 7.9 0.0 0.0 0.0 0 0 0 0 0 52 5 5 5 5 5 AS Vinmonopolet S E

I ADDRESS: P.O. Box 1944, Vika, NO-0125 OSLO BOARD MEMBERS: Elisabeth Tronstad, Thor- AUDITOR: Ernst & Young AS

N TELEPHONE: +47 04560 bjørn Myhre, Arnﬁnn Holten, Jan Blomseth,

A INTERNET: www.vinmonopolet.no Sverre Bugge, Margrethe Sunde, Ingvild Wold STATE OWNERSHIP: 100% P Strømsheim, Elianne Ingebrigtsen*, Helge (Ministry of Health and 100 %

M MANAGING DIRECTOR: Kai G. Henriksen Storvik* and Juul Lyseggen* Care Services)

O CHAIRMAN: Siri Beate Hatlen * Employee representatives C

MNOK PROFIT AND LOSS ACCOUNT 2006 2005 AS Vinmonopolet is a State-owned company the work on a new corporate strategy started Operating revenues 9 161 8 708 with exclusive rights to sell alcoholic drinks in the autumn of 2006 and will be completed of which alcohol fee 5 085 4 831 Operating costs 9 071 8 607 containing over 4.7 per cent alcohol volume to in 2007. Vinmonopolet was chosen as the Operating profit (loss) 90 101 consumers through retail outlets. Vinmonopolet Service Company of the Year by the Federation Net financial items 20 15 was established on 30 November 1922. of Norwegian Commercial and Service Enter- Profit before vinmonopol fee 110 117 Vinmonopol fee 23 25 prises Profit after vinmonopol fee 88 91 To ensure the necessary legitimacy with the BALANCE SHEET 2006 2005 general public, the company places emphasis Financial trends Intangible assets 185 120 on being a specialised trade chain with a wide Vinmonopolet’s revenue (excluding VAT) came Tangible fixed assets 249 291 Fixed asset investments 4 4 range of products and personal customer to NOK 9 161.2 million in 2006, of which NOK Total fixed assets 438 416 service. 5 084.5 million comprised alcohol duties. This Current assets 1 897 1 687 Total assets 2 335 2 103 was an increase in revenue of NOK 452.8 AS Vinmonopolet is one of the most important million compared to 2005. The profit before Subscribed equity 0 0 instruments in the Norwegian alcohol policy payment of the Vinmonopolet dues was NOK Retained earnings/other equity 287 366 Total equity 287 366 and is intended to help limit alcohol consump- 110.3 million, which is NOK 6.3 million less Defferred tax 0 0 tion by regulating accessibility. than in 2005. This is mainly due to the Provision for commitments 642 428 The alcohol-policy responsibilities safeguarded increase in pension costs and reduced gain on Long-term liabilities 0 0 Current interest-bearing liabilities 0 0 by Vinmonopolet are expressed through the the sale of real estate. Current interest-free liabilities 1 406 1 309 absence of any pressure to buy, effective Total liabilities 2 048 1 737 Total equity and liabilities 2 335 2 103 social control, measures to create positive atti- The Vinmonopolet dues, which are paid to the CASH FLOW 2006 2005 tudes, ethical conduct and efficient operations. State in lieu of ordinary municipal tax, are esti- Operational activities 239 220 The company is a sector-policy tool and is mated to be NOK 22.7 million in 2006. The Investment activities -35 -48 organised as a company established pursuant Storting has stipulated that 40 per cent of the Financing activities 0 2 Change in liquid assets 204 174 to the AS Vinmonopolet Act of 10 June 1931. profit after payment of the Vinmonopolet dues KEY FIGURES 2006 2005 The framework conditions are also stipulated is to be paid to the State. This sum amounted Capital employed 287 366 in the Act relating to the trade in alcoholic to NOK 35.1 million for 2006. The profit for the EBITDA 192 200 drinks of 2 June 1989. Pursuant to the EEA year after payment of the Vinmonopolet dues EBIT 112 118 Equity ratio 12 % 17 % Agreement, Vinmonopolet must ensure that all and the State’s share of profits came to NOK Annual return on equity 27 % 19 % suppliers and products have access to the 52.6 million. The book equity as at 31 Average return on equity over past 5 years 18 % Return on capital employed 34 % 25 % market on equal terms and conditions. Regula- December 2006 was NOK 287.1 million, DIVIDEND, ETC 2006 2005 tions governing the company’s purchasing which corresponds to an equity ratio of 12.3 State’s share of profit and dividend 35.1 36.5 operations have been issued, and an indepen- per cent of the recognition in equity of dena- Average profit ratio and dividend last 5 years 50 % dent board has been established to review ture from estimates. By comparison, the equity OTHER INFORMATION 2006 2005 purchasing decisions. as at 31 December 2005 was NOK 365.8 No. of employees 1 743 1 701 % of employees in Norway 100 % 100 % million, equal to an equity ratio of 17.4 per State shareholding at year-end 100 % 100 % Key events cent. The reduction in equity ratio is due to Total % of women on the board 55 % 55 % At year-end 2006, Vinmonopolet had 211 deviations from estimates being recognised in % of female shareholder-elected directors 67 % 50 % shops throughout Norway. Of these, 198 were the balance sheet. The accounting principles self-service shops. Six regional shops with a have been chosen to show future pension limited product range and reduced hours of liabilities, and have led to the equity being business were opened in 2006, as was the reduced. Despite this, the company’s liquidity second shop with a wine cellar. As a trial situation is good. scheme, Vinmonopolet opened a seasonal shop at Hvaler in Østfold county in July 2006.

A new managing director was appointed in 2006. The company has been reorganised and

THE STATE’S OWNERSHIP REPORT 2006 96 COMPANIES d a c n I T 1 I Key k t t e o k t I t N I t A D M f T I i t a b t b m a J C N F N 2 I Innovasjon Norge M I T NO-0104 Oslo A n n n n n t n o u i r h u r r N o r r n n a e s m x p n r u e e u y 0 3 f i i i o o e o o E D n n n n n n a

e n e n g g e i e e f A u p

n s o o T v w p n d n s b n 0 r v r r L a v c o o o o o o d a D s n o i d

g g J ” e r e w w w N w w i u E t o i d e c e t E s i i 3 n o

v v v v v v s . i e t i

n p t s e e r s o u R l r s t

e a events R r A o

i e u s P e e e o s a a a a a a l l t n e

o o t o

i g r ( a r r t

n e e m E r s r o a u a i

f x S N l G , u p g g g p o H

t t t t t t s t s u p n t y t

d d e ﬁ v i i i i i i . S r p n n n n a h w o M N m n r o o o o o o o i i i i s E I

e O

r m

i a a a a n

g g A n N o S i o r b : d 2 d i t t i t

a m n n n n n n i T 2 , s

D n N s i e y i r n n n t h g e

e e i o a m “ t n f : u

G v

e : 0 t n i

i m 0 m

Postboks448Sentrum, t s I e www

E c o W

) e

a N N N N N p t n

e d t n c t L N n o T

, i c I a 0 N a o i t o s 0 h i s o s n

: u r D o n r c

a h o n o o o

d o o o o o t o o t +47220025 r n f o

e 4 e O t o

o t s e n 6 , d s n h i

e I t r u e u w e c g r r r r r w u r k

u n r d

i s l h j R t . r k

o M w w w w w u f . y m . o e

e g w

a n

r r

s s w r n g

ﬁ

p i i e M I n o t E

m i a s c

I e h t c n t n t i l t c a a a a a a s o o t t , i c a N v

.innovasjonnorge.no p h r e o t a r a v C t t n

a s i g t o G g n i t m i y y y y y o i

f e r e e e y y e y s l o e

c n w n

y t o

i T

i l s . i i w

s . o i B ﬁ n

i s

o ’ A s

g r a o

n r r

w e h i g o i s r e a c

O T l f i o a , s T a s v t t

p n o v w n

l o n a y o

g n t l

n r a t a

a o

n h I

a l r R a i t e h s e e t a

c e h t o n a a n e

y s n r o r r o d s w o n e b n n t d i e c t

s c

e r : r i n a y

m r v ’ n e h r n

d c w i a

c l I s

u g n t n l d d o

t o i t d o n a i

a e Gunn Ovesen l d

s d a r o i n f

c i d e

c o r i a f m n

i n a o e m s n c o g

e t v t t i

a t

m t i v

o a d e l a o d o n f h i f t e i t s v r d p , e F

o e R

t r a y o

n o a o

i o m e t a e p N u

n m u m e T e a e m o

d I i u e u n o i s i a e n n

t n r s a

o n t i a n r a r d a r t l

T n o i m c r

i s

n t r o p

u g a , p e w h o w e s i

n n n n t b

b o n d a r

s n e

s r a t o i

o a e d

i i a

t n a d e n d o g r w a s r y

o t N y a i u o n o m

o e a a h l n e f i n g i - s t e d

n r

d v

l a o t n n

r s r t w n h n t e a o N o

t c i t a t g t s

h y l c e

a k l y e e u e r l h n t o h o d a ( d a d a b d

y r n r

o r i o

t s c G

s c o w e b n h

e b s e l m

’ N a i

n o n C

i n r

r t m s a R

o V h a t c o F 1 p

a a

u e a

a D o r d w f a d

a a e r o

o o M

f l n a i n o

n O 3 n e o p n t i 9 t o

s l t v

o g m m n

e o y t r e r

u f i w d a e i

m d o I g o o i o

e 0 o d n o b

w . n )

c i g n d N o v f s a n t y n , e

D i l i

d ﬁ m i n r o r p . o j

u h

e o t o n e d o n

p i a

e d

o c n v t l i c b m m b C c

e r

l r i s p s u l n e g r i n u a a i a n y c e i y o o r o o k m s s o e n

y l c t

o o w n

y ’ , a l

s e n p t n v l k r p p

. u p o t , s a i 1

s k o e a i ,

a r f

e s y e i t a l t n v

i a d

p t a n n m t o

t r s r e p m h n a

s a e r i n e i u l d t r

y y o o e - r n u

s s - e d

n t a t t d e , s t i n

b f a r f s i t

e ’ o i

d l o o -

n s a i s l l t e a - n n r o t l r l * K R T T Financial t p c I e e t n t C I s N a t p g i p T s n a 2 b e N B C r s i g a i o n n n n n h h r i e

o t e o o n f l a n s g v o h r e r r h a u r H i 0 O o o o o e E e t n n t a r

i e d e o o o e m e t m n s 2 s e e o d s d t r e e t N a s n u A 0 A r w m c a t o o

i e p g g u w e i i d w

t r r o u d

t 0 t r i n t l t O 6 R I b a v v e e N p t ﬁ t N s i e c n

e h c a r r y

r c R p n s

i h h p 0 c a a a F a a S r r n , l

D o

a S y n s t K a m r r o o o i .

l w l r e M c a e e i r i y s l e t t m m e 5 o e e n I i g v n t n o a l t

i a å

r r i r i i n n

u a

s c

h i M v e o o 3 d e e y i w T a n . w n o

i A o n i m n o ( x I f t d n

m m c k e . c i s a n S e H e n a h n n

e T 7 r d 2

i f n . c E N a e o e . a

- o , t e s – f

d E a d e c t I e

e i d

o e e

i 0 u a e N V M r y A s

r g N N n : ’ n v E s

a m trends u t

n e , s

n e

g S , m

u l n l A 0

o r t a

g s i

o g

Kjell

l s g i y a i o o B s w e t a , l o T S

s a t s l a t s d i n i

i t 6 h ) i o r o

r r i i h r r l A t e e b e n n E E

i a .

p c l o m t i n l s w e a i r . w w o

a c w r w T i a . r t e r f

l d i 2 R

o t l S t a H

c r w i i d h n e i

a E n

i i C a t i

a i s

e a s

a a

a a h c e p o n o h t

4 S j i B ’ a

u R

c l B

n a n o x A. y e 2

s S l e y y

i a l o n r i n N n o , e

: t

n g e

y c D c

, t i e d l

n o 0 O r n r d n p

a r l

c m i O v t e o Storeide . K t

e h a s o e S n d p p

e n t l a

t i t 0 d k

o t r o u c W s

a e r o r n r

e h i u n s s

r v l I o t e k G r w I s e

e m l 5 t a l V v s f s l a n o n n * N a p u u a n e s i h s o

j s u e t g i e s . t e n A e

– t c t a

97 E n r n t a ’ o t m l

b c e e b

p a w s n i s i o

e h n

c J e c

h R e v

s y

d f o o n h o l o t r

e f a n

d a p w n p o h o t t t d e S e a h a

a s o s f v , f s e r l n u s r r e d d n s o

m H y r

s c s s

n e d v r

a w e i L

d I E C l c r o i n

b 2

d r

I n d

i e a w o e n y

i e a t d P R h t n e

e a e x n f w a t o e i i

0 a d s n

o n l e

i t e i p e a n n

h t c a n N i R l c u b

g f t

r h . g s 0

t i o e 0 n r d t

r o

i e n n i o t

g E a c i t t

n e h n o e o n e F s e j e e

n 6 e i f 0

e r d n n o v e v C e u t N c o

e e

d r n r N n

s t x d d O . w 6 s t r e e R i m w t o o a t i s

i n n o r r

c , h o s o d r e l i T O

R e A

a i

t v v d w

n e e i l d r A e e n a e v a e a s l r a

d T o m b o h v i a o n p K V b e g s w e c a

s p t y h

t r b f

e a u i t d s 2 o ( d c o f t

e r

æ . , i s

w n o e

s t r i o N a l a

i O l

r n 8 t N a h 0 s o i o i

d r t i

a T

d r j

n s e a s o s w l y u h o s m o a r s 0 h C e 6 I e n a n o m o

r h e

n d t

l d h n

t 6 r Ø . d a n t c

m s a d r e

a a E r c e

d i i k a n f

a a a m i s m I s o w h e

s e m a l u t c i n o f r ) n s

o k e o e o l o

l n o t h n

N w

, c l t c n p t a i j e o t n

c y b v n r s

d l u e e

t o E e l t e C t r y i a s - n o e o e i , h r t r - o i o l d

m h - i E f i n r e i - ﬁ n n s s i n * n t ,

P B O C (Ministr S A Sum Change Financing activities Investment activities Net bondeddebt Net loans Bank deposit Revenue transferfunds/equity Revenue totheSta Profit Net loss Net financialitems Grants takentoincome % offemaleshareholder Sta No. Opera Other lia Deposits fromtheSta T Opera Operating Sum opera Other opera T % ofemployeesinNorwa Other provisionsf Other T Securities T Subscribed equity T Sum lending-andinvestmentfunds T Earned equity R A T A otal %ofwomenontheboard ang otal otal otal otal T U H A O S L D te shareholdinga ofemployees T E A H F ible fixedassets I

utilized E T R tional activities ting proﬁt(loss)77 assets equity liabilities equity

I N

assets T F O

C O

bilities andcommitments

I L in

R y of A

N E W O ting revenues

N costs F ting revenues liquid

W S N KPMG

O D

and H E

R T

E R L

rade andIndustr M

or commitments

O S

liabilities

assets te

A T H S

t year

T S I te AS P I

O : A

-elected directors

y N 100% -end C

C O

1 00 16 12 098 16 15 100 % 2 2 2 2 9 603 4 057 2 132 3 533 56 % 55 % 75 % -531 -486 0 0 0 0

534 693 534 758 489 253 109 101 200 982 859 215 644 776 120 656 -46 0 0 0 0 37 17 32 37 40 6 6 6 6 1 1 5 MNOK %

18 18 17 11 364 13 368 100 % 2 2 2 2 4 588 2 171 3 439 43 % 44 % 75 %

0 0 0 0 254 254 500 688 558 139 163 841 664 755 518 115 238 704 191 513 656 -10 0 0 0 0 86 79 86 20 15 99 5 5 5 7 7 5 O D C B P % offemaleshareholder T No. Ca Opera Subscribed equity Intang Opera Sta T Current interest-freelia Current interest-bearinglia Long-term lia Provision f Current assets Fixed assetinvestments T Def Provision f T T T Retained earnings/otherequity T Dividend pa % ofemployeesinNorwa Opera Investment activities Financing activities A Net financialitems Operating Change Profit Minority interests T Profit A R T A I otal %ofwomenontheboard ang ax otal otal otal otal otal vera V H pital contributedb S O L te shareholdinga ofemployees

ferred tax I E A H F D ible ﬁxedassets

ge returnonequityoverlast5years R tional activities ting revenues ting costs equity liabilities equity ﬁxed assets

I ible assets N COMPANIES E after before T F

C N

I L in A N E D or commitments or dividend O Norfund M I T A

proﬁt ya F N liquid ,

assets W E S tax D

A O bilities D and T E

ble totheSta L H

tax D

N R E

E E

L R

and R M A C

(loss) E liabilities

N and assets G

H A T

S S

t year E

y theSta O

S N S minority T N I

bilities

: G : minority O

A P -elected directors www E

y N -end C : D

.O.

bilities +47220193 te

C I R

O Box1280

U interests

.norfund.no C

N interests T T O

R :

Kjell Roland

Vika, NO-0111Oslo -3 733.0 3 3 3 095.0 3 2 602.2 100 %

2 2 2 2 2 495.0 414.5 115.5 110.7 299.0 204.0 414.5 813.2 811.1 189.4 493.1 135.3 -59.2 60 % 60 % 90 % 0 0 0 0 0 59.5 76.1 76.9 17.7 17.7 0.0 4.8 0.0 0.0 1.2 0.0 0.0 0.0 0.0 0.0 0 0 0 0 0 31 6 6 6 6 6 0 MNOK

2 2 2 2 600.0 2 360.5 -230.3 100 %

2 2 2 2 2 940.3 816.2 940.3 124.2 579.9 485.0 337.2 120.5 216.2 578.3 483.6 60 % 60 % 88 % 84.2 83.9 89.6 93.9 93.9 0 0 0 0 0 0.0 0.0 3.6 0.0 1.5 0.0 0.0 0.0 5.4 0.0 0.0 9.7 0 0 0 0 0 26 5 5 5 5 5

© Norfund, Foto: Stein Morch Holen, Skjærstad, B C a o m N a i n N K d t w k T b F t t m C t r b b t m f c c c t a N C T n o r a h u a h e o o i o r n n n M n e e u h e e H O i a o O o o e n h v g n b e a r n e e e i t g n u c d d e l d w v d e u u p A o A r r e y g i l R f f e t l s O d n d c i e e f f a d n e

g u d

t r u n i o s R I

u u . A o t g N i i t a t i

F h n l t , e R

f m d

u t s u n h e e n

t a N g n t o

T h n n D u a f r u m u U a m

r o

v u c m M

v t v e d i l

p h

c o h e i a o d d n n e e

a . T r i i r e N e t e e e

d r O L M e e n o i

e e n T r l r i w

d A d ale HungnesandSvein T s r - n

a s s s O s l

i h e

n f a D t

d n H

n a w o n o

s R t

h w u E d N p A g

n t e i s l n n a o s i E R

t t n ( t s c i t

p n m a n F e n M i , o

Karl-Christian b N a g r : n u s p

i u s t

o a t c F

t m c v o S i e v U

e t h i d l w C l

y e i u b r Kristin Clemet r h

e O s m i B l h

m o n e a U i T k e p u c d e o o r

p N n e a u t e

n e A h i e t u e s P n E

i R s y e N a S o n v n

t p n h r

s i p l T n t n D t e i t s , d m n R

B o i i r i F e s c

d g t

o m

E D g h e n d I m a a n t t

a i n a a ’ f n

t w S

h U s u n r ’

e o - s r

i o r l c e p n a S ’ S t o t a t g n n l v e t a B t

s e : i

r n i N o e k e i r s a o e y

b t e

i o o f f D e l p h d t t n

c O i

n s o r

Stein g u

c r r r

a o n n l r s D r l t A n u i s s l

a i w p a t e u

t t h t m a e o n n k .

l i e s t a I i s t a s i u t ) m e e t r f n c r

n s e m t s N i h

a d e v

. t s g b i

c i p n n s i

s v w

o a m v s , h c i i

o 98 e E s

n a

s N e

h n e u n a t e o s t g d A e e n m e c N r R

n a s

r s

ﬁ

r O l e f m

e e n c P s c Tønnesson, t s t s S i

s 2 t a t i s s

t O c t o c r i a d r n o m a o t s v o N

u H n i t Agerup, n a R

a c 0 m a a

a s

n f

R e f a t e s f

I n A n m e i e F r i o c u c a F P

a r

p c e t s 0

n a e t l s b r F t F

o e S s u G o o r

t t n U n o b

n i i d i C v u 6

g t d R s

l w t U n f s u s m r n p r i

e a d e m r s l a N t e o e n E l

. e

( D i d k

u n o

a N d

o m r s e

S b m i r

l P e s r v c

n D m I . e

e a i m s a w d C Tveitdal t A

h n t

r g

l O n D i t N e n a e N T i h f v n n e g g n

’ t . s e

. u i R o e v t s l M U t p

i Borghild e

e s

h a e n c o e a a c l O h o T e h o d P T e I

r r l n

i r s S n n

o e p r e m t n r n

e t

h r a e i w

s c R a n o t

g t D t a 2 d F p Mari

i m D

i i

o o

d s e m d t i n 2 n n d w s f a w 0 F o i l y u n o i a m r e i u s , s

f n

a t 0 g d e i t

0 U s c

f n s 2 l l i e e v 2 s i i

. i n i l

a g p n g

6 t o t A e v o

o t

0 ﬁ N d e t e n r 0 h i 0 c

a d t S

a e h n o n n ) a u p i n t t l , 6 1 s t o

D , o m n

0 o s e t h l n e

s t

t n a r i i

a o a ﬁ , 9 t u s h t d s c p

r i e 1

r ,

l o s a p n n p t t - i

, e

n 9 e a i o n o -

i t l n o - - s e - r o 7 s g r - .

9 o o T i a o m N A s v b A e w 1 N a w h a T p N i t 1 I F d T N m ( m M t i 1 C (Ministr S A n n n n f o o e a t d p f n t x a h r o a i h i 7 3 3 7 u t o O O O O T h U r t v s r r y

e i o i o n

l l c o d l c r 2 t e e d l s i e e a N a n . A r . 5 . e u t e i t f i l t D R R a r z R R e d m e 5 c 9 7 h a h e i

r r e i e r

t 0 t g T c o s e O a . t o i i k o u r u t c c e I F F a l h r F F n

a o e n i

3 n

- t d h e e o t

E T 0 n

o a m m f e m m o - o c o o c U U g R t

U U m d s

n s o

r m e e h ﬁ O n c

2 6 e

t f t e m r n m o t w i . e N N l O o F f i g N N b i p h

i i i c i y

n s t

a n , l e R

n 0 , l l o d y ofForeign N f v l

a s s E a w

U e l l i W i a

e D D

D D p i d a t o

q i i t E n d t e n N o :

M 0 c t l

a i o o n e u O l a

s r

h N l a

n m r n n a n

q t

’ g i N

r n a s t o r KPMG 6 n n a O e - w h d

r s n o t

i K n c

o e D e l . u m o a

U o c o l t i r E i s l e g

. o

, o a

l n a i f R b o r e i

o . i a b n e i r p i i f ’ t w

o R g n N l e n a

s f a c 3 n t n , s s

o t

h o

l 2 o n F I p

o y n e t e u a U c

o a n a t r o n

i v

i n s . ﬁ O u

h d a a d U 0 s n

e n 2 d p a o a 4 a

l o K t n b d d

m e S

H P n

e n n e l r

l h a R

r v i p c 0 o N r r r l 0 l n o m s

i d e y t e n s 5 s o s D a a d a I

n t d a o

b d e

a l AS p F f o o a 6

c 0 P w n t D a w u a g o s

t r

ﬁ t I

i p

s d i m i U

a r p n n N r t i E L , l i t

o : n y 5 7 s n

i c

n a

l o t

t e

t e a M n

i t n u r e i m a N . v h a f f u

N m f e O 100% d i w e . . i o s Af g

e n e a r n o i o r

e n a

v n r e 5 T

o - a r d o D d T i e n

n O L

n d K t

a f y l c e o l r e g o C r e s d h n

c d c i i

fairs) i h s ,

t , t e o

m r d i s N

R r n p

a t

a L

e e i d i o , n i

w t e n o e 1 M i e m a f s i s d

n c . t i e o s

t e n s F O t

n r

n N s ) s e t

i r e , t n c

5 o r i d e

. t l

F w

t a n h U c v p i N c t t

t e v o d l i a K a w h a O a t c

e T l e t i i s . .

i e A n l e l

t o o o r

r n t f

. 6 N i n e k O

r m u a a

N w u

h m N n e e

o p

p s 0 o r

m n c f t a e a i e

s b d i D t d i e n K n s

j i F O t m n

r r s

o a

. i c e

e 2 n n n B

i e A o o m i

e 1 o w p

v n

b n

n m a i p R d c d c

5 0 d c a n r a e i n f ﬁ v ﬁ a a

e t N e l g N g a r r a a t r . e o m F o a l

o 8 n e s s 0 c

t t s e n a w . i o i i e

s n c t O 2

w o D U m n d

c l k o t . 6 i g

L o o y j i o w m n

i a

o h e a 2 a n t l 0

o N

R . m t n b

l t f u f

o P p p

i h n c n e c g d .

i n A 0 r v o e t L

a F D n a

N m N a m

a d t e r a t u

d , i r e N v n n c 6 t

s n U o n

e a

e n

l r d O a O d d r i 1 p e

s t m

r a i

t e n O

k .

g s n f r N

h l y i t s e n i z e i t t s r l n o e K K e p t h

n r

t i h

o e

K o e 00 c h D i t w o c

i e i E r n

o n n i a m t e f s i i d 2 r

t r e e e

n n n

c e

u t f f a t h t e o

d t f u a e i

i 0 o l

t g t a h r u v r g l y N c . i

w o r r c n c

r o 0 i s e t e n , n I e e n m O e e h n

i , d 6 d t d d

5 d d h K a . s %

COMPANIES Helse Reg 104 103 102 101 100 V est RHF HelseØstRHF Helse HelseSørRHF HelseNordRHF HelseMidt-NorgeRHF V est RHF ional HealthEnterprises Helse Midt-NorgeRHF Helse SørRHF Helse ØstRHF T H E

S T A T E ’ S

O W N 99 E R S H I P

R E Helse NordRHF P O R T

2 0 0 6 O K C B P Annual T Opera Operating Opera Net Proportion ofshareholder T T Number ofpa Investment activities Intang Number ofemployeesintheenterprise f Number of24hsta Number ofinha Opera Proportion ofwomenonboard Goods Number of24hsta Number ofout-pa Number ofDRGpointsproduced Financing activities Subscribed equity Adjustments T Sta Number ofa Fixed assetinvestments Change Earned equity T Cash andbankbalances Accounts receiva Adjusted T Long-term lia Provision f T Current lia T or intoxicantusers A R T E A ang otal equity ax otal otal otal otal otal H Y S O L te shareholdinga

E A H ﬁnancial F ible ﬁxedassets F

R ting revenues ting costs tional activities ﬁxed assets current liabilities equity I ible assets N

COMPANIES I T F G

result

I L in U A N

E or commitments bilities O Helse Midt-NorgeRHF Proﬁt

INTERNET T ADD CH M

proﬁt F liquid assets W

vera E S

ANAG O E bilities D

and tiens onwaitinglist L

A H

items assets S R EP

bitans inHelseMidt-Norgesarea

I RESS E L ge waitingda

RMAN

bles M

tients’ consulta

H (loss) liabilities assets

A T

y interdiciplinar y

S ONE I

, t year

NG D psychichealthcare

T S : : I P www

: A

: -elected womenonboard .O. Kolbjørn +4774839900 N -end C

I RECTOR

C Box464, O ys

.helse-midt.no

tions, N y trea T

: Almlid

soma Jan Eirik

tment

NO-7501Stjørdal tic

Thoresen 622 814 148 260 653 290 11 929 11 049 37 992 13 13 11 899 12 643 13 10 -2 -1 776 -2 741 100 % 2 2 2 2 2 1 271 6 874 6 535 1 004 3 070 1 878 5 225 3 794 56 % 54 % -921 -880 -711 -678 -306 0 0 0 0 0

967 074 171 760 893 244 459 190 210 967 173 -41 0 0 0 0 0 97 6 6 6 6 6 0 MNOK

618 047 143 047 649 075 10 830 10 182 16 13 34 708 12 112 12 291 16 11 -1 866 -1 867 100 % 2 2 2 2 2 1 138 5 696 2 3 778 6 579 2 2 150 2 449 3 099 5 810 4 712 56 % 58 % -662 -648 -572

0 0 0 0 0 070 171 061 149 898 944 115 560 188 070 358 -14 0 0 0 0 0 81 90 5 5 5 5 0 5 t g r S I p g r t t P t d r e T P h R o S e T c b e N r o T T I E ( H B l p b c t b e h a p H u T K n A n i h i h i h e e e e o s n i o o e n f n s n s n r e e e r n h e r u a h o h i h O o e a h ø e o e o g t l p

e e e g s q s r i i o h i g t c y u n s 2 l e i a d n n s s c e AR i e e e i e s s v r r t a g e e s r t l y ) n a d v e p

i - u j i i e

v d y , a

w u p a n o n i s e n l e c e e o g

p 0 d s S r

i f e

x a t T b g e a B o o u ﬁ S h C o O i

i a d m l o

g e t r i m s h e t p j r

c c n n s D i i f 0 p a

a r r e t r s l e l r t f i n s i r i n r e n h a t , o h e s s r

i i a ø e s v e n t i n e c e a t a c u MEMBERS s r t

y e a s n e A 6 a t t

w i

p l s a a ﬁ æ k s d l r d i a n e i , l n s s e . a s r

e h c g c t

l h d l h t h o c

t t

t e c

i a c )

’ c r a l l m v i

e M

n e a y t

b T i d t r r i

t t e

h o c t

a S n i p e e H e t s r r a o b f e t e s h h e h h h H s a t e r R a

l d h h s i

h e o

t a s e s h E . a d t a h e

i h t u

l h J l n p r x e

s § a e

s a e l

a n e e i a h , e s i i

a s p l r e

S l

a r

a t a s t g e .

o e a t a a e a

i e t

S T r

H s b

t t d 1 i e d e y n i a w

n i u r

1 N i a a h a G l s h t M u h g n t t s h o r s c t s g s T g t c

t e r m

e g

i l e ) d n g r c n d a p r * b h e

A f e p n t n e t h

e r g h o

o a e

. t t i

r d u e J e o

i h h i i i a b a n t t s h i d

T l a g e

e m e o g * n n a

i d g r e u l e d s s r h h c . s a o n t a

r o

E e l o

l d b

y w e n

c e e e e n T a c t e b i

i i A n

A a s

t E u :

e e o S t F ’ n b s o s u s

f h s e r

w a . r t

i r d t s s n m S B i a l

d c e R m l t a

c a c i t u

m h p u o t t o e .

n u j u r p t t a T

h n t t c a t

o c

e r

i o l i j g h h

i y a i S t h y l ﬁ t e o r T O o e g r s n

N t g h n a m a s e e n p y d i o h i e d . o v h p c h u

n * h m t s

e t

e r

p W w h

m t

l r e R g n c l

s d n g s T , e e

o i

u k t u s o T o

l a t . e c ( c o

r o o y o

c r i u i A e F h i D

t N p

a s e r

r r e h i n r e y p S n v n r a 100 o t n l v a f o

h s e n s t t m w l a o r d u o l

g e u l e i E r

t 2 l l i a e g i e h d e e a r t i p l d t t t a l d t (

w a

n e x e H r a v c l

u R -

n i t d H e l a h a y r l g h r n s l 0

i e A u d r

c e ) t e r c e h p y

n a i i s

T l o i e , . e S r

e w p i o d n e t l e

c c )

n a n e r

i r o c s

u n

0 t t e r T R ,

r a

e s n l a s H n T a s l e e a b

c u h d i h e s e g t a t l

v g ø a r

o i t s n E o t g H e 2 c n e

i ( h I c i h t t l a h p o

i s l o e

y a g - s r e

P e n u u A t i t r n t

h h o l t

( n h o r i s t g a d a l t .

s o ) r e g r l i i o p f v

h m s e i

o l

h i , g

l t

i o s v s d n e e , c s o

R t

m a h a u a h e v b u h e e f o h H l

f e n o

M h O n h

p i

e s

s n o

t e

u E a i n l

c p v o t h i i e t d e t i k a o

o e

e n C o t t r e K e a e e p e l n

o r l P h e M s r l n a e g i

n h e a a d l ø l e e

a ( , a n n r f v

e f s t n D a

r l e a

O e

r c h

S o r o d n f H v i

h h s n d e a C i r

M a n c d , i a g a d i t y t s m s e l b h t t l

R n a l c f

i e v b r t a t i

d t B

b h

e o e p G l t r

n e ,

. i h i r T b h h e e t a i s e e f C t i

t d s i o i t a

n o a

n s e d d o u e e h n a o s d l r c i n o d a

s e y O l

e v e o a §

n s r i i f

o 2 c a a n r

d t

s d

e . l s i

t r o

(

g e n t

W a f r

n t l g t l

y § n w H n 1 0 l s r w - r c c w

s r l t r s i t i e o f T e h h r s u a n

v s

d o m t h e

c e h a N

a 0

r e e u g t e 1 o u ) c - N R ø a f r

r i i P

h e

t i e , a o h l

c s c t 6 e l n

o 1 n t t h

a v a w E h h r

m o - h

c t e ’ E h o H o a a s e h h d s a m e v o p o d e s

N * i i r i 1 a n l

n o e n r o n l c l n c t s m r u

i e u l o l m f r o s e i g a c e a l s w i o

r d t n

n - e i a g t o * s t f o

e n n i n t t e n n e a b s h r ,

t u a a g s s e h p h c a

f r t y w g s t d s d l - o

i b l r - h

s a e a e y

s e i i

t e a r - a i n y . e i - - o t s i

n l s y -

g r q a a b h i T o r 8 d a h t a o w i 8 O o O h T F r b ﬁ M l I ﬁ r r m w p o A t t and CareSer (Ministr S AUDI d n e n h h o e e a e e c n f t w n g n b b u e e h u a a h e e r i 5 6 t p p T i a n e c h f e e e u n s g m d b o

t u 2 d t a d s a u r a o o a e r e s e A 5 7 t e e h n s r n g o a w e a s a u i u l i a h

t t l n l u u e l r o e r 0 n C g a T

r r

e t

i t e a e u u t

r s e S l C r e c p e 2 e TOR t m m n 2 e a a H h o i a c t t d

d g r

i 0 E d e r y ﬁ s n u

r d l

b e n w

d t ’ p o e

, 9 e t t e d n

s 0 i c

e s N N ,

e c w

i n 6

s e l

i i i i r a y

d o u e t n

e O u n t l a f e n n l l n s a e g a

4 m e i e a 0 a h t n i l l t O O d h a

n y ofHealth o a f . d d a n i i g r p a t :

d r t W g g

a f i r n -

s s n l o o

e e r s u t

e c e t a o d A t w s l

K K g d 9 a

KPMG

r l t .

t n a .

n r y h n n d o t

o s t

e e

N g n t b

o l r r h c h

e n t e a ,

h s 7 r t

ﬁ n M

l d O 1 u d

e e . , s

n 1 4 r d

y N d u v y a o e r E A a

a t a y d i s t e g

N e m

, a v v 1 m r a

n n

e e

. 8 d i e s f

i r R s v t a m o u i w u d

f a n b u r n e e 8

f l d n n o m e . vices) r e

r e

n o e r .

a 9

s 2 o f r S p t 7 g e t b i

y r n n i e b

7 o d a d r s g e e l h w n

T r s h

h y o d e l c

H r e w ﬁ

/ 3 o s b g u u l

u t c i e

7 m c

t a o s t g AS o h o e a n i t H s o r a s t y u n c t 0 p r u h I p e e e 8 i u d i b a o . u h s r

v w

o e l . P n e y n

i e n t i e c b t e

a 7

i b e s s m g . a t t y s

l e F c e r

t T n

s g :

t l .

p l i o d r

s i

n o y n n t

a N

y , i t

R n e r

s n d i t r

l t h i c . h o i

R 100 % s v e l l

u o h e t e n o e e f

r d s u t o e l t i d a g e

O h o o e n

e e i

i o a h n

e l r u r o r d l a i c s m

H m f

c c ,

o g

a s a m t

e v t a .

r n K t

M e

t g a p l r t s r

i o a y e e 2 e w

f e

a i t i d s n A

c l e

p .

o v e c o

i a e r t e l e s m k

h d g h C o a i 1 t 0 . a

a c h a i W t h a l d e e n

b i d a o o o a i

e a

y n a l o o

F b . n r e 0 m s

p i t i p r t t s o a u t

r p m , 1 r n l m e a c s o h b n a - h f o

e n h g a t 7 s i r , a n l

s o e e t

o h

N e a u 0

i l i

e u u d a t b

e y a b t m

e , l r H

a e a k f f r

r a g s

t i

0 h H o

t e r

v t

f i t

v i a t s e h a n 7 i n , n c h l e e a n

b p

h g o a i a o n e

a a r

i d e e v h N y t e l o t t l c 7 d d b e g a

r v y a e r o

t c

i o

g e r i y e

r e a i o n e n N i r l r t o c O

i n w l 5 e t t o a a

s d s

l i l o t n a C l a h ﬁ u i a i t g

i h l t o y c t s o h

v e n l g

K b e n i h

s y

i u h

r b n t i s 2 o s l p

h t r r a t t i r g

t n d h s

e i

l f

e i

t h m g o d o A a

o a : h w g n e s r s 0 a o g t r a 1 p i A h

x e e h

n l h i u n M a

e e n u p s

a w f t r v 1 i a n 2 1 a b e l p u ﬁ c i t s

e m 1 o i i l

g t c r

u i e t e r 2 a g S r c y a 0 y n r 0 ﬁ

a w g

c e o t e

h v o

u i y o b

i N n t h w

l a h e 0 t a e

t c

i n o i n m u n 0 b 00 h

o v N R

p i h t c t s

h i t o f l v o O l t a r a i 0 l n g h i t s e r t e r s l o 5 a

n i l e . o e t O a v y h r a p e e i c n n i n

n o e h s

6 K g r t o c i

s g i g

s t t i l n a t h y K i g c w d i f t s s i s h o u i , n t y d n i l l r

t y a e

- i y i e n

. a c e e o t

l s o y - s k d - f % . f

COMPANIES f of More trea city enhanced throughincreasedtrea In 2006thementalhealthser Key ments. ca general meetingsandthroughtermsf reg Ser In 2006theMinistr Health Enterprises according toguidelinessetb facilita organising thespecialisthealthser authorities arechargedwithplanningand the Pa the SpecialHealthSer dance withtheobjectivessetf requisite specialisthealthser ensuring tha The Sta compara receives high-qualityhealthser popula profile withresponsibilityf institution withadistinctl Health Norwa T Nordland Hospital University HospitalofNorthernNorwa of fivehealthtrusts: The healthauthorityg counties on1Januar bility f esta in Norwa responsibility f is oneoffivereg The NorthernNorwa Helse NordRHF M I T Authority A or theseser N rust, E D fered topa A tions setf T L D , ional healthauthoritiesthroughannual vices exerciseditsownershipcontrolofthe N E E expandedser

blished whentheSta R R events A P andtheHospitalPharmacyofNorth E or thespecialisthealthser N G H tients’ Rights y ting researchandeduca tion innorthernNorwa

Authority isintendedtobeareg S E I O te hastheoverallresponsibilityf T N S T ble tootherreg y N , rust. : NO-8038Bodø G : tment ser . NorthernNorwa

www E The reg

: D orth inspecialregula +4775512900 t thepopula vices. tients tomeettheg I

R The NorthernNorwa or thespecialisthealthser E .helse-nord.no C ional healthauthoritieswith T vices andnewfacilities. T Separa ional healthauthoritywas O Act §1). y ofHealthandCare rust, vices thaneverbef FinnmarkHospital Act. R y Reg y 2002. : roup HelseNordconsists

vices Lars H. HelgelandHospital

ions ofthecountr tion isof The reg y northernNorweg te tookoverresponsi ional Health te actionplansf or ensuringtha

y Reg Act and§1-1of y theowner(see y andonSvalbard vices inaccor

vices were V orth in§1-1of tional activities vices onalevel orland ional health ional Health rowing need vices fromthe fered the tment ca tor y Reg vices and y docu y or allo Authority ore were T T ional or ional rust, rust, vices t the y

or pa - . - ian -

- - S ( S S B C Care Ser from theowner billion. has anannualbudgetofroughl The NorthernNorwa Financial and thewaitingperiodwassta remained a Activities rela of thereg of NordlandHospitalandtheimplementa the completionoffirstconstructionphase Necessar Nordland Hospital Hospital ofNorthernNorwa units werereorganisedundertheUniversity T of theambulanceser took overresponsibilityf enhanced sincethereg in place. Alta. through thedevelopmentofnewser health ser The planf g and competencebuildingareprimar are beingdra the elderl a had workingca The NorthernNorwa in 2005toa investments increasedfromNOK628million the Ministr be assumedtofundinvestments. roughl personnel costsover2005figurescameto 2005 figures. expenses increasedb b N rust wasdissolvedin2006, t thecloseof2006. ies. y NOK704million, t j ø H O å i R g n A A s S - d t R I

A a

) R e A newplanf , D d

r n M y NOK475million. Opera K i

l å M d ( T i A A r , Pre-hospitalser H

vices.

s E N S y investmentswillberealisedthrough y andpa T p ional investmentplan. E t vices isbeingimplemented, or decentralisingthespecialist

M r i : t ) y ofHealthandCareSer

trends

e , t thesamehighlevelasin2005, S J

Bjørn Kaldhol B d T bout NOK1.106millionin2006. n I a n ting revenuescomeprimaril A ted tosoma wn up. E e

e c g The increaseinwa T Opera

R r o , E e H pital facilityofNOK20million s theMinistr S b ’

e u S M : s or contractspecialistsisalso n

s G tients withchronicillnesses T e O * y j rust. o n W , r whilethetotalopera Recruitment, r y Reg y Reg

r v * e * N ting revenuesincreased vice. d 101 , o y NOK1.088millionover E t

E , e K l m

R l ional healthauthorities T

a or thedail S B ( e p vices ha S In2006loanshadto tic healthcare r H r a HålogalandHospital ional Health ional Health i l V j I

o e n P y ofHealthand y B ) y

g , . R andthevarious

O T e

S E rust andthe e ( o l A P s ble. a

y NOK9.6 n

r O e p n e e R n ge andother ) ve been Loansfrom d educa p ,

F y opera n ( r M

vices f H i e 2 e n vices in y stra 0 s ) o s n , 0 e

partl n * Authority Authority e R 6

n a a s u t tion e n a n tion ting y or n tions d t te a i v y r - e

P B O K C Care Ser (Ministr S A Annual T Net ﬁnancialitems T Current lia Long-term lia Provision f Fixed assetinvestments T Intang Adjustments Operating Opera Opera Number ofemployeesintheenterprise Number ofpa f Number of24hsta Number of24hsta Number ofout-pa Number ofDRGpointsproduced Number ofinha Opera T T Earned equity Subscribed equity T T Adjusted Proportion ofshareholder Change Financing activities Investment activities T Cash andbankbalances Accounts receiva Goods T Sta Number ofa or intoxicantusers R A T E A ax ang otal %ofwomenontheboard otal otal otal otal otal otal T U H Y A O S L D te shareholdinga

T E A H F ible ﬁxedassets I F

E T R ting costs ting revenues tional activities equity liabilities equity assets ﬁxed current I ible assets N

I T F O G

C O

result

I L in R y ofHealthand U A N

E W or commitments bilities O Proﬁt

vices) R

proﬁt F liquid

assets W

vera S N KPMG

O E bilities D

and tiens onwaitinglist

H E

assets S R

bitans inHelseNordsarear

E R L ge waitingda

bles M

tients’ consulta

O S

(loss) liabilities

assets

A T

y interdiciplinar y

H S

, t year

psychichealthcare

T I S AS P I

: A

-elected womenonboard N 100 % -end C

C O ys

tions, N T y trea

soma

tment

tic

00 10 288.0 -1 795.0 416 466 106 068 462 237 9 3 1 988.8 1 016.0 6 8 066.7 9 8 465.0 9 560.9 9 12 289 31 649 -717.6 -727.3 -324.0 -432.8 -856.0 100 %

2 2 2 2 2 882.5 610.8 606.0 271.7 882.5 5 496 408.0 133.0 670.5 236.5 289.0 145.0 212.0 694.0 284.8 50 % 55 % 0 0 0 0 0 53.0 439 0.0 9.7 0 0 0 0 0 93 6 6 6 6 6 MNOK %

-1 207.1 408 816 105 254 462 779 9 2 6 9 9 1 726.6 8 196.4 8 329.5 9 209.1 8 857.0 11 776 30 281 -341.8 -352.1 -164.8 -594.8 100 %

2 2 2 2 2 951.3 962.0 989.3 951.3 926.2 025.0 627.8 607.6 5 088 281.1 272.9 560.5 227.3 138.4 646.6 177.0 -40.8 50 % 56 % 10.3 48.9 0 0 0 0 0 381 0.0 0 0 0 0 0 98 5 5 5 5 5 O K C B P Proportion ofshareholder Annual Proportion ofwomenonboard Number ofemployeesintheenterprise f Number of24hsta Number of24hsta Number ofout-pa Number ofDRGpointsproduced Number ofinha Opera Subscribed equity Intang Adjustments T Opera Sta Earned equity Operating Opera Investment activities T Adjusted Number ofpa Net Provision f T T T Number ofa Fixed assetinvestments T Current lia Long-term lia T Cash andbankbalances T Goods Financing activities Change Accounts receiva or intoxicantusers A R T E A ang ax otal otal otal otal otal otal H Y S O L te shareholdinga

E A H ﬁnancial F ible ﬁxedassets F

R tional activities ting revenues ting costs equity equity assets liabilities current ﬁxed I ible assets N

COMPANIES I T F G

result

I L in U A N

E or commitments bilities O Helse SørRHF Proﬁt

I T NO-3702 Skien A C M

proﬁt F liquid N assets W

vera S E H D

O A E bilities D

and tiens onwaitinglist T

H A D

items assets S R N E

bitans inHelseSørsarea

E E L I R ge waitingda

R bles M A P R

tients’ consulta

(loss) E liabilities assets N G

H M A T

y interdiciplinar y

S S

, t year

I O p

T S A N S T N I s

N : G : O

y A P

www E c -elected womenonboard :

N h -end C

: D .O.

Anne Ca +4735912600 i

c C I

R h O ys

Box2825Kjørbekk, e E

U a .helse-sor

l tions, t N h T y trea

T c O a

R r soma thrine Frøstrup e

tment BjørnErikstein

tic .no

867 458 280 559 899 000 20 776 16 315 19 163 18 176 49 041 21 12 21 17 728 19 -1 -4 192 -1 374 100 % 2 2 2 2 2 1 522 8 876 8 5 784 2 004 1 089 1 1 110 1 129 1 136 56 % 54 % -307 -986 0 0 0 0 0

063 262 000 877 123 000 876 286 756 104 588 124 152

-74 0 0 0 0 0

17 6 6 6 6 6 3 MNOK

847 524 265 213 895 000 20 576 20 13 16 584 20 17 706 16 670 49 634 19 17 878 -1 -1 -3 394 -1 302 100 % 2 2 2 2 2 1 421 8 065 7 1 4 494 1 952 1 124 1 062 1 166 56 % 50 % -498

0 0 0 0 0 068 036 759 569 190 759 636 181 123 182 570 113 572 906 159 -26 0 0 0 0 0 45 5 5 5 5 5 5 s a h e I ( a s p T S t l t T A b A H t T t V t T J s w T s o T l L S ( H s B h 2 S s r s a s o e S T K n i a s A i h r a h e s p e p i e t i a v a d c n n x c n a e l h h o h h h h i h e e 0 o o a u u N O e a e v b e n h a g r l a e c t p e e r r e n c e t n e 2 r o h d a t e s e e e e e e e e u u r e n s

t a n 0 i A y e n e S d h i v e v h t s l h ) h s v r v u t c c t d u p l n a 0 c t i

t t d l , n

t i i - n n c f t e * o R i e

h t r S h h r S t

s t i a

h h i e o c c i i H r e h v o y a e c o t n g t ( h t h h s R 0 K e e ø a a

e i

r i

f r n t e i e e e c h t o e e e e D a r s e *

n e

l t e r v u r ( o

e c h

e t r

e e g g a y l l 6

i a d f i a m h d

t A ﬁ * a a a i t h

y e e u r r s s l r d o t H g o s

s s w e e n t a

i E t e d r h

B t i i i n n d s ,

u o

M e v

l l l ,

o o R h d

e e p t u u T e e

r t a

t t t t d 2

t l a n f

i a e m

a S h A t t L

a i a e n

a t n h h t h h

a i n n H h o n s

i o

g u t g e a r N N n h e h h t

S n E r n a 0 n s i h t e o h i k c

n c e e

. h i E t r a a o e p l z u m p n m h r d s n s e

p s a a o 2 e

s s e M o o d t

t 0 r u a k c o t d

a d

E e z d e l l t s d a i u h l l

a S

M u u r l r n r r m h

0 a o o e s t r i t o H 2 s a a t b

2 g h h o p n

i B . t f v w w e l

h T e

r i l m b o r t t t s e

e t e a y r

h 0 i t t f n n N e . w A e e i i i i v h h t u 0 e A u 2 i t n o

, ( y h d e E r

o e t c p r y n e f e a a t

c h F R V o 6 i d

a m r T a a . e g o o d f s i s a r o

0 O 0 c r

i e R n n s f

e o i e r g y y i o r e o § n r s e y E t s s

l n u I o l l l . e k n r r a

r r p e

6 e s n 0 p t t i h e a

§ c n l

S s r , i

p ’ i i

o e t g e w s t t p 1 T h h a r R R

e u r n t t

t r n d s S r o t

a c r h

r i l e ) . 5

1 y y

k : t i e a r s i a

i h

h , a

v - r y f s d i

t r

i e e n a L v s - o o

t T h t

v s

a a n s o u D . a o

O A - p e 1

i o

L d a h S e g g A o e

e g g o i y i e n c r o o i o H

h e o i u u 1 d T r s n l f d c W h a r n

R o d n i r

d i u e

r r o r s v f g u i i s g f m r s p a g f o e e t t t t m R

o o h ø

o o , a a e c a

g f

t d i

r t e N

h h g G u E

c o t d m b

p l t f

102 f u s H n e A h

n n r s e a o u u c h l l r e t b r

i g c

e r r E M o o l l h h t f a a s e e h o e

e s t e t t

i o n u

e a a o a e s h

c r

e p p i g i d p e o R r h r h h r f r r s

s b d r c t l r y k t n d

n s c

e a r i e t l l r e t a a a e , i i e h

e i h a S n n e o t

e e t w F t t c

i m o o r a d i c H , e

t a a e H H c d A l e a y i s l s n § l r d e

H s a u

t l i t t t a

d t h a n b m l o i a n n S a o t H s r

h e r e t s p s S s

r h t

, n p n u e e I i

1 e n t i t s w i

o l s K i u e t c n P n a e n P t r o .

h ) p y o p l k l a T i

h o p e o u a a s n

s l N s

v ) t c e s l a s

a c l r

s k c n t o . a a a n a e

o e h e t n

æ R r t e s e n l l ) R a a e e

t h h

t e o n t r l i H t t o n i - e

e n o s

r s r t r r n c

a c e s

E h h

y c s l w s

s a e e r

i f A s C

( e e i * e s r

d r r h

S e e

f i . t i t a P l i

b H O v i i

w w a s e a e

e c B g

s i t p e

a b x A A g a t

e u A n a e ( a O a p ø c i n h e c j e e h C ) l s l q t c

S t r i p o i t l o i a a s i d i i n , l s u u l o s t i r n o o

r t R a

l d h

v s r t e s i t

n t t v e e i u s i H a a a c e p

t b k h y g a

e M t a h t

n t t n T f u i d t t t

a e

5 y i e f

y r s c w ’ h h i

o n r r

i t a

k e ) u r y

e p

r * b R o

t e a e n e

h y r R h , n e

, t

. A e e r 2 R l a o o m

f s

, S d

l K f g a i i h i o 8 r l y a n

i i

t t a o w T E e t

e t n c i 0 o g e s

g k i t o u r r r A i i n i h s u S e h

l v e t e o a H n l e

e t g h r t i i g a t o p a 0 y

o r g

e i h h f p t t s e t h e i

e h n

w o N d

e m n r

l s

o y y h o

h 6 e l m l a ( r s e w r k e o i o t O t t r l e t t i e i

a H n o n

r e

e s h n n

o n h l h h t o a p e a o r n e m w b o i w s f v e r h d s n t n p a s e n h e e s ) e

r l e c s e w i s n p i j n , A t e

b e o Ø w l e i c i e l a p a e t n e

A a h o e t t c u e i

t a n n y y l h e d - c l s r o n v 1 r i e a . n i c r n e

a l

k a e s - s

n e i - t t i k y t t n b s g - h h , . e l r . r - -

y - s e s s h R C S o y p h 2 R T t w S l l S l S r c ﬁ i B o O h T F m t o e H A m I p n e c S C T Care Ser (Ministr S A o o o n n h h o e e o a f g w f n n a r o h a h i e h i e 0 o e o e i a o u o e e p a a n T o c t U

k e e n u e e o a c s p J a s s u s s u t H r e e e p u r u p d t t n a n 0 A e r n n r n g s s D r r v g e h h v a o t r a p u l a e k

r r c O t t t t i l s t g g e . e r s 6 h

T e - b a . i u n S n t i s e h h e h e o

o r n I n d

n o p i i r a c a c l h T t t o

a e e t T t n s e o r o n E T e . o e m e e m m s l r o e e l e r c

d , a i u e f

e o t s o c y

h p l r

l u t h M W g i

s s

i O u . A w w t o u r r r o t t t y l e n

f a s r

N a

g O c h i e

h e e i b b p n n c h m h e

q w r T o N u t r

e a R m t u h

d y ofHealthand g c r n e

o a y i f

c t O h r t W

o e e i

e o e r u h t r i n y o s b a o t O t i a o e l i a N N

a : N n

vices) d h n h d

e a o l a s e h r r

p f

c r

a e d K

E l l n

u . s f g P t N S p t M

t 2

i i

u e K i e i a s d o o a n p p l r

o a o l N c i y a r n 2 e

t r e ﬁ p e

d i i n i 2 r n i o i

a s v n a t 0 E r r t l n i

b i o e e t

r a r

n i t n t b i w d v a t 0 e t i O i 0 c o w w

a a g o n e

i i 0 i u e k l o o l d a R - i n 0 e r C . v l t o n e e c N s t t i e c r f 0

l b . 1

y f f n R i i e n d b K t

i 0 l

a a e

C s t S 7 n 7 r r

i p o

o e w a

d a h . t i f o 2 t a v 6 o h n N u

e g e

u a s a a

o y y

6 n t a h

r s T H n

e e

t b r

w e e 1 m r s r n a u 0 i t e

. e a t v

d t s d l

e O c

n e y w .

y r f n

h s

h i R R M w r

t I t . a d T e t l w i i s s C f 0 f i e g t i

o i h

n e

P 7 l

a t n c

l u t e e K a e l h S

i e e i a b o l

n t n h

e h N i a r a o n e 9 r b e e i e e

n h t

a h g : c

c m c

o e

h e g g y a e f l

y r u e

e b s

p t n G t

d 1 s v O e

n .

o c a e i e l 2 t i a 100 % n m

o .

M n i i r n e H

l w

e i

a u e

R o o

o h R

i o t i r . m o g d l o

n v d o K 0 u c . t t t l r d a

6 s o s l

e r r n n i h f y o e f o i

e S w v i f i e u e u e A n s o i a

c 0

p v k

n n

p ﬁ s a

a a a 1 a e s n r

a g a e E m

e l o a w b n l

a a e t s a

o i i 5 s e d o e c t

l 1 p l l n r s

t C t b . n i a s t i u C t o p i

, t t h s

o g s

n d o 5 u i c v

h i

e H H

t i i c

a t h c l b e o d o s f o r ﬁ t

o w t r t r o e e i i n J h e i n m

g a

h n S a o

k h r i a a l t y e e e a u o y n f

g b n a m E l s

n u a e

e e

h c o h o y a - l t n

y e l o r

a a a r t m s e e u n i p

p o t n 1 l a

r c E r

r l p c l s i l

f a e r l l l l n t y c o v N n i t n r

d o i a i f H t t i i R

l s e e o a t w e 0 h t e

t a o l o n n r o e r

h h

t i h d p

a M t y p

n a e s O H N

h i d f s

i e h

r R 0 c

p n C s i s d l

o k 2

e p f l

t a d y e

d A A t e

A c e e a o d e e h a O K e

0 e B e i

e a p i 0 n

s t c t a n e o

b n r

o u u t p l t a a S f c o i

n s i h d

g a

r t K m r r y - n e e h e n r a 0 o t c v e 2 e p h n t n t t i i l l u u e

i o R i i

l l t t o g n h h e d

e e n m c g f c i o d t 7 e i t c i . a

s h h

e 1 b s t

m s s h A t 2

a s e i R o o r a r

S a g

n y 2

p o i . e t o 2

t r e b l p

e 8 s e i e d , i a s e a d u r r

p l n p g

p 2 e a e n s 0 e

r n

1 d b a 0 t y i i i x i

. t t e i n C s

d t t t

t n a e r a y e l g e t s N n u 0 2 h h 0 s

u p t y y a i

h i 0 o v r

n l M d

t d r r t e r i . t m l

t e e 00 0

v t e 6 i l p a t o o t o i r i

7 s s h h h n e b

i c o h

h n T

e i u i t l M n C 5 t a r n i o

s o

c i o y . t a a e h i e n i n e e t t i s h p a

c l - o s t

t a f n e h r

l a T f d d s o i i a t y

a i

e t l t e

e s e n - o l o a t s a n e r o h i t . s t y h o r t e h

s a n

i t e e e - o i n e l n . l r n

% COMPANIES people addictedtodrugsandalcohol with 2006. W alcohol a A reg internal andexternal. The projecthasinvolvedman ser of providingafuture-orientedsethealth Health Helse2020, Through itsworkwiththestra Key ments. ca general meetingsandthroughtermsf reg Ser In 2006theMinistr Health Enterprises according toguidelinessetb facilita organising thespecialisthealthser authorities arechargedwithplanningand the Pa the SpecialHealthSer dance withtheobjectivessetf requisite specialisthealthser ensuring tha The Sta well asthelimitedcompan Fonna, health trusts: Norwa land, ser overall responsibilityf The healthauthorityg counties on1Januar bility f esta in Norwa responsibility f is oneofﬁvereg The Helse C M I T NO-4066 Sta A N E H D estern Norwa A tions setf T L A D vices tothepopula vices inthecountiesofRogaland, ional healthauthoritiesthroughannual vices exerciseditsownershipcontrolofthe N E E

blished whentheSta W I R R events A andSognogFjordane. P R ional planf E or thespecialisthealthser

N G H estern Norwa M tients’ Rights y Reg ting researchandeduca The objectiveoftheplanistoprovide HelseSta

Authority hasesta S E I O te hastheoverallresponsibilityf A N S T y buse wasadoptedb N N : G : . P

www E : The reg

the V OddvarNilsen : D .O. ional Health orth inspecialregula +4751963800 t thepopula HelseFørde, I R vanger est RHF or thespecialisthealthser Box303Forus, E y Reg W .helse-vest.no C or thetrea ional healthauthoritieswith vanger and T estern Norwa ional healthauthoritywas O Act §1). y ofHealthandCare y Reg Act. R ional Health y 2002. : or thespecialisthealth roup Helse tion ofwesternNorwa

vices Herlof

Authority ownsﬁve tion isof The reg blished theobjective te tookoverresponsi ional Health HelseBergen,

tment ofdrugand y Helse Act and§1-1of

Apoteka The f Nilsen y theowner(see vices inaccor y theboardof y g teg orth in§1-1of

tional activities y Reg

ional health roups, vices fromthe W fered the ic project V tor Authority in est hasthe V vices and estern est IKT y docu Horda ional V Authority or allo both est, or Helse vices as - - AS. - y - .

* Employeerepresenta Inger F (KrF), voll (Ap), Andersen, B from theowner billion. has anannualbudgetofroughl The Financial f to facilita loyalty toexistingframeworka tive istosa purchases takeplaceelectronicall in spring2006toensuretha A reg 2005 to2006. g volume ofresearchactivityaswellthe Health 2006, The levelofresearchactivitywashighin the reg broad arra training institutionsisasupplementtothe beg b important area. western Norwa ser million tothetrainingandreha Authority alloca In 2006the g to ensuretha improved, million a had workingca The in 2005toa investments increasedfromNOK1.090billion the Ministr be assumedtofundinvestments. roughl personnel costsover2005ﬁgurescameto 1.233 billion. the totalopera b Care Ser or thereg rea y adding18spacesa roup areenhanced. y NOK0.86billionfrom2005to2006, O A vices inanef inning in2006. R W W test increaseinresearchactivityfrom Gunnvor D ional e-commerceprojectwaslaunched andthe estern Norwa estern Norwa y NOK726million. Opera .

Authority hadthesecondlargest ional healthauthority Hamborg*and M T t thecloseof2006. Ma H vices. te easierandmoresecurepurchases E E morecohesivehealthser GisleHandeland(Ap),

M y ofspecialisedser ional healthauthority y ofHealthandCareSer

trends S ve oncostsrela B W gnar Lussand(Sp), T bout NOK1.611billionin2006. ting revenuescomeprimaril

t theser A E The increaseinwa T estern Norwa Opera ting expensesincreasedb R

A. W y withimprovedser , E

pital facilityofa ted anadditionalNOK12 theMinistr The ser S ’ f Sunde(Ap), S estern Norwa ort toprovidethepa :

KariOftedalLima, O

T W y Reg y Reg rea

N ting revenuesincreased 103 vices of E tives t thepriva Aslaug Husa* R vices wereexpanded tment a S In2006loanshadto ional Health ional Health H I P y ofHealthand ted toincreased y Reg .

R t 90percentofall HelgeEspelid*, fered tothis vices providedb E y Reg g P bilita bout NOK975 EllenSolheim . y NOK14.2 t thepriva reements and O ReidunKors ge andother te institutions R Loansfrom ional Health T y vices inthis

. vices f tion

2 vices and ional The objec Svein 0 tients of 0 Authority Authority 6 while y NOK y te or

- - y P B O K C Care Ser (Ministr S A T Intang Adjusted Adjustments Annual T Opera Number ofemployeesintheenterprise Number ofpa f Number of24hsta Number of24hsta Number ofout-pa Number ofDRGpointsproduced Number ofinha Change Financing activities Investment activities Opera Subscribed equity Proportion ofshareholder Fixed assetinvestments Opera T Sta Number ofa T Long-term lia Provision f Earned equity T T Current lia T Goods Operating T T Cash andbankbalances Accounts receiva Net or intoxicantusers R A T E A ang otal %ofwomenontheboard ax otal otal otal otal otal otal T U H Y A O S L D te shareholdinga

T E A H ﬁnancial F ible ﬁxedassets I F

E T R ting revenues tional activities ting costs equity ﬁxed liabilities equity assets current I ible assets N

I T F O G

C O

result

I L in R y ofHealthand U A N

E W or commitments bilities O Proﬁt

vices) R

proﬁt F liquid

assets W

vera S N Ernst &

O E bilities D

and tiens onwaitinglist

H E

items assets S R

bitans inHelse

E R L ge waitingda

bles M

tients’ consulta

O S

(loss) liabilities assets

A T

y interdiciplinar y

H S

, t year

T I S P I s

Y O

y : A

c oung

-elected womenonboard N 100 % h -end C

c C

h O ys e V

U a

ests area

l tions, t N h y trea

T c

r soma e

tment

tic

00 680 406 192 814 966 863 17 534 36 256 10 802 11 824 14 214 14 13 15 094 14 -2 731 100 % 2 2 2 2 2 9 369 6 3 580 1 611 8 1 233 1 36 % 55 % -218 -405 -915 -880 -958 0 0 0 0 0

620 120 103 509 170 099 908 071 160 170 009 380 546 -36 0 0 0 0 0 99 81 83 -1 6 6 6 6 6 MNOK %

658 704 188 577 950 000 14 12 17 220 36 256 10 780 14 11 715 13 354 13 861 -1 935 100 % 2 2 2 2 2 5 8 8 689 1 3 220 1 090 1 153 43 % 56 % -182 -519 -507 -941

0 0 0 0 0 103 258 845 974 280 847 374 103 129 106 337 948 599 443 -10 0 0 0 0 0 53 81 87 5 5 5 5 2 5 O K C B P Proportion ofshareholder T Annual Proportion ofwomenonboard Net Number ofemployeesintheenterprise f Number of24hsta Number ofinha Opera Subscribed equity Intang Adjustments Opera Sta Earned equity Fixed assetinvestments Operating Opera T Adjusted Number ofpa T Investment activities Number ofout-pa Number ofDRGpointsproduced Provision f Goods Financing activities T Number ofa T Cash andbankbalances Accounts receiva Change T Current lia Long-term lia T Number of24hsta T o A R T E A ang ax otal otal otal otal otal otal r

H Y S O L i te shareholdinga n

E A H ﬁnancial F t ible ﬁxedassets o F

R tional activities ting revenues ting costs ﬁxed equity assets liabilities current equity I ible assets N

x COMPANIES I T F i c G

result

a I L in U A N

n E or commitments bilities O Helse ØstRHF Proﬁt

I T 2317 Hamar A C M t

proﬁt

F liquid N assets u W

vera S E H D

O A E bilities s D

and tiens onwaitinglist T

H e A D

items assets S R N E

bitans inHelseØstsarea r

E E s L I R ge waitingda

R bles M A

P R

tients’ consulta

(loss) E liabilities assets N G

H M A T

y y

S S

, t year

I O p

T i S A n N S T N I t s

e N : G : O

y A Grønnegt52, r

www E c -elected womenonboard d :

N h -end C SiriBea : D i

c +4762585500 i

c i C I p

R h l O i ys

n e E

a U a .helse-ost.no

C r

l tions, t y N h T

T r c O e a

a te Ha R r soma t e

m :

BenteMikkelsen e n P t tic tlen .O.

Box404,

1 672000 1 127789 16 534.4 20 663.3 27 517.4 26 685.7 14 25 22 25 10 -3 121.8 -1 863.3 293 186 1 288.1 1 662.6 1 444.9 4 907.2 3 695.9 2 095.4 2 1 683.6 29 426 59 742 13 399 -747.6 -831.7 -388.8 100 %

2 2 2 2 2 4 619 284.7 733.0 671.1 369.7 759.1 940.0 135.4 610.6 369.7 698.6 -14.6 51 % 50 % - 0 0 0 0 0 85.9

1.8 0 0 0 0 0 76 6 6 6 6 6 MNOK

1 654000 1 078169

15 23 20 23 16 656.3 19 165.9 25 712.4 25 227.7 -2 123.2 -1 237.7 286 285 2 1 293.0 8 1 404.3 1 054.1 4 532.6 2 251.0 1 634.4 2 072.4 28 911 55 880 12 660 -430.4 -484.7 100 %

2 2 2 2 2 418.6 836.7 964.6 872.1 5 407 836.7 418.0 301.9 477.0 224.0 754.0 138.2 43 % 40 % 42.1 56.0 0 0 0 0 0 -1.7 0 0 0 0 0 79 5 5 5 5 5 f m h e I b e l c R H t s e T t h N u u H p T o t l N r o T * B E C T R B T o a n p w w a p A I Key n i i n h h h o e

s s a i h x d n n n r s b e h u n n a h h h u e e y v O u i r a e e a o o t E a i

r g e e e s g e t h t e e u

e 2 2 a a u s s e r o u i m e s d d e e t t a d m

r r r A h s m w t s p 1

h e a i h e h h

r w w b m u s n u r a h l p o c s 0 0 o S s e e l m

t R c

o o S h E t g t t n

b d

o e e a e i h a h r a p e p a e m d l p b r r events h i s 0 0 J o p a a i n i e f n n e L i D e a e i n t l e

r a s l l s a

a r k n

t o e

s s

l j y a

l s u a a y y w e 6 6 - i n

a A e o i o n g s i s

ﬁ a s d , e S

r l t

r s o k w a , i t . n g c o O a n t t

s t t c y

M n

e i k , u c t w e y T A v l s

R h c d h h s h e e

b o T * n

p i t t t t

e d

s p u

w G i l a i g

H e e t e s p

i k h h t h t a g t i , e g

e t

u r e e e f E i o n h a a r i

a r n h s h .

e a i s h l h l m E v

d e

e å v a e e g

i l

o T t n i i n d i a r

g d n M p e n l e r t h i n j T v t g a o s a c e s r

i c a s n n

s t h o

o b e y

c S

i m y a u e , r

a d f r e u i t d M E h

u r i l t r s N o t o t t s

v e B

r e r

a r e

o g e T o l e e

i h

v o c a n n t N a

f e n p -

( e a h e

t t n t

n 2 u a A h n

e l o i

r Ø o d s

E w t i s i s h p i i h t t

e E

n e A

m o e m g c s n

l p d e h

T o a n t h i a 0 t e r t n t r e a e r

R r o r r ( v e

s n n h d r s t A n o n e s E e N w i i a o r s r r S l e e t e

S e a e 0 n t o s e t i i s

o r t t S i o o w i

’ r

k s e g a a

e l p c o H h g e f i h p

S l s V S w t

s ( t t t g a n t e r n i m

2 f t t t u l o o :

e r

F H h a r r l l h u o t n n e o r h s y s a e

i e h a o

e J

a y ) d o S a i y

s u o . i i l O g v p s n i h ( r t , r f

l r

r e b ,

a t e t d e y

n p b

l a n t

a o l u h e

s g

P a o s o n e N y h l a t s

W h R s l

a g e h o E

T o a n n a r r . h a a u i t l h d t d e

c i t

R u f r r n

p a t l

t e )

a o p n a o f

o e e t N g t s v s A i l e d

o i c a c , h c

c l t 104 e

r t

a t t o o g o l d e O r

a e i k r t e e l m

. r u

g f

i ﬁ E H

a h i s v

e h c n u l c o B

t v o

a W i n c h a w l o h

n y l h c § t * g A k R h v r r I

i s n r s i

e o d t r e i

m p i n c n l o o j

c H d

c k m o r i

i e E e c s o

i e e S i § t 1 o

l ø u e a o a d a V a f v r o i e

a a o

e h

n a i a

e a b s f n n H i v n d s H n l p s a 1 r y t i - n i l o n o o n m e n s n s o l n i , s n t

i u p a t p h

n s l I t e t e t

s , i

i d a i a r t v / - c e c P

t r p i h d A

a r a

n i e

n c R e

( l t i

a o h e f o o

s h r

t g h a f d 1 t

e t n K u w d

h u i i l o o K

t l

( g r u s k v s H o a a n s R e c r

l a n a i a o i A h J r r p o

t y i

o m r o a n r H n r i l

e ø

e a a r e t f l l E i

u o

g h t o l e b F n n s a a a e

e t t r m i

n p a o r r f y u s g P n d r a o i l m

p a w e o y t f g i o i f a f e i p e t i

) r d g d n i a Ø s s o

c h

e g ) t i

l O t e s

, i g l n * , r a

e h b c i r

, l i t s n n h i l

i r

a u e l h e n g t n c a g t e s

e a s t h i t , o t i r R h s t A M e C l ,

e a o a n i h p t

M h a t h g o t h n e

m s c u o e s l o u n a s r e

T n t y c e K e s h n i t s r - n t g

a P o l

e u t r

e d

e d r h

s r

l i a t i A

m a d

. e A o

a y s t e i

s e i

d o 2 e w K w d n g e r

c n

a r d r t

A s , i

H e n g t t

n e w u e c m e

n a i w 0 r c t s e t n e n o a d a e i s v h f a a e t

O i a h

h u a o i e e o v

o c 0 t r t i a r t t u ( g l . E c t r æ i n n

e c e l s a S h h i e

e e V s

v c b e l e n t

e m c p a 6 a u r o C r n n § e i a P a h a c

i i s n

i i i

o c o

e h n

i ) s e n s o r t l t a p m c n d s e d e l a l a r s , 1 t e

n r o i e t n i i r n a r

s h n h S e e p r a t l i t s o s

s n t a i r s

v K r d a o ) n y e i - ø t a t d ) e w o i g q s ’ .

e e l y i r t e y i h

d n n

n r t

n s t a c * s l r w

k l f u y c s i

. t o i d i n e e d t o e

, u i b t . n e i y s i

h s a - t r , s t t - -

h e - 2 r s t e H A m I b i c A 2 b S l t c a r c b o N S t b h T Financial t p 2 F g r p 2 b T Care Ser (Ministr S A n n o i o h i e o e e o o l o o n s p u o i i i a h r o l o h 0 0 e e 0 0 u u e O o T a U c l l l a

e g u s e i l l l r s n n n s J s t e s r o a n r e e r r t t a i i i 0 0 2 0 A s r n c t D v h

K r o o o g t i a h h v v u t a u

s e r d r r o c o h l e g T 7 6 5 6 e s s i a o o E E

t n n n i i a d i h u

I o o c m t n r a c c i , n s w p h

e 1

E T d r p n . . . f f

e a a t . .

l c e o r r c f

u e e e s w

l u s

y s

i i ﬁ r

. O T r

i i o e I l n T r t

n n A s s O t s f o t t t

n e 5 e o O a s s

. o a y c h c e u n

i y h d h i n

d l e t t N R h g

y ofHealthand e m u l 2 s .

o n c p r

m n t o e e W e 2 s i

l r i

e f i e t e g

r b i n e

y s

: s h

O vices) n t O h i a h 0 o

o , h e t n h r r o

b e

n 0 f h

- t h o i

N h n n a

Ernst &

o W n i S t n e r r l e 2 h 0 u u e K i t i p t x e t e a g l t trends o a 0 h

n n e

a h e h

d i e r E h s

o p e s ﬁ r i a 0 o

6 e

N N l t

r r

m p n e 5 p e d c t t o a b e c e 1 r

r m R e i t i u e

e n l o i n r 0 . n t v m t i

o o r n s h r v e i

l e

a a c . o

y m d M b S t n t e a

i e o t

e O M o 7 e 0 t v e r r t r g e h h a s . m o o s

s u r s n

w w H a j i

a i s ﬁ a

s T e

a w o

p e e

g v m n w i

r e t n b c w d c s r s s a t n e I l n n l s w a a c n e d h h n r d l u e e g m o P i s e e o e i e i i g n p o n i d u t a a n s l t i y y r Y d

e e

s r m v

l t o h :

m s n

r u N e o

p i t r n

r t

r i h n e g oung

i i

o 2 v a n

r k w R R r , s

n e n e e t 100 % G p r t s p n r

e o a o n i c 2 k l i n y e e n

n y i o c 0 n I o e v

c g v s u e e u

n o i n

f g o e r

t w n 0 u n

l . t a r m e d e

e 0 o o s w i g g s l

r o f g o

e e t o t a S

t e t I 0

i n p

s 2 f

a s c h f n t h t 5 n i i , m f a

n r E a m

n a r a n o o

a a o

t 2 . c 5 u o o g o t 0 e

e H o

s t

r H m AS u

s a y t “

d n n r i

k u 2 ﬁ i a a n s n e u n 0 e

e t s c 0 e o S e

e m c s ﬁ e e

a a s h r t g e p 0 t R s m s e

g a e n n o t 1 a n h u 6 a d t

e t p a g

a l l e h

u t i e i 0 n

r b

b h e m e d t t

5 - t c l l o i

l r , H H n e l f e u a a

e t l m n o y a r

r b t t E u l g e f l r 6

n a h t f , i e h y e c n s d n r t f l a

e o e e f u l c

y t a r c i e e e n N

f e

i s o

t c

m a a f r l

a r n a N w o h s i t s a R o

s o g c o d p s e a n a e n , e O n i r

d l l n

l e o c t o e n s t t t t s

O a y f o v i

c r e a

b a w t

e a

s h h h c e

K b u d c l N i

n e l a

d e n o i s u g s s m a s o K r r l m t 2 l a

e c h e e s

s n

i r e l

s O A A s n

t e t i r u t C 3 H o p

m h C i r v 0 n o r

s i t i . a y g d

l 2

l o d w u u

a t t K a p r . t i h e a e e R s n 1 e

2 p a e r

c e

e 7 h r 1 o n 6 e

a t t t t N m i

a r a a a i c a g b e r

h h e r e e l 5 - i d l 2 e t j

e s t . y J n e l

e r r d l l h e l O b t s e g y r

g 5 s

o o 00 t t u ”

. g

. y o u t b g s c h h t t

c H s e

f 2 i

i r r i h K t n l o w t a a o r u c i n o

t i i s l a i

n o e o t t i i e t l s t

n t b n s p o n e i a y y o o l

o s a m , e o i

b o a n

n r s a t t . l s t y f t u l a e o 8

e o a - h o i l t n l - % Contact details

The State’s direct ownership is administered by several Ministry of Agriculture and Food: ministries. These ministries’ contact details appear below. Department of Research, Innovation and Regional Policy: Tel: +47 22 24 92 50, Fax: +47 22 24 91 50 Ministry of Fisheries and Coastal Affairs (Veterinærmedisinsk Oppdragssenter AS) Department of Coastal Affairs: Tel: +47 22 24 64 13, Fax: +47 22 24 90 90 (Secora AS) Department of Forest and Natural Resource Policy: Tel: +47 22 24 92 51, Fax +47 22 24 27 53 (Statskog SF) Ministry of Government Administration and Reform Department of Government Services: Ministry of Trade and Industry: Tel: +47 22 24 49 88, Fax: +47 22 24 95 17 (Statskonsult AS) The Department of Ownership: Tel: +47 22 24 01 41, Fax +47 22 24 01 45 Ministry of Health and Care Services: (Argentum Fondsinvesteringer AS, BaneTele AS, Bjørnøen AS, Ownership Department: Cermaq ASA, Electronic Chart Centre AS, DnB NOR ASA, Tel: +47 22 24 82 99, Fax: +47 22 24 27 92 Eksportﬁnans ASA, Entra Eiendom AS, Flytoget AS, Kings Bay (The regional health authorities) AS, Kongsberg Gruppen ASA, Mesta AS, Nammo AS, Norsk Hydro ASA, SAS AB, Statkraft SF, Store Norske Spitsbergen Public Health Department: Kulkompani AS, Telenor ASA, Venturefondet AS, Yara Tel: +47 22 24 87 01 Fax: +47 22 24 86 56 International ASA) (AS Vinmonopolet) The Department of Business Development and Specialist Health Services: Internationalisation: Tel: +47 22 24 8298, Fax: +47 22 24 95 78 (KITH AS) Tel: +47 22 24 04 01, Fax: +47 22 24 04 05 (Innovation Norway, SIVA SF) Ministry of Justice and the Police: The Department of Civil Affairs: Ministry of Petroleum and Energy: Tel: +47 22 24 54 51, Fax: +47 22 24 27 22 Department for Economic and Administrative Affairs: (Norsk Eiendomsinformasjon AS) Tel: +47 22 24 61 11, Fax: +47 22 24 65 53 (Statoil ASA, Petoro AS) The Correctional Services Department: Tel: +47 22 24 55 01, Fax: +47 22 24 55 90 (Industritjeneste AS) Oil and Gas Department: Tel: +47 22 24 62 09, Fax: +47 22 24 27 78 (Gassco AS) Ministry of Local Government and Regional Development: The Department of Local Government: Energy and Water Resources Department: Tel: +47 22 24 72 01, Fax: +47 22 24 27 35 Tel: +47 22 24 63 01, Fax: +47 22 24 95 68 (Kommunalbanken AS) (Statnett SF, Enova SF)

Ministry of Culture and Church Affairs: Ministry of Transport and Communications: The Department of Administrative Affairs: The Department of Public Roads and Rail Transport: Tel. +47 22 24 78 11, Fax: +47 22 24 78 16 Tel: +47 22 24 83 01, Fax: +47 22 24 56 08 (Norsk Tipping AS) (Baneservice AS, NSB AS)

The Department of Media Policy and Copyright: The Department of Civil Aviation, Postal Services and Tel: +47 22 24 80 07, Fax: +47 22 24 80 39 Telecommunications: (Norsk Rikskringkasting AS) Tel: +47 22 24 83 53, Fax: +47 22 24 56 09 (Avinor AS, Posten Norge AS) Ministry of Education and Research: The Department of Higher Education: Ministry of Foreign Affairs: Tel: +47 22 24 77 01, Fax: +47 22 24 27 33 The Department for Regional Affairs and Development: (Uninett AS, NSD AS, UNIS AS, Simula Research Laboratory AS) Tel: +47 22 24 35 66, Fax: +47 22 24 95 80 (Norfund)

THE STATE’S OWNERSHIP REPORT 2006 105 Comments and deﬁnitions

Comments

• All figures are reported as at 31 December 2006. They • The companies’ board composition and proportion of are taken from current company accounts and are in State ownership are updated as of 31 March 2007. The conformity with Norwegian accounting standards, with State’s semi-annual report for 2007, published in the exception of SAS. For SAS, the accounts are September, will contain an updated overview of the submitted according to Swedish accounting standards boards following ordinary board appointments during and have been converted into Norwegian currency in 2007. accordance with the exchange rates stated by the company. • At the time of print, the annual general meetings had not been held in the following companies: Entra • The following companies have made the transition to Eiendom AS, Mesta AS, Statkraft SF, Secora AS and financial reporting in conformity with IFRS: Argentum, Store norske Spitsbergen Kulkompani . The figures for Cermaq, DnB NOR, Kongsberg Gruppen, NSB, Norway these companies have been approved by the auditors Post, SAS, Telenor and Yara. All the accounting figures but have not been dealt with and approved by the for these companies for 2006 and 2005 are in confor- annual general meetings. mity with IFRS. • Reservations are taken with regard to errors in the • The stated accounting figures are taken from the figures and calculations. More information on the indivi- companies’ annual reports, but the key figures are dual companies can be found in the companies’ annual calculated using a common method for all the compa- reports. nies in accordance with the definitions provided. For this reason, some of these deviate from those stated by the companies in their annual reports.

• The market value of the listed companies is calculated by the use of the total number of shares issued.

• In order to measure the financial development of the regional health enterprises, two profit concepts are used: the profit for the year for accounting purposes taken from the audited accounts, and the corrected annual profit, which is the performance measure used by the owners for governance purposes. The corrected annual profit is the profit for the year for accounting purposes taken from the audited accounts corrected for depreciation/amortisation costs that are not part of the balance sheet requirements, cf. Proposition No. 63 (2003-2004) to the Storting.

THE STATE’S OWNERSHIP REPORT 2006 106 TABLE OF CONTENTS The pictureisedited Front cover:

106 105

45 37 34 30 24 18 11 6 4 3

The administra The Sta The The Sta The Sta The StateOwnershipReport External artic is beingdevelopedandref the norweg Key Figures Shareholder of itsownershipstakes Comments anddeﬁnitions Contact details Mesta showsthewa Directors’ independence–should State asanOwner Other factors Economic developmentinthecompanies Ra The Y The Minister Photo: tes ofreturnandvalues Y HelgeHansen/HydroMedia ear 2006f ear 2006 te’ te –anactive, te OwnershipReport2006 s mana ian modelbechanged? tion ofSta le or theSta gement important companieswithsectoralpolic in thisreportinc ministries administertheState’ The NorwegianStateOwnershipReport2006comprises52companiesinwhichthe y long-termowner te ownership

te as ormed

lude bothcompanieswithcommercialobjectivesandthelargest,

75 74 73 72 71 70 69 68 67 66 64 63 62 61 60 59 58 56 55 54 53 52 51 50

T Argentum Fondsinvesteringer T V KA C C head officefunctionsinNorway specific, commercial objectivesandother commercial objectivesandensuring commercial objectives SAS Mesta Fl Entra Eiendom Eksportfinans Baneser Sta Norsk Hydro Nammo Kongsberg Gruppen DnB NOR Cermaq Secora Store NorskeSpitsbergenKulkompani Sta Sta Posten Norge NSB Kommunalbanken Electronic ChartCentre BaneT H elenor eterinærmedisinsk oppdra E A A ytoget

TEGOR TEGOR TEGORI 3–Companieswith S toil tskonsult tkraft SF T AB AS A T ele AS ASA E AS* ASA ’ s directownershipinterests. vice AS AS ASA S deﬁnedobjectives

AS ASA O Y 2–Companieswith Y 1–Companieswith W AS N ASA AS E AS ASA 2 R AS S H I P AS y objectives.

R ASA E P O AS R

2 gssenter 0 0 AS 6

AS AS

Thecompaniespresented * NotincludedinReportno13(2006-2007)totheStorting.

104 103 102 101 100 98 97 96 95 94 93 92 91 90 89 88 87 86 85 84 83 82 81 80 79 78

AS A Regional healthenterprises C da i helse-ogsosialsektoren sectoral polic Helse ØstRHF Helse Helse SørRHF Helse NordRHF Helse Midt-NorgeRHF Norfund* Innovasjon Norge* Universitetssenteret påSvalbard Uninett Sta Sta SIV Simula ResearchLa Petoro Norsk Norsk Samfunnsvitenska Norsk Rikskringkasting Norsk Eiendomsinf Kompetansesenter f Kings Ba Industritjeneste Gassco Enova SF Bjørnøen vinor A ta TEGOR A SF Vinmonopolet t skogSF tnett SF tjeneste V T AS AS est RHF ipping AS AS y AS Y 4–Companieswith AS AS AS

most y objectives AS ormasjon bora or IT AS tor pelig

AS y AS AS

• concepts aredefineddif from thoseusedb this report. The listbelowcontainsdefinitionsoftheconceptsusedin Definitions • • • •

The arithmetica

– Return ding toﬁve-yearsta ha the valueofdividendspaidb of return, tric a value oftheshareplusdividendspaid. shares. Rate ofreturn write-downs EBITD associa EBIT – tudes.

average returnonequity a Returnonca the a interests andtaxesdividedb Returnonequity– ve beenreinvestedtog vera –Opera vera Pleasenotetha A vera

. y assumingtha y thecompanies.

te thea y themajority’ asseveralofthese tion/amortisa te ofreturncorrespon tters pertainingto vera ge annualra

The geome t dividends y devia

s shareof tion and T y the H E

te S T gni A te y T E ’ - S - te

- O W N 107 E R S H I P • • • • • • • •

E P O The geometrica

average proﬁtshare R otal remunerationtotheChiefExecutiveOfﬁcer T

2 0 -end orona 0 6 y overtime. pensionsandotherf –opera fees – Equityasapercenta butisusedconsistentl

–fundssetasidef The reportingmethodvariesbetween vera

vera – remunera ting costsdividedb –Equityplusinterest-bearingdebt orma

ge hasbeenusedtocalcula ge f

Norwa NO-0030 Oslo P Ministr .O. Box8014Dep y y of T r ade andIndustr y E-mail: Fax: T Einar Gerhardsensplass1 Visiting addr elephone: +4722240130 [email protected] +47222490 ess: K-0696 E www the Inter The State’ www .ownershipreport.net .regjeringen.no/nhd net s OwnershipReporton

Design og produksjon: Mediehuset GAN, Oslo

6 0 0 2 T R O P E R P I H S R E N W O S ’ E T A T S E H T