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Annual Report Government-Owned Companies 2000 00 Omslag 427,6 X 297 ENG 01-07-04 08.53 Sidan 3 01 - 43 VB ENG 0628 01-07-04 08.24 Sidan 2

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Annual Report Government-Owned Companies 2000 00 Omslag 427,6 X 297 ENG 01-07-04 08.53 Sidan 3 01 - 43 VB ENG 0628 01-07-04 08.24 Sidan 2 00 Omslag 427,6 x 297 ENG 01-07-04 08.53 Sidan 2 Annual Report Government-owned Companies 2000 00 Omslag 427,6 x 297 ENG 01-07-04 08.53 Sidan 3 01 - 43 VB ENG 0628 01-07-04 08.24 Sidan 2 Companies with Government Ownership A Summary 01 - 43 VB ENG 0628 01-07-04 08.24 Sidan 3 COMPANIES WITH GOVERNMENT OWNERSHIP. A SUMMARY he Government company sphere contains companies of very diverse character, T involving operations ranging from the mining industry to opera, from property to gambling. The overriding objective for the Government is that the companies should create value and, where appropriate, make sure that stipulated public interest require- ments are fulfilled. The companies constitute a large part of the domestic economy, and, consequently, their operations have a strong influence on economic growth and employment. Considerable responsibility is therefore placed on the Government as regards being an active and professional owner. The annual report is a tool which can increase transparency as regards companies with Government ownership. I SJ (Swedish State Railways) was given I Vattenfall AB has established itself as company form at the turn of the year one of Northern Europe’s largest in order to improve the conditions for energy companies by means of focusing on core activities and running acquisitions, with a strong presence a competitive business. The business in Europe’s largest market, Germany. is now conducted by three companies I AB Svenska Spel is introducing Grey- directly owned by the Government. hound Racing, and SEK 310 million I V&S Vin och Sprit AB continued to of the company’s total profits was dis- expand during 2000. During 2001 tributed to societies and associations. the company has strengthened its I Telia AB was quoted on the stock influence over the global distribution exchange in June, and later acqui- of its products by means of an red the Norwegian operator NetCom agreement with, and participations ASA. The company formed a joint in, the American alcoholic beverages company with Tele2 in order to con- company Jim Beam Brands, as well struct a UMTS network in Sweden. as an agreement with the European I Vasakronan AB won the prize for the distribution company Maxxium. best annual report in 1999. I Dramaten AB (The Royal Dramatic I The proportion of women on the Theatre) had a record high attendan- boards of companies with Govern- ce in 2000, the theatre being filled ment ownership is some 30 per cent, to 91 per cent of capacity, and the and it is expected that the target of smaller theatre, Dramatens Lilla 40 per cent by 2003 will be achieved. scen, was reopened. I The Government Offices began to I Affärsverket Svenska kraftnät (Swe- publish quarterly reports. This trans- dish National Grid) was given the parency as regards companies with task of constructing a comprehensi- Government ownership and admi- ve nation-wide optical fibre network. nistration is unique in Europe. 3 01 - 43 VB ENG 0628 01-07-04 08.24 Sidan 4 Contents 01 - 43 VB ENG 0628 01-07-04 08.24 Sidan 5 CONTENTS Preface: The Government – An Active Owner 6 Tables and Diagrams The Government’s Ownership Policy: Women/Men ratio 11 The Objective is to Create Value 8 Companies with Government Ownership, The owner’s three tools: arranged under responsible authority 15 – Increased transparency 9 Companies with Government ownership, 2000 – Increased focus on core operations 10 Income statement 19 – Efficient company boards 11 Balance sheet 19 Important matters of policy 12 Income statement 20 Environmental questions concern business 12 Balance sheet 20 Equal opportunities 12 Diversity pays 13 Companies Operating under Market Conditions Government companies in the IT society 13 Non-durable goods Incentive Programmes 13 Income statement 21 Terms of employment in Government-owned companies 13 Balance sheet 21 Action programme for architecture, graphics and design 13 Transport The Government’s administration mandate 14 Income statement 22 Swedish Governments Offices’ ownership administration 14 Balance sheet 22 Administration expenses 15 Telecoms Income statement 23 The Government Company Sphere during the Year 2000 18 Balance sheet 23 Companies Operating under Market Conditions 21 Base industries Non-durables 21 Income statement 24 Transport 21 Balance sheet 24 Telecoms 23 Energy Base industries 23 Income statement 24 Energy 25 Balance sheet 24 Finance 25 Finance Property 26 Income statement 25 Companies with Special Societal Goals 26 Balance sheet 25 Non-durables 26 Property Industrial goods and services 27 Income statement 26 Energy 28 Balance sheet 26 Finance 29 Companies with Special Societal Interests Industrial goods and services The Year 2000 for Government-owned Companies 30 Income statement 27 Government Ownership in Listed Companies 31 Balance sheet 27 Investments 32 Energy Employees 33 Income statement 28 Operations Abroad 35 Balance sheet 28 Turnover and Results 40 Finance Value Added 41 Income statement 28 Changes of Ownership 41 Balance sheet 28 Accounting Principles 41 Industry Classification 42 Share prices of listed companies in which Definitions 43 the Government has ownership interests 31 Market value of the Government portfolio, Companies with Government Ownership 44 quarterly 2000, SEK million 31 Investment in companies with Government ownership 32 A Historical View 129 Employees in companies with Government ownership 33 Foreign operations of companies with Government ownership 34 Distribution of Responsibilities within Sweden’s Turnover and results of companies with Government ownership 35 Government Offices for Government-owned Companies 134 Comprehensive table of companies with Government ownership, 2000 36 Key Executives and Board Members 2000 138 Majority-owned or fifty per cent-owned companies (50-99 per cent) 37 Addresses 146 Minority-owned companies (20-49 per cent) 37 Minority-owned companies (1-19 per cent) 37 Changes During the Year 2000: Stock exchange listed companies 37 Managing Directors and Chairmen of the Board 149 Dividends from companies with Government ownership, SEK million 38 Conversion of SJ (Sweden State Railways) Degree of commercial activity, May 2001 39 into Company Form 150 Value Added in companies with Government ownership 40 Changes in ownership in listed companies 41 5 01 - 43 VB ENG 0628 01-07-04 08.24 Sidan 6 The Government – An Active Owner 01 - 43 VB ENG 0628 01-07-04 08.24 Sidan 7 THE GOVERNMENT – AN ACTIVE OWNER The Government is today the largest player in the financial markets, partly because of the Swedish Pension Insurance Fund’s holdings of listed shares and bonds, and partly because of the listed holdings in the Government company sphere. In addition, the Government has direct influence in the Swedish economy because companies with Government ownership constitute some 25 per cent of the domestic corporate sector. Great responsibility is therefore pla- ced on the Government to carry out the administration of the Government com- pany sphere with care and skill, as this has considerable consequences, not only for the individual companies, but also for the entire Swedish economy. he outside world for companies with Govern- information society for all. Information technology is ment ownership has undergone considerable an instrument which can make it easier to attain T change since the end of the 1980s. Today, important objectives within a number of important almost 85 per cent of companies with Government areas. These include growth and employment, regional ownership are active in operations exposed to competi- development, diversity and a sustainable society. Bea- tion. Several of the former monopolies and Govern- ring in mind that companies with Government owners- ment enterprises are now operating in competitive hip constitute a large part of the Swedish economy, the markets. Globalisation is causing many more compani- activities of these companies in this field are of consi- es with Government ownership to experience further derable importance for Sweden being able to maintain increases in competition, with more and more interna- a leading position as one of the world’s foremost infor- tional companies establishing in Sweden. mation economies. Progressive work within this field In order to confront this changed environment, the will give better conditions for sound economic growth Government has strengthened the professional adminis- and employment. tration and active ownership of Government companies. The ambition of the Government is to be a profes- The improvements made to ownership administra- sional owner. tion strengthen the neutrality of competition in a dere- Now and again questions are raised in various quar- gulated market. The Government has introduced the ters regarding the role of the Government as an owner. creation of value as its overriding objective, and in The Government, however, takes a pragmatic view as to appropriate cases, the fulfilment of certain societal whether it should or should not own certain companies. interests. The Government has also stipulated how it The attitude of the Government is to take care of that will utilise the three tools of ownership: transparency, which it owns, and to be an active, long-term owner. increased focus on core operations, and more efficient The prime objective for the Government is to give company boards. companies with Government ownership the best possi- We are proud to be able to report that transparency ble conditions for continued development, because as regards companies with Government ownership has valuable companies create valuable jobs. With the increased during the past year. External auditing of Government as an active and professional owner, wel- these companies has been improved. The Government fare in Sweden can increase. Offices have produced an even more comprehensive report on companies with Government ownership, and have begun to publish quarterly reports. Work in get- Valuable companies create valuable jobs ting more women onto boards is continuing. At the end of 2000, the proportion of women was 30 per cent, and the target of 40 per cent by 2003 will be attained.
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