STATE-OWNED COMPANIES

Company descriptions

The following section contains descriptions of companies with state ownership. The Swe- dish Government Offices are responsible for the company descriptions and the assess- ments. The figures are based on data reported to the Government Offices by the compan- ies. In some cases, the information may differ from the company’s annual report due to the application of different accounting principles or different key ratio calculations.

DEFINITIONS Return on equity Net profit/loss as a percentage of average shareholders’ equity. Return on total assets Profit/loss after financial items with the reinstatement of financial expen- ses as a percentage of average total assets. Return on capital employed Profit/loss after financial items plus financial expenses as a percen- tage of average capital employed. Return on operating capital Operating profit/loss as a percentage of average operating capital. Net indebtedness Current and long-term interest-bearing liabilities and interest-bearing provi- sions less interest-bearing current assets and fixed assets. Equity/assets ratio Shareholders’ equity including minority as a percentage of the balance sheet total. Average number of employees Recalculated as yearly employees. Dividend For 2001, dividends refer to the proposed dividend. For 2000, dividends refer to the actual dividend paid. Total assets Balance sheet total. Capital employed Balance sheet total less non-interest bearing liabilities. Operating capital Balance sheet total less non-interest bearing liabilities and interest-bearing assets. Industry-specific key ratios Property companies Yield = operating surplus divided by average book value of properties. Finance companies Income/expense ratio including loan losses = total operating income divided by total operating expenses Capital adequacy ratio = capital base divided by risk-weighted amount. Loan loss provision ratio = provision for anticipated loan losses divided by gross bad debts. Gambling companies Winners’ share = proportion of gambling income paid out to winners.

45 A-BANAN PROJEKT AB

Objective Air traffic developments at the airport A-Banan Projekt AB (A-Banan) looks are another important factor. after the government’s rights and obli- Lessons learnt from the Arlanda gations under the agreements relating A-Banan projekt AB Link can be used in other infrastruc- to the Arlanda Link. A-Banan supervi- ture projects. ses the operation of the Arlanda Express airport train shuttle service run Assessment by A-Train, other train traffic and rail- The Arlanda Link is the first infrastruc- way construction, and monitors repay- In 2002, air traffic at Arlanda Airport ture project in Sweden to be co-finan- ment of the government’s conditional is estimated to decline by around 10 ced by the state and the private sector. loan. In order to fulfil the government’s per cent. It has been possible to use the experi- intention to integrate local, regional and ences from the project in the Govern- national railway traffic with air traffic at Significant events in 2001 and 2002 ment Offices’ work on developing alter- Arlanda Airport, A-Banan is working to Arlanda Express has a very high level native forms of financing infrastructure. increase train traffic to the airport. of punctuality. However, problems Relevant infrastructure authorities have with the national railtrack system, par- also been able to benefit from the les- Strategy ticularly in the spring, had a negative sons learnt from the project. A-Banan monitors and analyses A-Train’s impact on punctuality. The substantial A-Banan requires that its traffic ope- operations through regular project meet- decline in air traffic at Arlanda Airport rators have an environmental policy and ings, investigations and study visits. had major implications for the airport an environmental management system. Discussions are being held with the train shuttle service. A-Banan currently has two perma- main traffic operator, SL, on the esta- A-Banan’s rail facilities and traffic nent employees. Consequently, there blishment of a commuter train service. are affected by the Swedish Civil Avia- is no need for a diversity and equal A-Banan is involved in the work of tion Administration’s ongoing recon- opportunities plan. replacing road transport of freight to struction of the terminals at Arlanda. and from Arlanda Airport with a higher Talks are being held with the Swedish Board of directors 2001 degree of rail transport. Civil Aviation Administration and A- Sven Bårström, Chairman Train regarding direct access to the plat- Lars Rekke, Deputy chairman Situational analysis form from the new North Terminal. Kjell-Åke Averstad Traffic on the Arlanda Express increased Jan Danielson significantly at the beginning of the Forecast for 2002 Ulrika Francke year. Growth then slowed as a result of It is forecast that A-Banan’s business Kerstin Lindberg Göransson the economic slowdown and the events volumes will remain virtually unchang- Ulf Lundin, Deputy in the USA, which severely affected ed.The company is prepared for various Kjell Sundberg, Managing Director operations at Arlanda Airport. A-Train’s unforeseen events that can require grea- and Deputy market share has continued to increase. ter attention on the part of A-Banan. Long-distance rail traffic also slowed Train reliability and the potential to Managing Director during the autumn, although the fore- expand capacity in busy periods are Kjell Sundberg cast levels have been attained. essential to the growth of the service.

SEK m 2001 2000 SEK m 2001 2000 Turnover, SEK m INCOME STATEMENT BALANCE SHEET 80 Net turnover 66 65 Assets 70 Expenses -66 -65 Fixed assets 2,202 2,243 60 Items affecting comparability 0 0 Current assets 12 18 50 40 Participations in associated companies 0 0 Total assets 2,214 2,261 30 Operating profit/loss 0 0 20 Financial income 0 0 Shareholders’ equity, provisions and liabilities 10 2001 2000 1999 0 Financial expenses 0 0 Shareholders’ equity 10 10 Profit/loss before tax 0 0 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 0 0 - interest-bearing 0 0 - non-interest bearing 2,146 2,187 No 50 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 59 65 Return on equity (average) 0.0% 0.0% Total liabilities and shareholders’ equity 2,214 2,261 Return on total assets (average) 0.0% 0.0% No No Return on capital employed (average) 0.0% 0.0% CASH FLOW Return on operating capital (average) 14.8% 15.1% Cash flow from operating activities 56 57 Profit/loss befo- Proposed divi- Equity/assets ratio 0.4% 0.4% Cash flow from investment activities -15 -11 re tax, SEK m dend, SEK m Cash flow from financing activities -41 -46 INVESTMENT AND DEPRECIATION Gross investment 0 0 Average number of yearly employees 2 2 0 0 Depreciation and write-downs 56 56 - of which women 1 1

46 AKADEMISKA HUS AB

www.akademiskahus.se

Terms of reference and shall strive for a more even gender The main task of Akademiska Hus AB distribution at all levels. The manage- is to offer Swedish institutes of higher ment group of the parent company education purpose-built and sound comprises two women and three men. premises for education and research. The company shall also have a respon- Forecast for 2002 sibility as trustee to safeguard the sub- The major investment in higher edu- stantial financial and cultural values of cation and research in the 1990s is still the properties. has also resolved to increase the num- reflected in the group’s investment The explicit requirements and ber of places in higher education by plan. When this expansion is comple- terms of the owner are that the group around 41,000 during the period 2000 te, the requirement for new premises should have an equity/assets ratio of 25 to 2002. The aim of the Riksdag is that will be less. At the same time, the per cent, that return on equity after half of the population should have investment plan contains an increasing deduction of standard tax should cor- entered into higher education before proportion of projects involving the respond to the 5-year government reaching the age of 25. There has also refurbishment and reconstruction of bond rate plus 2.5 percentage points been a significant increase in research, existing premises. Budgeted invest- over a business cycle and that the group measured in terms of revenue for ment is approximately SEK 2.2 billi- should strive to pay a dividend of 50 institutes of higher education. on. The vacancy ratio for the group per cent of the year’s net profit. Deci- Akademiska Hus AB has a market will remain low at just over 1 per cent. sions relating to dividends are depen- share of around 80 per cent of educa- dent upon the financial status of the tion and research premises in Swedish Assessment company. university locations, and around 40 The ownership objectives for the year per cent of premises at other higher 2001 were achieved. Strategy education establishments. Akademiska Hus AB owns and mana- Board of directors 2001 ges premises for higher education and Significant events in 2001 and 2002 Lennart Nilsson, Chairman research. The company undertakes The group invested approximately SEK Charlotte Axelsson extensive construction work in its 2.7 billion in acquisitions, new build- Sigbrit Franke buildings. Construction is carried out ings, extensions and reconstruction in Birgitta Kantola entirely using building contractors 2001. This sum includes the acquisition Annika Lundius contracted on competitive terms. Day- of the Electrum property in Kista. Jan S. Nilsson to-day property management is prima- The company has adopted an envi- Christina Rogestam rily undertaken by Akademiska Hus’ ronmental policy and several goals Veronika Rundkvist own personnel. were formulated in 2001. The group Fritz Staffas runs eight notifiable operations and Sveinn Jonsson, Employee rep. Situational analysis two licensed operations in compliance Parzin Seradji, Employee rep. The number of students undergoing with the Environmental Code. undergraduate studies increased mar- The group shall utilise the resources Managing Director kedly during the 1990s. The Riksdag of its employees, both women and men, Christina Rogestam

SEK m 2001 2000 SEK m 2001 2000 Return on equity, % INCOME STATEMENT BALANCE SHEET 10 Rental and property management income 3,976 3,654 Assets Operating and maintenance costs -1,374 -1,261 Non-interest bearing fixed assets 24,383 22,388 8 Operating surplus 2,602 2 393 Interest-bearing fixed assets 1 3 6

Other operating expenses Non-interest bearing current assets 826 757 4 incl. depreciation -1,032 -892 Interest-bearing current assets 1,949 1,163 2 Other operating income 81 59 Total assets 27,159 24,311 2001 2000 1999 0 Items affecting comparability 0 0 Profit/loss from participations Shareholders’ equity, provisions and liabilities in associated companies 0 0 Shareholders’ equity 7,024 6,657 Equal oppor- Proportion of Operating profit/loss 1,651 1,559 Minority 0 0 tunities policy women, % Net financial income/expense -864 -773 Provisions and untaxed reserves 709 601 Tax and minority shares -220 -219 Interest-bearing liabilities 17,267 15,119 Net profit/loss for the year 567 567 Non-interest bearing liabilities 2,159 1,934 Yes 21 Total liabilities and Environmental Proposed dividend 270 200 shareholders’ equity 27,159 24,311 Environmental management policy system KEY RATIOS CASH FLOW ISO Rental income (SEK)/m2 (average) 1,254 1,185 Cash flow from operating activities 1,522 1,487 Yes 14001 Book value, properties 22,625 20,750 Cash flow from investment activities -2,779 -1,890 Interest coverage ratio (times) 1,9 2.0 Cash flow from financing activities 2,043 -171 Profit/loss befo- Proposed divi- Return on capital employed (average) 7.4% 7.3% re tax, SEK m dend, SEK m Yield 12.0% 12.2% Average number of yearly employees 411 392 Return on equity (average) 8.3% 8.6% - of which women 86 78 Equity/assets ratio 25.9% 27.4% 787 270

47 ALMI FÖRETAGSPARTNER AB

www.almi.se

Objective Significant events in 2001 and 2002 in the subsidiaries should comprise 40 ALMI shall promote growth and rene- A new authority for business develop- per cent women. At present, the fi- wal within the Swedish business sec- ment was set up from the beginning of gure is around 30 per cent. tor by means of advice, skills develop- 2001 and ALMI’s parent company was ment, financing and initiatives to crea- localised with the new authority. Board of directors 2001 te contacts. Together with ALMI, this new autho- Per-Ola Eriksson, Chairman rity, the Swedish Business Develop- Håkan Arnelid Strategy ment Agency (NUTEK), forms a joint Lillemor Arvidsson ALMI shall serve as a market supple- competence centre for business deve- Gertrud Bohlin Ottosson ment to the existing commercial sour- lopment. Bibbi Carlsson ces of business development services Pelle Holm and financing in the region. Through Forecast for 2002 Carin Holmquist active partnerships with a large num- New loans in 2002 are expected to Mattias Moberg ber of business development players exceed SEK 1,000 million. Businesses Thomas Nilsson and banks, ALMI acts as an intermedi- with the will and ability to grow will Björn Hellberg, Employee rep. ary and mediates contacts for business continues to be given priority. Leif Karlsson, Employee rep. development initiatives and capital. Göran Lundwall, Managing Director Assessment Christopher Friis, Secretary Situational analysis ALMI has essentially achieved its sti- The commission of inquiry commenced pulated objectives. Managing Director in January 2002 regarding government All ALMI companies are currently Göran Lundwall measures to promote growth and busi- working on quality issues, including ness development at a regional level formulating an environmental policy may affect ALMI’s regional organisation and describing the company’s environ- despite the fact that the proposed mea- mental considerations. Some compani- sures will not apply until 2003 at the es are working with environmental earliest. Work on regional growth pro- management systems. A group-wide grammes will continue to be a key issue equal opportunities policy was intro- for many ALMI companies. ALMI will duced in 1998. The board of directors participate in a number of projects of the parent company has stipulated financed using EU structural funds. the objective that boards of directors

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 536 594 Assets 600 Expenses -624 -652 Fixed assets 2,245 2,377 500 400 Items affecting comparability 0 118 Current assets 2,644 2,603 300 Participations in associated companies 0 -5 Total assets 4,889 4,980 200 Operating profit/loss -88 55 100 2001 2000 1999 Financial income 0 0 Shareholders’ equity, provisions and liabilities 0 Financial expenses 0 0 Shareholders’ equity 4,280 4,365 Profit/loss before tax -88 55 Minority share of shareholders’ equity 138 142 Equal oppor- Proportion of Appropriations 0 0 Untaxed reserves 0 0 tunities policy women, % Tax 0 0 Provisions 153 145 Minority shares 3 -55 Long-term liabilities Net profit/loss for the year -85 0 - interest-bearing 0 0 Yes 43 - non-interest bearing 47 47 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 271 281 Return on equity (average) neg 0.0% Total liabilities and shareholders’ equity 4,889 4,980 Return on total assets (average) neg 1.1% No No Return on capital employed (average) neg 1.2% CASH FLOW Return on operating capital (average) 43.7% neg Cash flow from operating activities -8 301 Profit/loss befo- Proposed divi- re tax, SEK m dend, SEK m Equity/assets ratio 90.4% 90.5% Cash flow from investment activities -3 3 Cash flow from financing activities 0 0 INVESTMENT AND DEPRECIATION Gross investment 18 17 Average number of yearly employees 520 535 -88 0 Depreciation and write-downs 14 21 - of which women 225 224

48 APOTEKET AB

www.apoteket.se

Objective ment and Apoteket AB states that the Apoteket AB has the sole and exclusi- company shall generate a reasonable ve right to the sale of pharmaceutical return on equity. In view of this, the products to the Swedish general government has set a dividend target public. It shall meet the general public’s of approximately SEK 100 million. need for pharmaceutical product avai- lability throughout the country and Assessment shall supply all approved pharmaceu- The Swedish pharmacy system has tical products. towards the use of pharmaceutical low distribution costs in comparison products to replace traditional health with other European pharmacy sys- Strategy care. tems. Apoteket’s costs represent In accordance with an agreement with around 18 per cent of the total cost of the government, Apoteket is responsi- Significant events in 2001 and 2002 pharmaceutical products. ble for ensuring a reliable supply of Work has continued on implementing pharmaceutical products throughout measures stipulated in the business Board of directors 2001 Sweden and shall promote the sensi- plan for 2000. The plan includes set- Jan Bergqvist, Chairman ble use of pharmaceutical products. ting up distance pharmacies and a vir- Susanne Eberstein The company is also responsible for tual pharmacy with delivery of phar- Anna Engström Laurent providing producer-independent maceuticals and other pharmacy pro- Eva Eriksson information to private consumers as ducts to peoples’ homes. Barbro Carlsson well as to the health and medical ser- This also involves a change in the Mikael Sjöberg vices. Pharmaceutical products shall logistics operations and dispensing Inga-Lill Furberg, Employee rep. be supplied at the lowest possible methods of pharmacies, which is made Britt-Marie Skoglösa, Employee rep. price, both at the distribution level possible by the opening of distance Margaretha Söderhjelm, and in general. pharmacies. Dep. employee rep. A new agreement will be entered Anna Karin Utterström, Situational analysis into between the government and Dep. employee rep. The external factor that will affect Apoteket AB. Apoteket most in the next few years is Managing Director the increased responsibility of the Forecast for 2002 Stefan Carlsson county administrative boards for the The company anticipates a 2 per cent cost of pharmaceutical products. increase in the volume of pharmaceu- Operations are also affected by a tical products and a 1 per cent increa- number of trends, such as private per- se in self-care products. Apoteket fore- sons using new channels to obtain casts a profit of SEK 100 million befo- information, increased demands for re tax and appropriations. availability irrespective of time or location, and higher consumption due Dividend policy to increased longevity and a shift The agreement between the govern-

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 29,699 27,893 Assets 30,000 Expenses -29,921 -27,819 Fixed assets 1,831 1,762 25,000 Items affecting comparability 0 0 Current assets 6,336 5,525 20,000 Participations in associated companies 90 -32 Total assets 8,167 7,287 15,000 Operating profit/loss -132 42 10,000 5,000 Financial income 0 0 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -12 -13 Shareholders’ equity 1,611 1,803 0 Profit/loss before tax -144 29 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 18 -32 Provisions 420 477 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -126 -3 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 91 Proposed dividend 0 100 Current liabilities Environmental - interest-bearing 2,609 1,849 Environmental management policy system KEY RATIOS - non-interest bearing 3,527 3,158 Return on equity (average) neg neg Total liabilities and shareholders’ equity 8,167 7,287 Return on total assets (average) neg 0.6% Yes Return on capital employed (average) neg 1.1% CASH FLOW Own Return on operating capital (average) neg 2.0% Cash flow from operating activities -564 555 Profit/loss befo- Proposed divi- Equity/assets ratio 19.7% 24.7% Cash flow from investment activities -241 -258 re tax, SEK m dend, SEK m Cash flow from financing activities 660 -100 INVESTMENT AND DEPRECIATION Gross investment 252 284 Average number of yearly employees 10,308 9,802 -144 0 Depreciation and write-downs 261 247 - of which women 9,422 8,949

49 ASSIDOMÄN AB

www.asdo.se

Business concept turn appears to have bottomed out In 2000 and 2001, AssiDomän’s ope- and the demand situation is likely to rations focused on the ownership, improve towards the end of 2002. No management and cultivation of forest changes in the demand for round timber assets. The company’s predominant are forecast for early 2002. A stable asset is 2.4 million hectares of produc- market situation for sawn timber tive forest land. The group also inclu- goods is also anticipated. Develop- des a sawmill operation and a paper- ments in the paperboard market are board mill in Frövi. more uncertain, however. Significant events in 2001 and 2002 Strategy In May, the Corrugated & Container- New board of directors and Since 1999, AssiDomän has striven to board business area was sold to Kappa, management focus its operations by concentrating on a Dutch company. Following Sveaskog’s acquisition of Assi- the forestry business area. Through In early 2001, AssiDomän’s units in Domän, a new board of directors was restructuring measures, the company Karlsborg and Skärblacka were merged appointed on 14 January 2002. Extensive has attempted to create leading posi- with Stora Enso’s Gruvön mill to form restructuring work took place in 2001 tions in Europe for its various industrial the jointly-owned company Billerud AB. and new owners assumed responsibility operations. This has meant the disposal AssiDomän distributed the shares in Bil- for most of the industry. The chairman of sack and sack paper operations as lerud to its shareholders in conjunction at the time was Bernt Magnusson. Gun- well as barrier coating and paperboard with the stock exchange listing of the nar Palme was the Managing Director. operations. The mills in Karlsborg and jointly-owned company in November. Skärblacka have been hived off to the On 10 October, the board of direc- Board of directors from new company, Billerud AB (together tors of the 100 per cent state-owned 14 January 2002 with Stora Enso). AssiDomän has cont- company, Sveaskog AB, submitted a Bo Dockered, Chairman inued its efforts to find new and strong- public offer to acquire all of the outstand- Lars Johan Cederlund er structures for its remaining industrial ing shares in AssiDomän AB. By Februa- Åsa Domeij operations. ry 2002, more than 99 per cent of the Lena Johansson shareholders had transferred their shares Birgitta Johansson-Hedberg Market to Sveaskog. Compulsory redemption of Christina Liffner Despite the substantial slowdown in the remaining shares is now in progress. Lena Söderberg the global economy during the year, Lars Sköld was appointed the new Roland N. Johansson, Employee rep. demand for AssiDomän’s products Managing Director of AssiDomän AB Rolf Sellbrand, Employee rep. remained more or less stable. How- on 28 December. Gösta Utterström, Employee rep. ever, a slight decline was observed in AssiDomän was delisted from Claes Lindnér, Dep. employee rep. the demand for sawn timber products. Stockholmsbörsen on 28 January 2002. Karl Erik Rudh, Dep. employee rep. Prices have been under pressure due Lars Thorell, Dep. employee rep. to an excess supply of round timber Forecast for 2002 and sawn timber products. The market It is difficult to forecast future economic Managing Director for packaging board was satisfactory. developments, but the global down- Lars Sköld, from 28 December 2001

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 11,284 24,643 Assets 15 Expenses -8,783 -21,166 Fixed assets 20,998 30,173 12

Items affecting comparability 0 0 Current assets 8,087 10,131 9 Participations in associated companies 529 -4 Total assets 29,085 40,304 6 Operating profit/loss 3,030 3,473 3 Financial income 326 170 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -234 -553 Shareholders’ equity 21,313 24,945 0 Profit/loss before tax 3,122 3,090 Minority share of shareholders’ equity 0 29 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 145 -266 Provisions 5,922 7,488 tunities policy women, % Minority shares -1 -6 Long-term liabilities Net profit/loss for the year 3,266 2,818 - interest-bearing 483 936 - non-interest bearing 4 33 Yes 17 Proposed dividend 0 619 Current liabilities Environmental - interest-bearing 120 3,052 Environmental management policy system KEY RATIOS - non-interest bearing 1,243 3,821 Return on equity (average) 14.1% 14.8% Total liabilities and shareholders’ equity 29,085 40,304 Return on total assets (average) 9.7% 10.3% Yes Yes Return on capital employed (average) 12.7% 13.7% CASH FLOW Return on operating capital (average) 11.4% 14.3% Cash flow from operating activities 1,579 3,219 Profit/loss befo- Proposed divi- Equity/assets ratio 73.3% 62.0% Cash flow from investment activities 9,559 3,762 re tax, SEK m dend, SEK m Cash flow from financing activities -8,054 -5,326 INVESTMENT AND DEPRECIATION Gross investment 1,250 1,536 Average number of yearly employees 5,037 14,506 3,122 0 Depreciation and write-downs 630 1,619 - of which women 852 2,703

50 AB BOSTADSGARANTI

www.bostadsgaranti.se

Objective the results of the housing market sur- Planning, it is reasonable to assume Through the high quality of its opera- vey by the National Board of Housing, that the provision of guarantees will tions, AB Bostadsgaranti shall ensure Building and Planning indicate an increase this year compared with the purchasers of new tenant-owned increased demand not only in the previous year. apartments and owner-occupied dwel- metropolitan areas. An increasing lings adequate consumer protection at number of municipalities are repor- Dividend policy a reasonable cost. Through its own ting a housing shortage. There is a The owners have not made require- operations and its wholly-owned subsi- housing shortage in 61 municipalities, ments for a dividend from the company. diary Försäkringsaktiebolaget Bostads- compared with 45 municipalities a garanti, the company shall be a stable, year ago. In 2002, the National Board Assessment important player that ensures a func- of Housing, Building and Planning In view of the anticipated increase in tioning market for obligatory insuran- forecasts construction of 24,000 new housing construction, the type of con- ce, guarantees, warrantees and related apartments in Sweden, of which a sumer protection provided by AB products in the construction sector. large proportion will be tenant-owned Bostadsgaranti will continue to fulfil apartments. an important function. Strategy With a small organisation, the compa- Significant events in 2001 and 2002 ny shall maintain a high standard with The year 2001 was Försäkringsaktie- Board of directors 2001 regard to examining construction bolaget Bostadsgaranti’s first full Stig Brink, Chairman companies, projects and documents, in financial year. Michael Hagberg order to sign guarantees providing The company’s warranty business, Marianne Åbyhammar good consumer protection for purcha- under tenant-owner legislation, is Anders Lönnberg sers of new tenant-owned apartments increasing steadily as the greater part Thomas Kruuse and owner-occupied dwellings. of the construction taking place is con- Mårten Hansén struction of tenant-owned apartments. Sven Larsson Situational analysis Despite increased housing construc- Forecast for 2002 Managing Director tion in recent years, the level is still In light of the anticipated increase in Kåre Eriksson very low historically. The housing mar- housing construction described in the ket also varies greatly between differ- housing market survey by the Natio- ent regions of the country. However, nal Board of Housing, Building and

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 16 18 Assets 25 Personnel costs -3 -4 Non-interest bearing fixed assets 76 76 20 Other operating expenses -4 -7 Interest-bearing fixed assets 0 0 15 Items affecting comparability 0 0 Non-interest bearing current assets 9 5 10 Profit/loss from participations Interest-bearing current assets 140 165 in associated companies 0 0 Total assets 225 243 5 2001 2000 1999 Profit/loss before depreciation 9 7 0 Depreciation 0 0 Shareholders’ equity, provisions and liabilities Operating profit/loss 9 7 Shareholders’ equity 123 96 Equal oppor- Proportion of Net financial income/expense 7 7 Minority 0 0 tunities policy women, % Tax and minority shares 11 67 Provisions and untaxed reserves 74 85 Net profit/loss for the year 27 81 Interest-bearing liabilities 1 1 Non-interest bearing liabilities 27 61 No 62.5 Dividend paid 0 0 Total liabilities and shareholders’ equity 225 243 Environmental Environmental management policy system KEY RATIOS CASH FLOW Gross investment 77 76 Cash flow from operating activities 0 0 Interest coverage ratio (times) 6.3% 2.6% Cash flow from investment activities 0 0 No No Return on total assets (average) 8.1% 9.7% Cash flow from financing activities 0 0 Return on capital employed (average) - - Profit/loss befo- Proposed divi- Return on operating capital (average) - - Average number of yearly employees 8 8 re tax, SEK m dend, SEK m Return on equity (average) 11.4% 11.2% - of which women 5 5 Equity/assets ratio 78.3% 64.7% 16 0

51 CIVITAS HOLDING AB

Civitas Holding AB

Terms of reference duties. The company is run by the Board of directors 2001 Civitas Holding AB is responsible for management of Vasakronan AB. Egon Jacobsson, Chairman improving, developing and managing The explicit requirements and terms Lars V. Kylberg, Deputy chairman properties. The group is also responsi- of the owner are that the group’s equi- Håkan Bryngelson ble for disposing of properties and ty/assets ratio should amount to 50 per Georg Danell property-related assets which lack cent. Return on adjusted equity is to Gerd Engman long-term ownership potential for the correspond to the 5-year government Birgitta Kantola government. The group’s objective is bond rate plus 5 percentage points. Maria Lilja to generate maximum returns for the Claes Ljungh government on a long-term basis. Civi- Significant events in 2001 and 2002 Thomas Emanuelsson, Employee rep. tas Holding AB has a subsidiary com- The shares in Vasallen AB were distri- Marianne Gustafsson, Employee rep. pany, Vasakronan AB, and also a 38.5 buted to the owner during the year. per cent participating interest in the Managing Director listed property company Celtica AB. Assessment Håkan Bryngelson Civitas Holding AB is a holding The assessment for Civitas Holding AB company without any operational is reported under Vasakronan AB.

CIVITAS HOLDING AB

Celtica AB, 38.5% VASAKRONAN AB, 100%

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 2,831 2,736 Assets 20 Operating expenses -1,630 -1,653 Non-interest bearing fixed assets 23,851 21,996 15 Items affecting comparability 1,863 66 Interest-bearing fixed assets 1,245 0 Profit/loss from participations Non-interest bearing current assets 1,129 800 10 in associated companies 9 0 Interest-bearing current assets 496 513 5 Operating profit/loss 3,073 1,149 Total assets 26,721 23,309 2001 2000 1999 Financial income 246 37 0 Financial expenses -852 -694 Shareholders’ equity, provisions and liabilities Profit/loss before tax 2,467 492 Shareholders’ equity 9,223 9,941 Equal oppor- Proportion of Tax -701 -160 Minority 1 1 tunities policy women, % Minority shares 1 -1 Provisions and untaxed reserves 447 520 Net profit/loss for the year 1,767 331 Interest-bearing liabilities 14,287 11,090 Non-interest bearing liabilities 2,763 1,757 Yes 35 Proposed dividend 537 2,473 Total liabilities and shareholders’ equity 26,721 23,309 Environmental Environmental management policy system KEY RATIOS CASH FLOW Net indebtedness 12,561 10,589 Cash flow from operating activities 6 484 ISO Return on total assets (average) 13.3% 5.4% Cash flow from investment activities -3,086 -2,216 Yes 14001 Return on capital employed (average) 14.9% 6.0% Cash flow from financing activities 2,961 1,769 Return on operating capital (average) 14.5% 5.9% Profit/loss befo- Proposed divi- Interest coverage ratio (times) 3,9 1,7 Average number of yearly employees 359 394 re tax, SEK m dend, SEK m Return on equity (average) 18.4% 3.4% - of which women 126 118 Equity/assets ratio 34,5% 42,7% 2,467 537

52 V ASAKRONAN AB

www.vasakronan.se

Business concept in renegotiated contracts.The forecast Vasakronan shall be the leader in selec- for Vasakronan is that, with the current ted markets for commercial premises property holdings and before proceeds in Sweden – mainly offices.Vasakronan from property sales, earnings after net offers efficient premises and customer- financial items will increase to around adapted services to ensure satisfied and SEK 640 million. loyal customers.With high competence, continuous improvements and in Dividend policy co-operation with its customers,Vasa- tions to Sweden’s main cities through Vasakronan’s policy is to pay a divi- kronan shall achieve a strong market several major deals in 2001. Properties dend equivalent to 3 per cent of adjus- position and favourable earnings and in nine towns were sold to Norrporten. ted equity. However, the dividend shall value growth. The company is owned jointly by Vasa- not exceed 50 per cent of the profit for kronan and the Second and Sixth Swe- the year after net financial items and Strategy dish National Pension Funds.Vasakro- standard tax. Vasakronan’s strategy has both a func- nan has sold land to Skanska, NCC and tional and geographical focus. In func- JM and acquired centrally located pro- Assessment tional terms, the property holding is perties in Stockholm, Gothenburg and In 2001, the required rate of return was concentrated on commercial premises, Malmö from these companies. Three 9.7 per cent.The actual rate of return and in geographical terms there is a of the Hötorget skyscrapers in central dropped to 5.2 per cent as a result of focus on major cities in Sweden with Stockholm were acquired. the change in the market value of the good development potential. Vasakronan’s environmental policy company’s property stock. Over the is, in co-operation with customers, to past five years, Vasakronan has achie- Market conduct property operations in a man- ved its required rate of return by a The year 2001 was characterised by sig- ner conducive to achieving a long-term comfortable margin. nificant uncertainty regarding the Swe- sustainable society. In 2001, Vasakro- dish and international economy. This nan was awarded environmental certi- Board of directors 2001 has led to a greater degree of caution on fication in accordance with the inter- Egon Jacobsson, Chairman the market for rental premises. Firms national standard ISO 14001. Lars V. Kylberg, Deputy chairman are less willing to make long-term plans Vasakronan draws up an annual Håkan Bryngelson and sign new lease agreements. How- plan to promote equal opportunities. Georg Danell ever, growth is expected to be stronger Group management comprises 14 Gerd Engman in the metropolitan regions of Stock- people, three of which are women.The Birgitta Kantola holm, Gothenburg and Malmö than in Executive Committee has six mem- Maria Lilja the rest of Sweden.A low vacancy rate bers, including one woman. Claes Ljungh has helped to keep rents at a high level Thomas Emanuelsson, Employee rep. for prime office and shop premises. Forecast for 2002 Marianne Gustafsson, Employee rep. In spite of the prevailing economic Significant events in 2001 and 2002 slowdown,Vasakronan’s rental income Managing Director The company concentrated its opera- will increase as a result of higher rents Håkan Bryngelson

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Rental and property management income 2,725 2,662 Assets 20 Operating and maintenance costs -1,058 -1,085 Non-interest bearing fixed assets 23,964 21,107 15 Operating surplus 1,667 1,577 Interest-bearing fixed assets 1,072 0 Other operating expenses Non-interest bearing current assets 1,129 736 10 incl. depreciation -538 -492 Interest-bearing current assets 495 368 5 Other operating income 47 37 Total assets 26,660 22,211 2001 2000 1999 Items affecting comparability 1,863 84 0 Profit/loss from participations Shareholders’ equity, provisions and liabilities in associated companies 0 0 Shareholders’ equity 9,198 7,751 Equal oppor- Proportion of Operating profit/loss 3,039 1,206 Minority 1 1 tunities policy women, % Net financial income/expense -758 -746 Provisions and untaxed reserves 445 505 Tax and minority shares -669 -145 Interest-bearing liabilities 14,260 12,300 Net profit/loss for the year 1,612 315 Non-interest bearing liabilities 2,756 1,654 Yes 35 Total liabilities and shareholders’ equity 26,660 22,211 Environmental Proposed dividend 537 165 Environmental management policy system CASH FLOW KEY RATIOS Cash flow from operating activities 2 454 ISO Rental income (SEK)/m2 (average) 1,183 992 Cash flow from investment activities -1,709 -1,923 Yes 14001 Book value, properties 22,244 19,654 Cash flow from financing activities 1,732 1,478 Interest coverage ratio (times) 3,7 1,6 Profit/loss befo- Proposed divi- Return on capital employed (average) 14.4% 6.4% Average number of yearly employees 330 351 re tax, SEK m dend, SEK m Yield 8.0% 8.3% - of which women 115 102 Return on equity (average) 19.0% 4.1% Equity/assets ratio 34.5% 34.9% 2,282 537

53 A/O DOM SHVETSII

A/O Dom Shvetsii

Business concept Market Board of directors 2001 A/O Dom Shvetsii manages one pro- Demand for premises for new and old Gunnar Lundberg perty – Sweden House in St. Peters- companies will depend on how the Christer Alvemur burg. Russian market develops. Kirill V. Avdeev Fredrik Wirdenius Strategy Forecast for 2002 Carl-Johan Gunnarsson A/O Dom Shvetsii is a Russian limited The operations of A/O Dom Shvetsii company, 49 per cent of which is owned are completely dependent on the Managing Director by Skanska, 36 per cent by the Swedish extent of demand for premises in St. Risto Koppeli government and 15 per cent by the City Petersburg. At present, occupancy of of St. Petersburg. A/O Dom Shvetsii Sweden House is about 92 per cent. owns Sweden House and has the right of disposal of the land for 49 years and an area of some 5,000 m2 for letting. The largest tenant is the Swedish Consulate General.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Equity/assets ratio, % Net turnover 20 21 Assets 2,5 Operating expenses -6 -5 Non-interest bearing fixed assets 148 137 2,0

Items affecting comparability 0 0 Interest-bearing fixed assets 0 0 1,5 Profit/loss from participations Non-interest bearing current assets 5 2 1,0 in associated companies 0 0 Interest-bearing current assets 0 0 N/A 0,5 Operating profit/loss 15 16 Total assets 153 139 2001 2000 1999 Financial income 0 0 0,0 Financial expenses -16 -16 Shareholders’ equity, provisions and liabilities Profit/loss before tax -1 0 Shareholders’ equity 2 3 Equal oppor- Proportion of Tax 0 0 Minority 0 0 tunities policy women, % Minority shares 0 -1 Provisions and untaxed reserves 0 0 Net profit/loss for the year -1 -1 Interest-bearing liabilities 147 136 Non-interest bearing liabilities 4 0 No 100 Proposed dividend 0 0 Total liabilities and shareholders’ equity 153 139 Environmental Environmental management policy system KEY RATIOS CASH FLOW Net indebtedness 147 136 Cash flow from operating activities 0 0 Return on total assets (average) 10.0% 11.7% Cash flow from investment activities - - No No Return on capital employed (average) 10.2% 11.7% Cash flow from financing activities - - Return on operating capital (average) 10.2% 11.6% Profit/loss befo- Proposed divi- Interest coverage ratio (times) 0,9 1,0 Average number of yearly employees 2 2 re tax, SEK m dend, SEK m Return on equity (average) neg neg - of which women 2 2 Equity/assets ratio 1.5% 2.3% -1 0

54 GREEN CARGO AB

www.greencargo.com

Business concept Dividend policy Green Cargo is a transport and logistics The dividend should amount to company on the European market. Its approximately one-third of profit after customer base comprises companies in deduction of standard rate tax. The the Nordic business sector. The main dividend policy is under review. products are based on rail solutions. Road haulage and logistics services are Assessment integrated supplementary services, but The main challenge facing Green also independent customer offers. other goods. This resulted in reduced Cargo is unsatisfactory profitability. rail transport, which nevertheless During the year, extensive work on Strategy managed to retain its market share. the operational procedures began, Green Cargo focuses its offer on the which is expected to increase efficien- core business, customer-to-customer Significant events in 2001 cy and improve profitability. Green rail-based solutions with the least pos- 8 In February, major production Cargo improved punctuality by 5 per sible environmental impact. The com- planning began with Posten. For cent during the year. Thanks to pre- pany is driven by its vision of sustaina- the first time in Sweden, goods ventive measures, the company also ble development and its ambition is to trains will operate at 160 km/hour satisfactorily handled the severe weat- be the green alternative on the trans- using a new type of wagon. The her conditions towards the end of port market. Green Cargo is the only deal results in 3,400,000 road kilo- 2001. However, it is important that nationwide transport company to metres being replaced by the focus on profitability and efficien- meet the Swedish Society for Nature 1,340,000 rail kilometres. cy continues to be prioritised in the Conservation’s requirements for good 8 The group won its first fourth- next few years. environmental choice. party logistics contract. Celexor AB was set up in order to manage this Board of directors 2001 Market contract and similar contracts for Karl-Gunnar Holmqvist, Chairman Over the last few decades, Sweden’s logistics solutions. Christer Bådholm total transport volume has increased, 8 CargoNet AS, a new company for Eva Halvarsson but declined slightly in 2001 from the combined traffic, was formed joint- Kristina Rennerstedt very high levels in 2000. This was ly with Norges Statsbaner BA Peter Sandberg partly due to the impact of the global (NSB). Jan Sjöqvist economic downturn on Swedish 8 At the end of September, a decision Birgitta Strömberg exports, with lower demand as a was made to invest in a new comb- Carl-Viggo Östlund result. All types of transport except ined terminal at Hallsberg. Peter Lundmark, Employee rep. shipping were hit by reduced volumes. Stefan Bieder, Employee rep. The transport of highly processed Forecast for 2002 goods, which are mainly conveyed by The economic slowdown in the fourth Managing Director road, declined particularly. Road traf- quarter of 2001 is expected to continue Jan Sundling fic compensated for its loss by gaining in 2002. Green Cargo therefore expects increased shares of the transport of to show weak earnings in 2002 as well.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT Pro forma BALANCE SHEET Pro forma Turnover, SEK m Net turnover 6,303 6,364 Assets 8,000 Expenses -6,284 -6,322 Fixed assets 1,893 2,060 7,000 6,000 Items affecting comparability -47 –1,218 Current assets 1,786 2,253 5,000 Participations in associated companies 8 7 Total assets 3,679 4,313 4,000 Operating profit/loss -20 -1,169 3,000 2,000 Financial income 74 11 Shareholders’ equity, provisions and liabilities 1,000 2001 2000 1999 Financial expenses -130 -109 Shareholders’ equity 732 347 0 Profit/loss before tax -76 -1,267 Minority share of shareholders’ equity 10 5 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -103 e.t Provisions 99 106 tunities policy women, % Minority shares 2 e.t Long-term liabilities Net profit/loss for the year -177 e.t - interest-bearing 1,621 1,687 - non-interest bearing 1 1 Yes 11 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 157 306 Environmental management policy system KEY RATIOS - non-interest bearing 1,059 1,861 Return on equity (average) neg - Total liabilities and shareholders’ equity 3,679 4,313 Return on total assets (average) 1.4% - Yes Return on capital employed (average) 2.4% - CASH FLOW Own Return on operating capital (average) neg - Cash flow from operating activities -78 9 Profit/loss befo- Proposed divi- Equity/assets ratio 20.2% - Cash flow from investment activities -992 481 re tax, SEK m dend, SEK m Cash flow from financing activities 1,019 82 INVESTMENT AND DEPRECIATION Gross investment 174 e.t Average number of yearly employees 3,902 1,332 -76 0 Depreciation and write-downs 212 217 - of which women 442 240

55 AB GÖTA KANALBOLAG

www.gotakanal.se

Objective other activities such as forestry and pro- Using high-quality measures that take perty management, will improve the the environment into consideration, AB company’s finances in the long term. Göta kanalbolag shall safeguard and develop the Göta Canal, Sweden’s lar- Dividend policy gest historical man-made structure. The The company does not pay a dividend. Göta Canal shall be Sweden’s leading tourist waterway and visitor attraction. Assessment moting tourism in the areas along the Through central government grants and Strategy canal. The number of local entrepre- other measures, the company has cont- The company shall carefully maintain neurs is continually rising and the inued the work of enhancing the canal’s the canal and its historical environ- image of a lively tourist cluster is beco- value as a historical structure. Collabo- ment and, as far as possible, return the ming ever more apparent. Environmen- ration with the municipalities through canal and its surroundings – the canal tally-friendly forestry operations are to which the canal runs and with county corridor – to its original state. The generate maximum returns. During the labour boards as well as participation in company shall work in partnership year, the company’s forestry adminis- various EU projects has increased the with the municipalities through which tration was environmentally certified in company’s financial ability to carry out the canal passes, county councils, accordance with the FSC. the historical restoration of the canal. county administrative boards and the The company participates actively in local business sector to arrange events Significant events in 2001 and 2002 the tourism network along the canal. and activities adapted to the unique The year 2002 is the final year of the nature of the canal, thereby widening “Along the Göta Canal” project aimed Board of directors 2001 the range of services and attractions at increasing the number of visitors to Kaj Janérus, Chairman along the Göta Canal. the canal attractions. Prior to 2003, Christer Berggren, Deputy chairman The company shall offer as many negotiations will be held to extend the Elving Andersson people as possible access to recreation project for at least another three years. Anita Modin and active leisure activities along the The company has continued to work Lars-Olof Svenheim canal and shall also offer visitors max- together with the county labour Thord Söderlund imum services in view of Göta’s Canal’s boards on the restoration of the com- Ragnhild Wärn environmental, natural and cultural pany’s buildings of historical interest. Britt-Marie Löfström, Employee rep. values. The company shall work to The Objective 2 EU project in West- Per-Olof Åhfeldt, Employee rep. increase the volume of passenger and ern Götaland (2001–05) is in progress Billy Johansson, Dep. employee rep. pleasure craft traffic. at a cost of SEK 22 million, 40 per cent Leif Pettersson, Dep. employee rep. of which is contributed by the EU. Situational analysis Managing Director The canal is growing in popularity Forecast for 2002 Claes-Göran Österlund every year, thanks to the company’s The company is working constantly to efforts to preserve the cultural history increase the volume of boat traffic on of the area and its commitment to pro- the canal. This, in combination with

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 40 41 Assets 50 Expenses -40 -42 Fixed assets 45 44 40

Items affecting comparability 1 2 Current assets 7 7 30 Participations in associated companies 0 0 Total assets 52 51 20 Operating profit/loss 1 1 Financial income 0 1 Shareholders’ equity, provisions and liabilities 10 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 41 40 0 Profit/loss before tax 1 2 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 1 2 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 28 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 11 11 Return on equity (average) 2.5% 5.1% Total liabilities and shareholders’ equity 52 51 Return on total assets (average) 1.9% 4.0% Yes Yes Return on capital employed (average) 2.5% 5.1% CASH FLOW Return on operating capital (average) 8.0% 12.5% Cash flow from operating activities 4 4 Profit/loss befo- Proposed divi- Equity/assets ratio 78.8% 78.4% Cash flow from investment activities -3 -7 re tax, SEK m dend, SEK m Cash flow from financing activities 3 -1 INVESTMENT AND DEPRECIATION Gross investment 5 8 Average number of yearly employees 57 59 1 0 Depreciation and write-downs 2 2 - of which women 16 15

56 IMEGO AB

www.imego.com

Business concept Forecast for 2002 Imego AB is a wholly-owned state In 2001, the company signed around enterprise with the mission of carrying 15 contracts, the largest of which was on the research and development of a two-year contract worth SEK 23 new products and processes in micro- million. As a result, 50 per cent of electronics and related areas, in co-ope- expected orders for 2002 were already ration with companies, institutes of high- realised at the beginning of the year. er education and industrial research The company intends to financially institutes. The institute has therefore cal and biological analysis and magne- exploit the work on array chips for focused its business activities on micro- tic nanoparticles for protein analysis chemical and biological analysis electronics, micromechanics and sensor and medical diagnostics. Microelectro- during the year. systems. Silicon-based sensor proto- nics is used in products such as nozz- types have become an important area. les for printers, read and write heads Assessment for hard disk drives, pressure sensors, Revenues from assignments rose more Strategy accelerometers for airbags, micromir- sharply than expected in 2001 and Imego AB has organised its business rors for projectors and medical diag- now exceed the assumptions made in activities around the problem areas nostic equipment. the studies which preceded the com- optical/IR systems, micromechanics, pany’s formation. In 2003, the govern- material and surface properties, sys- Significant events in 2001 and 2002 ment intends to evaluate the compa- tems design, ASIC design, electromag- The company had 15 customer con- ny’s research activities and contacts netic sensors, fabrication methods and tracts in 2001. These included joint with the business sector as well as the product design. One of the company’s projects with other major companies level of external financing strategies is not to invest in production such as Saab Bofors Dynamics and equipment but instead to develop small companies such as Fixturlaser. Board of directors 2001 strong relationships both with institu- One operational objective is to Mauritz Sahlin, Chairman tes of higher education and companies develop a product of its own each Thomas Lewin with the capacity for experiments and year. In 2000, Bluetooth based mobile Göran Netzler production. Imego AB will continue to wireless sensor testing equipment call- Aina Nilsson invest in software, equipment for elec- ed TrySence was developed in part- Eva Olsson tronic verification and chemical and nership with Acreo and IVF. Pär Omling optical laboratories. Imego’s organisa- In 2001, the SunSitive sun dose Lena Torell tional model with its own research as meter was launched, which measures part of operations enables close co- the effective dose of insolation relative Managing Director operation with the universities. to the amount of suntan cream appli- Bill Brox ed. Imego AB applied for 25 patents Market up to the end of December 2001. The areas in which Imego AB has The number of employees more made the most progress are microme- than doubled as a result of the large chanical gyros, array chips for chemi- demand for the company’s services.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 35 18 Assets 35 Expenses -41 -24 Fixed assets 20 8 30 Items affecting comparability 0 0 Current assets 62 74 25 20 Participations in associated companies 0 0 Total assets 82 82 15 Operating profit/loss -6 -6 10 Financial income 3 1 Shareholders’ equity, provisions and liabilities 5 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 76 79 0 Profit/loss before tax -3 -4 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -3 -4 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 24 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 6 3 Return on equity (average) neg neg Total liabilities and shareholders’ equity 82 82 Return on total assets (average) neg neg Yes No Return on capital employed (average) neg neg CASH FLOW Return on operating capital (average) neg neg Cash flow from operating activities 5 -4 Profit/loss befo- Proposed divi- Equity/assets ratio 92.5% 96.2% Cash flow from investment activities -18 -7 re tax, SEK m dend, SEK m Cash flow from financing activities 0 47 INVESTMENT AND DEPRECIATION Gross investment 18 7 Average number of yearly employees 38 21 -3 0 Depreciation and write-downs 7 4 - of which women 9 5

57 IRECO HOLDING AB

www.ireco.se

Business concept institutes’ long-term strategic skills To manage the state’s shares in indus- development. trial research institutes and to promo- When nominating and appointing te the institutes’ skills development board members of the institutes, and co-operation with the business IRECO works towards the boards sector, universities and institutes of having competent members of both higher education. The company genders. should also promote an appropriate institutional structure and be an ac- portion of public funds allocated to Dividend policy tive, professional owner. industrial research institutes is relati- The company’s purpose is not to pro- vely small. Public financing of the vide a profit for the shareholders but Strategy institutes has changed in the last few to promote technological develop- The company assists the industrial years, which affects the institutes and ment and the spread of knowledge in research institutes in converting from their activities. the business sector. A dividend is not foundations into limited companies, therefore paid to the shareholders. with the state as minority owner and Significant events in 2001 and 2002 the business sector as majority owner. All but one of the industrial research Assessment The owners sign shareholders’ agree- institutes in IRECO’s sphere of inter- During the year, the company contin- ments which ensure the state has real est conduct their operations as limited ued its successful work of converting ownership influence on important companies from 2002 onwards. the industrial research institutes into matters. The agreements entitle IRECO is a part-owner of eleven of limited companies and of signing sha- IRECO to nominate its own board the fifteen institutes. In 2002, IRECO reholders’ agreements with industry members in the companies. IRECO intends to acquire minority blocks of regarding part ownership for IRECO. allocates funds for the institutes’ long- shares in the other four companies as The company has indirectly contribu- term skills development and contribu- well as the institute that intends to ted to improving the efficiency of the tes to the financing of joint projects convert into a limited company during institutes’ operations and continued between the institutes and new uni- the year. The conversion process is work on the further development of versities and institutes of higher edu- thus considered to be completed. the institutes’ structure cation. The owners work jointly towards an appropriate structure with Forecast for 2002 Board of directors 2001 competitive institutes. IRECO is entering a new phase with Gunnar Svedberg, Chairman three main tasks: to be an active Christer Berggren Situational analysis owner; to be responsible for the Madeleine Cæsar The institutes form part of the nation- restructuring of the industrial research Lennart Lübeck al innovation system and carry out a institutes into fewer but larger inter- Tomas Salzmann large part of the demand-led research. nationally competitive institutes, by Lena Torell Sweden invests more in R&D, relative order of the Riksdag and in co-opera- to GDP, than any other country. Com- tion with the institutes’ other owners; Managing Director pared with other countries, the pro- and to take part in the financing of the Håkan Widmark

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 102 105 Assets 120 Expenses -102 -105 Fixed assets 0 0 100 Items affecting comparability 0 0 Current assets 26 17 80 Participations in associated companies 0 0 Total assets 26 17 60 Operating profit/loss 0 0 40 Financial income 0 0 Shareholders’ equity, provisions and liabilities 20 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 4 1 0 Profit/loss before tax 0 0 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 0 0 - interest-bearing 0 0 - non-interest bearing 0 0 No 67 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 22 16 Return on equity (average) 0.0% 0.0% Total liabilities and shareholders’ equity 26 17 Return on total assets (average) 0.0% 0.0% No No Return on capital employed (average) 0.0% 0.0% CASH FLOW Return on operating capital (average) 0.0% 0.0% Cash flow from operating activities 0 0 Profit/loss befo- Proposed divi- Equity/assets ratio 15.4% 5.9% Cash flow from investment activities 0 0 re tax, SEK m dend, SEK m Cash flow from financing activities 0 0 INVESTMENT AND DEPRECIATION Gross investment 0 0 Average number of yearly employees 3 3 0 0 Depreciation and write-downs 0 0 - of which women 2 2

58 KASERNEN FASTIGHETS AB

Terms of reference isation of the Swedish Armed Forces Board of directors 2001 Kasernen Fastighets AB shall own, let to one half of its original size, which in Christer Alvemur, Chairman and manage property with the inten- the long term can reduce rental inco- Björn Andersson tion of providing student housing, me. Lena Jönsson hotel rooms and permanent dwellings Arne Lorentzon primarily for employees of the Swe- Important events in 2000 and 2001 Monica Lundberg dish Armed Forces. Construction in Halmstad of three The explicit requirements and buildings containing 129 flats was Managing Director terms of the owner are that the com- completed in October 2001. The Arne Lorentzon pany’s equity/assets ratio should investment is estimated at approxima- amount to 25 per cent, based on tely SEK 50 million. adjusted shareholders’ equity. Return on adjusted equity should Forecast for 2001 be equivalent to the five-year govern- Rental revenues may increase as a result ment bond rate plus 2.5 percentage of completed construction work in 2001. points. Kasernen Fastighets AB’s forecast The group’s dividend policy is to dis- for 2002 is an increase in profits after tribute 50 per cent of the net profit for net financial items and before any ear- the year.When deciding on a dividend, nings from property sales. the financial situation of the company shall be taken into account. Assessment In 2001, Kasernen Fastighets AB fulfil- Strategy led the financial objectives and other Kasernen Fastighets AB shall offer established targets imposed on the quality and practical premises primari- company by the owner. ly intended for employees of the Swe- Kasernen Fastighets AB has been dish Armed Forces. assessed as having too small an opera- tion to draw up environmental plans Market and environmental management sys- During the spring of 2000, the Riks- tems. Kasernen has three employees, dag resolved to reduce the basic organ- including one woman.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Rental and property management income 27 27 Assets 10 Operating and maintenance costs -4 -4 Non-interest bearing fixed assets 252 222 8

Operating surplus 23 23 Interest-bearing fixed assets 0 0 6 Other operating expenses incl. depreciation -9 -8 Non-interest bearing current assets 5 2 4 Other operating income 0 0 Interest-bearing current assets 12 17 Items affecting comparability 1 1 2 Total assets 269 241 2001 2000 1999 Profit/loss from participations 0 in associated companies 0 0 Shareholders’ equity, provisions and liabilities Operating profit/loss 15 16 Shareholders’ equity 73 70 Equal oppor- Proportion of Net financial income/expense -8 -8 Minority 0 0 tunities policy women, % Tax and minority shares -2 -2 Provisions and untaxed reserves 4 4 Net profit/loss for the year 5 6 Interest-bearing liabilities 175 161 Non-interest bearing liabilities 17 6 No 33 Proposed dividend 3 3 Total liabilities and shareholders’ equity 269 241 Environmental Environmental management policy system KEY RATIOS CASH FLOW Rental income (SEK)/m2 (average) 844 794 Cash flow from operating activities 19 9 Book value, properties 252 222 Cash flow from investment activities -35 3 No No Interest coverage ratio (times) 1,8 1,8 Cash flow from financing activities 11 -10 Return on capital employed (average) 6.7% 7.7% Profit/loss befo- Proposed divi- Yield 9.7% 10.2% Average number of yearly employees 3 3 re tax, SEK m dend, SEK m Return on equity (average) 7.0% 8.8% - of which women 1 1 Equity/assets ratio 27.1% 29.0% 7 0

59 KUNGLIGA DRAMATISKA TEATERN AB

www.dramaten.se

Objective entails considerable improvements to favourable circumstances, has conside- Kungliga Dramatiska Teatern AB stage technology, a better working rably improved and stabilised the (Dramaten), or the Royal Dramatic environment and improved safety. financial position of Dramaten. Theatre of Sweden, is Sweden’s nation- Another important event in 2001 was al stage for spoken theatre. It is a non- when Dramaten’s production of Board of directors 2001 profit organisation. “Ghost Sonata”, directed by Ingmar Jan-Erik Wikström, Chairman Bergman, won the new Scandinavian Eva Bonnier Strategy National Theatre Prize. Ingrid Dahlberg As the national stage, Dramaten shall Inger Efraimsson have a varied repertoire, with a good Forecast for 2002 Lennart Låftman balance between classical and modern Dramaten expects to achieve a break- Sam Nilsson drama. Every year, it shall perform at even result in 2002. Per Wästberg least one new work by a Swedish Gunnel Fred, Employee rep. playwright. Dramaten shall further aim Dividend policy (from 1 Nov. 2001) to attract the maximum number of None. Dramaten’s activities are not Marie Göranzon, Employee rep. visitors to its home stages, and to make intended to generate dividends for its (until 31 Oct. 2001) itself available to a nationwide audien- owner. Pär Sundgren, Employee rep. ce through, for example, guest perfor- (from 1 Nov. 2001) mances and by working in partnership Assessment Kjäll Åkerblom, Employee rep. with radio and television. The level of During the year, the theatre focused on (until 31 Oct. 2001) craftsmanship in workshops and studi- achieving in the best way possible the Jan Damberg, Dep. employee rep. os shall be high. Marketing activities targets for quality, accessibility and (until 31 Oct. 2001) shall be developed continuously using, renewal laid down as a condition for Barbro Forsgårdh, Dep. employee rep. among other things, IT technology. the government’s subsidy to Drama- (from 1 Nov. 2001) ten. The degree to which these targets Lars Lindberg, Dep. employee rep. Significant events in 2001 and 2002 have been met is satisfactory. The first stage of extensive restoration The record audience coverage of Managing Director work in the main auditorium was car- 91 per cent in 2000 increased further Ingrid Dahlberg ried out in the summer of 2001. The to 92 per cent in 2001, resulting in a second and final phase is planned for continued high level of box-office summer 2002. The restoration work receipts. This, together with other

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 229 219 Assets 250 Expenses -227 -211 Fixed assets 20 20 200

Items affecting comparability 0 10 Current assets 51 61 150 Participations in associated companies 0 0 Total assets 72 81 100 Operating profit/loss 2 18 50 Financial income 1 1 Shareholders’ equity, provisions and liabilities 2001 2000 1999 0 Financial expenses 0 0 Shareholders’ equity 24 21 Profit/loss before tax 3 19 Minority share of shareholders’ equity 0 0 Appropriations 0 -4 Untaxed reserves 6 6 Equal oppor- Proportion of Tax 0 0 Provisions 0 15 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 3 15 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 43 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 42 40 Return on equity (average) 11.2% 109.2% Total liabilities and shareholders’ equity 72 81 Return on total assets (average) 3.9% 29.9% No No Return on capital employed (average) 11.2% 116.0% CASH FLOW Return on operating capital (average) neg neg Cash flow from operating activities -6 39 Profit/loss befo- Proposed divi- Equity/assets ratio 39.9% 31.3% Cash flow from investment activities -6 -9 re tax, SEK m dend, SEK m Cash flow from financing activities 0 0 INVESTMENT AND DEPRECIATION Gross investment 6 9 Average number of yearly employees 335 312 3 0 Depreciation and write-downs 5 5 - of which women 143 128

60 KUNGLIGA OPERAN AB

www.operan.se

Objective its 475th anniversary during the year events organised by Operan rose from Kungliga Operan AB (Operan), or the and the Royal Swedish Ballet was invi- 407 in 2000 to 418 in 2001. Average Royal Opera, is Sweden’s national ted to a festival in Montpellier, France audience coverage during performan- stage for opera and ballet. It is a non- for an original performance. Closer ces on the main stage increased from profit organisation. collaboration was initiated with Sveri- 76 to 85 per cent for opera, but drop- ges Television and Radio P2 during the ped from 77 to 73 per cent for ballet. Strategy year. Operan performed a number of The financial situation is, however, vul- As the national stage, Operan shall arias and scenes from various operas at nerable due to high fixed costs and rela- have a varied repertoire of opera and the Nobel Dinner and the silver wed- tively low equity in relation to sales. ballet, with a good balance between ding anniversary celebrations of the classical and modern works. Every Swedish King and Queen. Board of directors 2001 year, it shall perform at least one new Hans Dalborg, Chairman work of musical drama or choreogra- Forecast for 2002 Benny Andersson phy by a Swede. Operan shall aim to Operan forecasts a breakeven result Horace Engdahl attract the maximum number of visi- for 2002. Ulla Reinius tors and shall constantly develop its Karin Starrin audience work in this respect. Its Dividend policy Jan Stenberg repertoire shall, as far as possible, be None. Operan’s activities are not Carl Tham made available to a nationwide audi- intended to generate dividends for its Meg Tivéus ence through guest performances, owner. Eric Alm, Employee rep. recordings and co-operation with Gunnar Lundberg, Employee rep. radio and television, etc. A high level Assessment Madeleine Onne, Employee rep. of craftsmanship shall be maintained Operations have focused on achieving Peter Bergström, Dep. employee rep. in the workshops and studios. the targets for quality, accessibility and Gun-Maj Lundén, Dep. employee rep. renewal laid down as a condition for Significant events in 2001 and 2002 the government’s subsidy of Operan. Managing Director Operan’s repertoire in 2001 encompas- The degree to which these targets have Bengt Hall sed 50 productions and premières. been met is satisfactory in terms of the Kungliga Hovkapellet (the Royal breadth and diversity of the repertoire. Swedish Opera Orchestra) celebrated The number of performances and other

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 363 349 Assets 400 350 Expenses -376 -340 Fixed assets 23 26 300 Items affecting comparability 0 0 Current assets 41 38 250 Participations in associated companies 0 0 Total assets 63 64 200 150 Operating profit/loss -13 9 100 Financial income 1 1 Shareholders’ equity, provisions and liabilities 50 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 1 14 0 Profit/loss before tax -13 10 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -13 10 - interest-bearing 11 13 - non-interest bearing 0 0 Yes 46 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 51 37 Return on equity (average) neg 108.9% Total liabilities and shareholders’ equity 63 64 Return on total assets (average) neg 12.7% Yes Return on capital employed (average) neg 43.7% CASH FLOW Own Return on operating capital (average) neg neg Cash flow from operating activities 7 -19 Profit/loss befo- Proposed divi- Equity/assets ratio 2.1% 21.8% Cash flow from investment activities -3 -5 re tax, SEK m dend, SEK m Cash flow from financing activities 4 -24 INVESTMENT AND DEPRECIATION Gross investment 3 5 Average number of yearly employees 601 595 -13 0 Depreciation and write-downs 6 7 - of which women 276 280

61 LERNIA AB

www.lernia.se

Business concept taken to achieve increased flexibility Lernia shall develop people for an evol- and efficiency in business activities has ving working life. The company aims to yielded results. During the year, labour be a broad, versatile competence com- market training’s share of the compa- pany offering training, professional ny’s total revenue continued to fall, development and contract staff. which was fully in line with the com- pany’s strategy. Contract staff opera- Strategy tions continued to show very strong Lernia continues to focus on the cor- (formerly Managing Director of KPA). growth. porate market and the local govern- Lernia, ABB, Metall and Skandia joint- ment market. These areas are to joint- ly formed the company Svenska Kun- Board of directors 2001 ly account for around half of Lernia’s skapshusen AB. Lernia won two major Bo Dockered, Chairman turnover in the short term. The com- school contracts in Gothenburg and Lennart Hjalmarson pany shall further focus operations on Stockholm. Lernia won a number of Jonas Iversen the customer and the market. Local large readjustment contracts. The Karin Kronstam work is combined with regional and company completed the strategic task Margareta Lewin central efforts to create synergies and of developing relations with LAN. Anna-Stina Nordmark-Nilsson more business in all operational areas. Tone Tingsgård Forecast for 2002 Inge Lindroth, Employee rep. Market Increased turnover focused on growth Lena Lundberg, Employee rep. Individuals are expected to have increa- markets and thus also increased profit- Bo-Gunnar Blomquist, sed opportunities for influencing their ability compared with 2001. Dep. employee rep. skills development and the school mar- Olle Eriksson, Dep. employee rep. ket is expected to be more accessible Dividend policy since increasingly large areas of it are The company shall normally distribu- Managing Director being contracted out. Companies require te 6 per cent of adjusted equity or a Ingemar Alserud skills training and professional develop- maximum 50 per cent of net profit. ment programmes for their employees in order to increase their competitiveness. Assessment Lernia is the largest player on the Consolidated earnings showed a mar- Swedish education and training mar- ked improvement in 2001. Earnings ket and the fifth largest company in for 2001 increased by SEK 172 milli- the employment agency business. on to SEK 12 million. Return on total Companies and organisations are assets was 2.0 per cent, return on capi- increasingly using contract staff. tal employed 4.5 per cent and return on equity 4.3 per cent, compared with Significant events in 2001 and 2002 negative returns in 2000. A strong During 2001, Ingemar Alserud was contributory reason for the improve- appointed new Managing Director ment in earnings was that the action

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 1,746 1,770 Assets 5 Expenses -1,737 -1,935 Fixed assets 156 166 4

Items affecting comparability 0 0 Current assets 412 476 3 Participations in associated companies 0 0 Total assets 568 642 2 Operating profit/loss 9 -165 1 Financial income 4 6 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -1 -1 Shareholders’ equity 284 272 0 Profit/loss before tax 12 -160 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 34 104 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 12 -160 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 34 Proposed dividend 6 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 250 266 Return on equity (average) 4.3% neg Total liabilities and shareholders’ equity 568 642 Return on total assets (average) 2.1% neg Yes EMAS Return on capital employed (average) 4.7% neg CASH FLOW Return on operating capital (average) 5.4% neg Cash flow from operating activities -17 43 Profit/loss befo- Proposed divi- Equity/assets ratio 50.0% 42.4% Cash flow from investment activities -27 -38 re tax, SEK m dend, SEK m Cash flow from financing activities 0 0 INVESTMENT AND DEPRECIATION Gross investment 36 47 Average number of yearly employees 2,521 2,556 12 6 Depreciation and write-downs 43 69 - of which women 853 849

62 SWEDISH CIVIL AVIATION ADMINISTRATION (LUFTFARTSVERKET)

www.lfv.se

Objective fitability target likely to be met, but rath- The Swedish Civil Aviation Adminis- er will be around 5 per cent. tration (LFV), which is a public enter- prise, is tasked with creating the neces- Dividend policy sary conditions for safe, efficient and One third of the year’s net profit. environmentally-adapted aviation.The Swedish Civil Aviation Administration Assessment supplies, operates and develops the sta- The Swedish Civil Aviation Adminis- te’s airports and air traffic services.The certain routes. The market is expected tration is currently in the midst of an Swedish Civil Aviation Administration to pick up slowly over the next five extensive investment programme, shall be responsible for protecting the years and to reach the same passenger which includes both restructuring and environment against pollution from volumes in 2005 as before 11 Septem- cost-cutting measures. This means that civil aviation and shall be responsible ber. Alliances and collaboration bet- it will not be possible in the next few for contingency planning for civilian ween airlines is one way of creating years to meet the targets which have air transport. value for customers and cutting costs. been set. The cost-cutting programme comprises measures intended to impro- Strategy Significant events in 2001 and 2002 ve profits by a total of SEK 500 milli- The Swedish Civil Aviation Adminis- In 2001, investment amounted to SEK on. At least half of these measures are tration shall contribute to economically 3,224 million, which is the highest to be implemented in 2002. The secu- viable and long-term sustainable provi- figure for any single year. The decline rity fee is being raised from 1 July 2002 sion of transport for citizens and the in demand was compounded by the in a move towards full cost coverage. business sector throughout Sweden. events of 11 September. As a result, The Swedish Civil Aviation Adminis- the Swedish Civil Aviation Administra- Board of directors 2001 tration shall be responsible for the com- tion has shelved plans to develop the Ulf Adelsohn, Chairman mercial operation and development of southern terminal at Arlanda Airport. Anna Grönlund the government’s air traffic services, air- The terrorist attacks not only led to a Mats Nilsson ports and associated operations. drop in income, but also resulted in an Jan Orrenius The long-term yield requirement is increase in costs due to higher insur- Eva Plogéus for profit after the equivalent of taxation ance premiums and increased security. Ingrid Bonde to amount to 8 per cent of shareholders’ Krister Örnfjäder equity. The debt/equity ratio should Forecast for 2002 Lars Andersson, Employee rep. amount to 25 per cent in the long term. Profit after net financial items is esti- Krister Falk, Employee rep. mated to improve in 2002 compared Monica Larsson, Dep. employee rep. Situational analysis with 2001. The Swedish Civil Aviation Roal Nilssen, Dep. employee rep. The terrorist attacks of 11 September Administration plans investment of just 2001 had severe consequences on the over SEK 2 billion in 2002. As a result Director-General airline industry. Airlines were forced of this, the equity/assets target will not Lars Rekke to reduce the number of departures be met in 2002 but will remain at and discontinue flights altogether on around 18 per cent. Neither is the pro-

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 5,088 5,007 Assets 6,000 Expenses -4,965 -4,151 Fixed assets 13,560 11,375 5,000 Items affecting comparability 0 0 Current assets 1,419 1,192 4,000 Participations in associated companies 20 -31 Total assets 14,978 12,567 3,000 Operating profit/loss 143 825 2,000 Financial income 27 9 Shareholders’ equity, provisions and liabilities 1,000 2001 2000 1999 Financial expenses -150 -201 Shareholders’ equity 2,882 2,805 0 Profit/loss before tax 20 633 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -7 -186 Provisions 3,067 2,806 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 13 447 - interest-bearing 5,563 3,867 - non-interest bearing 1,536 1,529 Yes 37 Proposed dividend 4 52 Current liabilities Environmental - interest-bearing 30 60 Environmental management policy system KEY RATIOS - non-interest bearing 1,900 1,500 Return on equity (average) 0.5% 17.3% Total liabilities and shareholders’ equity 14,978 12,567 ISO Return on total assets (average) 1.2% 7.1% Yes 14001 Return on capital employed (average) 1.7% 9.8% CASH FLOW Return on operating capital (average) 1.2% 10.9% Cash flow from operating activities 1,188 1,270 Profit/loss befo- Proposed divi- Equity/assets ratio 19.2% 22.3% Cash flow from investment activities -3,167 -2,596 re tax, SEK m dend, SEK m Cash flow from financing activities 2,042 1,060 INVESTMENT AND DEPRECIATION Gross investment 3,224 2,660 Average number of yearly employees 4,380 4,246 20 4 Depreciation and write-downs 989 775 - of which women 1,599 1,546

63 LUOSSAVAARA KIRUNAVAARA AB, LKAB

www.lkab.se

Business concept Dividend policy LKAB shall, on a commercial basis, LKAB’s dividend policy is that one- maintain and cost-effectively market, third of the group’s forecast profit produce and supply refined, quality- after financial items and standard tax assured iron ore products from Malm- over a business cycle shall be distribu- fälten. ted to shareholders.

Strategy Assessment LKAB shall be the obvious first choice Significant events in 2001 and 2002 The year 2001 was characterised by a of supplier of technical and first-class World raw steel production amounted decline in earnings for LKAB, primari- quality pellet products and value-adding to approximately 840 Mt in 2001, ly due to lower delivery volumes but services for steel production. This vision which was only 0.9 per cent lower than also to higher production costs. LKAB is based on the position the company the record levels achieved in 2000. As a failed to meet its economic and finan- aims to achieve in the pellet market. result of the slowdown in the global eco- cial targets for the year. LKAB’s strong market position is nomy, however, the steel industry based on further processing. To ensure experienced a decline in the inflow of Board of directors 2001 that it retains and develops this posi- orders and lower steel prices. Due to the Björn Sprängare, Chairman tion further, LKAB is purposefully fall in demand, deliveries by LKAB drop- Carl Ameln focusing on product development. Fur- ped to 18.9 Mt (20.8) during the year. Lars-Åke Helgesson ther refinement is of strategic import- There was a substantial decline in Hans Christer Olson ance for the future. Continuously the market for pellets. LKAB was for- Carl Wilhelm Ros improved products that give the custo- ced to shut one of its pellets plants for Ursula Tengelin mer added value are essential in achie- a period of more than two months. At Egil M. Ullebö ving this goal. Quality assurance is a the end of June 2001, the steel band Lars Östholm basic prerequisite for maintaining plant in Malmberget was shut down. Christer Berggren, Deputy world-class standards. There is currently an excess supply of Håkan Bäckström, Employee rep. pellets. It is expected that the compa- Hans Larsson, Employee rep. Market ny will be able to increase its capacity Karl Wikström, Employee rep. The consolidation of the steel industry in 2002. Tomas Kohkoinen, Dep. employee rep. continues. Steel companies are merging Torsten Thornéus, Dep. employee rep. to form increasingly larger and stronger Forecast for 2002 Henrik Åhult, Dep. employee rep. constellations. The same applies to iron In view of the uncertainty regarding ore suppliers, who are strengthening the global economy and the future Managing Director their positions through acquisitions, development of the steel market, the Carl Ameln (Martin Ivert from mergers and integration with steel pro- outlook for LKAB’s iron ore deliveries 1 January 2002) ducers. Faced with increasingly fierce is difficult to assess. LKAB’s earnings competition, LKAB has also assessed a are expected to improve slightly in number of different alternatives aimed 2002, providing that the recession does at strengthening its market position. not deepen any further.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 4,870 4,882 Assets 5 Expenses -4,803 -4,409 Fixed assets 7,325 7,495 4

Items affecting comparability 0 0 Current assets 4,606 4,719 3 Participations in associated companies 0 0 Total assets 11,931 12,214 2 Operating profit/loss 67 473 Financial income 88 198 Shareholders’ equity, provisions and liabilities 1 2001 2000 1999 Financial expenses -93 -80 Shareholders’ equity 8,609 8,789 0 Profit/loss before tax 62 591 Minority share of shareholders’ equity 46 41 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -15 -179 Provisions 2,160 2,285 tunities policy women, % Minority shares -7 -9 Long-term liabilities Net profit/loss for the year 40 403 - interest-bearing 0 2 - non-interest bearing 41 64 Yes 7 Proposed dividend 231 231 Current liabilities Environmental - interest-bearing 6 5 Environmental management policy system KEY RATIOS - non-interest bearing 1,069 1,028 Return on equity (average) 0.5% 4.7% Total liabilities and shareholders’ equity 11,931 12,214 Return on total assets (average) 1.3% 5.6% Yes Return on capital employed (average) 1.6% 7.1% CASH FLOW Own Return on operating capital (average) 1.0% 7.0% Cash flow from operating activities 959 1,289 Profit/loss befo- Proposed divi- Equity/assets ratio 72.5% 72.3% Cash flow from investment activities -1,050 -952 re tax, SEK m dend, SEK m Cash flow from financing activities -189 -378 INVESTMENT AND DEPRECIATION Gross investment 1,015 943 Average number of yearly employees 3,172 3,210 62 231 Depreciation and write-downs 955 920 - of which women 237 230

64 NORDEA AB

www.nordea.com

Business concept ding to plan. At the end of 2001, real- Nordea AB’s paramount objective is to ised synergy gains totalled EUR 168 create shareholder value. Value is million. increased through concentrating on Income rose by 3 per cent, while core business areas, operational effici- costs remained unchanged after ency, an optimal financial structure adjustment for acquisitions. Net loan and stable profit growth. losses during the year amounted to The Swedish government owns 0.29 per cent, which can be compared 18.17 per cent of the shares in Nordea affected by the significant downturn in to the target of a maximum of 0.40 AB. The Riksdag has issued the the global economy in 2001. per cent over a business cycle. Earn- government with authorisation ings per share were EUR 0.53 (0.58 in (Government Bill 1991/92:21, bet Significant events in 2001 and 2002 2000). Return on equity excluding NU4, rskr. 8) to sell the government’s In 2001, Thorleif Krarup was appoint- goodwill was 19.2 per cent (19.4). shares in Nordea AB. ed the new CEO. He succeeded Hans Dalborg, who was elected to be depu- Board of directors 2001 Operations ty chairman of the board of directors. Vesa Vainio, Chairman Nordea was created through mergers Postgirot Bank has been part of the Hans Dalborg, Deputy chairman combining the operations of four Nord- Nordea group since 1 December 2001. Kjell Aamot ic financial institutions to form one In December 2001, all retail operations Dan Andersson group. Nordea is the leading financial underwent a name change to ‘Nordea’. Edward Andersson group in the Nordic and Baltic Sea Consequently, all of the group’s opera- Harald Arnkværn regions and conducts operations in the tions now share the same trademark. Thorleif Krarup following four business areas: Retail Claus Høeg Madsen Banking, Asset Management & Life, Forecast for 2002 Jørgen Høeg Pedersen Corporate and Institutional Banking and The macroeconomic outlook in early Bernt Magnusson General Insurance. 2002 is considerably less favourable than Timo Peltola The group has nearly 11 million one year previously. Growth is anticipa- Lene Haulrik, Employee rep. customers, 1,245 bank offices and 125 ted in the Nordic region in 2002 and Bertel Finskas, Employee rep. insurance centres in 22 countries. The Nordea is expected to show moderate Kaija Roukala-Hyvärinen, Nordea group offers one of the wo- growth in its business volumes and inco- Employee rep. rld’s leading Internet banking services, me. It is intended that loan losses over a Liv Haug, Employee rep. with more than 2.7 million e-custo- business cycle shall not exceed 0.40 per mers. Nordea shares are listed on the cent of lending and guarantees shall Managing Director stock exchanges in Stockholm, Helsin- remain unchanged. Loan losses for 2002 Thorleif Krarup ki and Copenhagen. are expected to remain below this level.

Market Assessment The banking sector, which reflects the The first phase of Nordea’s Nordic general state of the economy, has been merger process has proceeded accor-

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % 20 Net interest income 34,184 26,216 Assets Net commission income 13,468 12,392 Non-interest bearing fixed assets 45,300 44,938 15 Net income from financial transactions 3,236 3,243 Interest-bearing fixed assets 1,139,265 1,051,983 10 Other operating income 2,195 3,813 Non-interest bearing current assets 153,243 108,976 Total operating income 53,083 45,664 Interest-bearing current assets 908,882 778,884 5 Operating expenses -32,582 -24,851 Total assets 2,246,690 1,984,781 2001 2000 1999 0 Items affecting comparability 0 -1,516 Profit/loss from participations Shareholders’ equity, provisions and liabilities in associated companies 824 380 Shareholders’ equity 109,927 100,544 Equal oppor- Proportion of Loan losses, net -3,454 -671 Minority 342 497 tunities policy women, % Change in value of repossessed property 7 -22 Provisions and untaxed reserves 11,343 10,293 Operating profit/loss 17,878 18,984 Interest-bearing liabilities 1,929,934 1,709,103 Tax and minority shares -3,338 -5,882 Non-interest bearing liabilities 195,144 164,344 Yes 63 Net profit/loss for the year 14,540 13,102 Total liabilities and Environmental shareholders’ equity 2,246,690 1,984,781 Environmental management policy system Dividend paid 6,273 5,965 CASH FLOW KEY RATIOS Cash flow from operating activities -43,709 -258,943 Yes No Earnings per share 4.91 4.39 Cash flow from investment activities 36,452 -16,012 Lending 1,279,566 1,135,851 Cash flow from financing activities 30,354 296,043 Profit/loss befo- Proposed divi- Income/expense ratio, banking, re tax, SEK m dend, SEK m excl. loan losses 1.7 1.8 Average number of yearly employees 37,555 32,218 Capital adequacy ratio 9.1% 9.4% - of which women 23,772 20,507 Return on equity (average) 13.8% 16.1% 17,882 6,273

65 NORRLAND CENTER AB

www.norrlandcenter.se

Objective areas in order to interest them in the period. In 2001, the company was Norrland Center AB works in various opportunities and benefits of establish- involved, in various ways, in four com- ways to stimulate the development of ing operations in Norrland. panies taking the decision to establish the business sector in Norrland, parti- With the aid of factual information operations in Norrland. These deci- cularly the inland areas, with the aim and analyses provided free of charge by sions will generate 460 new jobs. of creating employment. Norrland Center, each individual compa- The company is owned in equal ny can then make long-term decisions. Forecast for 2002 parts by the state through the Ministry The favourable project situation for for Industry, Employment and Com- Situational analysis 2002 is expected to lead to good esta- munications, the Norrlandsfonden Interest in establishing operations in blishment results in 2002. foundation and Norhold AB. Norrland has increased in the last few years as companies in southern Swe- Dividend policy Strategy den have experienced ever-increasing Norrland Center AB does not pay a Through a well-developed contact cost and quality problems in their ope- dividend to the owners. network in different areas of society, rations. Many sectors have difficulty in Norrland Center shall act as a guide recruiting the skilled manpower requir- Assessment and discussion partner, provide advice ed by companies and an increasing Since its inception in 1991, Norrland and support and serve as a coordina- number also suffer from excessively Center AB has been involved, in ting link for business start-ups in Norr- high staff turnover. various ways, in the establishment and land. The company is to be a leader in Both national and international development of just over 80 business- the establishment and development of competition for business establish- es in Norrland. The current number of businesses in Norrland and operations ment is intensifying. It is therefore of permanent jobs is approximately are to be carried on in close co-opera- great importance for the competitive- 2,200. tion with municipalities in Norrland. ness of future business sector develop- An important part of Norrland ment in inland areas of Norrland that Board of directors 2001 Center’s work consists of sales activiti- an effective regional policy subsidy Janaxel Näsman, Chairman es and active marketing of Norrland as system can be maintained. Peter Andersson a long-term profitable region for busi- Lars-Olov Söderström ness establishment. Significant events in 2001 and 2002 Contacts are made with companies Norrland Center AB can report good Managing Director and organisations in the metropolitan business establishment results for the Sture Bengtson

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 5 4 Assets 5 Expenses -5 -5 Fixed assets 1 1 4

Items affecting comparability 0 1 Current assets 18 17 3 Participations in associated companies 0 0 Total assets 19 18 2 Operating profit/loss 0 -1 Financial income 0 0 1 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 15 15 0 Profit/loss before tax 0 -1 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 0 -1 - interest-bearing 0 0 - non-interest bearing 0 0 No 25 Proposed dividend 0 0 Current liabilities Environmental Environmental - interest-bearing 0 0 management policy system KEY RATIOS - non-interest bearing 4 3 Return on equity (average) 0.3% neg Total liabilities and shareholders’ equity 19 18 Return on total assets (average) 0.4% neg No No Return on capital employed (average) 0.6% neg CASH FLOW Return on operating capital (average) neg neg Cash flow from operating activities et et Profit/loss befo- Proposed divi- Equity/assets ratio 77.1% 80.4% Cash flow from investment activities et et re tax, SEK m dend, SEK m Cash flow from financing activities et et INVESTMENT AND DEPRECIATION Gross investment 0 1 Average number of yearly employees 4 4 0 0 Depreciation and write-downs 0 0 - of which women 1 1

66 OM AB

www.om.com

Business concept the sector consolidation taking place OM develops and operates systems in Europe’s financial markets and solutions in global financial markets stock exchanges. and energy markets, as well as owning stock exchanges and clearing organisa- Dividend policy tions. OM’s board intends that the dividend should reflect the company’s earnings Strategy trend and long-term capital require- OM’s strategy is based on creating tems orders, including orders from the ments. The board has proposed a divi- effective market solutions using Hong Kong Exchanges, Borsa Italiana, dend of SEK 1 per share for 2001. world-leading transaction technology. the US National Association of Securi- The aim is to create added value for ties Dealers (NASD) and the Australi- Assessment customers by offering solutions that an SFE Corporation. The contract OM’s financial target is that the grou- integrate and increase the efficiency of with SFE is for the delivery of a new p’s total revenue should grow by at transaction processes. settlement and safekeeping system least 20 per cent per year, and that developed by OM called EXIGO. OM return on equity should be a mini- Market also set up a new office in Hong Kong. mum of 20 per cent. This target is to The conditions in a number of mar- After its start in November 2000, be achieved through a combination of kets in which OM operates deteriora- the London-based market Jiway did continued operational growth and ted in 2001. Share trading volumes not develop as expected. As from increased cost-effectiveness. During fell, while derivative trading volumes October 2001, OM took over Morgan 2001, OM’s revenue fell by approxi- rose on Stockholmsbörsen. Stanley’s shareholding and integrated mately 3 per cent and return on equi- Consolidation of the world’s finan- Jiway into OM’s other operations. A ty was –1 per cent. Over the past five cial markets has increased in the last radical restructuring was implemented years, average revenue growth has few years and is expected to continue. in Jiway, which resulted in a substan- been 40 per cent, while return on equ- Such partnerships include Norex and tial reduction in the cost base. ity has averaged 16 per cent. Euronext. Technical advances, deregu- In 2001, OM began a group-wide lation and increased competition are cost-cutting programme. The reorgani- Board of directors 2001 important driving forces behind the sation is estimated to lead to annual Olof Stenhammar, Chairman ever-increasing demand for advanced cost savings of SEK 35 million and will Sven Nyman, Deputy chairman systems solutions in global financial be fully effective from the second Jan R. Carendi markets and energy markets. OM quarter of 2002. Thomas Franzén continued to gain market shares in Gunnar Brock technology operations and received a Forecast for 2002 Nils-Fredrik Nyblaeus number of important orders from OM has unique core competence in Bengt Rydén both new and existing customers. transaction technology and is well Per E. Larsson positioned to continue gaining shares Significant events in 2001 and 2002 in expanding markets. OM also has Managing Director OM received a number of large sys- good conditions for participating in Per E. Larsson

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 3,072 3,152 Assets 30 Personnel costs -1,148 -909 Non-interest bearing fixed assets 1,838 1,704 25 Other operating expenses -1,570 -1,326 Interest-bearing fixed assets 1,474 766 20 Items affecting comparability -481 5 Non-interest bearing current assets 1,019 1,043 15 Profit/loss from participations Interest-bearing current assets 1,654 1,992 10 in associated companies 33 10 5 Total assets 5,985 5,505 2001 2000 1999 Profit/loss before depreciation -94 932 0 Depreciation -359 -229 Shareholders’ equity, provisions and liabilities Operating profit/loss -453 703 Shareholders’ equity 2,257 2,986 Equal oppor- Proportion of Net financial income/expense -16 40 Minority 0 182 tunities policy women, % Tax and minority shares 444 -13 Provisions and untaxed reserves 624 308 Net profit/loss for the year -25 730 Interest-bearing liabilities 2,132 643 Non-interest bearing liabilities 972 1,386 Yes 33 Dividend paid 84 504 Total liabilities and shareholders’ equity 5,985 5,505 Environmental Environmental management policy system KEY RATIOS CASH FLOW Earnings per share -0.30 8.61 Cash flow from operating activities -297 1,153 Value added/employee 0.46 1.30 Cash flow from investment activities -718 -582 No No Return on total assets (average) neg 15.4% Cash flow from financing activities 677 -186 Return on capital employed (average) neg 20.8% Profit/loss befo- Proposed divi- Return on operating capital (average) neg 57.2% Average number of yearly employees 1,516 1,242 re tax, SEK m dend, SEK m Return on equity (average) neg 25.2% - of which women 493 430 Equity/assets ratio 37.7% 57.5% -258 84

67 POSTEN AB

www.posten.se

Business concept Assessment Through Posten (the Swedish Post Return on adjusted equity shall Office) it shall be possible to reach amount to 10 per cent for the entire anyone with messages and goods – Posten group. The group structure physically and electronically – quickly, excluding Postgirot shall have an equi- safely and cost-effectively. ty/assets ratio of 10 per cent. The Posten shall create added value by balance sheet has been strengthened combining physical and electronic by the surplus values resulting from flows via the integration of its services ter service have so far been signed with the sale of Postgirot and Postfastighe- with customers’ operations. Postgirot, Nordea, FöreningsSparbanken ter. The equity/assets ratio has impro- and Länsförsäkringar bank. In 2001, ved significantly. The company’s Strategy Postgirot Bank AB was sold to Nordea. financial position has been negatively Posten focuses its operations on messa- Posten commenced work on setting affected by provisions for deficits from ges and logistics. To improve Posten’s up a new service network in 2001. More the over-the-counter service and by competitiveness in these areas, the than 3,000 service points will be opened, the company’s pension commitments. company must develop new services compared with the 1,800 that exist today. Posten needs to continue to adopt and actively participate in the develop- In autumn 2001, Posten sold most drastic measures to improve its profita- ment and structural change of the logis- of its property holdings to Wihlborgs bility and maintain its financial position. tics sector. Posten strives to secure an Fastigheter AB. Also in autumn 2001, a infrastructure within the Nordic and strategic alliance was entered into with Board of directors 2001 Baltic Sea regions, both geographically the French postal service La Poste to Göte Bernhardsson, Chairman and involving various types of goods. enable access to DPD, one of Europe’s Annette Brodin Rampe largest package delivery networks. Jonas Iversen Market Ulla Litzén The Swedish postal market is now Forecast for 2002 Jan Kvarnström deregulated. Competition is fierce in Posten assesses that, in view of major Curt Malmborg the parcels and logistics markets. The investments during the year, its opera- Lennart Grabe trend is one of internationalisation, ting result for 2002 will be lower than Sören Lekberg increased competition and major tech- in 2001. It is expected that underlying Ulf Spång nical advances. Only weak growth in earnings will be affected by the weak Karin Strömberg, (until Aug. 2001) the postal market is anticipated, while economy, but also by structural chang- Åke Kihlberg, Employee rep. the logistics market is expected to es and a reduction in the volume of Alf Mellström, Employee rep. show more substantial growth. letters due to people preferring to Kjell Strömbäck, Employee rep. send messages electronically. Carina Holm, Dep. employee rep. Significant events in 2001 and 2002 Monica Karlsson, Dep. employee rep. The Riksdag has assigned Posten the Dividend policy Björn Nyström, Dep. employee rep. statutory task of maintaining a basic Posten is to pay a dividend when the over-the-counter service. Agreements on equity/assets ratio for the group (exclu- Managing Director the provision of Posten’s over-the-coun- ding Postgirot) amounts to 30 per cent. Lennart Grabe

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 24,072 24,508 Assets 250 Expenses -23,304 -23,678 Fixed assets 5,935 20,788 200

Items affecting comparability 2,988 -2,148 Current assets 11,376 61,076 150 Participations in associated companies -16 -4 Total assets 17,311 81,864 100 Operating profit/loss 3,740 -1,322 50 Financial income 230 148 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -285 -235 Shareholders’ equity 3,299 -57 0 Profit/loss before tax 3,685 -1,409 Minority share of shareholders’ equity 4 5 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -254 324 Provisions 5,493 8,211 tunities policy women, % Minority shares 1 3 Long-term liabilities Net profit/loss for the year 3,432 -1,082 - interest-bearing 636 1 149 - non-interest bearing 72 64 Yes 46 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 2,963 67,014 Environmental management policy system KEY RATIOS - non-interest bearing 4,844 5,478 Return on equity (average) 211.7% neg Total liabilities and shareholders’ equity 17,311 81,864 Return on total assets (average) 8.0% neg Yes No Return on capital employed (average) 10.2% neg CASH FLOW Return on operating capital (average) neg neg Cash flow from operating activities 1,706 3,613 Profit/loss befo- Proposed divi- Equity/assets ratio 19.1% neg Cash flow from investment activities -21,466 78 re tax, SEK m dend, SEK m Cash flow from financing activities 818 -1,778 INVESTMENT AND DEPRECIATION Gross investment 3,379 1,603 Average number of yearly employees 41,669 41,522 3,685 0 Depreciation and write-downs 1,010 1,064 - of which women 19,036 19,341

68 SAMHALL AB

www.samhall.se

Business concept according to volume of hours worked, Samhall’s task is to produce goods and proportion of recruitment from prioriti- services for which there is a demand and sed groups, proportion of employees in so doing create meaningful and useful who move on to find jobs with other employment for persons with occupa- employers, and financial results. In view tional disabilities as needed. of the reduction in demand and the recession, the company has found it dif- Strategy ficult in the past year to achieve its tar- With its broad competence within seve- programme aimed at making an annu- gets with regard to hours worked and a ral sectors and its geographic spread al saving of approximately SEK 200 positive operating result. The changes across Sweden, Samhall is a player that million. A sharp drop in demand wit- made to Samhall’s organisational struc- can offer customers close proximity, hin the telecom component product ture are intended to strengthen the diversity and total solutions. Samhall area has forced Samhall to significant- company’s personnel development in will increase its focus on the service sec- ly reduce its production capacity with- the long term and improve Samhall’s tor. Special staffing concepts directed at in this business area. As of 1 January commercial potential. identified future areas of labour short- 2002, the company has a new organi- age are currently being worked out. sational structure. The seven regional Board of directors 2001 subsidiaries have been transferred to a Håkan Tidlund, Chairman Market single company in order to improve Boel Carlsson In view of its business concept, Sam- personnel development and boost pro- Jonas Iversen hall has a commercial structure that fitability. Margareta Johansson-Wester involves operations in a number of dif- Margareta Persson ferent sectors. The requirements of the Forecast for 2002 Ewa Persson Göransson different sectors vary greatly. Samhall Samhall assesses that it will be able to Björn Wolrath considers that it can continue to incre- obtain good results in 2002 and at the Margaretha Brinkhof Walter, ase market growth within the service same time achieve the business volumes Employee rep. sector during the next few years. With- and value added required to maintain Tommy Carlson, Employee rep. in the industrial sector, international the volume of working hours for Sören Josefsson, Employee rep. competition is intensifying as many of employees with occupational disabilities Peter Engdahl, Dep. employee rep. the more simple tasks that are carried set as a target by the government within Olle Gardelin, Dep. employee rep. out in Samhall today are being moved the framework of unchanged compensa- Claes-Göran Witting, to low-cost countries. Samhall holds tion for additional costs. It is also assess- Dep. employee rep. only a small market share within most ed that, in 2002, Samhall will meet its segments of the various sectors. targets with regard to transfers and Managing Director recruitment from prioritised groups. Göran Sevebrant Significant events in 2001 and 2002 Göran Sevebrant was appointed the Assessment new Managing Director in 2001. Sam- Results are measured against four objec- hall has implemented a cost-cutting tives: number of employees measured

SEK m 2001 2000 SEK m 2001 2000 Turnover, SEK m INCOME STATEMENT BALANCE SHEET Net turnover 9,084 10,090 Assets 12,000 Expenses -9,363 -10,175 Fixed assets 952 1,229 10,000 Items affecting comparability -208 297 Current assets 2,239 3,040 8,000 Participations in associated companies 0 -1 Total assets 3,191 4,269 6,000 Operating profit/loss -487 211 4,000 2,000 Financial income 22 42 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -3 -2 Shareholders’ equity 1,018 1,491 0 Profit/loss before tax -468 251 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -5 -7 Provisions 134 168 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -473 244 - interest-bearing 0 3 - non-interest bearing 0 0 Yes 42 Proposed dividend - - Current liabilities Environmental - interest-bearing 0 1 Environmental management policy system KEY RATIOS - non-interest bearing 2,039 2,606 Return on equity (average) neg 17.8% Total liabilities and shareholders’ equity 3,191 4,269 Return on total assets (average) neg 6.3% Yes Yes Return on capital employed (average) neg 18.4% CASH FLOW Return on operating capital (average) neg 47.5% Cash flow from operating activities 144 -176 Profit/loss befo- Proposed divi- Equity/assets ratio 31.9% 34.9% Cash flow from investment activities -90 -186 re tax, SEK m dend, SEK m Cash flow from financing activities 83 683 INVESTMENT AND DEPRECIATION Gross investment 246 273 Average number of yearly employees 27,726 29,236 -468 0 Depreciation and write-downs 239 242 - of which women 11,645 12,279

69 SAS AB

www.scandinavian.net

Business concept Dividend policy The main task of the SAS Group is to SAS AB’s annual dividend is determined offer air passenger services based on taking into account the group’s earnings, the domestic market of northern financial position, capital requirements Europe. The SAS Group shall also and relevant economic conditions. Over become involved in aviation-related a business cycle, the dividend should as a activities provided that this increases general rule be between 30–40 per cent the SAS Group’s market value. of the group’s profit after deduction of standard rate tax. Strategy SAS AB, the new parent company The SAS Group’s strategic focus may of the SAS Group. Assessment be summarised in four main areas: 8 SAS acquired Braathen’s aviation SAS’ market value fell by 28.5 per cent growth, competitiveness, value crea- business, excluding Malmö Avia- in 2001, compared with an increase of tion and participation. tion, for NOK 1,127 million. 12.6 per cent in 2000.The targeted yield 8 The European Commission impo- for the SAS share is a minimum annual Market sed fines on the SAS Group and total return of 14 per cent, i.e. the chan- The events of 11 September in New Maersk Air of EUR 39,375 million ge in share price plus dividend, over a York led to a sharp downturn in air and EUR 13,125 million respecti- business cycle. An estimate of the per- traffic in virtually all markets, while vely for non-compliance with the formance of SAS shares over the eleven- insurance and airport security costs EU’s competition regulations. year period 1991–2001 shows an aver- increased substantially. Extensive 8 A new board was appointed at an age annual total return of 12.3 per cent. rationalisation has begun in the indus- extraordinary general meeting on 6 In the immediate future, it is important try, with large adjustments in the net- November. to prioritise the implementation of the works of most major airlines, staff cuts 8 The first of eleven new large aero- agreed programme to improve earnings. and other structural measures. planes for intercontinental traffic The hotel market was also more was delivered, an Airbus A340-300 Board of directors 2001 subdued than the previous year, main- with high environmental perfor- Egil Myklebust, Chairman ly due to the deterioration in econo- mance. Jacob Wallenberg, Deputy chairman mic activity and the reduction in tra- Berit Kjøll vel after 11 September. However, a Forecast for 2002 Fritz H. Schur certain improvement was to be seen SAS expects the weak demand on the Anitra Steen during the latter part of the fourth air traffic market to continue during Lars Reiben Sørensen quarter. the first half of the year and a certain Ulla Gröntvedt, Employee rep. improvement to take place during the Helmuth Jacobsen, Employee rep. Significant events in 2001 second half of the year. The improve- Ingvar Lilletun, Employee rep. 8 The shareholders of SAS’ three ment in earnings for 2002 is depen- parent companies were offered the dent on whether the planned earnings Managing Director chance to exchange their shares for improvements can be fully imple- Jørgen Lindegaard, Managing Direc- the same number of new shares in mented. tor and CEO (since 8 May 2001)

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT Pro forma BALANCE SHEET Pro forma Return on equity, % Net turnover 51,433 47,540 Assets 15 Expenses -53,133 -46,022 Fixed assets 42,407 33,422 12

Items affecting comparability 649 1,523 Current assets 20,355 16,003 9 Participations in associated companies -70 -1 Total assets 62,762 49,425 6 Operating profit/loss -1,121 3,040 3 Financial income 950 518 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -969 -729 Shareholders’ equity 15,544 17,520 0 Profit/loss before tax -1,140 2,829 Minority share of shareholders’ equity 263 131 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 103 -699 Provisions 5,285 4,763 tunities policy women, % Minority shares -27 5 Long-term liabilities Net profit/loss for the year -1,064 2,135 - interest-bearing 18,998 9,603 - non-interest bearing 286 529 Yes 42 Proposed dividend 0 754 Current liabilities Environmental - interest-bearing 7,091 4,877 Environmental management policy system KEY RATIOS - non-interest bearing 15,295 12,002 Return on equity (average) neg 12.7% Total liabilities and shareholders’ equity 62,762 49,425 Return on total assets (average) neg 7.6% Yes Return on capital employed (average) neg 11.8% CASH FLOW Own Return on operating capital (average) neg 17.6% Cash flow from operating activities -350 3,949 Profit/loss befo- Proposed divi- Equity/assets ratio 25.2% 35.7% Cash flow from investment activities -3,294 -4,327 re tax, SEK m dend, SEK m Cash flow from financing activities 6,327 862 INVESTMENT AND DEPRECIATION Gross investment 11,676 9,886 Average number of yearly employees 31,035 30,943 -1,140 0 Depreciation and write-downs 2,443 2,192 - of which women 13,138 13,126

70 SIS MILJÖMÄRKNING AB

www.svanen.nu www.blomman.nu

Objective wide, in a supplement in the Metro The company’s vision is a sustainable newspaper and on Arla’s milk cartons society in which future generations just before the election. All of the child- will have the same favourable condi- SIS Miljömärkning AB ren’s contributions will be presented tions and opportunities as today’s to the government. generations. An important step towards this vision is that everyone, Dividend policy with the aid of eco-labelling, chooses The business does not aim to distribu- the most sustainable products. The quality management system is te profits to the owners. certified in accordance with SS-EN Strategy ISO 9001:2000 and the environmen- Assessment The operational objective is to contri- tal management system in accordance The company has successfully handled bute to reducing the environmental with SS-EN ISO 14001:1996. its assignment to manage, on behalf of impact of consumption. SIS Miljömärkning chaired the EU Sweden, the Nordic Swan eco-label Through voluntary eco-labelling, Flower’s new committee EUEB – the scheme and the EU Flower eco-label SIS Miljömärkning wants to guide European Union Eco-labelling Board. scheme. The work has mainly consis- consumers and buyers in their desire Brand management – “Images for ted of the development of eco-label- to shop with environmental awareness the future”. A photographic contest for ling criteria, the inspection and licen- and thus contribute to the work for a 10-year-olds, which resulted in an exhi- sing of products and providing infor- better society. bition in the Gallerian shopping centre mation on both schemes. Through eco-labelling, the compa- in Stockholm opened by the Minister ny wants to stimulate producers to of the Environment Kjell Larsson. Board of directors 2001 develop sustainable goods and services. Sven Thiberg, Chairman Forecast for 2002 Walter Sköldefors, Deputy chairman Situational analysis SIS Miljömärkning chairs one of the Ingolf Berg In Sweden and Europe, voluntary EUEB’s management groups, Co-ope- Pernilla Knutsson positive eco-labelling is regarded as an ration and Co-ordination. Annaa Mattsson important environmental and consu- Brand management – “Voices for Lars Flink mer policy tool. Coordination bet- the future”, the Swan gives 10-year- ween the EU-wide scheme and the olds a chance to get their voices heard Managing Director Nordic scheme is emphasised in both in the run-up to the 2002 election. All Ragnar Unge the Nordic guidelines for Swan co- fourth-year pupils in Sweden have operation and in the EU regulation on been encouraged to write down their the EU Flower eco-label. spontaneous opinions, thoughts and ideas on what they think is important Significant events in 2001 and 2002 with regard to the environment and SIS Miljömärkning implemented qual- the future. ity and environmental certification in The best contributions will be dis- 2001. played on advertising pillars nation-

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 36 34 Assets 40 35 Expenses -35 -34 Fixed assets 14 16 30 Items affecting comparability 0 0 Current assets 14 8 25 Participations in associated companies 0 0 Total assets 28 24 20 15 Operating profit/loss 0 0 10 Financial income -2 2 Shareholders’ equity, provisions and liabilities 5 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 18 20 0 Profit/loss before tax -2 2 Minority share of shareholders’ equity 0 0 Appropriations 0 1 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -2 3 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 66 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 1 Environmental management policy system KEY RATIOS - non-interest bearing 10 3 Return on equity (average) neg 11.9% Total liabilities and shareholders’ equity 28 24 ISO Return on total assets (average) neg Yes 14001 Return on capital employed (average) neg 10.5% CASH FLOW Return on operating capital (average) neg Cash flow from operating activities et et Profit/loss befo- Proposed divi- Equity/assets ratio 83.1% Cash flow from investment activities et et re tax, SEK m dend, SEK m Cash flow from financing activities et et INVESTMENT AND DEPRECIATION Gross investment 1 0 Average number of yearly employees 35 32 -2 0 Depreciation and write-downs 1 1 - of which women 23 20

71 SJ AB

www.sj.se

Business concept Dividend policy SJ AB develops, produces and sells tra- The dividend should amount to vel itself and in alliance with various approximately one-third of profit after partners. Rail travel is the core busi- deduction of standard rate tax. The ness. SJ’s customers are those travel- dividend policy is under review. ling on business, in their leisure time and to and from work and school. Assessment SJ AB showed an unsatisfactory earn- Strategy clarity with regard to roles and the ings trend during the year with a loss SJ should offer personal service, a high division of responsibility within the of approximately SEK 50 million. An level of comfort and a breathing space, company. extensive action programme was so that customers perceive that: “SJ is 8 Travel with SJ AB rose by 5 per begun throughout the organisation to the way to travel which gives you time cent during the year. provide the basis for an improvement to do what you want”. 8 In 2001, traffic on the Oslo–Karl- in the future earnings trend. It is of stad–Stockholm and Oslo–Gothen- crucial importance for the future earn- Market burg–Copenhagen lines was trans- ings trend that the focus on the imple- Growth in rail travel, which has been ferred to Linx AB, which SJ AB mentation of the action programme is very positive since 1997, continued in owns jointly with the Norwegian prioritised. In addition, it is very 2001, despite the deterioration in eco- NSB. Tåg i Bergslagen also began important that punctuality is impro- nomic activity and the unstable global operating during the year. ved. situation. However, the car is still the 8 In order to meet increasing demand predominant means of transport for and gradually replace the existing domestic travel. The train is the pre- rolling stock, SJ AB has begun an Board of directors 2001 dominant means of public transport extensive investment programme. Ulf Adelsohn, Chairman for long-distance journeys, with the The majority of the year’s invest- Eva Halvarsson exception of journeys over 500 kilo- ment related to new trains for the Peter Fallenius metres, where air is predominant. Mälardalen service to be brought Gunilla Berg During a period in which the total into operation in 2004. Marie Granlund market for long-distance domestic tra- 8 In April 2002, Jan Forsberg was Anders Narvinger vel increased, SJ AB gained market appointed the new Managing Claes Ånstrand shares. Travel with SJ AB rose by 5 per Director. Lena Aldenmark, Employee rep. cent during the year. In 2001, rail tra- Bror Saxvold, Employee rep. vel accounted for just over 13 per cent Forecast for 2002 Nils-Gunnar Nyholm, Employee rep. of total long-distance domestic travel. Demand for travel continues to be strong and rail travel is forecast to increase more Managing Director Significant events in 2001 and 2002 than other means of travel. The exten- Jan Forsberg (since 2 April 2002) 8 As a result of the incorporation, a sive action programme started during the new organisation was introduced in year is expected to lead to improvements the summer of 2001 to increase in operational profitability.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT Pro forma BALANCE SHEET Pro forma Equity/assets ratio, % 10 Net turnover 5,546 5,041 Assets Expenses -5,320 -4,740 Fixed assets 8,571 8,307 8 Items affecting comparability 0 0 Current assets 1,137 1,165 6

Participations in associated companies 2 -2 Total assets 9,708 9,472 4 Operating profit/loss 228 299 N/A N/A 2 Financial income 160 381 Shareholders’ equity, provisions and liabilities 2001 2000 1999 0 Financial expenses -437 -577 Shareholders’ equity 844 -1,284 Profit/loss before tax -49 103 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 -29 Provisions 1,103 555 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -49 74 - interest-bearing 6,326 6 452 - non-interest bearing 0 Yes 38 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 572 Environmental management policy system KEY RATIOS - non-interest bearing 1,435 3,177 Return on equity (average) neg N/A Total liabilities and shareholders’ equity 9,708 9,472 Return on total assets (average) 4.0% N/A Under Yes assessment Return on capital employed (average) 5.9% N/A CASH FLOW Return on operating capital (average) N/A N/A Cash flow from operating activities 792 N/A Profit/loss befo- Proposed divi- Equity/assets ratio 8.7% N/A Cash flow from investment activities -992 N/A re tax, SEK m dend, SEK m Cash flow from financing activities 516 N/A INVESTMENT AND DEPRECIATION Gross investment 1,291 N/A Average number of yearly employees 3,582 3,495 -49 0 Depreciation and write-downs 471 N/A - of which women 1,352 1,295

72 SJÖFARTSVERKET

www.sjofartsverket.se

Objective Dividend policy The Swedish Maritime Administration The general government and Riksdag is a central administrative authority guideline for dividends from public with overall responsibility or sector service operations is one-third of pro- responsibility in the shipping area. The fit after standard rate tax. Administration shall contribute to the fulfilment of transport policy objecti- Assessment ves in a commercial manner and with- The Administration is in an extensive in the framework of socio-economical- system. Over 90 per cent of all exports investment phase, which will affect its ly efficient and long-term sustainable and imports are conveyed by cargo or finances in the coming years. Invest- provision of transport. Moreover the passenger vessels. The economic down- ment is being made in navigation Administration shall monitor the turn in 2001 resulted in a decline of channels, vessels, and land and sea development and competitiveness of around 4 per cent in the turnover of installations. The investment will pro- the Swedish shipping industry. goods in Swedish ports, compared with mote the development of efficient, 2000. The forecast for 2002 is that the safe and sustainable shipping. Strategy turnover of goods in Swedish ports In order to contribute to the realisation should show an upturn and perhaps Board of directors 2001 of transport policy objectives, the Admi- lead to a small increase. Gunnel Färm, Chairman nistration shall work towards an accessi- Claes-Göran Brandin ble transport system, high transport Significant events in 2001 and 2002 Rolf Johannesson quality, safe shipping, a good environ- On 1 January 2001, the Administra- Elisabeth Nilsson ment, positive regional development tion’s new organisation came into Elizabeth Nyström and equality of transport provision. This effect, which resulted in the separa- Karin Jeppsson is done by providing pilotage, being tion of responsibility for sector and Kent Olsson responsible for ice-breaking, supervising administrative matters from responsi- Lars Starkerud sea safety, being responsible for sea bility for the supply of the Adminis- Solgerd Björn-Rasmussen rescue, and being responsible for and tration’s services. Göte Karlsson, Employee rep. planning fairway maintenance. Both During 2002, work will begin on Birgitta Pettersson, Employee rep. merchant shipping and pleasure craft increasing safety and on increasing Magnus Hovberg, Employee rep. utilise the Administration’s services. accessibility in the navigation channels Uno Pålsson, Dep. employee rep. to and from the Port of Gothenburg. Tapani Hoffrén, Dep. employee rep. Situational analysis The Administration will be responsi- Lennart Johansson, Dep. employee rep. The shipping market comprises a num- ble for SEK 500 million of the SEK ber of sub-markets globally and regio- 700 million investment for the first Director-General nally, with varying competition and phase. Jan-Olof Selén strategic conditions. Sweden’s geograph- ical location and considerable depen- Forecast for 2002 dence on foreign trade gives shipping a Profit after financial items is estimated dominant role in the Swedish transport at SEK 13 million for 2002.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 1,327 1,358 Assets 1,500

Expenses -1,334 -1,254 Fixed assets 1,273 1,241 1,200 Items affecting comparability -27 -55 Current assets 957 938 900 Participations in associated companies 0 0 Total assets 2,230 2,179 600 Operating profit/loss -34 49 Financial income 31 25 Shareholders’ equity, provisions and liabilities 300 2001 2000 1999 Financial expenses -42 -41 Shareholders’ equity 776 829 0 Profit/loss before tax -45 33 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 -9 Provisions 1,055 928 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -45 24 - interest-bearing 95 116 - non-interest bearing 0 0 Yes 18 Proposed dividend 0 8 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 304 306 Return on equity (average) neg 2.9% Total liabilities and shareholders’ equity 2,230 2,179 Return on total assets (average) neg 3.5% Yes Return on capital employed (average) neg 4.1% CASH FLOW Own Return on operating capital (average) neg 4.1% Cash flow from operating activities 33 137 Profit/loss befo- Proposed divi- Equity/assets ratio 34.8% 38.0% Cash flow from investment activities -120 -90 re tax, SEK m dend, SEK m Cash flow from financing activities 110 132 INVESTMENT AND DEPRECIATION Gross investment 128 114 Average number of yearly employees 1,311 1,362 -45 0 Depreciation and write-downs 82 80 - of which women 231 231

73 SOS ALARM SVERIGE AB

www.sosalarm.se

Business concept emergency calls. Technological deve- Dividend policy SOS Alarm’s business concept is to lopments with more mobile than The target is 5 per cent of total share- develop, offer and carry out services fixed subscriptions and more opera- holders’ equity. for a more secure society. The compa- tors also make the company’s work ny is owned by the Swedish state (50 more difficult. Competition is increa- Assessment per cent), the Swedish Federation of sing in the security and alarm market, The required return on equity of 8 per County Councils (25 per cent) and while the market shows relatively cent was achieved and the cash flow from Förenade Kommunföretag (25 per steady growth. operating activities rose by 6.5 per cent. cent). The high proportion of non-emergency Significant events in 2001 and 2002 calls is unsatisfactory and a number of Strategy The company has procured a new measures are planned. The average With its unique expertise in emergen- technology platform and will intro- response time for the whole company cy operations and advanced technolo- duce this in coming years. The platform was 6.7 seconds, which was better than gy, SOS Alarm Sverige AB shall meet is more standardised and open, which the target of 8 seconds.However,the pro- the needs of different customers for guarantees more effective utilisation blem of too long response times at indivi- alarm services with optimal security and provides an opportunity for deve- dual emergency service centres remains. and service at competitive prices. The loping services. In 2001, there were company shall offer new and further 3.72 million (3.76) 112 calls, of which Board of directors 2001 developed services and increase its 62 per cent (75) were non-emergency Curt Persson, Chairman focus on marketing, sales and quality calls. Benny Jönsson, Deputy chairman development. Lars-Olof Lindell, Deputy chairman Forecast for 2002 Hjördis Berg Situational analysis/Market As a result of the major investment in Peter Lindell SOS Alarm is affected to a large a new technology platform, the equi- Lise Brögger Golteus extent by public finances as a whole, ty/assets ratio is likely to fall, but with- Ingrid Lennerwald and by local government finances in out the company’s financial position Christina Salomonson particular. The execution of activities being threatened. Demand for the 112 Åke Nordin, Employee rep. is also affected to a large extent by service is expected to rise. Berit Rålin, Employee rep. the general public’s respect for and The security market will grow in knowledge of the 112 emergency the long term, while competition will Managing Director number, and thus the number of non- increase. Sven-Runo Bergqvist

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 583 569 Assets 600 Expenses -572 -578 Fixed assets 140 166 500 Items affecting comparability 0 45 Current assets 204 190 400 Participations in associated companies 0 0 Total assets 344 356 300 Operating profit/loss 11 37 200 Financial income 12 9 Shareholders’ equity, provisions and liabilities 100 2001 2000 1999 Financial expenses -10 -9 Shareholders’ equity 159 157 0 Profit/loss before tax 13 36 Minority share of shareholders’ equity 1 1 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -3 -10 Provisions 23 24 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 11 27 - interest-bearing 27 29 - non-interest bearing 0 0 Yes 59 Proposed dividend 5 8 Current liabilities Environmental - interest-bearing 2 21 Environmental management policy system KEY RATIOS - non-interest bearing 132 124 Return on equity (average) 6.6% 18.0% Total liabilities and shareholders’ equity 344 356 ISO 14001 Return on total assets (average) 6.6% 13.0% Yes Decision 2002 Return on capital employed (average) 11.6% 22.0% CASH FLOW Return on operating capital (average) 13.4% 41.0% Cash flow from operating activities 49 48 Profit/loss befo- Proposed divi- Equity/assets ratio 46.7% 44.3% Cash flow from investment activities -32 -22 re tax, SEK m dend, SEK m Cash flow from financing activities -10 -28 INVESTMENT AND DEPRECIATION Gross investment 49 22 Average number of yearly employees 758 744 16 5 Depreciation and write-downs 57 61 - of which women 446 438

74 SPECIALFASTIGHETER SVERIGE AB

www.specialfastigheter.se

Terms of reference vices. The strategy is characterised by gets and other goals. On 31 December Operations shall be undertaken in such a co-operation, proximity and a long- 2001, the equity/assets ratio was 24.3 way that they meet the requirements of term approach. per cent. Return on equity for 2001 authorities that rent and use specialist pre- was 8.5 per cent. mises for their operations.The company Market The company has adopted an envi- shall strive to maintain an open and active The largest tenants are public authori- ronmental policy with a commitment to dialogue with authorities and other ties with long-term leases, which strive towards sustainable development. tenants on matters regarding premises. An means that the company can employ All employees have been given basic important goal for the company is to opti- stable, long-term planning for its ope- training in incorporating environmen- mise value for its customers by providing rations. tal thinking in their daily work. maximum utilisation at a given rent level. Equality shall be a compulsory The explicit requirements and Significant events in 2001 and 2002 component of personnel development terms of the owner are that the compa- The company is continuing its invest- at all levels. 16 per cent of Specialfas- ny’s equity/assets ratio should amount ment in maintenance measures accor- tigheter’s employees are women and to 20 per cent. Return on adjusted equ- ding to plan. In 2002, the company 84 per cent are men. The management ity should correspond to the 5-year hopes to sign an agreement with the team consists of two women and ele- government bond rate plus 2.5 percen- National Police Board concerning a ven men. tage points. large addition to the Kronoberg buil- The group shall target a dividend of dings. Rebuilding and extension work Board of directors 2001 50 per cent of the year’s profits after is also planned for the National Board Eva-Britt Gustafsson, Chairman tax. When deciding on a dividend, the of Institutional Care (SiS). Per Balazsi financial situation of the company shall Curt Bylund be taken into account. Forecast for 2002 Eva Falkman The group’s turnover in 2002 is esti- Claes Kjellander Strategy mated at SEK 1,010 million. However, Håkan Lennersand The company shall develop long-term net profit is expected to remain at the Ingemar Ziegler relations with tenants, develop premi- same level as in 2001 due to increased Thord Cling, Employee rep. ses to suit the special requirements of operating and maintenance costs. Hans Hansson, Employee rep. tenants regarding security and the environment in particular, and impro- Assessment Managing Director ve the quality of the company’s ser- The company has met its financial tar- Curt Bylund

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Rental and property management income 938 888 Assets 10 Operating and maintenance costs -392 -350 Non-interest bearing fixed assets 5,329 5,298 8

Operating surplus 546 537 Interest-bearing fixed assets 0 0 6 Other operating expenses incl. depreciation -237 -226 Non-interest bearing current assets 248 58 4 Other operating income 0 0 Interest-bearing current assets 135 2 2 Items affecting comparability 2 -4 Total assets 5,712 5,358 2001 2000 1999 Profit/loss from participations 0 in associated companies 0 0 Shareholders’ equity, provisions and liabilities Operating profit/loss 312 308 Shareholders’ equity 1,382 1,390 Equal oppor- Proportion of Net financial income/expense -163 -154 Minority 0 0 tunities policy women, % Tax and minority shares -42 -38 Provisions and untaxed reserves 82 69 Net profit/loss for the year 107 116 Interest-bearing liabilities 3,749 3,418 Non-interest bearing liabilities 499 481 Yes 14 Proposed dividend 54 116 Total liabilities and shareholders’ equity 5,712 5,358 Environmental Environmental management policy system KEY RATIOS CASH FLOW Rental income (SEK)/m2 (average) 912 833 Cash flow from operating activities 116 427 ISO Book value, properties 5,214 5,194 Cash flow from investment activities -198 -135 Yes 14001 Interest coverage ratio (times) 1,9 2,0 Cash flow from financing activities 216 -294 Return on capital employed (average) 6.3% 6.4% Profit/loss befo- Proposed divi- Yield 10.5% 10.3% Average number of yearly employees 90 92 re tax, SEK m dend, SEK m Return on equity (average) 7.7% 8.5% - of which women 13 13 Equity/assets ratio 24.2% 25.9% 149 54

75 STATENS BOSTADSFINANSIERINGSAKTIEBOLAG, SBAB

www.sbab.se

Terms of reference The organisation and resources for SBAB (the Swedish National Housing comprehensive risk management in Finance Corporation) is an important the company were established. player in the competitive part of the Work on operating risks was inten- market. The company’s mission is to sified. contribute to diversity and competition on the basis of normal business objec- Forecast for 2002 tives and an efficient sales organisation. Operating profit for 2002 is expected The owner’s requirement is that lings, holiday homes, tenant-owned to be at least on a par with that for over time return on equity shall average apartments), it is approximately 7.5 2001. Pressure from competitors will the five-year government bond rate plus per cent. Monitoring of the external continue. The focus on continued 5 percentage points.The dividend target environment has been developed volume growth in the private market is one-third of net profit for the year. through a new economic secretariat and more risk-based pricing in the cor- with a focus on the national and inter- porate market, and continued admi- Business concept national environment. nistrative development are expected SBAB shall finance housing simply to have positive effects on earnings. and at a competitive price. Significant events in 2001 and 2002 In 2001, SBAB implemented a third Assessment Strategy securitisation transaction, in which a Return on equity was 9.6 per cent SBAB’s strategy for growth is contin- portfolio of loans for tenant-owned (8.9). The required return for 2001 ued strong growth in the private market apartments was securitised, an innova- was estimated at 9.9 per cent, which business area, a broader customer base tion on the financing market. This means that the company made a sub- with intensified business relations financing method provided an oppor- stantial improvement towards this among medium-sized property tunity to expand lending without a level in 2001. The improvement in owners in the corporate market, and charge on shareholders’ equity. earnings was 15 per cent between competitive borrowing. SBAB also resumed trading in cer- 2000 and 2001. tificates on the US capital market. Situational analysis/Market A brand new website was develo- Board of directors 2001 The market for housing loans to priva- ped with a number of new functions Ingemar Eliasson, Chairman te persons rose by approximately 10 for customers. The site will be laun- Sören Rung, Deputy chairman per cent and was approximately SEK ched in the spring of 2002. Jan Berg 600 billion, while the market for credit SBAB’s forms of state guarantee Per Erik Granström for apartment buildings was unchang- were adapted to market requirements. Lars Linder-Aronson ed at approximately SEK 450 billion. Co-operation with ICA Bank was Christer Malm In the corporate market business sector begun. Bo Marking (lending for apartment buildings), Extensive preparatory work for the Christina Ragsten Pettersson SBAB’s market share is approximately introduction of a new business sup- 21 per cent, while in the private mar- port system for financing activities was Managing Director ket (lending for single-family dwel- begun. Christer Malm

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net interest income 1,069 898 Assets 10 Net commission income -15 -10 Non-interest bearing fixed assets 591 448 8

Net income from financial transactions 0 0 Interest-bearing fixed assets 140,179 148,516 6 Other operating income 4 2 Non-interest bearing current assets 814 915 4 Total operating income 1,058 890 Interest-bearing current assets 5,141 1,214 2 Operating expenses -462 -409 Total assets 146,725 151,093 2001 2000 1999 Items affecting comparability 0 0 0 Profit/loss from participations Shareholders’ equity, provisions and liabilities in associated companies 0 0 Shareholders’ equity 4,220 3,935 Equal oppor- Proportion of Loan losses, net -55 -14 Minority 99 73 tunities policy women, % Change in value of repossessed property 0 2 Provisions and untaxed reserves 199 188 Operating profit/loss 541 469 Interest-bearing liabilities 139,858 143,283 Tax and minority shares -153 -132 Non-interest bearing liabilities 2,349 3,614 Yes 60 Net profit/loss for the year 388 337 Total liabilities and Environmental shareholders’ equity 146,725 151,093 Environmental management policy system Proposed dividend 120 103 CASH FLOW KEY RATIOS Cash flow from operating activities -3,357 8,140 Lending 137,430 139,734 Cash flow from investment activities -12 -22 Yes Own Securitised loans, % 13.5% 6.8% Cash flow from financing activities 3,092 -8,095 Profit/loss befo- Proposed divi- Income/expense ratio excl. loan losses 2.4 2.3 re tax, SEK m dend, SEK m Capital adequacy ratio 9.5% 9.7% Average number of yearly employees 368 365 Return on equity (average) 9.5% 8.8% - of which women 220 212 389 120

76 STATENS VÄG- OCH BANINVEST AB

Objective Significant events in 2001 and 2002 Board of directors 2001 The operation involves different The main schedule for the Bothnia Gösta Gunnarsson, Chairman types of project financing of infra- Line has been revised since the admis- Gerd Engman structural installations as well as the sibility hearings under the Environ- Lena Erixon ownership and management of sha- mental Code have taken longer than Eva-Britt Gustafsson res, participations and other rights in originally planned. This means that Gunnar Holmgren companies in the road and railway the Bothnia Line will not be comple- Ulf Lundin maintenance sector. ted until 2008. Managing Director Strategy Forecast for 2002 Bo Johansson Operations were conducted in three Earnings for 2002 are expected to be areas in 2001: at the same level as in 2001. 8 Management of subsidiary and associated companies, including Assessment monitoring of equity interests and Total borrowing on behalf of Stock- the investigation of corporate mat- holmsleder AB and Göteborgs Trafikle- ters. der AB, both of which are administered 8 Finance operations focusing on by Statens Väg- och Baninvest AB, incre- borrowing on behalf of Stock- ased by SEK 2,229,000 during the year. holmsleder AB, Göteborgs Trafikle- The company is working actively der AB and Botniabanan AB. and systematically to better adapt its 8 Consultancy operations including operations to the environment. audits, cost accounting and finan- Work on equality and diversity cing. forms an integral part of operations and is included in regular business Situational analysis planning and follow-up. The company deals in the management and supervision of subsidiaries and associated companies. Botniabanan AB is involved in the planning and con- struction of the Bothnia Line.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 226 121 Assets 250

Expenses -226 -121 Fixed assets 6,567 3,802 200 Items affecting comparability 0 2 Current assets 177 106 150 Participations in associated companies 0 0 Total assets 6,744 3,908 100 Operating profit/loss 0 3 Financial income 1 0 Shareholders’ equity, provisions and liabilities 50 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 17 16 0 Profit/loss before tax 1 3 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 -1 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 1 2 - interest-bearing 6,511 3,749 - non-interest bearing 0 0 No 32 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 216 142 Return on equity (average) 4.1% 15.5% Total liabilities and shareholders’ equity 6,744 3,908 Return on total assets (average) 0.0% 0.1% No Return on capital employed (average) 0.0% 0.1% CASH FLOW No Return on operating capital (average) 0.0% 1.1% Cash flow from operating activities -2 -113 Profit/loss befo- Proposed divi- Equity/assets ratio 0.3% 0.4% Cash flow from investment activities -2,765 -209 re tax, SEK m dend, SEK m Cash flow from financing activities 2,762 332 INVESTMENT AND DEPRECIATION Gross investment 537 304 Average number of yearly employees 44 36 1 0 Depreciation and write-downs 0 0 - of which women 14 11

77 FÖRVALTNINGSAKTIEBOLAGET STATTUM

Förvaltningsaktiebolaget Stattum

Business concept acquire all of the shares in AssiDomän will pay out around SEK 20 million in Förvaltningsaktiebolaget Stattum is a AB. Stattum has undertaken to partici- dividends over the next few years. specialist holding company set up to pate in the offer by providing part of manage certain shareholdings. the compensation payable to all Assi- Assessment Domän shareholders who accept the By participating in the offer to the Market offer. shareholders of AssiDomän, Stattum The Stattum Group received its cur- contributed to the restructuring and rent name in 1993, when SIB-Invest Forecast for 2002 streamlining of the forestry industry in changed its name to Förvaltningsaktie- The company will retain its sharehol- Sweden. bolaget Stattum. Since then, Stattum dings in the Swedish Space Corpora- has specialised in the management of tion and Sveaskog AB, and in the dor- Board of directors 2001 long-term shareholdings. mant subsidiaries Statsföretag AB and Claes Ånstrand, Chairman AB Fortia. The level of activity in the Viktoria Aastrup Significant events in 2001 and 2002 company has been low since the dis- Fredrik Ahlén Stattum called for and implemented posals. Lars Johan Cederlund the compulsory redemption of out- Per Erik Lindeberg standing shares in Sveaskog AB. Dividend policy Through Sveaskog, the government In 2001, a dividend of SEK 300 milli- Managing Director made a public offer last autumn to on was paid out to the owner. Stattum Viktoria Aastrup

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 0 0 Assets 100 Expenses -3 -5 Fixed assets 351 900 80

Items affecting comparability 0 0 Current assets 12,966 2,207 60 Participations in associated companies 0 0 Total assets 13,317 3,107 40 Operating profit/loss -3 -5 20 Financial income 219 890 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -13 -6 Shareholders’ equity 12,993 2,786 0 Profit/loss before tax 203 880 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -32 -240 Provisions 0 43 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 171 639 - interest-bearing 0 0 - non-interest bearing 0 0 No 100 Proposed dividend 114 300 Current liabilities Environmental - interest-bearing 11 0 Environmental management policy system KEY RATIOS - non-interest bearing 313 278 Return on equity (average) 2.2% 8.1% Total liabilities and shareholders’ equity 13,317 3,107 Return on total assets (average) 2.6% 9.2% No No Return on capital employed (average) 2.7% 11.1% CASH FLOW Return on operating capital (average) 1.3% 0.3% Cash flow from operating activities 41 -2,588 Profit/loss befo- Proposed divi- Equity/assets ratio 97.6% 89.7% Cash flow from investment activities 679 13,160 re tax, SEK m dend, SEK m Cash flow from financing activities -542 -10,929 INVESTMENT AND DEPRECIATION Gross investment 0 821 Average number of yearly employees 1 1 203 114 Depreciation and write-downs 0 0 - of which women 1 1

78 SVEASKOG AB

www.sveaskog.se

Business concept development and measures to raise effic- Sveaskog shall develop the state’s iency. The weak profitability of the saw- forest holdings through transparent, mill industry is expected to continue. environmentally-focused and value- adding operations. Dividend policy Following the acquisition of AssiDo- Strategy män, no dividends will be paid for the Sveaskog shall be Sweden’s biggest next few years.The purpose is to streng- independent timber supplier. Hunting, then the company’s financial position fishing and leisure activities form an Significant events in 2001 and 2002 and provide scope for future expansion integral part of Sveaskog, which strives On 10 October 2001, Sveaskog sub- through the acquisition of forest land. to combine successful commercial mitted a public offer to acquire all of forestry with ecological values. the shares in AssiDomän AB. In Febru- Assessment In accordance with a Riksdag deci- ary 2002, Sveaskog owned 99.4 per The company’s acquisition of AssiDo- sion, the company shall sell forest land, cent of the shares in AssiDomän. Assi- män is now complete. AssiDomän has particularly in sparsely populated areas, Domän’s operations are discussed once again been merged with Svea- in order to boost private forestry. A under a separate heading. skog and the strategic focus has been sales policy is currently being drawn up. The acquisition of AssiDomän was sharpened. This has involved major financed by external loans totalling changes aimed at conducting efficient Market SEK 13,000 million and a sharehol- forestry operations. A more complete The forestry industry is a globalised and ders’ contribution in the form of SEK evaluation will be possible next year. mature industry where investment in 1,600 million in cash, the state’s 35.3 facilities and forest land requires long per cent shareholding in AssiDomän Board of directors 2001 repayment periods. The current trend is and the state’s participation in the Bo Dockered,Chairman to strive to achieve a large market share public offer with partial payment in Lars Johan Cederlund with a small number of products. Several the form of Billerud shares. Åsa Domeij major structural deals took place during In addition to the acquisition of Lena Johansson the year, including three involving Nord- AssiDomän, forest land was acquired Birgitta Johansson-Hedberg ic companies. Pricing of raw timber for SEK 5 million. Sales totalled SEK Christina Liffner nowadays is made in a global context. 16 million, most of which is attributa- Lena Söderberg Timber deliveries during the year ble to the sale of forest land in con- Roland N.Johansson,Employee rep. amounted to 1.08 million m3fub, a junction with Sveaskog’s commitment Rolf Sellbrand,Employee rep. decline of 7 per cent compared with to provide replacement land when set- Gösta Utterström,Employee rep. 2000. Saw timber accounted for 61 ting up nature reserves. Claes Lindnér,Dep. employee rep. per cent of timber deliveries and pulp- Karl Erik Rudh,Dep. employee rep. wood for 39 per cent. The average Forecast for 2002 Lars Thorell,Dep. employee rep. price of timber remained unchanged. Real prices of raw forest materials have Pulpwood prices were on average 1 shown a downward trend, which needs Managing Director per cent lower than the previous year. to be compensated for through product Lars Sköld

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 431 448 Assets 30 Expenses -310 -313 Fixed assets 22,565 881 25 Items affecting comparability 0 0 Current assets 8,828 137 20 Participations in associated companies 0 0 Total assets 31,394 1,017 15 Operating profit/loss 121 136 10 5 Financial income 3 2 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -33 -8 Shareholders’ equity 12,083 638 0 Profit/loss before tax 91 130 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -22 -25 Provisions 3,299 314 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 70 105 - interest-bearing 483 0 - non-interest bearing 0 0 Yes 8 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 13,120 0 Environmental management policy system KEY RATIOS - non-interest bearing 2,409 65 Return on equity (average) 1.1% 18.0% Total liabilities and shareholders’ equity 31,394 1,017 Return on total assets (average) 0.8% 13.8% Yes Yes Return on capital employed (average) 0.9% 17.1% CASH FLOW Return on operating capital (average) 1.2% 17.5% Cash flow from operating activities 98 16 Profit/loss befo- Proposed divi- Equity/assets ratio 38.5% 62.7% Cash flow from investment activities -17,915 -68 re tax, SEK m dend, SEK m Cash flow from financing activities 24,376 -11 INVESTMENT AND DEPRECIATION Gross investment 24,944 95 Average number of yearly employees 187 203 91 0 Depreciation and write-downs 17 12 - of which women 15 24

79 AB SVENSK BILPROVNING

www.bilprovningen.se

Objective AB Svensk Bilprovning shall carry out Operations are to be adapted to the technical vehicle inspections as stipu- natural cycle. In 2001, work commen- lated in Swedish road traffic legisla- ced on the introduction of an environ- tion. The company’s objective is to mental management system. promote road traffic safety and to pro- The majority of the company’s tect the environment by checking the employees are men. The company is standard of vehicles. Vehicle inspec- striving for a more even balance bet- tion services shall be available throug- currently underway to introduce a ween men and women among its staff. hout Sweden. new system for summoning vehicles for inspection and for payment proce- Board of directors 2001 Strategy dures. An investment programme has Olof Johansson, Chairman The company focuses on its core ope- been started to replace older, less effi- Kjell Alkärr, Deputy chairman rations, i.e. mandatory inspections, cient testing stations. Training activi- Ulf Blomgren voluntary inspections which probably ties have also been stepped up. Lars Johan Cederlund will become mandatory, as well as Katja Elväng “Kontrollerad Bilverkstad” (control- Forecast for 2002 Göran Forssén led garage), a joint operation with The deficit in 2001 is to be eliminated Birgitta Frejhagen MRF. Other services are carried out through continued efficiency mea- Jan von Oelreich only if waiting times permit and if sures, better capacity utilisation and Bertil Persson the services do not entail unfair com- price increases. Sonny Johansson, Employee rep. petition. Bo Johansson, Employee rep. Dividend policy Rolf Jakobsson, Dep. employee rep. Situational analysis No dividends are payable. Bilprov- Tommy Nyström, Dep. employee rep. There is an increased need for flexibi- ningen’s charges are based on full cost lity in Bilprovningen’s operations, coverage and a breakeven result over Managing Director mainly due to seasonal variations in an extended period of time. Magnus Ehrenstråhle the flow of vehicles and to the enlar- gement of and alterations to the vehi- Assessment cle testing programmes. At times, the Accessibility to the company’s services public has suffered due to a lack of has been too low. The changes in the capacity. Hauliers, bus companies and terms on which the company operates car dealerships are demanding an are decisive for achieving better availa- expanded and more flexible service. bility and higher capacity utilisation. The substantial current deficit requi- Significant events in 2001 and 2002 res action in the form of structural In order to reduce waiting times in the changes and efficiency measures. spring, a redistribution of inspection Effective benchmarking against other times has been made. Preparations are countries will be reported.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 1,239 1,165 Assets 1,500 Expenses -1,340 -1,253 Fixed assets 599 573 1,200

Items affecting comparability 0 50 Current assets 206 253 900 Participations in associated companies 0 0 Total assets 805 826 600 Operating profit/loss -101 -38 300 Financial income 10 6 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -10 -11 Shareholders’ equity 255 354 0 Profit/loss before tax -101 -43 Minority share of shareholders’ equity 2 1 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 3 0 Provisions 199 237 tunities policy women, % Minority shares -1 0 Long-term liabilities Net profit/loss for the year -99 -43 - interest-bearing 86 20 - non-interest bearing 0 0 Yes 13 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 263 214 Return on equity (average) neg neg Total liabilities and shareholders’ equity 805 826 Return on total assets (average) neg neg Yes No Return on capital employed (average) neg neg CASH FLOW Return on operating capital (average) neg neg Cash flow from operating activities 58 -42 Profit/loss befo- Proposed divi- Equity/assets ratio 32.0% 43.0% Cash flow from investment activities -124 -69 re tax, SEK m dend, SEK m Cash flow from financing activities 68 20 INVESTMENT AND DEPRECIATION Gross investment 96 98 Average number of yearly employees 2,223 2,228 -101 0 Depreciation and write-downs 95 96 - of which women 289 334

80 SVENSK–DANSKA BROFÖRBINDELSEN SVEDAB AB

www.svedab.se

Business concept Significant events in 2001 and 2002 ties and a report was published in the SVEDAB is owned by the government The construction work was completed spring of 2001. Sound-proofing mea- via the National Swedish Road Admi- in the first half of 2000 and the bridge sures are being carried out along the nistration (50 per cent) and the nation- was officially opened according to Kontinentalbanan railway route. al rail administration, Banverket (50 schedule on 1 July. In 2001, the remai- Efforts to promote diversity and per cent). The company manages the ning construction work and noise equal opportunities form an integral Swedish interests in the Öresund suppression measures on adjacent part of everyday planning and follow- Bridge Consortium. buildings was completed. up work.

Strategy Forecast for 2002 Board of directors 2001 The company is responsible for the The company is budgeting for a deficit Jörgen Andersson, Chairman planning, construction and financing for 2001, and this situation is likely to Göran Ahlström of the Swedish land-based approaches remain unchanged until the income Ingemar Skogö to the Öresund Link. The company is from toll charges exceeds interest Bo Bylund currently focusing its operations on expenses and the cost of depreciation. group and company financial manage- The deficit will be covered by capital Managing Director ment and on administering the opera- contributions from the owners. Mats Wemming tion and maintenance of the Swedish road and rail connections. Assessment Income from road users is by and large Market at the level required for long-term The finances of the Öresund Link are profitability. Heavy trucks have cont- based on the installations being financed inued to use ferry crossings to a grea- by loans which are then repaid through ter extent than expected. The Öre- tolls levied on road and rail traffic using sund Bridge has instead created a new the link. The average real rate of interest market for commercial traffic. Rail ser- has been lower than estimated. Toll vices have experienced a large influx charges are now subject to VAT. The of passengers. repayment period has therefore been An inspection programme during extended. The Öresund Bridge Consor- and after the construction period has tium has received EU funding. been drawn up by the public authori-

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 554 319 Assets 600 Expenses -461 -211 Fixed assets 16,082 14,884 500 Items affecting comparability 0 0 Current assets 3,158 3,239 400 Participations in associated companies 0 0 Total assets 19,240 18,123 300 Operating profit/loss 93 108 200 100 Financial income 1,160 744 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -1,827 -1,023 Shareholders’ equity 3 59 0 Profit/loss before tax -574 -171 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 161 46 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -413 -125 - interest-bearing 17,218 15,569 - non-interest bearing 0 0 N/A 53 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 1,312 1,578 Environmental management policy system KEY RATIOS - non-interest bearing 707 917 Return on equity (average) neg neg Total liabilities and shareholders’ equity 19,240 18,123 Return on total assets (average) 6.7% 5.0% N/A N/A Return on capital employed (average) 7.0% 5.3% CASH FLOW Return on operating capital (average) 0.6% 0.8% Cash flow from operating activities -144 -150 Profit/loss befo- Proposed divi- Equity/assets ratio 0.0% 0.3% Cash flow from investment activities -84 -990 re tax, SEK m dend, SEK m Cash flow from financing activities 533 1 165 INVESTMENT AND DEPRECIATION Gross investment 118 1,148 Average number of yearly employees 80 105 -574 0 Depreciation and write-downs 248 132 - of which women 42 57

81 AB SVENSK EXPORTKREDIT, SEK

www.sek.se

Business concept Significant events in 2001 and 2002 Board of directors 2001 AB Svensk Exportkredit (SEK) provi- The lending volume rose to SEK 87 bil- Björn Wolrath, Chairman des mainly medium and long-term lion in 2001. SEK is increasing its pro- Lennart Blecher, Deputy chairman credits for export business and for duct range.Women are well represented Peter Carlsson investment. SEK is commissioned by except in management. During the last Lars Johan Cederlund the government to administer the few years, more women than previously Marianne Nivert Swedish system for state-subsidised have been appointed as managers. SEK Bengt Johansson export credits at a fixed interest rate as complies with the Swedish Bankers’ Petra Hedengran, Deputy well as the government’s foreign aid Association’s environmental guidelines Per Östensson, Deputy credit system. and the International Chamber of Anders Hedenström, Deputy Commerce’s guidelines for sustainable Anders Lidefelt, Deputy Strategy development. SEK is also indirectly SEK shall promote the financing of affected by the fact that since 2000, the Managing Director Swedish exports. SEK shall always be Swedish Export Credits Guarantee Peter Yngwe perceived as a first-class borrower. Board (EKN) has carried out an envi- Consequently, SEK is selective in its ronmental assessment when providing choice of business and its chief priori- guarantees for individual projects. ty is to always have a high capital cover ratio. At the same time, SEK is Forecast for 2002 developing into a more proactive and Earnings for 2002 are expected to be customer-focused company. about the same as for 2001.

Market Dividend policy The distribution of volume between the During the last few years, the board state-subsidised system and the markets has proposed that the dividend should open to competition is very dependent be equivalent to two-thirds of earn- on international interest rates and eco- ings. nomic activity. Customers constantly make new demands for financing solu- Assessment tions, resulting in a demand for the SEK has fulfilled its objective within development of new services. the framework of its assignments.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net interest income 831 896 Assets 20 Net commission income 5 -5 Treasury bonds 17,599 42,238 Remuneration from the S-system 37 37 Lending to credit institutions 15,362 23,311 15 Net income from financial transactions 6 19 Lending to the general public 30,149 24,357 Other operating income 8 17 Bonds and other 10 Total operating expenses -158 -133 interest-bearing securities 75,820 68,699 Operating profit/loss 729 830 Tangible assets 139 141 5 Tax -188 -228 Other assets 6,498 6,555 2001 2000 1999 0 Net profit/loss for the year 541 602 Prepaid expenses and accrued income 3,974 4,505 Proposed dividend 360 401 Total assets 149,541 169,804 Equal oppor- Proportion of tunities policy women, % KEY RATIOS Shareholders’ equity, provisions and liabilities Return on equity (average) 15.1% 14.8% Liabilities to credit institutions 1,511 5,504 Return on total assets (average) 0.5% 0.5% Borrowing from the general public 93 115 Tier 1 capital 3,778 3,570 Securities issued 121,698 135,777 Yes 46 Capital base 5,889 5,836 Other liabilities 13,887 15,726 Environmental Tier 1 capital ratio 11.9% 11.1% Prepaid income and accrued expenses 3,566 4,510 Environmental management Capital adequacy ratio 18.5% 18.2% Provisions 403 410 policy system Subordinated liabilities 4,738 4,257 INVESTMENT AND DEPRECIATION Shareholders’ equity 3,645 3,506 Gross investment 5 12 Total liabilities and Depreciation and write-downs 6 6 shareholders’ equity 149,541 169,804 Yes No CASH FLOW Profit/loss befo- Proposed divi- Cash flow from operating activities -1,654 11,543 re tax, SEK m dend, SEK m Cash flow from investment activities 19,669 -25,936 Cash flow from financing activities -18,015 14,394 Average number of yearly employees 98 85 729 360 - of which women 45 38

82 AFFÄRSVERKET SVENSKA KRAFTNÄT

www.svk.se

Business concept Dividend policy Svenska Kraftnät shall offer reliable, In accordance with a government deci- efficient, environmentally-adapted sion, Svenska Kraftnät shall annually transmission of power on the national transfer to the government a tax equiva- grid, promote an open and competi- lent and dividend corresponding to 65 tive Swedish, Nordic and European per cent of the year’s profit after financi- electricity market, exercise its system al income and expenses. responsibility cost-effectively and work towards a robust and flexible administration and operation of the Assessment electricity supply during times of crisis national grid also became operational Svenska Kraftnät exceeded its financial or war. during the year. targets for 2001. However, earnings On 5 February 2001, electricity were lower than in 2000.The public uti- Strategy consumption in Sweden hit a record lity should continue to concentrate on Svenska Kraftnät works continuously high level of around 27,000 MW. A improving its communications and to improve operational reliability. Cost high price and an appeal by Svenska transparency. It should also continue to effectiveness is gauged through regular Kraftnät cut electricity consumption enhance its role as the authority respon- benchmarking against comparable by around 2,000 MW. A peaking sible for the national grid system and companies. Svenska Kraftnät encoura- power reserve supplement of approxi- should strengthen Nordic collaboration ges increased co-operation with Nordic mately 500 MW was purchased follow- to contribute to a well-functioning elec- system operators. ing a government decision in the tricity market. autumn of 2001. In the autumn of Market 2002, Svenska Kraftnät is to submit a Board of directors 2001 Svenska Kraftnät is a natural monopoly report containing proposals regarding Per-Olof Eriksson, Chairman and is therefore exposed to very limited how the issue of peak power supply Yvonne Gustavsson, Deputy chairman business risk. The transmission opera- might be solved in the long term. Viktoria Aastrup tion is long-term and stable. The utility’s By the end of 2001, central towns Sussi Kvart clients largely comprise well-establish- in 188 of Sweden’s municipalities Christel Nettelvik-Söderberg ed, financially strong companies. were connected to the fibre-optic net- Christer Samuelsson work which Svenska Kraftnät is rolling Jan Magnusson Significant events in 2001 and 2002 out in collaboration with other net- Agata Persson, Employee rep. A new 400 kV line between Alvesta work owners. Lisa Björkling, Employee rep. and Hemsjö was taken into operation in 2001 and a new transformer station Forecast for 2002 Director-General was inaugurated in Borgvik in Novem- Prices and costs are estimated to be Jan Magnusson ber. The new station boosted transmis- stable. Turnover is estimated at SEK sion capacity to Norway by more than 2.8 billion and earnings at SEK 450 300 MW as well as boosting capacity million. Investment in the public uti- within Sweden, in particular to south- lity group is estimated at SEK 600 ern Sweden. A new system for the million.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 2,938 2,724 Assets 3,000 Expenses -2,092 -1,903 Fixed assets 9,761 9,844 2,500 Items affecting comparability 0 0 Current assets 989 874 2,000 Participations in associated companies 37 21 Total assets 10,750 10,718 1,500 Operating profit/loss 883 842 1,000 Financial income 14 8 Shareholders’ equity, provisions and liabilities 500 2001 2000 1999 Financial expenses -159 -82 Shareholders’ equity 6,719 6,485 0 Profit/loss before tax 738 768 Minority share of shareholders’ equity 27 12 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 6 0 Provisions 168 141 tunities policy women, % Minority shares -14 -5 Long-term liabilities Net profit/loss for the year 730 763 - interest-bearing 2,968 3,249 - non-interest bearing 104 32 Yes 26 Proposed dividend 474 496 Current liabilities Environmental - interest-bearing 138 132 Environmental management policy system KEY RATIOS - non-interest bearing 626 667 Return on equity (average) 11.1% 11.7% Total liabilities and shareholders’ equity 10,750 10,718 Return on total assets (average) 8.4% 7.8% Return on capital employed (average) 9.0% 8.3% CASH FLOW Yes Own Return on operating capital (average) 8.7% 8.8% Cash flow from operating activities 1,147 959 Profit/loss befo- Proposed divi- Equity/assets ratio 62.8% 60.6% Cash flow from investment activities -375 -1,005 re tax, SEK m dend, SEK m Cash flow from financing activities -699 -1,219 INVESTMENT AND DEPRECIATION Gross investment 363 998 Average number of yearly employees 258 253 738 474 Depreciation and write-downs 490 404 - of which women 67 69

83 SVENSKA LAGERHUSAKTIEBOLAGET

www.lagerhus.se

Terms of reference will improve its earnings after Goth- The company shall engage in stockpil- enburg financial items to achieve the ing as required and shall be a market owner’s required return on equity. player within the areas of storage, dis- tribution and the management of Assessment archives, documents and other goods In 2001, the group’s turnover increa- as well as associated activities. sed by 12 per cent and profit after The financial requirements set by Gothenburg financial items amounted the owners are that return (profit after been hived off from Swedish and to SEK 5.7 million (23.5). The decline standard tax) on adjusted equity foreign corporations. in profit is due to the general econo- should correspond to the 5-year The reduction in stockpiling resolved mic slowdown and also to greater cau- government bond rate plus 7 percen- by the government is set to continue. tion among customers and potential tage points over a business cycle. The customers and lower forecast capacity group’s dividend target should be 50 Significant events in 2001 and 2002 utilisation at the company’s new faci- per cent of the year’s net profit and In 2001, the group won a large num- lity in Falkenberg. the equity/assets ratio should amount ber of deals in both the private and to 35 per cent. public sectors. Alliances and major Board of directors 2001 partnerships have been carried out in Reinold Geijer, Chairman Strategy order to strengthen the company’s Mats Hentzel, Deputy chairman In 2002, the company shall focus on position in competitive areas and meet Christer Malm third-party logistics and digitalisation. the market’s demands and expecta- Göran Nylander The company shall also actively seek tions. Anita Ringström assignments within bulk and pallet During the year, 15 properties and Maria Sedolin handling in locations where stockpiles buildings were sold for a total of SEK Gunnar Skarell are gradually declining. 52.7 million, generating a capital gain Lars-Åke Lind, Employee rep. The company is continuing to con- of SEK 16.0 million. Leif Gustafsson, Secretary centrate on a small number of facilities and increase the level of localisation bet- Forecast for 2002 Managing Director ween the companies and business areas. Order books for 2002 are strong. It is Göran Nylander estimated that the newly acquired Market facility in Falkenberg will improve its A clear trend is that companies are capacity utilisation as a result of new choosing to focus on core activities. customers and alliances and also due Companies often outsource or insour- to the transfer of orders from less sui- ce their transport, logistics and storage table storage facilities which will be operations to specialists. Several of gradually wound up. Svenska Lagerhus’ competitors, espe- Overall, turnover for the SLAB cially within third-party logistics, are group is estimated to increase by former logistics departments that have 25–30 per cent in 2002. The group

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % 25 Net turnover 187 167 Assets Personnel costs -80 -59 Non-interest bearing fixed assets 125 152 20 Other operating expenses -98 -88 Interest-bearing fixed assets 6 7 15

Items affecting comparability 17 18 Non-interest bearing current assets 66 23 10 Profit/loss from participations Interest-bearing current assets 49 55 5 in associated companies 1 0 Total assets 246 237 2001 2000 1999 Profit/loss before depreciation 26 38 0 Depreciation -16 -13 Shareholders’ equity, provisions and liabilities Operating profit/loss 10 25 Shareholders’ equity 86 83 Equal oppor- Proportion of Net financial income/expense -4 -1 Minority 6 5 tunities policy women, % Tax and minority shares -3 -8 Provisions and untaxed reserves 8 10 Net profit/loss for the year 3 16 Interest-bearing liabilities 75 76 Non-interest bearing liabilities 71 62 Yes 39 Dividend paid 0 0 Total liabilities and shareholders’ equity 246 237 Environmental Environmental management policy system KEY RATIOS CASH FLOW Gross investment 26 104 Cash flow from operating activities -2 22 ISO Interest coverage ratio (times) 2.2% 10.5% Cash flow from investment activities -1 -89 Yes 14001 Return on total assets (average) 4.4% 14.1% Cash flow from financing activities -1 70 Return on capital employed (average) 6.4% 21.3% Profit/loss befo- Proposed divi- Return on operating capital (average) 7.5% 26.4% Average number of yearly employees 175 152 re tax, SEK m dend, SEK m Return on equity (average) 3.7% 20.0% - of which women 69 53 Equity/assets ratio 37.2% 37.4% 4 N/A

84 AB SVENSKA MILJÖSTYRNINGSRÅDET (SWEDISH ENVIRONMENTAL MANAGEMENT COUNCIL)

www.miljostyrning.se

Objective tions have been on the market since To support industry, the business sec- the second half of the 1990s. Never- tor and public administration in the theless, they are relatively new con- further development of their environ- cepts in the business sector and public mental work in a systematic and cost- administration, and the number of effective way. companies and organisations introdu- cing these tools in their environmental Strategy work is still increasing. The govern- The company carries on information and tal management standard ISO 14001 ment contributed extra funds in 2001 registration activities in the environmen- and contains improved opportunities to provide information on the new tal area. The company is the principal for for market communication. EPD activi- EMAS Regulation. The owners have the EU Regulation on the Eco Manage- ties began to attract greater European not stipulated an exact target for the ment and Audit Scheme (EMAS) and and international attention, and the number of environmental manage- the Swedish scheme for certified envi- Swedish Environmental Management ment systems and environmental pro- ronmental product declarations (EPD). Council heads an international network duct declarations introduced. Sweden The company should support and pro- for EPD. A review of the Council’s acti- maintained its previous third place in mote the introduction of the schemes, vities was begun with regard to future the European statistics with regard to register those companies, organisations, activities and financing. The Council is the number of EMAS registered com- products and services that comply with too small an organisation to introduce panies and organisations. the requirements of these schemes and an environmental management system maintain their details in a public register. or to use gender consequence analyses. Board of directors 2001 Axel Wenblad, Chairman Situational analysis Forecast for 2002 Eva Smith, Deputy chairman The introduction of systematic envi- The new EMAS Regulation, which Henry Gustafsson ronmental management systems in allows all types of organisation to join Ingrid Haglind accordance with ISO 14001 and the scheme and has improved oppor- Christina Lindbäck EMAS continues at a good develop- tunities for a market impact, may in Annaa Mattsson ment rate. Sweden is in general at the the long term lead to an increased Sven-Olof Ryding forefront in these respects in a Euro- interest in EMAS registrations. The Inger Strömdahl pean and international perspective. In EPD scheme is beginning to become Lars Waldner recent years, the number of govern- increasingly well known in the market. Peter Wenster ment administrations and authorities An increased number of countries are Maria Sandqvist, Co-opted member introducing environmental manage- currently introducing the EPD sche- ment systems has also increased. me, which will lead to a rising trend Managing Director for EPD registrations in Sweden. Sven-Olof Ryding Significant events in 2001 and 2002 A new revised Regulation on EMAS Assessment came into force in April 2001. This is Environmental management systems based on the international environmen- and environmental product declara-

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 2 2 Assets 3.0 Expenses -3 -3 Fixed assets 0 0 2.5 Items affecting comparability 0 1 Current assets 2 1 2.0 Participations in associated companies 0 0 Total assets 2 1 1.5 Operating profit/loss -1 0 1.0 Financial income 0 0 Shareholders’ equity, provisions and liabilities 0.5 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 1 1 0.0 Profit/loss before tax -1 0 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -1 0 - interest-bearing 0 0 - non-interest bearing 0 0 No 50 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 1 0 Return on equity (average) neg 129.4% Total liabilities and shareholders’ equity 2 1 Return on total assets (average) neg 81.7% No Return on capital employed (average) neg 130.2% No CASH FLOW Return on operating capital (average) neg 315.7% Cash flow from operating activities -1 1 Profit/loss befo- Proposed divi- Equity/assets ratio 73.8% 62.7% Cash flow from investment activities 0 0 re tax, SEK m dend, SEK m Cash flow from financing activities 0 0 INVESTMENT AND DEPRECIATION Gross investment 0 0 Average number of yearly employees 2 2 -1 0 Depreciation and write-downs 0 0 - of which women 1 1

85 SWEDISH SPACE CORPORATION

www.ssc.se

Business concept Times Group (MTG), made a major The Swedish Space Corporation’s investment in a transfer to digital trans- overall business concept is to supply mission technology for the broadcasting the global market with: of TV programmes via satellite. 8 Space systems and airborne systems. 8 The launch of rockets and balloons Forecast for 2002 and the testing of space systems Parent company profit for 2002 is esti- and airborne systems from the mated at SEK 25 million before tax Esrange facility. small number of very large players offer- and appropriations. 8 Satellite communication and con- ing a broad range of services. Its activi- trol services. ties at Esrange are largely based on the Dividend policy The Swedish Space Corporation favourable geographical location of the 35 per cent of the profits in excess of SEK assists the Swedish National Space facility and its expert resources. 10 million is paid in dividends each year. Board in technical matters. Significant events in 2001 and 2002 Assessment Strategy Through a directed share issue, the Excluding the associated company The Swedish Space Corporation shall Swedish Space Corporation received a NSAB, which posted a loss in 2001, act as a cohesive company and shall capital contribution of SEK 350 milli- the Swedish Space Corporation repor- continue its development towards a high- on from the Swedish state-owned hol- ted a good result. The company has er degree of commercial operations.The ding company, Förvaltningsaktiebola- continued to expand its Kiruna opera- Swedish Space Corporation shall: get Stattum. The purpose of the share tions. In the longer term, the compa- 8 Enter into alliances with other issue was to create financial scope for ny’s operations may be affected nega- space corporations in Europe. the Swedish Space Corporation’s tively by a redistribution of funds wit- 8 Increase the level of utilisation and increased involvement in NSAB. hin the Swedish space programme. efficiency at the Esrange Division In January 2002, the Swedish Space through the North European Aero- Corporation transferred its shares in Board of directors 2001 space Test Range (NEAT) concept. Tromsö Satellittstasjon AS (TSS) to Lennart Lübeck, Chairman 8 Develop and globalise the services the Norwegian Space Centre (NRS). Birgitta Ahlqvist of commercial satellite stations and In conjunction with this, a collabora- Gunnar Björk increase the level of value added. tion agreement was signed giving the Lars Johan Cederlund 8 Set up more engineering units in Swedish Space Corporation the right Per-Erik Mohlin partnership with other players. to utilise and sell capacity for the aeri- Per Tegnér 8 Improve the value of Nordiska als that NRS has access to at Svalbard. Ingrid Åkesson Bonde Satellitaktiebolaget (NSAB). Since November 2000, the Swedish Carl-Ivar Mörtberg, Employee rep. Space Corporation and the Luxem- Sven Wallin, Employee rep. Market bourg company Société Européenne des Gunnar Florin, Employee rep. The Swedish Space Corporation’s mar- Satellites (SES) have each owned 50 per ket is characterised by a high level of cent of the shares in NSAB. In 2001, this Managing Director globalisation and a concentration on a company, in collaboration with Modern Claes-Göran Borg

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 464 482 Assets 20 Expenses -429 -482 Fixed assets 521 574 15 Items affecting comparability 0 27 Current assets 306 278 Participations in associated companies -61 40 Total assets 827 852 10 Operating profit/loss -26 67 5 Financial income 10 6 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -15 -12 Shareholders’ equity 661 341 0 Profit/loss before tax -31 61 Minority share of shareholders’ equity 0 0 Tax 1 -22 Provisions 10 7 Equal oppor- Proportion of Minority shares 0 1 Long-term liabilities tunities policy women, % Net profit/loss for the year -30 40 - interest-bearing 0 0 - non-interest bearing 0 0 Proposed dividend 2 0 Current liabilities Yes 27 - interest-bearing 0 0 Environmental KEY RATIOS - non-interest bearing 156 504 Environmental management policy system Return on equity (average) neg 9.8% Total liabilities and shareholders’ equity 827 852 Return on total assets (average) neg 9.6% Return on capital employed (average) neg 17.9% CASH FLOW No No Return on operating capital (average) 10.4% 11.5% Cash flow from operating activities 7 -44 Equity/assets ratio 79.9% 40.0% Cash flow from investment activities -41 -276 Profit/loss befo- Proposed divi- Cash flow from financing activities 0 341 re tax, SEK m dend, SEK m INVESTMENT AND DEPRECIATION Gross investment 49 288 Average number of yearly employees 281 353 Depreciation and write-downs 38 28 - of which women 76 100 -31 2

86 SWEDISH SHIPS MORTGAGE BANK (SVENSKA SKEPPSHYPOTEKSKASSAN)

Business concept Significant events in 2001 and 2002 Board of directors 2001 The Swedish Ships Mortgage Bank Outstanding loans to shipping compa- Pehr G. Gyllenhammar, Chairman shall facilitate financing for Swedish nies increased by 50 per cent in 2001 Anna-Lisa Engström, shipping companies and foreign ship- to SEK 5,364 million. Loans approved Deputy chairman ping companies with substantial but not yet disbursed amounted to Christer Berggren Swedish interests, and shall contribu- around SEK 1,500 million at the end Åsa Kastman Heuman te to the renewal of the merchant of the year. The loans will be disbursed Jan Källsson fleet. in 2002 and 2003. Ulla Olovsson The bank may assist in the finan- Folke Patriksson Strategy cing of tonnage sailing under a foreign Ture Axelsson, Deputy The bank is required to contribute to flag as long as there is a substantial Lars-Göran Holmgren, Deputy the renewal and modernisation of the Swedish interest. Morgan Johansson, Deputy Swedish merchant fleet. The bank Previous amendments to the Act Hans-Yngve Johnsson, Deputy finances shipping operations which on the Swedish Ships Mortgage Bank Anders Lindström, Deputy are Swedish-owned or foreign-owned (SFS 1980:1097) have contributed to Agneta Rodosi, Deputy with Swedish interests, and primarily the growth in lending. Bo Severed, Deputy advances long-term loans against secu- rity in Swedish or foreign ships. Dividend policy Managing Director The bank conducts its operations The bank does not pay a dividend. Birgitta Wickenberg Karlsson on fully commercial terms and in competition with other credit institu- Forecast for 2002 tions. The bank is also commissioned The bank’s loan stock is forecast to by the government to administer the increase in 2002. affairs of the Board for Shipping Sup- port. Assessment The bank’s loan stock increased signi- Market ficantly in 2001. The bank continues The shipping industry is characterised to play an important role as a financi- by large variations in demand. At pre- er of small and medium-sized shipping sent, however, prospects are good in companies. several sub-markets.

SEK m 2001 2000 SEK m 2001 2000 Return on equity, % INCOME STATEMENT BALANCE SHEET Net interest income 72 60 Assets 8 Total operating expenses -14 -13 Lending to credit institution 4 3 7 6 Other operating income 0 4 Interest-bearing securities 5 Net profit/loss for the year 58 51 - current investment 170 208 4 - long-term investment 651 543 3 Proposed dividend 0 0 Lending to Shipping companies 4,540 3,124 2 Other receivables 3 3 1 2001 2000 1999 KEY RATIOS Accrued interest income 46 55 0 Return on equity (average) 6.3% 5.9% Prepaid expenses and Return on total assets (average) 1.2% 1.4% accrued income 5 6 Equal oppor- Proportion of Tier 1 capital 943 885 Total assets 5,417 3,944 tunities policy women, % Capital base 943 885 Tier 1 capital ratio 21.2% 25.1% Shareholders’ equity, provisions and liabilities Capital adequacy ratio 21.2% 25.1% Liabilities to credit institutions 4,345 2,893 Equity/assets ratio 17.4% 22.4% Other borrowing 106 132 No 67 Accrued interest income 22 33 Environmental INVESTMENT AND DEPRECIATION Prepaid income and accrued expenses 1 1 Environmental management Gross investment 0 0 Shareholders’ equity policy system Depreciation and write-downs 0 0 - statutory reserve 943 885 Total liabilities and shareholders’ equity 5,417 3,944 No No CASH FLOW Cash flow from operating activities 59 54 Profit/loss befo- Proposed divi- Cash flow from investment activities 0 0 re tax, SEK m dend, SEK m Cash flow from financing activities 0 0

Average number of yearly employees 9 9 - of which women 6 6 58 0

87 SVENSKA SKOGSPLANTOR AB

www.skogsplantor.se

Business concept Significant events in 2001 and 2002 Board of directors 2001 Svenska Skogsplantor AB shall produ- Sales dropped in 2001. Due to the Lena Söderberg, Chairman ce and sell seeds and forest plants and decline in sales in some areas of Swe- Christer Berggren provide silvicultural services. den, it has been resolved to reorganise Thomas Idermark plant production. This means that pro- Lars Leonardsson Strategy duction will be discontinued in some Lisa Sennerby Forsse To broaden the market for the compa- areas. Lars-Olov Eriksson, Employee rep. ny’s products through activities such Lennart Torstensson, Employee rep. as the establishment of subsidiaries in, Dividend policy Anders Karlsson, Dep. employee rep. and sales to, neighbouring Nordic One-third of annual profits is distribu- Anita Ziedén Persson, countries. In addition, a small field ted over the course of a business cycle. Dep. employee rep. organisation has been set up to meet the increasing demand for silvicultural Forecast for 2002 Managing Director services, particularly in the area of Demand for the company’s products Martin Lindell regeneration. is expected to remain weak. Work will continue on achieving an acceptable Market level of profitability. After a revision of forestry policy in 1994, demand for the company’s pro- Assessment ducts increased up until 1999, when it Since its inception in 1994, the com- suddenly experienced a rapid fall. pany has gradually improved its earn- Demand for plants in Sweden rose ings and met its targets in 1997 and from 295 million in 1999 to 325 mil- 1998. Due to a reduction in demand lion in 2000. and profitability in 1999–2001, some In 2001, demand dropped to 314 parts of the company’s operations are million plants. On private forest land being reorganised. used by Svenska Skogsplantor, only 55 per cent of felling areas were replan- ted, while forestry companies replan- ted 80 per cent.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Equity/assets ratio, % Net turnover 198 208 Assets 40 35 Expenses -227 -206 Fixed assets 111 125 30 Items affecting comparability -33 0 Current assets 154 197 25 Participations in associated companies 0 0 Total assets 264 322 20 15 Operating profit/loss -61 3 10 Financial income 0 0 Shareholders’ equity, provisions and liabilities 5 2001 2000 1999 Financial expenses -9 -10 Shareholders’ equity 44 115 0 Profit/loss before tax -70 -7 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 1 2 Provisions 29 31 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -69 -5 - interest-bearing 143 131 - non-interest bearing 0 0 Yes 36 Proposed dividend 0 2 Current liabilities Environmental - interest-bearing 20 20 Environmental management policy system KEY RATIOS - non-interest bearing 29 26 Return on equity (average) neg neg Total liabilities and shareholders’ equity 264 322 ISO 14001 Return on total assets (average) neg 0.8% To be introduced 2002/03 Return on capital employed (average) neg 0.9% CASH FLOW Yes Return on operating capital (average) neg 0.9% Cash flow from operating activities -3 15 Profit/loss befo- Proposed divi- Equity/assets ratio 16.5% 35.5% Cash flow from investment activities -6 -15 re tax, SEK m dend, SEK m Cash flow from financing activities 9 0 INVESTMENT AND DEPRECIATION Gross investment 11 16 Average number of yearly employees 244 271 -70 0 Depreciation and write-downs 24 10 - of which women 89 105

88 AB SVENSKA SPEL

www.svenskaspel.se

Terms of reference Dividend policy AB Svenska Spel shall, after authorisa- AB Svenska Spel is exempt from lot- tion by the government, organise tery tax and income tax. The compa- gambling and lotteries. AB Svenska ny’s profits are paid to the Swedish Spel shall meet consumer demand for state. AB Svenska Spel also makes an attractive lotteries and gambling annual grant of SEK 60 million to the through innovation and development. Swedish Sports Confederation. The Social protection considerations surplus from the slot machine games is and fraud risks must be taken into Significant events in 2001 and 2002 distributed to the children’s and youth account when new forms of gambling The company increased its turnover by activities of local organisations. are developed and in the operations in 11.5 per cent during the year. The grea- general. Maximum security in gamb- ter part of the increase was related to the Assessment ling management should be aimed at Jack Vegas and Miss Vegas slot machine AB Svenska Spel met the objectives of and effective, independent control games, which had a turnover of SEK 4.1 the government and the Riksdag in made possible. billion and are currently Sweden’s lar- 2001. Of the company’s profits of gest games. Triss had a turnover of more SEK 3,993 million (3,871) for 2001, Strategy than SEK 3 billion for the first time. SEK 3,297 million (3,561) is distribu- AB Svenska Spel’s overall strategy is to The subsidiary Casino Cosmopol ted to the government and SEK 509 sell a broad range of entertaining opened casinos in Sundsvall and million (310) to local organisations. gambling products with cash prizes. Malmö in 2001. This shall be achieved by using Casinos will also open in Gothen- Board of directors 2001 modern technology, both in direct cus- burg in the autumn and in Stockholm Bengt-Åke Berg, Chairman tomer relations and in distribution to in early 2003. Yesn Blomberg agents and partners. Hans Dalborg The company’s casinos should pro- Forecast for 2002 Rose-Marie Frebran vide a balanced range of entertain- A shift is in progress among AB Sven- Lars-Åke Lagrell ment, restaurant operations and gamb- ska Spel’s customers from gambling Eva Lindström ling. with low winnings to gambling with Kjell Nordström higher winnings. As a result, earnings Anna Söderblom Market are not expected to rise despite incre- Meg Tivéus Competition has increased both due ased turnover. Håkan Bergström, Employee rep. to the company’s national competitors Jack Vegas, Oddset, Keno and Triss Gerd Hedberg, Employee rep. and due to foreign players entering the are successful. In general, the lotteries Maria Othberg, Employee rep. Swedish market via the Internet, sub- are strong. The number games are less Bertil Sandström, Employee rep. scriptions and direct marketing. successful, and Lotto will increase its Three players dominate the Swe- winnings in 2002. Managing Director dish gambling market: AB Svenska Competition from the other gamb- Meg Tivéus Spel, AB Trav och Galopp and Folk- ling operators is expected to be fierce spel, which runs Bingolotto. in the future.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Gaming and lottery income 15,590 13,949 Assets 20,000 Other operating income 209 189 Non-interest bearing fixed assets 1,059 656 15,000 Winners’ share -8,453 -7,281 Interest-bearing fixed assets 0 0 Agents’ commission -1 459 -1,398 Non-interest bearing current assets 2,442 2,565 10,000 Personnel costs -342 -267 Interest-bearing current assets 1,766 1,693 5,000 Other operating expenses -1,750 -1,408 Total assets 5,267 4,914 2001 2000 1999 Profit/loss from participations 0 in associated companies -1 0 Shareholders’ equity, provisions and liabilities Operating profit/loss 3,794 3,784 Shareholders’ equity 3,806 3,836 Equal oppor- Proportion of Net financial income/expense 48 51 Minority 0 0 tunities policy women, % Net profit/loss for the year 3,842 3,835 Provisions and untaxed reserves 20 21 Interest-bearing liabilities 0 0 KEY RATIOS Non-interest bearing liabilities 1,441 1,057 Yes 50 Gross investment 753 273 Total liabilities and shareholders’ equity 5,267 4,914 Environmental Winners’ share of Environmental management policy system gaming income, group 54.3% 52.2% CASH FLOW Income from slot machines 4,171 2,759 Cash flow from operating activities 4,561 3,883 Winners’ share of gaming Cash flow from investment activities -753 -273 Yes No income, slot machines 68.6% 66.5% Cash flow from financing activities -3,871 -3,739 Return on total assets (average) 75.8% 80.0% Profit/loss befo- Proposed divi- Return on capital employed (average) 101.0% 101.8% Average number of yearly employees 750 531 re tax, SEK m dend, SEK m Return on operating capital (average) 181.4% 179.9% - of which women 375 266 Equity/assets ratio 72.3% 78.1% 3,842 3,806

The entire net proceeds are transferred to the government to be paid out in the form of grants to the Swedish Sports Confederation and the National Board for Youth Affairs, as stipulated by the Riksdag.

89 SP SVERIGES PROVNINGS- OCH FORSKNINGSINSTITUT AB

www.sp.se

Objective bute to financing the renewal of ope- Through demand-led research and a rations (investment, competence). broad range of services in technical SP Sveriges evaluation and measurement techno- Provnings- och Forsk- Assessment logy, SP (the Swedish National Testing ningsinstitut AB An in-depth assessment of SP’s opera- and Research Institute) should contri- tions was carried out. This shows that bute to growth and competitiveness in SP has raised its competence level and the business sector and to safety, effi- increased the proportion of advanced cient resource management and a projects. Customers, institutes of high- good environment in society. Significant events in 2001 and 2002 er education, universities and other During the year, four new laboratories institutes consider that co-operation Strategy were brought into operation, focused with SP is very good. The international To be a research player with a large on the development and evaluation of exchange of knowledge is extensive. interdisciplinary capacity and a bridge reliable electronic systems. With finan- The results are disseminated systema- builder and problem solver offering cing from the Swedish National Post tically and are used in the business customers competence in all stages and Telecom Agency, a world-class sector and society. In dialogue with from development and production to laboratory is being built for the distri- the government, SP should develop its use and recycling. Close co-operation bution of time and frequency, inclu- role in the innovation system and the with institutes of higher education, ding over the Internet. A joint venture control and accounting methods for universities and other institutes provi- for research, marketing and skills the government assignment. des a basis for creating credible, attrac- development was begun with three tive operations. other institutes (IVL, IVF and SIK). Board of directors 2001 Yesn-Crister Persson, Chairman Situational analysis Forecast for 2002 Viktoria Aastrup The institutes are an important Growth and earnings weakened in Claes Bankvall resource in the national structure for 2001. A good inflow of orders is fore- Hasse Johansson research and innovation. The govern- cast for the coming year with regard to Solveig Kjörnsberg ment should contribute to creating a assignments from the business sector, Gun Lundkvist structure with fewer but larger inter- EU programmes, foundations and Hans Christer Olson nationally competitive institutes. research councils. There are problems Yesn-Eric Sundgren Interaction between institutes of hig- with the financing of long-term skills Klas Johansson, Employee rep. her education, institutes and compan- development and national parts of EU Bengt Bogren, Employee rep. ies is becoming increasingly important. projects. Turnover for 2002 is estima- Ulrika Johansson, Dep. employee rep. The EU’s sixth Framework Program- ted at approximately SEK 480 million. Nina Jäärni, Dep. employee rep. me involves focusing on major pro- jects in international co-operation. A Dividend policy Managing Director number of thematic priority areas in In accordance with current principles Claes Bankvall the new programme are central to SP’s for research institutes, SP does not pay activities. a dividend. The profit should contri-

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 452 440 Assets 500

Expenses -443 -425 Fixed assets 196 199 400 Items affecting comparability 0 16 Current assets 217 198 300 Participations in associated companies 0 0 Total assets 413 397 200 Operating profit/loss 9 31 Financial income 4 4 Shareholders’ equity, provisions and liabilities 100 2001 2000 1999 Financial expenses -2 -3 Shareholders’ equity 249 241 0 Profit/loss before tax 11 32 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -3 -9 Provisions 71 72 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 8 23 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 23 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 93 84 Return on equity (average) 3.3% 10.0% Total liabilities and shareholders’ equity 413 397 EMAS/ISO Return on total assets (average) 3.2% 9.3% 14001 Return on capital employed (average) 4.3% 12.2% CASH FLOW Yes Return on operating capital (average) 4.5% 16.0% Cash flow from operating activities 57 53 Profit/loss befo- Proposed divi- Equity/assets ratio 60.3% 60.7% Cash flow from investment activities -36 -53 re tax, SEK m dend, SEK m Cash flow from financing activities 0 0 INVESTMENT AND DEPRECIATION Gross investment 36 53 Average number of yearly employees 574 564 11 0 Depreciation and write-downs 39 38 - of which women 133 130

90 SVERIGES RESE- OCH TURISTRÅD AB

www.swetourism.se

Objective the registered visitor nights in Swe- Board of directors 2001 The Swedish Travel and Tourism den. Lars Carmén, Chairman Council’s objective is to market Swe- Claes Bjerkne den as a tourist destination and ens- Significant events in 2001 and 2002 Nils Carlsson ure that people in Sweden and abroad Consumer information via a contact Inger Holmström have an attractive, enriching experi- centre in Sollefteå is currently respon- Bengt Klaesson ence. sible for 13 markets in eight languages. Sten Rentzhog The company shall also help com- Continued development of the Visit Marianne Reuterskiöld panies and co-operative organisations Sweden project is in progress to provi- Martin Creydt in Sweden to improve their profitabi- de an overall picture of the Swedish Peter Forssman, Deputy lity, and shall work towards increased offer on the overseas market. Magnus Nilsson, Deputy revenues and thus national prosperity. A commission has been received from the government to develop and Managing Director Strategy market the “Fjällvärlden” (Mountain Karl-Erik Strand Apart from the markets in which the World) trademark during the period Council has direct representation, the 2002–2004. company monitors and carries out marketing activities in a number of Forecast for 2002 other markets. Work will be carried on in accordance Marketing activities include taking with the new business plan for part in trade fairs and workshops and 2001–2003. visiting sales and transport companies. Internet technology facilitates increa- Dividend policy singly global communication and ser- The company does not pay a dividend. vice. Assessment Situational analysis The Council has carried on its busi- The foreign markets in which the ness activities in accordance with the Council carries out direct marketing objective laid down by its owners. activities account for 84 per cent of

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 139 133 Assets 150 Expenses -142 -129 Fixed assets 2 1 120 Items affecting comparability 0 0 Current assets 41 36 90 Participations in associated companies 0 0 Total assets 43 37 60 Operating profit/loss -3 4 Financial income 2 2 Shareholders’ equity, provisions and liabilities 30 2001 2000 1999 Financial expenses -1 -2 Shareholders’ equity 15 17 0 Profit/loss before tax -2 4 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -2 4 - interest-bearing 0 0 - non-interest bearing 0 0 No 77 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 28 20 Return on equity (average) neg 24.5% Total liabilities and shareholders’ equity 43 37 Return on total assets (average) neg 16.4% No No Return on capital employed (average) neg 37.1% CASH FLOW Return on operating capital (average) 224.2% 128.3% Cash flow from operating activities -2 13 Profit/loss befo- Proposed divi- Equity/assets ratio 34.6% 45.1% Cash flow from investment activities -1 0 re tax, SEK m dend, SEK m Cash flow from financing activities 0 0 INVESTMENT AND DEPRECIATION Gross investment 1 0 Average number of yearly employees 51 50 -2 0 Depreciation and write-downs 0 0 - of which women 39 39

91 SWEDCARRIER AB

www.swedcarrier.se

Business concept The most important sub-markets for Board of directors 2001 Swedcarrier is a holding company Jernhusen’s station properties are Ingrid Åkesson Bonde, Chairman whose operations originate from the Stockholm, Gothenburg and Malmö. Yesn Kvarnström, Deputy chairman public service company Statens Järn- Lena Apler vägar. On 31 December, the Swedcar- Significant events in 2001 Katja Elväng rier Group comprised the wholly- 8 In July, Unigrid AB was disposed of Bertil Persson owned subsidiaries Jernhusen AB, Euro- to Cap Gemini Ernst & Young for Yesn Andersson, Employee rep. Maint AB and SweMaint AB and the SEK 218 million. Örjan Ersson, Employee rep. partly-owned company Nordwaggon. 8 In August, TraffiCare AB was dispo- Bertil Hallén, Employee rep. Swedcarrier’s long-term business sed of to ISS for SEK 115 million. objective is to streamline the Jernhu- Managing Director sen real estate company into a value Forecast for 2002 Arne Berggren, Managing Director adding player in transport properties. The long-term business objective for and CEO the group remains. Growth in turno- Strategy ver and earnings is expected for exis- Swedcarrier should ensure that maxi- ting operations. mum shareholder value is created through active ownership of its subsi- Dividend policy diaries. Jernhusen AB is the core busi- The dividend policy for the Swedcar- ness. rier Group is determined after all the disposals have been implemented. Market The rental market follows economic Assessment development but with a certain time Since Swedcarrier has an extended lag, since leases are signed for a number financial year to 30 June 2002, no of years. In early 2001, market rents assessment of the company will be peaked and then fell slightly during the made until then. year. There are large differences in ren- tal level in the various sub-markets.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Equity/assets ratio, % Net turnover 3,209 3,092 Assets 30 Expenses -2,835 -2,700 Fixed assets 7,190 8,108 25 Items affecting comparability -967 -95 Current assets 1,009 987 20 Participations in associated companies -8 0 Total assets 8,199 9,095 15 Operating profit/loss -601 297 10 Financial income 13 4 5 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -269 -245 Shareholders’ equity 1,880 2,649 0 Profit/loss before tax -857 56 Minority share of shareholders’ equity 6 6 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 67 -64 Provisions 91 100 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -790 -8 - interest-bearing 5,445 5,700 - non-interest bearing 0 0 Yes 20 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 56 91 Environmental management policy system KEY RATIOS - non-interest bearing 721 549 Return on equity (average) neg N/A Total liabilities and shareholders’ equity 8,199 9,095 Return on total assets (average) neg N/A Yes No Return on capital employed (average) neg N/A CASH FLOW Return on operating capital (average) neg N/A Cash flow from operating activities -1,862 et Profit/loss befo- Proposed divi- Equity/assets ratio 23.0% 29.2% Cash flow from investment activities -5,008 et re tax, SEK m dend, SEK m Cash flow from financing activities 6,805 et INVESTMENT AND DEPRECIATION Gross investment 7,905 112 Average number of yearly employees 2,976 et -857 0 Depreciation and write-downs 1,203 234 - of which women 607 et Comparative figures for 2000 are reported pro forma. The gross investment figure includes Jernhusen’s acquisi- tion of the property holdings of Statens Järnvägar, the for- mer public enterprise, for SEK 7.6 billion. 92 SWEDESURVEY AB

www.swedesurvey.se

Business concept to increase to at least SEK 105 million, The company’s vision is to be a lead- with profits exceeding SEK 4 million. ing knowledge company within cadastral systems, surveying and map- Assessment ping. The company shall develop and Invoiced sales in 2001 amounted to expand the Swedish export of services around SEK 92 million, which was in prioritised markets and areas. The below budget and less than the figure company shall primarily use the for 2000 (SEK 105 million), primarily resources of the state-owned National company aims to integrate geographical due to a sharp decline in sales of aerial Land Survey of Sweden. information systems into its product photo and map production. Budgeted range to a greater extent. turnover for 2001 was SEK 97 million. Strategy Environmental work is conducted Swedesurvey AB shall offer services Significant events in 2001 and 2002 in partnership with the National Land within the framework of institutional The institutional collaboration in Viet- Survey of Sweden. Work is underway collaboration and consultancy assign- nam and the Ukraine has been exten- is draw up an environmental policy for ments aimed at transferring knowledge ded, and project work carried out ear- Swedesurvey. and developing foreign land survey lier in China has now been resumed. A The equality plan addresses mat- organisations, particularly in the areas of project was commenced in 2001 in ters such as equal pay, skills develop- cadastral systems and geographical Slovenia, with financing from IBRD. A ment, forms of employment and information. Long-term relationships local sales office was opened in Gree- recruitment. with customers are to be prioritised. ce. New contracts were signed with The company’s vision is to expand its county administrations in Russia. Board of directors 2001 collaboration to include new countries Contracts for extensive map produc- Joakim Ollén, Chairman each year, preferably in co-operation tion and consulting projects were Axel Andersson with other Swedish and international entered into with the government of Annika Christiansson companies with bases in these countr- Botswana. Co-operation with Guate- Christina Gustafsson ies. The company will continue to strive mala is being resumed through a long- Lars Jeding to increase the proportion of internatio- term contract concerning the provision Staffan Johnson nally financed projects. of advisory services to the country’s Tormod Kristiansen national land survey agency. A new Magdalena Andersson, Employee rep. Market branch office is being planned in Viet- Ulf Bjälkefors, Employee rep. The company conducts operations in nam. New projects concerning aerial around 35 countries on several conti- photography assignments in South Managing Director nents. It is involved in considerable pro- Africa are also being planned. Sture Pettersson jects in Eastern and Central Europe, and particularly in Russia. In Western Euro- Forecast for 2002 pe, operations are concentrated in Gree- It is assessed that demand for interna- ce through a project aimed at introdu- tional consultancy services will conti- cing a national cadastral system. The nue to be high. Turnover is expected

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 93 101 Assets 15 Expenses -89 -97 Fixed assets 4 4 12 Items affecting comparability 0 0 Current assets 68 69 9 Participations in associated companies 0 0 Total assets 72 73 6 Operating profit/loss 4 4 Financial income 1 1 Shareholders’ equity, provisions and liabilities 3 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 32 29 0 Profit/loss before tax 5 5 Minority share of shareholders’ equity 0 0 Appropriations 1 -1 Untaxed reserves 7 7 Equal oppor- Proportion of Tax -2 -1 Provisions 3 3 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 4 3 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 39 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 3 3 Environmental management policy system KEY RATIOS - non-interest bearing 27 31 Return on equity (average) 9.4% 11.2% Total liabilities and shareholders’ equity 72 73 Return on total assets (average) 6.8% 7.4% No No Return on capital employed (average) 11.8% 13.1% CASH FLOW Return on operating capital (average) 64.6% 72.2% Cash flow from operating activities -2 12 Profit/loss befo- Proposed divi- Equity/assets ratio 51.4% 46.6% Cash flow from investment activities -1 -2 re tax, SEK m dend, SEK m Cash flow from financing activities 0 0 INVESTMENT AND DEPRECIATION Gross investment 1 2 Average number of yearly employees 36 37 5 0 Depreciation and write-downs 1 0 - of which women 14 14

93 SWEDFUND INTERNATIONAL AB

www.swedfund.se

Business concept into the new company by the owner and is anticipated, as well as continued con- To contribute to the development of the subsidiary for initiatives in Central centration on sectors with Swedish financially sound companies in develo- and Eastern Europe. expertise, such as infrastructure and the ping countries and in countries in Cen- Lars Gårdö replaced Jan Cedergren food industry. tral and Eastern Europe by investing as chairman of the board in December venture capital in the form of shares or 2001. Sixteen investments to a total Assessment loans in joint ventures and venture capi- value of SEK 160 million were appro- One requirement set by the owner is tal funds and investment funds. Swed- ved and eight commitments were that parent company revenues from fund shall contribute to promoting sus- concluded. projects are to amount to at least 100 tainable development and a sound envi- per cent of project costs on average ronment, thus contributing to the Environmental work over a three-year cycle. During the government’s paramount aid target – Projects co-financed by Swedfund shall year, the proportion of total costs made combating poverty. fulfil the requirements set out in Swed- up of project revenues, excluding finan- fund’s environmental policy and those cial expenses, was 143 per cent for the Market stipulated in the environmental guide- parent company. Swedfund may invest in virtually all lines of the World Bank. Swedfund International AB posted developing countries, focusing on coun- SEK 74 million in profit before taxes tries with an annual GDP per capita of Diversity and equal opportunities and provisions. less than USD 3,000 dollars, and in all The company has adopted an equal countries in Eastern and Central Europe. opportunities plan. Fathers are encou- Board of directors 2001 Investments can be made in most sectors, raged to take out paternity leave. Lars Gårdö, Chairman with the exception of companies which Parents are offered 90 per cent of their Boel Carlsson manufacture or distribute weapons, salary during parental leave. Lena Rooth tobacco or alcohol. Hugo Thelin Forecast for 2002 Ann Uustalu Significant events The main operational focus will contin- Erik Hammarskjöld in 2001 and 2002 ue to shift towards the OSS countries. Lars Öjefors During the year, the board of directors At the same time, Southeast Europe resolved to merge the parent company and Central Asia are developing into Managing Director and subsidiaries into a single company. interesting markets. Continued strong Olle Arefalk Around SEK 300 million was injected emphasis on the very poorest countries

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 74 341 Assets 350 300 Expenses -66 -181 Fixed assets 51 51 250 Items affecting comparability 17 19 Current assets 975 1,135 200 Participations in associated companies 0 0 Total assets 1,025 1,186 150 Operating profit/loss 26 180 100 Financial income 27 18 Shareholders’ equity, provisions and liabilities 50 2001 2000 1999 Financial expenses -1 -1 Shareholders’ equity 907 982 0 Profit/loss before tax 52 197 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -15 -52 Provisions 6 13 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 37 145 - interest-bearing 76 119 - non-interest bearing 0 0 Yes 47 Proposed dividend 36 112 Current liabilities Environmental - interest-bearing 8 12 Environmental management policy system KEY RATIOS - non-interest bearing 28 59 Return on equity (average) 3.9% 16.4% Total liabilities and shareholders’ equity 1,025 1,186 Return on total assets (average) 4.8% 18.5% Yes No Return on capital employed (average) 5.0% 19.2% CASH FLOW Return on operating capital (average) neg neg Cash flow from operating activities 4 349 Profit/loss befo- Proposed divi- Equity/assets ratio 88.5% 82.8% Cash flow from investment activities 28 -5 re tax, SEK m dend, SEK m Cash flow from financing activities -159 23 INVESTMENT AND DEPRECIATION Gross investment 0 1 Average number of yearly employees 17 20 52 36 Depreciation and write-downs 0 1 - of which women 8 10

94 SWEDISH NATIONAL ROAD CONSULTING AB

www.swedroad.se

Business concept the transport area. SweRoad’s market is covered by SNRA’s environmental Swedish National Road Consulting is affected by changes in foreign aid. policy and targets. AB (SweRoad) is wholly owned by Work on promoting diversity and the Swedish government and adminis- Significant events in 2001 and 2002 equal opportunities forms an integral tered by the National Swedish Road The financial year 2001 was less suc- part of the company’s operations and Administration (SNRA). SweRoad cessful than anticipated since opera- is conducted within the framework of offers services within SNRA’s area of ting earnings were adversely affected regular planning and follow-up work. operations, mainly to government by temporary local difficulties in cer- ministries and public authorities outsi- tain projects and unexpected delays Board of directors 2001 de Sweden. and postponed decisions by financiers. Gunnel Färm, Chairman A number of measures have been Lars Bergfalk, Deputy chairman Strategy introduced to rejuvenate the work- Anders Alvemo SweRoad offers consultancy services force. These measures will continue in Roberto G. Bauducco within the road and transport sector. 2002. Malin Kärre The company provides administrative Rolf Lindquist and organisational expertise in road Forecast for 2002 Brittmarie Utterström maintenance, traffic safety and environ- The company expects to post a profit mental and public transport matters. and several of the projects that were Managing Director Consultancy services are run on a com- delayed in 2001 will probably go to Roberto G. Bauducco mercial basis, focusing in particular on SweRoad. The process to rejuvenate developing countries that receive aid. the workforce will continue in 2002.

Market Assessment At present, the company operates in The company posted a gross loss of around fifteen countries in Southern SEK 900,000. This reduction in ear- Africa, the Middle East, Southern and nings is primarily due to unexpected Southeast Asia, Central America and delays and projects being postponed. Eastern Europe. SweRoad’s resource The gross margin declined in 2001 due base consists primarily of the exper- to a higher proportion of projects invol- tise available within SNRA and other ving large outlays in relation to fees. public authorities and organisations in SweRoad is a subsidiary of SNRA and

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 70 63 Assets 100 Expenses -73 -61 Fixed assets 1 3 80

Items affecting comparability 0 7 Current assets 62 50 60 Participations in associated companies 0 0 Total assets 63 52 40 Operating profit/loss -2 8 20 Financial income 1 1 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses 0 0 Shareholders’ equity 34 35 0 Profit/loss before tax -1 9 Minority share of shareholders’ equity 0 0 Appropriations 0 -2 Untaxed reserves 5 4 Equal oppor- Proportion of Tax 0 -2 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year -2 6 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 21 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 25 13 Return on equity (average) neg 19.7% Total liabilities and shareholders’ equity 63 52 Return on total assets (average) neg 17.8% Yes No Return on capital employed (average) neg 26.6% CASH FLOW Return on operating capital (average) neg 89.9% Cash flow from operating activities 6 8 Profit/loss befo- Proposed divi- Equity/assets ratio 58.7% 73.4% Cash flow from investment activities 2 -2 re tax, SEK m dend, SEK m Cash flow from financing activities 0 0 INVESTMENT AND DEPRECIATION Gross investment 1 0 Average number of yearly employees 57 49 -1 0 Depreciation and write-downs 0 0 - of which women 12 7

95 SYDKRAFT SAKAB

www.sakab.se

Business concept handling of hazardous waste has been the government has continually redu- Sydkraft SAKAB shall be the leading deregulated. ced its ownership and now owns a environmental service company in “golden share” in the company. This Sweden for hazardous waste by offer- Significant events in 2001 and 2002 guarantees the government continued ing a complete service characterised Construction of a new combustion insight into the company via, among by high quality, a recycling philosophy plant for household and industrial other things, representation on the and competitive prices. The company waste, as well as for hazardous waste, board. shall also strive to achieve the best commenced in June. The combustion Sydkraft SAKAB’s business policy possible environmental profile. plant will have an annual capacity of encompasses environmental conside- 100,000 tonnes. The annual capacity rations, quality, safety and working Strategy of the new evaporation plant will be environment. Sydkraft SAKAB is envi- Sydkraft SAKAB offers environmental 20,000 tonnes. The new facility will be ronmentally certified to ISO 14001. services related to hazardous waste. taken into operation in January 2003. Operations include the reception and Logistics in the area will be impro- Board of directors 2001 preparation of waste, the operation of ved with the construction of a new Gert Lyngsjö, Chairman waste tank farms, the washing of tank approach road and new treatment areas Lars-Erik Holm lorries and the intermediate storage of for biological soil decontamination. Jan Kluge waste prior to treatment. On the basis As a result of the introduction of Tommy Cervin of existing laws and regulations, producer responsibility for electronic Eva Mattsson SAKAB shall work to minimise the waste, the facility for recycling fluores- Jacques Demblans-Dechans environmental impact of its activities. cent lamps now treats as many as 7.5 Per-Anders Hjort, Deputy million lamps per year. Johan Erlandsson, Deputy Market Björn Dufva, Deputy The handling of hazardous waste was Forecast for 2002 deregulated in 2000. However, local Revenues of SEK 343 million have Managing Director authorities may still stipulate that been budgeted for. Per-Olof Lindholm hazardous waste be handled either by or via the local authority. Of 289 local Assessment authorities, 106 have decided on Following a decision passed by the increased responsibility for hazardous Riksdag in 1991 to authorise the waste. In other parts of Sweden, the government to sell shares in SAKAB,

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover N/A N/A Assets 350 Expenses N/A N/A Fixed assets N/A N/A 300 250 Items affecting comparability N/A N/A Current assets N/A N/A 200 Participations in associated companies N/A N/A Total assets N/A N/A 150 Operating profit/loss N/A N/A 100 50 Financial income N/A N/A Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses N/A N/A Shareholders’ equity N/A N/A 0 Profit/loss before tax N/A N/A Minority share of shareholders’ equity N/A N/A Appropriations N/A N/A Untaxed reserves N/A N/A Equal oppor- Proportion of Tax N/A N/A Provisions N/A N/A tunities policy women, % Minority shares N/A N/A Long-term liabilities Net profit/loss for the year N/A N/A - interest-bearing N/A N/A - non-interest bearing N/A N/A No N/A Proposed dividend N/A N/A Current liabilities Environmental - interest-bearing N/A N/A Environmental management policy system KEY RATIOS - non-interest bearing N/A N/A Return on equity (average) N/A N/A Total liabilities and shareholders’ equity N/A N/A EMAS/ISO Return on total assets (average) N/A N/A Yes 14001 Return on capital employed (average) N/A N/A CASH FLOW Return on operating capital (average) N/A N/A Cash flow from operating activities N/A N/A Profit/loss befo- Proposed divi- Equity/assets ratio N/A N/A Cash flow from investment activities N/A N/A re tax, SEK m dend, SEK m Cash flow from financing activities N/A N/A INVESTMENT AND DEPRECIATION Gross investment N/A N/A Average number of yearly employees N/A N/A N/A N/A Depreciation and write-downs N/A N/A - of which women N/A N/A

96 SYSTEMBOLAGET AB

www.systembolaget.se

Objective that young people under the age of 20 Systembolaget is a monopoly with the are forbidden to purchase alcohol in Sys- exclusive right to the sale of alcoholic tembolaget’s stores. Checks that have beverages to the general public.The com- been carried out show that age control pany also sells alcoholic beverages to res- has become increasingly effective. taurants in competition with other who- Continual communication relating to lesalers. The owner’s requirements are set the health risks of alcohol takes places out in the Alcohol Act, in the company’s through a number of channels with the agreement with the government, in the ved to cut the duty on wine from 1 aim of raising public awareness.Various company’s articles of association and in December 2001. surveys have shown that Systembolaget’s specific ownership directives. service is considered to be on par with Forecast for 2002 that of other retailers in terms of expertise Strategy The company forecasts a 2 per cent of the sales staff and level of service provi- On the instructions of the government increase in total sales (in litres) to SEK ded. An environmental impact study of and the Riksdag, the company shall 318 million litres in 2002. Further Systembolaget’s operations has been car- develop and clarify its social responsi- increases in sales of wine and cider are ried out and may form the basis of a new bilities, provide good service to its cus- expected as a result of the cut in duty. environmental management system. tomers and shall be run in an econo- Beer sales are also expected to contin- mically efficient manner. ue to grow, although at a much slower Board of directors 2001 rate than in 2001. The volume of spir- Gunnar Larsson, Chairman Situational analysis its will continue to fall. Ann-Marie Begler, Deputy chairman The rules concerning the import of Monica Lindstedt alcohol for private use have been chan- Dividend policy Elisebeht Markström ged as from 1 July 2000, and further The dividend should, within the con- Ulf Melin changes will gradually be made up until straints of the Companies Act, corres- Sören Olofsson 2004. These will have a significant pond to at least half of net profit, Ewa Persson Göransson impact on Systembolaget’s activities. taking the equity/assets target of Bengt Silfverstrand around 30 per cent into account. If Margareta Andersson, Deputy Significant events in 2001 and 2002 profits constantly exceed the profita- Robin Dahl, Deputy The import quota was raised on 1 Janu- bility target, the surplus should in the Evert Lindholm, Deputy ary 2001 and again on 1 January 2002. longer term be credited to customers Ingvar Löfstrand, Deputy A Riksdag decision was made to through adjusted retail mark-ups. The Karin Pilsäter, Deputy open Systembolaget’s stores on Satur- targeted return on equity corresponds Sven-Olof Danielsson, Deputy days on a permanent basis throughout to the ten-year Swedish government Karin Höglund, Employee rep. Sweden from 1 July 2001. bond rate plus four percentage points. Eva Hagelberg, Dep. employee rep. In February 2001, the Riksdag Hans Kjellström, Dep. employee rep. resolved upon a national action plan to Assessment prevent alcohol abuse. One of the most important aspects of Managing Director On 31 October, the Riksdag resol- the company’s social responsibility is Anitra Steen

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 18,241 17,368 Assets 20,000

Expenses -18,082 -17,203 Fixed assets 1,359 1,270 15,000 Items affecting comparability 0 0 Current assets 2,435 2,944 Participations in associated companies 0 0 Total assets 3,794 4,214 10,000

Operating profit/loss 159 165 5,000 Financial income 45 64 Shareholders’ equity, provisions and liabilities 2001 2000 1999 0 Financial expenses -7 -33 Shareholders’ equity 1,348 1,294 Profit/loss before tax 197 196 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -64 -88 Provisions 257 970 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 133 108 - interest-bearing 0 0 - non-interest bearing 1 1 Yes 62 Proposed dividend 80 80 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 2,188 1,949 Return on equity (average) 10.1% 8.8% Total liabilities and shareholders’ equity 3,794 4,214 Under Return on total assets (average) 5.1% 5.6% Yes assessment Return on capital employed (average) 11.8% 11.7% CASH FLOW Return on operating capital (average) neg neg Cash flow from operating activities 211 501 Profit/loss befo- Proposed divi- Equity/assets ratio 35.5% 30.7% Cash flow from investment activities -267 -361 re tax, SEK m dend, SEK m Cash flow from financing activities -802 -50 INVESTMENT AND DEPRECIATION Gross investment 278 393 Average number of yearly employees 3,403 3,440 197 80 Depreciation and write-downs 187 184 - of which women 2,123 2,147

97 TELIA AB

www.telia.se

Business concept tability targets, the company will Telia offers communications services intensify the development and effici- that enrich, simplify and create value. ency of its core operations. The level Success is achieved by means of the of investment in 2002 is forecast to be best competence and by being at the considerably lower than in 2001. forefront of technology. Dividend policy Strategy The dividend policy normally targets a Telia shall be the Nordic market leader Significant events in 2001 and 2002 dividend corresponding to 15–25 per within broadband and Internet services A new group structure was introduced cent of the year’s net profit. and the leading mobile operator in the from 1 April 2001. During the year, Nordic and Baltic Sea regions. the group continued to streamline its Assessment Within fixed networks, Telia shall operations and render them more effi- Telia’s shares dropped 3.7 per cent in safeguard its position as the market cient. The phasing-out of non-core 2001.This can be compared with Affärs- leader in Sweden and shall be among operations is virtually complete. världen’s General Index (AFGX) – an the top three carriers in Europe. Growth within core operations was average for all companies listed on Stock- New routing systems have meant satisfactory during the year. The ave- holmsbörsen – which dropped 16.7 per that mobile portal services are no rage number of employees declined by cent during the year. The Dow Jones longer a separate business area in 17 per cent to around 25,000. Euro Stoxx Fixed Line Communications Europe. Focus is currently being shifted Svenska UMTS Nät AB, owned Index,which comprises fixed-line opera- to Internet access and collaboration jointly by Tele2 and Telia, was founded tors,was down 28.2 per cent in 2001. with content suppliers. Telia is to be a during the year and construction of carrier for carriers. Telia is investing in the UMTS network in Sweden got Board of directors 2001 selective and profitable geographical underway. Telia also obtained a UMTS Lars-Eric Petersson, Chairman expansion. license in Denmark during the year, Peter Augustsson which means that the company now Carl Bennet Market has licenses in all Nordic countries. Ingvar Carlsson The telecom sector has gone from The international carrier market was Anders Igel being a highly regulated industry with characterised by uncertainty. Marianne Nivert monopolistic tendencies to a fully On 26 March 2002, the boards of Lars Olofsson competitive market with a growing Telia and the Finnish company, Sonera, Caroline Sundewall number of specialist players operating announced the impending merger of the Elof Isaksson, Employee rep. at a regional or global level. two companies to create a new, leading Berith Westman, Employee rep. This increased competition means Nordic telecommunications company. Magnus Brattström, Employee rep. that companies need to become more efficient in order to maintain their Forecast for 2002 Managing Director margins. This also entails a greater The prevailing economic situation will Marianne Nivert need for Telia to seek synergies and continue to have a dampening effect. economies of scale. In order to attain its growth and profi-

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 57,196 54,064 Assets 25 Expenses -57,872 -40,861 Fixed assets 94,875 91,340 20

Items affecting comparability us us Current assets 33,263 31,375 15 Participations in associated companies 6,136 -1,197 Total assets 128,138 122,715 10 Operating profit/loss 5,460 12,006 5 Financial income 1,697 1,572 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -2,392 -1,861 Shareholders’ equity 59,975 55,988 0 Profit/loss before tax 4,765 11,717 Minority share of shareholders’ equity 204 320 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -2,905 -1,447 Provisions 13,102 11,351 tunities policy women, % Minority shares -22 8 Long-term liabilities Net profit/loss for the year 1,838 10,278 - interest-bearing 25,069 20,876 - non-interest bearing 3,049 1,029 Yes 37 Proposed dividend 600 1,501 Current liabilities Environmental - interest-bearing 3,929 13,166 Environmental management policy system KEY RATIOS - non-interest bearing 22,810 19,985 Return on equity (average) 3.2% 23.1% Total liabilities and shareholders’ equity 128,138 122,715 ISO Return on total assets (average) 5.7% 13.6% Yes 14001 Return on capital employed (average) 7.7% 18.6% CASH FLOW Return on operating capital (average) neg 28.2% Cash flow from operating activities 10,416 10,152 Profit/loss befo- Proposed divi- Equity/assets ratio 47.0% 45.9% Cash flow from investment activities 3,632 -37,121 re tax, SEK m dend, SEK m Cash flow from financing activities -6,608 26,818 INVESTMENT AND DEPRECIATION Gross investment 20,735 47,742 Average number of yearly employees 24 979 30 307 4,765 600 Depreciation and write-downs 13,975 8,222 - of which women 9 196 11 521

98 TERACOM AB

www.teracom.se

Objective percentage points. For non-competi- Teracom’s core operations comprise tive operations, the required return the broadcasting and transmission of corresponds to the 5-year government radio and TV programmes. The com- bond rate plus 2 percentage points. pany shall also develop, market and carry out other services which are Assessment compatible with its operations. Teracom is currently in a phase of sub- stantial growth and change – both in Strategy population. Market penetration of core operations and other operations – The company shall be an aggressive net- decoders has attained the sub-goal of which is taking its toll on the company- work operator focusing on core opera- 100,000 set-top boxes rented or sold. In ’s finances. The fundamental factor is tions and offering supplementary ser- 2002, a fifth network will be rolled out, the transition from analogous to digital vices to make optimum use of the com- covering 50 per cent of the population. technology. It is therefore necessary for pany’s resources and thereby boost the A decision regarding a schedule for fur- the company to restructure in order to company’s position and value. Telecom ther rollout of networks is expected improve its earnings and meet its future deals shall entail low risk and shall avoid towards the end of the year. The year business needs. The Riksdag has passed investment of the company’s own funds. 2002 will see an acceleration in the roll- a resolution empowering the govern- The company focuses on corporate cus- out of UMTS and BWA networks. ment to issue a credit guarantee for tomers, with the exception of the invest- Teracom AB (Govt. bill 2001/02:76). ment in Boxer/Senda, which is necessary Forecast for 2002 for the establishment of terrestrial digital The company’s earnings will depend Board of directors 2001 TV. Quality and availability within the on developments within digital TV and Per-Ola Eriksson, Chairman analogous networks remain important as a continued sharp increase in the mar- Minoo Akhtarzand long as they are still in existence. ket penetration of set-top boxes. Digi- Helena Dyrssen tal radio will have an off year in antici- Jan Danielsson Situational analysis pation of revised regulations being able Karl Erik Gustafsson Convergence within information and to kick start the market in subsequent Åke Gustavsson communications technology is bring- years. Teracom’s growth within tele- Lars Ilshammar ing new players and tougher competi- communications is set to continue. The John-Olof Blomkvist, Employee rep. tion into Teracom’s traditional market company’s primary target groups are Peter Howe, Employee rep. and is also promoting broader utilisa- 3G operators, sparsely populated Lena Johansson, Dep. employee rep. tion of the infrastructure. Convergen- municipalities and large companies. Elisabeth Viktorsson, Dep. employee rep. ce plays an important role for nation- wide, wireless and broadband distribu- Dividend policy Managing Director tion and communications systems. The long-term required rate of return Jan Danielsson has applied since 1999. The required Significant events in 2001 and 2002 rate of return for the company’s com- At present, networks 1–4 of the digital petitive operations corresponds to the TV network cover 90 per cent of the 5-year government bond rate plus 5

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 1,618 1,549 Assets 2,000 Expenses -1,951 -1,753 Fixed assets 2,870 2,480 1,500 Items affecting comparability 0 0 Current assets 470 405 Participations in associated companies -6 55 Total assets 3,340 2,885 1,000 Operating profit/loss -339 -149 500 Financial income 10 477 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -75 -81 Shareholders’ equity 863 1,138 0 Profit/loss before tax -404 247 Minority share of shareholders’ equity 14 39 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -19 -193 Provisions 406 423 tunities policy women, % Minority shares 122 61 Long-term liabilities Net profit/loss for the year -301 115 - interest-bearing 1,294 718 - non-interest bearing 0 1 Yes 20 Proposed dividend 0 13 Current liabilities Environmental - interest-bearing 247 0 Environmental management policy system KEY RATIOS - non-interest bearing 516 566 Return on equity (average) neg 10.6% Total liabilities and shareholders’ equity 3,340 2,885 Return on total assets (average) neg 11.4% Yes Return on capital employed (average) neg 15.4% CASH FLOW Own Return on operating capital (average) neg neg Cash flow from operating activities -110 128 Profit/loss befo- Proposed divi- Equity/assets ratio 26.3% 40.8% Cash flow from investment activities -808 357 re tax, SEK m dend, SEK m Cash flow from financing activities 917 -472 INVESTMENT AND DEPRECIATION Gross investment 810 697 Average number of yearly employees 1,007 883 -404 0 Depreciation and write-downs 400 359 - of which women 201 185

99 V ASALLEN AB

www.vasallen.se

Terms of reference Assessment Vasallen AB is tasked with working in Vasallen AB can be considered as an close co-operation with municipalities investment project within the area of and the local business sector to deve- real-estate development. Each proper- lop and improve defence properties ty is a unique development project with the purpose of ultimately selling that takes 5–15 years to complete. them on the commercial market. At the beginning of the year, approximately 70 per cent of premises Business concept Significant events in 2001 and 2002 had been let. Several projects are now Vasallen develops and improves for- The year 2001 saw the completion of nearing completion and the properties mer defence properties for alternative conversion and enlargement work in are ready for sale. commercial use. The purpose is to Linköping for the police authority of An internal market appraisal of the increase the value of the properties by Östergötland, the public prosecution property stock during the year indica- improving them, and then to sell them authority and the national laboratory ted a total market value of approxima- on commercial terms. of forensic science. The tenants were tely SEK 1.9 billion. able to move in on 1 April. At the turn of the year, the total Strategy Investment amounted to around purchase value of investments was Vasallen is a significant market player SEK 350 million. SEK 1.4 billion. Investments planned operating in 14 locations in Sweden, Vasallen conducted a customer sur- but not yet implemented total SEK from Kiruna in the north to Ystad in vey in 2001. The results were general- 1.8 billion. the south. ly pleasing, although customers also The company’s objective is to gave clear indications of where impro- Board of directors 2001 transform former regimental bases vements can be made. Pär Nuder, Chairman into new, bustling urban districts. The In 2002, the number of subsidiaries Jan-Peter Jonsson districts are to encompass offices and will be increased from 15 to 17. The Bo Netz educational facilities, integrated with estimated date of possession for F10 Agneta Rodosi residential areas and various forms of Ängelholm and Ing1 Södertälje is 1 Holger Wästlund service establishments. July 2002. Lena Hedlund The developed areas shall be Total premises will increase Lars Johnsson attractive to tenants and shall be inter- from approximately 700,000 m2 to Jan-Inge Kull, Employee rep. esting investment objects for property 850,000 m2. Richard Westling, Employee rep. owners looking for commercially sound properties with low risk. Forecast for 2002 Managing Director Turnover will increase to nearly SEK Jan-Peter Jonsson Market 300 million for 2002. The rate of The strong development of the Swe- development remains high. Invest- dish economy slowed during the year. ment in 2002 is estimated at around Demand for premises has declined SEK 650 million. slightly but remains at a high level.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Rental and property management income 214 74 Assets 1.5 Operating and maintenance costs -113 -56 Non-interest bearing fixed assets 1,457 857 1.2

Operating surplus 101 18 Interest-bearing fixed assets 0 0 0.9 Other operating expenses Non-interest bearing current assets 154 114 0.6 incl. depreciation -93 -56 Interest-bearing current assets 813 1,345 Other operating income 3 0 Total assets 2,424 2,316 0.3 2001 2000 1999 Items affecting comparability 0 0 0.0 Profit/loss from participations Shareholders’ equity, provisions and liabilities in associated companies 0 0 Shareholders’ equity 2,213 2,192 Equal oppor- Proportion of Operating profit/loss 11 -38 Minority 0 0 tunities policy women, % Net financial income/expense 23 70 Provisions and untaxed reserves 9 6 Tax and minority shares -3 -16 Interest-bearing liabilities 15 0 Net profit/loss for the year 31 16 Non-interest bearing liabilities 187 118 Yes 33 Total liabilities and shareholders’ equity 2,424 2,316 Environmental Proposed dividend 13 8 Environmental management policy system CASH FLOW KEY RATIOS Cash flow from operating activities 1,346 415 Rental income (SEK)/m2 (average) 389 198 Cash flow from investment activities -660 -310 Yes In progress Book value, properties 1,174 424 Cash flow from financing activities -8 -76 Interest coverage ratio (times) 2,5% 2.6% Profit/loss befo- Proposed divi- Return on capital employed (average) 2.6% 2.3% Average number of yearly employees 66 43 re tax, SEK m dend, SEK m Yield 12.6% 6.0% - of which women 22 16 Return on equity (average) 1.4% 0.7% Equity/assets ratio 91.3% 94.6% 34 13

100 V A TTENFALL AB

www.vattenfall.se

Business concept per cent return on equity after tax. Vattenfall’s mission is to enhance custo- Neither of these targets were met, mers’ competitiveness,environment and mainly due to the major investments quality of life through efficient energy made in line with the company’s strate- solutions and world-class service.Vatten- gy. However, earnings improved consi- fall’s ambition is to be number one in derably – net profit was up 41 per cent terms of customers,the environment and and cash flow from operating activities economy. increased by 70 per cent. The compa- Laubag and VEAG, Vattenfall became ny’s ‘single A’ credit rating is satisfactory. Strategy the third largest energy company in Ger- The company was successful in fol- In the long term,the company shall crea- many. The company has sold its non- lowing its strategy in Germany and has te value for its shareholders and custo- European holdings in order to concentra- gained control over all of its acquisi- mers.This is to be accomplished through te on core operations.The company’s cre- tions. The current focus is on integrating active participation in the structural dit rating has been lowered and has been the companies in Germany and on changes in the European energy sector in confirmed as an ‘A-’ by S&P and Moody’s. financial discipline. order to boost the company’s competiti- The company was also the first Swedish The financial targets from 2002 veness and profitability.Operations are to energy company to introduce a customer onwards are a 15 per cent rate of return focus on Northern Europe.Vattenfall pri- guarantee against power failures. on equity after tax and an interest cove- marily offers electricity and heating,and rage ratio of between 3.5 and 5. is active along the entire value chain. In Forecast for 2002 the short term, the company is focusing An improvement in earnings over the Board of directors 2001 on integrating acquired companies and next few years is forecast. When the con- Dag Klackenberg, Chairman extracting the resulting synergy gains. solidation phase is over, profits in Ger- Peter Fallenius many are estimated to improve by up to Annette Brodin Rampe Market SEK 5 million per year.The shift towards Lars Hjorth Consolidation of the European energy sec- a more transparent and deregulated elec- Göran Johansson tor continued in 2001, with companies tricity market in Europe continues. Bo Marking seeking bigger customer bases and risk dif- Prices were brought to more nor- Lars G. Josefsson ferentiation in terms of production resour- mal levels in 2001 and are estimated Jan Grönlund, Deputy ces and geographical location. Vattenfall to remain at these levels in 2002 both Kent Ögren, Deputy has a market share of 50 per cent in Swe- in Germany and Sweden. Johnny Bernhardsson, Employee rep. den and 19 per cent in the Nordic region. Lars Carlberg, Employee rep. The company is now the only Swedish Dividend policy Ronny Ekwall, Employee rep. player in the Swedish market and is the Dividends shall normally correspond Lars Carlsson, Dep. employee rep. fifth largest producer of electricity in to one-third of net profit. Stig Lindberg, Dep. employee rep. Europe,and the third largest in Germany. Per-Ove Lööv, Dep. employee rep. Assessment Significant events in 2001 and 2002 The financial targets set for 2001 were a Managing Director Through the acquisition of Bewag,HEW, 30 per cent equity/assets ratio and a 15 Lars G. Josefsson

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 69,003 31,695 Assets 12 Expenses -60,692 -27,384 Fixed assets 214,997 90,195 10 Items affecting comparability 1,137 1,719 Current assets 44,046 25,064 8 Participations in associated companies 511 658 Total assets 259,043 115,259 6 Operating profit/loss 9,959 6,688 4 2 Financial income 2,232 1,037 Shareholders’ equity, provisions and liabilities 2001 2000 1999 Financial expenses -4,737 -2,536 Shareholders’ equity 39,578 35,374 0 Profit/loss before tax 7,454 5,189 Minority share of shareholders’ equity 19,080 4,985 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax -2,167 -1,757 Provisions 90,956 13,979 tunities policy women, % Minority shares -1,097 -462 Long-term liabilities Net profit/loss for the year 4,190 2,970 - interest-bearing 58,420 41,116 - non-interest bearing 1,599 878 Yes 22 Proposed dividend 1,030 990 Current liabilities Environmental - interest-bearing 30,113 9,551 Environmental management policy system KEY RATIOS - non-interest bearing 19,297 9,376 Return on equity (average) 11.2% 8.6% Total liabilities and shareholders’equity 259,043 115,259 EMAS/ISO Return on total assets (average) 6.5% 7.7% in the Yes Nordic region Return on capital employed (average) 10.2% 9.7% CASH FLOW Return on operating capital (average) 12.2% 9.8% Cash flow from operating activities 10,442 6,131 Profit/loss befo- Proposed divi- Equity/assets ratio 22.6% 35.0% Cash flow from investment activities -22,984 -21,766 re tax, SEK m dend, SEK m Cash flow from financing activities 15,099 18,390 INVESTMENT AND DEPRECIATION Gross investment 43,443 23,840 Average number of yearly employees 23,814 13,123 7,454 1,030 Depreciation and write-downs 10,830 5,477 - of which women 5,295 2,855

101 VENANTIUS AB

www.venantius.se

Terms of reference centrates on reducing the long-term Assessment Venantius’ mission is, in a responsible risk level. Consolidated shareholders’ equity manner, to manage insolvency situa- amounted to SEK 5.1 billion (3.7) at tions arising in the loan portfolio assu- Significant events in 2000 and 2001 year-end. Profit after tax was SEK 878 med. Venantius shall not compete During 2001, restructuring of the million, an increase of SEK 598 milli- with other housing loan institutions credit portfolio through the acquisi- on compared with the previous year. for lending to new customers. The cur- tion of first mortgages was largely The increase was mainly due to redu- rent emphasis is on returning credit completed. ced lending losses and an improve- commitments to the ordinary credit The volume of first mortgages was ment in net interest income. market as soon as possible. SEK 9.3 billion at the end of 2001. At The company does not carry on the same time, the disposal of credits any environmentally hazardous activi- Strategy was intensified. The total credit volu- ty. As regards consumables, primarily Venantius’ long-term objective is that me amounted to SEK 20.4 billion dis- paper and packaging materials are all credits should be redeemed or sold tributed between 8,400 borrowers. recycled. so that the government can thus Residential properties located in The company is working towards regain as much as possible of the capi- Haninge were sold for SEK 2.4 billion. an even gender distribution. The tal allocated to the operations. The altered emphasis of the work management team comprises one The emphasis on the way to this and the reduced credit volume led to woman and two men. goal is on reducing the number of out- an organisational change effective as standing loans through redemptions from the beginning of 2002. This has Board of directors 2001 and gradually working towards a stream- resulted in the operations mainly Curt Persson, Chairman lining and deepening of the loan port- being concentrated in Stockholm. Mats Dillén folio. Particular emphasis is placed on Barbara Ericsson loans to tenant-owner housing associa- Forecast for 2002 Claes Kjellander tions where the volume is largest and The earnings trend for the next few Mats Rönnberg where Venantius has developed speci- years is difficult to assess exactly. It Eva-Britt Gustafsson al competence. mainly depends on the general deve- The work primarily focuses on lopment of interest rates and inflation Managing Director transferring commitments to the ordi- and the development of the housing Eva-Britt Gustafsson nary credit market. Where remaining market outside the metropolitan areas. risks can still be identified, work con- A profit is expected for 2002.

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net interest income 353 189 Assets 500 Net commission income -4 -2 Non-interest bearing fixed assets 10 21 400 Net income from financial transactions -18 14 Interest-bearing fixed assets 17,702 18,554 300 Other operating income 4 285 Non-interest bearing current assets 1,568 4,254 200 Total operating income 335 486 Interest-bearing current assets 1,706 937 Operating expenses -164 -165 Total assets 20,986 23,766 100 2001 2000 1999 Items affecting comparability 0 0 0 Profit/loss from participations Shareholders’ equity, provisions and liabilities in associated companies 0 0 Shareholders’ equity 5,129 4,253 Equal oppor- Proportion of Loan losses, net 580 -9 Minority 0 0 tunities policy women, % Change in value of repossessed property 34 54 Provisions and untaxed reserves 133 148 Operating profit/loss 785 366 Interest-bearing liabilities 15,042 18,487 Tax and minority shares 93 -86 Non-interest bearing liabilities 682 878 Yes 40 Net profit/loss for the year 878 280 Total liabilities and shareholders’ equity 20,986 23,766 Environmental Environmental management policy system Proposed dividend 0 0 CASH FLOW Cash flow from operating activities 2,787 -571 KEY RATIOS Cash flow from investment activities 1 -55 No No Lending 20,437 21,964 Cash flow from financing activities -2,824 471 Income/expense ratio excl. loan losses 2.0 2.9 Profit/loss befo- Proposed divi- Interest income/expense 73.1% 86.3% Average number of yearly employees 161 234 re tax, SEK m dend, SEK m Capital adequacy ratio 33.0% 25.0% - of which women 64 82 Return on equity (average) 18.7% 7.3% 785 0

102 V&S VIN OCH SPRIT AB

www.vinsprit.se

Terms of reference will be devoted to incorporating the V&S Vin & Sprit AB (V&S) shall be new units into V&S’ operations. one of several competitive companies in the alcoholic beverages market. Forecast for 2002 The group shall target a dividend of In the western world, the market for at least 50 per cent of the year’s net alcoholic beverages is mature and lack- profit. However, the company’s finan- ing any real growth. However, shifts are cial position shall be taken into occurring between different categories account when deciding on the level of tion and growth. Major changes are to of spirits, between price segments and dividend. The group should maintain be expected in the next few years. from local brands to international pre- an equity/assets ratio of 35 per cent. International consumption of sprits has mium brands. Future growth will occur Return on adjusted equity is to corres- remained unchanged overall, but the mainly in the Asian market. In Sweden, pond to the 5-year government bond shift towards white spirits continues. V&S forecasts a further decline in sales. rate plus 6 percentage points. International wine consumption has not changed considerably, although an Assessment Business concept increasing number of people are drin- Net profit for the V&S group in 2001 To offer consumers alcoholic bevera- king red wine instead of white wine. amounted to SEK 1,021 million and ges of the right quality through strong V&S has met the requirements of its and attractive brands. Significant events in 2001 and 2002 owner. Through acquisitions and part- A new international distribution struc- nerships, the company has strengthen- Strategy ture for V&S was established in 2001. ed its position on the international 8 To further develop ABSOLUT into Future Brands was set up in the USA market for alcoholic beverages. an even stronger and more success- as the second largest distribution com- ful brand. pany on the US market. The company Board of directors 2001 8 To build a Nordic structure and is owned jointly by Jim Beam Brands Claes Dahlbäck, Chairman become a leading player on the and V&S. In 2001, V&S also become a Anders Björck Nordic wines and spirits market. part-owner of Maxxium, a distribu- Egon Jacobsson 8 To achieve a strong position on selec- tion company operating in many parts Anita Johansson ted local spirits markets in Europe. of the world (with the exception of Peter Lagerblad 8 To acquire and develop spirits brands the USA), giving V&S greater influen- Christina Liffner with international potential. ce over the international distribution Ebbe M. Loiborg of the company’s products. Arne Mårtensson Market The acquisition of Oy Nordic Wine Pär Nuder In 2001, the international alcoholic Group Ab will be complete in 2002. Jan Lundin, Employee rep. beverages industry was dominated by V&S has also acquired 50 per cent Kurt Nilsson, Employee rep. the effects of the sale of Seagram Wine of Amundsen AS, a Norwegian wine and Spirit. In general, the leading com- importer. The remaining 50 per cent Managing Director panies in the sector continued to con- will be acquired in five years’ time. Peter Lagerblad duct activities to promote consolida- In the immediate future, major efforts

SEK m 2001 2000 SEK m 2001 2000 INCOME STATEMENT BALANCE SHEET Return on equity, % Net turnover 6,788 5,816 Assets 40 35 Personnel costs -782 -641 Non-interest bearing fixed assets 11,988 3,535 30 Other operating expenses -3,959 -3,537 Interest-bearing fixed assets 0 0 25 Items affecting comparability 0 46 Non-interest bearing current assets 2,803 1,986 20 15 Profit/loss from participations Interest-bearing current assets 249 191 10 in associated companies 112 0 Total assets 15,040 5,712 5 2001 2000 1999 Profit/loss before depreciation 2,159 1,684 0 Depreciation -395 -235 Shareholders’ equity, provisions and liabilities Operating profit/loss 1,764 1,449 Shareholders’ equity 3,694 2,934 Equal oppor- Proportion of Net financial income/expense -292 -16 Minority 11 11 tunities policy women, % Tax and minority shares -463 -499 Provisions and untaxed reserves 646 517 Net profit/loss for the year 1,009 934 Interest-bearing liabilities 8,653 836 Non-interest bearing liabilities 2,036 1,414 Yes 35 Proposed dividend 500 455 Total liabilities and shareholders’ equity 15,040 5,712 Environmental Environmental management policy system KEY RATIOS CASH FLOW Gross investment 8,539 1,093 Cash flow from operating activities 1,246 -102 Interest coverage ratio (times) 4.9% 13.5% Cash flow from investment activities -8,517 -998 Yes No Return on total assets (average) 17.9% 23.9% Cash flow from financing activities 7,324 -1,465 Return on capital employed (average) 22.8% 37.9% Profit/loss befo- Proposed divi- Return on operating capital (average) 20.9% 55.5% Average number of yearly employees 1,408 1,375 re tax, SEK m dend, SEK m Return on equity (average) 30.4% 36.6% - of which women 493 523 Equity/assets ratio 24.6% 51.6% 1,473 500

103 VOKSENÅSEN A/S

www.voksenaasen.no

Objective Apart from this, activities are to be Board of directors 2001 Voksenåsen is Norway’s national gift to financially self-supporting. Görel Bohlin, Chairman Sweden. The purpose of the enterprise Johan Buttedahl is to strengthen solidarity between Swe- Significant events in 2001 and 2002 Karin Bruzelius des and Norwegians and to increase Voksenåsen has initiated collaboration Pia Enochsson reciprocal knowledge about each coun- with Norges 2000 A/S, which is respon- Martin Martinsson try’s social life, language and culture. sible for the programme to celebrate the Erik Rudeng centenary of the 1905 dissolution of the Arne Ruth Strategy union between Norway and Sweden. Ragnar Sohlman The objective is for Voksenåsen to be During the period 2000–2005, Voksen- Tove Veierød a natural meeting place and a popular åsen is planning a series of events related forum for debate on cultural and soci- to common Swedish-Norwegian history. Managing Director al life in Norway and Sweden. Voksen- Karl Einar Ellingsen åsen strives to build up an extensive Forecast for 2002 network comprising public authorities Increasing competition within the and organisations in both countries. hotel and conference trade makes Voksenåsen wishes to give its acti- financial forecasts uncertain. Voksen- vities a youthful profile focusing on åsen expects earnings to be the same matters of democracy and openness as in 2001. towards the outside world. Voksen- åsen therefore invests in cross-discipline Assessment educational activities, such as Summer The degree of objective attainment Academy Voksenåsen. during 2001 is considered to be satis- The Torgny Segerstedt prize is factory. This applies both to the com- awarded every second year to a person pany’s hotel operations and non-profit who has made a considerable contri- programmes. bution in the cause of democracy and freedom of speech. Voksenåsen receives a limited grant from the Swedish government for pro- grammes and the cost of premises.

NOK m 2001 2000 NOK m 2001 2000 INCOME STATEMENT BALANCE SHEET Turnover, SEK m Net turnover 1) 38 37 Assets 40 35 Expenses -38 -37 Fixed assets 3 4 30 Items affecting comparability 0 0 Current assets 9 8 25 Participations in associated companies 0 0 Total assets 12 12 20 15 Operating profit/loss 0 0 10 Financial income 1 0 Shareholders’ equity, provisions and liabilities 5 2001 2000 1999 Financial expenses -1 0 Shareholders’ equity 7 7 0 Profit/loss before tax 0 0 Minority share of shareholders’ equity 0 0 Appropriations 0 0 Untaxed reserves 0 0 Equal oppor- Proportion of Tax 0 0 Provisions 0 0 tunities policy women, % Minority shares 0 0 Long-term liabilities Net profit/loss for the year 0 0 - interest-bearing 0 0 - non-interest bearing 0 0 Yes 42 Proposed dividend 0 0 Current liabilities Environmental - interest-bearing 0 0 Environmental management policy system KEY RATIOS - non-interest bearing 5 5 Return on equity (average) - - Total liabilities and shareholders’ equity 12 12 Return on total assets (average) - - Yes Return on capital employed (average) - - CASH FLOW Own Return on operating capital (average) - - Cash flow from operating activities Profit/loss befo- Proposed divi- Equity/assets ratio 59% 60.7% Cash flow from investment activities re tax, SEK m dend, SEK m Cash flow from financing activities INVESTMENT AND DEPRECIATION Gross investment 1 1 Average number of yearly employees 53 50 0 0 Depreciation and write-downs 1 1 - of which women 22 23

1) The proportion of net turnover that pertains to rent has been reported in the annual report under expenses.

104 LIQUIDATION COMPANIES

SKD Företagen

SKD företagen AB used to operate Privatisation of SKD företagen AB The company has no employees. consultancy services. In 1991, the commenced in 1993 and has entailed SKD företagen AB is to be liquidated. Riksdag resolved that the company the divestment of all subsidiaries and was to be wound up and sold. their operations.

Sveriges Geologiska AB

In 1982, the Riksdag resolved to split name Sveriges Geologiska AB was taken to liquidate the company. up the Geological Survey of Sweden (SGAB). Operations consisted of the The winding up process continued (SGU) into an administrative agency commissioned work which SGU had in 2001. The company was in liquida- component and a commercial compo- carried out earlier. tion during the entire year. The liquida- nent. The latter was to be run as a In 1991, it was resolved that SGAB tor estimates that the liquidation will be limited company and was given the was to be wound up. In 1995, a decision completed during 2002.

Zenit Shipping AB was founded in the An arrangement was reached with the the company continued to wind up its 1930s as a subsidiary of the privately- Swedish National Debt Office in commitments from previously-owned owned AB Götaverken for the purpose 1985. This meant an undertaking where- ships. Funds received are used for of acting as a buyer of ships built on the by conditional additional funds repayments to the Swedish National yard’s own account. In connection with would successively cover the losses Debt Office for previous conditional the nationalisation of AB Götaverken incurred during the liquidation of contributions. Zenit Shipping AB’s when Svenska Varv AB was founded in ships within a framework of SEK operations are expected to continue 1977, Zenit Shipping AB was given a 1,700 million. Up to the end of 1989, for a number of years to come. more active role. During the shipping the company had received SEK 1,181 crisis, trade debts for which customers million. This amount was fully repaid Board of directors 2001 could not honour their payments were between 1990–1995. Of the remain- Leif Lewin, Chairman assigned to Zenit Shipping AB. ing contribution of SEK 1,093 million, Christer Berggren The Riksdag resolved in the spring SEK 107 million has so far been Göran Carnhagen of 1983 to reconstruct Svenska Varv repaid. At most, Zenit Shipping AB Harald Molander AB, and Zenit Shipping AB was used as controlled 6,400,000 dwt spread over an instrument in this process. All bad approximately 40 ships. All ships have Managing Director debts were assigned to Zenit Shipping been disposed of in accordance with a Harald Molander AB with the result that Svenska Varv Riksdag decision. AB’s balance sheet was cleared. SEK Zenit Shipping AB has been assign- 3,000 million was contributed to Zenit ed the task of liquidating the company Shipping AB. with the best possible result. In 2001,

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