The Statels Ownership Report 2009
Total Page:16
File Type:pdf, Size:1020Kb
Th E STaTE’S The STaTe’S own ownerShip reporT ErShIp 2009 r Ep or T 2009 Ministry of Trade and Industry P.O. Box 8014 Dep NO-0030 Oslo Visiting address Einar Gerhardsens plass 1 Telephone +47 22 24 90 90 Fax +47 22 24 01 30 E-mail [email protected] Internet www.regjeringen.no/nhd www.ownershipreport.net K-0713 E Contents The Norwegian State's Ownership Report 2009 comprises 53 companies in which the State has an ownership stake and this stake is managed directly by the ministries. The report encompasses the companies where the State as owner mainly has commercial objectives and the most important companies with sectoral policy objectives. PAGE PAGE PAGE Foreword by the Minister 3 Companies with commercial Statnett SF 89 The State's Ownership Report 2009 4 objectives and other specific, defined Statskog SF 90 State ownership in 2009 6 objectives UNINETT AS 91 Return and values 12 Eksportfinans ASA 62 Universitetssenteret på Svalbard AS 92 Key economic development figures 18 Electronic Chart Centre AS 63 AS Vinmonopolet 93 Key figures and other matters 24 Kommunalbanken AS 64 Eksportutvalget for fisk AS 1 94 Comments on social responsibility 30 NSB AS 65 Nofima AS 1 95 State’s management of its ownership stakes 34 Posten Norge AS 66 Norsk Helsenett SF 1 96 External contributions 38 Statkraft SF 67 Store Norske Spitsbergen Kulkompani AS 68 1 Not categorised Veterinærmedisinsk Oppdragssenter AS 69 Companies with commercial objectives Companies with sectoral policy objectives Regional health authorities Argentum Fondsinvesteringer AS 46 Avinor AS 72 Central Norway Baneservice AS 47 Bjørnøen AS 73 Regional Health Authority RHF 98 Entra Eiendom AS 48 Enova SF 74 Northern Norway Flytoget AS 49 Gassco AS 75 Regional Health Authority RHF 99 Mesta AS 50 Gassnova SF 76 South-Eastern SAS AB 51 Innovation Norway (special-legislation company) 77 Norway Regional Health Authority RHF 100 Secora AS 52 Itas amb AS 78 Western Norway Kings Bay AS 79 Regional Health Authority RHF 101 Kompetansesenter for IT i helse- og sosialsektoren AS 80 Companies with commercial objectives and Norfund (special-legislation company) 81 ensuring head office functions in Norway Norsk Eiendomsinformasjon AS 82 Aker Holding AS 53 Norsk Rikskringkasting AS 83 Shareholder-elected Board members 102 Cermaq ASA 54 Norsk samfunnsvitenskapelig datatjeneste AS 84 Contact information 105 DnB NOR ASA 55 Norsk Tipping AS 85 Special circumstances and definitions 106 Kongsberg Gruppen ASA 56 Petoro AS 86 Nammo AS 57 Simula Research Laboratory AS 87 Norsk Hydro ASA 58 SIVA SF 88 Statoil ASA 59 Telenor ASA 60 Yara International ASA 61 2 Foreword by the Minister 2009 was another very challenging year for business and industry. However, in the midst of an international economic crisis, Norwegian business and industry fared better than many people had dared to hope. The economic prospects are much brighter now than ister of Trade and Industry’s remit to ensure that Norwe- they were a year ago. Nevertheless, there is currently a gian companies can reach the main growth markets. I great deal of uncertainty concerning the massive na- have therefore been focusing a lot of my attention on tional debts in many countries in Europe. Greece has Asia recently. Several Asian economies are experiencing been unable to service its debt, and the euro has come strong economic growth and will represent a large pro- under enormous pressure. European Union finance portion of the growth in world trade in the future. Growth ministers have agreed on a new fund that can lend in these new markets also leads to increased demand money to and provide loan guarantees to debt-stricken for Norwegian goods and services – not least our mari- European member states over the next three years, and time services. Gone are the days when emerging econ- the European Central Bank has introduced various omies were merely countries with cheap labour that measures to improve access to capital in the Eurozone. produced cheap consumer goods. Many companies have had to undergo demanding re- Boardroom diversity is both smart and profitable. With a structuring processeses. In many cases, patience and view to promoting gender diversity in corporate boards, support from the owners have meant companies have there have been various schemes in recent years to get emerged from the financial crisis stronger, although in more women to take directorships, but there is still a terms of profits, many companies are still struggling. way to go here. There are also advantages to be gained by getting more people with different cultural back- The Norwegian state is a long-term owner. Our main grounds and social views into the boardrooms of Nor- goal is industrial development, and the best way to fa- wegian companies. In order to ensure long-term growth, cilitate this is by being a stable owner – in turbulent we must also think internationally in terms of the make- times as well as good. The Government has certain ex- up of companies’ boards! pectations of the companies in which we have a stake: they shall make a profit, they shall promote wealth crea- In 2006, the Government presented Report no. 13 to the tion, technological development and employment in Storting (2006–2007), which provided a thorough ac- Norway, and they shall employ ethical practices and as- count of the organisation of the State’s ownership and sume social responsibilities. the Government’s ownership policy. The main contents and fundamental principles of the Government’s owner- Operating internationally allows Norwegian companies ship policy remain in place: we shall provide the compa- access to larger markets. However, it is also important nies with long-term stability and opportunities for devel- that international operations yield growth in expertise. In opment. At the same time, it is only natural that the Norway as elsewhere, companies’ success and growth ownership policy should continue to develop. The world depend on knowledge and expertise. Companies in is in constant change, and we are constantly learning which the State has an ownership interest shall also from our experiences, gaining new knowledge and get- © Berit Roald-Scanpix have the opportunity to realise their potential for wealth ting new input. The Government has therefore initiated creation by exploiting business opportunities in Norway work on a new ownership report that will define the out- Sincerely. and internationally. line of our future ownership policy. It is not the Ministry of Trade and Industry’s job to deter- This report provides an overview of the commercial mine whether or where Norwegian companies shall in- companies directly owned by the State and the largest vest internationally. Both privately owned and state- and most important sector-policy companies. I hope you owned companies are best equipped to make these will find this report informative and useful. Trond Giske, Minister of Trade and Industry decisions for themselves. However, it is within the Min- 3 4 The State's Ownership Report 2009 The State's Ownership Report provides an overview of State ownership, how the ownership is managed and how the companies are developing. It is intended to increase knowledge of both the Ministries' work in managing the ownership and about the individual companies. The State's Ownership Report 2009 consists of two This division of the companies correlates to the main sections. The first section contains overviews categorisation of companies in which the State of the previous year and articles relating to State owns a stake in Report no. 13 to the Storting ownership. The second section contains descrip- (2006-2007) – An active and long-term owner- tions of the individual companies. ship, with the supplements described in Proposition no. 62 to the Storting (2007-2008) – Ownership The companies are divided into four categories de- cases regarding Eksportfinans ASA etc., as well as pending on the objective of State ownership: in Proposition no. 32 to the Storting (2008-2009) – State loans to Eksportfinans ASA. 1. Companies with commercial objectives 2. Companies with commercial objectives and en- In addition to the printed Norwegian and English suring head office functions in Norway versions, the State's Ownership Report 2009 and 3. Companies with commercial objectives and past editions of the report are also available on the other specific, defined objectives Internet: www.eierberetningen.no. 4. Companies with sectoral policy objectives The report is up to date as of 31 March 2010. Key figures for companies mentioned in the State's Ownership Report 2009 NOK million. Listed Unlisted Companies with Total companies companies in sectoral policy objectives Categories 1-3 (Category 4) Value of State's ownership interest1 480 191 89 356 569 547 Weighted return last year 2 47 % Profit 3 38 244 13 166 3 562 54 973 Weighted return on equity 4 9 % 12 % Dividend 5 16 947 5 365 220 22 532 Sales proceeds 375 0 0 375 Capital contribution/share purchases -2 871 -2 695 -693 -6 259 1 For listed companies the values are based on market prices as of 31 December 2009 and the number of shares owned by the State at the same time. The value of the State’s ownership interest in Aker Holding AS was calculated with market prices for Aker Solutions ASA as of 31 December 2009 and the State’s indirect ownership interest in Aker Solutions ASA at the same time. For the unlisted companies with commercial objectives book equity less minority interests as of 31 December 2009 was used. 2 Change in market value plus received dividend and including the increase in value of the dividend. The return is weighted in relation to the value of the State’s shareholding as of 31 December 2008.