The State Ownership Report 2017

Tittel innTHE her STATE OWNERSHIP REPORT 2017

Innhold

In case of discrepancy between the original text in Norwegian and the English translation, the Norwegian text shall prevail.

In case of discrepancy between the original text in Norwegian Contents and the English translation, the Norwegian text shall prevail.

Foreword 3 CATEGORY 3 Nye Veier AS 102 Contents – Commercial objectives and Petoro AS 103 Scope and key figures 5 other specifically defined objectives Rogaland Teater AS 104 Key issues for Argentum Simula Research Contents 2 the State as owner 9 Fondsinvesteringer AS 64 Laboratory AS 105 Eksportfinans ASA 65 Siva – Selskapet Return and financial values 13 Electronic Chart Centre AS 66 for Industrivekst SF 106 Foreword 3 Key figures describing GIEK Kredittforsikring AS 67 Space Norway AS 107 financial performance 19 Investinor AS 68 Statnett SF 108 Kommunalbanken AS 69 Statskog SF 109 Turn yourself inside out! Mantena AS 70 Staur gård AS 110 Opportunities with better Scope and key figures 5 NSB AS 71 Store Norske Spits- corporate reporting 25 bergen Kulkompani AS 111 Overview of the state’s direct ownership by ministry 6 Posten Norge AS 72 Talent Norge AS 112 Corporate governance 29 Statkraft SF 73 Trøndelag Teater AS 113 Perspectives on UNINETT AS 114 the work relating to CATEGORY 4 goals and strategies 37 Universitetssenteret Key issues for – Sectoral policy objectives på Svalbard AS 115 Andøya Space Center AS 76 AS Vinmonopolet 116 CATEGORY 1 Avinor AS 77 – Commercial objectives Bane NOR SF 78 Regional health authorities the State as owner 9 Ambita AS 42 Bjørnøen AS 79 Helse Midt-Norge RHF 120 Baneservice AS 43 Carte Blanche AS 80 Helse Nord RHF 121 Entra ASA 44 AS Den Nationale Scene 81 Helse Sør-Øst RHF 122 Flytoget AS 45 Den Norske Opera & Ballett AS 82 Helse Vest RHF 123 Return and Mesta AS 46 Eksportkreditt Norge AS 83 SAS AB 47 Enova SF 84 Other companies 125 Veterinærmedisinsk Entur AS 85 Oppdragssenter AS 48 financial values 13 Gassco AS 86 Appendices 127 Gassnova SF 87 6 Remuneration to the board Share price performance for listed companies, CATEGORY 2 Graminor AS 88 7 13 and auditors for 2017 128 the Oslo Stock Exchange main index and sector indices – Commercial objectives Innovasjon Norge 89 and national anchoring of Remuneration to Kimen Såvarelaboratoriet AS 90 Share price performance for listed companies, head office functions the CEO for 2017 129 the Oslo Stock Exchange main index and sector indices9 14 Kings Bay AS 91 Proportion of women Aerospace Industrial Nationaltheatret AS 92 in the board of directors Return 201711 and 2016, average annual return last five years 15 Maintenance Norway AS 52 Nofima AS 93 and management 130 Aker Kværner Holding AS 53 Nordisk Institutt for Feedback from the companies 13 15 Direct return 2017 and 2016 DNB ASA 54 Odontologiske Materialer AS 94 regarding some of the state’s Kongsberg Gruppen ASA 55 Norfund 95 expectations linked to the 14 work relating to corporate Financial values 2017 and 2016 Nammo AS 56 Norges sjømatråd AS 96 NOK million 16 social responsibility 131 Norsk Hydro ASA 57 Norsk Helsenett SF 97 Owner-appointed and Statoil ASA 58 Norsk rikskringkasting AS 98 shareholder-elected Telenor ASA 59 Norsk Tipping AS 99 board members 132 Yara International ASA 60 Norske tog AS 100 Contact details 136 Key figures describing NSD – Norsk senter Special circumstances Cover photo: © Siva/Åge Hojem for forskningsdata AS 101 and definitions 137 financial performance 2 19 Foreword

The State Ownership Report is an annual sion of the expectations is presented on report which covers the state’s direct page 34. ownership in companies. The report pre- The world is changing and it is chang- sents an overview of all the 75 companies ing fast. As owner, we are concerned that in which the state is an owner. Twelve both the boards of directors and the com- ministries manage the state’s direct own- panies as a whole have a good under- ership in these companies. The report standing of reality and a good “radar” presents the companies’ financial devel- which detects changes and opportunities opment, goal attainment, key events in that impact on each company. The boards 2017 and the manner in which the state must continually decide how the compa- performs its role as owner. The purpose ny can best adapt itself to the altered of the State Ownership Report is to con- framework conditions and new opportu- tribute to transparency, something which nities. They must assess what risks should I believe is vital in order to secure trust in be taken and support the resulting as- the state’s ownership. sessment through unequivocal goals and In the case of companies where the a clear strategy. This is important regard- state’s ownership has commercial objec- less of whether the company has com- tives (categories 1–3), we strive to gener- mercial goals or sectoral policy goals. We ate the highest possible return on invest- are proud of the companies in which the ed capital over time. In the case of compa- state has direct ownership and strongly nies for which the state’s ownership has believe that the companies have the abil- sectoral policy objectives (category 4), the ity to adapt to change, as they have so of- ambition is to achieve the objectives as ef- ten done in the past. However, we are ficiently as possible. The state as owner is very aware that this will require dedica- committed to ensuring that the goals and tion at every level. strategies established by the board of di- The articles in this year’s report con- rectors support the state’s objectives be- cern corporate governance and reporting. hind the ownership. Access to relevant information is a key cri- The total value of the state’s commer- terion for best ownership practice and cial ownership was estimated to be NOK contributes to transparency concerning 844 billion at year-end 2017, up NOK 130 the state ownership. It also enables other billion from the previous year. The state stakeholders to continually assess the received NOK 37.7 billion in dividends companies’ operations, results, develop- from all the companies for the 2017 finan- ment and goal attainment. For the state as © Marte Garmann cial year. This reflects an upturn in finan- owner, it is important to understand what cial results compared with 2016 and an the companies are striving to achieve excellent year for the state as owner from (goals), how the companies will get there a historical perspective. The financial re- (strategy) and what risks the goals and sults achieved by companies with sectoral strategy entail for the company and own- policy objectives are presented for each er. We hope the articles inspire you. company with the aim of illustrating how Finally, I would like to thank the boards the company’s operations in 2017 sup- and all the employees of the companies ported the state’s objectives behind its in which the state is an owner. The com- ownership. panies represent a key part of the Norwe- The state as owner has a series of ex- gian economy and account for the pro- pectations regarding the boards and duction of many important goods and companies that are required to contrib- services. The job that you do, you do on ute to the state’s objectives for its owner- behalf of the whole of Norway. ship. These are described in chapter eight I hope you will find this report both in- Torbjørn Røe Isaksen of the ownership report. An abridged ver- formative and useful. Minister of Trade and Industry

Statoil 55,0 %

SAS 0,1 %

Entra 1,3 %

Norsk %

Hydro 19,9 Telenor

6,2 DNB 2 5 11,8 1 %

Number of employees distributed by companies, in total 299 747 5,2 Kongsberg Gruppen 1,3 %

Yara International F 12 % Statoil 55,0 % Norsk Hydro

10 % Telenor 20 % SAS 0,1 RHF 7 % Helse Sør-Øst RH %

Helse Vest

7 % Key figures 2017 figures Key plained in the presentation of the individ- plained in the presentation page 41 and for mostual companies from 27no. Report paper white in companies Diverse andto the Storting (2013–2014) Pa- White (the ownership value-creating The companies areper on Ownership). theon based categories four into divided state’s objectives behind the ownership: Statoil Entra 1,3 %

22 %

3 716 mrd. kroner Norsk %

Hydro

Other companies 19,9 8 Telenor 6,2 6 % DNB 5 % Børsnoterte selskaper Yara 11,8 RHF 5 % 12 Posten Norge International mrd. kroner i kategori 1– Helse Nord Unoterte selskaper %

RHF 6 % 5,2 Helse Midt-Norge Kongsberg Gruppen 1,3 Yara International ship Report. Contact details for the twelveship Report. Contact own- state’s the manage ministries which companies can beership interests in of the appendix. found on page 136 Categorisation of the companiese Categorisation of The state has justifications and objectives ex- for its direct ownership. These are 55 billion NOK 9,4 billion

13,4 % 1

NOK 37,7 billion 25,2 %

NOK 3 716 NOK 1 276 billion NOK 1 276 NOK billion

n 8 Listed companies NOK 120 billion 12 NOK billio in categories 1– Unlisted companies

The figures are defined on page 137. The figures are defined in Aker Kværner Holding. in underlying companies Does not incluce employees 844 NOK billion Share of the value of the state’s shareholding: Share of the value of 1 2 Annual profit: Return in listed companies:

The state’s direct ownership The state’s direct includesownership direct state’s The ownership state’s the which in companies directly by the min- interests are managed presents anon page 6 istries. The table 75 companies, distributedof the overview according to ministry. All the companies - are presented in the 2017 State Owner Scope and key figures key and Scope Sales proceeds to the state: Grants from the state: Capital contribution from/ share purchases by the state: Return on equity in unlisted companies in categories 1–3: Operating income:

© Bane NOR SF / Hilde Lillejord 1 Commercial objectives. time. For companies in category 2, the Ownership Department in the Ministry 2 Commercial objectives and objective of state also aims to maintain Norwegian of Trade, Industry and Fisheries. maintaining head office functions in anchoring of the companies’ head offic- State ownership of the companies in Norway. es and associated head office functions. category 4 primarily has sector policy ob- 3 Commercial objectives and other spe- For companies in category 3, the state jectives. The state’s ownership of these cifically defined objectives. has commercial objectives and other so- companies is usually managed by the 4 Sectoral policy objectives. cietal justifications for state ownership ministries whose remit includes the sec- The main objective of the state’s com- besides anchoring of head offices in Nor- toral policy responsibility concerned. As mercial ownership (companies in cate- way. There are 26 companies in catego- an owner, the State strives to achieve its gories 1–3) is to achieve the highest pos- ries 1–3, and the state’s ownership inter- sectoral policy objectives as efficiently as sible return on invested capital over ests in 21 of these are managed by the possible.

Overview of the state’s direct ownership by ministry

MINISTRY AND COMPANY SHAREHOLDING CATEGORY MINISTRY AND COMPANY SHAREHOLDING CATEGORY Ministry of Finance The Ministry of Trade, Industry and Fisheries Folketrygdfondet (special-legislation company) 100 % Not categorised Ambita AS 100 % 1 Aker Kværner Holding AS 30 % 2 Ministry of Defence Andøya Space Center AS 90 % 4 Aerospace Industrial Maintenance Norway AS 100 % 2 Argentum FondsInvestments AS 100 % 3 Baneservice AS 100 % 1 Ministry of Health and Care Services DNB ASA 34 % 2 Helse Midt-Norge RHF 100 % 4 Eksportfinans ASA 15 % 3 Helse Nord RHF 100 % 4 Eksportkreditt Norge AS 100 % 4 Helse Sør-Øst RHF 100 % 4 Electronic Chart Centre AS 100 % 3 Helse Vest RHF 100 % 4 Entra ASA 33,4 % 1 Nordisk Institutt for Odontologiske Materialer AS 49 % 4 Flytoget AS 100 % 1 Norsk Helsenett SF 100 % 4 Fornybar AS 100 % Not categorised AS Vinmonopolet (special-legislation company) 100 % 4 GIEK Kredittforsikring AS 100 % 3 Innovasjon Norge (special-legislation company) 51 % 4 Ministry of Climate and Environment Investinor AS 100 % 3 Bjørnøen AS 100 % 4 Kongsberg Gruppen ASA 50,001 % 2 Enova SF 100 % 4 Mesta AS 100 % 1 Kings Bay AS 100 % 4 Nammo AS 50 % 2 Nofima AS 56,84 % 4 Ministry of Local Government and Modernisation Norges sjømatråd AS 100 % 4 Kommunalbanken AS 100 % 3 Norsk Hydro ASA 34,26 % 2 Posten Norge AS 100 % 3 Ministry of Culture SAS AB 9,88 % 1 Carte Blanche AS 70 % 4 Siva – Selskapet for Industrivekst SF 100 % 4 AS Den Nationale Scene 66,67 % 4 Space Norway AS 100 % 4 Den Norske Opera & Ballett AS 100 % 4 Statkraft SF 100 % 3 Filmparken AS 77,6 % 4 Store Norske Spitsbergen Kulkompani AS 100 % 4 Nationaltheatret AS 100 % 4 Telenor ASA 53,97 % 2 Norsk rikskringkasting AS 100 % 4 Veterinærmedisinsk Oppdragssenter AS 34 % 1 Norsk Tipping AS (special-legislation company) 100 % 4 Yara International ASA 36,21 % 2 Rogaland Teater AS 66,67 % 4 Rosenkrantzgate 10 AS 3,07 % Not categorised Ministry of Petroleum and Energy Talent Norge AS 33,33 % 4 Gassco AS 100 % 4 Trøndelag Teater AS 66,67 % 4 Gassnova SF 100 % 4 Petoro AS 100 % 4 Ministry of Education and Research Statnett SF 100 % 4 NSD – Norsk senter for forskningsdata AS 100 % 4 Statoil ASA 67 % 2 Simula Research Laboratory AS 100 % 4 UNINETT AS 100 % 4 Ministry of Transport and Communication Universitetssenteret på Svalbard AS 100 % 4 Avinor AS 100 % 4 Bane NOR SF 100 % 4 Ministry of Agriculture and Food Entur AS 100 % 4 Graminor AS 28,2 % 4 Mantena AS 100 % 3 Kimen Såvarelaboratoriet AS 51 % 4 Norske tog AS 100 % 4 Statskog SF 100 % 4 NSB AS 100 % 3 Staur gård AS 100 % 4 Nye Veier AS 100 % 4

Ministry of Foreign Affairs Norfund (special-legislation company) 100 % 4 © Nammo AS 6 7

Key issues for the State as owner

Reduction in the state’s ownership capital when it requires liquidity. As of company’s development and plans and to In November 2017, an extraordinary gen- the start of 2016, NOK 2.7 billion had present the Ministry of Transport and eral meeting of SAS decided to authorise previously been transferred to the com- Communications’ assessments. A key top- the board of directors to implement one pany, while the remaining NOK 1.5 billion ic for the report to the Storting was further or more private placements totalling up was held in the state’s account. At the re- work relating to the putting out of air navi- to 66 million new shares through until quest of the company, a capital injection gation services to competitive tender. The the 2018 ordinary general meeting. In ac- of NOK 250 million was approved at an report was considered by the Storting on cordance with this authorisation, SAS car- extraordinary general meeting held in 15 June 2017. ried out a private placement on 8 Novem- March 2017. During the consideration of the Nation- ber 2017 aimed at selected investors and Following a request by the Storting, the al Budget on 14 December 2017, the Stor- the board of directors decided on 9 No- Ministry of Agriculture and Food injected ting approved the linear escalation of vember 2017 to issue 52.5 million new equity into Staur gård AS in spring 2017, as the financial framework for Nye Veier AS shares (approximately 16% of the out- a result of the company being close to to a long-term funding level of NOK 5.3 bil- standing ordinary shares before the bankruptcy. The Ministry of Agriculture and lion; see Bill 1 S (2017–2018)/Recommen- placement), which gave the company Food injected a total of NOK 8 million, ena- dation 2 S (2017–2018). In line with the around SEK 1.27 billion in new equity. bling the company to fulfil its obligations level that was adopted in the National The transaction price was SEK 24.2 per and achieve a satisfactory level of equity. In Transport Plan, it was decided to grant share, which involved a discount of 7.3% the ownership dialogue for 2017, the Minis- NOK 5,279 million to Nye Veier in 2018. relative to the share price at the time of try of Agriculture and Food stressed that The grant will be used to finance the pay- the transaction. The Norwegian state did the company must ensure that its accounts ments to which Nye Veier will be entitled not take part in the placement and there- balance and that the board must seek to under agreements with the state through fore reduced its holding in SAS from develop the company’s operating concept the Ministry of Transport and Communi- 11.45% to 9.88%. further. Following the capital injection, the cations linked to its operations. During the company has redeemed all loans and leas- debate on the National Budget, the Stort- Establishment of new companies ing contracts. In 2017, the company’s fi- ing also decided to adjust the company’s As part of the process of putting out pas- nances improved, turning the deficit of portfolio through transferring responsibil- senger rail services to competitive tender, many years into a small profit. In 2017, the ity for the development of the E6 Skjerd- it was necessary to divest production fac- company’s board of directors initiated a ingstad-Melhus S route from the Norwe- tors from the NSB Group. To facilitate com- process of looking at the opportunities that gian Public Roads Administration to Nye petition on equal terms, the subsidiaries are available to further develop the com- Veier. Materiellselskapet AS (later changed to pany’s operations with the aim of bringing Amended articles of association were Norske tog AS) and Reiseplan og billett AS about positive growth and development adopted for Norsk rikskringkasting AS (later changed to Entur AS) were estab- within the company. during an extraordinary general meeting lished by NSB in June 2016. Train mainte- In Bill 1 S (2017–2018), the Ministry of held on 19 December 2017. The primary nance was already being handled by NSB’s Trade, Industry and Fisheries presented a aim of the amendments was to adapt the subsidiary Mantena AS. Norske tog AS, En- proposal to grant an equity injection of articles of association to the Storting’s tur AS and Mantena AS were divested from NOK 43 million to Store Norske Spitsber- consideration of the Storting reports Re- NSB on 24 April 2017. The companies then gen Kulkompani AS to cover pension com- port to the Storting No. 38 (2014–2015) became subsidiaries of the Ministry of mitments linked to the company’s mining Open og opplyst (Open and enlightened) Transport and Communications’ interim operations. The proposal was considered and Report to the Storting No. 15 (2016– companies, i.e. Togmateriell AS, Reiseplan through Recommendation 8 S (2017– 2017) Eit moderne og framtidsretta NRK og billett AS and Togvedlikehold AS respec- 2018) and a decision by the Storting in De- (A modern and progressive NRK). The tively. The three last-mentioned compa- cember 2017. amendments mean that NRK’s societal nies were dissolved through a general mission (NRK-plakaten) has been incorpo- meeting resolution in December 2017, Changes in sectoral rated in its entirety in part II of the organi- thereby making the Ministry of Transport policy guidelines sation’s articles of association - as the mis-

© Statoil ASA/Espen Rønnevik Woldcam and Communications the direct owner of On 5 April 2017, the Ministry of Transport sion is worded following the Storting’s Norske tog AS, Entur AS and Mantena AS. and Communications presented Report to consideration of Report to the Storting the Storting No. 30 (2016–2017) om virk- No. 15 (2016–2017), see Recommendation Capital injection somheten til Avinor AS (About the busi- No. 332. S (2016–2017). The amendments The Storting has awarded NOK 4.2 billion ness in Avinor AS). The purpose of this re- also mean that more detailed provisions to Investinor AS. The company will receive port was to inform the Storting of the are adopted in part III of the articles of as-

9 sociation. The proposed amendments to Financial framework Other matters part III of the articles of association are an- In line with the framework for the enter- In Bill 1 S (2017 -2018), the Ministry of chored in NRK’s societal mission. In addi- prise’s operations as set out in the articles Trade, Industry and Fisheries presented a tion, a number of minor amendments are of association for Bane NOR SF, when con- proposal to wind up the coal mining op- implemented in part I of the articles of as- sidering the National Budget, the Storting erations of Store Norske Spitsbergen sociation. The amendments impose a decided to grant NOK 500 million as a Grubekompani AS (SNSG) at Svea and number of new obligations upon NRK. For working capital facility for the enterprise; Lunckefjell. A proposal was also put for- example, NRK will have an independent see Bill 13 S (2017–2018)/Recommenda- ward to initiate remediation in the area, responsibility to contribute to Norwegian tion 79 S (2017–2018). The working capital with SNSG as the responsible client and media diversity (both regionally and na- facility will help to give the enterprise using subcontractors. The proposal to dis- tionally). At least 40% of the music that is more predictable and stable framework continue coal mining operations at Svea played on NRK P1, P2 and P3 must be Nor- conditions and thereby give Bane NOR and Lunckefjell and initiate remediation wegian, with an emphasis on Norwegian more solid foundations on which to oper- resulted in a proposal in the 2018 National language or Norwegian-composed music. ate efficiently. The scheme also gives Bane Budget to grant NOK 141 million for reme- Moreover, NRK must assign an average of NOR fast and flexible access to additional diation at Svea and Lunckefjell. The pro- at least 40% for the last three years of the funding in extraordinary situations, such posal was considered through Recom- unrestricted TV programme budget to ex- as in the event of an accident or natural mendation 8 S (2017–2018) and a decision ternal producers. disaster. by the Storting in December 2017. © Eksportkreditt Norge

10 © SAS © SAS 11

Return and

financial values300 250 Norsk 200 Hydro ASA

150 World / The Norwegian and continued to fall. The unemployment trade, an upturn in the priceAluminum of oil and international economy1 rate, as measured by Statistics Norway’s strong growth in the financial-IND markets. 100 GDP growth for mainland Norway was 1.9% Labour Force Survey, was 4.2% in 2017, Amongst Norway’s key tradingNorway part- 2 5 OSE OBX TR in 2017, up from 1.1% in 2016. The econ- down from 4.7% in 2016.50 Annual wage ners , economic growth was 2.6% in 2017, omy bottomed out in the latter half of growth in 2017 was estimated at 2.3%.3 up from 2.2% in 2016. The economic up- 2016 and the economic upturn continued Inflation measured by 0 the consumer turn in the euro zone continued through- 2013 2014 2015 2016 2017 2018 throughout the whole of 2017. The growth price index (CPI) was 1.8% in 2017, corre- out 2017, with annual growth rates of just in GDP has been driven by an increase in sponding to a slight real wage increase of over 2% during the past four quarters. Un- petroleum investments and higher growth 0.5%, following a real 400wage decrease in employment, which was still high, contin- internationally. Future growth will be 2016. ued to fall and reached its lowestKongsberg level in 350 moderated by reduced investment in Growth in global GDP in 2017 is esti- nine years. In the USA, growthGruppen picked ASA up 4300 housing, higher interest rates and a mated at around 3.7%. This has been the half-way through 2017, endingNorway with an up- stronger Norwegian krone. broadest upturn in the 250global economy in turn of 2.2% for the year as aOSE whole. OBX TR This As an annual mean, employment rose seven years, aided by growth in both in- was largely driven by high growth in con- 200 MSCI AC World by 0.1% in 2017. Employment is not keep- dustrial and developing countries. The sumer spending and to some extent an 150 / Aerospace & ing pace with the growth in population growth has largely been linked to an in- increase in investments. GrowthDefense in -IND the 100 and the employment rate has therefore crease in industrial output and global United Kingdom virtually halvedMSCI AC Wcomorld -/ 50 Marine -IND

6 0 Share price performance for listed companies, 2013 2014 2015 2016 2017 2018 the Oslo Stock Exchange main index and sector indices7

300 300

250 250 DNB ASA Norsk Norway 200 Hydro ASA 200 OSE OBX TR S&P Nordic BMI / 150 World / 150 Aluminum Banks - IG -IND 100 100 Norway OSE OBX TR 50 50

0 0 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018

400 200 Kongsberg 180 350 Gruppen ASA 160 Entra ASA 300 Norway 140 Norway 250 OSE OBX TR 120 OSE OBX TR 200 100 STOXX Nordic TMI MSCI AC World / Real Estate 150 / Aerospace & 80 Defense -IND 60 100 MSCI AC World / 40 50 Marine -IND 20 0 0 2013 2014 2015 2016 2017 2018 2015 2016 2017 2018

1 Sources include Statistics Norway, Economic analysis 14/2017. 5 The eurozone, Sweden, USA, UK, Denmark, China, South

© Statnett SF / Henrik Glette 2300 Source: https: https://www.ssb.no/nasjonalregnskapog-konjunkturer/ Korea, Poland, Russia and Japan. statistikker/knr/kvartal 6 Statistics Norway, Economic analysis 4/2017. 3 The Norwegian Technical Calculation Committee for Wage Settlements 7 Share price performance including reinvested dividends 4250 OECD, Interim Economic Outlook, november 2017 and IMF, (source:DNB FactSet). ASA World Economic Outlook, January 2018. Norway 200 OSE OBX TR S&P Nordic BMI / 13 150 Banks - IG 100

0 2013 2014 2015 2016 2017 2018

200 180 160 Entra ASA

140 Norway 120 OSE OBX TR 100 STOXX Nordic TMI / Real Estate 80 60 40 20 0 2015 2016 2017 2018 pared with growth in the six months be- Return for listed companies The value of the state’s shares on Oslo fore as a result of the impact of Brexit on The return comprises the sum total of the Stock Exchange was NOK 716 billion at the British pound, but picked up again as increase in market value of a company’s year-end 2017, up NOK 119 billion from the the weakening of the pound reversed equity and direct return in the form of previous year. Statoil contributed NOK 45.7 through 2017. dividends and any impact on the compa- billion to the increase in total value. The ny’s buyback and deletion of shares. state’s holdings in Telenor, Norsk Hydro The stock market in The state has direct ownership of eight and DNB rose in value by NOK 38.0, 14.9 Norway and internationally8 companies listed on Oslo Stock Exchange. and 13.1 billion respectively. The value of The main index on Oslo Stock Exchange The value-adjusted return for these compa- the state’s holdings in Yara International, rose 19.1% in 2017, the highest increase nies, including reinvested350 dividends, was Entra and the Kongsberg Group increased 350 since 2013. It was the largest companies 25.2% in 2017, compared300 with 22.8% in the by NOK 3.6, 2.2 and 1.6 billion respectively. SAS AB on Oslo Stock Exchange that increased previous year. The return300 is weighted with The state’s share of the market value of 250 SAS AB most in value, led by Statoil, Marine Har- the value of the state’s shareholding at the SAS rose by NOK 273 million in 2017.Norway 250 OSE OBX TR vest, Norsk Hydro and DNB. Strong eco- end of 2017. Statoil, which200 accounts for The state’s share of the book valueNorway of un - OSE OBX TR nomic development internationally result- about half of the total value200 of the state’s as- listed companies in categories 1–3 Worldat year- / ed in rising values on the world’s stock sets on the stock exchange,150 has a consider- end 2017 amounted to NOK 128 billion,WorldAirlines up/ -IND markets, while in Norway rising oil and gas able influence on the weighted150 total return. NOK 11.0 billion from the previous year.Airlines The -IND 100 prices had a positive impact on the devel- 100 state’s share of the book value of Statkraft opment of Oslo Stock Exchange. Sectors Value of the state’s equity50 and Kommunalbanken rose during 2017 by such as telecom, materials and finance To estimate the value of50 the companies, NOK 12.2 and 1.02 billion respectively. For 0 Argentum Fondsinvesteringer AS, Posten contributed to the upturn. the value of the company’s02013 shares 2014is used 2015 2016 2017 2018 Oslo Stock Exchange performed on a for listed shares, while book2013 equity2014 less 2015Norge, 2016AIM Norway,2017 Investinor2018 and Aker par with or better than comparable inter- minority interests is used200 for unlisted Kværner Holding, the state’s share of the national indices in 2017. The S&P 500 in companies in categories200 1–3. 10 The table book value also increased in 2017, by NOK the USA and the DAX index in Germany on page 16 shows the estimated value of 778, 455, 336, 293 and 288 millionStatoil respec ASA- rose by 19.4% and 12.5% respectively. The each company for 2017 150and 2016. No esti- tively. For Investinor, the majority ofStatoil the inASA- OMX Stockholm 30 index and the Nikkei mate is made of the value150 of the compa- crease arose as a result of a capital injectionNorway NorwayOSE OBX TR 225 index in Japan rose by 3.9 and 19.1% nies where the main objective of the of NOK 250 million. The book valueOSE of NSBOBX TR respectively. The FTSE 100 index in Lon- state’s ownership is not100 commercial, i.e. fell by NOK 4.9 billion as a result ofMSCI the Worlddi- 100 don rose by 7.6%. companies in category 4. vestment of Entur, Mantena and NorskeMSCIIndex tog. World/ IndexOil Gas / & 50 OilConsumable Gas & 50 ConsumableFuels – IND Fuels – IND 0 Share price performance for listed companies, 2013 2014 2015 2016 2017 2018 0 9 the Oslo Stock Exchange main index and sector indices2013 2014 2015 2016 2017 2018 250 350 250

300 200 Telenor ASA SAS AB 200 Telenor ASA 250 Norway Norway 150 NorwayOSE OBX TR OSE OBX TR 200 150 OSESTOXX OBX TR World / 100 STOXXEurope 600 / 150 Airlines -IND 100 EuropeTelecommun- 600 / Telecommun-ications – SS 100 50 ications – SS 50 50 0 0 02013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 200 200 200 Yara Inter- Statoil ASA 150 150 Yaranational Inter- ASA 150 Norway Norwaynational ASA OSE OBX TR NorwayOSE OBX TR 100 100 OSE OBX TR MSCI World 100 World / Index / WorldChemicals: / Oil Gas & 50 Chemicals:Agricultural 50 Consumable 50 Agricultural– IND Fuels – IND – IND 0 0 2013 2014 2015 2016 2017 2018 02013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 250

200 Telenor ASA 8 Sources include: https://www.oslobors.no/Oslo-Boers/Om-Oslo-Boers/Nyheter-fra-Oslo-Boers/Et-sjeldent-godt-boersaar. 9 Share price performance including reinvested dividends (source: FactSet). 10 Book equity may deviate considerably from the companies' real market value. The valueNorway of the 150state’s ownership interest in Aker Kværner Holding was calculated using the market pricesOSE for OBX Akastor, TR Aker Solutions and Kværner, and the state’s indirect ownership interest in these companies. STOXX 14100 Europe 600 / Telecommun- ications – SS 50

0 2013 2014 2015 2016 2017 2018

200

Yara Inter- 150 national ASA Norway OSE OBX TR 100 World / Chemicals: 50 Agricultural – IND

0 2013 2014 2015 2016 2017 2018 Return 201711 and 2016, average annual return last five years

80 %

63,0 % 55,1 % 47,5 % 43,6 % 35,5 % 40 % 25,2 % 27,6 % 28,5 % 23,5 % 24,7 % 22,8 % 22,2 % 16,0 % 14,4 %

0 %

26,0 % 14,9 % 11,0 % 20,5 % 20,7 % -6,7% 8,0 % -11,4 % 10,5 % -8,0% 12 21,9 %

-40 % -42,8 %

-80 % Sum DNB Entra Kongsberg Norsk SAS AB Statoil Telenor Yara listed ASA ASA Gruppen ASA Hydro ASA ASA ASA International companies12 ASA 2017 2016 Average annual return last ﬁve years

Direct return 2017 and 201613 7,0 %

6,0 % 5,8 % 5,5 %

5,0 % 4,6 % 4,4 % 4,4 % 4,1 % 4,0 % 3,7 % 3,5 % 3,4 % 3,1 % 3,0 % 2,7 % 2,5 % 2,4 % 2,0 % 2,0 %

1,0 %

0,0 % 0,0 % 0,0 % DNB Entra Kongsberg Norsk SAS AB Statoil Telenor Yara ASA ASA Gruppen ASA Hydro ASA ASA ASA International ASA 2017 2016

The total estimated value of the state’s assets in the companies in categories 1–3 was NOK 844 billion, up NOK 130 billion from the previous year.

Dividends The state will receive NOK 37.7 billion in dividends for the 2017 financial year, up almost NOK 5 billion from the previous year. Divi- dends from Statkraft increased most from last year, by NOK 3.6 billion. From DNB, Norsk Hydro and NSB, dividends rose by NOK 775, 355 and 315 million respectively. The dividends from Mesta, Yara Internation- al and Avinor decreased by NOK 350, 346 and 300 million.

11 The return is weighted with the value of the state’s shareholding at year-end 2017. 12 Average annual return last three years, as Entra was listed in 2014. 13 Direct return is calculated as paid dividend per share in 2017 as a percentage of share price at year-end 2017 (source: FactSet). © Kongsberg Gruppen ASA 15 Finan cial values 2017 and 201614 NOK million

STATE’S SALES PROCEEDS, STATE’S MARKET VALUE VALUE OF DIVIDEND TO THE STATE CAPITAL CONTRIBUTION AND SHAREHOLDING OF EQUITY15 THE STATE’S SHAREHOLDING15 FOR THE FINANCIAL YEAR16 SHARE PURCHASE17 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Listed companies DNB ASA 34 % 34 % 247 740 209 138 84 232 71 107 3 932 3 157 0 0 Entra ASA 33,4 % 33,4 % 22 145 15 755 7 487 5 262 252 212 0 2 490 Kongsberg Gruppen ASA 50,001 % 50,001 % 18 120 14 940 9 060 7 470 225 225 0 0 Norsk Hydro ASA 34,26 % 34,26 % 129 002 85 450 44 198 29 276 1 241 886 0 0 SAS AB 9,88 % 11,45 % 8 141 4 605 804 527 0 0 0 132 Statoil ASA 67 % 67 % 582 219 514 016 390 087 344 391 15 937 15 742 -7 539 -5 025 Telenor ASA 53,97 % 53,97 % 264 106 193 688 142 526 104 524 6 564 6 320 0 0 Yara International ASA 36,21 % 36,21 % 102 921 92 894 37 269 33 638 643 989 0 252 Total listed companies 1 374 394 1 130 485 715 663 596 196 28 794 27 531 -7 539 -2 151

BOOK EQUITY BOOK VALUES OF DIVIDEND TO THE STATE STATE’S SALES PROCEEDS, LESS MINORITY INTERESTS STATE’S SHAREHOLDING18 FOR THE FINANCIAL YEAR16 CAPITAL CONTRIBUTION AND SHARE PURCHASE17 Unlisted companies in categories 1–3 Ambita AS 100 % 100 % 100 96 100 96 1,5 3,2 0 0 Baneservice AS 100 % 100 % 231 218 231 218 14 13 0 0 Flytoget AS 100 % 100 % 717 771 717 771 120 105 0 0 Mesta AS 100 % 100 % 696 716 696 716 0 350 0 0 Veterinærmedisinsk Oppdragssenter AS 34 % 34 % 58 55 20 19 0,3 0,3 0 0

Aerospace Industrial Maintenance Norway SF 100 % 100 % 798 462 798 462 0 0 0 0 Aker Kværner Holding AS 30 % 30 % 8 648 7 688 2 594 2 306 0 0 0 0 Nammo AS 50 % 50 % 2 495 2 383 1 248 1 192 45 70 0 0

Argentum FondsInvestments AS 100 % 100 % 8 109 7 331 8 109 7 331 350 800 0 0 Eksportfinans ASA 15 % 15 % 6 803 7 065 1 020 1 060 0 0 0 0 Electronic Chart Centre AS 100 % 100 % 9 9 9 9 5 5 0 0 GIEK Kredittforsikring AS 100 % 100 % 239 245 239 245 0 0 0 0 Investinor AS 100 % 100 % 2 927 2 634 2 927 2 634 50 0 -250 -500 Kommunalbanken AS 100 % 100 % 12 478 11 458 12 478 11 458 443 390 0 0 Mantena AS 100 % - 176 - 176 - 0 - 0 NSB AS 100 % 100 % 5 001 9 934 5 001 9 934 315 0 0 0 Posten Norge AS 100 % 100 % 6 353 5 898 6 353 5 898 194 19 0 0 Statkraft SF 100 % 100 % 85 307 73 069 85 307 73 069 6 040 2 400 0 0 Total unlisted companies in categories 1–3 141 145 130 031 128 023 117 417 7 577 4 155 -250 -500 Total all companies in categories 1–3 1 515 539 1 260 516 843 686 713 612 36 371 31 686 -7 789 -2 651 Companies in category 419 Avinor AS 100 % 100 % - - - - 250 550 0 0 Innovasjon Norge 51 % 51 % - - - - 271,0 183 0 0 Kimen Såvarelaboratoriet AS 51 % 51 % - - - - 0 0,2 0,0 0 Norfund 100 % 100 % - - - - 0 0 -1 500 -1 478 Siva – Selskapet for Industrivekst SF 100 % 100 % - - - - 391 147 0 0 Statnett SF 100 % 100 % - - - - 326,0 350 0 0 Statskog SF 100 % 100 % - - - - 60 53 0 0 Staur gård AS 100 % 100 % - - - - 0 0 -8 0 Store Norske Spitsbergen Kulkompani AS 100 % 100 % - - - - 0 0 -144 -587 AS Vinmonopolet 100 % 100 % - - - - 64 75 0 0 Total companies in category 4 1 362 1 358 -1 652 -2 065 Total all companies in categories 1-4 37 733 33 044 -9 441 -4 716

14 The figures are defined on page 137. 15 At year-end 2017. Source: Factset. 16 For Statoil, which pays dividends quarterly, the figure is paid dividends in 2017. Paid dividends consists of cash and newly issued shares in the company, see information about the scrip dividend programme on page ten in the State Ownership Report 2016. The part of the dividend that the state has used to subscribe for new shares in Statoil is shown in the column "State’s sales proceeds, capital contributions and share purchase." 17 Sales proceeds are shown as positive figures; capital contributions and share purchases are shown as negative. 18 The state’s share of book equity less minority interests. The value of the state’s ownership interest in Aker Kværner Holding was calculated using the market prices for Akastor, Aker Solutions and Kværner at year-end 2017 and the state’s indirect ownership interest in these companies on the same time. 19 Companies in category 4 without dividends, sales proceeds, contributions and share purchases are not included in the table.

16 17

Key figures describing financial performance

Companies in categories 1–31 Of the listed companies, only SAS did where the state’s ownership has sectoral The tables on pages 20 and 21 present not pay a dividend for the 2017 financial policy objectives, companies in category 4. some key financial figures from 2017 for year and all the companies except Entra Several of the companies in category 4 companies for which the state’s owner- paid out 40% or more of their profit for perform tasks that are not commercially ship has commercial objectives, i.e. com- the year after tax and minority interests. profitable. In order to achieve the sectoral panies in categories 1–3. Of the unlisted companies in categories policy objectives of the state’s ownership 1–3, Ambita, Baneservice, Electronic Chart of these companies, the state may regu- Profit performance Centre, Flytoget, Investinor, Nammo, NSB, late access to the market and pricing (e.g. The combined profit for the year after tax Posten Norge and Statkraft paid dividends Statnett and Vinmonopolet), procure spe- and minority interests for the companies of 40% or more of their profit for the year cific services or service levels (e.g. Bane in categories 1–3 was NOK 106 billion in after tax and minority interests. NOR), and finance all or part of the opera- 2017, up NOK 86.7 billion from the previ- The average dividend percentage over tion through direct allocation in the Na- ous year. The improvement in Statoil’s the past five years indicates the capacity tional Budget (e.g. the regional health au- profit of NOK 62.5 billion, from NOK -24.5 of the companies to generate a direct re- thorities, Kings Bay and Petoro). At Avinor, billion in 2016 to NOK 38.0 billion in 2017 turn over time. This is calculated as the commercially unprofitable operations are was a strong contributory factor behind sum of all dividends divided by the sum of financed through profits from the compa- this.. Excluding Statoil, the combined prof- the annual profits after tax and minority ny’s other operations. it for the year rose from NOK 44.1 billion interests. Public sector procurement particularly to NOK 68.2 billion, representing a growth During the past five years, the listed takes place amongst companies which in profit of 54.6%. companies, excluding SAS, had an average compete in a market. It is also used, for A number of companies improved their dividend percentage of between 24 and example, in connection with the procure- profits from the previous year, including 332% of the profit for the year. With the ment of health services from the regional Statkraft and Telenor which saw growth in exception of Aerospace Industrial Mainte- healthcare enterprises, and this accounts profit of NOK 11.6 and 9.2 billion respec- nance Norway, Aker Kværner Holding, Ek- for the majority of the healthcare enter- tively. All of the companies delivered posi- sportfinans and GIEK Kredittforsikring, prises’ revenues. Financing through state tive annual results in 2017, with the excep- unlisted companies in categories 1–3 have grants is primarily used for companies tion of Mesta, Eksportfinans and Mantena. paid an average dividend percentage that which do not compete in a market, while varies between 28 and 275% of the profit competition and price regulation are Revenue performance for the year. largely used for public sector monopolies. Combined operating revenues amounted Revenue performance to NOK 1,033 billion in 2017, up NOK 153 Return on equity For a number of companies, state billion from the previous year. Statoil’s up- Return on equity gives an indication of grants account for a significant part of turn in revenues of NOK 121 billion was a how efficiently resources are used within their operating revenues. Several compa- contributory factor behind this. In addi- a company compared with book value. nies also have a monopoly for their operation, Norsk Hydro saw its revenues in- Return on equity indicates the owner’s re- tions. crease from the previous year for compa- turn on this component of the capital and Combined operating revenues amount- nies in categories 1–3 by NOK 29.2 billion, is measured as the profit for the year after ed to NOK 244 billion in 2017, up NOK 20 while Telenor and Yara International re- tax and minority interests, divided by the billion from the previous year. The operat- corded decreases of NOK 6.7 and 3.4 bil- average value of the book equity. ing revenues of the regional healthcare lion respectively. In 2017, 13 companies recorded a re- authorities and other companies in cate- turn on equity of 10% or more. The aver- gory 4 amounted to NOK 145 billion and Dividend share age annual return on equity over the past NOK 99 billion respectively. From 2016 to The dividend share is the proportion of a five years has exceeded 15% for AIM Nor- 2017, Bane NOR, Nye Veier, Norsk Tipping, company’s profits that is paid out to its way, Argentum FondsInvestments, Entra, Norfund and Avinor saw their revenues owners.2 The rest of the profit remains Flytoget, SAS, Statkraft and Telenor. increase by NOK 12.0, 3.0, 2.9, 1.0 and 0.7 within the company and is added to book billion respectively, while the revenues of equity. The owners’ direct return may take Companies in category 43 Store Norske Spitsbergen Kulkompani the form of a dividend or buy-back of The table on page 22 presents some key and Siva fell by NOK 392 and 229 million © Statoil ASA/Ole Jørgen Bratland shares. financial figures from 2017 for companies respectively.

1 For more information about individual companies' economic development and causes of this, see the company reviews from page 41. 2 For some companies, own income bases are defined based on the company's results. For some listed companies, also the development in dividends per share is a central consideration in the companies' dividend policy. 3 For more information about individual companies, see the company reviews from page 41. 19 Group accounting figures 2017 – companies in categories 1–34 NOK million

OPERATING PROFIT FOR THE YEAR AFTER BALANCE 5 CAPITAL EMPLOYED STATE’S SHAREHOLDING OPERATING REVENUS PROFIT/LOSS TAX AND MINORITY INTERESTS SHEET TOTAL Listed companies DNB ASA 34 % 51 140 26 858 21 803 – 2 698 268 Entra ASA 33,4 % 1 913 1 483 4 464 37 387 43 410 Kongsberg Gruppen ASA 50,001 % 14 490 772 554 10 705 20 843 Norsk Hydro ASA 34,26 % 112 167 10 663 8 783 109 509 163 327 SAS AB6 9,88 % 40 884 1 159 1 101 16 262 31 829 Statoil ASA7 67 % 506 090 113 903 37 965 563 757 918 930 Telenor ASA 53,97 % 124 756 26 739 11 982 136 632 201 766 Yara International ASA 36,21 % 93 812 3 777 3 948 101 672 129 246 Total listed companies 945 252 185 354 90 600 975 924 4 207 799 Unlisted companies in categories 1–3 Ambita AS 100 % 368 6 6 106 177 Baneservice AS 100 % 743 45 26 375 581 Flytoget AS 100 % 932 151 120 717 1 409 Mesta AS 100 % 3 765 -19 -15 702 1 726 Veterinærmedisinsk Oppdragssenter AS 34 % 481 18 4 81 138

Aerospace Industrial Maintenance Norway AS 100 % 1 173 95 316 798 1 475 Aker Kværner Holding AS 30 % 0 -2 960 8 650 8 650 Nammo AS 50 % 4 462 367 181 3 818 5 650

Argentum FondsInvestments AS 100 % 1 664 1 595 1 577 8 141 8 201 Eksportfinans ASA 15 % -224 -338 -254 – 22 398 Electronic Chart Centre AS 100 % 25 1 1 9 16 GIEK Kredittforsikring AS 100 % 53 -9 -5 – 471 Investinor AS 100 % 74 28 40 2 927 2 943 Kommunalbanken AS 100 % 2 130 1 783 1 429 – 412 854 Mantena AS 100 % 1 524 89 -26 176 1 078 NSB AS 100 % 14 990 578 630 5 878 11 434 Posten Norge AS 100 % 24 678 701 382 10 136 16 962 Statkraft SF 100 % 30 567 17 187 11 926 128 720 166 493 Total unlisted companies in categories 1–3 87 405 22 276 17 298 171 234 662 656 Total all companies in categories 1–3 1 032 657 207 630 107 898 1 147 158 4 870 455

4 The figures are defined on page 137. 5 For Entra, net rental income is used. 6 SAS presents its accounts in Swedish kroner (SEK). The figures in the table are converted into Norwegian kroner (NOK). The exchange rate used is the average price for 2017, Procurement by and subsidies NOK/SEK 95.82, and at the balance sheet date, NOK/SEK 97.77. 7 Statoil presents its accounts in USD. The figures in the table are converted into Norwegian from the state as a sector policy kroner (NOK). The exchange rate used is the average price for 2017, NOK/USD 8.2712. instrument In total, the companies in category 4 generated revenues amounting to NOK 152 billion through the procurement of services and direct subsidies from the state

20 Group accounting figures 2017 – companies in categories 1–38 NOK million

DIVIDEND AVERAGE DIVIDEND AVERAGE RETURN ON- 10 RETURN ON EQUITY PERCENTAGE9 PERCENTAGE LAST FIVE YEARS EQUITY RATIO EQUITY LAST FIVE YEARS Listed companies DNB ASA 55 % 37 % 16 % 11 % 13 % Entra ASA 17 % 24 % 44 % 27 % 17 % Kongsberg Gruppen ASA 81 % 78 % 35 % 8 % 13 % Norsk Hydro ASA 41 % 69 % 56 % 10 % 4 % SAS AB 0 % 0 % 25 % 16 % 11 % Statoil ASA 62 % 332 % 36 % 12 % 2 % Telenor ASA 102 % 157 % 31 % 22 % 12 % Yara International ASA 45 % 47 % 60 % 5 % 10 % Weighted average listed companies 13,5 % Unlisted companies in categories 1–3 Ambita AS 26 % 38 % 59 % 6 % 32 % Baneservice AS 60 % 27 % 43 % 11 % 15 % Flytoget AS 100 % 119 % 51 % 16 % 19 % Mesta AS 0 % 135 % 40 % -2 % 16 % Veterinærmedisinsk Oppdragssenter AS 29 % 100 % 42 % 6 % 54 %

Aerospace Industrial Maintenance Norway AS 0 % 0 % 54 % 50 % 15 % Aker Kværner Holding AS 0 % -18 % 100 % – – Nammo AS 50 % 50 % 44 % 7 % 12 %

Argentum FondsInvestments AS 22 % 55 % 99 % 20 % 11 % Eksportfinans ASA 0 % 0 % 94 % -4 % -18 % Electronic Chart Centre AS 388 % 275 % 56 % 14 % 13 % GIEK Kredittforsikring AS 0 % 0 % 51 % -2 % 3 %9 Investinor AS 125 % 43 % 99 % 1 % 1 % Kommunalbanken AS 31 % 29 % 18 % 13 % 12 % Mantena AS 0 % – 16 % – – NSB AS 50 % 32 % 44 % 8 % 16 % Posten Norge AS 51 % 59 % 38 % 6 % 4 % Statkraft SF 51 % 104 % 53 % 15 % 4 % Weightes average unlisted companies in categories 1–3 13,6 % Weights average all companies in categories 1–3 13,5 %

8 The figures are defined on page 137. 9 Last three years. 10 For DNB and Kommunalbanken, common equity Tier 1 capital ratio is used. For Eksportfinans, Tier 1 capital ratio is used. in 2017. Of this amount, the financing of In addition, the state purchased commer- nies in categories 3 and 4 therefore re- health services accounted for a total of cially unprofitable services from NSB and ceived revenues totalling NOK 155 billion NOK 134 billion, while NOK 18 billion is al- Posten Norge amounting to NOK 3.3 and from the state through procurements and located to other companies in category 4. 0.35 billion respectively in 2017. Compa- subsidies as a sector policy instrument.

21 Group accounting figures 2017 – Companies in category 411 NOK million

STATE’S OPERATING REVE- ÅRSPROFIT/LOSS AFTER TAX EQUITY FRATRUKKET TOTAL BALANCE KJØP AV/SUBSIDIES OPERATING PROFIT SHAREHOLDING NUES2 OG MINORITY INTERESTS MINORITY INTERESTS SHEET FRA STATEN Companies in category 4 Andøya Space Center AS 90 % 103 -6 -4 88 145 36 Avinor AS 100 % 11 526 1 237 499 14 054 43 936 0 Bane NOR SF 100 % 12 038 6 017 23 10 689 170 090 12 058 Bjørnøen AS 100 % 0 0 0 4 4 0 Carte Blanche AS 70 % 40 0 1 9 22 27 AS Den Nationale Scene 66,67 % 149 2 2 41 77 120 Den Norske Opera & Ballett AS 100 % 784 9 8 -100 263 612 Eksportkreditt Norge AS 100 % 111 4 4 47 86 110 Enova SF 100 % 125 9 10 27 56 125 Entur AS 100 % 431 46 37 114 392 0 Gassco AS 100 % 0 0 0 15 1 035 13 Gassnova SF 100 % 282 -5 -4 40 314 269 Graminor AS 28,2 % 72 0 1 75 104 22 Innovasjon Norge 51 % 1 214 301 301 1 579 24 941 1 071 Kimen Såvarelaboratoriet AS 51 % 12 0 0 12 14 4 Kings Bay AS 100 % 56 -6 -6 6 52 51 Nationaltheatret AS 100 % 262 -13 -13 8 124 196 Nofima AS 56,84 % 595 21 23 154 348 102 Nordisk Institutt for Odontologiske Materialer AS 49 % 35 0 0 13 17 21 Norfund 100 % 1 605 1 461 1 941 23 327 25 667 39 Norges sjømatråd AS 100 % 362 -144 -138 343 436 0 Norsk Helsenett SF 100 % 621 5 6 109 277 110 Norsk rikskringkasting AS 100 % 5 921 3 43 1 157 3 130 0,3 Norsk Tipping AS 100 % 34 922 5 222 5 251 364 6 336 0 Norske tog AS 100 % 997 268 143 2 566 11 207 0 NSD – Norsk senter for forskningsdata AS 100 % 72 2 4 39 89 35 Nye Veier AS 100 % 3 499 237 261 1 899 3 029 2 075 Petoro AS 100 % 281 5 7 20 237 280 Rogaland Teater AS 66,67 % 112 4 2 56 120 62 Simula Research Laboratory AS 100 % 215 13 7 74 153 60 Siva - Selskapet for Industrivekst SF 100 % 209 22 421 923 3 185 245 Space Norway AS 100 % 59 -33 35 488 726 0 Statnett SF 100 % 7 401 1 312 813 14 011 58 721 0 Statskog SF 100 % 379 78 81 1 720 2 051 18 Staur gård AS 100 % 9 1 1 8 9 8 Store Norske Spitsbergen Kulkompani AS 100 % 192 -169 -172 113 648 0 Talent Norge AS 33,33 % 65 2 2 5 72 36 Trøndelag Teater AS 66,67 % 133 0 0 16 46 71 UNINETT AS 100 % 309 -15 -4 202 409 131 Universitetssenteret på Svalbard AS 100 % 148 1 1 11 75 129 AS Vinmonopolet 100 % 13 444 147 127 796 3 696 0 Total companies in category 4 98 647 9 713 18 123 Regionale helseforetak Helse Midt-Norge RHF 100 % 20 972 345 307 9 119 19 268 19 419 Helse Nord RHF 100 % 17 109 361 383 10 549 17 872 16 145 Helse Sør-Øst RHF 100 % 79 097 1 104 1 016 34 912 64 196 71 791 Helse Vest RHF 100 % 27 673 520 577 14 616 23 424 26 141 Sum regionale helseforetak 144 851 2 283 133 496 Total all companies in categories 4 243 498 11 996 151 619

11 The figures are defined on page 137. © Telenor ASA

22 23

Turn yourself inside out! Opportunities with better corporate reporting

Better reporting P better internal understanding of busi- = more opportunities ness opportunities and risk (65%) Structuring information and reports in a P improvements in internal decision- sensible way is more important and diffi- making (79%) P better interaction concerning strategy Eli Moe-Helgesen cult than ever before. Our experience is State-authorised public that more and more businesses and lead- and objectives between the board and accountant and head of the company’s strategic functions (78%). Risk Advisory Services ers are realising that it is necessary to focus PwC on and report more than financial matters. Many business leaders are also realising Principal challenges linked to Today, the world’s economies, people and that this creates opportunities too. In PwC’s current corporate reporting knowledge are inextricably linked together. annual global CEO survey, 75% of business Today, there are considerable deficien- Financial stability and sustainable develop- leaders said that they believe that meas- cies in the way in which businesses re- ment are global goals. The businesses of urement and reporting of their company’s port information. The current reporting the world are a vital part of this ecosystem operations across social, environmental requirements for financial reporting are – good investment decisions, sound busi- and economic dimensions contributes to considered to be complex and have not ness practices and appropriate informa- better and more long-term value creation been developed to give a complete pic- tion-sharing are critical both for value crea- for their own business1. ture of what a business is doing and pri- tion and for reputation. This is supported by many surveys oritising; they have been developed on An important driving force is rising expec- which have found evidence that more in- the basis of other considerations. Both tations from various stakeholder groups con- tegrated financial and non-financial re- Norwegian and international companies cerning greater corporate responsibility. This porting with a stronger focus on company are trying to bridge the information gap responsibility may be linked to environmen- strategy leads to a better dialogue with in the best possible way. However, one tally friendly behaviour, efforts to reduce investors and higher value creation. In an- could sometimes ask whether compa- greenhouse gas emissions, the protection of other study conducted by PwC, investors nies really understand their own busi- human rights and a focus on social issues were asked about their views of the pos- ness based on what they communicate. such as inequality. Products and services sible consequences of more transparent In autumn 2017, PwC conducted an which consumers purchase should prefera- and strategic reporting. The message was analysis of non-financial information bly meet these expectations through-out clear: Eighty nine percent of investors be- published by Norway’s 100 largest busi- the entire value chain. lieved that transparency concerning the nesses. The analysis included both annu- Another key driving force is that data is company’s strategy, risk, value drivers and al reports and other information shared now accessible in a way which we have opportunities had a direct impact on the publicly by the company. The principal never seen before. Eric Schmidt, the for- company’s capital expenditure.2 The in- conclusion was that external reporting by mer executive chairman of Google, says vestors also believed that the principles Norwegian businesses appears to be that we now produce as much data in two behind more strategic and integrated re- more the result of fulfilling a duty than days as we have ever produced since the porting enabled them to improve their in- providing transparent, relevant and well- dawn of time. This makes the task of navi- vestment analyses. structured information which tells read- gating or searching for information a Studies conducted by the University of ers what they need to know about the much bigger job. Businesses must there- Bern, the University of Hamburg and company. fore safeguard their interests by sharpen- Harvard Business School document that Based on the analysis and PwC’s own ing their message in areas that are impor- more holistic external reporting has a experience of the reporting and auditing of tant for them. Information should also be positive impact on a company’s value3 financial and non-financial information, a shared continually, not simply through and results in the company attracting number of key challenges have been iden- quarterly and annual updates. more long-term investors4. A compre- tified in the way in which Norwegian busi- hensive survey conducted by Blacksun5 nesses report information: Financial reporting alone is not enough documents that businesses that have P Many businesses show little or no link In this reality, we have a substantial re- taken steps towards more strategic ex- between strategy, goals, risks and the porting gap. More and better information ternal reports can cite: financial and non-financial results that is expected from every single business. It have been achieved. Eight out of ten 1 PwC: PwC Global CEO Survey is no longer enough to simply report tradi- 2 PwC: Corporate performance: What do investors want to know? companies have not reported what is tional financial information. Non-financial 3 Arnold, Bassen and Frank: Integrating CSR reports into financial actually important for their long-term statements: An experimental study matters must be reported; yet there is no 4 Serafeim: Integrated reporting and investor clientele. Harvard value creation. generally accepted “good accounting Business School 5 Blacksun: Realizing the benefits, the impact of integrated 6 PwC: Bærekraft 100: https://www.pwc.no/no/publikasjoner/ practice” for such information. reporting pwc-baerekraft-100.html

© Entra 25 The benefits of 2. Ensure a connection more integra- The external reporting should . provide the most comprehensive ted reporting 1 image of how the company creates values and promotes viability. Communicate the essentials Design an external reporting Link the items together, Ask yourself... based on what is essential and tell a comprehensive for long term value crea- story which includes tion and what stake- the company's value chain, holders are concerned critical external conditions, Internal reporting about. strategy, goals, risk and achievements. P Do we spend time producing figures? Or do we spend time creating real insight? P Is the reporting sufficiently flexible to ensure that we are . able to identify and respond Report3 on goal achievement to critical changes? There is little point in just telling about goals. Target numbers must be described and what is P Do we have an insight into important reported on. Where the business has deviation between goals and goal the market and the non- achievement, explain why. financial information we need in order to be ahead of the game? Or are we too P dependent on historical P Corporate reporting focuses largely on The company reports on what is impor- financial information? the past and says little about the future tant for its value creation. This means in the form of strategy and goals. that information which is shared is stra- P Do we have clear parameters P The reporting of risk does not make tegically focussed, based on the com- which are known to everyone sufficient reference to risk tolerance or pany’s core processes and concerns and is it clear who is respon- measures to manage undesirable risks. what promotes and hinders goal attain- sible? Half of the companies do not report in- ment in both the short and the long P Do we have a complete formation concerning climate risk. term. The links between strategy, goals, and updated picture of what P The reporting is too broad and diluted. risks and the financial and non-financial is happening within the P There is little transparency regarding results that are achieved are presented. business financially and strategy, risk and priorities. P Information is not only retrospective, operationally? P The goals being reported are of little but also forward-looking. relevance and goals which are estab- P A common thread which shows the link External reporting lished are not sufficiently ambitious or between the reporting of adopted strat- relevant. Only half of the businesses egies, objectives and achieved results. P Can those who do not know report clear information concerning P The material risk of not achieving the us from the inside under- non-financial goals, e.g. regarding sus- goals, risk tolerance and measures to stand what we are doing and tainable development. manage undesirable risk are presented. how we are creating values? P The information is complete (given what Characteristics of “good reporting” P Do reports show a clear link is material), relevant, brief, precise and between strategy, goals and In recent years, various institutions, busi- comparable over time. P performance? nesses and driving forces have worked pur- The information is genuine and true. posefully to try to find models to close the P Do we report on the actual information gap. Many proposals and initia- Three tips for the road risks and our success tives have been launched. This work is chal- Although it is a challenging process, it is factors? lenging, not least because more regulation just as possible for complex enterprises to P Are we sufficiently specific as is rarely desirable, particularly in areas prepare good reports. There are many ex- regards what constitutes our which are challenging to regulate. amples of this. goals and how we measure? However, what stands out are a num- Based on experience, there are three tips ber of properties which characterise good in particular that should be highlighted: P Would I have invested in the reporting: company on the basis of P The business provides clear information 1 Communicate what is important what we present - both concerning what constitutes its goals External reports must be based on what is financial and non-financial and includes goals which concern more needed in order to understand the com- goals and achieved results? than financial performance. For exam- pany’s value creation and what is impor- ple, the best companies include relevant tant for the company’s stakeholders. “One All management groups need to goals linked to the United Nations’ sus- size does not fit all”; companies must tai- see themselves from the tainable development goals, thereby lor their reporting based on what is critical outside and assess what the showing how the company interacts to them. An important aspect of this is to business is communicating with the world around it. understand what the company’s stake- externally with a critical view, P The information is based on risk and ma- holders are concerned about. The stake- like an investor, new employee, teriality - what is critical to the company’s holders consist of more than investors - customer or supplier. goal attainment and what are the com- employees, public authorities, suppliers pany’s stakeholders concerned about? and the society around the company are

26 all examples of stakeholders. The compa- board that the stakeholders want infor- In short, this means that businesses ny’s goals must (or should) also comprise mation from is what actually generates must turn more of their insides out. Busi- much more than just financial goals. value. And it should be precisely this that nesses must not be afraid to explain how the company’s leadership uses as a basis they work to integrate considerations 2 Establish a context for its management. It may be inappropri- which are not directly financial in nature. External reporting must present as com- ate or perhaps even impossible to present External stakeholders are concerned plete a picture as possible of how the certain aspects of this for reasons of com- about what happens on the inside, how company will generate value and promote petition or confidentiality. However, it is the company works and whether it actu- sustainability going forward. The full story only likely to be an issue in exceptional ally measures and manages itself on the is told when strategy, goals, risks and per- cases and companies should strive to be basis of more than simply financial perfor- formances are linked together. Typical as transparent as possible. mance. topics which should be discussed include business models, key external circum- 3 Reports concerning goal attainment The magical consequences stances which impact on the business, External reporting must include information of reporting openly strategies, strategic risks and objectives, on target figures and what has been impor- Businesses which in recent years have re- and indicators which show the degree of tant for achieving the established goals (or ported externally in the manner that is de- goal attainment. This means that the com- prevented them from being achieved). scribed above talk about something magi- pany must establish a genuine and deep Where there are discrepancies between cal happening. A stronger focus on mate- insight into what generates value for the goals and goal attainment, emphasis should riality, value drivers and risk in external business in both the short and the long be placed on explaining the discrepancies. reporting appears to create better insight, term. What the company must report on The business must also take advantage of more governance and management focus externally is probably what it is governed the opportunities that lie in modern tech- and better decisions. In other words, on the basis of to a much greater extent nology when it reports goal attainment, transparency in external reporting drives than was previously the case. The dash- rather than increasing manual bureaucracy. the company in a positive direction.

The best businesses integrate the United Nations’ sustainable development goals in their external reporting We all have a responsibility to contribute to a sustainable 3 Map out how and which values the business generates world and most businesses are increasingly taking their through its established business strategy. Identify what corporate social responsibility seriously. Our clear advice is sustainable development goals could have a positive to integrate the United Nations’ sustainable development impact through its strategy and the values that the goals in your business strategy, risk management, perfor- business creates. mance measurement and external reporting. 4 Defining goals and implementing plans to maximise the We can see many leading companies doing this increas- positive and minimise the negative contribution to the ingly well. The very best companies do this by: relevant sustainable development goals. 1 Identifying the company’s stakeholders and understand- 5 Report externally on the work. The best organisations do ing what they are concerned about. this by publishing clear reports concerning the process 2 Identifying which sustainable development themes to integrate sustainable development in corporate represent a risk and which represent an opportunity. governance and internal control, strategies, goals and The analysis is carried out on the basis of the company’s performance measurement. strategy and goals. The best do this as an integral part of the company’s risk management. The 17 Sustainable Development Goals of the United Nations

Corporate governance

The main objective of the state’s commer- meetings and owner supervision are Appropriate board composition cial ownership (companies in categories based on the Norwegian state’s ten princi- One of the most important tasks of the 1-3) is to achieve the highest possible re- ples for good corporate governance in ad- state as an owner is to contribute to well- turn on invested capital over time. The pri- dition to other explicitly defined expecta- structured, competent boards. The goal is mary objective of the state’s ownership of tions. The figure on page 34 presents a for the board of each company as a whole companies in category 4 is sector policy in simplified representation of the state’s to possess the relevant expertise and ex- nature, and as an owner, the state strives principles for good corporate governance perience appropriate to the company’s op- to achieve its sector policy objectives as ef- and expectations. A full account of the erations, opportunities and challenges and ficiently as possible. state’s ownership policy is given in the to the objectives of the state’s ownership. State ownership shall be exercised pro- white paper Report to the Storting No. 27 The boards of the companies should be fessionally and predictably within the con- (2013–2014) Diverse and value-creating composed and act so that they promote straints of Norwegian corporate legisla- ownership (the White Paper on Owner- the state’s goals behind its ownership and tion and other law, based on generally ac- ship). are leaders in their sector. If they do not, cepted corporate governance principles The state’s expectations from the White the companies will not develop as strongly and in observance of the strict separation Paper on Ownership are communicated as their competitors over time. The right of the role as owner from other roles as- to the companies’ boards and manage- skills are a cornerstone in the board selec- sumed by the state. ment. Within the framework of company tion process and the key criterion in the and securities legislation and the princi- search for candidates. Competence is Exercising of ownership ples of good corporate governance, many about relevant experience and back- The state’s exercising of its ownership ministries have quarterly meetings with ground, as well as personal aptitude. shall help to create value by following up the companies, annual meetings concern- Using the required basic skills as its the state’s objectives for its ownership. ing corporate social responsibility and starting point, the state will help ensure Like other owners, the state is committed other meetings as and when necessary that each board represents a relevant di- to ensuring that companies are run by a concerning specific issues. The meetings versity. One of the reasons for emphasis- competent management aligned with its may be less frequent for some ministries, ing the diversity element is that diversity in owners objectives, that the governance e.g. every six months and/or as necessary. background and skills contributes to good structure is appropriate, that strategies During the meetings with the compa- board work and good decisions because is- and incentives reinforce the objectives, nies, matters of importance for the state’s sues are considered from different per- that the management deploys capital ef- objectives for the ownership and the com- spectives. The state strives for an equal fectively, that operations are sustainable, pany’s operations, including the state’s ex- gender board representation and has an and that there is transparency concerning pectations, are discussed. The opinions ambition to increase female board chairs the company’s operations. To operation- expressed by the state are input to the in companies with state ownership. The alise these objectives, the state’s exercis- company’s management and board. state also strives to prevent the same peo- ing of its ownership is oriented such that it The state’s expectations and associated ple being represented on too many boards will contribute to: owner supervision support the state’s ob- of companies with state ownership. 1 Appropriate board composition jectives of the ownership, i.e. the long- Board recruitment is a structured pro- 2 Good corporate governance term return and/or efficient achievement cess that takes place throughout the year, 3 Effective capital structure and divi- of sector policy objectives. Ownership su- where the state as owner assesses as- dends pervision is carried out through the minis- pects such as the board’s composition, 4 Sustainable development and corpo- tries’ daily work and regular contact with working method, skills, effort, goal attain- rate social responsibility integrated the companies. Familiarity with relevant ment and contribution to value creation. into the business and updated information concerning the As part of the assessment of the board, 5Transparency and relevant reporting companies’ operations and competence the state, through the responsible minis- The board of directors and the general which is relevant to exercising of the role try, normally holds annual meetings with manager are responsible for ensuring of owner in the best possible way are pre- all owner-elected board members in com- that the company is managed in the own- requisites for good ownership supervi- panies which are wholly owned by the ers’ interests. The state as an owner exer- sion. On the following pages, we explain state. The state also strives to meet with cises its authority as an owner through how the state as owner strives to contrib- the CEO and representatives elected by the general meeting/corporate assembly ute to value creation by the companies. It the employees. In companies that have a and constantly strives to improve its exer- is not an exhaustive description, but it nomination committee, it is the commit- cising of ownership in all the abovemen- does provide an insight into the work of tee that holds the meetings with board tioned areas. The state’s voting at general the state. members. © Statoil ASA 29 In connection with board elections, the state will assess the companies’ operations, opportunities and challenges that they face and the skills that the board should possess in the future. This forms the basis for a description of skills, which is prepared for each board. The description of skills forms the mandate for the board recruitment process and what the state uses in its search for new board members. Emphasis is generally placed on characteristics such as senior management/line experience with good results, board experience and relevant industry knowledge in assessments of the competence of relevant candidates. Candidates must also have demonstrated that they have the personal characteristics which enable them to work well in a collegium. Several hundred candidates are identified and assessed each year. The ministries, or the nomination committees, conduct interviews and draft recommenda- © Telenor Business tions before the board elections at the sess whether or not resource allocation is sity within companies and to boost the general meeting. based on good principles. number of female senior managers. The In 2017, the state as an owner contrib- Follow-up of the companies’ corporate tables on pages 31 and 130 presents the uted to 52 new board members being governance is a key element in the state’s gender distribution amongst the senior elected in 30 companies in which the state exercising of its ownership. The agenda executives in the companies. is an owner. From page 132 is an overview for meetings with the companies varies The ability of companies to achieve of owner-appointed/shareholder-elected between companies and over time, and is their goals is dependent on their employ- board members as of 31 March 2018. Pag- intended to be as relevant as possible for ees being able to understand the goals es 31 and 130 present the gender distribu- the company’s operations and the state’s and having both the ability and incentives tion within the boards and changes in this objectives for the ownership. Within cor- to work towards such goals. The state’s distribution over time. porate governance, the state as owner will expectations as regards management pay In 2017, the Ministry of Trade, Industry often want to understand what the boards are set out in the state’ guidelines for the and Fisheries organised a seminar for are working on: remuneration of senior executives. These board chairs as well as a separate seminar P preparation of goals, strategy and per- guidelines set out the factors that the for new board members in companies formance indicators, and establish- state must place emphasis on in its voting with state ownership. The purpose of ment of risk level; when a board’s statement concerning the these seminars is to provide an arena for P decision-making structure, organisa- setting of salaries and other remunera- the exchange of experience concerning tion and corporate culture; tion for senior executives is considered at good board practice and to increase P innovation and technological develop- the company’s general meeting or corpo- knowledge of the state as an owner. ment; rate assembly. The guidelines also reflect The remuneration of board members is P incentive systems and management the state’s attitude towards pay and other determined by the general meeting or cor- pay; remuneration to senior executives in porate assembly. This remuneration P risk management. companies where this is not a specific should reflect the board’s responsibilities, It is important for the state as owner that item for consideration at a general meet- its skills, the time spent and the complexity the companies’ boards and management ing/corporate assembly. The guidelines of the business. When deciding how to have a good situational understanding do not alter the regulations laid down in vote, the state places emphasis on market and that capital and other resources are company legislation concerning board re- practice in the relevant industry, wage allocated on the basis of clear goals and sponsibilities or the distribution of roles growth in Norway and comparisons with strategies. A company’s ability to generate between the general meeting and the other similar companies. At the same time, value and returns is heavily dependent on board or between the board and the CEO. the remuneration must also be moderate. the risk level that the board decides to The state’s guidelines are available at The table on page 129 shows the remu- adopt. This is a decision that should be in- www.eierskap.no. The board’s report on neration of board chairs, vice chairs and tegrated in the strategic work and when executive remuneration is discussed as a board members, as well as the total board goals are prepared. separate issue at the general meeting/cor- remuneration in companies with state The competitiveness of companies is porate assembly of most companies with ownership in 2017. increasingly being determined by their state ownership. The table on page 129 ability to innovate and how new technol- presents the total remuneration paid to Good corporate governance ogy is adopted. The ever-increasing pace the CEOs of the companies in 2017. ‘Corporate governance’ means how and of development in the world in which Examples of issues that are often cov- on what basis decisions are taken within a most companies operate is presenting ered in the owner dialogue linked to cor- business. It concerns the structures, pro- new challenges as regards adaptability, porate governance are: cesses and tools that are used to govern and having managers and employees with P What are the company’s main objec- activities, resources and risk exposure diverse skills and backgrounds can help to tives, financial and otherwise, and how within a company. An understanding of meet these challenges. The state is com- are they measured and managed? how and on what basis decisions are mitted to ensuring that the companies es- P How does the company gain an insight made is key to enabling an owner to as- tablish strategies both to promote diver- into the indicators, parameters and

30 Gender distribution among owner- Gender distribution on the appointed/shareholder-elected board Gender distribution among boards at 31st of March 2018 members at 31st of March 2018 chairs at 31st of March 2018

Women Women Women

45% 47 % Men Men Men 45 % 53 % 55 % 55 %

Gender distribution on the boards at 31st of March 2008–2018

50 % 47 % 47 % 47 % 47 % 47 % 46 % 46 % 46 % 45 % 44 % 44 % 45 % 46 % 45 % 45 %

44 % 44 % 44% 44% 44% 43 % 43 % 43 % 43 % 40 %

38 % 35 % 36 %

30 % 30 % 29 % 28 % 25 % 27 % 27 %

23 % 20 %

15 %

10 %

5 %

0 % 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average proportion Average proportion of women among owner-appointed/shareholder-elected board members of women on the boards Proportion of women among chairs

Gender distribution among Gender distribution in group management/ CEO’s at year-end 2017 the company’s management group at year end 2017

Women 24 % Women 37 %

Men 63 % Men 76 %

31 stakeholders that have the greatest im- lay. The capital structure should be appro- cordingly, can help to develop the compa- pact on value creation in the company? priate for the company’s objectives, strat- ny’s values. Sustainable development and P What measures does the company egy and risk profile. A high equity ratio corporate social responsibility should form take to achieve its goals? helps to reduce the company’s financial an integral part of the company’s opera- P How does the board follow up the com- risk, but if the ratio is too high, there is a tions and therefore influence the compa- pany’s defined strategy and its imple- greater risk of unprofitable investments ny’s objectives, positioning and strategy. mentation? and low resource utilisation. The board The state as an owner expects the com- P How does the company manage its re- has overarching responsibility for moni- panies to work on corporate social resources – financial, physical and human toring the capital structure. sponsibility both because the state be- capital, including diversity and talent The main objective of the state’s com- lieves it helps to protect the state’s share- development? mercial ownership (companies in catego- holder value and because companies with P How does the board work to under- ries 1-3) is to achieve the highest possible state ownership must act in an ethically stand how new technology impacts on return on invested capital over time for correct manner. The state expects compa- the company and the company’s indus- the state as owner. The return comprises nies with state ownership to systematical- try? the sum total of the change in value of a ly manage and fulfil their corporate social P What is the company’s approach to in- company’s equity and yield in the form of responsibilities. This should also support novation in order to exploit opportuni- dividends and any share buybacks and the company’s commercial development. ties and overcome threats? subsequent deletion. Corporate social responsibility includes P Does the company have a strategy or As part of its exercising of ownership, responsibilities that companies are ex- established measures or goals to im- the state assesses the companies’ capitali- pected to assume with respect to people, prove the gender balance amongst sation and defines target rates of return communities and the environment that managers and senior executives? (reference return) and dividend expecta- are affected by their operation. The state P If the management has variable remu- tions for each company in categories 1–3. requires the companies’ work relating to neration: how will the board ensure The state’s target rates of return and long- corporate social responsibility to be an- alignment between the criteria for bo- term dividend expectations generally ap- chored in the boards, and also expects the nuses and the company’s goals and tar- ply for a period of three to five years, and companies to report on significant areas gets? are communicated through the owner in their annual report. In addition to the owner dialogue that the follow-up, e.g. in discussions relating to Sustainable development and corpo- state has with each individual company, value growth, profit development and rate social responsibility are integrated the ministries hold regular events and capital structure, etc. The state as owner into the state’s follow-up of its ownership. meetings with broad company participa- also prepares annual dividend expecta- The state’s expectations are communicat- tion. This includes the Ministry of Trade, tions, which are communicated to the ed and followed up in the dialogue with Industry and Fisheries’ annual ownership boards before they finalise their dividend the companies, in an annual meeting con- conference, where the aim is to put own- recommendations to the general meeting cerning corporate social responsibility ership generally and state ownership in or corporate assembly. Factors consid- and/or in quarterly meetings or via other particular on the agenda. In 2017, the ered in the state’s assessments include forms of communication as and when theme of the conference was “Competi- the company’s investment track record, necessary. tiveness and the state’s exercising of own- investment opportunities, expansion The ownership dialogue is adapted to ership”. Participants at the conference in- plans, earnings and return outlook, cash- the individual company, with a view to en- clude board chairmen and CEOs of com- flow and capital expenditure. suring that it is relevant in the light of the panies with state ownership, as well as The state as owner does not generally distinctive nature, risk and operations of other key people in Norwegian industry set target rates of return for companies in each company. In the ownership dialogue and owner communities. The Ministry of category 4, where sector policy objectives concerning corporate social responsibility, Health and Care Services holds joint meet- lie behind the ownership. Many of these the state stresses that companies must ings with board chairmen, CEOs and other companies are dependent on subsidies report on significant areas of risk and op- senior executives in each health authority from the state and therefore follow the portunity, including relevant areas within every four months. Specific meetings are Appropriation Regulations. The state as which the state has expressed expecta- also held concerning relevant topics. In an owner expects companies in category tions. 2017, the Ministry of Trade, Industry and 4 to operate efficiently and follows this up Prior to meetings on sustainable devel- Fisheries invited the board chairmen of in its ownership dialogue. opment and corporate social responsibility, companies in which the state’s ownership In 2017, the Ministry of Trade, Industry the state assesses what must be discussed is managed by the ministry and the chair- and Fisheries revised the target returns during the meeting with each company. man of the board at Kommunalbanken to for all companies in categories 1-3 of the Topics that are raised may vary between a meeting concerning the work of the ministry’s portfolio. companies and over the years, based on as- companies relating to goals and strategies sessments of what is considered to be of covering issues such as diversity and Sustainable development and material importance. These assessments equal opportunity. corporate social responsibility are based on information concerning the integrated into the business state’s expectations, information from pre- Effective capital As an owner, the state is committed to vious meetings during which corporate so- structure and dividends good resource utilisation and ensuring that cial responsibility has been discussed, the The company’s board and the rest of the the companies develop value over time. company’s annual report/sustainability re- senior management manage the owners’ This requires sustainable resource man- port, websites, and any other relevant infor- capital. The company’s ability to operate agement based on long-term decisions. mation. The state is particularly interested efficiently and to allocate capital in an ap- Among other things, this entails under- in the guidelines, systems and measures propriate manner is vital for value crea- standing the impact of the company on so- that the companies have implemented in tion. Each company should have a capital ciety and the environment, and vice versa. areas within corporate social responsibility structure which is conducive to long-term The ability to stay ahead of changes in the which they believe to be significant. The value-creation, management by objec- company’s surroundings and stakehold- state is also concerned about the board’s tives and the lowest attainable capital out- ers, and adapt the company’s strategy ac- involvement in and work relating to corpo-

32 © DNB rate social responsibility, in addition to the and early 2018 concerning anticorruption in sustainable development and corpo- way in which the companies report on im- with all companies in which the Ministry of rate social responsibility on which they portant factors. Trade, Industry and Fisheries is responsi- worked in 2017 in the company report Relevant issues that the state may raise ble for managing the state’s ownership. from page 41. with the companies in the ownership dia- In 2016/2017, the Ministry of Trade, In- logue include: dustry and Fisheries and five other minis- Transparency and P How is the work relating to corporate tries commissioned the consultancy firm relevant reporting social responsibility organised within Trucost to review and assess the way in Access to relevant information about a the company? which 37 companies with state ownership company is a key prerequisite for the re- P What role does the board play in identi- follow up the government’s expectations sponsible exercising of ownership. It may fying, managing and monitoring corpo- relating to climate and the environment, also influence the access to capital markets rate social responsibility? and thereby how the state as owner is ex- and the legitimacy among the company’s P How does the company define goals posed to climate-related risks through its stakeholders and the general public. Rele- and follow-up plans for key areas of direct ownership. The report was com- vant and timely information enables the corporate social responsibility? pleted in June 2017 and is available at owners to evaluate the companies’ opera- P Does the company have an under- www.eierskap.no. tions, performance, development, risk ex- standing of what is the biggest risk In 2017, two meetings of the Compe- posure and goal achievement on an ongo- linked to climate change and climate tence Forum were held in which a number ing basis. regulations? of voluntary organisations and ministries The state as owner obtains relevant in- P What kind of stakeholder dialogue which manage the state’s ownership took formation from quarterly reports and an- does the company have regarding hu- part. The topic for the meetings held in nual reports, other publicly available man rights? 2017 were the United Nations’ sustainable information,general meetings and the P Does the company have guidelines and development goals and transparency con- ownership dialogue. The state’s expecta- measures to reduce the risk of corrup- cerning tax and cash flows. tions of transparency and reporting apply tion? The above work and events were in- to the areas described in this chapter, in- In 2017, the Ministry of Trade, Industry tended to increase the competence of the cluding the board and its work, corporate and Fisheries held meetings with each of state as owner within the field of sustain- governance, capital structure and divi- the companies with state ownership to able development. dends, as well as corporate social respon- discuss corporate social responsibility. In order to obtain an indication as to sibility and sustainability. The companies’ The topics considered in these meetings whether the companies follow up some of follow-up of the state’s expectations are varies according to what is most impor- the state’s expectations relating to sus- assessed on an ongoing basis, but espe- tant for the companies’ respective opera- tainable development, the responses to cially in connection with preparations for tions. The follow-up of expectations linked some questions which the companies the general meetings at which the com- to equal opportunity and diversity was were asked are presented on page 131. pany’s annual report and annual accounts brought up during the corporate social re- The relevance of the questions and the are to be approved. sponsibility meetings with all companies. companies’ interpretation of them may A number of factors can form the basis In 2016, the Ministry of Trade, Industry vary between the companies. The board is for understanding the opportunities and and Fisheries commissioned PwC to pre- responsible for assessing how the expec- risks facing the company. In order to exer- pare a report which presented a review of tations can best be followed up and for cise good ownership, the state needs to relevant anti-corruption regulations, rec- ensuring that they are operationalised understand the factors that could impact ommendations concerning best practice and reported appropriately. If the compa- on the company’s value creation. These anti-corruption programmes and owner- nies deviate from the state’s expectations may include how the company is affected ship follow-up. This report is available via for any reason, the state expects them to by global challenges such as population www.eierskap.no and was sent to the explain the deviation (“the comply or ex- growth, resource scarcity, changes in boards of all companies in which the Min- plain principle”). The reasons behind any commodity prices, political unrest and cli- istry of Trade, Industry and Fisheries man- deviations from the expectations are not mate change, the company’s strategic ages the state’s ownership and has been given, and the responses should therefore competition, relevant technological devel- sent to other ministries which manages be interpreted with caution. opment, the company’s main stakehold- the state’s ownership. As a follow-up to The companies have been given the ers, the goals set by the board and which this, specific meetings were held in 2017 opportunity to identify specific areas with- resources are essential.

33 © Statkraft

EXPECTATIONS Practice for Corporate Governance where appropriate. The companies should treat all shareholders equally, for example when it comes to disclosure of information. The board should ensure that the company has a high degree of transparency towards all shareholders. the way for long-term value creation, efficient goal achievement and lowestthe way for long-term value creation, efficient for this. cost of capital. The board has overall responisbility ownership is to achieveThe main objective of the state’s commercial the highest possible return on invested capital over time. The state as an ongoing basis and is a key prerequisite for good exercise of ownership. Companies that are wholly owned by the state and that are not “small enterprises” should strive to be as open as listed companies. All companies that are wholly owned by the state should follow the Norwegian Code of The company should have an appropriate capital structure that pavesThe company should have an appropriate an owner sets clear expectations for the companies regarding returns and dividends and expects the companies in categories 1–3 to deliver market return. The state as an owner has general expectations related to corporate social responsibility and specific expectations within climate and the environment, human rights employee rights, and transparency and corruption. The board holder value. The state expects that companies with the state ownership are open about important matters related to the business. Access to relevant and timely information enables stakeholders to evaluate the companies’ operation on Matters that require the owne’s approval must be treated at the general meeting. the owne’s approval must be treated at Matters that require company’sthe oversee and CEO the hire business, the organise shall board The and manage shall also ensure the strategic leadership operations. The board limits set at the basis of the owners’ interests within the the company on the partner and board should be a resource, a discussion general meeting. The the board must management. At the same time a support for the company’s therefore have an independentmonitor the management’s work and must role. objectives and strategies for theThe board is expected to draw up clear of association, manage companycompany within the framework of the articles company’s risk profile. The board oughtresources optimally and determine the monitor goal achievement and holdto report on this so that the owners can where the state’s ownershipthe board accountable for this. For companies an owner sets expectations withhas commercial objectives, the state as where the state’s ownershiprespect to returns and dividends. In companies as owner will strive to develop clearhas sectoral policy objectives, the state indicators. performance expectations and performance by inclusivity and diversity.Personnel policy should be characterised has strategies and measures toThe board should make sure the company including how the bestpromote equality and diversity in the compahy, measures to ensure more femaleexpertise can be used in the company and senior executives. be competitive, but not wageRemuneration of senior executives should be linked to the company’s goals. leading. In addition, remuneration should is responisble for assessing how the expectations can best be followed up and that they are operationalised and reported on appropriately. Work on sustainability and corporate social responsibility shall support the share- the company’s strategic planning, risk management, talent development risk management, strategic planning, the company’s The board should act as a sparring partner for the management and partner for the should act as a sparring The board to should contribute role. The board beyond its supervisory contribute social responsibility. work with corporate up the company’s and follow adequatean put and appropriately and systematically work should board The work and develop its own The board should work into the office. amount of The state as and competencies on an annual basis. evaluate its activities peformancethe company’s needs and the board’s an owner assesses of to the board of this assessment. Remuneration and makes changes the right board shall contribute to the board having the members of the workload, and the board’s responsibilities and competance and reflect be moderate.

PRINCIPLES There shall be transparency in the state’s exercise of its ownership and the company’s operations (principle 2). All shareholders shall be treated equally (principle 1). Ownership decisions and reso- Ownership decisions at thelutions shall be made 3). general meeting (principle The board assumes executive responsibility for administration of the company, including performing an independent supervisory function vis-à-vis the company’s management on behalf of the owners (principle 7). The board is responsible for elaborating explicit objectives and strategies for the company within the constraints of its articles of association; the state sets performance targets for each company (principle 4). Compensation and incentive schemes shall promote value creation within the company and be generally regarded as reasonable (principle 9). The company shall work systematically to safeguard its corporate social responisibility (principle 10). The capital structure of the company shall be appropriate given the objective and situation of the company (principle 5) The composition of the boardThe composition byshall be characterised capacity andcompetence, shall reflect thediversity and characteristics ofdistinctive (principle 6). each company aThe board should adopt andplan for its own work, actively strive to develop andits own competencies evaluate its own activities (principle 8).

Vision Values Goalds Strategy

Business model

Capital and resources business integrated in the sustainability responsibility and good reporting Corporate social Transparency and suitable dividends structure and Effective capital board composition Appropriate THEME

Good corporate governance Exercising of ownership which contributes to value creation value to contributes which ownership of Exercising 35

Perspectives on the work relating to goals and strategies

Good owner decisions require insight Economic theory and experience indicate into what the companies want to achieve that higher values are generated when and how they will get there. owners hold the board to account and Setting goals, risk levels and strategies help to ensure that owners and the com- is the board’s responsibility, so why are pany have common interests. The state as Hege Sjo owners so concerned about these issues? owner manages by establishing specific Assistant Director General of the 1 Ownership Department, Ministry According to economic theory, owners expectations and following them up. In of Trade, Industry and Fisheries and those who are assigned the task of the dialogue with the board of directors, managing owners’ assets can have differ- goals for long-term returns and dividends VCompanies are operating in an environ- ent interests. Back in 1776, Adam Smith are communicated, along with expecta- ment with accelerating change within are- referred to the challenges associated with tions regarding reporting, corporate gov- as such as technology, competition and someone managing assets that are not ernance and sustainable development. customer preferences. Regulations linked their own. The financial literature has On the basis of thorough assessments, to climate change and environmental re- demonstrated the existence of agent the state takes decisions concerning the quirements, consumer protection and costs on both a theoretical and an empiri- disposal of shares, targets regarding re- data protection reinforce the complexity. cal basis. Like other owners, the state as turns, how much capital the company As the outside world and underlying owner is concerned about fundamental should have at its disposal and dividend framework conditions change rapidly and issues which follow from transferring as- levels. In addition, an assessment is made constantly, the work to establish goals and sets to others to manage: as to how the board is meeting the expec- strategies becomes not only more chal- P Who does the owner transfer respon- tations of the state as owner. lenging, but also perhaps more important sibility to? Does the board have the In order to take good decisions, the than ever before. necessary skills and incentives to act in state as owner must understand what in- The aim behind the state’s follow-up of the owner’s interest? The state consid- fluences a company’s value creation, such its ownership is to contribute to value cre- ers this when assessing and choosing as macro factors, supply and demand, ation. There are two reasons why the state board members. growth, innovation and disruption, future as owner is concerned about the work of P How does the board decide to man- cash flows, revenues, costs and invest- the companies relating to goals and strat- age, take decisions and use the re- ment levels, and the opportunities and egies. Firstly, it forms the basis for the al- sources that have been transferred threats that the company is facing. location of resources and value creation. into their care? As owner, we follow up Secondly, owners must understand what the company’s corporate governance. Goals provide direction and the companies are striving to achieve (the P How do the companies manage the a basis for establishing priorities company’s goals), how the company will capital that is injected by the owner? The overall goal for the commercial com- get there (strategy) and the risks linked to In the owner follow-up, we assess the panies for the state as owner is to achieve pathways, in order to take good decisions company’s capital, debt ratio and divi- the highest possible return on invested as an owner. dend expectations. capital over time. As regards the other Based on experiences and sources, we P Does the board have the same time companies, the sectoral policy goals must share some observations below to pro- perspective as the owner? The state as be achieved as efficiently as possible. The vide inspiration in the work relating to owner has a clear expectation that the company’s goals form the basis for the goal and strategy development. Many fac- work of the companies relating to sus- board’s decisions, priorities and invest- tors determine how successful the work tainable development and corporate ments. Creating value and generating a will be. The topics that are highlighted social responsibility forms an integral return on the owner’s capital should be here are not exhaustive. part of the business. the guiding principle when the commer- The discussion is particularly relevant P Does the owner have sufficient in- cial companies establish their hierarchy of to companies where the state’s objective sight into the business to provide a goals. A well-formulated goal for a com- behind its ownership is purely commercial basis to enable good owner decisions pany should be broken down into more in nature. However, the importance of a to be taken? Transparency and report- detailed goals and performance indica- good understanding of reality, clear and ing are important for the state’s com- tors within the organisation. quantifiable goals and unequivocal strate- panies because they impact on the lev- In addition to giving the company direc- gies also applies to the sectoral policy el of trust in the companies amongst tion, surveys show that employees be- companies whose objective is to deliver the general population and give the the state’s sectoral policy goals as effec- state as owner a basis on which to take 1 See chapter 8 in the Report to the Storting no. 27 (2013-2014) Diverse and value-creating ownership, and a short version on tively as possible. owner decisions. page 34.

© Entra 37 come more motivated and perform better ture that the management adopts may be characterised as resistant and less likely to when a company has expressed a pur- more relevant for owners to understand end up in crisis had the following charac- pose behind the business and works to- than detailed operational plans. teristics: an exceptionally good “radar” wards a strategically desired position. A It is predicted that products and mar- which gave an accurate understanding of purpose often describes the needs that kets will die out at a faster rate than previ- reality; strong relationships with internal the company must meet or the benefit ously, either because there is no longer and external stakeholders; an organisa- that it will give for the company’s key cus- any demand for them or because others tional form which enabled rapid respons- tomer group, for example.2 can deliver them cheaper and/or better. es; and diversified resources with diverse A strategic choice may therefore be to at- skills and approaches. The strategy leads the way to a tempt to create new products and servic- Understanding opportunities, challeng- desired future position and goal. es or find new markets in which to oper- es and the circumstances of companies In this context, ‘strategy’ means the way in ate. This can often entail a high level of requires new insight and new data. which the company expresses what is risk and substantial investments in areas The state as owner is interested in un- needed in order to achieve the goal. for which established companies do not derstanding how the boards work on this When the goal for the owner is the high- necessarily have the prerequisites. New and the way in which this work is organ- est possible return, this means that there is strategies should be based on a future ised within the companies concerned. In a desire for and acceptance that the com- scenario which describes an attractive po- the dialogue with the companies, we want pany will take risks. The way in which the sition in a market which is based on the to find answers to questions such as: board reflects on what is the right risk level company’s competitive advantages. P How are relevant changes which im- to adopt is decisive for the owners’ trust pact on the companies identified? and should act as a guiding principle as re- An accurate understanding P How is the work relating to business gards the strategies that the company of reality as a basis for goals analysis organised? adopts. The type of strategic risk that is the and strategy P How is information obtained, under- source of returns and increases in value is In order for companies to succeed in a time stood and integrated in the operation partly linked to investments and innova- of rapid change, we believe that it is vital and strategy? tion. Another type of risk is risk that can be that they understand both their surround- P How do the companies gain an insight reduced through a structured approach, ings and their stakeholders. There is rea- into the perspectives of their stake- such as the risk of operating faults, breach- son to believe that the dialogue with em- holders? es in trust, regulatory breaches and breach- ployees, customers, suppliers and others es of internal guidelines. who impact on the ability of companies to Summary reflections Most businesses are facing increased achieve their goals will become even more The aim behind the state’s follow-up of its external pressure and a faster pace of important in order to rapidly adapt the ownership is to contribute to value crea- change, driven by factors such as technol- business to new framework conditions.4 tion. To take good decisions, the state as ogy, tougher competition, altered custom- Companies have traditionally often viewed owner must understand the factors that er needs and regulation. These changes competitors in a ‘zero sum game’, where a impact on the company’s value creation. can be seen as threats, but in many cases sort of hostile relationship develops be- Among other things, this assumes that we they act as a catalyst for innovation. tween the companies. However, the new have an insight into the companies’ strate- The companies with state ownership network economy, as an example, is creat- gies, goals, risk levels and resource alloca- are typically what are referred to in the lit- ing valuable opportunities for partnerships tion - and how the companies established erature as incumbents: established busi- and alliances which require a different these parameters. nesses which have held central market form of interaction between companies Our experience suggests that a good positions over time. Many have been mo- and their stakeholders. Trust amongst cus- understanding of reality is essential in or- nopolies in the past. For this type of com- tomers and society in general has become der to set appropriate goals and the right pany, it may be even more challenging to a decisive competitive factor in most indus- strategy. Today, the way in which the man- face up to change and implement restruc- tries, something which is particularly ap- agement works to understand the world turing processes. According to McKinsey3, parent in the network economy where around it and to establish goals and strate- this may be because: global companies exclusively survive on gies is probably more important and more P Established companies are not as good the basis of trust and customer feedback. challenging than ever before, regardless of at seeing change before it happens. Customer rankings and the exchange of the owner concerned. Nevertheless, some P Culture and management often favour- experiences on social media also impact of the companies which the state wholly or itise the established - innovation chal- on demand in industries which are less partly owns face bigger challenges than lenges the prevailing way of thinking consumer-oriented. other companies as a result of the fact that and established power structures. A study5 which looked at companies in they are established businesses with his- P The management is loyal to previous crisis reported many common characteris- torical central market positions. Common strategies (vested interest). tics. For example, the boards lacked the to all companies is that we believe that a P Innovation and new products may en- right skills and were considered to be “risk- good understanding of, and an active dia- tail cannibalising parts of an estab- blind”. Other common characteristics were logue with, the companies’ stakeholders, lished business. that the businesses had developed into ex- including owners, will impact on the ability In a world with less predictability, there tremely complex organisations, that the of the companies to achieve their goals in a are often more questions than answers, management teams had incentives which positive direction. and the state as owner does not expect conflicted with the owners’ interests, and From pages 29 to 34, we describe in the boards to be able to predict the fu- that those who were responsible for risk more detail the dialogue that the state as ture. What is expected are reflections on encountered a “glass ceiling” which result- owner wishes to have with the companies what the management believes are likely ed in their views not being taken into ac- concerning their work relating to goals, scenarios for the market in which the count by the management. A follow-up strategy and corporate governance in company operates. The vision of the fu- study6 showed that companies that were general.

2 See for examplel: A business case for purpose, EY, Harvard Business Review. 4 See for example: Too many boards ask the wrong questions, Financial Times 23.2.2018 by Peter Montagnon. 3 An incumbent’s guide to digital disruption McKinsey Quarterly May 2016 og «Patterns of disruption: Anticipating disruptive 5 «Roads to Ruin», Cass Business School/Airmic/Reputability, strategies in a world of unicorns, black swans, and exponentials», 2011. Deloitte Insights, november, 2015. 6 «Roads to Recilience», Airmic, 2014. © Telenor 38 © Telenor 39

41 ctives bje 48 42 43 44 45 46 47

actors. Oppdragssenter AS file. The companies operate in a market with other commercialfile. The companies operate regarding profits and returns based on the companies’ risk pro- regarding profits and returns Baneservice AS Entra ASA Flytoget AS Mesta AS SAS AB Veterinærmedisinsk continuous commercial assessment. The state has expectationscontinuous commercial assessment. Ambita AS should remain an owner of these companies is the subject ofshould remain an owner commercial development of the companies. Whether the statecommercial development the state's investments, notably through contributing to soundthe state's investments, notably ship of the companies in this category is to maximise the value ofship of the companies in objective is purely commercial. The sole purpose behind owner- objective is purely commercial. This category includes companies where the state's ownershipThis category includes companies

o Commercial Y 1 CATEGOR

© Flytoget AS / Ø. Haug Ambita AS © Sverre C. Jarild CEO: Stig W. Seljeseth Board of Directors: Toril Nag (chair), Ingeborg Moen Borgerud (vice chair), Anders Roger Øynes, Eli Cathrine Disch, Gunnar Sellæg, Tore Torvildsen*, Mona Andreassen* (* elected by the employees) Auditors: EY AS

State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.ambita.com

Ambita AS is a technology company which is a trading portal for property in- Income statement (NOK millions) 2017 2016 which supplies digitalisation solutions for formation. Ambita has been responsible Operating revenues 367,7 332,0 the property market. Ambita was estab- for the operation, maintenance and fur- Operating expenses 361,8 323,0 Gross operating profit (EBITDA) 21,4 23,2 lished in 1987 with a social mission to ther development of the registration sys- Operating profit (EBIT) 5,9 9,3 digitalise property information in Norway. tem for real property since 1989. The pro- Net financial items 0,9 1,1 Ambita is the majority shareholder in ject was completed in 2017, when the Profit/loss before tax 6,8 10,3 Tax charge 2,9 2,2 both Boligmappa.no and the start-up state’s newly developed registration sys- Minority interests -1,8 -2,9 company Alva Technologies. tem was commissioned. Profit/loss after tax and minority 5,8 11,0 Today, solutions from Ambita are used Balance sheet 2017 2016 in most property sale processes across Sustainability and Intangible assets 68,8 50,1 Norway. Many estate agents use Ambita’s responsible business conduct Fixed assets 108,2 120,0 services when they order their agent Corporate social responsibility is an inte- Total assets 177,0 170,0

packs for property sales. Banks and credit gral part of Ambita’s operations. By digi- Equity 100,0 96,0 institutions validate their customers’ iden- talising processes in the property market, Minority interests 5,3 1,9 tities based on property data from Ambi- the company is making an important con- Total equity 105,3 97,9 Provision for liabilities – 0,0 ta. Mortgages are approved and proper- tribution towards Norway having a trans- Current interest-bearing liabilities 1,0 2,5 ties are registered immediately with the parent and clear property market today. Current interest-free liabilities 70,7 69,7 aid of eTinglysing supplied by Ambita. Every year, Ambita carries out EcoVadis’ Total debt and liabilities 71,7 72,3 Total equity and liabilities 177,0 170,0 Ambita specialises in property data, com- supplier analysis concerning sustainable plex integrations and open platforms. development and corporate social re- Cash flow 2017 2016 The company has been wholly owned sponsibility, and produces results which Operating activities 22,3 22,6 Investment activities -32,9 -18,3 by the state since 1992 and has been ex- show that a high standard is being main- Financing activities 0,4 -0,6 posed to competition since 2014. At that tained and that Ambita is ranked amongst Change cash and cash equivalents -10,2 3,7 time, the name of the company was the top 30% of respondents. In 2017, Am- Key figures 2017 2016 changed from Norsk Propertysinformas- bita decided to become a member of the Capital employed 106,0 100,0 jon to Ambita. Ambita’s head office is situ- United Nations Global Compact, which is Gross operating margin (EBITDA) 6 % 7 % ated in Oslo and its development depart- based around ten identified principles for Operating margin (EBIT) 2 % 3 % Equity ratio 59 % 58 % ment is situated in Bergen. sustainable development under the cate- Return on equity 6 % 12 % The objective of the state's ownership gories of the environment, human rights, Average return on equity last 5 years 32 % 26 % of Ambita is purely commercial. The com- employment and anti-corruption. Return on capital employed 7 % 11 %

pany is run on a commercial basis with Dividends 2017 2016 the aim of delivering a competitive return. Financial development Dividend for the financial year 1,5 3,2 The company’s financial development is Dividend percentage 26 % 29 % Average dividend percentage last 5 years 38 % 43 % Key events stable, with consistent growth across the Dividend to the state 1,5 3,2 In 2017, Ambita launched artificial intelli- company’s business areas. The group has gence and machine-learning in its new seen operating revenues grow from NOK Additional information 2017 2016 solutions for the estate agent sector. This 331.9 million in 2016 to NOK 367.7 million Number of employees 79 72 Proportion of employees in Norway 100 % 100 % technology simplifies property sales, auto- in 2017 and delivered an operating profit State ownership at year-end 100 % 100 % mates processes and frees up time. An- of NOK 5.9 million in 2017. The Infoland Proportion of women on the board 57 % 57 % Proportion of women among other milestone was reached when Am- trading portal has generated good growth owner-appointed/shareholder bita launched a new version of Infoland, in revenues. elected board members 60 % 60 %

42 Baneservice AS © Baneservice AS/Claes Axstål CEO: Ingvild Storås Board of Directors: Thor Svegården (chair), Cecilia Elizabeth Rudolfsson, Ann Pedersen, Christel Borge, Ole Christian Rognlien*, Harald Vaagaas- ar Nikolaisen, Tom Bragen*, Ole Strøm* (* elected by the employees) Auditors: BDO AS

State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.baneservice.no

Baneservice AS was divested from the contract for Bane NOR covering the peri- Income statement (NOK millions) 2017 2016 Norwegian National Rail Administration od 2018–2020 which is worth NOK 386 Operating revenues 743 828 (now Bane NOR) on 1 January 2005. From million. Operating expenses 697 741 Gross operating profit (EBITDA) 74,9 102 1 January 2016, responsibility for the ad- Operating profit (EBIT) 45,4 87,1 ministration was transferred from the Sustainability and Net financial items -2,6 -1,3 Ministry of Transport and Communica- Profit/loss before tax 42,7 85,8 responsible business conduct Tax charge 11,0 18,7 tions to the Ministry of Trade, Industry and The group’s guidelines concerning corpo- Profit/loss after tax 25,7 68,1 Fisheries. Baneservice aims to be the lead- rate governance describe how the coming rail infrastructure contractor in Norway pany is to work within the areas of human Balance sheet 2017 2016 Intangible assets 210 148 and provides services within maintenance rights, employee rights, environment/cli- Fixed assets 372 371 and new-build to the rail industry. mate and anti-corruption. The company’s Total assets 581 5190 The Norwegian business is organised corporate social responsibility also en- Equity 231 218 through the parent company Baneservice compasses ethical regulations, including Minority interests 16,0 15,6 AS and the partly owned subsidiary Rail- a whistleblowing routine. In autumn 2017, Total equity 247 234 Com AS (57%). In Sweden, the group is work began to establish a new environ- Provision for liabilities 12,8 13,3 Current interest-bearing liabilities 128 50 represented through the wholly owned mental strategy for the group, which will Current interest-free liabilities 193 222 subsidiary Baneservice Skandinavia AB, be implemented in 2018. Measures are Total debt and liabilities 334 285 which provides shift services at freight also being implemented to certify the par- Total equity and liabilities 581 519

terminals. The group’s head office is situ- ent company in accordance with the Eco- Cash flow 2017 2016 ated at Lysaker in Bærum. The group’s Lighthouse Foundation. The group will Operating activities 23,4 75,6 largest customer is Bane NOR. Baneser- continue the initiative relating to appren- Investment activities -70,8 -65,8 Financing activities 25,8 13,4 vice AS and RailCom AS also carry out as- tices as a measure to further develop and Change cash and cash equivalents -21,6 23,2 signments for Sporveien AS, and act as strengthen the industry. subcontractors to other main contractors Key figures 2017 2016 Capital employed 375 284 operating within the rail market in Nor- Financial development Gross operating margin (EBITDA) 10 % 12 % way. In Sweden, the Port of Gothenburg is The group’s revenues in 2017 amounted Operating margin (EBIT) 6 % 11 % the company’s largest customer. to NOK 743 million (compared with NOK Equity ratio 43 % 45 % Return on equity 11 % 36 % The objective of the state's ownership 828 million in 2016) and profit before tax Average return on equity last 5 years 15 % 6 % of Baneservice is purely commercial. The amounted to NOK 43 million (compared Return on capital employed 14 % 36 % company is run on a commercial basis with NOK 86 million in 2016). The down- Dividends 2017 2016 with the aim of delivering a competitive turn in revenues and profit from 2016 is Dividend for the financial year 13,6 12,5 return. due to a reduction in market volume for Dividend percentage 53 % 18 % the group’s services in 2017 within the rail Average dividend percentage last 5 years 24 % 30 % Dividend to the state 13,6 12,5 Key events sector. Despite a challenging market in The “JBT Demolish and re-establish” con- 2017, the group achieved a good financial Additional information 2017 2016 tract for the Follo Line for Bane NOR was result. The “#Konkurransekraft” efficiency Number of employees 394 382 Proportion of employees in Norway 93 % 95 % the largest individual project in 2017. The project, which was launched in 2017 with State ownership at year-end 100 % 100 % works commenced in January 2016. The a focus on added sales, efficient opera- Proportion of women on the board 38 % 38 % contract is a construction project which is tion and working methodology, has been Proportion of women among owner-appointed/shareholder worth around NOK 220 million and lasts successful. Both subsidiaries also en- elected board members 60 % 60 % until autumn 2019. In March 2017, the countered challenging market conditions company was awarded the contract for during 2017, but still managed to deliver the first cooperation phase in the turnkey good results. contract for electrification of the Trønder In March 2017, the second of two new and Meråker Line. The first phase of the track adjustment machines was deliv- cooperation contract was completed in ered. The order backlog at the start of 2017. The turnkey contract, which is 2018 is larger than in the previous year worth around NOK 1 billion, has been de- and the outlook is considered to be prom- ferred as a result of a budget funding ising. The board recommended to the shortage in 2018. In January 2018, Ba- company’s general meeting a dividend for neservice was awarded a ballast cleaning 2017 of NOK 13.5 million.

43 Entra ASA © Enrra ASA CEO: Arve Regland Board of Directors: Siri Beate Hatlen (chair), Kjell Bjordal (vice chair), Katarina Staaf, Widar Salbuvik, Ingrid Dahl Hovland, Cathrine Vaar Austheim*, Hans Petter Skogstad*elected by the employees) Auditors: Deloitte AS

State ownership through the Ministry of Trade, Industry and Fisheries: 33,4 % The company’s website: www.entra.no

Entra ASA s one of Norway’s leading (31,300 square metres) in Oslo. Entra is Income statement (NOK millions) 2017 2016 property companies and an active owner, now the sole owner of the property. Entra Rentals 2 075 1 899 Maintenance and operating costs -162 -159 manager and developer of office proper- also completed the sale of 14 properties Net rental income 1 913 1 740 ties. located outside strategic core areas in Other incomes 285 950 Entra was divested from Statsbygg and Kristiansand, Bodø, Oslo and Trondheim. Other costs -246 -927 established as a separate company whol- Administrative cost of ownership -163 -152 Share of profits in ly owned by the state in 2000. The com- Sustainability and associates and joínt ventures 244 150 pany was converted into a limited com- responsible business conduct Net financial items -550 -572 pany in autumn 2014, and the state’s Entra aims to be the environmental lead- Operating profit 1 483 1 190 – of which result from shareholding was reduced to 49.7%. In er within the industry. In 2017, Entra property management 1 259 1 070 September 2016, the state sold shares adopted a revised and expanded environ- Change in value of investment properties 3 460 1 991 Unrealized value change through a secondary sale and now owns mental strategy which has the following financial instruments 87 125 33.4% of the company’s shares. goals and associated measures: Entra’s Rofit/loss before tax and minority 5 030 3 306 At the year-end, Entra owned around property portfolio shall be climate-neu- Tax charge -516 -584 1.2 million square metres split between tral; Entra shall influence and impose re- Minority interests -50 -103 Profit/loss after tax and minority 4 464 2 619 84 buildings with a central location close quirements on parties with which the to public transport hubs in the four larg- company interacts; Entra shall be an envi- Balance sheet 2017 2016 est cities in Norway. The market value of ronmental leader within property man- Intangible assets 42 159 37 976 Fixed assets 1 071 746 the property portfolio was around NOK agement; Entra’s projects shall maintain a Investment property held for sale 180 168 40 billion. The company’s commercial high level of quality and flexibility and a Total assets 43 410 38 890 strategy is to deliver profitable growth low environmental impact. Entra also has Equity 18 505 14 732 and be a leader within customer-per- a zero tolerance policy towards corrup- Minority interests 433 392 ceived quality and the environment with- tion and work-related crime throughout Total equity 18 938 15 124 in the sector. Entra’s head office is situat- its organisation and has an active ap- Provision for liabilities 5 423 5 107 Current interest-bearing liabilities 18 449 18 113 ed in Oslo. The occupancy rate of the proach to ethics in practice, responsible Current interest-free liabilities 600 547 portfolio has remained stable and high procurement and close monitoring of its Total debt and liabilities 24 472 23 767 over time and amounted to 97% at the suppliers. HSE is a high priority and En- Total equity and liabilities 43 410 38 890

year-end. At the year-end, the company’s tra’s goal is to ensure that no one is in- Cash flow 2017 2016 weighted average unexpired lease term jured or falls ill as a result of the compa- Operating activities 1 222 1 097 was 7.4 years. ny’s working environment. Entra is com- Investment activities -65 -2 972 Financing activities -1 211 1 906 The objective of the state's ownership mitted to maintaining a good working en- Change cash and cash equivalents -53 31 of Entra is purely commercial. The com- vironment and safeguards workers’ pany is run on a commercial basis with rights, knowledge development, diversity Key figures 2017 2016 Capital employed 37 387 33 237 the aim of delivering a competitive return. and equal opportunities. As a major own- Net lease margin 92 % 92 % er and developer of office properties, En- Operating margin (Profit from tra strives to create a good and secure property operation + net financial Key events items / rental income) 87 % 86 % In 2017, Entra signed new and renegoti- atmosphere in and around its buildings at Equity ratio 44 % 39 % ated contracts representing a total annual all times. Return on equity 27 % 19 % rent amounting to NOK 269 million Average return on equity last 5 years 17 % 13 % Return on capital employed 16 % 13 % (115,000 square metres). During 2017, En- Financial development tra completed the development projects Entra’s rental income rose by 9% from Assets and dividends 2017 2016 Media City Bergen (45,000 square metres) NOK 1,899 million in 2016 to NOK 2,075 Market value at year-end 22 415 15 755 Price/book 1,2 1,1 and Trondheimsporten (28,600 square million in 2017. Net operating revenues Closing price 122,0 85,8 metres). Entra also completed the refur- amounted to NOK 1,913 million (1,740) Dividend for the financial year 753 634 bishment of blocks 1 and 3 at Kjørbo in and net income from property manage- Dividend percentage 17 % 24 % Average dividend percentage last 5 years 24 % 31 % Sandvika and began the refurbishment of ment was NOK 1,259 million (1,070). Net Dividend to the state 252 212 block 2. In Trondheim, Entra started up positive changes in value amounted to Return including dividends last year 46,6 % 28 % two new construction projects at Brat- NOK 3,547 million (2,116) and profit before Sales proceeds to the state – 2 490 tørkaia 16 and 17A. Entra has continued tax was NOK 5,030 million (3,306). Entra Additional information 2017 2016 to be active in the transaction market and pays dividends every six months and paid Number of employees 155 166 acquired Skanska Commercial Develop- a total dividend of NOK 4.10 per share for Proportion of employees in Norway 100 % 100 % ment’s 50% share in Sundtkvartalet 2017 (NOK 3.45 per share in 2016). State ownership at year-end 33,4 % 33,4 % Proportion of women on the board 57 % 43 % Proportion of women among owner-appointed/shareholder elected board members 60 % 40 % 44 Flytoget AS © Øivind Haug/Flytoget AS CEO: Philipp Engedal Board of Directors: Rolf Gunnar Roverud (chair), Trygve Gjertsen, Gyrid Skalleberg Ingerø, Aslak Sverdrup , Lena Angela Nesteby*, Per Stene*, Jon E. Johansen* (* elected by the employees) Auditors: PricewaterhouseCoopers AS

State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.flytoget.no

Flytoget AS was founded in 1992 as NSB digital interfaces were reprofiled. The Income statement (NOK millions) 2017 2016 Gardermobanen AS. Operation of the air- new logo has a modern expression which Operating revenues 932 923 port express trains commenced when Oslo gives clear associations with the service Operating expenses 781 755 Gross operating profit (EBITDA) 299 284 Airport opened in October 1998. The com- that is provided by linking train and plane Operating profit (EBIT) 151 167 pany had 6.6 million passengers in 2017, together. Net financial items 6 3 equivalent to around 10% of all rail passen- The 100 millionth passenger travelled Profit/loss before tax 157 170 Tax charge 37 39 gers in Norway. Flytoget is the most impor- by Flytoget during 2017. This milestone Profit/loss after tax 120 132 tant contributor to Oslo Airport’s high pub- was marked with the Minister of Trans- lic transport share. Flytoget is continually port amd Communications present. Balance sheet 2017 2016 Intangible assets 1 331 1 336 striving to create simpler journey experi- Fixed assets 78 153 ences in order to increase the value and at- Sustainability and Total assets 1 409 1 488 tractiveness of the feeder service. responsible business conduct Equity 717 771 The objective of the state's ownership Flytoget’s operations contribute to a high Provision for liabilities 333 285 of Flytoget is purely commercial. The share of public transport by offering an Current interest-bearing liabilities 0 0 company is run on a commercial basis efficient and environmentally friendly Current interest-free liabilities 358 432 Total debt and liabilities 691 717 with the aim of delivering a competitive means of transport to and from Oslo Air- Total equity and liabilities 1 408 1 488 return. port. Getting more travellers to switch from car to train is Flytoget’s biggest con- Cash flow 2017 2016 Operating activities 112 236 Key events tribution to society, alongside delivering a Investment activities -142 -110 Flytoget is very pleased to maintain its po- good return to the state. The company Financing activities -50 -181 sition as the first choice mode of travel to will take an active part in the future devel- Change cash and cash equivalents -80 -55

and from Oslo Airport and by the fact that opment of railways, work to raise aware- Key figures 2017 2016 it achieved high scores for customer satis- ness of climate change and the environ- Capital employed 717 771 faction and punctuality. In 2017, Flytoget’s ment, and the work of the community to Gross operating margin (EBITDA) 32 % 31 % Operating margin (EBIT) 16 % 18 % customer satisfaction rating ended at promote efficient use of society’s resourc- Equity ratio 51 % 52 % 97.2%. For the sixth time, Flytoget was es. In 2017, Flytoget continued its system- Return on equity 16 % 17 % voted the customers’ favourite through atic integration of sustainability and cor- Average return on equity last 5 years 19 % 18 % Return on capital employed 22 % 22 % the Norwegian Business School’s custom- porate social responsibility in the compa- er satisfaction survey. In 2017, Flytoget’s ny’s corporate governance, strategies and Dividends 2017 2016 punctuality ended at 95.7%, a decrease action plans. Dividend for the financial year 120 105 Dividend percentage 100 % 80 % from the previous year which is largely Average dividend percentage last 5 years 119 % 119 % due to infrastructure failures. The railway Financial development Dividend to the state 120 105 reform entails major changes in Flytoget’s Flytoget’s revenues amounted to NOK framework conditions and Flytoget has Additional information 2017 2016 932 million in 2017, compared with NOK Number of employees 331 366 worked consciously to understand the 923 million in the previous year. The num- Proportion of employees in Norway 100 % 100 % consequences and opportunities that this ber of passengers travelling via Oslo Air- State ownership at year-end 100 % 100 % % reform entails. port (excluding transfers and transits) Proportion of women on the board 38 % 29 Proportion of women among The new terminal (T2) at Oslo Airport rose by 6.3% in 2017, and was a strong owner-appointed/shareholder opened on 27 April 2017. The new part of contributory factor in a 2.6% upturn in elected board members 40 % 25 % the airport has an annual capacity of no passenger numbers for Flytoget. Profit fewer than 28 million passengers. In con- before tax amounted to NOK 157 million, nection with this, Flytoget has upgraded while profit after tax amounted to NOK the airport express rail service terminal to 119.5 million. This gave a return on equity give passengers a positive journey experi- after tax of 16.1% in 2017, compared with ence and to contribute to the perception 17% in the previous year. The equity ratio amongst passengers of it being easy to was 51% at the end of 2017, compared travel by Flytoget. with 52% in the previous year. For the In May 2017, new uniforms were 2017 financial year, Flytoget paid out NOK launched and all trains, station areas and 119.5 million in dividends.

45 Mesta AS © Bo Mathisen CEO: Kurt Opseth Board of Directors: John Nyheim (chair), Hilde Nordskogen, Janicke Westlie Driveklepp, Adele Norman Pran, Per-Olof Wedin, Jens-Petter Hermansen*, Geir Krokå*, Terje Dahlen (*elected by the employees) Auditors: KPMG AS

State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.mesta.no

Mesta AS is Norway’s largest contractor tudes in relations with customers, suppli- Income statement (NOK millions) 2017 2016 within the operation and maintenance of ers, colleagues and the wider community. Operating revenues 3 765 3 608 roads and has operations across Norway. Mesta also actively promotes corporate Operating expenses 3 784 3 471 Gross operating profit (EBITDA) 100 262 The company is also delivering other pro- social responsibility throughout the sup- Operating profit (EBIT) -19 137 jects and services linked to road and rail, ply chain through the integration of ethi- Net financial items -3 3 e.g. tunnel and rock protection, railing cal guidelines into the company’s contrac- Profit/loss before tax -21 139 Tax charge 6 72 work, electrical engineering services and tual terms for purchases of goods and Profit/loss from discontinued operations 13 -1 construction projects. The group has services in Norway and abroad. As a road Profit/loss after tax -15 66 Mesta AS as its parent company and Mes- contractor, Mesta’s operations impact on Balance sheet 2017 2016 ta Sverige AB as a subsidiary. The compa- the environment both locally and globally. Intangible assets 644 584 ny's head office is situated in Lysaker. The Mesta aims to minimise the environmen- Fixed assets 1 083 1 251 company was established on 1 January tal impact of the company’s operations. Assets from discontinued operations 0 197 Total assets 1 726 2 032 2003, when the production division of the Emissions from the production division, Norwegian Public Roads Administration including environmentally harmful sub- Equity 696 716 was split off. Since it was established, stances, are within the limits imposed by Provisions for liabilities 7 90 Current interest-bearing liabilities 6 8 Mesta has undergone extensive restruc- the authorities. Current interest-free liabilities 1 017 1 210 turing and rationalisation. Debt from discontinued operations 0 10 The objective of the state's ownership Financial development Total debt and liabilities 1 031 1 317 Total equity and liabilities 1 726 2 032 of Mesta is purely commercial. The com- In 2017, Mesta’s revenues amounted to pany is run on a commercial basis with almost NOK 3.8 billion, compared with Cash flow 2017 2016 the aim of delivering a competitive re- NOK 3.6 billion in 2016. The group’s oper- Operating activities 8 150 Investment activities -57 30 turn. ating profit was NOK -19 million, com- Financing activities -351 -302 pared with NOK 137 million in 2016. At Net cash flow from Key events year-end, Mesta had an order backlog of reorganisaston/restructuring 0 14 Change cash and cash equivalents -400 -108 Mesta won six out of 14 operating con- NOK 6.8 billion, which the company contracts for the Norwegian Public Roads Ad- siders to be acceptable. Mesta had an eq- Key figures 2017 2016 ministration in 2017, with a financial suc- uity ratio of 40% at the end of the year. In Capital employed 702 723 Gross operating margin (EBITDA) 3 % 7 % cess rate of over 50%. The market share 2017, net investments in the group to- Operating margin (EBIT) 0 % 4 % in the operating and maintenance market talled NOK 57 million. The company’s Equity ratio 40 % 35 % is estimated at 45%, an increase from 43% cash equivalents at the end of 2017 Return on equity -2 % 8 % Average return on equity last 5 years 16 % 20 % in 2016. There were a total of four lost- amounted to NOK 78 million. Return on capital employed -2 % 17 % time injuries in 2017 (compared with The market outlook linked to public three in 2016). investments in infrastructure over the Dividends 2017 2016 coming years is discussed in the National Dividend for the financial year 0 350 Dividend percentage 0 % 531 % Sustainability and Transport Plan (NTP). The NTP indicates Average dividend percentage last 5 years 135 % 135 % responsible business conduct an increase in funding for operation and Dividend to the state 0 350 Mesta is committed to fulfilling its corpo- maintenance of the national road net- Additional information 2017 2016 rate social responsibility over and above work, as well as growth in investments Number of employees 1 420 1 334 ordinary statutory requirements. The for new road and rail projects. There is Proportion of employees in Norway 99 % 99 % company’s core values, “focus, will to strong competition in the market for State ownership at year-end 100 % 100 % Proportion of women on the board 38 % 33 % change, holistic responsibility and hones- contracts for road operation and mainte- Proportion of women among ty” form the framework for the way in nance. Competition linked to develop- owner-appointed/shareholder elected board members 60 % 50 % which the company’s employees are to ment projects in the transport sector has act both internally and externally. The become tougher, partly as a result of an company has ethical guidelines that de- increasing number of foreign companies fine the company’s approach and atti- entering the market.

46 SAS AB © Knut Lövstuhagen/SAS AB CEO: Rickard Gustafson Board of Directors: Fritz Henrik Schur (chair), Jacob Wallenberg (vice chair), Dag Mejdell (andre nestleder), Monica Caneman, Sanna Suvanto-Harsaae, Lars-Johan Jarnheimer, Berit Svendsen, Carsten Dilling, Cecilia Van Der Meulen*, Endre Røros*, Janne Wegeberg* (* elected by the employees) Auditors: PricewaterhouseCoopers AB

SAS AB is one of Scandinavia’s leading airlines. The company’s vision is to make life State ownership through the Ministry of Trade, Industry and Fisheries: 9,88 % The company’s website: www.sasgroup.net easier for people who travel frequently in Scandinavia and the company offers seamless, competitive air travel for pas- flown by 1.7% compared with the previ- Income statement (NOK millions)1 2017 2016 sengers to, from and within Scandinavia ous year. As of the end of the 2016–2017 Operating revenues 40 884 39 285 for both business and leisure travellers. financial year, the company’s CO2 emis- Operating expenses 39 725 37 697 Gross operating profit (EBITDA) 2 726 2 949 The company is also part of the global sions had been cut by 12.1% and noise Operating profit (EBIT) 1 159 1 588 Star Alliance. In the 2016–2017 financial levels had been reduced by 11.1% com- Share of profits in year, the company flew over 30 million pared with 2010. SAS purchased around associates and joínt ventures 938 297 Net financial items -444 -460 passengers to 123 destinations. SAS is 100 tonnes of biofuel during the year and Rofit/loss before tax and minority 1 653 1 425 headquartered in Stockholm and listed in continued to promote the commercialisa- Tax charge 552 110 Sweden, Norway and Denmark. tion of biofuel for aviation use. Minority interests 0 0 Profit/loss after tax and minority 1 101 1 315 The objective of the state's ownership in SAS is purely commercial. The company is Financial development Balance sheet 2017 2016 run on a commercial basis with the aim of The SAS group’s profit after tax and mi- Intangible assets 19 800 17 692 Fixed assets 12 029 11 388 delivering a competitive return. nority interests was NOK 1.1 billion for Total assets 31 829 29 080 the 2016–2017 financial year, compared Key events with NOK 1.3 billion in the previous finan- Equity 7 878 5 519 Minority interests 0 0 In November 2017, SAS carried out an eq- cial year. However, the normalised profit Total equity 7 878 5 519 uity issue of SEK 1.3 billion. The Norwe- before tax (adjusted for non-recurring Provision for liabilities 3 737 1 916 gian state did not take part in the place- items) rose by around NOK 1 billion to Current interest-bearing liabilities 8 384 9 045 Current interest-free liabilities 11 830 12 600 ment and therefore reduced its holding to NOK 2 billion, primarily driven by higher Total debt and liabilities 23 951 23 562 9.88%. The capital from the issue was revenues as a result of an increase in pas- Total equity and liabilities 31 829 29 080 partly used to redeem preferential shares senger numbers and positive effects from Cash flow 2017 2016 at the beginning of 2018. the streamlining programme. Operating Operating activities 2 342 3 647 SAS has expanded its cost reduction revenues for the year amounted to NOK Investment activities -83 -2 603 programme with the aim of realising an- 41 billion, up from NOK 39 billion last Financing activities -1 809 -876 Change cash and cash equivalents 450 167 nual savings of SEK 3 billion by 2020. SAS year. decided to open new bases in London A growing proportion of the company’s Key figures 2017 2016 and Malaga. The first flight from the base revenue comes from Eurobonus mem- Capital employed 16 262 14 564 Gross operating margin (EBITDA) 7 % 8 % in London took place in December 2017, bers. Membership grew by 10% to over 5 Operating margin (EBIT) 3 % 4 % whilst flights from the Malaga base will million members during the year. Equity ratio 25 % 19 % commence in spring 2018. Equity within the group rose from NOK Return on equity 16 % 22 % Average return on equity last 5 years 11 % 6 % In 2017, SAS sold the Danish regional 5.5 billion to NOK 7.9 billion and the Return on capital employed 15 % 13 % airline Cimber along with eleven CRJ900 equity ratio increased correspondingly aircraft to CityJet. from 19% to 25%. This increase primarily Assets and dividends 2017 2016 2 New three-year collective agreements stemmed from the positive result for the Market value at year-end 8 141 4 605 Price/book2 0,0 0,8 were signed with the trade unions in the year and the revaluation of the defined- Closing price2 21,6 13,3 three Scandinavian countries. benefit pension scheme, partly counter- Dividend for the financial year 0 0 Eurobonus celebrated its 25th anniver- acted by dividends on preferential shares Dividend percentage 0 % 0 % Average dividend percentage last 5 years 0 % 0 % sary and reached five million members. and translation differences (currency). Dividend to the state 0 0 The company strengthened its finan- Return including dividends last year2 63 % -42,8 % 2 cial position during the year with positive Average return last 5 years 26 % 11,8 % Sustainability and Sales proceeds to the state 0 132 responsible business conduct net interest-bearing debt (net cash posi- SAS aims to ensure that the products and tion) of NOK 2.7 billion at the year-end, up Additional information 2017 2016 services it offers will facilitate sustainable from NOK 1.1 billion at the start of the fi- Number of employees 10 324 10 710 Proportion of employees in Norway 27 % 28 % social development globally, with the nancial year. The increase was primarily State ownership at year-end 9,88 % 11,45 % least possible impact on climate and the driven by the positive cash flow from op- Proportion of women on the board 45 % 36 % environment. By 2020, the company aims erations. The return on invested capital Proportion of women among owner-appointed/shareholder to reduce CO2 emissions by 20% per pas- (ROIC) for the year was 13%, compared elected board members 38 % 38 % senger kilometre and to reduce noise lev- with 12% in the previous financial year, 1 SAS presents its accounts in Swedish kronor (SEK). The figures els by 15% compared with 2010 and to which is also the company’s capital ex- in the table are converted into Norwegian kroner (NOK). The exchange rate used is the price at the balance sheet date 31 regularly use biofuel in its aircraft. penditure. October 2017 NOK/SEK 97.77 for 2017 and 91.58 for 2016, and the average price for the period November 2016- October 2017 The financial year saw the commission- SAS did not pay dividends to ordinary NOK/SEK 95.85 for 2017 and NOK/SEK 99.56 for 2016. ing of eleven A320neo aircraft, which use shareholders for the financial year, but 2 From Factset. 18% less fuel than their predecessors. did pay SEK 350 million in dividends to This helped the company to reduce its owners of the company’s preferential CO2 emissions per passenger kilometre shares. 47 Veterinærmedisinsk Oppdragssenter AS © Veterinærmedisinsk Oppdragssenter AS CEO: Arne Gulbrand Ruud Board of Directors: Bjørn Skjævestad (chair), Arne Gulbrand Ruud (vice chair), Benedicte H. Fossum, Bjørn Flatland, Audur Thorisdottir* (* elected by the employees) Auditors: Svindal Leidland Myhrer & Co AS

State ownership through the Ministry of Trade, Industry and Fisheries: 34 % The company’s website: www.veso.no

Vete ri nær me di sinsk Oppdrags sen ter AS aquaculture industry is apparent from Income statement (NOK millions) 2017 2016 (VESO) was established by the Norwegian the trials which were conducted there Operating revenues 481,1 497,9 Agricultural Research Council as part of and the products which were subse- Operating expenses 462,9 475,7 Gross operating profit (EBITDA) 21,9 25,4 the SEFO group in 1988 and was reorgan- quently developed based on the trials. Operating profit (EBIT) 18,2 22,1 ised as a separate limited company in Since VESO took over the majority share- Net financial items -10,9 -0,9 1991. The company has two business ar- holding in the company, the development Profit/loss before tax 7,4 21,2 Tax charge 3,9 5,4 eas: distribution of pharmaceuticals for of Brynsløkken AS has been very positive Profit/loss after tax 3,5 15,8 animals in the Norwegian market and and further growth is expected in 2018. clinical infection tests on fish in connec- With effect from 1 January 2018, VESO Balance sheet 2017 2016 Intangible assets 40,1 36,5 tion with vaccine development, feed de- took over all shares in AVS Chile and con- Fixed assets 97,9 107,6 velopment and breeding. The company is centrated all the company’s operations in Total assets 138,0 144,1 also the majority shareholder in Brynsløk- Chile. Within both the laboratory and dis- Equity 57,5 55,0 ken AS, a producer of biocidal products tribution operations based in Chile, the Provisions for liabilities 0,0 0,0 for the aquaculture industry. company experienced a breakthrough in Current interest-bearing liabilities 23,9 25,5 The company is currently a leading dis- 2017 and further growth is expected in Current interest-free liabilities 56,7 63,5 Total debt and liabilities 80,5 89,0 tributor of veterinary pharmaceuticals in 2018. Total equity and liabilities 138,0 144,0 the Norwegian market and operates one of the leading global clinical laboratories Sustainability and Cash flow 2017 2016 Operating activities 5,0 -11,8 for fish infections in salmonids. The com- responsible business conduct Investment activities -4,5 -9,8 pany’s mission is to offer products and The company aims to contribute to good Financing activities -14,2 -50,2 services that contribute to good animal animal and fish health through good ac- Change cash and cash equivalents -13,7 -71,8

and fish health, thereby boosting efficien- cess to vaccines and pharmaceuticals, Key figures 2017 2016 cy and sustainability in aquaculture and and internationally through the develop- Capital employed 81,3 80,5 livestock production. Pharmaceuticals are ment of effective vaccines and feed addi- Gross operating margin (EBITDA) 5 % 5 % Operating margin (EBIT) 4 % 4 % distributed from the company’s main of- tives. VESO has a policy of full equal op- Equity ratio 42 % 38 % fice in Adamstuen in Oslo, while the clini- portunity in recruitment processes as re- Return on equity 6 % 33 % cal laboratory for fish infections is located gards both gender and ethnic background Average return on equity last 5 years 54 % 64 % Return on capital employed 24 % 37 % outside Namsos in the county of Trønde- and salary determination. The company is lag. contributing funds for the development Dividends 2017 2016 The objective of the state's ownership of a school project in Uganda. Dividend for the financial year 1 1 Dividend percentage 29 % 6 % in VESO is purely commercial. The com- As regards the environment and cli- Average dividend percentage last 5 years 100 % 101 % pany is run on a commercial basis with mate, VESO uses “scheduled” transport Dividend to the state 0,3 0,3 the aim of delivering a competitive return. means wherever possible while, as regards emissions, the company complies Additional information 2017 2016 Number of employees 50 49 Key events with the requirements and orders issued Proportion of employees in Norway 100 % 100 % The company’s revenues relating to phar- by the public authorities. State ownership at year-end 34 % 34 % maceuticals for the aquaculture industry Proportion of women on the board 40 % 40 % Proportion of women among declined throughout 2017. This fall was Financial development owner-appointed/shareholder the result of a reduction in the use of In 2017, VESO’s revenues amounted to elected board members 25 % 25 % pharmaceuticals for the treatment of NOK 481 million. This corresponds to a salmon louse. The decrease was partly reduction of around NOK 17 million com- offset by an increase in sales of fish vac- pared with 2016 and is primarily due to cines. The company operates in markets reduced revenues within pharmaceuti- where customers are moderately affect- cals for the aquaculture industry. This ed by economic fluctuations in the coun- also impacted on the profit, which try generally. VESO maintained a relative- amounted to NOK 3.5 million (NOK 15.8 ly stable market share within both the million). VESO also decided to write down animal health segment and the fish health the value of the shareholding in AFGC market during 2017. Demand for the INC. VESO has a number of major devel- company’s services at Vikan remained opment projects under way which are re- strong throughout 2017, and the impor- quiring capital and the dividend for 2017 tance of the laboratory for the Norwegian was therefore low. © Mesta / Eskil Sand

48 48 State ownership through the Ministry of Trade, Industry and Fisheries: 34 % The company’s website: www.veso.no

CATEGORY 2 Commercial objectives and national anchoring of head offices functions

This category includes companies where the state’s ownership has commercial objectives and an objective of maintaining the companies head offices and associated head office functions in Norway. An ownership stake of one-third is generally adequate in order to meet the latter objective. The state’s expectations regarding profits and returns are based on the companies’ risk profiles. The companies operate in a market with other commercial actors.

Aerospace Industrial Maintenance Norway AS 52 Aker Kværner Holding AS 53 DNB ASA 54 Kongsberg Gruppen ASA 55 Nammo AS 56 Norsk Hydro ASA 57 Statoil ASA 58 Telenor ASA 59 Yara International ASA 60 © Yara International ASA / GettyImages

51 Aerospace Industrial Maintenance Norway SF © Aeorospace Industrial Maintenance Norway AS CEO: Ove Radvik Haukåssveen Board of Directors: Jan Erik Korssjøen (chair), Grethe Fossli (vice chair), Petter Andreas Berg, Svein Ivar Hansen, Tone Merete Lindberg, Anders Haug*, Jonas Hvalbye*, Øivind Kongsvold* (* elected by the employees) Auditors: Deloitte AS

State ownership through the Ministry of Defence: 100 % The company’s website: www.aimnorway.com

Aerospace Industrial Maintenance Nor ing to F-35 fighter aircraft) by the interna- Income statement (NOK millions) 2017 2016 way AS (AIM Norway) was established in tional Joint Strive Fighter programme. On Operating revenues 1 173 734 2011 when the Norwegian Air Force’s main 21 December 2017, the board of AIM Nor- Operating expenses 1 078 658 Gross operating profit (EBITDA) 151 109 maintenance facility at Kjeller was convert- way decided to invest in an engine facility Operating profit (EBIT) 94,9 75,9 ed into a state enterprise. In 2016, the state for such maintenance worth a total of Net financial items 246,4 0,9 enterprise was converted into a private lim- around NOK 800 million. The facility, Rofit/loss before tax and minority 341,4 76,9 Tax charge 25,9 22,3 ited company. The company represents which comprises a workshop building Minority interests 0,0 0,0 the most experienced aeronautical group and test cell, is expected to be completed Profit/loss after tax and minority 315,5 54,5 in Norway, with continuous operations in 2021. Balance sheet 2017 2016 since 1916. The company therefore cele- Intangible assets 370 526 brated its centenary in 2016. AIM Norway is Sustainability and Fixed assets 1 105 775 the parent company in a group consisting responsible business conduct Total assets 1 475 1 300 of AIM Engine AS, AIM Norway Ltd. and Bel- AIM Norway actively pursues corporate Equity 798 465 gium Engine Center SPRL. social responsibility and has established Minority interests 0,0 0,0 At the close of 2017, AIM Norway had CSR guidelines, which have been incorpo- Total equity 798 465 Provision for liabilities 223 197 376 employees, with a total of 476 in the rated into its governance system. The Current interest-bearing liabilities 0 200 group, split between 22 production units, guidelines for corporate social responsi- Current interest-free liabilities 455 438 organised into the areas of aircraft mainte- bility provide an overarching framework Total debt and liabilities 677 835 Total equity and liabilities 1 475 1 300 nance, engine maintenance, electronic for the work to integrate social and envi- component maintenance, mechanical pro- ronmental aspects into the enterprise’s Cash flow 2017 2016 cesses and engineering. The enterprise operations. AIM Norway has joined the Operating activities 160 177 Investment activities 388 -321 provides maintenance and modification UN Global Compact initiative and works Financing activities -200 200 services for aircraft, helicopters, compo- to promote Global Compact’s ten univer- Change cash and cash equivalents 348,0 55,9 nents and ground equipment to the Nor- sally accepted principles. The enterprise Key figures 2017 2016 wegian Armed Forces and other custom- is working to comply with the OECD Capital employed 798 665 ers, including Leonardo Helicopters and Guidelines for Multinational Enterprises Gross operating margin (EBITDA) 13 % 15 % Lockheed Martin. The production units and bases its work with suppliers on the Operating margin (EBIT) 8 % 10 % Equity ratio 54 % 36 % have a long history of working very closely core conventions of the International La- Return on equity 50 % 12 % with the Norwegian Armed Forces’ units at bour Organisation (ILO). AIM Norway fo- Average return on equity last 5 years 15 % 6 % Kjeller and the Norwegian Air Force. The cuses on safety, local involvement, hu- Return on capital employed 48 % 15 % enterprise’s mission is to be the preferred man resources, occupational health and Dividends 2017 2016 supplier of products and services for air safety, working conditions, anti-corrup- Dividend for the financial year 0 0 and ground systems, and its vision is to de- tion, human rights and the environment. Dividend percentage 0 % 0 % liver world class aerospace services. Average dividend percentage last 5 years 0 % 0 % Dividend to the state 0 0 The objective of the state's ownership in Financial development AIM Norway is to maintain a knowledge- In 2017, AIM Norway’s revenues amounted Additional information 2017 2016 based and high-tech company with head to NOK 1,173 million (compared with NOK Number of employees 476 514 Proportion of employees in Norway 78 % 81 % office functions in Norway. The company is 734 million in 2016), and the company re- State ownership at year-end 100 % 100 % run on a commercial basis with the aim of corded a profit after tax of NOK 341 million Proportion of women on the board 25 % 25 % Proportion of women among delivering a competitive return. (compared with NOK 77 million in 2016). owner-appointed/shareholder The increase is largely due to property elected board members 40 % 40 % Key events sales amounting to NOK 248 million. Equity Norge/AIM Norway was awarded the con- amounts to NOK 798 million (an increase tract to maintain F-135 engines (belong- from NOK 465 million in 2016).

52 Aker Kværner Holding AS © Conoco Phillips Aker Kværner General manager: Holding AS Arild Støren Frick Board of Directors: Øyvind Eriksen (chair), Ida Helliesen, Kjell Inge Røkke, Else Bugge Fougner, Kristin Margrethe Krohn Devold, Atle Tranøy* (* elected by the employees) Auditors: Deloitte AS

State ownership through the Ministry of Trade, Industry and Fisheries: 30 %

Aker Kværner Holding AS’ commercial Solutions and Kværner, plus some limited Income statement (NOK millions) 2017 2016 objective is to own shares in Akastor ASA, interest income. The company has few Operating revenues 0 0 Aker Solutions ASA and Kværner ASA. Aker expenses. As a result of a continuing chal- Operating expenses 2 1 Operating profit (EBIT) -2 -1 Kværner Holding owns about 40% of the lenging market situation within the oil Net financial items 962 2 113 shares in each of these companies and has supplier industry, none of the portfolio Profit/loss before tax 960 2 112 the same rights as other shareholders. companies paid dividends for 2017. Aker Tax charge 0 0 Profit/loss after tax 960 2 112 The state owns 30% of the shares in Kværner Holding also did not pay a divi- Aker Kværner Holding. The other owner is dend for 2016 or 2017. The underlying as- Balance sheet 2017 2016 Aker ASA. The owners of Aker Kværner sets in Aker Kværner Holding can be Intangible assets 8 649 7 687 Fixed assets 1 1 Holding have entered into a shareholder measured by the share prices of Akastor, Total assets 8 650 7 688 agreement, which in practice secures the Aker Solutions and Kværner. In 2017, Aker state and Aker a blocking interest in Akas- Kværner Holding reversed impairments Equity 8 648 7 688 Provision for liabilities 0 0 tor, Aker Solutions and Kværner with re- from previous years amounting to NOK Current interest-bearing liabilities 2 0 gard to a number of key areas. 962 billion. This reversal reflects the con- Current interest-free liabilities 1 1 The state and Aker have made a mutual siderable increase in value of the portfolio Total debt and liabilities 3 1 Total equity and liabilities 8 650 7 688 commitment to maintain the present own- companies on Oslo Stock Exchange in ership in Akastor, Aker Solutions and 2017. In 2016, Aker Kværner Holding re- Cash flow 2017 2016 Kværner for a period of at least ten years versed previous impairments amounting Operating activities -2 -3 Investment activities 0 0 (2007–2017). The period ended in June to NOK 2.2 billion. Financing activities 2 0 2017, but the shareholder agreement still On 22 June 2007, the state entered into Change cash and cash equivalents 0 -3 applies. The state’s acquisition of shares in an agreement to acquire 30% of the Key figures 2017 2016 the former Aker Holding took place on 20 shares in Aker Kværner Holding AS at Equity ratio 100 % 100 % December 2007, following authorisation the price of NOK 145.6 per share in Aker Market value of the State’s from the Storting issued on 11 December Solutions, plus interest until the takeover indirect ownership in the companies 2 595 2 306

2007. The terms of the acquisition are set date. At the end of 2017, the respective Dividends 2017 2016 out in Proposition no. 88 to the Storting share prices for Akastor, Aker Solutions Dividend for the financial year 0 0 (2006–2007) The state’s ownership in Aker and Kværner were NOK 16.4, NOK 46.2 Dividend percentage 0 0 Average dividend percentage last 5 years -18 % 81 % Holding AS, and Recommendation no. 54 and NOK 15.8. In 2017, Akastor, Aker So- Dividend to the state 0 0 to the Storting (2007–2008). lutions and Kværner reported annual profits after tax of NOK -0.1, 0.2 and 0.5 Additional information 2017 2016 Number of employees 0 0 Financial development billion respectively, compared with NOK State ownership at year-end 30 % 30 % Aker Kværner Holding’s sole revenue -1.3, 0.4 and 0.2 billion in the previous Proportion of women on the board 50 % 50 % comprises dividends from Akastor, Aker year. Proportion of women among owner-appointed/shareholder elected board members 60 % 60 %

53 DNB ASA © Stifg Fiksdal/DNB ASA CEO: Rune Bjerke Board of Directors: Anne Carine Tanum (chair), Tore Olaf Rimmereid (vice chair), Karl-Christian Agerup, Jaan Ivar Semlitsch, Berit Svendsen, Carl Anders Løvvik*, Vigdis Mathisen* (* elected by the employees) DNB ASA is Norway's largest finance Auditors: EY AS group and one of the largest in the Nordic region by market value. The group offers a broad range of financial services, includ- State ownership through the Ministry of Trade, Industry and Fisheries: 34 % The company’s website: www.dnb.no ing loans, savings, investment, payment mediation, advisory services, estate agency and pensions for personal and corpo- mental and social considerations into its Income statement (NOK millions) 2017 2016 rate customers. DNB is among the world’s business operation. Corporate social re- Net interest income 35 422 34 110 Net other operating income 15 718 18 053 leading banks within its international ini- sponsibility is now integrated in the princi- Operating expenses 22 593 21 333 tiative areas, especially energy, shipping, ples for corporate governance within DNB. Net gains on fixed fisheries and seafood. The bank is availa- DNB satisfies the requirements im- and intangible assets 738 -19 Impairment of loans ble through mobile solutions, a 24-hour posed by the authorities regarding re- and guarantees 2 428 7 424 customer centre, online banking, bank porting linked to human rights, employee Operating profit 26 858 23 387 branches, post offices, post-in-store, es- rights and social conditions, the external Tax charge 5 054 4 140 Profit from operations tate agents and international offices. DNB environment and the combating of cor- held for sale. after taxes -1 4 is listed on Oslo Stock Exchange and is ruption in business strategies, general op- Profit/loss after tax and minority 21 803 19 251 headquartered in Oslo. erations and in relation to stakeholders The objective of the state's ownership through integrated annual reporting and Balance sheet 2017 2016 Loans to customers 1 545 415 1 509 078 in DNB is to maintain a large and skilled reporting in accordance with the guide- Other assets 1 152 853 1 144 123 finance group with head office functions lines issued by the Global Reporting Initia- Total assets 2 698 268 2 653 201 in Norway. The company is run on a com- tive (GRI Standard). Deposits from customers 971 137 934 897 mercial basis with the aim of delivering a In order to put what the bank means by Other debt and liabilities 1 510 234 1 511 882 competitive return. corporate social responsibility into specific Total debt and liabilities 2 481 371 2 446 779 terms, a specific approach to the issue has Equity 216 897 206 423 Minority interests 0 0 Key events been adopted in connection with the new Total equity 216 897 206 423 During 2017, DNB defined a new mission, strategy. This comprises four points: DNB Total equity and liabilities 2 698 268 2 653 201 new values and a new strategy for its or- shall operate with a long-term perspective Key figures 2017 2016 ganisation. A number of factors and de- and generate sustainable financial value Common equity Tier 1 capital ratio1 16,4 % 16,0 % velopments in recent years had rendered for its owners, make a positive contribu- Cost/income ratio 44,2 % 40,9 % this necessary. Changes in underlying tion to social development by striving to Net non-performing and net doubtful loans, per cent of net loans 0,15 % 0,48 % framework conditions have made it easi- achieve the United Nations’ sustainable Return on equity 10,8 % 10,1 % er to switch bank, whilst new consumer development goals, acting fairly and hon- Average return patterns and digital innovations are re- estly and putting the customer’s needs on equity last 5 years 12,5 % 12,5 % sulting in customers having new expecta- first and being open about the business. Assets and dividends 2017 2016 tions. The introduction of new regulations Market value at year-end 246 105 209 138 is also presenting opportunities for com- Financial development Price/book2 1,2 1,1 Closing price 152,1 128,4 pletely new competitors. In order to meet In 2017, DNB delivered a profit of NOK Dividend for the financial year 11 450 9 284 this challenge, DNB must offer the best 21,803 million. This represents an increase Dividend percentage 55 % 48 % customer experiences. of NOK 2,552 million over 2016, driven by Average dividend percentage 5 years 37 % 32 % DNB has identified four key factors for lower impairment on loans and guarantees Dividend to the state 3 932 3 157 successfully offering such customer experi- and an increase in net interest income. Return including dividends last year 23,5 % 22,2 % ences: Enhance innovation capacity, make Net interest income increased by NOK Average return last 5 year 22,0 % 20,5 % greater use of customer insight, implement 1,313 million from 2016, as a result of Additional information 2017 2016 a training initiative and integrate corporate lower financing costs, higher volumes and Number of employees 9 561 11 459 social responsibility in the processes. an increase in lending margins. There Proportion of employees in Norway 85 % 72 % State ownership at year-end 34 % 34 % DNB believes that it must think and act were increases in volumes in the seg- Proportion of women on the board 43 % 43 % like a technology company in areas such ments for private customers and small Proportion of women among as customer experience, innovation, au- and medium-sized businesses, as well as owner-appointed/shareholder elected board members 40 % 40 % tomation, working methodology, new a planned reduction in volumes regarding business models, collaboration models, large businesses and international cus- 1 In accordance with the transitional rules data use and skills composition. The four tomers. Net other operating revenues de- 2 Excluding hybrid capital. initiative areas are intended to help move creased by NOK 2,335 million from 2016. and group impairments in the shipping, DNB in this direction. Changes were also Operating expenses rose by NOK 1,261 oil and offshore segments. The reduction implemented in the corporate manage- million from 2016, primarily as a result of in group impairments was due to an im- ment team during 2017. provisions for financial activity tax, in- provement in the economic situation and creased digitalisation, IT projects and positive migration in certain sectors. Sustainability and non-recurring effects. Return on equity was 10.8%, compared responsible business conduct Impairments on loans and guarantees with 10.1% in 2016. DNB paid a dividend DNB strives to promote sustainable value were reduced by NOK 4,996 million from of NOK 7.10 per share for the 2017 finan- creation by integrating ethical, environ- 2016 due to lower individual impairments cial year.

54 Kongsberg Gruppen ASA © Kongsberg Gruppen ASA CEO: Geir Håøy Board of Directors: Eivind Reiten (chair), Irene Waage Basili (vice chair), Morten Henriksen, Anne- Grete Strøm-Erichsen, Martha Kold Bakkevig, Elisabeth Fossan*, Helge Lintvedt*, Sigmund Ivar Bakke* (* elected by the employees) Auditors: EY AS

Kongsberg Gruppen ASA is an international, knowledge-based group established in 1814 that delivers high-technology sys- State ownership through the Ministry of Trade, Industry and Fisheries: 50,001 % The company’s website: www.kongsberg.com tems and solutions to customers in the offshore industry, the oil and gas industry, merchant fleet, defence and aerospace. In collaboration agreement with German in- Income statement (NOK millions) 2017 2016 2017, 81% of the group’s operating reve- dustry for the delivery of combat systems Operating revenues 14 490 15 845 nues originated from outside Norway. At for future submarines, and the Naval Operating expenses 13 718 15 153 Gross operating profit (EBITDA) 1 279 1 217 year-end 2017, the group had 6,830 em- Strive Missile was chosen as the standard Operating profit (EBIT) 772 692 ployees in more than 30 countries, of whom missile for the German navy. In 2017, the Share of profits in 65% worked in Norway. Kongsberg Grup- NASAMS air-defence system was chosen associates and joínt ventures 187 230 Net financial items -118 37 pen is listed on the Oslo Stock Exchange by a further three nations: Australia, Lith- Rofit/loss before tax and minority 654 729 and has its head office in Kongsberg. uania and Indonesia. Substantial steps Tax charge 95 78 Kongsberg Gruppen has three busi- forward were taken within both parts pro- Minority interests 5 -2 Profit/loss after tax and minority 554 653 ness areas: Kongsberg Maritime (KM), duction for the F-35 programme and de- Kongsberg Defence & Aerospace (KDA) velopment of the Joint Strike Missile. In Balance sheet 2017 2016 and Kongsberg Digital (KDI) (the latter re- 2017, the company signed an agreement Intangible assets 9 023 8 907 Fixed assets 11 820 12 289 ports under other activity). KDI was estab- for the first global satellite-based internet, Total assets 20 843 21 196 lished as a step in the development of an important position within the “New next-generation digitalised products and Space” segment. KDI launched the Kogni- Equity 7 331 6 691 Minority interests 34 34 services. KM develops products and sys- fai digital platform. Total equity 7 365 6 725 tems for positioning, navigation and auto- During 2017, Eivind Reiten was elected Provision for liabilities 2 080 1 830 mation for merchant shipping and off- as the new board chair. Current interest-bearing liabilities 3 340 4 083 Current interest-free liabilities 8 058 8 558 shore facilities, as well as products and Total debt and liabilities 13 478 14 471 systems for seabed mapping and moni- Sustainability and Total equity and liabilities 20 843 21 196 toring. KDS supplies command and con- responsible business conduct Cash flow 2017 2016 trol systems, weapons control systems, Sustainable development and corporate Operating activities 2 899 809 communication solutions, missiles and social responsibility are pivotal parts of Investment activities -528 -3 343 advanced composites and surveillance. the group’s strategic processes. Sustaina- Financing activities -1 319 2 668 Foreign currency effects 16 -53 The Kongsberg Group is also the Nordic ble technological innovation is a key ele- Change cash and cash equivalents 1 068 81 region’s largest industrial space company. ment in overcoming the major global The objective of the state's ownership challenges that the world is facing. In Key figures 2017 2016 Capital employed 10 705 10 808 in Kongsberg Gruppen is to maintain a 2018, Kongsberg Gruppen will continue Gross operating margin (EBITDA) 9 % 8 % knowledge-based and high-technology in- to focus strongly on anti-corruption, cor- Operating margin (EBIT) 5 % 4 % dustrial group with head office functions porate social responsibility in the supplier Equity ratio 35 % 32 % Return on equity 8 % 10 % in Norway. The company is run on a com- network, and the follow-up of human and Average return on equity last 5 years 13 % 15 % mercial basis with the aim of delivering a workers’ rights, both within its own organ- Return on capital employed 8 % 10 % competitive return. isation and amongst its business partners. Assets and dividends 2017 2016 Market value at year-end 18 120 14 940 Key events Price/book 2,5 2,2 2017 was an eventful year for the Kongs- Financial development Closing price 151,0 124,5 berg Group, during which the group took In 2017, the Kongsberg Group’s operating Dividend for the financial year 450 450 Dividend percentage 81 % 69 % many technological and market positions. revenues amounted to NOK 14,490 mil- Average dividend KM took positions within autonomy and lion, 8.6% down on the previous year. The percentage last 5 years78 % 65 % remote control and announced a partner- reduction in operating revenues is pri- Dividend to the state 225 225 Return including dividends last year 24,3 % -11,4 % ship with Yara concerning the world’s first marily linked to KM and a sluggish off- Average return last 5 years 8,9 % 5,6 % autonomous and fully electric container shore market. KDA recorded operating vessel. KM is also a supplier to “Ocean revenues on a par with the previous year. Additional information 2017 2016 Number of employees 6 830 7 159 Farm 1”, the world’s first marine fish farm The group’s EBITDA margin was 8.8%, Proportion of employees in Norway 65 % 64 % which was commissioned off the coast of compared with 7.7% in 2016. The group State ownership at year-end 50 % 50 % Trøndelag in 2017. The business area con- had a strong cash flow in 2017. Improved Proportion of women on the board 50 % 25 % Proportion of women among tinued to encounter challenging market working capital considerably boosted owner-appointed/shareholder conditions within the oil and gas sectors. cash flow. The reduction in net interest- elected board members 60 % 40 % Other maritime segments showed posi- bearing debt amounted to NOK 1,811 mil- tive development, and KM is delivering lion. The equity ratio at the end of 2017 products and services for many vessel was 35.4%. Book equity rose by NOK 640 types and maritime market segments. million during 2017. The group’s board The former defence areas KPS and KDS recommended a dividend of NOK 3.75 were merged to form KDA. KDA signed a per share for the 2017 financial year.

55 Nammo AS © Nammo AS CEO: Morten Brandtzæg Board of Directors: Jan Erik Korss- jøen (chair), Olli Isotalo (vice chair), Ville Jaakonsalo, Dag Opedal, Ingelise Arntsen, Sirpa-Helena Sormunen, Marianne Stensrud*, Astrid Berg Nammo AS was founded in 1998 through Ardesjö (*elected by the employees) the merger of three major Nordic muni- Auditors: KPMG AS tions companies with a view to strengthening security of supply in the Nordic region. Today, Nammo is a leading supplier of high-end products to the aerospace and defence industry. The core business State ownership through the Ministry of Trade, Industry and Fisheries: 50 % The company’s website: www.nammo.com includes development and production of rocket motors, military and sports ammunition, shoulder-fired systems and Sustainability and Income statement (NOK millions) 2017 2016 environmentally friendly demilitarisation responsible business conduct Operating revenues 4 462 4 132 services. At the close of 2017, the com- Nammo reports in accordance with the Operating expenses 4 095 3 748 Gross operating profit (EBITDA) 539 548 pany had 2,343 employees, 28 produc- guidelines issued by the Global Reporting Operating profit (EBIT) 367 384 tion units and a presence in 14 countries. Initiative (GRI Standard). The company Net financial items -25 1 The head office, together with the supports the ten principles of the United Rofit/loss before tax and minority 341 385 Tax charge 161 105 group’s largest subsidiary which employs Nations Global Compact. During 2017, Minority interests 0 0 almost a third of the group’s staff, is situ- Nammo’s work specifically focussed on Profit/loss after tax and minority 181 279 ated in Raufoss. the environment, safety and anti-corrup- Balance sheet 2017 2016 Nammo’s vision is “Securing the Fu- tion. Intangible assets 2 142 1 821 ture”. The company will work to secure Within health, safety and environment, Fixed assets 3 508 3 228 the future of its customers, owners and the company particularly focussed on cri- Total assets 5 650 5 050 employees through the delivery of top- sis management and preparedness, part- Equity 2 495 2 383 quality high-tech products. This in turn ly in partnership with the local communi- Minority interests 0 0 creates secure and stable jobs and a sus- ties around the production facilities. Total equity 2 495 2 383 Provision for liabilities 242 233 tainable business. Nammo’s strategic ob- Nammo selects raw materials based Current interest-bearing liabilities 1 323 1 068 jective is to generate profitable growth in on their appropriateness and environ- Current interest-free liabilities 1 590 1 366 existing markets, with a particular focus mentally friendly characteristics with re- Total debt and liabilities 3 155 2 667 Total equity and liabilities 5 650 5 050 on Europe and North America. gard to product development and to com- The objective of the state's ownership ply with environmental requirements. Cash flow 2017 2016 in Nammo is to maintain a knowledge- During 2017, internet-based training Operating activities 154 371 Investment activities -484 -391 based and high-tech group with head of- was provided for employees relating to Financing activities 52 201 fice functions in Norway. The company is preventive information security. Nammo Change cash and cash equivalents -278 181 run on a commercial basis with the aim of has a zero tolerance policy regarding cor- Key figures 2017 2016 delivering a competitive return. ruption, and the work to follow up and Capital employed 3 818 3 451 ensure compliance with the ethical guide- Gross operating margin (EBITDA) 12 % 13 % Key events lines is partly based on dilemma and anti- Operating margin (EBIT) 8 % 9 % Equity ratio 44 % 47 % In 2017, Nammo initiated a series of corruption training. Return on equity 7 % 12 % measures to realise the company’s strat- Average return on equity last 5 years 12 % 14 % egy of profitable growth. In January, Nam- Financial development Return on capital employed 11 % 13 % mo entered into a public-private partner- In 2017, Nammo recorded a profit before Dividends 2017 2016 ship with the US Naval Surface Warfare tax of NOK 341 million and a profit after Dividend for the financial year 90 140 Center in Indian Head. In December, tax of NOK 181 million. Profit before tax is Dividend percentage 50 % 50 % Average dividend percentage Nammo’s board also approved an invest- 11% lower than last year, while profit after last 5 years 50 % 50 % ment plan for the facility in Indian Head. tax is down 35%. The downturn in operat- Dividend to the state 45 70 The partnership gives Nammo an oppor- ing profit was primarily the result of re- tunity to gain a foothold in the US market duced sales as a result of a weaker mar- Additional information 2017 2016 Number of employees 2 343 2 152 for rocket motors. The aim is to enable ket within certain areas of the ammuni- Proportion of employees in Norway 34 % 34 % the company to compete for large orders tion business and a sluggish and declining State ownership at year-end 50 % 50 % in the market for military rocket motors. market within the demilitarisation opera- Proportion of women on the board 38 % 50 % Proportion of women among Nammo acquired four new companies tion in Europe. During 2017, Nammo also owner-appointed/shareholder during 2017. Three of these come from recognised costs relating to the reorgani- elected board members 33 % 33 % Moog Inc. and operate within the Euro- sation of production and distribution op- pean market for civilian rocket motors erations in the USA. and aerospace. The acquisition of Berger Revenue in 2017 amounted to NOK total assets in the form of an increase in Bullets, which is based in California and 4,462 million, an increase of 8%. Of this depreciable fixed assets through invest- manufactures high-quality ammunition increase, 2.8% is due to acquisitions in the ments in 2017 and an increase in current primarily aimed at the hunting and com- USA, United Kingdom and Ireland, whilst receivables and stocks. Nammos achieved petitive shooting segments, was complet- the remainder is organic growth. This has a return on equity of 7.6% in 2017. The ed at the start of 2017. In January 2018, strengthened the company’s basis for fur- order backlog at the end of 2017 amount- Nammo acquired 45% of the shares in the ther profitable growth in its core markets. ed to NOK 4,645 million, which is consid- US company MAC, which manufactures The equity ratio was 44% at the end of ered to be solid. The company paid a divi- lightweight ammunition sleeves and box- 2017, compared with 47% in the previous dend for 2017 of NOK 90.3 million, of es made from polymer. year. This is largely due to an increase in which half went to the state.

56 Norsk Hydro ASA © Norsk Hydro ASA CEO: Svein Richard Brandtzæg Board of Directors: Dag Mejdell (chair), Irene Rummelhoff (vice chair), Marianne Wiinholt, Finn Marum Jebsen, Thomas Schulz, Liv Monica Bargem Stubholt, Svein Kåre Sund*, Billy Fredagsvik*, Sten Roar Martinsen* (* elected by the employees) Auditors: KPMG AS

Norsk Hydro ASA (Norsk Hydro ASA) (Hydro) is a Norwegian listed and global aluminium company with production, sales State ownership through the Ministry of Trade, Industry and Fisheries: 34,26 % The company’s website: www.hydro.com and trading throughout the value chain, from bauxite, alumina and energy generation to the production of primary alumini- a comprehensive review of Alunorte. Both Income statement (NOK millions) 2017 2016 um and rolled products as well as recycling. groups concluded that no leakage had oc- Operating revenues 112 167 82 983 Based in Norway, the company has 35,000 curred from the red mud landfill sites and Operating expenses 101 504 76 958 Gross operating profit (EBITDA) 16 824 11 499 employees in more than 40 countries. The that there was also no proof or evidence Operating profit (EBIT) 10 663 6 025 objective of the state's ownership in Hydro that Alunorte had polluted local communi- Share of profits in is to maintain a knowledge-based, high- ties nearby after the extreme rainfall in associates and joínt ventures 1 527 985 Net financial items -1 115 2 126 technology industrial group with head of- February. Nevertheless, Hydro has imple- Rofit/loss before tax and minority 11 075 9 136 fice functions in Norway. The company is mented various measures and has for ex- Tax charge 1 891 2 551 run on a commercial basis with the aim of ample decided to invest NOK 500 million in Resultat fra avhendet virksomhet 0 0 Minority interests 401 199 delivering a competitive return. upgrading the water treatment plant. Profit/loss after tax and minority 8 783 6 386

Key events Sustainability and Balance sheet 2017 2016 Intangible assets 108 730 94 422 In 2017, Hydro completed the acquisition responsible business conduct Fixed assets 54 597 36 371 of Sapa, making Hydro the only global Corporate social responsibility and sustain- Total assets 163 327 130 793 fully integrated aluminium company with able development are integrated in Hydro’s Equity 87 074 81 906 a presence throughout the value chain. overarching business strategy. The com- Minority interests 5 178 5 733 The acquisition will strengthen Hydro’s pany also has specific support strategies Total equity 92 252 87 639 position within technology, R&D, innova- relating to the environment, climate change Provision for liabilities 28 737 22 650 Current interest-bearing liabilities 17 257 6 680 tion and product development. and human rights. Hydro reports in accord- Current interest-free liabilities 25 082 13 824 During 2017, Hydro also entered into a ance with the guidelines issued by the Total debt and liabilities 71 076 43 154 long-term wind power contract with Global Reporting Initiative (GRI Standard), Total equity and liabilities 163 328 130 793

Markbygden ETT AB concerning an annu- is affiliated to the United Nations Global Cash flow 2017 2016 al energy supply of 1.65 TWh to Hydro’s Compact and since 1999 has been included Operating activities 14 347 10 018 smelting plants in Norway over a 19-year in the Dow Jones’ sustainable development Investment activities -14 436 -4 781 Financing activities 3 840 -4 386 period from 2021. indices and in the FTSE4Good and UN Foreign currency effects 40 269 Hydro has continued to make progress Global Compact 100 stock indices. Change cash and cash equivalents 3 791 1 120 within the strategic areas “Better, Bigger The results achieved by Hydro relating Key figures 2017 2016 and Greener”. Examples include the start- to safety deteriorated in 2017. Hydro had Capital employed 109 509 94 319 up of the technology pilot on Karmøy, the two fatal accidents and did not achieve Gross operating margin (EBITDA) 15 % 14 % production line for car components (AL3) the goal of a TRI value of 2.4. Operating margin (EBIT) 10 % 7 % Equity ratio 56 % 67 % and the recycling facility for used beverage In connection with the situation in Alu- Return on equity 10 % 8 % cans (both in Germany), the marketing of norte, Hydro is working with local organi- Average return the Hydro 75R product, which ensures a re- sations concerning humanitarian aid to on equity last 5 years 4 % 2 % cycling rate of at least 75%, and the certified assist local communities in and around Return on capital employed 12 % 8 %

Hydro 4.0 product, with a carbon footprint Barcarena within health and water supply. Assets and dividends 2017 2016 of less than 4 kg CO2 per kg aluminium, the Market value at year-end 127 487 85 450 binding bid for the ISAL aluminium plant on Price/book 1,5 1,0 Financial development Closing price 62,4 41,3 Iceland and the decision to upgrade and The profit for the year amounted to NOK Dividend for the financial year 3 578 2 554 start up the second line at Husnes. 9,184 million, including a net currency loss Dividend percentage 41 % 40 % Hydro’s improvement target has been of NOK 1,114 million. The profit for 2016 Dividend to the state 1 241 886 Average dividend increased from NOK 2.9 billion to NOK 3.0 amounted to NOK 6,586 million, including percentage 5 years 69 % 139 % billion by 2019. NOK 1.8 billion has been a net currency gain of NOK 2,126 million. Return including dividends last year 55,1 % 28,5 % realised since 2015. Bigger improvements Hydro’s underlying EBIT rose to NOK Average return last 5 years 20,7 % 11,3 % than expected within Bauxite & Alumina 11,215 million, compared with NOK 6,425 Additional information 2017 2016 offset weaker progress in both Primary million in 2016. This increase reflects high- Number of employees 34 625 12 911 Metals and Rolled Products. er realised “all-in” metal and aluminium Proportion of employees in Norway 11 % 29 % State ownership at year-end 34,26 % 34,26 % In February 2018, extreme rainfall in prices, partly offset by increases in raw ma- Proportion of women on the board 33 % 33 % Pará, Brazil led to flooding in the region. terial costs, fixed costs and negative cur- Proportion of women among owner-appointed/shareholder Due to concern for possible water pollution rency effects. Net liabilities amounted to elected board members 50 % 43 % from Alunorte as a result of the flooding, NOK 4.1 billion. Hydro’s board recom- the authorities issued the aluminium refin- mended that a dividend of NOK 1.75 per ery with a number of orders. Hydro estab- share be paid for 2017. This dividend re- lished both an internal and an independent flects the company’s strong operating re- external group of experts which conducted sults in 2017 and sound financial position.

57 Statoil ASA © Harald Pettersen/Statoil ASA CEO: Eldar Sætre Board of Directors: Jon Erik Reinhardsen (chair), Roy Franklin, Bjørn Tore Godal, Maria Johanna Oudeman, Wenche Agerup, Rebekka Glasser Herlofsen, Jeroen van der Veer, Ingrid Elisabeth di Valerio*, Stig Lægreid*, Per Martin Labrten * Statoil ASA4 is an international technolo- (* elected by the employees) gy-based energy company whose main Auditors: KPMG AS aim is the production of oil and gas. The company also has downstream operations and activities in renewable energy, such as State ownership through the Ministry of Petroleum and Energy: 67 % The company’s website: www.statoil.com offshore wind farms. The company has operations in more than 30 countries. Statoil is among the world’s largest net sellers of Sustainability and Income statement (NOK millions)5 2017 2016 crude oil and condensate, and is one of the responsible business conduct Operating revenues 506 090 385 397 largest suppliers of natural gas to the Euro- After a period of continuous improve- Operating expenses 392 187 384 734 Gross operating profit (EBITDA) 185 399 97 700 pean market. At the end of 2017, the com- ment in its safety statistics since 2008, Operating profit (EBIT) 113 903 664 pany had around 20,250 employees. Sta- Statoil experienced a deterioration in Share of profits in associates and joínt ventures 0 0 toil is listed on Oslo Stock Exchange and 2016. In the wake of this, the company im- Net financial items -2 903 -2 168 the New York Stock Exchange and is head- plemented specific measures aimed at Rofit/loss before tax and minority 111 000 -1 504 quartered in Stavanger. further improving safety. At the end of Tax charge 72 969 22 885 The aim behind the state’s ownership 2017, the frequency of serious incidents Minority interests 66 168 Profit/loss after tax and minority 37 965 -24 557 of Statoil is for the company to be run on had returned to the 2015 level. a commercial basis with the aim of deliv- There were a total of 16 serious oil and Balance sheet 2017 2016 ering a competitive return. A further ob- gas leaks in 2017, compared with 18 in Intangible assets 694 045 664 828 Fixed assets 213 562 208 850 jective behind the state's ownership is to 2016. During 2017, Statoil’s efforts to re- Total assets 918 930 878 190 help maintain a knowledge-based and duce direct greenhouse gas emissions high-technology industrial group with were stepped up through the introduc- Equity 329 698 294 654 Minority interests 199 227 head office functions in Norway. tion of group-wide guidelines for the as- Total equity 329 897 294 881 sessment of carbon intensity and oppor- Provision for liabilities 355 174 317 212 Key events tunities for emission reductions for all Current interest-bearing liabilities 233 860 266 098 Current interest-free liabilities 0 0 In October, Statoil took part in the winning potential projects and investments. Total debt and liabilities 589 034 583 309 bid for the Carcará Nord block and com- Statoil aims to implement measures to Total equity and liabilities 918 930 878 190 pleted transactions in the neighbouring reduce CO2 emissions by the equivalent Cash flow 2017 2016 block in order to coordinate assets across of 3 million tonnes per year from 2017 to Operating activities 118 799 75 898 the two blocks which make up the Carcará 2030. The energy efficiency measures at Investment activities -80 049 -87 761 oil discovery off the coast of Brazil. The Hammerfest LNG were the biggest con- Financing activities -48 155 -16 458 Foreign currency effects 3 606 -1 277 company further strengthened its position tributory factor in efforts to reduce CO2 Change cash and cash equivalents -5 798 -29 598 in Brazil towards the end of the year emissions in 2017. through the acquisition of a 25% share in Key figures 2017 2016 Capital employed 563 757 560 978 the Roncador Field. The consideration for Financial development Gross operating margin (EBITDA) 37 % 25 % the transaction included a cash payment of Statoil’s operating profit for 2017 end- Operating margin (EBIT) 23 % 0 % USD 2.35 billion and resulted in Statoil’s to- ed at USD 13,771 million, compared with Equity ratio 36 % 34 % Return on equity 12 % -8 % tal production in Brazil roughly trebling to USD 80 million in 2016. Higher gas pro- Average return 110,000 barrels of oil equivalents per day. duction and higher liquid and gas prices on equity last 5 years 2 % 5 % Statoil is the operator for the Gina Krog were the main factors behind the im- Return on capital employed 21 % 1 %

Field in the North Sea, where production provement in the profit. Lower explora- Assets and dividends 2017 2016 commenced at the end of June. In Novem- tion costs were also a contributory factor. Market value at year-end 582 219 514 016 ber, Statoil announced that it had entered The company’s production in 2017 was Price/book 1,8 1,7 Closing price 175,2 158,4 into an agreement to acquire Total’s as- at a record high, and for the year as a Dividends paid as cash settlement 12 332 15 761 sets in the Martin Linge Field and the Gar- whole ended at 2,080 million barrels of oil Dividends in the form av aksjer 11 224 7 595 antiana discovery for a consideration of equivalents per day, an increase from Total paid/settled dividends 23 556 23 356 USD 1.45 billion. 1,978 million barrels in 2016. The increase Dividend percentage 62 % - Average dividend In 2017, Statoil and its partners submit- in production was primarily due to higher percentage 5 years 332 % 178 % ted a plan for development and operation flexible gas production in order to take Dividend to the state paid as cash settlement 8 398 10 718 (PDO) for the following oil and gas fields on advantage of higher prices, increased on- Dividend to the state the Norwegian shelf: Johan Castberg, shore production in the USA and the esca- in the form of shares 7 539 5 025 Bauge, Njord and Snorre Expansion Project. lation of production from new fields. Total paid/settled dividend to the state 15 937 15 742 The company followed up the initiative In May 2016, Statoil’s general meeting Return including dividends last year 16,0 % 35,5 % within renewable energy and in autumn approved a dividend share programme. Average return last 5 years 10,5 % 6,1 % 2017 opened the two wind farms at Dudg- The scrip dividend programme was a series eon and Hywind Scotland, off the coast of of issues where the company’s sharehold- Additional information 2017 2016 Number of employees 20 245 20 539 the United Kingdom. In October, the com- ers could opt to use all or part of their net Proportion of employees in Norway 87 % 88 % pany acquired a 43.75% share in the Apo- dividend to acquire new shares in Statoil State ownership at year-end 67 % 67 % di solar energy project in Brazil. with a discount of 5%. The programme was Proportion of women on the board 40 % 50 % Proportion of women among terminated as planned after the third quar- owner-appointed/shareholder 4 Statoil ASA changed name to Equinor ASA from 16 May 2018. ter of 2017. On the capital market day in elected board members 43 % 43 %

2018, the board recommended increasing 5 From 2016, Statoil presents its accounts in USD. The figures for 2017 are converted into Norwegian kroner (NOK), calculated 58 the dividend from USD 0.2201 to 0.23 per from Statoil's group figures. The exchange rate used is the share for the fourth quarter of 2017. average price for NOK/USD 8.2712. Telenor ASA © Bo Mathiesen CEO: Sigve Brekke Board of Directors: Gunn Wærsted (chair), Sally Margaret Davis, Rene Obermann, Grethe Viksaas, Jørgen Kildahl, Jon Erik Reinhardsen, Jacob Aqraou, Sabah Qayyum*, Roger Rønning*, Harald Stavn* (* elected by the employees) Auditors: EY AS

State ownership through the Ministry of Trade, Industry and Fisheries: 53,97 % The company’s website: www.telenor.com

Telenor ASA is one of the world’s leading responsible follow-up of the supplier Income statement (NOK millions) 2017 2016 mobile telecommunications operators, chain. The company carried out 5,000 in- Operating revenues 124 756 131 427 with over 180 million mobile subscribers spections in order to investigate the cir- Operating expenses 98 017 114 357 Gross operating profit (EBITDA) 48 891 45 103 and 30,000 employees worldwide. The cumstances of its subcontractors. The Operating profit (EBIT) 26 739 17 070 company has operations in Norway, Swe- company also provided training courses Share of profits in den, Denmark, Thailand, Malaysia, Bangla- for its employees within issues such as associates and joínt ventures -4 617 -1 796 Net financial items -164 -3 543 desh, Pakistan, Myanmar, Hungary, Mon- data protection, ethics and HSE. Telenor Rofit/loss before tax and minority 21 958 11 731 tenegro, Serbia and Bulgaria. Telenor was has committed to adhere to the United Tax charge 6 854 5 924 established in 1994 through the conver- Nations’ sustainability targets and has Minority interests 2 915 2 974 Profit/loss after tax and minority 11 982 2 832 sion of Televerket into a limited liability specifically highlighted goal number ten company. The company was listed on the to reduce social inequalities. Measures in- Balance sheet 2017 2016 stock exchange in 2000 and is headquar- clude provision for the registration of Intangible assets 148 298 153 328 Fixed assets 53 468 52 991 tered in Oslo. newborn babies in Pakistan in collabora- Total assets 201 766 206 319 The objective of the state's ownership in tion with UNICEF and local authorities. Telenor is to maintain a knowledge-based Equity 57 496 50 879 Minority interests 4 839 4 517 and high-technology group with head of- Financial development Total equity 62 335 55 396 fice functions in Norway. The company is In 2017, Telenor’s revenues ended at NOK Provision for liabilities 11 161 10 775 run on a commercial basis with the aim of 124.8 billion, an organic growth of 1% Current interest-bearing liabilities 74 297 86 361 Current interest-free liabilities 53 972 53 787 delivering a competitive return. over the previous year. The growth stems Total debt and liabilities 139 430 150 923 from strong market development in Total equity and liabilities 201 765 206 319 Key events Bangladesh, Pakistan and Myanmar. In Cash flow 2017 2016 In February 2017, Telenor held a capital 2017, operating expenses were reduced Operating activities 42 046 39 778 market day during which the company by NOK 2.2 billion to NOK 44.7 billion, Investment activities -9 710 -21 105 presented a new strategic direction to- driven by the implementation of an effi- Financing activities -33 421 -9 037 Foreign currency effects -632 -446 wards 2020. In future, the company will ciency programme in accordance with the Change cash and cash equivalents -1 717 9 190 focus on streamlining its operations, digi- new strategy. The biggest cuts were made talising its organisation and simplifying in Thailand, Norway, Sweden and Paki- Key figures 2017 2016 Capital employed 136 632 141 757 processes. stan. The company delivered a record Gross operating margin (EBITDA) 39 % 34 % One aspect of this strategy was to opti- EBITDA of NOK 49.0 billion (39% margin), Operating margin (EBIT) 21 % 13 % mise the company’s portfolio of business to which Bangladesh, Pakistan, Sweden Equity ratio 31 % 27 % Return on equity 22 % 5 % areas and geographic presence. In March and Thailand were the biggest contribu- Average return on equity last 5 years 12 % 9 % 2018, the company announced that the op- tors. Investments fell from NOK 25.3 bil- Return on capital employed 17 % 11 % erations in Hungary, Montenegro, Serbia lion to NOK 21.3 billion, primarily as a re- and Bulgaria were to be sold. After the sult of a downturn in Asia. Adjusted for Assets and dividends 2017 2016 Market value at year-end 264 106 193 688 transaction, Telenor’s operations will be fo- acquisitions, spectrum and licences, in- Price/book 4,6 3,8 cussed on the Nordic region and Asia. In vestments accounted for 14.6% of total Closing price 175,90 129,00 February 2017, Telenor signed an agree- revenues, down from 17.4% in 2016. Dividend for the financial year 12 162 11 711 Dividend percentage 102 % 413 % ment with Bahrti Airtel concerning the take- Telenor delivered a profit after tax of Average dividend over of the Indian company. The agreement NOK 12.0 billion. Profit improved com- percentage last 5 years 157 % 164 % is expected to be completed in 2018 and pared with 2016 (NOK 2.8 billion) as a re- Dividend to the state 6 564 6 320 Return including dividends last year 42,5 % -7,8 % will see Telenor withdraw from the Indian sult of more efficient operation and re- Average return last 5 years 15,8 % 10,9 % market. The company also sold its holding duced losses from business areas which Sales proceeds to the state/ in VEON (Vimpelcom) during the year. The have been sold. Telenor paid a dividend retirement of shares 0 0 company has also disposed of minor oper- of NOK 8.1 per share for the 2017 finan- Additional information 2017 2016 ations within finance and rubric. cial year, amounting to NOK 12.2 billion in Number of employees 31 000 37 000 total. The board also recommended an Proportion of employees in Norway 12,0 % 15,9 % State ownership at year-end 53,97 % 53,97 % Sustainability and extraordinary payment to shareholders Proportion of women on the board 40 % 45 % responsible business conduct of NOK 3 per share, totalling NOK 4.5 bil- Proportion of women among owner-appointed/shareholder In 2017, Telenor focussed on issues such lion, following the disposal of the opera- elected board members 43 % 50 % as anti-corruption, human rights and the tions in Central and Eastern Europe.

59 Yara International ASA © Yara International ASA CEO: Svein Tore Holsether Board of Directors: Leif Teksum (chair), Maria Moræus Hanssen (deputy chair), Geir Petter Isak- sen, Hilde Bakken, John Gabriel Thuestad, Geir Olav Sundbø*, Rune Bratteberg*, Kjersti Aass (*elected by the employees) Auditors: Deloitte AS Yara International ASA (Yara) is an integrated fertilizer company with a growing portfolio of nitrogen-based chemicals for industrial use. Yara was established in State ownership through the Ministry of Trade, Industry and Fisheries: 36,21 % The company’s website: www.yara.com 1905 and now has a presence across much of the world, with around 16,000 employees and over 200 terminals, warehouse P Yara continued to invest in energy effi- Income statement (NOK millions) 2017 2016 buildings, mixing facilities and packing fa- ciency, resulting in a reduction in ener- Operating revenues 93 812 97 170 cilities in more than 60 countries. The com- gy consumption per unit of ammonia Operating expenses 90 036 88 399 Gross operating profit (EBITDA) 11 120 13 450 pany has 31 production units, of which two produced of around 8%. Operating profit (EBIT) 3 777 8 771 are situated in Norway, in Glomfjord and P Yara contributed to further efficiency Share of profits in Herøya. Yara is listed on the Oslo Stock Ex- gains within the consumption of fertilizer associates and joínt ventures 245 -348 Net financial items 782 -61 change and is headquartered in Oslo. In and water in agriculture through the de- Rofit/loss before tax and minority 4 803 8 363 collaboration with its customers and busi- velopment of its N-Sensor and N-Tester Tax charge 815 2 041 ness partners, Yara cultivates knowledge tools, combined with crop modelling and Minority interests 41 -37 Profit/loss after tax and minority 3 948 6 360 in order to achieve the company’s vision of new sensor and map technology. a society built on collaboration, a world P The company further developed a se- Balance sheet 2017 2016 without hunger and respect for the planet. ries of development engagements, in- Intangible assets 90 078 83 938 Fixed assets 39 168 36 567 The objective of the state's ownership in cluding the SAGCOT agricultural Total assets 129 246 120 505 Yara is to maintain a knowledge-based, growth corridor in Tanzania, Farm to high-technology industrial group with a Market alliance (FtMA) with the World Equity 75 540 74 444 Minority interests 2 290 2 326 head office in Norway. The company is run Food Program and other partners, Total equity 77 831 76 770 on a commercial basis with the aim of de- which has so far reached more than Provision for liabilities 11 266 11 558 livering a competitive return. 136,000 farmers with improvements in Current interest-bearing liabilities 23 841 16 555 Current interest-free liabilities 16 309 15 621 financial returns and finance. Total debt and liabilities 51 416 43 734 Key events P Yara continued its long-term prioritisa- Total equity and liabilities 129 246 120 505 Yara’s strategy is based on profitable growth tion of compliance, partly through Cash flow 2017 2016 and the company carried out a number of training 3,740 employees face-to-face Operating activities 6 478 14 084 acquisitions and expansions in 2017. The and processing 253 enquiries through Investment activities -11 105 -10 604 company has also initiated an improvement its internal and external reporting Financing activities 5 379 -2 989 Foreign currency effects -47 39 programme to improve the productivity of channels. Change cash and cash equivalents 705 531 its existing facilities. In December, Yara an- P The company increased the proportion nounced the acquisition of the Vale Cubatão of women amongst senior executives Key figures 2017 2016 Capital employed 101 672 93 325 Fertilizantes complex in Brazil. Yara further and implemented a raft of measures to Gross operating margin (EBITDA) 12 % 14 % developed its own expansion projects in increase the proportion further. Operating margin (EBIT) 4 % 9 % 2017, in Porsgrunn, Norway; Köping, Swe- P The company reduced injury frequency Equity ratio 60 % 64 % den; Sluiskil, Netherlands; Uusikaupunki, further, from 2.5 in 2016 to 1.8 in 2017. Return on equity 5 % 9 % Average return Finland; and Salitre and Rio Grande in Brazil. on equity last 5 years 10 % 13 % Yara also announced plans to increase its Financial development Return on capital employed 5 % 10 % investments in digital agricultural solutions. Yara’s cash return on gross investment Assets and dividends 2017 2016 As part of this strategy, in 2017 Yara ac- (CROGI) ended at 7.0% for 2017, down Market value at year-end 102 921 92 894 quired Agronomic Technology Corp (ATC), a from 9,5% in 2016, and below Yara’s target Price/book 1,4 1,2 US agricultural technology company with a for a minimum of 10% over the business Closing price 377 340 Dividend for the financial year 1 776 2 732 focus on modelling and analysis of soil, wa- cycle. The margins were lower than in Dividend percentage 45 % 43 % ter, crops and fertiliser. 2016, primarily as a result of higher energy Average dividend prices and lower premiums for NPK ferti- percentage last 5 years 47 % 44 % Dividend to the state 643 989 Sustainability and liser and nitrates. Yara’s global fertiliser de- Return including dividends last year 12,7 % -9,2 % responsible business conduct liveries ended at 27.2 million tonnes, on a Average return last 5 years 10,2 % 11,5 % Sales proceeds to the state/ As a member of the United Nations’ Global par with 2016. Yara’s net profit after minor- retirement of shares 0 252 Compact, Yara has undertaken to follow ity interests amounted to NOK 3,948 mil- the organisation’s principles on human lion, 38% down on 2016. Yara maintained Additional information 2017 2016 rights, the environment, workers’ rights a strong financial position in 2017, al- Number of employees 15 527 14 736 Proportion of employees in Norway 9 % 9 % and anti-corruption. Yara also adheres to though the gearing ratio rose from 0.17 to State ownership at year-end 36,21 % 36,21 %

the OECD Guidelines for Multinational En- 0.25, as the sum of maintenance and Proportion of women on the board 38 % 38 % © Aker Kværner Holding AS / Kred. A. K. H. terprises and Anti-Bribery Convention, and growth investments and dividends to Proportion of women among owner-appointed/shareholder the company supports the United Nations’ shareholders exceeded cash earnings. The elected board members 40 % 40 % Sustainable Development Goals. board recommended a dividend of NOK Yara’s strategy is to generate value for its 6.50 per share, down from NOK 10 in 2016. shareholders, customers and employees, This corresponds to a total payment to as well as for society in general, and in 2017: shareholders of NOK 1,776 million.

60 60 61

CATEGORY 3 Commercial objectives and other specifically defined objectives

This category includes companies where the state’s ownership has commercial objectives and other societal reasons for state ownership than maintaining the head office in Norway. The state’s expectations regarding profits and returns are based on the companies’ risk profiles. The companies operate in markets with other commercial actors..

Argentum Fonds- Investments AS 64 Eksportfinans ASA 65 Electronic Chart Centre AS 66 GIEK Kreditt- forsikring AS 67 Investinor AS 68 Kommunalbanken AS 69 Mantena AS 70 NSB AS 71 Posten Norge AS 72 Statkraft SF 73 © NSB AS / Tore Bjørnback Amblie

63 Argentum FondsInvestments AS © Argentum FondsInvestments AS CEO: Joachim Høegh-Krohn Board of Directors: Jon Hindar (chair), Argentum FondsInvestments AS was Grethe Høiland (vice chair), Rikke Reinemo, Kjell Martin Grimeland, established in 2001 to manage the state's Tina Steinsvik Sund investments in active equity funds (private equity) with the objective of generat- Auditors: PricewaterhouseCoopers AS ing competitive returns and creating a more dynamic capital market for unlisted companies. The company has grown into a specialised capital management business direct- State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.argentum.no ed at active equity funds in Norway and Northern Europe, and the energy sector internationally. The investment model is Sustainability and Income statement (NOK millions) 2017 2016 based on the fund-in-fund principle, responsible business conduct Operating revenues 1 664 -50 where the company commits capital to The assessment of corporate social re- Operating expenses 69 60 Gross operating profit (EBITDA) 1 595 -111 private equity funds which primarily raise sponsibility is a key aspect of all investment Operating profit (EBIT) 1 595 -111 capital in the international capital mar- decisions in Argentum and in the monitor- Net financial items 0 4 kets. Investments are divided into buy-out ing of the company’s managers. Argentum Rofit/loss before tax and minority 1 595 -106 Tax charge 18 17 funds and venture funds. Argentum is the maintains a regular dialogue with manag- Minority interests 0 0 largest investor in Norwegian venture cap- ers and other stakeholders in order to con- Profit/loss after tax and minority 1 577 -123 ital funds. As of 31 December 2017, the tribute to the development of good pro- Balance sheet 2017 2016 company had investments in 120 funds, cesses and routines linked to corporate Intangible assets 7 857 6 337 which in turn owned 688 unlisted compa- social responsibility. Argentum is a mem- Fixed assets 344 1 034 nies. As of the same date, Argentum ber of the UN Global Compact and reports Total assets 8 201 7 370

FondsInvestments had equity of around to the organisation yearly. The company is Equity 8 109 7 331 NOK 7 billion and net fund commitments also an active member of Norsif, an inde- Provision for liabilities 0 0 of around NOK 9.3 billion. The company’s pendent association for investors with an Current interest-bearing liabilities 33 0 Current interest-free liabilities 60 39 head office is situated in Bergen. interest in responsible and sustainable Total debt and liabilities 92 39 Argentum Asset Management is the management. Argentum supports “Wom- Total equity and liabilities 8 201 7 370 group’s asset management company. The en’s Empowerment Principles”, an initia- Cash flow 2017 2016 company’s core expertise is the evalua- tive to promote gender equality under the Operating activities 78 171 tion and selection of private equity funds auspices of the UN. Argentum annually Investment activities 98 -7 and fund managers. Investments are publishes a separate corporate social re- Financing activities -800 -500 Change cash and cash equivalents -624 -336 made by investing in newly established sponsibility report, which also presents an funds (primary), by acquiring interests in overview of developments within the area Key figures 2017 2016 existing funds (secondary) or through co- in the company’s fund portfolio. Capital employed 8 141 7 331 Gross operating margin (EBITDA) 96 % – investments with fund managers. Argen- In 2017, the analysis agency Menon Operating margin (EBIT) 96 % – tum Asset Management also manages Economics conducted a survey on behalf Equity ratio 99 % 99 % capital for professional investors such as of Argentum. This survey showed that Return on equity 20 % -2 % Average return on equity last 5 years 11 % 9 % pension funds, foundations and wealthy Norwegian businesses owned by a fund Return on capital employed 21 % -1 % individuals. Argentum Asset Management in which Argentum has invested employ a manages net fund commitments totalling total of 59,000 people, whereas they em- Dividends 2017 2016 Dividend for the financial year 350 800 NOK 13 billion. ployed 12,000 people in 2002. This corre- Dividend percentage 22 % – The objective of the state's ownership sponds to an average annual growth in Average dividend of Argentum is to achieve a good return the number of employees of 12%, which percentage last 5 years 55 % 80 % Dividend to the state 350 800 on investments in private equity funds, is above the rate of growth in the Norwe- contribute to a more dynamic capital gian economy generally. Additional information 2017 2016 market for unlisted companies and co-in- Number of employees 20 21 Proportion of employees in Norway 100 % 100 % vest in such funds with private investors, Financial development State ownership at year-end 100 % 100 % and, as an investor, to promote the devel- Argentum delivered a profit of NOK 1,577 Proportion of women on the board 60 % 60 % opment of the private equity sector. The million in 2017. Of this profit, NOK 599 Proportion of women among owner-appointed/shareholder state's ownership objective is provided million consisted of gains realised from elected board members 60 % 60 % for by the state being an owner of the the investment portfolio in private equity company, and not through special guide- funds, whilst NOK 1,054 million stemmed lines from the owners on the company's from value increases in the portfolio. The operations. profit for 2017 is the best in the company’s history. Key events The market value of the investment Argentum FondsInvestments committed portfolio in private equity funds amount- a total of NOK 600 million in new funds ed to NOK 7,643 million at the close of during 2017. Argentum Asset Manage- 2017, whereas the corresponding value at ment has established a new series of an- the end of 2016 was NOK 6,131 million. nual fund-in-funds, where the company The net return (after all costs) on the com- offers professional investors selected ac- pany’s investment portfolio was 13.35% tive equity funds in Northern Europe dur- per year measured from the start-up in ing the year in question. 2001 to the end of 2017.

64 Eksportfinans ASA © Eksportfinans ASA CEO: Geir Bergvoll Board of Directors: Sigurd Carlsen (chair), Christian Berg (vice chair), Toril Eidesvik, Bjørn Berg, Marianne Bergmann Røren, Rune Helgeland* (* elected by the employees) Auditors: PricewaterhouseCoopers AS

State ownership through the Ministry of Trade, Industry and Fisheries: 15 % The company’s website: www.eksportfinans.no Eksportfinans ASA was established in 1962 and is located in Oslo. The company actively manages a portfolio of loans to whistle-blowing routines for the compa- Income statement (NOK millions) 2017 2016 the Norwegian export industry, foreign ny, environmental and social require- Interest income 640 1 279 buyers of Norwegian capital goods, and ments for projects funded by Eksportfi- Interest costs 449 1 019 Net interest income 191 260 the municipal sector in Norway. Almost all nans, anti-corruption measures and Net operating income -415 -661 of the loans are guaranteed by the Nor- measures to prevent money laundering. Operating expenses 114 107 wegian Export Credit Guarantee Agency The policy document is publicly available Net losses 0 0 Operating profit -338 -508 (GIEK) and/or banks. The company also on the company’s website. The company Tax charge -84 -177 manages a portfolio of international secu- also has HSE guidelines, which were re- Profit/loss after tax -254 -331 rities. Business is funded through bonds vised in 2017. Eksportfinans monitored its Balance sheet 2017 2016 and commercial paper issued in the inter- portfolios in accordance with the guide- Total assets 22 398 33 171 national capital markets. At the close of lines in close collaboration with GIEK and 2017, the company had 27 employees other guarantors during the year. Total debt 15 595 26 106 Equity 6 803 7 065 and was owned by 22 commercial and Total equity and liabilities 22 398 33 171 savings banks in addition to the state, Financial development represented by the Ministry of Trade and Net interest income in 2017 was NOK 191 Key figures 2017 2016 Tier 1 capital ratio 94 % 61 % Industry. The state acquired its 15% own- million, compared with NOK 260 million Loss ratio lending 0 % 0 % ership interest through a private place- in 2016. The decline was primarily due to Return on equity -4 % -7 % ment in 2001. lower interest-bearing balance. The profit Average return on equity last 5 years -18 % -31 %

The objective of the state's ownership from the underlying business, excluding Dividends 2017 2016 in Eksportfinans is to contribute, as a unrealised gains and losses on financial Dividend for the financial year 0 0 shareholder, to the company managing instruments and losses hedged by the Dividend percentage 0 % 0 % Average dividend to best effect its existing portfolio of as- portfolio hedge agreement, amounted to percentage last 5 years 0 % 0 % sets, liabilities and obligations in accord- NOK -13 million in 2017, compared with Dividend to the state 0 0 ance with applicable contracts. NOK 177 million in 2016. The negative Additional information 2017 2016 profit was partly due to a termination fee Number of employees 27 29 Key events of NOK 55 million, which was triggered Proportion of employees in Norway 100 % 100 % During 2017, the company continued to when the portfolio hedging agreement State ownership at year-end 15 % 15 % Proportion of women on the board 33 % 33 % manage its existing portfolio of assets was terminated at the request of Eksport- Proportion of women among and liabilities in accordance with establish finans with effect from 31 December owner-appointed/shareholder agreements, but without granting new 2017. The figures for 2016 also include a elected board members 40 % 40 % loans. This strategy was established in gain from the sale of Eksportfinans’ office 2012, in connection with Eksportkreditt building, partly offset by provisions linked Norge being made responsible for provid- to a judgement in the now concluded ing new state-supported export credits. case between the company and the Min- As expected, Eksportfinans' balance was istry of Trade, Industry and Fisheries con- reduced during the year and the compa- cerning the 108-agreement. ny repaid the final listed loan in the USA. Comprehensive income in accordance The operation was stable and solvency with IFRS was NOK -261 million for 2017, and liquidity were both strong. For the compared with NOK -345 million for 2016. first time since 2011, Eksportfinans issued The negative figures are primarily due to a new bond loan of NOK 2 billion in 2017 the reversal of previously unrealised and the company also renewed its Com- gains on Eksportfinans’ own debt. The re- mercial Paper programme. The compa- maining balance of previously unrealised ny’s rating is BBB+ according to Standard gains of NOK 368 million (after deriva- & Poor’s Rating Services, which revised its tives) at the end of 2017 will continue to view of the company’s future outlook be reversed as unrealised losses in the from stable to positive in November 2017. income statement in the future. At the close of 2017, Eksportfinans had assets Sustainability and totalling NOK 22.4 billion. Debts and liabil- responsible business conduct ities amounted to NOK 15.6 billion, and The board of Eksportfinans has adopted equity was NOK 6.8 billion. The capital ad- guidelines for corporate social responsi- equacy ratio and Tier 1 capital ratio were bility. Eksportfinans’ Social Responsibility both 94%. Eksportfinans did not pay divi- Policy sets out ethical guidelines and dend for the year 2017.

65 Electronic Chart Centre AS © Electronic Chart Centre AS CEO: Ralph Emmanuel Daber Board of Directors: Tina Steinsvik Sund (chair), Knut Ole Flåthen (vice chair), Nicolai Jarlsby

Electro nic Chart Centre AS (ECC) aims to Auditors: Deloitte AS help improve safety at sea, partly through the development and operation of electronic sea charts. The company was established as a limited company following divestment from the Norwegian Mapping State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.ecc.no Authority in 1999. ECC has its head office in Stavanger and employs 20 staff. The company’s operations are concen- ment activities, cooperation and business Income statement (NOK millions) 2017 2016 trated on the provision of services which procedures and has a strong awareness Operating revenues 25,5 27,7 ensure that Norway meets its obligations of its corporate social responsibility. The Operating expenses 24,3 22,3 Gross operating profit (EBITDA) 1,3 5,5 under international and national strate- company’s activities help to improve safe- Operating profit (EBIT) 1,2 5,4 gies regarding safety at sea. This is ty at sea. ECC has an external whistle- Net financial items 0,0 0,0 achieved by managing a database for PRI- blowing service, where employees can Profit/loss before tax 1,2 5,4 Tax charge 0,0 0,0 MAR, a coordination centre for official anonymously report any reprehensible Profit/loss after tax 1,2 5,4 navigation charts in which many coun- circumstances within the company. The tries are participating. ECC also strives to company also consciously strives to limit Balance sheet 2017 2016 Intangible assets 3,9 3,3 meet requirements from new areas of the environmental impact of its opera- Fixed assets 11,7 16,0 use and new technologies for actors on tions. Total assets 15,6 19,3 land, at sea and in the air. ECC’s principal customer is the Nor- Equity 8,8 8,8 The objectives of the state's ownership wegian Mapping Authority, but given the Provision for liabilities 0,0 0,0 of ECC are to enable Norway to fulfil its ob- company’s aim of attracting more private Current interest-bearing liabilities 0,0 0,0 ligations under international conventions customers, the need for awareness of Current interest-free liabilities 6,8 10,6 Total debt and liabilities 6,8 10,6 concerning safety at sea, and to meet the and good routines for background Total equity and liabilities 15,6 19,3 public need for increased maritime safety checks of customers and subcontractors by managing and publishing authorised is increasing. In 2017, ECC prepared a Key figures 2017 2016 Capital employed 8,8 8,8 electronic nautical charts owned by the hy- standard procedure and contract tem- Gross operating margin (EBITDA) 5 % 20 % drographic offices. The company is run on plate for large project opportunities and Operating margin (EBIT) 5 % 19 % a commercial basis with the aim of deliver- established a specific anti-corruption Equity ratio 56 % 45 % Return on equity 14 % 58 % ing a competitive return. routine. Average return on equity last 5 years 13 % 13 % In 2017, ECC was accredited as an In- Return on capital employed 14 % 58 % Key events clusive Working Life company and sup- Dividends 2017 2016 In 2017, ECC negotiated and signed a new ported the Norwegian Cancer Society’s Dividend for the financial year 4,7 5,4 contract with the Norwegian Mapping Au- relay for life event by providing a map so- Dividend percentage 388 % 100 % thority concerning the further development lution. Average dividend percentage last 5 years 275 % 214 % and operation of electronic sea charts for Dividend to the state 4,7 5,4 the PRIMAR database. The work for PRIMAR Financial development accounts for around 90% of ECC’s revenues. Operating revenues declined to NOK 25.5 Additional information 2017 2016 Number of employees 20 18 ECC has signed new contracts to de- million in 2017, compared with NOK 27.7 Proportion of employees in Norway 100 % 100 % velop technological solutions adapted to million in the previous year, primarily as a State ownership at year-end 100 % 100 % new map standards (including S-101 and result of a lower level of activity linked to Proportion of women on the board 33 % 33 % Proportion of women among S-102). the development and operation of elec- owner-appointed/shareholder At the beginning of 2018, ECC entered tronic sea charts for PRIMAR. Profit after elected board members 33 % 33 % into an agreement to develop GIS Solu- tax was relatively low at NOK 1.2 million, tions for eSmart Systems. especially compared with a particularly ECC produced the first version of the good profit for the previous year of NOK LZ-Nord (Landing Zone-North) app in 5.4 million. The downturn was partly due March 2017, which provides maps of safe to lower revenues and higher costs for landing zones for rescue helicopters and positioning in preparation for future which will be used by various prepared- growth. ECC paid an ordinary dividend of ness units in Norway. During the year, NOK 1.2 million for 2017, as well as a divi- ECC continued to further develop and dend of NOK 3.5 million through a capital market this solution. reduction, approved at the 2018 ordinary ECC has developed, or will develop, general meeting. many other map-related solutions for ECC aims to invest for future growth Gule Sider in Norway and Sweden, the and to exploit new business opportuni- Norwegian pilot service and port author- ties. International conventions and strate- ities internationally. gies which require greater use of ECC’s products and services will present oppor- Sustainability and tunities for future operation, and existing responsible business conduct investments are also expected to have ECC evaluates and prioritises develop- positive effects.

66 GIEK Kredittforsikring AS © GIEK Kredittforsikring AS CEO: Erica Blakstad Board of Directors: Mai-Lill Ibsen (chair), Anne Breiby (vice chair), Johan Fredrik Dahle, Trond Ellingsen, Einar Westby, Christine Lundberg Larsen, Kristine Bugge-Lie* (* elected by the employees) Auditors: PricewaterhouseCoopers AS

GIEK Kredittforsikring AS aims to promote Norwegian industry with a special emphasis on small and medium enter- State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.giekkreditt.no prises (SME) and Norwegian exports. GIEK Kredittforsikring is the only fully integrated Norwegian credit insurance company GIEK Kredittforsikring has drawn on expe- Income statement (NOK millions) 2017 2016d and has all functions in Norway. GIEK riences gained through this project in a Premiums, net of reinsurance 47,8 43,5 close collaboration with the policy imple- Other insurance-related income 4,7 4,6 Kredittforsikring’s history stretches back Claims incurred, net of reinsurance -26,4 -5,3 to 1922. The company has followed Nor- mentation system aimed at customers Insurance-related operating wegian businesses out into the market and used them as input concerning the expenses, net of reinsurance -35,6 -40,9 Result of technical accounting since the beginning. The company was government’s strategy for exports and infor non-life insurance -9,4 1,8 part of the Norwegian Export Credit Guar- ternationalisation and as input to the re- Net income from investments 4,0 7,1 antee Agency (GIEK) until 2001, when it port entitled “Evaluation of GIEK and Ek- Other incomes 0,4 0,6 was divested as a separate limited com- sportkreditt Norge”. Profit/loss, non-technical accounts 4,4 7,8 Profit/loss from ordinary activities -5,1 9,6 pany. The state’s ownership was man- Tax charge 1,2 -2,5 aged by GIEK until the end of 2014. Man- Sustainability and Result before other agement of the state’s ownership was responsible business conduct comprehensive income -3,9 7,1 Actuarial gains / losses transferred to the Ministry of Trade, In- GIEK Kredittforsikring believes that corpo- defined benefit plans -2,1 -4,9 dustry and Fisheries with effect from 1 rate social responsibility is an integral Tax on actuarial profit/loss 0,5 1,2 January 2015. Today, GIEK Kredittfor- part of the company’s operations and Profit/loss after tax -5,4 3,4 sikring is an important collaboration part- strategy. GIEK Kredittforsikring also in- Balance sheet 2017 2016 ner for the Norwegian seafood industry sures sales to many countries, including Total assets 471 476 and for small, medium and large enter- countries where there is a high risk of cor- Total liabilities 232 231 prises in other industries. GIEK insures ruption, money-laundering or terrorism Total equity 239 245 the companies’ trade debtors, both be- financing generally. The company does Total equity and liabilities 471 476 fore and after delivery. GIEK Kredittfor- not directly influence trade between its Key figures 2017 2016 sikring has its head office in Oslo. Norwegian customers and their clients. Equity ratio 51 % 51 % The aim of the state’s ownership of Nevertheless, it is a clear goal for GIEK Solvency margin 292 % 283 % GIEK Kredittforsikring is to help provide Kredittforsikring to help reduce the risk of Cost ratio 74 % 94 % Loss ratio 55 % 12 % appropriate credit insurance to small and corruption, money laundering and financ- Combined ratio 130 % 106 % medium-sized businesses. The company ing of terrorism between the company’s Return on equity -2,2 % 1,4 % is run on a commercial basis with the aim customers and their clients. Average return on equity last 3 years 3,1 % 5,8 % of delivering a competitive return. During 2017, GIEK Kredittforsikring re- Dividends 2017 2016 vised and reinforced its routines linked to Dividend for the financial year 0 0 Key events money laundering. The preventive work is Dividend percentage 0 % 0% Average dividend Customer behaviour, technology and carried out through the imposition of re- percentage last 5 years 0 % 4 % framework conditions are changing both quirements for transparent transactions Dividend to the state 0 0 in Norway and elsewhere, and demand and good documentation. In addition, a Additional information 2017 2016 for credit insurance solutions amongst separate clause has been incorporated Number of employees 34 34 businesses is affected by these factors. As into the insurance terms and conditions to Proportion of employees in Norway 100 % 100 % part of its product development, GIEK combat these types of offences. In the State ownership at year-end 100 % 100 % clause, it is assumed that customers linked Proportion of women on the board 57 % 57 % Kredittforsikring has expanded its collab- Proportion of women among oration with financial institutions. The to the contracts and receivables that the owner-appointed/shareholder products are now increasingly being used insurance concerns have not acted in elected board members 50 % 50 %d as an instrument to give customers of fi- breach of the relevant provisions of the Pe- nancial institutions greater access to final Code. The provisions prohibit the financing. nancing of terrorism, the receiving of sto- Smart and effective IT solutions are im- len goods, money laundering and corrup- portant, and GIEK Kredittforsikring is con- tion, and the aiding and abetting of such stantly striving to develop solutions which acts. The insurance liability will lapse if the revenues were negatively affected by low- support the company’s goals and busi- company’s customers still act in breach of er premium rates in the market. The com- ness strategy. In 2017, certain processes these bans. The same will apply if any as- pany’s pension commitments increased were automated with the aim of develop- sistants of customers act in breach of the in 2017 as a result of changes in assump- ing better and more integrated solutions bans and the customer knew or must have tions, e.g. a reduction in the discount rate in partnership with customers. been aware of their actions. which is used to calculate the present During 2016 and 2017, GIEK Kredittfor- value of future commitments in the sikring worked with GIEK, Eksportkreditt Financial development scheme. The profit for the year was NOK Norge and Innovasjon Norge to imple- Competition in the credit insurance mar- -5.4 million in 2017. The company did not ment the joint “Eksportteamet” project. ket is tough, and the company’s premium pay a dividend for 2017.

67 Investinor AS © Anne Elisabeth Næss CEO: Haakon H. Jensen Board of Directors: Thomas Falck (chair), Anne Kathrine Slungård (vice chair), Beatriz Malo de Molina, Thor Egil Five , Hans Aasnæs Auditors: KPMG AS

State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.investinor.no

Investinor AS invests in competitive, in- a number of international venture funds Income statement (NOK millions) 2017 2016 ternationally oriented companies, primar- to its portfolio companies, including Intel Operating revenues 74 166 ily during the commercialisation phase. In Capital and White Star Capital. During the Operating expenses 46 52 Gross operating profit (EBITDA) 29 115 addition to investment in the early stages year, many of the portfolio companies de- Operating profit (EBIT) 28 114 of growth, the company has some flexibil- veloped positively, and show the potential Net financial items 12 8 ity towards investing in companies in the to become strong growth companies in Profit/loss before tax and minority 40 122 Tax charge 0 0 expansion phase. Investinor exercises the years to come. Minority interests 0 0 competent, active ownership. The com- Other incomes og kostnader i perioden 0 0 pany is operated on a commercial basis in Profit/loss after tax and minority 40 122 Sustainability and accordance with the market investor prin- responsible business conduct Balance sheet 2017 2016 ciple in the EEA agreement, with the aim Investinor is a responsible investor that Intangible assets 2 319 2 073 of delivering a good long-term return will contribute to sustainable wealth crea- Fixed assets 624 585 Total assets 2 943 2 658 combined with risk diversification. Investi- tion by taking into account environmen- nor sells its stake in portfolio companies tal, social and governance (ESG) issues in Equity 2 927 2 634 when other owners are better placed to all its investments. ESG issues have been Minority interests 0 0 Total equity 2 927 2 634 take them to the next level. Investinor’s vi- incorporated into Investinor’s investment Provision for liabilities 9 11 sion is to transform promising companies analysis, decision-making processes and Current interest-bearing liabilities 0 0 into global leaders by working with entre- active exercising of ownership. Investinor Current interest-free liabilities 7 12 Total debt and liabilities 16 23 preneurs and other investors. has committed to the UN’s Global Com- Total equity and liabilities 2 943 2 658 The objective of the state's ownership pact and the UN’s Principles for Responsi- of Investinor is to boost value creation in ble Investment. Investinor aims to devel- Cash flow 2017 2016 Operating activities -212 -348 Norwegian business and industry through op good internal procedures in order to Investment activities -26 -137 investing in start-up companies, early identify and manage challenges associat- Financing activities 250 500 stage companies and, to a lesser extent, ed with the investment process, i.e. dur- Change cash and cash equivalents 13 15 those in the expansion stage. State owning the analysis and negotiation phase Key figures 2017 2016 ership is also intended to help develop before Investinor becomes the co-owner Capital employed 2 927 2 634 experience and expertise in owning and of a company. The work to quality-assure Gross operating margin (EBITDA) 39 % 69 % Operating margin (EBIT) 38 % 69 % developing companies in the early stages Investinor’s methodology for analysing Equity ratio 99 % 99 % of growth. The company is to be run on a ESG risk in investments was further stepped Return on equity 1 % 5 % commercial basis with the aim of deliver- up in 2017. Average return on equity last 5 years 1 % 0 % Return on capital employed 1 % 5 % ing a competitive return. Financial development Dividends 2017 2016 Key events As an investment company, Investinor’s Dividend for the financial year 50 0 In 2017, Investinor invested in 13 new operating revenues consist of changes in Dividend percentage 125 % 0 % Average dividend portfolio companies and conducted 39 the value of the investment portfolio. In percentage last 5 years 43 % 0 % follow-up investments in existing portfo- 2017, Investinor’s operating revenues to- Dividend to the state 50 0 lio companies. A total of around NOK 938 talled NOK 74.3 million, compared with Capital contributions from the state 250 500 million of venture capital was injected NOK 166.5 million in the previous year. Additional information 2017 2016 into the portfolio companies, of which In- This downturn is primarily due to a Number of employees 19 18 vestinor contributed approximately NOK stronger net change in market value in Proportion of employees in Norway 100 % 100 % State ownership at year-end 100 % 100 % 310 million. The investment portfolio in- the investment portfolio. The company’s Proportion of women on the board 40 % 40 % creased from 35 to 46 companies. In operating profit for 2017 amounted to Proportion of women among owner-appointed/shareholder 2017, Investinor carried out its first stock NOK 28.3 million (NOK 114.3 million). In- elected board members 40 % 40 % exchange listing of a portfolio company vestinor’s profit for 2017 amounted to with BergenBio. Investinor also attracted NOK 40.0 million (NOK 122.9 million).

68 Kommunalbanken AS © Kommunalbanken AS CEO: Kristine Falkgård Board of Directors: Else Bugge Fougner (chair), Martin Skancke (vice chair), Martha Takvam, Nanna Egidius, Brit Kristin Sæbø Rugland, Rune Midtgaard, Petter Steen jr., May-Iren Walstad Wassås*, Jarle Byre (*elected Kommu nal ban ken AS is one of the largest by the employees) financial enterprises in Norway and has Auditors: EY AS been identified as a systematically important financial institution. The company offers stable, cost-effective and long-term loan financing to the municipal sector. At State ownership through the Ministry of Local Government and Modernisation: 100 % The company’s website: www.kommunalbanken.no the close of 2017, every single municipal authority and county council in the country had a loan with Kommunalbanken. Kom- Sustainability and Income statement (NOK millions) 2017 2016 munalbanken offers the same loan condi- responsible business conduct Income statement (NOK millions) 2017 2016 tions regardless of the size of the municipal- The goals for corporate social responsibil- Interest income 5 843 5 617 Interest costs 3 713 3 563 ity or county. This expresses the sectoral ity are anchored in Kommunalbanken’s Net interest income 2 130 2 054 function that the bank performs and helps business strategy. Kommunalbanken Other operating revenues -154 -958 to give inhabitants access to good welfare aims to utilise its position to act as a driv- Operating expenses 193 177 Net losses 0 0 services across the whole country. ing force to promote ethical, environmen- Operating profit 1 783 919 The aim behind the state’s ownership tally friendly and financially sustainable Tax charge 354 230 in Kommunalbanken AS is to facilitate fi- behaviour amongst customers, suppliers, Profit/loss after tax 1 429 689 nancing for the municipal sector and for employees and other stakeholders. In or- Balance sheet 2017 2016 the company to provide the state with a der to promote municipal investments Net lending 283 396 267 521 satisfactory return on invested capital. which are appropriate for a climate-ro- Other assets 129 458 150 806 Total assets 412 854 418 327 The highest achievable credit rating of bust, low-emission society, Kommunal- AAA/Aaa gives Kommunalbanken good banken offers a loan product with a lower Total debt 398 187 405 875 access to borrowing in the capital market interest rate for investments which result Total equity 14 667 12 452 Total equity and liabilities 412 854 418 327 on attractive terms. This enables the bank in reductions in energy consumption and to finance major welfare investments, ir- greenhouse gas emissions and contribute Key figures 2017 2016 respective of economic cycles. The com- to local climate adaptation. Kommunal- Common equity Tier 1 capital ratio 18,4 % 16,9 % Cost/income ratio 9,8 % 16,1 % pany is run on a commercial basis with banken aims to promote ambitious cli- Loss provio as percentage the aim of delivering a satisfactory return. mate targets and address climate chal- of gross lending 0 % 0 % The required rate of return for the period lenges in all municipal investments. The Loss ratio lending 0 % 0 % Return on equity 13 % 6 % 2016–2018 was 8% of value-adjusted eq- loans are financed using green bonds Average return uity after tax. Kommunalbanken is sub- aimed at investors whose investment on equity last 5 years 12 % 15 % ject to supervision by Financial Supervi- mandates include references to climate. Dividends 2017 2016 sory Authority of Norway and has its head The corporate social responsibility report Dividend for the financial year 443 390 office in Oslo. for 2017 follows the Global Reporting Ini- Dividend percentage 31 % 57 % tiative (GRI) standard. Average dividend percentage 5 years 29 % 24 % Key events Dividend to the state 443 390 In 2017, Kommunalbanken approved 646 Financial development new loans worth a total of NOK 55 billion. Profit for 2017 was NOK 1,429 million, Additional information 2017 2016 Number of employees 80 72 The lending portfolio grew during the compared with NOK 689 million in 2016. Proportion of employees in Norway 100 % 100 % year by NOK 15.2 billion, or 5.7%. A high Net interest income rose from 2016, due State ownership at year-end 100 % 100 % proportion of new loans were granted to to a combination of good margins in the Proportion of women on the board 56 % 56 % Proportion of women among schools, preschools, health buildings and markets throughout much of 2017 and a owner-appointed/shareholder care homes, the water, wastewater and higher lending portfolio. The profit was af- elected board members 57 % 57 % refuse collection sector and investments fected by unrealised losses of NOK 163 to prevent and adapt to the effects of cli- million. The losses stem from changes in mate change. the value of the borrowing portfolio which The customer survey for the year is recognised at fair value. The losses shows a high level of customer satisfac- were partly offset by unrealised gains for tion. Good service and availability, attrac- fixed interest rate loans. The bank’s finan- tive loan margins and capable customer cial instruments are normally held until managers resulted in a particularly high maturity and the effect of unrealised score. Around half of the bank’s custom- changes in value on the profit are re- ers began using the KBN Finans debt versed in the event of a reversal in the management portal. The work to further market movements or when the instru- develop KBN Finans as a tool for custom- ment matures. In 2016, recognised unre- ers will continue in 2018 as part of the alised losses amounted to NOK 974 mil- strategy adopted for 2018–2020. A strong- lion. Operating costs remained low and er focus on customer information through corresponded to approximately 0.05% of digitalisation and simplified financial total assets. The return on value-adjusted management will be pivotal during the equity was 12.7% in 2017, compared with strategy period. 6.3% in the previous year.

69 Mantena © Dag-Arne Johansen CEO: Tomm Bråten Board of Directors: Kari Broberg (chair), Ronny Solberg (vice chair), Øyvind Hasaas, Marianne Kartum, Kjell Helmer Vekve Næss*, Jomar Morten Kvitland*, Petter Trønnes* (* elected by the employees) Auditors: Deloitte AS

State ownership through the Ministry of Transport and Communications: 100 % The company’s website: www.mantena.no

Mantena AS was previously the engi- terised by constant efforts to adapt the Income statement (NOK millions) 2017 neering unit in NSB, but was divested in organisation to both existing customers Operating revenues 1 524 2002 as a separate subsidiary. The com- and customers of the future and to pre- Operating expenses 1 435 Gross operating profit (EBITDA) 89 pany was divested from NSB AS and pare for future competition. Operating profit (EBIT) 89 placed under the Ministry of Transport Net financial items 0 and Communications in April 2017. Man- Rofit/loss before tax and minority 89 Sustainability and Tax charge 25 tena is the largest supplier of mainte- responsible business conduct Minority interests 0 nance services to train operating compa- Mantena has a conscious attitude to- Other revenues and expenses in the period -90 nies in Norway. The principal activity con- wards the company’s corporate social re- Profit/loss after tax and minority -26 sists of the maintenance of locomotives, sponsibility and takes this into account in Balance sheet 2017 coaches and multiple units. Mantena also its governing documents, goals and plans. Intangible assets 355 has its own workshop for the mainte- During 2017, the work relating to corpo- Fixed assets 723 Total assets 1 078 nance of components and parts, as well rate social responsibility was primarily fo- as a logistics function. The company also cussed on the establishment of company- Equity 176 carries out maintenance and repairs on specific documents and guidelines follow- Minority interests 0 Total equity 176 rail-borne plant in Norway. The Mantena ing the company’s divestment from the Provision for liabilities 902 Group has won major maintenance con- NSB Group. Mantena is very concerned Current interest-bearing liabilities 0 tracts in Sweden through its subsidiary about how the company’s operations im- Current interest-free liabilities 0 Total debt and liabilities 902 Mantena Sverige AB. Mantena’s vision is pact on the external environment. For Total equity and liabilities 1 078 to be the best in the maintenance of rail- Mantena, environmental awareness and borne vehicles in Europe. The company energy saving throughout its organisation Cash flow 2017 Operating activities 20 has therefore adopted a strategy based is a pivotal goal. Mapping the company’s Investment activities -211 on a substantial increase in revenue, environmental aspects provides a basis Financing activities 191 through both organic growth and acquisi- for ongoing environmental work. Numer- Change cash and cash equivalents -1 tions. Mantena’s head office is situated in ous measures have been implemented Key figures 2017 Oslo, but the company also operates from aimed at energy-saving, reductions in the Capital employed 176 bases across the country, including in use of chemicals and last but not least en- Gross operating margin (EBITDA) 6 % Operating margin (EBIT) 6 % Trondheim, Bergen, Stavanger, Skien, vironmental training for the company’s Equity ratio 16 % Drammen and Oslo (Lodalen and Grorud). employees. Return on equity i.a. In Sweden, Mantena has bases in Helsing- Average return on equity last 5 years i.a. Return on capital employed i.a. borg, Västerås and Stockholm. Financial development The objective of the state's ownership The group recorded a profit of NOK 63 Dividends 2017 in Mantena is commercial. The company million after tax in 2017 (before extraordi- Dividend for the financial year 0 is run on a commercial basis with the aim Dividend percentage 0 % nary items). In 2017, the group’s operat- Average dividend percentage last 5 years of delivering a competitive return. ing profit was NOK 89 million and reve- Dividend to the state 0 nues amounted to NOK 1,524 million. The group has developed positively since 2016, Additional information 2017 Key events Number of employees 1 050 Until 2017, many of Mantena’s functions when it recorded a deficit. This is primari- Proportion of employees in Norway 84 % have been purchased by NSB. In recent ly because the Swedish operation is per- State ownership at year-end 100 % years, Mantena has worked to sign new forming more strongly and because the Proportion of women on the board 29 % Proportion of women among agreements and establish functions un- Norwegian operation recorded a healthy owner-appointed/shareholder der its own auspices in a number of ad- operating profit as a result of wide-rang- elected board members 50 % ministrative areas. 2017 was thus charac- ing streamlining measures.

70 NSB AS © Mads Kristiansen CEO: Geir Isaksen Board of Directors: Dag Mejdell (chair), Bjarne Borgersen (vice chair), Kjerstin Fyllingen, Åsne Havnelid, Wenche Teigland, Rolf Juul Ringdal*, Ove Sindre Lund*, Jan Audun Strand* (* elected by the employees) Auditors: Deloitte AS

State ownership through the Ministry of Transport and Communications: 100 % The company’s website: www.nsbkonsernet.no NSB AS was established as a separate company in 1996 and has been organised as a limited company since 2002. The at the end of 2018. All younger employees Income statement (NOK millions) 2017 20161 company is one of Norway’s largest trans- at the time of closure of the scheme will Operating revenues 14 990 15 559 Operating expenses 14 413 14 542 port groups and also has extensive opera- have an accrued right in SPK and be en- Gross operating profit (EBITDA) 1 233 2 513 tions in Sweden. In 2017, the NSB group rolled in a new defined-contribution Operating profit (EBIT) 578 1 017 consisted of the following business areas: scheme from 2019. Share of profits in associates and joínt ventures 195 172 passenger trains (NSB AS, NSB Gjøvik- Unrealised changes in the value of invest- banen AS and Svenska Tågkompaniet Sustainability and ment properties and upon reclassification 0 551 AB), freight transport (CargoNet AS), bus responsible business conduct Net financial items -1 -237 Rofit/loss before tax and minority 772 1 503 operations (Nettbuss AS) and tourism. The NSB Group has established its own Tax charge 138 236 The NSB group’s vision is to create “The guidelines for the fulfilment of its corpo- Minority interests 4 6 best journey”, while CargoNet’s vision is to rate social responsibility. NSB’s biggest Profit/loss after tax and minority 630 1 261 offer “The best transport”. The NSB contribution to society is to enable socie- Balance sheet 2017 2016 group’s mission is to offer customers and ty’s transport challenges to be met in an Intangible assets 3 528 20 893 clients business travel, leisure travel and effective, accessible, safe and environ- Fixed assets 7 907 8 073 Total assets 11 434 28 966 travel experiences in the Nordic region. mentally friendly manner. During 2017, CargoNet’s mission is to offer businesses the group worked to develop a new sus- Equity 5 001 9 935 the transport of goods by rail and associ- tainable development strategy - The Minority interests -16 -1 Total equity 4 985 9 934 ated services. The principal goal of the green journey - with the aim of ensuring Provision for liabilities 2 561 917 group is to be the Nordic market leader that the group is better than its competi- Current interest-bearing liabilities 893 10 936 by 2025. The company’s head office is sit- tors at taking responsibility for sustaina- Current interest-free liabilities 2 995 7 179 uated in Oslo. ble development. Key measures include Total debt and liabilities 6 449 19 032 Total equity and liabilities 11 434 28 966 The objective of the state's ownership reducing the group’s greenhouse gas of NSB is to help secure efficient, accessi- emissions and the application of quality Cash flow 2017 2016 ble, safe and eco-friendly passenger and standards and certification as a basis for Operating activities 572 2 698 Investment activities -708 -1 016 freight transport by rail in Norway. The the work relating to the environment. The Financing activities -2 086 -1 958 company is run on a commercial basis social account forms an integral part of Foreign currency effects 18 -12 with the aim of delivering a competitive the group’s annual report and covers Change cash and cash equivalents -2 204 -288 return. strategies, plans and the status of the Key figures 2017 2016 working environment/sick-leave, safety, Capital employed 5 878 20 870 Key events equal opportunities/discrimination, ex- Gross operating margin (EBITDA) 8 % 16 % Operating margin (EBIT) 4 % 7 % The train maintenance company Mante- ternal environment and anti-corruption. Equity ratio 44 % 34 % na AS, the sale and ticketing solutions in The NSB Group reports on the status of Return on equity 8 % 13 % Entur AS, the rolling stock in Norske tog the fulfilment of its corporate social re- Average return on equity last 5 years 16 % 17 % Return on capital employed 7 % 7 % AS and the property company ROM Prop- sponsibility in accordance with the Ac- erty were split off from NSB with effect counting Act and GRI4 Core. No. of train journeys in Norway (millions) 66,6 67,6 Punctuality passenger trains from 24 April 2017. (on time at final destination) 88,4 % 88,3 % NSB is carrying out a major programme Financial development Freight transport in Norway (million tonnes/km) 2 040 1 913 of change in order to prepare the busi- The group’s profit after tax amounted to Freight transport in Norway (1000 TEU) 355 368 ness for competition concerning the op- NOK 634 million, compared with NOK Public purchases 2017 2016 eration of rail passenger transport servic- 1,267 million in 2016. In order to give a Income from the state 3 338 3 159 es in Norway. The market is being divided representative picture of developments, into six to eight traffic packages, each of the financial results of 2017 should be Dividends 2017 2016 Dividend for the financial year 315 0 which covers a specific geographic area. compared with the continued activity Dividend percentage 50 % 0 % The competitive tendering procedures for from 2016, adjusted for the profit ele- Average dividend “Traffic Package South” and “Traffic Pack- ment of deliveries from the discontinued percentage last 5 years 32 % 31 % Dividend to the state 315 0 age North” were announced by the Nor- activity. After such an adjustment, the wegian Railway Directorate in 2017/2018. group’s profit for the year is NOK 79 mil- Additional information 2017 2016 At the end of December 2017, it was lion better than last year. This improve- Number of employees 10 858 12 578 Proportion of employees in Norway 85 % 88 % decided to switch to a new pension ment is primarily due to an increase in the State ownership at year-end 100 % 100 % scheme for NSB AS and NSB Gjøvikbanen share of profits from jointly controlled Proportion of women on the board 38 % 38 % AS. For employees of these companies, and associated companies. The group’s Proportion of women among owner-appointed/shareholder the current pension scheme with the Nor- revenues amounted to NOK 14,990 mil- elected board members 60 % 60 % wegian Public Service Pension Fund (SPK) lion and the return on book equity after 1 Applies to total business in 2016. In the 2017 financial statements, will be closed to those over the age of 55 the divestment was 13.2%. the comparative figures for 2016 are translated into continuing business. 71 StatkraftPosten Norge AS AS © Posten Norge AS CEO: Tone Wille Board of Directors: Idar Kreutzer (chair), Randi Bakkerud Sætershagen (vice chair), Tove Andersen, Anne Britt Berentsen, Morten Karlsen Sørby, Terje Wold, Erling Andreas Wold*, Lars Posten Norge AS is a Nordic mail and logis- Nilsen*, Ann Elisabeth Wirgerness*, tics group that develops and delivers com- Odd Christian Øverland* (* elected plete solutions within postal services, com- by the employees) munications and logistics. The group mar- Auditors: EY AS kets itself using two brands: Posten and Bring. Posten Norge’s head office is situated in Oslo. The group consists of approximate- State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.posten.no ly 16,000 full-time equivalents and has four divisions and four corporate staff functions. The corporate management team consists sustainable and responsible manage- Income statement (NOK millions) 2017 2016 of the group CEO and eight company CEOs, ment of the company’s key resources. Operating revenues 24 678 24 772 of whom 56% are women. The group has chosen three initiative ar- Operating expenses 23 977 24 607 Gross operating profit (EBITDA) 1 443 1 170 In 2017, the group developed a new eas: HSE, environment/climate and inte- Operating profit (EBIT) 701 163 strategy for the next few years. The key- gation/diversity. The company’s sustaina- Share of profits in words for this work were “customer-orient- ble development report for 2017 sets out associates and joínt ventures -9 15 Net financial items -71 52 ed, simplified and profitable”. This strategy the values that Posten Norge has estab- Rofit/loss before tax and minority 621 230 has been set out in a new corporate strate- lished in recent years and the footprint Tax charge 233 191 gy, in a new strategic platform with a vision, that the company has left in society. Minority interests 6 4 Profit/loss after tax and minority 382 36 purpose and primary goals, and in the business strategies. The vision is “We make eve- Financial development Balance sheet 2017 2016 ryday life easier and the world smaller” and Posten Norge’s operating revenues in Intangible assets 8 850 9 063 Fixed assets 8 112 6 236 the aim is to simplify and value-add trade 2017 amounted to NOK 24,678 million, Total assets 16 962 15 299 and communication for people and busi- which is NOK 94 million lower than in nesses across the Nordic region. 2016. Profit before tax was NOK 621 mil- Equity 6 353 5 898 Minority interests 22 14 From 2017, responsibility for manag- lion in 2017, an improvement of NOK 391 Total equity 6 375 5 912 ing the state’s ownership of Posten Norge million over the previous year. Operating Provisions for liabilities 1 505 1 588 was transferred from the Ministry of profit in 2017 amounted to NOK 692 mil- Current interest-bearing liabilities 3 761 2 393 Current interest-free liabilities 5 321 5 406 Transport and Communications to the lion, which is NOK 514 million better than Total debt and liabilities 10 587 9 387 Ministry of Trade, Industry and Fisheries. in 2016. Write-downs of NOK 59 million Total equity and liabilities 16 962 15 299 The state’s aim behind its ownership in and other income of NOK 57 million were Cash flow 2017 2016 Posten Norge is commercial. The owner- recognised in 2017. In 2017, adjusted Operating activities 592 945 ship is also justified through the need to profit (EBITE) amounted to NOK 703 mil- Investment activities 88 -1 210 ensure that there is a nationwide supplier lion, which is NOK 58 million better than Financing activities 1 382 -633 Change cash and cash equivalents 2 062 -898 of postal services. the previous year. During 2017, the logistics operation Key figures 2017 2016 Key events outside Norway recorded an increase in Capital employed 10 136 8 305 Gross operating margin (EBITDA) 6 % 5 % Posten Norge’s financial results improved its profit as a result of strong and profita- Operating margin (EBIT) 3 % 1 % in 2017. During the year, the group devel- ble growth within parcels and home deliv- Equity ratio 38 % 39 % oped a new strategy, adjusted its portfolio ery, stronger demand for international Return on equity 6 % 1 % Average return on equity last 5 years 4 % 5 % and implemented a major restructuring transport and the winding-up of the un- Return on capital employed 10 % 6 % programme within its postal operation. In profitable freight operation in Sweden. 2017, Crown Prince Haakon opened Pos- This made a positive contribute to the ad- Postal service outlets 1 371 1 480 Delivery quality A-priority post ten and Brings Logistics Centre Oslo. The justed operating profit (EBITE) for the Lo- (overnight delivery) 85 % 86 % logistics centre is the beating heart of Pos- gistics segment in 2017 amounting to Reputation of Posten (max points: 100) 60 68 ten Norge’s nationwide network with NOK 129 million, an improvement of NOK Volume development A- and B-mail -10 % -11 % modern terminals. 80 million over 2016. The logistics opera- Dividends 2017 2016 At the start of 2018, the group carried tion in Norway saw a downturn in profit in Dividend for the financial year 194 19 out one of the biggest restructuring pro- 2017. This was partly due to sluggish vol- Dividend percentage 51 % 53 % Average dividend cesses in Posten’s history by switching from ume growth and pressure on prices for percentage last 5 years 59 % 62 % A and B post (first and second class post) to parcels, as well as challenges relating to Dividend to the state 194 19 a single addressed letter stream. Letter vol- margins within international transport. umes are expected to continue to decline in The offshore operation continued to be Public purchases 2017 2016 Purchase of postal and banking services 357 403 the future and the next essential restructur- affected by the sluggish economy, but ing step will be to reduce the number of de- picked up again to some extent towards Additional information 2017 2016 livery days. In January 2018, the Ministry of the end of the year. The express and Number of employees 17674 18 327 Proportion of employees in Norway 79 % 79 % Transport and Communications presented warehousing operations achieved good State ownership at year-end 100 % 100 % a consultation proposal concerning amend- margins. In 2017, the Post segment re- Proportion of women on the board 45 % 40 % ments to the Post Act to facilitate this. corded an operating profit (EBITE) of NOK Proportion of women among owner-appointed/shareholder 843 million, an improvement of NOK 43 elected board members 50 % 50 % Sustainability and million compared with 2016, despite a responsible business conduct sharp decline in volumes within ad- Posten Norge strives to promote long- dressed letters. term value creation through ensuring the

72 StatkraftPosten Norge AS AS © Statkraft SF CEO: Christian Rynning-Tønnesen Board of Directors: Thorhild Widvey (chair), Halvor Stenstadvold (vice Statkraft SF is the parent company in chair), Hilde Drønen, Peter Mellbye, Helene Biström, Bengt Ekenstierna, the Statkraft group. Statkraft SF is a lead- Vilde Eriksen Bjerknes*, Asbjørn ing international hydropower company, Sevlejordet*, Thorbjørn Holøs* Europe’s largest supplier of renewable (* elected by the employees) energy, and a global market player in en- Auditors: Deloitte AS ergy-trading in both Europe and selected markets in Asia and South America. The group’s power stations have an installed output of 19,080 MW (Statkraft’s State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.statkraft.no holding), with 82% originating from hydropower, 12.5% gas power, 5.2% wind power and 0.2% biopower. Most of the capac- Statkraft sold its holdings in the offshore Income statement (NOK millions) 2017 2016 ity is concentrated in Norway, with 68% of wind sector, in accordance with the compa- Net operating revenues 30 567 20 146 capacity, while Sweden accounts for 9.5%, ny’s strategy. The final transaction was com- Operating expenses 13 380 17 144 Gross operating profit (EBITDA) 21 702 10 842 the rest of Europe 16%, South America pleted in the first quarter of 2018. Ringedalen Operating profit (EBIT) 17 187 3 002 4.8% and India/Nepal 0.9%. Statkraft’s dis- hydropower station in Norge, which has an Share of profits in trict heating plants have an installed out- installed capacity of 23 MW, was opened and associates and joínt ventures -62 503 Net financial items -1 331 2 120 put of 789 MW, split between around 80% Statkraft has a comprehensive upgrading Rofit/loss before tax and minority 15 794 5 625 in Norway and 20% in Sweden. Today, and maintenance programme under way Tax charge 3 962 5 433 Statkraft is Europe’s leading supplier of for Norwegian hydropower. Minority interests -94 -62 Profit/loss after tax and minority 11 926 254 services for market access for smaller producers of renewable energy, as well as a Sustainability and Balance sheet 2017 2016 total portfolio of over 10,000 MW. responsible business conduct Intangible assets 126 553 136 605 Fixed assets 39 939 27 396 Statkraft’s strategic ambition is to Statkraft adheres to globally recognised ini- Total assets 166 493 164 001 strengthen its position as a leading inter- tiatives and standards, and the follow-up of national supplier of clean energy, with a corporate social responsibility is an integrat- Equity 85 307 73 069 Minority interests 3 591 7 747 focus on Norway, Sweden and selected ed part of Statkraft’s governance system. Total equity 88 898 80 816 markets in South America and Asia. The Statkraft’s improvement programme Provision for liabilities 15 944 19 332 company has six strategic focus areas: Eu- for health, safety and the environment, Derivater 1 101 1 805 Current interest-bearing liabilities 39 821 39 989 ropean flexible power generation, market entitled “Powered by care”, was contin- Current interest-free liabilities 20 727 22 059 operations, international power genera- ued in 2017. Strengthening of Statkraft’s Total debt and liabilities 77 594 83 185 tion, wind power, district heating and preparedness for emergency situations Total equity and liabilities 166 493 164 001 commercial development in Norway. was a priority during 2017. The company’s Cash flow 2017 2016 The aim of the state’s ownership of plants and development projects impact Operating activities 8 419 8 353 Statkraft is to contribute to the profitable on both the natural environment and the Investment activities 4 309 -6 817 Financing activities -5 822 -3 205 and responsible management of Norwe- local population, and the company fol- Foreign currency effects -36 -85 gian natural resources and the develop- lows good international practice and Change cash and cash equivalents 6 870 -1 754 ment of Norwegian expertise within re- standards, based on the IFC’s Perfor- Key figures 2017 2016 newable energy, which can also be used mance Standards on Environmental and Capital employed 128 720 120 805 to implement profitable power projects Social Sustainability. Gross operating margin (EBITDA) 71 % 54 % internationally. The company is run on a The group has adopted an active pre- Operating margin (EBIT) 56 % 15 % Equity ratio 53 % 49 % commercial basis with the aim of deliver- ventive approach to business ethics and Return on equity 15 % 0 % ing a competitive return. anticorruption. Statkraft has established Average return on equity last 5 years 4 % 2 % a new Corporate Compliance unit. One of Return on capital employed 14 % 3 % the new initiatives being implemented is a Key events Assets and dividends 2017 2016 In spring 2017, the Storting adopted a new training programme, which will include a Dividend for the financial year 6 040 2 400 long-term dividend expectation for Stat- new e-learning course with interactive Dividend percentage 51 % 945 % Average dividend kraft. This will require Statkraft to pay a modules and new clear guides. percentage last 5 years 104 % 177 % dividend of 85% of the realised profit from Dividend to the state 6 040 2 400 its Norwegian hydropower operation and Financial development Garantibeløp 400 400 25% of the realised profit from other op- Profit before tax was NOK 15.8 billion, and Garantiprovisjon til staten 2 2 erations. The new dividend expectation after tax and minority interests NOK 11.9 Additional information 2017 2016 will help to ensure that the return gener- million. This is the highest profit since Number of employees 3 593 3 804 ated from Norwegian hydropower re- 2008. In 2017, Statkraft generated 63 TWh Proportion of employees in Norway 62 % 60 % State ownership at year-end 100 % 100 % sources benefits society at large and gives of electricity and 1.1 TWh of district heat- Proportion of women on the board 44 % 44 % the company opportunities for further ing, a slight decrease from the record year Proportion of women among owner-appointed/shareholder growth within the rest of its operation. of 2016. Nevertheless, higher prices for elected board members 50 % 50 % Statkraft and Norfund swapped shares in power in the Nordic region and a stronger their jointly owned enterprises, through Stat- contribution from market activities led to a proved outlook for future profitability for kraft acquiring Norfund’s shares in Statkraft substantial increase in the underlying op- gas power in Germany, were reversed. On IH Invest and selling its 50% stake in SN Pow- erating profit. The Nordic system price was the other hand, changes in the company’s er to Norfund. The move makes Statkraft 9% higher than in 2016. All segments made view of long-term power prices led to im- sole owner of the operations in South Amer- a positive contribution to the underlying pairments totalling NOK 2.4 billion. The ica, India and Nepal, but also means that the EBITDA in 2017, which totalled NOK 14.5 disposal of the company’s positions in off- company has withdrawn from Panama, billion. Previous impairments totalling shore-based wind power resulted in an ac- Zambia, Laos, Thailand and the Philippines. NOK 1.3 billion, partly as a result of the im- counting gain of NOK 2.6 billion. 73

CATEGORY 4 Sectoral policy objectives

State ownership of the companies in category 4 primarily has sector policy objectives. As an owner, the state strives to achieve its sector policy objectives as efficiently as possible..

Andøya Space Center AS 76 Kings Bay AS 91 Rogaland Teater AS 104 Avinor AS 77 Nationaltheatret AS 92 Simula Research Laboratory AS 105 Bane NOR SF 78 Nofima AS 93 Siva – Selskapet Bjørnøen AS 79 Nordisk Institutt for Industrivekst SF 106 for Odontologiske Carte Blanche AS 80 Materialer AS 94 Space Norway AS 107 AS Den Nationale Scene 81 Norfund 95 Statnett SF 108 Den Norske Opera Norges sjømatråd AS 96 Statskog SF 109 & Ballett AS 82 Norsk Helsenett SF 97 Staur gård AS 110 Eksportkreditt Norge AS 83 Norsk riks- Store Norske Enova SF 84 kringkasting AS 98 Spitsbergen Entur AS 85 Kulkompani AS 111 Norsk Tipping AS 99 Gassco AS 86 Talent Norge AS 112 Norske tog AS 100 Gassnova SF 87 Trøndelag Teater AS 113 NSD – Norsk Graminor AS 88 senter for UNINETT AS 114 forskningsdata AS 101 Innovasjon Norge 89 Universitetssenteret Kimen Såvare- Nye Veier AS 102 på Svalbard AS 115 laboratoriet AS 90 Petoro AS 103 AS Vinmonopolet 116 © Fredrik Julius Jenssen

75 Andøya Space Center AS © Trond Abrahamsen CEO: Odd Roger Enoksen Board of Directors: Svenn Are Jenssen (chair), Rolf Skatteboe (vice chair), Sandra Riise, Grethe Stave, Bjørn Kanck, Åge Fredriksen* (* elected by the employees) Auditors: Vesteråls-Revisjon AS

State ownership through the Ministry of Trade, Industry and Fisheries: 90 % The company’s website: www.andoyaspace.no

Andøya Space Center AS supplies ser- in Andøya Space Center is to strengthen Income statement (NOK millions) 2017 2016 vices and products for space and atmos- Norwegian research and high-technology Operating revenues 102,5 121 pheric research, environmental monitor- business activities through the operation Operating expenses 93,0 112 Gross operating profit (EBITDA) 9,5 25,0 ing and technology testing and verifica- and development of infrastructure for Operating profit (EBIT) -6,1 8,8 tion. The company also aims to contribute technology testing and scientific research. Net financial items 0,1 0,2 to knowledge development and interest It is a requirement for the company to be Rofit/loss before tax and minority -6,2 9,0 Tax charge -2,0 3,2 in these areas. run efficiently. Profit/loss after tax and minority -4,3 5,8 The company was established in 1997 when it was demerged from the Norwe- Key events Balance sheet 2017 2016 Intangible assets 106,2 109 gian Space Centre foundation. The com- In partnership with NASA, JAXA and SIOS, Fixed assets 38,5 48,7 pany’s roots date back to 1962, when it Andøya Space Center and the University Total assets 144,7 157 was established under the auspices of the of Oslo have established the international Total equity 87,6 91,9 Norwegian Defence Research Establish- Grand Challenge Initiative (CUSP), which Provision for liabilities 0,1 3,1 ment as one of the precursors to the Re- will launch twelve research rockets from Current interest-bearing liabilities 32,1 34,4 search Council of Norway, originally being Andøya and Svalbard in 2018 and 2019. Current interest-free liabilities 25,0 28,0 Total debt and liabilities 57,2 65,4 established to meet military and civil ra- The subsidiary Andøya Test Center is now Total equity and liabilities 144,7 157 dio communication requirements. in its second year of a five-year agree- The group’s head office is situated in ment with the Norwegian Armed Forces, Cash flow 2017 2016 Operating activities 5,9 32,6 the municipality of Andøy and, in addition which will help to improve predictability Investment activities -13,6 -7,0 to the parent company Andøya Space as regards the group’s financial situation. Financing activities 2,6 2,6 Center AS, comprises the subsidiaries It was decided to close Andøya airbase Change cash and cash equivalents -5,1 28,2

Andøya Test Center AS and NAROM (Nor- in 2016. The airbase is an important col- Key figures 2017 2016 wegian Centre for Space-related Educa- laboration partner for parts of the group Capital employed 119,7 126 tion). The ALOMAR observatory is also and the consequences of the closure are Gross operating margin (EBITDA) 9 % 21 % Operating margin (EBIT) -6 % 7 % part of the company’s service spectrum. still being reviewed. In 2017, the group Equity ratio 61 % 58 % The company is owned by the state continued to focus on assessing the op- Return on equity -5 % 6 % through the Ministry of Trade, Industry portunities to develop capacity for the Average return on equity last 5 years 8 % 10 % Return on capital employed -4 % 8 % and Fisheries (90%) and Kongsberg De- launching of small satellites from Andøya. fence Systems AS (10%). Government grants/Public purchases 2017 2016 The company supplies services to na- Sustainability and Government grants/Public purchases 36 35,6 tional and international research institu- responsible business conduct Additional information 2017 2016 tions (launch of sounding rockets and re- Andøya Space Center is working with Number of employees 84 80 lease of research balloons) and to technol- Nammo AS to develop a more environ- Proportion of employees in Norway 100 % 100 % ogy development enterprises (testing of State ownership at year-end 90 % 90 % mentally friendly rocket engine, which will Proportion of women on the board 56 % 33 % rocket motors). Andøya Space Center is be tested in 2018. The group strives to Proportion of women among also seeing increasing activity relating to maintain a good dialogue with local au- owner-appointed/shareholder elected board members 57 % 40 % the development, testing and use of un- thorities, local residents and industry re- manned aerial systems (UAV/RPAS), and garding the impact of its operations on carries out student-oriented work through the local environment. Andøya Space the NAROM subsidiary. Around 45% of the Center supports local groups and organi- company's total revenues originate from sations which carry on activities aimed at Norwegian and foreign agencies through children and young people. the Esrange Andøya Special Project (EASP) multilateral agreement between Sweden, Sectoral policy goal attainment Norway, Germany, France and Switzer- Andøya Space Center AS provides facilities land. As a result of the EASP agreement, and support services for space and atmos- the group has imposed a ban on the pay- pheric research for Norwegian and interna- ment of dividends in accordance with the tional research environments. The group company’s articles of association. In addi- also carries out tests for Norwegian indus- tion to the grants from the EASP agree- try, as well as tests and exercises for military ment, the company has its own revenues customers in Norway and other NATO from the sale of services, notably to the countries. In addition, the group has opera- Norwegian Armed Forces and NASA. tions linked to teaching and information dis- The objective of the state's ownership semination through its subsidiary NAROM.

76 Avinor AS © Avinor AS CEO: Dag Falk-Petersen Board of Directors: Ola Mørkved Rinnan (chair), Ola Henrik Strand (vice chair), Linda Bernander Silseth, Eli Skrøvset, Herlof Nilssen, Olav Aadal*, Heidi Anette Sørum*, Bjørn Tore Mikkelsen* (* elected by the employees) Auditors: EY AS

State ownership through the Ministry of Transport and Communications: 100 % The company’s website: www.avinor.no

Avinor AS was established in 2003 when and Communications presented Report to Income statement (NOK millions) 2017 2016 the Norwegian Civil Aviation Authority the Storting No. 30 (2016–2017) om virk- Operating revenues 11 526 10 788 (Luftsfartsverket) was converted into a somheten til Avinor AS (on Avinor AS’ op- Operating expenses 10 289 9 030 Gross operating profit (EBITDA) 3 126 3 521 state-owned limited company. The com- erations). The report presents the compa- Operating profit (EBIT) 1 237 1 758 pany's mission is to own, operate and de- ny’s development and plans, and gives an Net financial items -598 -384 velop a nationwide network of airports account of the ministry’s assessments. An Profit/loss before tax 640 1 374 Tax charge 141 346 for the civilian sector and provide a joint important topic in the report was further Profit/loss after tax 499 1 029 air navigation service for civilian and mili- work relating to the putting out of air navi- tary aviation. The company’s head office gation services to competitive tender. Balance sheet 2017 2016 Intangible assets 40 436 38 581 is situated in Oslo. Fixed assets 3 500 2 456 The aviation operations business en- Sustainability and Total assets 43 936 41 037 compasses 45 airports in Norway, as well responsible business conduct Total equity 14 054 14 937 as air traffic control towers, control centres Avinor strives to be a driving force in the Provision for liabilities 4 215 2 756 and other technical infrastructure for safe work relating to the climate-related and Current interest-bearing liabilities 22 837 18 607 air navigation. The company also performs environmental challenges associated with Current interest-free liabilities 2 830 4 738 Total debt and liabilities 29 882 26 101 a number of socially mandated tasks. Avi- aviation, and aims to help reduce green- Total equity and liabilities 43 936 41 037 nor’s goal is to facilitate safe, environmen- house gas emissions from aviation. The tally friendly and efficient aviation and en- company’s aim is to halve its total control- Cash flow 2017 2016 Operating activities 3 653 3 100 sure good accessibility for all categories of lable greenhouse gas emissions by 2020 Investment activities -3 378 -4 561 passengers. In addition to aviation opera- compared with 2012. During 2017, Avinor Financing activities 848 743 tions, Avinor receives commercial reve- worked on projects to facilitate electric Change cash and cash equivalents 1 123 -718 nues from duty-free sales, car parks, air- aircraft, improve the use of air space and Key figures 2017 2016 port hotels, cafés and restaurants, as well provide facilities for the use of sustaina- Capital employed 36 891 33 544 as other services at the airports. ble jet biofuel. Gross operating margin (EBITDA) 27 % 33 % Operating margin (EBIT) 11 % 16 % Avinor aims to be self-financing insofar The company will strive to ensure that Equity ratio 32 % 36 % as is possible through revenues generat- as much feeder traffic as possible travels Return on equity 3 % 7 % ed via its primary and commercial opera- by public transport. Avinor has previously Average return on equity last 5 years 10 % 11 % Return on capital employed 4 % 5 % tions. Within the company, operations are developed an anti-corruption programme, managed as a single entity, with the result set up a whistleblowing committee and Regularity (percentage of that the financially profitable airports signed up to the United Nations Global scheduled departures carried out) 98 % 99 % Punctuality (percentage of departures help finance unprofitable airports. The air Compact and the OECD’s guidelines for carried out with max. 15 minutes delay) 85 % 87 % navigation service is self-financing responsible industry, and publishes re- Traffic (total number of through pricing of the services provided ports concerning corporate social respon- passangers in thousands 52 885 50 803 according to the cost coverage principle. sibility in accordance with the Global Re- Dividends 2017 2016 The objective of the state's ownership porting Initiative (GRI). Dividend for the financial year 249,7 550 of Avinor is to operate and develop a na- Dividend percentage 50 % 53 % Average dividend tionwide network of airports for the civil- Sectoral policy goal attainment percentage last 5 years 36 % 37 % ian sector and provide joint air navigation Avinor has maintained the stable, safe and Dividend to the state 249,7 550 services for the civilian and military sec- secure operation of 45 airports and the air tors. It is a requirement for the company navigation service within a self-funded Additional information 2017 2016 Number of employees 3 098 3 074 to be run efficiently. framework and delivered a profit of NOK Proportion of employees in Norway 100 % 100 % 499 million in 2017. New terminal build- State ownership at year-end 100 % 100 % Key events ings at Oslo Airport and Bergen Airport Proportion of women on the board 38 % 50 % Proportion of women among In 2017, new terminal buildings opened at were completed on time and on budget. owner-appointed/shareholder Oslo Airport and Bergen Airport. It was The goals for the group’s modernisation elected board members 40 % 50 % confirmed that Avinor is to draw up plans programme were also achieved in 2017. for a possible third runway at Oslo Air- The construction of a centre in Bodø port, east of the existing runways. Avinor for the remote control of air control tow- began work to put the operation of Haug- ers at 15 airports by 2020 has begun. In esund Airport out to competitive tender 2017, Avinor announced tender competi- and was also tasked with planning the re- tions for the operation of Haugesund Air- location of Bodø Airport. port and planned the outsourcing of air In spring 2017, the Ministry of Transport navigation services at certain airports.

77 Bane NOR SF © Øystein Grune/Bane NOR SF CEO: Gorm Frimannslund Board of Directors: Siri Beate Hatlen (chair), Olaf Trygve Melbø (vice chair), Auke Lont, Ane Rongen Breivega,Toril Nag, Baard Haugen, Tor Egil Pålerud*, Solbjørg Engeset* (* elected by the employees) Auditors: PricewaterhouseCoopers AS Bane NOR SF was established in Febru- ary 2016. The majority of the administrative body, the Norwegian National Rail Administration, was transferred to Bane NOR, which became operational in Janu- State ownership through the Ministry of Transport and Communications: 100 % The company’s website: www.banenor.no ary 2017. The objective of the new enterprise is to safeguard the provision of railway infrastructure and effective and user- sive operations, where changes in the Income statement (NOK millions) 2017 2016 friendly services, including hub and termi- timing of incoming and outgoing pay- Operating revenues 12 038 53 nal development. ments can result in substantial fluctua- Operating expenses 6 021 53 Gross operating profit (EBITDA) 6 017 0 Bane NOR is responsible for the plan- tions in liquidity. The working capital facil- Operating profit (EBIT) 177 0 ning, development, management, opera- ity is therefore important to ensure the Net financial items -124 0 tion and maintenance of the national rail availability of liquidity for ongoing outgo- Profit/loss before tax 53 0 Tax charge 30 0 network, traffic management and the ing payments. Profit/loss after tax 23 0 management and development of railway property. The enterprise also has opera- Balance sheet 2 017 2 016 Sustainability and Intangible assets 156 369 11 tional responsibility for coordinating safe- responsible business conduct Fixed assets 13 716 35 ty work, preparedness and crisis manage- Bane NOR has developed a policy for eth- Total assets 170 085 46 ment. Bane NOR’s head office is situated ical conduct and corporate social respon- Equity 10 689 0 in Oslo. sibility. Bane NOR has complex deliveries, Provision for liabilities 149 565 10 The aim of the state’s ownership of comprehensive contracts and a large Current interest-bearing liabilities 5 545 0 Bane NOR is to ensure a cost-effective number of suppliers, employees and Current interest-free liabilities 4 286 35 Total debt and liabilities 159 391 46 and customer-oriented infrastructure hired personnel. To ensure that the enter- Total equity and liabilities 170 085 46 manager for the railways and the devel- prise fulfils its responsibilities and expec- opment of transport hubs. tations, a set of core values and ethical Cash flow 2 017 2 016 Operating activities -3 840 20 guidelines has been developed. As part of Investment activities -12 886 -11 Key events this work, both an external and an inter- Financing activities 18 920 10 Bane NOR is currently undergoing a ma- nal whistle-blowing channel have been Change cash and cash equivalents 2 194 20 jor restructuring process and in its first established. The external whistleblowing Key figures 2 017 2 016 operational year continued to develop channel will help to combat financial Capital employed 20 525 36 management, reporting and control sys- crime and tackle challenges relating to Gross operating margin (EBITDA) 50,0 % 0 Operating margin (EBIT) 1,5 % 0 tems which will place the enterprise on a salary and working conditions in particu- Equity ratio 6,3 % 0 more commercial footing and satisfy the lar. requirements for professional corporate Bane NOR requires suppliers to follow Subsidies from the state 2017 2016 Ministry of Transport governance. its ethical requirements for business part- and Communications 12 058 101 In 2017, it was important to establish ners, which encompass compliance with new agreements with the Norwegian Rail- relevant laws, regulations and require- Additional information 2017 2016 Number of employees 4 500 2 way Directorate concerning payments for ments regarding HSE, ethics and external Proportion of employees in Norway 100 % 100 % the provision of infrastructure services. In environmental and social conditions, in- State ownership at year-end 100 % 100 % addition, much of the preparatory work cluding whistleblowing. Proportion of women on the board 50 % 43 % Proportion of women among regarding the possible contracting out of owner-appointed/shareholder operation and maintenance has been Sectoral policy goal attainment elected board members 50 % 60 % completed. The Østfold Line has been Bane NOR and the Norwegian Railway Di- identified as a possible trial route for the rectorate enter into agreements concern- first contract based on competitive ten- ing payments for the fulfilment of the en- dering. Bane NOR also continued the terprise’s obligations concerning the pro- work to develop contract strategies for vision of infrastructure services, including development, the follow-up of the enter- with regard to the provision of existing prise’s improvement programme, the infrastructure, studies, planning, project procurement process for ERTMS, the co- engineering and construction. For 2018, location of the enterprise’s operations, these agreements are worth NOK 19.3 bil- organisation of the traffic management lion. Bane NOR also receives revenues centres and the provision of input to the from the management and development Norwegian Railway Directorate’s action of property and user payments for ser- programme. vices, including charges for the use of rail- In 2017, Bane NOR was awarded NOK way infrastructure. Emphasis is placed on 500 million as a working capital facility, developing clear expectations as regards which is the enterprise’s only access to the enterprise’s performance and follow- loans. The working capital facility is a ing up the work of the enterprise to de- short-term loan with a term of up to velop clear goals, strategies and perfor- twelve months. The enterprise has exten- mance indicators for the operation.

78 Bjørnøen AS © Kings Bay AS CEO: Per Erik Hanevold Board of Directors: Unni Steinsmo (chair), Widar Salbuvik (vice chair), Kirsten Broch-Mathisen, Egil Murud, Sven Ole Fagernæs Auditors: PricewaterhouseCoopers AS

State ownership through the Ministry of Climate and the Environment: 100 % The company’s website: www.kingsbay.no

Bjørnøen AS owns all the land and some The company’s operating revenues Income statement (NOK millions) 2017 2016 historic buildings on the Arctic island of originate from the leasing of property and Operating revenues 0,2 0,2 Bjørnøya. The company was taken over amounted to NOK 19,710 in 2017. Oper- Of which subsidies from Kings Bay AS 0,2 0,2 Operating expenses 0,2 0,2 by the Norwegian state in 1932 and ating costs which exceed these are cov- Operating profit 0,0 0,0 placed under the management of Kings ered by a subsidy transferred from Kings Net financial items 0,0 0,0 Bay AS, which also supplies management Bay and covered via the national budget. Profit/loss before tax 0,0 0,0 Tax charge 0,0 0,0 services to Bjørnøen, in 1967. Some of the The subsidy in 2017 amounted to NOK Profit/loss after tax 0,0 0,0 state subsidy to Kings Bay is transferred 173,739, compared with NOK 163,594 in for the operation of Bjørnøen. 2016. Balance sheet 2017 2016 Intangible assets 3,9 3,9 The purpose of Bjørnøen is to operate The objective of the state's ownership Fixed assets 0,3 0,3 and utilise the company's properties on of Bjørnøen AS is to manage the property Total assets 4,2 4,2 Bjørnøya and carry out other associated portfolio on Bjørnøya and thereby also Total equity 4,1 4,1 activities. The Norwegian Meteorological safeguard Norwegian sovereignty inter- Provision for liabilities 0,0 0,0 Institute’s Weather Service for Northern ests. It is a requirement for the company Current interest-bearing liabilities 0,0 0,0 Norway leases property for its meteoro- to be run efficiently. Current interest-free liabilities 0,1 0,1 Total debt and liabilities 0,1 0,1 logical station on Bjørnøya. The Weather Total equity and liabilities 4,2 4,2 Service for Northern Norway is also re- Key events sponsible for coordinating the scientific The Russian ship Petrozavodsk ran Additional information 2017 2016 Number of employees 0 0 activities conducted on the property that aground on the southern tip of Bjørnøya State ownership at year-end 100 % 100 % it leases on the island. in May 2009 and remains a potential Proportion of women on the board 40 % 40 % The Bjørnøya Nature Reserve was es- source of local pollution today. The com- Proportion of women among owner-appointed/shareholder tablished in 2002. The reserve covers pany essentially wants the wreck to be elected board members 40 % 40 % most of the island. The Governor of Sval- removed with the least possible damage bard is the authority responsible for man- to Bjørnøya and the surrounding environ- aging and monitoring the nature reserve. ment. In autumn 2011, the Norwegian Bjørnøya is situated in a strategically im- Coastal Administration concluded that it portant location, halfway between the would not be appropriate to remove the Norwegian mainland and Spitsbergen. A wreck. small area of land on the island could meet supply and transport needs and Sectoral policy goal attainment serve as an emergency harbour in con- Bjørnøen AS manages the ownership of nection with the recovery of oil in the Bar- the land on Bjørnøya and the lease agree- ents Sea and other activities in the Arctic ments with the Norwegian Meteorologi- region. cal Institute in an efficient manner.

79 Carte Blanche AS © Thor Brødreskift Theatre Director: Hooman Sharifi Board of Directors: Laila Dåvøy (chair), Ole Hope (vice chair), Per-Harald Nilsson, Anne-Grete Strøm-Erichsen, Svein Halleraker, Anne Beth Njærheim, Guro Rimeslåtten* (* elected by Carte Blanche AS is Norway’s national the employees) company of contemporary dance and the Auditors: PricewaterhouseCoopers AS only permanent contemporary dance en- semble in Norway. In 1988, the Storting decided to establish a company for contemporary dance, based in Bergen, from 1989. State ownership through the Ministry of Culture: 70 % The company’s website: www.carteblanche.no Carte Blanche produces and presents performances created by renowned and new Norwegian and international con- The company is aware of its corporate Income statement (NOK millions) 2017 2016 temporary dance choreographers. The social responsibility as a publicly owned dra- Operating revenues 40,1 38,7 company has national and regional re- matic arts institution, and is an active con- Operating expenses 39,7 37,4 Gross operating profit (EBITDA) 1,4 2,3 sponsibility for disseminating contempo- tributor with respect to collaboration part- Operating profit (EBIT) 0,4 1,3 rary dance to a diverse audience and ners such as other institutions, independent Net financial items 0,1 0,1 awareness of Norwegian contemporary dance companies, schools of culture and Profit/loss before tax 0,5 1,5 Tax charge 0,0 0,0 dance worldwide by working for interna- other dance schools and communities. Profit/loss after tax 0,5 1,5 tional recognition and an international The company’s employees have a di- presence. The company has 30 employ- verse cultural background and conscious- Balance sheet 2017 2016 Intangible assets 4,1 4,4 ees, 14 of whom are dancers. The com- ly utilise this diversity in its own promo- Fixed assets 18,2 15,5 pany puts on two or three new productions in order to help create good and di- Total assets 22,3 20,0 tions every year, consisting of three to five verse role models. Freedom of expression Equity 9,0 8,5 choreographies. The productions tour is a fundamental human right and a key Provision for liabilities 7,1 6,2 Norway and other countries and give 60– prerequisite for the company’s internal Current interest-bearing liabilities 0,0 0,0 70 performances per year. and external communication and stage Current interest-free liabilities 6,1 5,2 Total debt and liabilities 13,2 11,4 The purpose of the state’s ownership productions. Total equity and liabilities 22,3 20,0 of Carte Blanche is to secure cultural policy objectives. The aim behind the 2017 Sectoral policy goal attainment Cash flow 2017 2016 Operating activities 3,0 2,5 dramatic art grants was to facilitate pro- Based on the overarching goals for Nor- Investment activities -0,7 -0,9 duction, promotion and demand for dif- wegian dramatic art referred to above, Financing activities 0,0 0,0 ferent dramatic art expressions. This will Carte Blanche defined specific goals for Change cash and cash equivalents 2,3 1,6 support the overarching objectives to 2017. These goals were to: reach out to Key figures 2017 2016 help ensure that everyone has access to a larger and more diverse audience, Capital employed 9,0 8,5 high-quality art and culture and to pro- strengthen its touring activity and pro- Gross operating margin (EBITDA) 4 % 6 % Operating margin (EBIT) 1 % 3 % mote artistic development and renewal. duce new performances. Carte Blanche Equity ratio 41 % 43 % achieved its goals for 2017. Return on equity 5 % 19 % Key events The performance of “Jerada” premiered Average return on equity last 4 years 19 % 14 % Return on capital employed 5 % 19 % In the revised National Budget for 2017, in February 2017. The performance won up to NOK 230 million was allocated to the Norwegian Dance Critics Award for Other key figures 2017 2016 conversion of the Sentralbadet public 2016/2017. The other new production dur- Total number of performances 96 72 Tickets sold 8 960 9 986 baths into a permanent centre for pro- ing the year was the performance of “While Bergen audiences duction and performances for use by they are floating” by Hooman Sharifi. The (excluding the Cultural Rucksack) 57 % 71 % Carte Blanche and BIT Teatergarasjen. performance was based on the personal Audiences. Norwegian tours (excluding the Cultural Rucksack) 36 % 59 % The City of Bergen awarded the same tales of refugees. The production of the per- Guest performances/tour internationally 26 % 115 % amount during the 2018-2021 financial formance involved work focussing on the Ticket sales 1,3 1,2 planning period. Hordaland County Coun- Introductory Programme for Refugees and Subsidies 2017 2016 cil will clarify its contribution towards the various asylum reception centres. A good Ministry of Culture 26,5 26,0 project in June 2018. According to the re- dialogue was established with a public sec- Hordaland County Council vised plan, completion and occupation of tor reception centre before it was closed. and Bergen municipality 11,4 11,2 Other subsidies 0,4 0,1 the premises is expected in autumn 2022. Large groups of refugees/migrants took Total subsidies 38,3 37,3 It has not yet been decided where Carte part as the audience, with “before and af- Blanche will produce and give perfor- ter” discussions linked to the performance. Additional information 2017 2016 Number of employees 30 30 mances in Bergen from autumn 2019 The number of Norwegian touring per- Proportion of employees in Norway 100 % 100 % through until it moves into Sentralbadet. formances increased from 14 in 2016 to 23 State ownership at year-end 70 % 70 % in 2017. “Jerada” toured in Oslo, Hamar, Proportion of women on the board 57 % 57 % Proportion of women among Sustainability and Arendal, Stavanger and Molde. “While they owner-appointed/shareholder responsible business conduct are floating” was put on in Harstad, Bodø, elected board members 50 % 50 % A fundamental prerequisite for Carte Sandnes, Oslo, Kristiansand and Tromsø, Blanche is that the company is managed in addition to The Cultural Rucksack per- The show has been invited to numerous in- in accordance with applicable laws and formances in Bergen and Tromsø. ternational guest performances in 2018. contractual frameworks and in line with Efforts are being made to increase the Carte Blanche is funded by the state good practice within areas such as health, number of school performances. “Jerada” (70%), municipalities (15%) and county safety and environment, human rights, generated international interest and was councils (15%), as well as through its own business ethics and anti-corruption. performed in Hamburg in November 2017. revenues (ticket sales, workshops, etc.).

80 AS Den Nationale Scene © Thor Brødreskift Theatre Director: Signe Agnete Gullestad Haaland Board of Directors: Siren Nøkling Sundland (chair), Victor Danielsen Norman (vice chair), Harald Alfsen, Kristin Bjørn, Ole Hope, Stig Amdam*, Frode Prestegård* (* elected by the employees) Auditors: EY AS

State ownership through the Ministry of Culture: 66,67 % The company’s website: www.dns.no

AS Den Nationale Scene (DNS) is one of rights and workers’ rights within its organi- Income statement (NOK millions) 2017 2016 the country’s four national dramatic art sation. The theatre has a good partnership Operating revenues 149 150 institutions and has a long tradition. The with the trade unions and safety repre- Operating expenses 147 111 Gross operating profit (EBITDA) 5,9 43,0 theatre is an extension of Ole Bull’s Det sentatives within the company. DNS has Operating profit (EBIT) 2,1 39,7 Norske Theater, which was established in an active and focussed approach to HSE. Net financial items 0,3 0,3 1850. The current theatre building was No cases of corruption has been identified Profit/loss before tax 2,4 40,0 Tax charge 0,0 0,0 opened in 1909 and is now protected. and the rules regarding conflict of interest Profit/loss after tax 2,4 40,0 DNS’s vision is to create high-quality, so- are being followed. DNS has established cially relevant, engaging and relevant the- control routines which ensure this. The Balance sheet 2017 2016 Intangible assets 27,1 26,9 atre to a broad audience. Around 700 per- theatre has no adverse impact on the ex- Fixed assets 49,5 51,5 formances are put on every year on the ternal environment and follows the City of Total assets 76,6 78,4 building’s three stages. Around 140 peo- Bergen’s waste sorting system. Equity 41,4 39,6 ple work for DNS, and around 120,000- Provision for liabilities 1,4 0,0 140,000 visit the theatre every year. Sectoral policy goal attainment Current interest-bearing liabilities 0,0 0,0 The state’s ownership of DNS aims to In line with its mandate as a national thea- Current interest-free liabilities 33,8 38,8 Total debt and liabilities 35,2 38,8 secure cultural policy objectives. The aim tre, DNS presents new drama, safeguards Total equity and liabilities 76,6 78,4 behind the 2017 dramatic art grants was the country’s cultural heritage and has a to facilitate production, promotion and broad collaboration with other players. In Cash flow 2017 2016 Operating activities 1,7 15,6 demand for different dramatic art expres- 2017, the repertoire included 36 different Investment activities -4,6 -5,0 sions. This will support the overarching performances, of which 26 were pro- Financing activities -0,4 -2,8 objectives to help ensure that everyone duced inhouse, five were premieres and Change cash and cash equivalents -3,2 7,8 has access to high-quality art and culture three were joint productions. Almost 90 Key figures 2017 2016 and to promote artistic development and percent of performances given in 2017 at- Capital employed 41,4 39,6 renewal. tracted considerable praise from critics. Gross operating margin (EBITDA) 4 % 29 % Operating margin (EBIT) 1 % 26 % “Our Honour and Our Power” received Equity ratio 54 % 51 % Key events the International Ibsen Award and was Return on equity 6 % 101 % For DNS, high-quality, future-proof pro- put on again by DNS in 2017. Return on capital employed 6 % 101 % duction and performance premises are Trends in audience figures are impor- Other key figures 2017 2016 vital to ensure artistic quality and fulfil- tant for DNS and efforts are constantly Total number of performances 760 676 ment of the organisation’s corporate so- being made to reach as large and as var- Tickets sold 126 832 108 038 Audiences 75 % 72 % cial responsibility in the future. External ied an audience as possible. In 2017, the Ticket sales 22,8 22,5 quality assurance (KS1) of the concept theatre continued its dns& initiative and study was carried out on behalf of the had 58 promotional activities with various Subsidies from the state 2017 2016 Ministry of Culture concerning the future partners (from both the culture sector Ministry of Culture 120 117 Andre 0,0 5,0 building solution for DNS. The Ministry of and private industry). Over 5,700 people Total subsidies 120 122 Culture will consider the chosen concept. took part in these events. DNS worked An extraordinary investment grant total- closely with the Cultural Rucksack and vol- Additional information 2017 2016 Number of employees 139 144 ling NOK 101 million was approved in untary organisations. A free loyalty pro- Proportion of employees in Norway 100 % 100 % 2017 and 2018 for refurbishment of the gramme was set up for young people and State ownership at year-end 66,67 % 66,67 % roof and facades. The theatre itself will be a café was opened in Teaterkjelleren. Proportion of women on the board 43 % 29 % Proportion of women among responsible for carrying out the project, The income statement for 2017 shows owner-appointed/shareholder which is expected to start in 2018. a profit for the year of NOK 2.4 million. elected board members 40 % 40 % DNS has a good balance between reve- Sustainability and nues and expenses, and ticket sales were responsible business conduct above budget during 2017. The theatre’s DNS aims to fulfil its corporate social re- costs were also below budget, which ena- sponsibility in line with the government’s bled more artistic production than origi- ownership policy and to safeguard human nally planned.

81 Den Norske Opera & Ballett AS © Erik Berg/Den Norske Opera & Ballett AS CEO: Geir Bergkastet Board of Directors: Anne Carine Tanum (chair), Jan Petersen (vice chair), Harald Espedal, Håkon Berge, Gro Malmbekk Bergrabb, Rasmus Heggdal*, Marit Brekke* (* elected by the employees) Auditors: KPMG AS

Den Norske Opera & Ballett AS (DNO State ownership through the Ministry of Culture: 100 % The company’s website: https://operaen.no/ &B) the Norwegian National Opera & Bal- let, is Norway’s largest institution for music and the dramatic arts and presents The organisation has placed particular fo- Income statement (NOK millions) 2017 2016 operas, ballets and concerts of the high- cus on whistleblowing routines and new Operating revenues 784 774 est artistic quality. DNO&B comprises the and improved routines are currently be- Operating expenses 776 817 Gross operating profit (EBITDA) 21,0 -32,2 companies, the Norwegian National Bal- ing implemented within this area. Operating profit (EBIT) 8,9 -42,4 let and the Norwegian National Opera, in In an artistic organisation such as Net financial items -0,5 -0,3 addition to the Norwegian National Op- DNO&B, corporate social responsibility is Profit/loss before tax 8,4 -42,6 Tax charge 0,0 0,0 era Orchestra, the Norwegian National fulfilled through encouraging diverse pub- Profit/loss after tax 8,4 -42,6 Opera Chorus, the Norwegian National lic statements from different perspectives. Ballet 2, the Norwegian National Opera Our activities help to encourage open and Balance sheet 2017 2016 Sum Intangible assets 87,1 75,5 Children’s Chorus and the Norwegian Na- public statements. DNO&B’s primary re- Fixed assets 176 160 tional Ballet School. It is a stated goal to sponsibility is to manage the cultural herit- Total assets 263 236 be a leading institution in the internation- age that lies in opera and ballet. This is en- Equity -100 -109 al opera and ballet world. sured through development of the classi- Provision for liabilities 21,4 22,8 The state’s ownership of DNO&B aims cal repertoire and through new artistic ex- Current interest-bearing liabilities 160 130 to secure cultural policy objectives. The pressions and forms. Current interest-free liabilities 182 191 Total debt and liabilities 363 344 aim behind the 2017 dramatic art grants DNO&B has a systematic approach to Total equity and liabilities 263 236 was to facilitate production, promotion health, safety and the environment and and demand for different dramatic art ex- has a reporting system that is linked to Cash flow 2017 2016 Operating activities 40,8 79,9 pressions. This will support the overarch- operating incidents with a view to learn- Investment activities -23,8 -19,1 ing objectives to help ensure that every- ing lessons and improving routines and Financing activities -1,4 -1,4 one has access to high-quality art and work processes. Change cash and cash equivalents 15,6 59,4 culture and to promote artistic develop- DNO&B has an agreement with the Key figures 2017 2016 ment and renewal. Eco-Lighthouse Foundation concerning Capital employed 59,6 21,7 environmental certification of the organi- Gross operating margin (EBITDA) 3 % -4 % Operating margin (EBIT) 1 % -5 % Key events sation. This involves the fulfilment of Equity ratio -38 % -46 % DNO&B’s new CEO and Opera Director took around 80 requirements relating to work- up his position in autumn 2017. The Ballet ing environment, procurement, energy Other key figures 2017 2016 Total number of performances 351 373 Director began her second fixed-term con- consumption, waste management, sys- Tickets sold 284 208 312 201 tract at the same time. The Music Director tematics, transport and emissions. Audiences 89 % 91 % left in 2017. The task of formulating a new Ticket sales 108 120 strategic plan began in autumn 2017. Sectoral policy goal attainment Subsidies from the state 2017 2016 In 2017, the company reached a com- Many of DNO&B’s productions in 2017 at- Ministry of Culture 612 601 bined audience of around 380,000 peo- tracted positive reviews in both the Nor- ple, split between 307,000 via stage pro- Additional information 2017 2016 wegian and international press, including Number of employees 646 629 ductions and concerts and 73,000 via the operatic performances of “La Cener- Proportion of employees in Norway 100 % 100 % various promotional activities. A total of entola” and “Tosca” and the National Bal- State ownership at year-end 100 % 100 % 56 stage productions were put on and let’s performances of “Sleepless Beauty” Proportion of women on the board 38 % 57 % Proportion of women among 310 stage performances and 70 concerts and “Hedda Gabler”. The National Ballet owner-appointed/shareholder were given. A total of 2,865 promotional was invited to give guest performances in elected board members 40 % 60 % activities of various kinds took place. The Paris, Vienna and The Hague. average seat occupancy ended at 89%. The performance of Tosca was broad- project, where year 5 pupils were given cast by NRK and shown free on a big the opportunity to learn about opera dur- Sustainability and screen to several thousand guests on the ing the course of an entire autumn and to responsible business conduct opera roof. The performance also reached put on their own performance. Through Guidelines for corporate social responsi- an international audience thanks to the the På tå hev (“On tiptoe”) project, young bility are under preparation. These guide- company’s involvement in the internet school children with an interest in dance lines set out DNO&B’s responsibility to portal “The Opera Platform”. across the country were given the oppor- contribute to overcoming climate and en- The talent development initiative was tunity to develop themselves and to dance vironmental challenges and to ensure continued during 2017 and the Norwe- at the Opera under the guidance of the that the organisation has zero tolerance gian National Ballet 2 left its mark both organisation’s leading ballet dancers. towards all forms of corruption, that em- nationally and internationally. In 2017, the company was funded through ployee rights are respected and that The major promotional activities car- an operating subsidy of NOK 611.4 mil- DNO&B is aware of its role in the safe- ried out in 2017 included the Opera på lion. The company’s own revenues guarding of fundamental human rights. timeplanen (“Opera in the timetable”) amounted to NOK 168.7 million, of which NOK 100.4 million originated from ticket 82 revenues. The company recorded a profit for the year of NOK 8.4 million. Eksportkreditt Norge AS © Stock by Getty Images CEO: Otto Søberg Board of Directors: Else Bugge Fougner (chair), Finn Ivar Eksportkreditt Norge AS was estab- Marum, Siri Beate Hatlen, Ingelise Arntsen, Øyvind lished in 2012 to manage the state’s ex- Holte, Fanny Fabricius Bye* port credit scheme, which was managed (* elected by the employees) by Eksportfinans ASA until 2011. The com- Auditors: KPMG AS pany’s activities are regulated by the Act relating to Eksportkreditt Norge AS and the Export Credit Regulations. The export credit scheme is a state scheme for financial services for Norwe- State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.eksportkreditt.no gian exports of capital goods and services, which aims to offer customers of Nor- wegian exporters export credit on inter- made a number of changes to the export Income statement (NOK millions) 2017 2016 nationally competitive terms. Borrowers credit scheme in order to make the Net operating revenues 111 103 can choose between publicly supported scheme more competitive and relevant Operating expenses 107 107 Gross operating profit (EBITDA) 6,6 -0,6 fixed interest loans, known as CIRR for Norwegian industry. An evaluation of Operating profit (EBIT) 4,0 -4,1 loans (Commercial Interest Reference Eksportkreditt Norge and GIEK was car- Net financial items 1,1 1,2 Rate) and market loans. The conditions ried out in 2017. This evaluation has been Profit/loss before tax 5,1 -2,8 Tax charge 1,4 -0,6 for the loans are laid down in an OECD- distributed for public consultation. Profit/loss after tax 3,7 -2,2 affiliated export financing agreement, among others. All applications that com- Balance sheet 2017 2016 Sustainability and Intangible assets 7,7 11,3 ply with the rules of the scheme will re- responsible business conduct Fixed assets 77,9 72,7 ceive an offer of financing. The loans are Eksportkreditt Norge’s general guidelines Total assets 85,6 84,0 funded by the Treasury and are recorded for corporate social responsibility can be Equity 46,9 43,2 on the state’s statement of financial posi- found in the OECD Common Approaches Provision for liabilities 16,1 18,6 tion. The State thus assumes all the risks for Officially Supported Export Credits Current interest-bearing liabilities 0,0 0,0 associated with the credit scheme. and Environmental and Social Due Dili- Current interest-free liabilities 22,6 22,2 Total debt and liabilities 38,6 40,8 All the loans must be guaranteed by gence and the Recommendation on Total equity and liabilities 85,6 84,0 state export guarantee institutions and/ Bribery and Officially Supported Export or a financial institution with a good cred- Credits. Eksportkreditt Norge has also Cash flow 2017 2016 Operating activities 0,0 0,0 it rating, or secured in accordance with adopted the Equator Principles. In ac- Investment activities 0,5 0,2 Eksportkreditt Norge’s credit guidelines. cordance with guidelines from the OECD Financing activities 0,0 0,0 The objective of the state's ownership and the Equator Principles, the company Foreign currency effects 0,0 0,0 Change cash and cash equivalents 0,5 0,2 of Eksportkreditt Norge is to promote classifies its loans according to the risk of Norwegian exports through competitive, adverse environmental and social im- Key figures 2017 2016 accessible and effective export financing. pacts. Capital employed 46,9 43,2 Gross operating margin (EBITDA) 6 % -1 % It is a requirement for the company to be Eksportkreditt Norge formally collabo- Operating margin (EBIT) 4 % -4 % run efficiently. rates with GIEK on corporate social re- Equity ratio 55 % 51 % sponsibility, and together they can have a Return on equity 8 % -5 % Average return on equity last 4 years 5 % 12 % Key events positive impact through the requirements Return on capital employed 12 % -6 % At the end of 2017, the lending balance they set in the projects they finance. The under the export credit scheme amount- company also works in a targeted man- Subsidies from the state 2017 2016 Ministry of Trade, Industry and Fisheries 110 101 ed to NOK 69.4 billion. Of this, CIRR loans ner to combat corruption. Anti-corruption amounted to 63% and market loans 37%. measures are implemented based on risk Additional information 2017 2016 At the same time, 73% of the lending bal- assessments of countries, sectors and Number of employees 45 48 ance was guaranteed by the Norwegian transactions. All loans are given subject to Proportion of employees in Norway 100 % 100 % State ownership at year-end 100 % 100 % Export Credit Guarantee Agency (GIEK). the condition that there is no suspicion of Proportion of women on the board 67 % 67 % Some 97.6% of the lending balance was corruption related to the transaction. Proportion of women among owner-appointed/shareholder related to the oil and gas industry and elected board members 60 % 60 % maritime industries. The situation in the Sectoral policy goal attainment oil and gas industry has been challenging The company’s operations during 2017 since 2014. In 2017, the company worked supported the state’s objectives behind hard to follow up outstanding loans in its ownership of Eksportkreditt Norge. As this part of the portfolio. a result of the challenging market situa- The company also carried out a num- tion within the oil and gas sector, the loan ber of projects in order to streamline its portfolio was reduced from 2016 to 2017. operations and improve its digital servic- The company works actively to publicise es for exporters and borrowers, e.g. the services it offers and to make them linked to export contracts for small and available to different sectors and target scheme are not included in Eksportkreditt medium-sized enterprises. The company groups. The company’s work relating to Norge’s accounts, but are recognised di- also carried out a number of projects in simplification projects will contribute to rectly in the national accounts on a cash order to streamline its operations and im- the more efficient use of resources, both basis. Eksportkreditt Norge’s operations prove the digital services it offers to ex- for borrowers and exporters and inter- are based on grants from the state. In porters and borrowers, e.g. linked to ex- nally within Eksportkreditt Norge. 2017, the company received a grant of port contracts for large and medium en- Revenues and expenses related to the NOK 109.7 million. Profit after tax was terprises. During 2017, the government loan portfolio under the export credit NOK 3.7 million.

83 Enova SF © Enova SF CEO: Nils Kristian Nakstad Board of Directors: Tore Holm (chair), Elizabeth Baumann Ofstad (vice chair), Eirik Gaard Kristiansen, Linda Litlekalsøy Aase, Dina Elverum Aune, Olav Hasaas, Einar Håndlykken, Tor Brekke*, Konrad Pütz*, Hege Glasø Wiggen* Anita Fossdal*, Boy Kåre Kristoffersen*, (* elected by the employees) Auditors: Deloitte AS Enova SF was established in 2001 following a reorganisation of the work relating 1 to the restructuring of energy consump- State ownership through the Ministry of Climate and the Environment : 100 % The company’s website: www.enova.no tion and generation. Enova’s objective is to contribute to reductions in greenhouse gas emissions and improve supply relia- pational health and safety, the environ- Income statement (NOK millions) 2017 2016 bility for energy and technological devel- ment, human rights, business ethics and Operating revenues 125 121 opment, which will also help to reduce anti-corruption. Enova has established Operating expenses 116 116 Gross operating profit (EBITDA) 10,0 6,1 greenhouse gas emissions in the longer ethical guidelines which define require- Operating profit (EBIT) 9,0 5,3 term. Enova manages the Climate and En- ments for employees, partners and oth- Net financial items 0,7 0,7 ergy Fund, which is intended to be a long- ers acting on the company’s behalf. Eno- Profit/loss before tax 9,7 6,0 Tax charge 0,0 0,0 term source of funding for the work. The va’s ethical guidelines are available on the Profit/loss after tax 9,7 6,0 Climate and Energy Fund is funded by a company’s website. parafiscal charge on electricity grid tariffs, Enova shall act as a role model within Balance sheet 2017 2016 Intangible assets 2,5 3,2 transfers via the National Budget and in- environmental and climate issues, and Fixed assets 53,4 44,5 terest earned on the balance of capital in seeks to minimise the company’s impact Total assets 55,9 47,7 the Climate and Energy Fund during the on the external environment. Part of Eno- Equity 27,2 20,0 previous year. va’s corporate social responsibility is exer- Provision for liabilities 0,0 0,0 Enova is managed according to the cised through awareness campaigns Current interest-bearing liabilities 0,0 0,0 principles of management by objectives aimed at children and young people. Current interest-free liabilities 28,6 27,7 Total debt and liabilities 28,6 27,7 and results. The task of managing the En- Total equity and liabilities 55,8 47,7 ergy Fund was assigned to Enova through Sectoral policy goal attainment a four-year management agreement be- The management agreement gives Enova Cash flow 2017 2016 Operating activities 12,1 11,5 tween the Ministry of Climate and the En- a long-term financial framework and con- Investment activities 0,0 0,0 vironment and Enova, as well as through siderable freedom as regards its opera- Financing activities 0,0 0,0 the annual letter of assignment from the tion. The management agreement gives Change cash and cash equivalents 12,1 11,5 ministry. The annual budget framework Enova the opportunity to utilise the re- Key figures 2017 2016 for Enova’s operations is determined in sources that are made available effective- Capital employed 27,2 20,0 the annual letter of assignment from the ly. Gross operating margin (EBITDA) 8 % 5 % Operating margin (EBIT) 7 % 4 % Ministry of Climate and the Environment In addition to Enova’s objectives, the Equity ratio 49 % 42 % and is covered by the Climate and Energy management agreement sets out three Return on equity 41 % 35 % Fund. secondary objectives, which require Eno- Average return on equity last 5 years 16 % -2 % Return on capital employed 41 % 35 % The objective of the state's ownership va to reduce greenhouse gas emissions in Conctractual energy result (TWh) 0,4 1,4 of Enova is to achieve energy policy goals. order to contribute to Norway’s fulfilment It is a requirement for the company to be of its climate obligation for 2030, increase Additional information 2017 2016 Number of employees 77 78 run efficiently. innovation within energy and climate Proportion of employees in Norway 100 % 100 % technology which facilitate the switch to State ownership at year-end 100 % 100 % Key events the low emission society and improve Proportion of women on the board 40 % 40 % Proportion of women among On 14 December 2016, the Ministry of Pe- supply reliability through flexible and ef- owner-appointed/shareholder troleum and Energy and Enova signed a ficient power and energy consumption. elected board members 43 % 43 % new management agreement with a re- Four performance indicators have been vised objective structure for the period developed which will provide an indica- 2017–2020. Enova’s objects were also tion of Enova’s goal attainment during the amended during the corporate assembly agreement period. These performance held on 30 January 2017. In a meeting of indicators form one of a number of cor- the Council of State held on 17 January nerstones for the management dialogue 2018, it was decided to transfer responsi- between the ministry and Enova. bility for Enova SF, including responsibility In 2017, Enova was awarded approxi- for following up the state’s ownership in mately NOK 2.7 billion and has awarded Enova SF, from the Ministry of Petroleum aid in excess of NOK 2.3 billion to around and Energy to the Ministry of Climate and 900 energy and climate projects and also Environment. supported around 8,000 individual initiatives in homes through the Enova grant. Sustainability and During 2017, the trend in all performance responsible business conduct indicators was good compared with the It is a basic prerequisite for Enova that all contractually established levels for the work is performed in accordance with ap- period 2017–2020. plicable laws and regulations and in line 1 Transfered from the Ministry og Petroleum and Energy 1 May with good practice in areas such as occu- 2018.

84 Entur © Bo Mathisen CEO: Johnny Welle Board of Directors: Kari Bing Orgland (chair), Leif Harald Jensen (vice chair), Jarl Eliassen, Sonja Chirico Indrebø, Klaus Ruyter* (* elected by the employees) Auditors: Deloitte AS

State ownership through the Ministry of Transport and Communications: 100 % The company’s website: www.entur.org

Entur AS was divested from NSB AS and lating to corporate social responsibility is Income statement (NOK millions) 2017 placed under the Ministry of Transport based on the results of a stakeholder Operating revenues 430,5 and Communications in April 2017. Entur and materiality analysis. In 2018, Entur Operating expenses 384,2 Gross operating profit (EBITDA) 77,3 carries out tasks linked to the sale of trav- will continue to develop goals and indica- Operating profit (EBIT) 46,3 el and ticket solutions for the rail sector, tors for the company’s work relating to Net financial items 2,9 ticketing for public transport in areas corporate social responsibility. Profit/loss before tax 49,2 Tax charge 12,1 where there are fare partnerships be- Profit/loss after tax 37,1 tween rail operators and county council- Sectoral policy goal attainment funded public transport services and ba- Through the modernisation and restruc- Balance sheet 2017 Intangible assets 57,9 sic services within electronic ticketing for turing of the railway’s ticket systems in Fixed assets 333,6 all public transport services. The company 2017, Entur helped the sector to offer ser- Total assets 391,5 also provides services which make it easy vices on competition-neutral terms. In Equity 114,3 to plan, compare and purchase seamless 2017, Entur also helped to make it easier Provision for liabilities 63,2 travel across all public transport compa- to travel by public transport by launching Current interest-bearing liabilities 0,0 nies in Norway, including train, bus, ferry, services linked to a national stopping Current interest-free liabilities 214,0 Total debt and liabilities 277,2 underground and tram services. Entur’s place register, the collection and sharing Total equity and liabilities 391,5 head office is situated in Oslo. of timetable data and the launch of a na- The state’s goals behind its holding is tional journey planner. Cash flow 2017 Operating activities 206,8 to offer services on competition-neutral The services that Entur offers are regu- Investment activities -0,5 terms for journey planning and ticketing lated in an agreement with the Norwe- Financing activities 42,2 for the public transport sector. gian Railway Directorate and are funded Change cash and cash equivalents 248,5

via the National Budget. Sales and ticket- Key figures 2017 Key events ing for the rail sector are fully funded Capital employed 328,3 During 2017, Entur completed much of through the affiliation agreements. The Gross operating margin (EBITDA) 18 % Operating margin (EBIT) 11 % the modernisation process concerning affiliation agreements are appendices to Equity ratio 29 % ticket systems and provision to enable the state’s traffic agreements with the rail such systems to handle new operators operators and the costs are therefore Subsidies from the state 2017 Ministry of Transport and Communications 0 which become established in the Norwe- covered by the state through the fees gian market. In 2017, Entur launched a paid to the rail operators. Services within Additional information 2017 national journey planning service. Entur journey planning, etc. for all public trans- Number of employees 250 Proportion of employees in Norway 100 % has also taken over services which were port services are financed through appro- State ownership at year-end 100 % previously supplied by Norsk Reiseinfor- priations via the National Budget. Proportion of women on the board 50 % masjon AS, along with ownership of Inter- During 2017, the quality of Entur’s ser- Proportion of women among owner-appointed/shareholder operabilitetstjenester AS, which provides vices fulfilled the requirements stipulated in elected board members 50 % basic services within electronic ticketing applicable contracts with the rail operator for the public transport sector. NSB AS and the Norwegian Railway Directo- rate. In partnership with NSB, improve- Sustainability and ments were carried out which resulted in responsible business conduct the streamlining of services, and an option Entur has prepared a report on corpo- concerning a price reduction regarding En- rate social responsibility for 2017, which tur’s services was triggered. Entur reported describes how the company operates a positive financial result for 2017. within key areas. The company’s work re-

85 Gassco AS © Gassco AS CEO: Frode Leversund Board of Directors: Mimi Kristine Berdal (chair), Arvid Grundekjøn, Gassco AS was established in 2001 and Johan Einar Hustad, Nina Schieldrop Lie, Tor Rasmus Skjærpe, Brynjar operates the integrated gas transport sys- Aardal*, Mona StoresundLosnegård*, tem for gas from the Norwegian conti- Hilde Berge Kringstad* (* elected nental shelf to Europe. The system con- by the employees) sists of pipelines, processing facilities, Auditors: PricewaterhouseCoopers AS platforms and gas terminals on the Euro- pean mainland and in the UK. As a neutral and independent operator, Gassco is responsible for the efficient State ownership through the Ministry of Petroleum and Energy: 100 % The company’s website: www.gassco.no operation, maintenance and development of transport and processing installations. As part of its system responsibility, Gassco-operated Europipe II to Nybro in Income statement (NOK millions) 2017 2016 Gassco investigates the further develop- Denmark. This connection would give Operating revenues 0,0 0,0 ment of the transport system and associ- Norwegian gas exporters direct access to Operating expenses 0,0 0,0 Gross operating profit (EBITDA) 0,0 0,0 ated installations in order to create a co- the Danish market and to Poland via the Operating profit (EBIT) 0,0 0,0 herent transport and processing solution planned Baltic pipe. Net financial items 0,0 0,0 for the petroleum sector. Gassco is also In 2017, a plan for development and Profit/loss before tax 0,0 0,0 Tax charge 0,0 -0,8 responsible for allocating and distributing operation (PDO) was approved for the Ut- Profit/loss after tax 0,0 0,8 capacity between vessels. gard, Byrding, Oda, Dvalin, Trestakk and The gas transport system is owned by Bauge Fields. PDOs were also submitted Balance sheet 2017 2016 Intangible assets 462 508 various joint ventures, which are in turn for the Snorre Expansion and Fenja, Fixed assets 573 976 owned by oil and gas companies on the amongst other developments. Gassco Total assets 1 035 1 484 Norwegian continental shelf and infra- has considered transport solutions for all Equity 15 15 structure companies. Gassco’s operations of these in order to ensure that the best Provision for liabilities 498 527 are conducted on behalf of the joint ven- solution is chosen for the Norwegian con- Current interest-bearing liabilities 97 104 tures at the owners expense and risk. tinental shelf. Gassco has also assessed a Current interest-free liabilities 425 838 Total debt and liabilities 1 020 1 469 Gassco does not make a profit or loss gas transport solution for the gas re- Total equity and liabilities 1 035 1 484 from its operations. The shippers pay reg- sources of the central and northern part ulated transport tariffs that provide the of the North Sea (“Noaka”) in connection Cash flow 2017 2016 Operating activities 17 -23 owners of the gas transport system with a with its concept study. Investment activities -25 -53 reasonable return on their investments. Gassco was responsible for and car- Financing activities 0 0 Gassco’s vision is: “Gassco securing en- ried out concept studies for the transport Change cash and cash equivalents -8 -75 ergy supply”. Gassco’s head office is situ- by ship of CO2 on behalf of the Ministry of Key figures 2017 2016 ated in Karmøy municipality. The compa- Petroleum and Energy. The work was car- Pipeline system (no. of km) 8 900 8 365 ny also has branches in Germany, Bel- ried out in partnership with Gassnova. Regularity 99,48 % 99,71 % Gas transport to onshore gium, France and the UK. terminals in Europe (billion Sm3) 117 109 The objective of the state's ownership Sustainability and Largest delivery per 24 hours (mill. Sm3) 376 358 of Gassco is to assume operator responsi- responsible business conduct Ships arriving at Kårstøø 618 676 Tariff income Gassco operatorship 27 670 27 377 bility for the transport of gas from the Corporate social responsibility and ethics Operating costs Gassco operatorship 5 382 5 222 Norwegian continental shelf. Gassco aims are an integral part of Gassco’s culture, to be a neutral and independent operator strategy and operations. The company Subsidies from the state 2017 2016 Subsidy for CO2-value chain studies 12,7 11,5 which is responsible for ensuring efficient has a specific procedure regarding corpo- daily operation and the coherent devel- rate social responsibility which is based Additional information 2017 2016 opment of the transport system. on the guidelines in ISO 26000 and fol- Number of employees 332 349 lows the state’s ownership policy. Proportion of employees in Norway 58 % 59 % State ownership at year-end 100 % 100 % Key events Gassco’s guidelines and principles are Proportion of women on the board 50 % 50 % Gassco took over the operatorship for the in line with the United Nations Global Proportion of women among owner-appointed/shareholder Polarled pipeline on 1 May 2017 and for Compact and the OECD Guidelines for elected board members 40 % 40 % the process facility at Nyhamna on 1 Oc- Multinational Enterprises. Every year, the tober 2017. company prepares a plan for the work re- Gassco took over the operatorship for lating to corporate social responsibility, Vestprosess on 1 January 2018, whilst on which is followed up by the management the same date the facility was incorporat- and anchored in the board of directors. makes the gas deliveries in 2017 through ed under the Tariff Regulation with regu- the Gassco-operated system the highest lated tariffs for new reservations in the Sectoral policy goal attainment in history. Total delivery regularity was facility. Gassco has a management-by-objectives 99.48%, compared with 99.71% in 2016. The subsea connection to the Zeepipe system which, through approved perfor- The company also enabled the ships to IIA pipeline for the Gina Krog Field was mance indicators, measures whether or sell an additional 1,232 MSm gas in 2017 completed during the fourth quarter of not the company is delivering on the sec- by providing day-to-day capacity in the 2017. The Maria Field began production toral policy goals. The company has HSE, transport system. via the Kristin platform in December financial and operational indicators. Gassco must not make a financial loss 2017. The gas is exported via Åsgard Deliveries of natural gas from the Nor- or profit through its operations. The com- Transport to the Kårstø facility. wegian gas transport system to Europe in pany’s costs are financed by joint ven- In 2017, Gassco completed a concept 2017 amounted to 117.4 billion Sm³, com- tures, users and third parties. Operating study for a branch pipeline from the pared with 108.6 billion Sm³ in 2016. This costs were below budget in 2017.

86 Gassnova © TCM DA CEO: Trude Sundset Board of Directors: Morten Ruud (chair), Marianne Holmen (vice chair), Cathrine Brekke, Trond Moengen, Alfred Nordgård, Ståle Aakenes * (* elected by the employees) Auditors: Deloitte AS Gassno va SF is the Norwegian state enterprise for carbon capture and storage. Gassnova was established as an administrative agency under the Ministry of Petro- leum and Energy in 2005 and became a State ownership through the Ministry of Petroleum and Energy: 100 % The company’s website: www.gassnova.no state enterprise in 2007. The enterprise manages the state’s interests relating to carbon capture, transportation and geolog- ing company took effect on 18 August Income statement (NOK millions) 2017 2016 ical storage (CCS) and carries out projects as 2017. The operating company for TCM is Operating revenues 282 152 determined by the corporate assembly. organised as a company with divided lia- Operating expenses 287 145 Gross operating profit (EBITDA) 11,3 8,0 One of the enterprise’s principal objec- bility. The corporate assembly is the com- Operating profit (EBIT) -5,1 7,7 tives is to promote technological develop- pany’s supreme governing body. Gassno- Net financial items 1,5 1,4 ment and the development of expertise va administers the state’s share of 77.5%. Profit/loss before tax -3,6 9,2 Tax charge 0,0 0,0 for cost-effective and future-proof solu- Two test campaigns were carried out in Profit/loss after tax -3,6 9,2 tions for CCS. Gassnova will also act as a 2017. US technology company ION Engi- specialist adviser for the ministry as re- neering concluded its campaign during Balance sheet 2017 2016 Intangible assets 132 0,3 gards carbon capture. Gassnova's head the first six months of the year following a Fixed assets 183 101 office is situated in Porsgrunn. successful test campaign funded through Total assets 314 101 The objective of the state's ownership the DoE/NETL system in the USA. Equity 39,8 48,8 of Gassnova is to manage the state's in- A major open scientific campaign (MEA3) Current interest-bearing liabilities 0,0 0,0 terests regarding CCS. It is a requirement was also carried out in 2017. In addition to Current interest-free liabilities 274,6 52,4 for the company to be run efficiently. ongoing test campaigns, TCM is increasing- Total debt and liabilities 274,6 52,4 Total equity and liabilities 314,4 101 ly focussing the operation on knowledge Key events dissemination by defining itself as a global Cash flow 2017 2016 Morten Ruud became Gassnova’s new centre of expertise regarding carbon se- Operating activities 70,7 -0,5 Investment activities 0,0 -0,2 board chairman in June 2017. questration technology. In June 2017, a col- Financing activities 0,0 0,0 Concept studies of carbon sequestra- laboration agreement was signed with the Change cash and cash equivalents 70,7 -0,7 tion and transport were completed in Oc- Chinese Guangdong project, under which Key figures 2017 2016 tober 2017. These studies show that car- TCM will provide expertise in order to de- Capital employed 40,0 48,8 bon sequestration is technically feasible at velop a small test centre in the region. Gross operating margin (EBITDA) -2 % 5 % the facilities belonging to the three indus- Operating margin (EBIT) -2 % 5 % Equity ratio 13 % 48 % trial concerns Norcem, Yara and Fortum Sustainability and Return on equity -8 % 21 % Oslo Varme. The concept study concerning responsible business conduct Average return on equity last 5 years 13 % 13 % the transport of CO2 shows that transport Gassnova shall operate in an ethical, sus- Return on capital employed -8 % 21 % by ship from a sequestration facility to an tainable and responsible manner, in line Subsidies from the state 2017 2016 onshore facility linked to a storage facility with applicable laws, regulations and gen- Government grants 85,3 76,1 offers the most flexible and cost-effective erally accepted practice. The enterprise Subsidy for CO2-project management funds 171,6 63,3 solution for CO2 transport. After Statoil places particular emphasis on preventive Grants related to TMC Assets AS 12,3 – was awarded a contract for concept stud- measures aimed at anti-corruption and Total subsidies 269,2 139,4 ies concerning a CO2 storage facility, they legal capacity issues, through both cam- Additional information 2017 2016 signed a collaboration agreement with paigns and greater transparency. Number of employees 41 38 Shell and Total concerning the execution The enterprise’s requirements and ex- Proportion of employees in Norway 100 % 100 % of the concept studies for a CO2 storage pectations are laid down in guidelines for State ownership at year-end 100 % 100 % facility. The collaboration partners are now the enterprise’s efforts relating to corporate Proportion of women on the board 33 % 50 % Proportion of women among studying a CO2 storage facility in an area social responsibility, as well as guidelines owner-appointed/shareholder close to the Troll Field. The concept study and principles for ethical conduct, legal ca- elected board members 40 % 40 % for a storage facility is expected to be com- pacity and whistleblowing. These guidelines pleted in early autumn 2018. Overall, the are available via the enterprise’s website. studies show that it would be possible to realise a full-scale CO2 management chain Sectoral policy goal attainment in Norway. Through TCM, the CLIMIT programme and In 2017, the Technology Centre at the full-scale project, Gassnova safeguards

Mongstad (TCM) was reorganised with a the state’s interests linked to CO2 manage- new owner structure and new owners. ment in accordance with the letter of as- TCM Assets AS was established as a whol- signment. Gassnova’s operations are fund- The enterprise’s expenses mainly con- ly owned subsidiary of Gassnova SF. As a ed via the national budget. Gassnova in- sist of wages, personnel hire, purchase of result, 2017 is the first year in which con- voices the Ministry of Petroleum and En- external services, travel expenses, rent solidated accounts were submitted. TCM ergy for services it performs for the and other office expenses. Gassnova’s ad- Assets AS owns and leases out the test Ministry in accordance with the adopted ministrative grant in 2017 was NOK 107 facilities at Mongstad. The transfer of the budget. The enterprise also receives reve- million. facility and the start-up of the new operat- nues from the sale of services to TCM.

87 Graminor AS © Graminor AS CEO: Idun Christie Board of Directors: Hans Frode Kielland Asmyhr (chair), Bjørn Stabbetorp (vice chair), Harald Lossius, Wenche Myhre Dale, Annette Olesen, Nina Heiberg, Jostein Fjeld, Jon Arne Dieseth* (* elected by the employees) Auditors: BDO AS

State ownership through the Ministry of Agriculture and Food: 28,2 % The company’s website: www.graminor.no

Graminor AS is a plant breeding compa- Sustainability and Income statement (NOK millions) 2017 2016 ny that develops new and improved plant responsible business conduct Operating revenues 72,3 68,4 Avskriving og nedskriving 2,2 2,4 varieties, represents imported varieties, Graminor’s corporate social responsibility Operating expenses 72,0 63,9 and produces pre-basic seed. Graminor is to develop and acquire plant varieties Gross operating profit (EBITDA) 2,5 6,9 was established in 2002, as a continuation for Norwegian and Nordic growth condi- Operating profit (EBIT) 0,3 4,5 of Norsk Kornforedling AS, in order to tions in order to boost food production Financial income 0,7 1,0 Financial cost 0,2 0,2 concentrate Norwegian plant breeding on Norwegian resources and safeguard Net financial items 0,5 0,8 for farming and horticulture in a single food safety in Norway. Profit/loss before tax 0,8 5,3 company. Tax charge 0,0 1,1 Profit/loss after tax 0,8 4,2 The purpose of the state’s ownership Sectoral policy goal attainment of Graminor is to ensure that the Norwe- During 2017, Graminor contributed to the Balance sheet 2017 2016 gian agriculture and horticulture sectors development of environmentally friendly Intangible assets 43,0 44,6 Fixed assets 60,7 58,9 have access to varied disease-free field and disease-free plant varieties for Nor- Total assets 104 104 crops and horticultural plants that are wegian agriculture. The company’s reve- suitable for Norwegian growing condi- nues originate from breeder and licence Total equity 75,2 74,4 Provision for liabilities 0,0 0,1 tions. Graminor is responsible for all culti- revenues based on sales by the seed busi- Current interest-bearing liabilities 28,5 29,0 vation of crops and horticultural plants in nesses. Graminor also initiated and car- Current interest-free liabilities 0,0 0,0 Norway. ried out breeding programmes within Total debt and liabilities 28,5 29,1 Total equity and liabilities 104 104 field crops, fruit, berries and potatoes Key events with support from the state. Key figures 2017 2016 New premises for the cleaning of pre-ba- During 2017, the company delivered Capital employed 104 103 Gross operating margin (EBITDA) 3 % 10 % sic seed were brought into use in spring the expected quantity and quality of prod- Operating margin (EBIT) 0 % 7 % 2017. This will benefit HSE, quality assur- ucts and services and thereby fulfilled its Equity ratio 73 % 72 % ance and rational production. primary objective. The company’s annual Return on equity 1 % 6 % Average return on equity last 4 years 4 % 4 % A new Graminor variety of barley was accounts show a profit after tax which is Return on capital employed 1 % 6 % approved in 2017, along with two foreign somewhat lower than the previous year, varieties and one variety of spring wheat. but still satisfactory. Subsidies from the state/ Public purchases 2017 2016 Subsidies from the state/Public purchases 22,0 22,0

Additional information 2017 2016 Number of employees 34 34 Proportion of employees in Norway 100 % 100 % State ownership at year-end 28,2 % 28,2 % Proportion of women on the board 38 % 38 % Proportion of women among owner-appointed/shareholder elected board members 43 % 43 %

88 Innovasjon Norge © Innovasjon Norge CEO: Anita Krohn Traaseth Board of Directors: Per Otto Dyb (chair), Jørand Ødegård Lunde (vice chair), Arvid Andenæs, Kristin Inno vation Norway’s purpose is to act as Misund, Jan Løkling, Jørand Ødegård a national and local authority instrument Lunde, Helen Falch Fladmark, Kim for realising value-generating business de- Daniel Victor Arthur, Wenche Kjølås, velopment throughout Norway. The com- Heidi Wang, Leela Borring Låstad*, pany administers business-oriented policy Gaute Hagerup* (* elected by the instruments on behalf of various minis- employees) tries and county councils. The principal Auditors: Deloitte AS common objectives of these instruments are to promote commercially and socially State ownership through the Ministry of Trade, Industry and Fisheries: 51 % The company’s website: www.innovasjonnorge.no beneficial business development, and to spur regional business opportunities through sub-goals of facilitating more en- tablished a joint export team for 2016 and Income statement (NOK millions) 2017 2016 Recognised grants 1 071 1 057 trepreneurs, more high-growth compa- 2017 together with representatives from Other operating revenues 143 159 nies and more innovative businesses. Eksportkredit Norge, the Norwegian Export Total operating revenues 1 214 1 217 Innovation Norway is organised as a Credit Guarantee Agency (GIEK) and GIEK Operating expenses 1 374 1 378 Net financial items 411 383 special legislation company in accordance Kredittforsikring. Regardless of which of the Operating profit before with the Act relating to Innovation Norway. four abovementioned funding organisa- losses on loans and guarantees 251 222 This form of association means that the tions businesses contact, customers are Net losses -50 10 Profit/loss before tax 301 211 company is a separate legal entity with in- linked to the services and aid schemes that Tax charge 0 0 dependent and professional responsibility are relevant in each individual case. Profit/loss after tax 301 211 for decisions concerning individual mat- Balance sheet 2017 2016 ters. Ownership of Innovation Norway is Sustainability and Total assets 24 941 24 043 shared by the state, represented by the responsible business conduct Ministry of Trade, Industry and Fisheries, Innovation Norway’s Sustainable Develop- Deposits from the State 15 690 15 020 Net bond debt 0 0 (51%), and the county councils (49%). ment Strategy (2016–2020) sets out the Other debt and liabilities 1 538 1 361 The objective of the state's ownership framework for all work that is carried out Other provisions for liabilities 3 944 3 855 of Innovation Norway is to promote a na- within innovation Norway and bases the Total loan and investment fund 2 190 2 252 Total debt and liabilities 23 362 22 488 tionally coordinated service of business- work relating to the strategy and its imple- Total equity 1 579 1 555 oriented measures and schemes to spur mentation on the United Nations’ sustaina- Total equity and liabilities 24 941 24 043 commercially and socially beneficial busi- ble development goals, the principles of the Cash flow 2017 2016 ness development and promote regional United Nations Global Compact, the OECD’s Operating activities -306 -202 business opportunities. It is a requirement guidelines for multinational companies and Payment from owner -52 178 for the company to be run efficiently. the United Nation’s guiding principles for Investment activities -119 -73 Financing activities 670 195 industry and human rights. The require- Change cash and cash equivalents 193 98 Key events ments that the companies impose on cus- In 2017, the company contributed tomers and business partners are referred Dividends 2017 2016 Dividend for the financial year 287 201 through easier access to venture capital to in the document entitled God forret- Dividend percentage 95 % 95 % for industry through greater use of ven- ningsskikk – Innovation Norway’s forvent- Average dividend ture capital loans and the introduction of ninger til kunder og samarbeidspartnere percentage last 5 years 65 % 51 % Dividend to the state 271 183 start-up loans for entrepreneurs. In total, (Good business practice – Innovation Nor- Innovation issued venture capital loans way’s expectations regarding customers Subsidies from the state/ amounting to NOK 1.5 billion in 2017. This and business partners), which are based on Public purchases 2017 2016 Grants 1 071 1 057 was made possible by the signing of an the same guidelines and principles – all rec- agreement with the European Investment ognised standards within the area of corpo- Allocations Fund (EIF) for a total of NOK 1.2 billion, rate social responsibility. Transfers to the State/owners 271 201 enabling the volume of venture capital Transferred to/from funds and equity 30 10 Total allocations 301 211 loans issued to Norwegian businesses to Sectoral policy goal attainment be increased by NOK 500 million in i 2017. The company’s goal attainment is meas- Additional information 2017 2016 In January 2017, Innovation Norway ured through three impact indicators in Number of employees 697 714 Proportion of employees in Norway 78 % 79 % was tasked with boosting Norway’s “green line with the secondary goals. Statistics State ownership at year-end 51 % 51 % offensive profile” to secure more exports, Norway’s measurements indicate that Proportion of women on the board 55 % 55 % Proportion of women among providing more cooperation arenas and companies that have received aid from In- owner-appointed/shareholder making Norway a more attractive country novation Norway have recorded annual elected board members 56 % 56 % in which to invest. Together with Norwe- added growth in all three impact indicators gian industry, a digital display window over a three-year period compared with Innovation Norway is primarily funded was developed to present Norwegian the control group; annual added growth in through assignments from ministries and green and sustainable solutions. sales revenues of 12.7 percentage points county councils, including revenues from In 2017, Innovation Norway adjusted its (2016: 12.3), annual added growth in value the company’s lending and investment ac- presence in a total of 11 countries in line creation of 6.1 percentage points (2016: tivities. In recent years, Innovation Norway with the feedback given by Norwegian in- 6.2) and annual added growth in produc- has stepped up its efforts aimed at indus- dustry, the markets and the strategy that tivity of 2.1 percentage points (2016: 2.2). try, primarily as a result of an increase in has been adopted for the company. In addition to Statistics Norway’s meas- the number of assignments, combined In order to promote the services provid- urements of the three impact indicators, with a drop in the company’s total operated by a collective funding agency to Norwe- regular evaluations of individual schemes ing costs. The company has also further gian exporters, Innovation Norway also es- are also carried out. developed its documentation and follow- up of efficiency as regards resource use. 89 Kimen Såvarelaboratoriet AS © Kimen Såvarelaboratoriet AS Daglig leder: Birgitte Henriksen Board of Directors: Kåre Oskar Larsen (chair), Arnfinn Sjøseth (vice chair), Unni Abrahamsen, Jostein Fjeld, Jon Atle Repstad, Barbro Isaksen* (* elected by the employees) Auditors: Mazars Revisjon AS

State ownership through the Ministry of Agriculture and Food: 51 % The company’s website: www.kimen.no

Kimen Såvarelaboratoriet AS (Kimen) is the laboratory carried out analyses of Income statement (NOK millions) 2017 2016 Norway’s centre of expertise relating to seed samples from Svalbard under the di- Operating revenues 12,3 13,3 seed quality and seed analysis and is the rection of NorGen’s “100-year trial”. Analy- Operating expenses 12,2 12,3 Gross operating profit (EBITDA) 0,3 1,1 national reference laboratory for seed ses of such seeds are carried out every Operating profit (EBIT) 0,1 1,0 analysis. The company has built up its ex- five years by Kimen. It is now 30 years Net financial items 0,1 0,1 pertise through more than 130 years of since the project began, and the storage Profit/loss before tax 0,2 1,1 Tax charge 0,1 0,3 principally state ownership. The labora- of seeds in mine 3 can be seen as a fore- Profit/loss after tax 0,1 0,8 tory was restructured as a limited com- runner to the formation of the Svalbard pany in 2004. The company is owned by Global Seed Vault. Many samples from a Balance sheet 2017 2016 Intangible assets 1,3 0,5 the state through the Ministry of Agricul- new monitoring and mapping project Fixed assets 12,7 14,0 ture and Food (51%), Felleskjøpet Agri SA were also analysed: “Unwanted seeds Total assets 14,0 14,5 (34%) and Strand Unikorn AS (15%). (species) in important food, feed and Equity 11,6 11,5 The laboratory is accredited by ISTA (In- seeds”, which was initiated by the Norwe- Provision for liabilities 0,0 0,0 ternational Seed Testing Association) for gian Food Safety Authority. Current interest-bearing liabilities 2,3 3,0 germination analysis, seed health, purity Current interest-free liabilities 0,0 0,0 Total debt and liabilities 2,3 3,0 and moisture content determination of all Sustainability and Total equity and liabilities 13,9 14,5 relevant seeds and can issue international responsible business conduct seed certificates. The accreditation guar- Kimen aims to have the lowest possible Key figures 2017 2016 Capital employed 13,9 14,5 antees quality and national competence in greenhouse gas emissions and minimal Gross operating margin (EBITDA) 2 % 8 % the field. Quality-assured analysis results environmental impact. The company’s Operating margin (EBIT) 1 % 8 % and services are vital for customers. employees are not often required to trav- Equity ratio 83 % 79 % Return on equity 1 % 7 % The company’s main strategy is to el on business and environmental impact Average return on equity last 4 years 1 % 3 % meet the needs of the seed industry and is given great emphasis in connection Return on capital employed 1 % 8 % the government for services relating to with the procurement of goods. Subsidies from the state/ purity, germination and health analyses Public purchases 2017 2016 of seed. Sectoral policy goal attainment Subsidies from the state/Public purchases 3,6 3,6 The aim of the state’s ownership of Ki- The company’s revenues primarily origi- Dividends 2017 2016 men is to carry out seed analyses to en- nate from sales of analyses and services Dividend for the financial year 0,0 0,4 sure that the Norwegian seed industry to the seed industry and others (adminis- Dividend percentage 0 % 50 % has access to the necessary production tration, farmers, research institutions, Average dividend percentage last 5 years 72 % 77 % Dividend to the state 0,0 0,2 and management analyses as laid down etc.). Purchases of services by the public in the regulations for seeds, wild oats, sector are specified and organised Additional information 2017 2016 plant health and plant production. through a knowledge support agreement Number of employees 19 20 Proportion of employees in Norway 100 % 100 % with the Norwegian Food Safety Authori- State ownership at year-end 51 % 51 % Key events ty. In 2017, the company delivered the Proportion of women on the board 33 % 33 % The year 2017 was characterised by a sta- scope and level of quality of analyses and Proportion of women among owner-appointed/shareholder ble organisation and ordinary operation services that seed businesses, adminis- elected board members 20 % 20 % without any major events. However, of im- tration and other customers requested portance for the operation was the deci- and thereby fulfilled its primary objective. sion by the board to invest in a new seed Participation in international tests un- scanner. Manual analyses and personal der the direction of the accreditation body competence characterise the work carried ISTA makes it possible to measure, and out at the laboratory, as it still does within thereby safeguard, maintenance of analy- the field of seed control worldwide. Invest- sis quality. The industry must continually ment in technology of this type is therefore with natural fluctuations and there was a forward-looking and important for the downturn in sample numbers and analysis company from a financial and operational revenues compared with 2016. The requi- perspective. During this phase, the invest- site level of expertise has been maintained ment will replace an older type of seed with stable prices over a number of years. scanner and will therefore not entail any This has been made possible through ra- major change in everyday operations. tionalisation of the operation and an ongo- In addition to ordinary seed analyses, ing focus on keeping costs down.

90 Kings Bay AS © Kings Bay AS CEO: Per Erik Hanevold Board of Directors: Unni Steinsmo (chair), Widar Salbuvik (vice chair), Kirsten Broch-Mathisen, Egil Murud, Sven Ole Fagernæs Auditors: PricewaterhouseCoopers AS

State ownership through the Ministry of Climate and the Environment: 100 % The company’s website: www.kingsbay.no

Kings Bay AS owns and is responsible for the infrastructure and building complex Income statement (NOK millions) 2017 2016 operating and developing the infrastruc- in Ny-Ålesund as joint facilities for the re- Operating revenues 55,9 57,4 ture in Ny-Ålesund in Svalbard. Opera- search community, and the company is Operating expenses 61,5 57,2 Operating profit -5,6 0,1 tions include accommodation provision, focussing on developing the area in a cli- Net financial items -0,2 -0,3 catering, purchase and organisation of air mate- and environment-friendly manner. Profit/loss before tax -5,8 -0,1 transport services, maritime services, The administrative management of Tax charge 0,5 0,0 Profit/loss after tax -6,3 -0,1 emergency preparedness, engineering Kings Bay changed during the latter half services and water and electricity supply. of 2017. A new CEO, office manager and Balance sheet 2017 2016 The company also provides services to research advisor took up their positions Intangible assets 0,0 2,5 Fixed assets 51,5 17,0 cruise ships and other vessels that arrive in July. Total assets 51,5 19,5 for the day during the summer season. There were twelve official group visits Ten research communities from different to Ny-Ålesund in 2017. Equity 6,0 12,4 Provision for liabilities 28,4 0,0 nations have a permanent base in Ny- Current interest-bearing liabilities 1,9 0,0 Ålesund, and every year close to 20 differ- Sustainability and Current interest-free liabilities 15,2 7,1 ent research communities carry out re- responsible business conduct Total debt and liabilities 45,5 7,1 Total equity and liabilities 51,5 19,5 search projects on Kings Bay’s properties Kings Bay has publicly available ethical in and around Ny-Ålesund. Kings Bay is guidelines and its annual report provides Cash flow 2017 2016 committed to environmentally friendly information about the company’s work re- Operating activities 24,8 -5,0 Investment activities -22,9 -21,0 and efficient operation. lating to corporate social responsibility. Financing activities 22,9 21,0 The objective of the state's ownership The company is committed to giving due Change cash and cash equivalents 24,8 -5,0 of Kings Bay is to ensure that Ny-Ålesund consideration to climate and environmen- Subsidies 2017 2016 can be developed as a Norwegian centre tal issues and has organised its operations Operating and investment for international Arctic scientific research with the aim of minimising its impact on grants from the state 50,6 20,7 in Svalbard. It is a requirement for the nature and the environment around the Grants from others 0,9 3,0 Grants transferred to Bjørnøen ASS -0,2 -0,2 company to be run efficiently. local community in Ny-Ålesund. Total subsidies til Kings Bay AS 51,3 23,5 Kings Bay has established and integrat- Key events ed routines for corruption prevention and Application of grants Investments 21,0 23,0 There were 14,248 research days in 2017. for whistleblowing regarding other unac- Transferred from previous 2,0 0,0 This represents an increase of 930 days ceptable circumstances. Transferred to next year 29,2 -2,0 from 2016, while compared with previous Grants recognized in the income statement during the year 3,1 2,5 years the biggest increase occurred during Sectoral policy goal attainment Total use of grants 51,3 23,5 the first four months of the year. There In 2017, the company received an operat- were a total of approx. 26,017 overnight ing grant from the Ministry of Climate and Additional information 2017 2016 stays in Ny-Ålesund in 2017, including em- Number of employees 24 24 Environment of NOK 53.6 million. Of this Proportion of employees in Norway 100 % 100 % ployees, visitors and seasonal workers. amount, NOK 20.5 million was allocated State ownership at year-end 100 % 100 % During 2017, substantial settlement to a joint new research building in Ny- Proportion of women on the board 40 % 40 % Proportion of women among damage has been surveyed in two build- Ålesund. owner-appointed/shareholder ings as a result of changes in the perma- The company’s development of the elected board members 40 % 40 % frost. This damage will require structural building complex and the focus on pro- repairs, and various companies are work- viding shared facilities for researchers is ing to plan and carry out these works. The in line with the owner’s goal. There was company is also in the process of building also a positive development in the num- a new joint research building, which will ber of research days during the first four be completed in 2018. The former hospi- months of the year, which previously saw tal has also been refurbished and now lower levels of activity. The company also has twelve modernised accommodation received NOK 12 million for refurbishing rooms. the service and administration building in The company is continuing to develop Ny-Ålesund.

91 Nationaltheatret AS © Tor Einstadblad CEO/Theatre Director: Hanne Gløtvold Tømta Board of Directors: Merete Smith (chair), Øystein Kåre Djupedal (vice chair), Olav Selvaag, Henrik Langeland, Tone Winje, Ingjerd Egeberg*, Mattis Herman Nyquist*, Bjørn Moe* (* elected by the employees) Auditors: BDO AS

State ownership through the Ministry of Culture: 100 % The company’s website: www.nationaltheateret.no

Nationaltheatret AS was founded in the theatre, antiquarian considerations, Income statement (NOK millions) 2017 2016 1899 with the objective of putting on the- universal design and the theatre’s need to Operating revenues 262 277 atre productions. The company has spe- lease premises outside the theatre. Operating expenses 276 244 Gross operating profit (EBITDA) -1,9 42,9 cial responsibility for safeguarding na- Operating profit (EBIT) -13,2 32,8 tional cultural policy interests in the field Sustainability and Net financial items -0,2 -0,2 of dramatic art. Nationaltheatret has a responsible business conduct Profit/loss before tax -13,4 32,6 Tax charge 0,0 0,0 central location in Oslo. Nationaltheatret safeguards national cul- Profit/loss after tax -13,4 32,6 Nationaltheatret’s strategy for the pe- tural policy interests in the field of dra- riod 2015–2018 states that Nationalthe- matic art. Nationaltheatret works to make Balance sheet 2017 2016 Intangible assets 65,2 56,8 atret shall be the leading theatre in Nor- dramatic art and high-quality culture Fixed assets 58,5 80,7 way, develop dramatic art and receive in- available to everyone, promotes artistic Total assets 124 138 ternational recognition. Performances development and renewal, and protects Equity 7,9 18,7 should be daring and relevant, and the the national cultural heritage. National- Provision for liabilities 44,1 44,7 theatre should be open and engage the theatret shall contribute to an open and Current interest-bearing liabilities 5,6 8,1 public. enlightened public discourse through its Current interest-free liabilities 66,0 66,0 Total debt and liabilities 116 119 The theatre strives to be a modern the- activities. Total equity and liabilities 124 138 atre company in terms of its organisation The theatre also regards it as an impor- and technically, with up-to-date premises tant corporate social responsibility to Cash flow 2017 2016 Operating activities -0,1 13,4 and facilities. The theatre has a number of work actively to provide a healthy working Investment activities -19,0 -7,5 permanent stages in Oslo city centre and environment and to structure its opera- Financing activities -4,4 4,5 one stage in the district of Torshov. In ad- tions such that energy consumption, Change cash and cash equivalents -23,5 10,4 dition, Nationaltheatret shares joint work- waste and emissions are minimised as far Key figures 2017 2016 shops with Rikstheatret in Brobekk. as is possible within the framework of the Capital employed 13,5 26,8 The state’s ownership of Nationalthe- current building. Gross operating margin (EBITDA) -1 % 16 % Operating margin (EBIT) -5 % 12 % atret aims to secure cultural policy objec- Equity ratio 6 % 14 % tives. The aim behind the 2017 dramatic Sectoral policy goal attainment Return on equity -101 % 116 % art grants was to facilitate production, From an artistic perspective, 2017 was a Average return on equity last 4 years 12 % 37 % Return on capital employed -62 % 89 % promotion and demand for different dra- good year for Nationaltheatret. For exam- matic art expressions. This will support ple, the theatre was nominated for twelve Other key figures 2017 2016 the overarching objectives to help ensure awards under the Hedda Award 2017, a Total number of performances 1 052 1 129 Tickets sold 224 142 274 491 that everyone has access to high-quality new record in the history of Nationalthe- Audiences 72 % 83 % art and culture and to promote artistic de- atret. Jan Sælid received the award for Ticket sales 50,0 60,8 velopment and renewal. best male actor/lead role for his role as Kong Bérenger in “Kongen dør”, Toralv Subsidies from the state 2017 2016 Ministry of Culture 196 197 Key events Maurstad received the award for best In June 2012, the government decided to male actor/co-actor for his role as John in Additional information 2017 2016 implemented a quality assurance (KS1) “Overføring” (a joint venture between Na- Number of employees 405 407 Proportion of employees in Norway 100 % 100 % process with a concept study and associ- tionaltheatret and Det norske Teatret), Si- State ownership at year-end 100 % 100 % ated external quality assurance process grid Strøm Reibo for best director for Proportion of women on the board 54 % 38 % Proportion of women among in connection with refurbishment of the “Som dere vil” (Nationaltheatret) and “Or- owner-appointed/shareholder Nationaltheatret’s building. It is a prereq- lando” (Rogaland teater) and Arne Lygre elected board members 57 % 40 % uisite that Nationaltheatret’s building is for best script for the piece “La deg være”. refurbished and upgraded as a theatre. Actor Jan Sælid also received Per Aabel’s The concept study was carried out in honorary award for his roles as Kong Bé- 2013-2014 and the external quality assur- renger in “Kongen dør” and John Gabriel ance was concluded in autumn 2015. Re- Borkman in “Borkman”. ports on both the concept study and the Nationaltheatret put on 741 perfor- external quality assurance process were mances in 2017, compared with 866 in published on 26 October 2015. The gov- 2016. The theatre was also heavily in- ernment decided to continue the process volved in promotional activities. The thea- in the spring of 2017 and initiated the tre director gave many talks and hosted clarification phase of the construction 269 promotional events in 2017. The total project, where Statsbygg will look in more combined audience figure was 224,000, detail at the ground conditions beneath compared with 274,000 in 2016.

92 Nofima AS © Jon-Are Berg-Jacobsen/Nofima AS CEO: Øyvind Fylling-Jensen Board of Directors: Olav Fjell (chair), Eirik Selmer-Olsen (vice chair), Yngve Myhre, Edel Storelvmo, Ann Øygård, Jens Petter Wold*, Åsa Maria O. Espmark*, Audun Iversen* Nofima AS is an internationally recognised, (* elected by the employees) industry-oriented research institute, which Auditors: PricewaterhouseCoopers AS focuses on practical applications of research results. Nofima’s aim is to help ensure that research-based knowledge and ideas with commercial potential create jobs through sustainable production, new prod- State ownership through the Ministry of Trade, Industry and Fisheries: 56,84 % The company’s website: www.nofima.no ucts and services to the benefit of society and the company’s clients. Nofima’s clients comes from the aqua- jects. The company’s researchers are also Income statement (NOK millions) 2017 2016 culture industry, the fisheries industry, actively participating by providing input to Operating revenues 595 582 the onshore- and offshore-based food in- the EU’s new framework programme, Operating expenses 574 555 Gross operating profit (EBITDA) 30,0 34,3 dustry, the supply industry, the feed sup- FWP 9, and are actively taking part as Operating profit (EBIT) 21,0 26,4 plier and ingredients industry and the members of national and international Net financial items 1,9 2,3 public administration. Nofima has 371 forums which set the research agenda. Profit/loss before tax 22,9 28,7 Tax charge 0,0 0,0 employees at five locations across the The company has relevant and mod- Profit/loss after tax 22,9 28,7 country. The company’s head office is sit- ern research infrastructure. The compa- uated in Tromsø. ny’s operations in Bergen have been con- Balance sheet 2017 2016 Intangible assets 54,6 47,0 The objective of the state's ownership siderably upgraded and a refurbishment Fixed assets 294 250 in Nofima is to help ensure that Norway programme has been initiated for the re- Total assets 348 297 has a strong research community able to search station at Sunndalsøra. The com- Equity 154 131 meet the needs of the food, fisheries and pany’s pilot facility in Kaldfjord, Biotep, Provision for liabilities 13,4 15,5 aquaculture industries regarding long- has also been upgraded with modern Current interest-bearing liabilities 0,0 0,0 term, strategic industrial research. It is a technology. Current interest-free liabilities 181 151 Total debt and liabilities 194 167 requirement for the company to be run Total equity and liabilities 348 297 efficiently. Sustainability and responsible business conduct Cash flow 2017 2016 Operating activities 38,9 20,4 Key events Nofima works systematically on challeng- Investment activities -36,5 -45,3 The company focuses on boosting scien- es linked to the United Nations’ sustaina- Financing activities 0,0 -0,1 tific output and quality and has developed ble development goals. These form the Foreign currency effects 0,0 0,0 Change cash and cash equivalents 2,4 -25,0 a series of strategic research initiatives basis for all activities in the organisation’s funded through the company’s basic research. Key figures 2017 2016 grants and inhouse funding. The strategic Nofima has established ethical guide- Capital employed 154 131 Gross operating margin (EBITDA) 5 % 6 % initiatives have been developed in close lines and research ethics guidelines. The Operating margin (EBIT) 4 % 5 % cooperation with industrial players with company bases its operations on the Equity ratio 44 % 44 % the aim of contributing to long-term, fun- eight core conventions of the Internation- Return on equity 16 % 25 % Average return on equity last 5 years 36 % 21 % damental research within areas where al Labour Organisation (ILO) and follows Return on capital employed 16 % 25 % knowledge gaps have been identified. specific company- and industry-oriented The company particularly aims to en- guidelines in its reporting. In addition, the Subsidies from the state 2017 2016 Operating subsidies 101,5 99,5 sure that research results contribute to company follows government guidelines value creation. During the year, Nofima to minimise the environmental impact of Additional information 2017 2016 developed a specific innovation strategy its research activities. Number of employees 371 363 to ensure that research results are ap- Proportion of employees in Norway 100 % 100 % State ownership at year-end 56,84 % 56,84 % plied within industry to a greater extent. Sectoral policy goal attainment Proportion of women on the board 38 % 38 % The strategy is being implemented Nofima has a high profile in the national Proportion of women among owner-appointed/shareholder through the company’s learning arena in and international competition for re- elected board members 40 % 40 % a close partnership with industrial play- search funding. The company delivers ers. high-quality, research-based scientific Nofima has established a guest scheme knowledge, which is contributing to the which enables the company’s employees development of sustainable aquaculture to work closely with industry and other and food production. Nofima conducts knowledge communities both in Norway research into relevant issues for industry and abroad. The scheme gives employees and gives research-based input to the a better insight into needs and issues ministries, municipal authorities and which can be resolved through research- county councils. based knowledge, which in turn provides There is a strong focus on ensuring input to strategic research issues. that research results are applied and help Nofima has stepped up its work aimed to boost national competitiveness. Nofi- The company receives basic funding from at the EU’s Horizon 2020 and strength- ma funds its research assignments the Research Council of Norway and grants ened its partnerships with international through announcements via the Research from the Ministry of Trade, Industry and research communities. At the end of Council of Norway, the EU, the FHF and Fisheries. This represents 32% of the com- 2017, the company’s research staff are FFL research funds, other funding organi- pany’s turnover. participating in eleven Horizon 2020 pro- sations and industry.

93 Nordisk Institutt for Odontologiske Materi aler AS © NIOM AS CEO: Jon Einar Dahl Board of Directors: Pål Barkvoll (chair), Hilde Kanli Galtung (vice chair), Ellen Berggreen, Vaska Vandevska-Radunovic, Erik Gulbrandsen, Marianne Hiorth, Preben Hørsted Bindslev, Anne Nordblad, Helga Ágústsdóttir, Andreas Cederlund

Nordisk Institutt for Odontologiske Ma Auditors: Lundes Revisjonskontor I DA terialer AS (NIOM) was established as a private limited company on 26 October 2009 with the Ministry of Health and Care Services (49% of the shares) and UniRand AS (51%) as owners. The company was State ownership through the Ministry of Health and Care Services: 49 % The company’s website: www.niom.no founded in 1972 as an institute under the Nordic Council of Ministers and transferred Norwegian ownership in accord- company has carried out projects within Income statement (NOK millions) 2017 2016 ance with a political decision. toxicology, microbiology, polymer chem- Operating revenues 34,7 34,7 NIOM is a Nordic cooperative body istry/leaching and material properties/in- Operating expenses 34,7 32,8 Gross operating profit (EBITDA) 0,7 2,4 working to promote and continue the organic chemistry. All visiting researchers Operating profit (EBIT) 0,0 1,9 Nordic cooperation within the mandate were offered paid jobs. Eighteen research Net financial items 0,1 0,1 and framework contract between the projects were interdisciplinary in nature Profit/loss before tax 0,1 2,0 Tax charge 0,0 0,0 company and the Nordic Council of Minis- and twelve were co-Nordic, with NIOM’s Profit/loss after tax 0,1 2,0 ters. The company is also required to researchers being responsible for coordi- safeguard the objects and tasks set out in nation. There are interdisciplinary and Balance sheet 2017 2016 Intangible assets 5,1 4,3 the Ministry of Health and Care Services’ Nordic collaboration partners within insti- Fixed assets 11,5 14,0 annual national budget. NIOM and the tutions in Denmark, Finland, Iceland, Nor- Total assets 16,6 18,3 county dental health service’s centres of way and Sweden. Equity 13,1 13,1 expertise cooperate regarding clinical and NIOM has a wide-ranging partnership Provision for liabilities 0,0 0,0 patient-related research projects. with the dental health service’s centres of Current interest-bearing liabilities 0,0 0,0 The company’s vision is to help ensure expertise in Norway. Nordic dentists are Current interest-free liabilities 3,5 5,2 Total debt and liabilities 3,5 5,2 safe, well-functioning biomaterials for pa- informed of the results of NIOM’s re- Total equity and liabilities 16,6 18,3 tients in the Nordic countries. NIOM’s search and advice through lectures at strategy is to have a high Nordic profile, dental conferences, webinars and publi- Cash flow 2017 2016 Operating activities 0,2 0,8 conduct biomaterials research on a high cation in Nordic dental journals, and on Investment activities -1,6 -1,7 international level, be an active contribu- NIOM’s website. Financing activities 0,0 0,0 tor to policy formulation in European and NIOM has published 22 articles relat- Change cash and cash equivalents -1,4 -0,9 international standardisation, and for the ing to the company’s research in interna- Key figures 2017 2016 company’s assignment-based work to tional and Nordic journals and published Capital employed 13,1 13,1 generate funds and knowledge that can eleven newsletters and answered a large Gross operating margin (EBITDA) 2 % 7 % Operating margin (EBIT) 0 % 5 % boost the company’s other activities. The number of enquiries from dental health Equity ratio 79 % 72 % company’s research and information ac- staff, health authorities and patients. NI- Return on equity 1 % 17 % tivities are required to be scientifically OM’s researchers are leaders in both Eu- Average return on equity last 4 years 22 % 30 % Return on capital employed 1 % 17 % based and have practical applications ropean and international standardisation within the field of clinical dentistry. within dental health and biomaterials Subsidies from the state 2017 2016 The aim of the state’s ownership of generally, and have made important con- Ministry of Health and Care Services 21,1 19,0 NIOM is to secure Nordic representation tributions to the development of stand- Additional information 2017 2016 on the board. This was a condition im- ards in these areas. Number of employees 27 28 posed by the Nordic Council of Ministers Proportion of employees in Norway 100 % 100 % (NCM) in order to transfer ownership State ownership at year-end 49 % 49 % Sustainability and Proportion of women on the board 60 % 50 % from NCM to the Norwegian state. responsible business conduct Proportion of women among Through board appointments and the NIOM’s activities are of vital importance owner-appointed/shareholder elected board members 60 % 50 % company’s general meeting, the state also for patient safety both in Norway and in secures influence over NIOM’s activities the other Nordic countries. NIOM pro- and the institute’s importance with re- vides neutral and manufacturer-inde- spect to the dental health field as a policy pendent information based on research area in Norway. published in acknowledged international periodicals with peer review. Key events NIOM strives to ensure that interna- In 2017, it was 45 years since NIOM was tional standards contain relevant require- founded, an event which was marked by a ments which promote patient safety. two-day Nordic seminar on research and patient safety. Sectoral policy goal attainment NIOM’s information and research ac- Norwegian health authorities finance tivities, research collaborations and visit- rent, standardisation and clinically related ing researcher cooperations generate research, which accounted for 65% of rev- considerable benefits for the Nordic re- enues in 2017. gion. The primary focus has been placed Research, information and standardisa- on dental materials and biomaterials gen- tion have helped to improve patient safety erally. In addition to clinical projects, the within the field of dental health.

94 Norfund © Norfund CEO: Kjell Roland Board of Directors: Kristin Clemet (chair), Tove Stuhr Sjøblom, Finn Marum Jebsen, Martin Skancke, Brit Kristin Sæbø Rugland, Per Kristian Sbertoli, Kristin Sandtorv*, Felix Barwinek* (* elected by the employees) Auditors: Deloitte AS

Norfund (the Norwegian Investment Fund for Developing Countries) was established State ownership through the Ministry of Foreign Affairs: 100 % The company’s website: www.norfund.no as a state-owned and -financed investment company in 1997. The fund is an instrument in Norwegian development poli- Sustainability and Income statement (NOK millions) 2017 2016 cy which contributes to economic develop- responsible business conduct Operating revenues 1 605 615 ment and jobs in developing countries Norfund exercises corporate social re- Operating expenses 144 537 Gross operating profit (EBITDA) 1 358 463 through developing profitable businesses, sponsibility by setting high standards for Operating profit (EBIT) 1 461 78 particularly within clean energy, the fi- its own operations and the operations of Net financial items 501 -78 nance sector and agriculture. Norfund’s the companies in its portfolio. Norfund Profit/loss before tax 1 962 -1 Tax charge 21 5 head office is situated in Oslo. has zero tolerance for corruption and re- Profit/loss after tax 1 941 -6 The objective of the state's ownership quires respect for human rights, gender of Norfund is to assist in the development equality, local communities, and the envi- Balance sheet 2017 2016 Intangible assets 14 053 5 237 of sustainable commercial activity in de- ronment and biodiversity. Norfund there- Fixed assets 11 614 13 218 veloping countries by financing viable, fore stipulates compliance requirements Total assets 25 667 18 455 profitable activities which would other- over and above those that are regulated Equity 23 327 16 759 wise not be realised due to the high finan- in national legislation and commits the Provision for liabilities 383 27 cial risk involved. It is a requirement for businesses to compliance with the envi- Current interest-bearing liabilities 1 055 310 the company to be run efficiently. ronmental and social standards of the Current interest-free liabilities 903 1 358 Total debt and liabilities 2 341 1 696 World Bank’s International Finance Cor- Total equity and liabilities 25 667 18 455 Key events poration. Monitoring compliance with In 2017, Norfund entered into investment these standards is an integral part of the Cash flow 2017 2016 Operating activities 614 1 863 obligations with a total value of NOK 3.6 work related to entering into investment Investment activities -1 138 -2 078 billion. Around NOK 2.1 billion of this con- agreements and following up the invest- Financing activities 1 415 1 454 cerned investments in renewable energy, ments. Change cash and cash equivalents 891 1 239

NOK 939 million in financial institutions, At the end of 2017, a total of 292,000 Key figures 2017 2016 NOK 169 million within food and agricul- people were employed by enterprises in Percentage new investments ture and NOK 378 in funds for small and which Norfund had invested either direct- in least developed countries 34 % 57 % Percentage investments in Africa 35 % 73 % medium enterprises (SME fund). Of new ly or indirectly. The companies purchased investment agreements established in goods and services from local suppliers Subsidies from the state 2017 2016 2017, 35% were signed in Africa south of with a total value of NOK 16.8 billion, and Subsidies for professional investment assistance 39 0 the Sahara. Thirty four percent of new in- enterprises in Norfund’s portfolio paid Capital contributions from the state 1 500 1 478 vestments were made in least developed NOK 9.3 billion in taxes and duties to the countries (LDCs). authorities in the countries in which they Additional information 2017 2016 Number of employees 71 69 The single most important event in operate. In 2017, the energy companies in Proportion of employees in Norway 70 % 67 % 2017 was the signing of an agreement with Norfund’s portfolio generated a total of State ownership at year-end 100 % 100 % Statkraft, according to which Norfund sold NOK 14.7 TWh of electricity, of which 34% Proportion of women on the board 50 % 50 % Proportion of women among its stake in Statkraft International Hydro was in LDCs. Norfund’s renewable portfo- owner-appointed/shareholder Investments AS (SKIHI) and Statkraft was lio contributed to a reduction of around elected board members 50 % 50 % released from its stake in SN Power AS. 4.7 million tonnes of CO2 emissions in Through this transaction, Norfund became 2017. the sole owner of SN Power AS. The company now operates as a subsidiary and is Sectoral policy goal attainment followed up by Norfund in the same way Norfund’s objective is to establish viable, as other companies in the portfolio. profitable businesses that would not oth- During 2017, the fund implemented a erwise get off the ground due to their raft of measures as part of the follow-up of high risk. Norfund has directly and indi- the company’s strategy. The fund stepped rectly invested in 845 enterprises. up its work to ensure compliance with reg- The return on the investment portfolio ulations, financial risk and documentation in 2017 was 14% measured in the invest- of development effects for the entire port- ment currency and 10% in Norwegian folio. The geographic scope has been ex- kroner. Since its establishment, the fund panded and now also covers Ethiopia and has had an average annual return of 6% Somalia and the fund has now begun to in the investment currency and 9% in Nor- invest in West Africa. A new regional office wegian kroner, calculating the return has been established in Accra, Ghana. from the start date of the investments.

95 Norges sjømatråd AS © Norges sjømatråd AS CEO: Renate Larsen Board of Directors: Marianne Elisabeth Johnsen (chair), Sverre Søraa (vice Norges sjømatråd AS, the Norwegian chair), Rita Karlsen, Amund Drønen Ringdal, Eva Marie Kristoffersen, Seafood Council, aims to increase value Andreas Mikalsen, Solveig Strand, creation in the seafood industry by in- Tom Jørgen Gangsø*, Trude Bessesen*, creasing demand for and awareness of Hildegunn Fure Osmundsvåg* Norwegian seafood both in Norway and (* elected by the employees) abroad. This is achieved through generic Auditors: KPMG AS marketing and work on market information, market access and preparedness. The Norwegian Seafood Council also State ownership through the Ministry of Trade, Industry and Fisheries: 100 % Selskapets nettsider: www.seafood.no • www.godfisk.no seeks to develop new and further exploit established markets and strengthen and cement the reputation of Norwegian sea- Sustainability and Income statement (NOK millions) 2017 2016 food. The Norwegian Seafood Council’s responsible business conduct Operating revenues 362 564 head office is situated in Tromsø, and the The Norwegian Seafood Council has pub- Operating expenses 506 532 Gross operating profit (EBITDA) -143 33,1 company has employees in 13 markets. licly available ethical guidelines that govern Operating profit (EBIT) -144 31,9 The objective of the state's ownership its work relating to corporate social respon- Net financial items 6 10,0 of the Norwegian Seafood Council is to sibility. The company bases its operations Profit/loss before tax -138 41,9 Tax charge 0,0 0,0 have a sector policy instrument to help on the eight core conventions of the Inter- Profit/loss after tax -138 41,9 boost value creation in the fisheries and national Labour Organisation (ILO). aquaculture industries by increasing de- Balance sheet 2017 2016 Intangible assets 2,4 3,3 mand for and awareness of Norwegian Sectoral policy goal attainment Fixed assets 434 603 seafood at home and abroad. It is a re- In order to assess the extent to which the Total assets 436 606 quirement for the company to be run ef- Norwegian Seafood Council fulfilled its Equity 343 481 ficiently. mandate, the organisation carries out Provision for liabilities 0,0 0,0 analyses to measure the added value that Current interest-bearing liabilities 0,0 0,0 Key events the market tax contributes to the Norwe- Current interest-free liabilities 93 125 Total debt and liabilities 93 125 Norwegian seafood exports achieved yet gian Seafood Council. This is done through Total equity and liabilities 436 606 another new record in 2017. A total of 2.6 yield analyses and econometric methods, million tonnes of seafood with a value of where the investments are isolated Cash flow 2017 2016 Operating activities -111 40,3 NOK 94.5 billion was exported, reflecting through checking for other relevant mar- Investment activities -5 -30,7 increases in value and volume of 3% and ket-related explanatory variables. In this Financing activities 0 0,0 7% respectively. Salmon is the most im- work, the Norwegian Seafood Council has Change cash and cash equivalents -117 9,6 portant species and accounts for around opted to enter into a three-year evaluation Key figures 2017 2016 70% of the total value of exports. This agreement with FABA (Forecasting and Capital employed 343 481 year, the EU also imported Norwegian Business Analytics) at Texas A&M Univer- Gross operating margin (EBITDA) -39 % 6 % Operating margin (EBIT) -40 % 6 % seafood worth in excess of NOK 60 billion, sity, a specialist community which special- Equity ratio 79 % 79 % making the region the most important ises in the yield analysis of joint marketing. Return on equity -34 % 9 % market for the industry. Calculations for the period 2003 to 2016 Average return on equity last 5 years 3 % 12 % Return on capital employed -32 % 10 % In May 2016, proceedings were initiat- show that 10% of the value of Norwegian ed against Norway, through the Ministry seafood exports during the period can be Additional information 2017 2016 of Trade, Industry and Fisheries, by the attributed to the Norwegian Seafood Coun- Number of employees 82 77 Proportion of employees in Norway 70 % 67 % EEA supervisory authority (ESA), with a cil’s investment of the market tax. This re- State ownership at year-end 100 % 100 % claim that the market tax and the activi- sult manifests itself in the form of an in- Proportion of women on the board 60 % 60 % ties of the Norwegian Seafood Council crease in export prices of between 3.5% Proportion of women among owner-appointed/shareholder were in breach of the EEA Agreement. and 12% and an increase in export volumes elected board members 57 % 57 % One case primarily concerned a claim that of up to 6.5%. The study also concluded that the activities in Norway involve a restric- the work of the Norwegian Seafood Council tion on imports. The other case con- has realised a yield of between NOK 14 and cerned a claim that the market tax and NOK 16 per krone used to promote sea- the activities of the Norwegian Seafood food exports. In June 2018, the FABA will Council constitute illegal state aid. present a new study which specifically con- In the case concerning state aid, the siders the investments that have been ESA decided to close the case, citing that it made within the ‘whitefish’ category. did not believe that it possessed the nec- In addition to these general studies, essary competence to consider issues re- the Norwegian Seafood Council is carry- lating to state aid within the fisheries sec- ing out impact studies linked to individual tor. Marine Harvest appealed the decision campaigns. In 2017, one such study was before the EFTA court. The judgement by carried out in connection with a major the EFTA court was announced on 27 No- salmon campaign in Spain where EUR 1.7 vember 2017, with the conclusion that the million was invested. The study was con- ESA does not possess the requisite com- ducted by Kantar and showed that the petence to consider issues relating to campaign had a direct sales-triggering ef- state aid in the fisheries sector. The ap- fect (as well as a brand-building effect) peal concerning trade restrictions is still where every euro invested contributed to being considered. additional sales of EUR 1.56 of salmon.

96 Norsk Helsenett SF © Norsk Helsenett SF CEO: Håkon Grimstad Board of Directors: Toril Bariusdotter Ressem (chair), Herlof Nilssen (vice chair), Kjartan Olafsson, Aage Jostein Thunem, Inger Østensjø, Cathrine Hole*, was founded by the Norsk Helsenett SF Jacob Gajowniczek*, Sindre Solem* Ministry of Health and Care Services in (* elected by the employees) 2009. The state enterprise is responsible Auditors: Deloitte AS for operating and developing a secure, ro- bust and expedient national ICT infrastructure that meets the need for efficient interaction between all of the players within the health and care sector (the Health Net- State ownership through the Ministry of Health and Care Services: 100 % The company’s website: www.nhn.no work). This includes development, establishment and operation of a number of national services, like www.helsenorge.no, Sustainability and Income statement (NOK millions) 2017 2016 the Core Record System, Electronic Data responsible business conduct Operating revenues 621,0 388,8 Interchange (EDI) and video conferencing. Norsk Helsenett SF fulfils its corporate so- Operating expenses 615,6 410,3 Gross operating profit (EBITDA) 37,0 3,4 Norsk Helsenett SF’s activities are financed cial responsibility through establishing Operating profit (EBIT) 5,4 -21,5 through a membership fee for affiliation to provision for apprentices and ensuring Net financial items 0,9 2,0 the Norwegian Health Network, state that it has a good learning environment. Profit/loss before tax 6,3 -19,5 Tax charge 0 0,0 grants for the provision of national servic- The state enterprise carries out numer- Profit/loss after tax 6,3 -19,5 es and the execution of various projects, as ous initiatives targeted at students both well as the sale of services. The customer through teaching and through visits to Balance sheet 2017 2016 Intangible assets 152,3 83,0 group consists of all the health trusts, mu- companies. Norsk Helsenett is very con- Fixed assets 125,1 177,7 nicipalities, general practitioners and other cerned about ensuring diversity within its Total assets 277,4 260,7 providers in the health and care sector, organisation and fulfils its responsibilities Total equity 108,5 102,1 along with a number of third-party suppli- within this area by being an Inclusive Provision for liabilities 46,3 31,3 ers who provide services to them via the Working Life company. The state enter- Current interest-bearing liabilities 0,0 0,0 Health Network. prise has a good partnership with NAV Current interest-free liabilities 122,6 127,2 Total debt and liabilities 168,9 158,5 On 1 January 2017, Norsk Helsenett SF regarding the provision of jobs and offers Total equity and liabilities 277,4 260,6 established an administrative service cen- of work experience. tre within ICT and procurements for the Norsk Helsenett SF is an important Cash flow 2017 2016 Operating activities 90,5 -17,9 eleven health authorities within the cen- specialist resource and a major contribu- Investment activities -101,0 -31,2 tral health administration. tor to the development of ICT tasks at na- Financing activities 0,0 0,0 As of 31 December 2017, Norsk Helsen- tional level. The state enterprise is work- Change cash and cash equivalents -10,5 -49,1 ett SF had a total of 321 employees split ing to ensure that its operation is as cli- Key figures 2017 2016 between the head office in Trondheim mate- and environment-friendly as possi- Capital employed 108,5 102,1 and the regional offices in Tromsø and ble through environmentally friendly Gross operating margin (EBITDA) 6 % 1 % Operating margin (EBIT) 1 % -6 % Oslo. Work is under way to establish an offices, proximity to public transport, the Equity ratio 39 % 39 % office in Longyearbyen in Svalbard. use of energy-saving virtual products and Return on equity 6 % -17 % The objective of the state's ownership the extensive use of video conferencing in Average return on equity last 5 years 0 % 0 % Return on capital employed 7 % -17 % of Norsk Helsenett is to secure access to order to reduce travel. necessary health data on a secure ICT Subsidies from the state 2017 2016 platform for the administration and com- Sectoral policy goal attainment Ministry of Health and Care Services 110,2 107,8 Others 0,0 0,0 munication of secure information and the Norsk Helsenett SF is helping to ensure Total subsidies 110,2 107,8 use of telemedical solutions in the sector. that the sector introduces digital solu- It is a requirement for the company to be tions and increases its use of digital inter- Additional information 2017 2016 run efficiently. Number of employees 321 201 action. The service centre for the health Proportion of employees in Norway 100 % 100 % administration has been established and State ownership at year-end 100 % 100 % Key events expansion of the trunk network is under Proportion of women on the board 38 % 57 % Proportion of women among Traffic in the health network is steadily in- way. The organisation has contributed to owner-appointed/shareholder creasing and, during 2017, over 214 mil- national services such as HelseID and elected board members 40 % 60 % lion medical messages were exchanged electronic birth notifications. A message between the organisations within the validator has been developed to improve health and care services sector. This the quality of medical communications. shows that the organisations in the health HelseCERT monitors the traffic in the and care services sector are adopting the health network and is carrying out a num- digital solutions that are being made ber of initiatives relating to information available. security, e.g. penetration tests and infor- The new high-availability trunk net- mation dissemination. The financing of work for the sector will be developed in Norsk Helsenett SF is based on member- the health regions and give both regional ship fees, hourly rates, contractual prices and local hospitals a network which meets and public grants via the National Budget. the sector’s future needs as regards secu- The service centre is funded through a rity, capacity and quality. The trunk net- price model based on an established cost work in Helse Nord was delivered and basis. Work has begun to establish a ser- commissioned during 2017. vice price based on the use of services.

97 Norsk rikskringkasting AS

Head of Broadcasting: Thor Gjermund Eriksen Board of Directors: Birger Magnus (chair), Gunvor Ulstein © Norsk rikskringkasting AS (vice chair), Geir Bergkastet, Silvija Seres, Audhild Gregori- Norsk rikskringkasting AS (NRK) was es- usdotter Rotevatn, Lars Oscar tablished in 1933. With three linear TV Toverud*, May-Britt Bøhn*, channels, 13 DAB radio channels, the Per Ravnaas* (* elected by the streaming services NRK TV, NRK Super employees) and NRK Radio, the website NRK.no, yr.no Auditors: KPMG AS and content on mobile, NRK offers a broad range of media services. State ownership through the Ministry of Culture: 100 % The company’s website: www.nrk.no NRK’s public service remit is set out in the company’s articles of association. It rests on three basic pillars: NRK shall sup- Sustainability and Income statement (NOK millions) 2017 2016 port and strengthen democracy, NRK responsible business conduct Operating revenues 5 921 5 699 shall strengthen the Norwegian language, NRK works purposefully on matters which Operating expenses 5 918 5 695 Gross operating profit (EBITDA) 357 283 identity and culture, and NRK shall ensure are important for the organisation’s impact Operating profit (EBIT) 3 4 universal availability. The latter is a pre- on people, society and the environment. Net financial items 44 41 requisite for succeeding at the first two. NRK systematised, collated and pub- Profit/loss before tax 47 46 Tax charge 4 2 NRK reflects the geographic diversity in lished a description of the organisation’s Profit/loss after tax 43 43 Norway and has a presence at over 50 lo- efforts relating to corporate social re- cations across Norway. NRK’s head office sponsibility, broken down into nine key Balance sheet 2017 2016 Intangible assets 1 650 1 741 is situated in Oslo. NRK also has 15 re- areas. The description has been pub- Fixed assets 1 480 1 277 gional offices which offer the general published at https://www.nrk.no/informas- Total assets 3 130 3 018 lic news from the whole country to the jon/xl/NRKs-samfunnsansvar. Equity 1 157 1 129 whole country. NRK Sápmi has its head Provision for liabilities 995 939 office in Karasjok. NRK also has ten cor- Sectoral policy goal attainment Current interest-bearing liabilities 0 0 respondents with offices in Nairobi, Bei- In an era of globalisation and increased Current interest-free liabilities 978 950 Total debt and liabilities 1 973 1 889 jing, Istanbul, Cairo, Moscow, Berlin, Brus- competition for people’s time and atten- Total equity and liabilities 3 130 3 018 sels, London and Washington DC. tion, NRK has strong support and legitimacy The objective of the state's ownership amongst the Norwegian population. No Cash flow 2017 2016 Operating activities 294 246 of NRK is to ensure good provision of less than 85% of everyone over the age of Investment activities -83 -193 public service broadcasting in Norway. It twelve uses one or more of NRK’s services Financing activities 0 -113 is a requirement for the company to be daily. NRK also has a good reputation Change cash and cash equivalents 211 -61 run efficiently. amongst the general population. NRK is at Key figures 2017 2016 the top of Ipso’s list of the most reputable Capital employed 1 157 1 129 Key events businesses in 2017. NRK has a stable and Gross operating margin (EBITDA) 6 % 5 % Operating margin (EBIT) 0 % 0 % NRK ended its analogue FM broadcasts in high level of support concerning the licence. Equity ratio 37 % 37 % 2017. In NRK’s annual profile survey, 69% of re- Return on equity 4 % 4 % In June 2017, the Storting adopted a spondents stated that the licence fee is ei- Average return on equity last 5 years -1 % -1 % Return on capital employed 5 % 5 % new societal mission for NRK. NRK’s soci- ther “very good” or “good” value for money. etal mission is the governing policy docu- NRK (group) recorded a profit of NOK 44 Other key figures 2017 2016 ment for NRK’s content obligations and million in 2017. This figure is unchanged Licence fees as percentage of total revenues 94,2 % 96,8 % activities, and sets out the Storting’s over- from 2016. The financial statements for Licence fee per year arching requirements and framework for 2017 included an extraordinary gain from per household including VAT 2 868 2 835 NRK. The formal public service broadcast- the sale of NRK’s property in Bergen and ex- Percentage of the population that uses NRK every day 85 % 86 % ing remit is laid down in the organisation’s traordinary items linked to the impairment Market share NRK TV (all year) 40 % 39 % articles of association. These articles of of fixed assets and programmes where Market share NRK radio (all year) 66 % 68 % association were amended at NRK’s gen- NRK has insufficient streaming rights. eral meeting held in December 2017. The broadcasting tax increased from Subsidies from the state 2017 2016 Ministry of Culture 0,3 0,3 The Storting’s consideration of Report NOK 2,835 in 2016 to NOK 2,878 in 2017, Additional information 2017 2016 to the Storting No. 15 (2016–2017) “Eit both figures inclusive of 10% VAT. The Number of employees 3 419 3 450 moderne og framtidsretta NRK - Finan- number of licence payers rose by 7,000 Proportion of employees in Norway 100 % 100 % State ownership at year-end 100 % 100 % siering og innhaldsplikter” (A modern and from December 2016 to December 2017. Proportion of women on the board 50 % 50 % progressive NRK - Funding and content There were 2,038,000 licence payers at Proportion of women among owner-appointed/shareholder obligations) asks the government to in- the end of 2017. NRK’s commercial activi- elected board members 60 % 60 % vestigate and propose a new funding ties are organised through NRK Aktivum model for NRK. The Storting gave further AS (a wholly owned subsidiary). NRK’s support to the ministry’s decision to intro- commercial activities made an overall duce a four-year indicative statement for contribution of NOK 88 million to pro- NRK’s financial framework. gramme activities in 2017.

98 Norsk Tipping AS

CEO: Åsne Havnelid Board of Directors: Linda Bernander Silseth (chair),

Per Olav Monseth (vice © Norsk Tipping AS chair), David Hansen, Anne Lise Meyer, Kari Skeids- voll Moe, Andreas Egge Thorsheim, Bjørn Vidar Mathisen*, Hege Andersen* Norsk Tipping AS was established in (* elected by the employees) 1946 and started operating in 1948. The company has exclusive rights to offer a range of money games in Norway and op- State ownership through the Ministry of Culture: 100 % The company’s website: www.norsk-tipping.no erates pursuant to The Gaming Act. Norsk Tipping’s head office is situated in Hamar. The company shall, in accordance with Sustainability and Income statement (NOK millions) 2017 2016 the rules laid down by the Ministry of Cul- responsible business conduct Operating revenues 34 922 32 039 ture, offer gambling in a socially accepta- Norsk Tipping shall take responsibility for Operating expenses 29 700 27 056 Gross operating profit (EBITDA) 5 430 5 217 ble form under public control, with a view its impact on people, society and the envi- Operating profit (EBIT) 5 222 4 983 to preventing the negative consequences ronment, and identify areas where it is Net financial items 28 19 of gambling. At the same time, the com- possible to make positive contributions to Profit/loss before tax 5 251 5 002 Tax charge 0 0 pany shall, through efficient operation, the development of society. Profit/loss after tax 5 251 5 002 ensure that as much of the proceeds from The work carried out relating to corporate the games as possible go to socially ben- social responsibility in 2017 primarily con- Balance sheet 2017 2016 Intangible assets 715 853 eficial causes determined by the owner. cerned the implementation of a policy for Fixed assets 5622 5 101 The Grassroots share scheme gives corporate social responsibility, which had Total assets 6 336 5 954 gamblers the opportunity to allocate an been adopted in 2016. This policy provides Equity 364 364 amount corresponding to 7% of the stake guidance concerning the way in which ethics, Provision for liabilities 141 109 to a cause of their own choosing (altered the environment and societal considerations Current interest-bearing liabilities 0 0 from 5% from 1 January 2018). must be integrated within the organisation. Current interest-free liabilities 5 831 5 481 Total debt and liabilities 5 972 5 589 The objective of the state's ownership The focus areas ‘responsible gambling’, Total equity and liabilities 6 336 5 953 of Norsk Tipping is to prevent problem- ‘business ethics’, ‘anticorruption’, ‘human gambling by channelling Norwegians' de- rights’ and ‘environment’ are areas at what is Cash flow 2017 2016 Operating activities 5 555 5 422 sire to gamble into moderate and respon- known as “”compliance level”, with the clear- Investment activities -55 -198 sible services. est expectations for Norsk Tipping from Financing activities -4 945 -4 363 owners and other stakeholders. The expec- Change cash and cash equivalents 555 862

Key events tations regarding the focus areas ‘equal op- Key figures 2017 2016 In May 2017, the Storting considered the portunity/diversity’ and ‘working environ- Capital employed 364 364 principles in the Storting report “Alt å vinne ment/health’ are not as clear, but here, as a Gross operating margin (EBITDA) 16 % 16 % Operating margin (EBIT) 15 % 16 % – ein ansvarleg og aktiv pengespelpolitikk” major and important societal actor, the Equity ratio 6 % 6 % (Everything to gain – a responsible and ac- company is best placed to contribute. tive gambling policy). The Storting stated One example from 2017 is when the Allocations of proceeds 2017 2016 Profits distributed through Tippenøkkelen 4 715 4 336 that prevention and responsibility are still company spoke up for equal opportunities Grassroots share 455 447 the guiding principles for gambling policy for girls as well as boys in sport. Norsk Tip- Profit for health and rehabilitation 0 0 and that the exclusive rights model is best ping proved its commitment through a new Profit for bingo owners’ causes 66 63 Measures to combat gambling problems 15 6 suited to safeguarding this. This reaffirms sponsorship partnership with Serieforenin- Transferred to/from other equity 0 150 Norsk Tipping’s societal mission and pro- gen for kvinnefotball, the Norwegian league Total allocations 5 251 5 002 vides guidance as regards the further de- association for women’s football. velopment of the company. Additional information 2017 2016 Number of employees 406 408 The company must step up its work re- Sectoral policy goal attainment Proportion of employees in Norway 100 % 100 % lating to responsibility further and has The most important sectoral policy goal State ownership at year-end 100 % 100 % high ambitions in this area. At the same for the company is the prevention of gam- Proportion of women on the board 50 % 50 % Proportion of women among time, it is vital that the regulated actors bling problems. The company works me- owner-appointed/shareholder have a high market share, which requires thodically with a knowledge-based ap- elected board members 50 % 50 % the company’s products and services to proach on the issue as regards the devel- be seen as attractive. opment of products, marketing, responsi- Against this background, the company bility measures and research. The Nor- pany’s societal mission. Norsk Tipping has worked on organisational develop- wegian Gaming and Foundation Authority gained around 83,000 new customers in ment and continuous improvement and audits Norsk Tipping annually within the 2017, of whom 70% are aged under 40. A innovation. A new organisation model is area ‘responsible gambling’. total of 1.96 million customers played being implemented in 2018. After the first full year with limits on to- Norsk Tipping’s games in 2017. Together The Storting has requested a report tal losses, we can see that customers’ with the record turnover of NOK 5.25 bil- which considers whether Norsk Tipping gambling patterns are moving in the lion, this shows that the company is able to and Norsk Rikstoto’s organisation, prod- “green” direction. That this is happening appeal to new generations of gamblers. uct portfolio and marketing are at the in a year with record turnover and profit Norsk Tipping must ensure that its op- right level in order to fulfil the task is an excellent achievement. eration is efficient, to the benefit of the of channelling demand for gambling The figures from 2017 show that the company’s objectives. The company works amongst the general population. The re- company is succeeding in its efforts to systematically on cost-effectiveness and is port is expected in June 2018. channel new customers, as per the com- ahead of its cost ratio target for the period.

99 Norske tog © Erland Rasten CEO: Øystein Risan Board of Directors: Rolf Bergstrand (chair), Marianne Abeler, Espen Opedal, Vidar Larsen (*elected by the employees) Auditors: Deloitte AS

State ownership through the Ministry of Transport and Communications: 100 % The company’s website: www.norsketog.no

Norske tog was divested from NSB AS Sustainability and Income statement (NOK millions) 2017 and placed under the Ministry of Trans- responsible business conduct Operating revenues 996,7 port and Communications in April 2017. Norske tog has established ethical guide- Operating expenses 729,1 Gross operating profit (EBITDA) 910,1 Norske tog aims to ensure that entry bar- lines and CSR guidelines, which have been Operating profit (EBIT) 267,6 riers to new establishments are low and is incorporated into the company’s govern- Net financial items -115,5 responsible for procuring, owning and ance system. For Norske tog, sustainable Profit/loss before tax 152,1 Tax charge 9,6 managing rolling stock on competition- development and corporate social respon- Profit/loss after tax 142,5 neutral terms. sibility are about building good relation- Norske tog enters into agreements ships with the company’s stakeholders Balance sheet 2017 Intangible assets 9 733,8 concerning the leasing of rolling stock and securing long-term value creation. Fixed assets 1 473,5 with rail operators which have a traffic The company’s focus areas for the Total assets 11 207,2 agreement with the Norwegian Railway work relating to corporate social respon- Equity 2 565,8 Directorate. These leasing agreements sibility are the environment, workers’ Provision for liabilities 0,0 form an appendix to the traffic agree- rights and human rights, safety, anticor- Current interest-bearing liabilities 7 975,2 ments between the Norwegian Railway ruption, responsible procurement and Current interest-free liabilities 666,2 Total debt and liabilities 8 641,4 Directorate and the rail operators and are whistleblowing. Total equity and liabilities 11 207,2 negotiated with the Norwegian Railway Directorate. The company’s head office is Sectoral policy goal attainment Cash flow 2017 Operating activities 346,1 situated in Oslo. Norske tog offers rolling stock subject to Investment activities -1 133,6 The aim of the state’s ownership in competition-neutral terms to rail opera- Financing activities 1 144,4 Norske tog is to safeguard a cost-effective tors which enter into traffic agreements Change cash and cash equivalents 356,9 provider of rolling stock subject to com- with the Norwegian Railway Directorate. Key figures 2017 petition-neutral terms. It is a requirement The company was established to secure Capital employed 11 207,2 for the company to be run efficiently. low entry barriers as passenger rail ser- Gross operating margin (EBITDA) 91 % Operating margin (EBIT) 27 % vices are put out to competitive tender. Equity ratio 23 % Key events Norske tog is fully financed through the Norske tog is a relatively recently estab- rolling stock leasing agreements. The roll- Subsidies from the state 2017 Ministry of Transport and Communications 0 lished company in a reformed railway ing stock leasing agreements are appendi- sector with a number of new companies. ces to the state’s traffic agreements with Additional information 2017 Rolling stock leasing agreements for the the rail operators and leasing costs are Number of employees 29 Proportion of employees in Norway 100 % direct purchase agreements with NSB AS therefore covered by the state through the State ownership at year-end 100 % and NSB Gjøvikbanen AS have been fees paid to the rail operators. Proportion of women on the board 25 % signed for 2018 and corresponding agree- The ownership dialogue in 2017 centred Proportion of women among owner-appointed/shareholder ments have been prepared for the first on the company’s framework conditions elected board members 33 % two traffic packages which are being put and scope, as well as the way in which the out to competitive tender (South and company is working to formulate goals, North). strategies and performance indicators.

100 NSD – Norsk senter for forskningsdata AS © NSD – Norsk senter for forskningsdata AS CEO: Bjørn Henrichsen Board of Directors: Jens Petter Aasen (chair), Torstein Arne Bye, Elin Haugsgjerd Allern, Kjell Gunnar Salvanes, Eva Stensland, Kristina Nicolaisen*, Erlend Aarsand* (* elected by the employees) NSD – Norsk senter for forskningsdata Auditors: BDO AS AS (NSD) was established as a national infrastructure for research in 1971 and has been organised as a limited company State ownership through the Ministry of Education and Research: 100 % The company’s website: www.nsd.uib.no since 2003. NSD’s objective is to manage data and provide services to the research sector. The European Social Survey (ESS) is the Income statement (NOK millions) 2017 2016 The company is engaged in development most comprehensive and frequently used Operating revenues 72,4 70,2 work within its area in collaboration with social survey in Europe. NSD is responsi- Operating expenses 70,0 67,1 Gross operating profit (EBITDA) 2,7 3,4 national and international actors. The ble for the processing, storage and distri- Operating profit (EBIT) 2,4 3,2 company’s head office is situated in Ber- bution of data and documentation. All Net financial items 1,3 -0,4 gen. data is free and openly available from the Profit/loss before tax 3,7 2,7 Tax charge 0,0 0,0 The objective of the state's ownership date of publication. NSD also administers Profit/loss after tax 3,7 2,7 of NSD is to secure data management the ESS’ official website, www.european- and service provision for the research socialsurvey.org, where all dissemination Balance sheet 2017 2016 Intangible assets 1,4 0,9 sector. It is a requirement for the compa- of data and documentation takes place. Fixed assets 87,9 78,1 ny to be run efficiently. ESS now has around 120,000 registered Total assets 89,3 79,0 users. Equity 39,4 35,8 Key events Provision for liabilities 17,5 12,4 Norwegian Open Research Data Infra- Sustainability and Current interest-bearing liabilities 0,0 0,0 structure (NORDi) is a five-year project responsible business conduct Current interest-free liabilities 32,4 30,9 Total debt and liabilities 49,9 43,3 with project support from the Research NSD provides the research community Total equity and liabilities 89,3 79,0 Council of Norway. Through the project, with services and guidance concerning is- NSD is developing new e-infrastructure sues such as personal privacy and re- Key figures 2017 2016 Capital employed 39,4 35,8 for research data which includes user- search ethics. NSD is committed to ensur- Gross operating margin (EBITDA) 4 % 5 % friendly tools for the storage, administra- ing that it is a trusted organisation with a Operating margin (EBIT) 3 % 4 % tion and dissemination of research data. good reputation. In order to fulfil this Equity ratio 44 % 45 % Return on equity 10 % 8 % This will include powerful tools which will commitment, NSD believes it is important Average return on equity last 5 years 23 % 26 % make it easier to find, use and share re- to have a well-funded ethical framework Return on capital employed 10 % 10 % search data. Many new courses and sup- and an ethical work culture. NSD has Subsidies from the state 2017 2016 port services are being established as an adopted guidelines which stress that Subsidies from the Ministry of Education extension of this. good results must be achieved through and Research and other ministries 17,2 17,2 Through the RAIRD register data pro- ethical conduct. Subsidies from the Research-Council of Norway 17,8 19,8 ject, NSD has worked with Statistics Nor- NSD aims to have a gender balance Total subsidies 35,0 37,0 way (SSB) to develop new solutions, mod- amongst its employees, and is committed els and techniques to make it easy for re- to diversity and encouraging suitably Additional information 2017 2016 Number of employees 90 89 searchers to work with the time compo- qualified candidates to apply for posi- Proportion of employees in Norway 100 % 100 % nents in data. The project has resulted in tions, irrespective of their age or cultural State ownership at year-end 100 % 100 % a completely new service for the secure and ethnic background. Proportion of women on the board 43 % 43 % Proportion of women among use of register data based on a self-ser- owner-appointed/shareholder vice arrangement. Using this technology, Sectoral policy goal attainment elected board members 40 % 40 % which includes an anonymising interface, NSD’s primary goal is to give Norwegian researchers can work via the internet and research access to good and well-docu- do not need to apply for data for each in- mented data. This is achieved through dividual research project. The Norwegian NSD’s function as a national archive for Data Inspectorate believes that the solu- research data which offers a broad range tion will be successful and that it repre- of services for researchers, students, ad- sents an example of integrated data pro- ministrators, funding institutions and tection in practice. public authorities. Collectively, this makes In autumn 2017, NSD organised the it easier to find and share research data. national school election ahead of the Today, NSD offers several thousand Storting elections. A total of 157,000 pu- data sets for research purposes. This, pils at 385 schools took part in the school combined with the development of good election, which is the highest recorded archiving solutions, advance software so- number since the first national school lutions, extensive data protection servic- elections were held in 1989. The percent- es, systems for data administration and age of pupils taking part also reached a training and guidance services, enables record level, with 83.5% of students par- NSD to provide a comprehensive re- ticipating at schools which held the elec- search infrastructure for the sector. tion.

101 Nye Veier AS © Tress Design/Anders Martinsen CEO: Ingrid Dahl Hovland Board of Directors: Rolf Gun- nar Roverud (chair), Harald Vaagaasar Nikolaisen (vice chair), Dag Morten Dalen, Eli Giske, Eva Nygren, Magne Nye Veier AS was established on 4 May A. Buaas Bye*, Vivien Rennell 2015 and has been in ordinary operation Aagre* (* elected by since 1 January 2016. Nye Veier is tasked the employees) with undertaking the planning, construc- Auditors: EY AS tion, operation and maintenance of sections of national highways covered by the company’s portfolio. The company has a State ownership through the Ministry of Transport and Communications: 100 % The company’s website: www.nyeveier.no construction portfolio of 530 kilometres of four-lane motorway with an estimated construction cost of around NOK 148 billion. supplier’s fulfilment of requirements Income statement (NOK millions) 2017 2016 The route sections in the company’s must be documented during the prequal- Operating revenues 3 499 541 Operating expenses 3 262 529 combined construction portfolio with ification process. Companies that fail to Gross operating profit (EBITDA) 237,6 12,6 high socio-economic profitability are to verify their own practice in the implemen- Operating profit (EBIT) 236,7 12,3 be given priority over those with low/neg- tation of contracts will not qualify for con- Net financial items 24,5 12,1 Profit/loss before tax 261,2 24,4 ative socio-economic profitability. The tracts. Nye Veier imposes a requirement Tax charge 0,0 0,0 aim is to boost the socio-economic profit- for at least 50% skilled workers and at Profit/loss after tax 261,2 24,4 ability of the road projects for which the least 7% apprentices for projects. The Balance sheet 2017 2016 company has been delegated responsibil- company must have National Confedera- Intangible assets 4,4 2,6 ity. The company’s vision is to “build good tion of Trade Unions (LO) coordinators for Fixed assets 3 024 1 942 roads quickly and smartly”, based on the all its projects. The company also requires Total assets 3 029 1 945 values “renew, improve and secure”. documented and implemented HSE&Q Total equity 1 899 1 635 Nye Veier has its head office in Kristian- processes and instructions based on rec- Provision for liabilities 188,4 8,4 sand and project organisations in Aust- ognised standards and plans which are Current interest-bearing liabilities 0,0 0,0 Current interest-free liabilities 942 301 Agder, Telemark, Hedmark and Trøndelag. relevant to the specific nature of the work. Total debt and liabilities 1 130 310 The purpose of the state’s ownership During 2017, Nye Veier placed special Total equity and liabilities 3 029 1 945 of Nye Veier is to ensure the more cohe- emphasis on the way in which the indus- Cash flow 2017 2016 sive and cost-efficient development of try can work to fulfil the ‘0-vision’ regard- Operating activities -477 217 safe national highways, thus creating add- ing injuries, both during the execution Investment activities -2,6 -2,9 ed value compared with a traditional ap- phase and once roads have been opened Financing activities 1 000 600 Change cash and cash equivalents 520 814 proach to road construction. to traffic. Nye Veier also aims to help reduce C02 Key figures 2017 2016 Key events emissions through the appropriate plan- Capital employed 1 899 1 635 ning and execution of construction pro- Gross operating margin (EBITDA) 7 % 2 % In accordance with the basis for the es- Operating margin (EBIT) 7 % 2 % tablishment of Nye Veier, in 2017, the jects, partly through careful material se- Equity ratio 63 % 84 % Storting approved the linear escalation of lection and greater use of alternative fu- the financial framework for the company els and zero-emission technologies in Public purchases 2017 2016 Remuneration for to a long-term grant level of NOK 5.3 bil- projects. agreements with the state 2 075 676 lion; see Bill 1 S (2017–2018)/Recommen- dation 2 S (2017–2018). Sectoral policy goal attainment Additional information 2017 2016 Number of employees 126 60 The grant of NOK 5,279 million for 2018 The company is funded through the Na- Proportion of employees in Norway 100 % 100 % will be used to finance the payments to tional Budget and road toll revenues. State ownership at year-end 100 % 100 % which Nye Veier will be entitled under Since the company was established, Nye Proportion of women on the board 43 % 43 % Proportion of women among agreements with the state through the Veier has entered into construction agree- owner-appointed/shareholder Ministry of Transport and Communications ments with the Ministry of Transport and elected board members 40 % 40 % linked to their operations. During the de- Communications with a combined antici- bate on the National Budget for 2018, the pated development cost of almost NOK Storting also decided to adjust the compa- 42 billion. For these agreements, a com- ny’s portfolio through transferring respon- bined road toll contribution of around sibility for the development of the E6 NOK 16.7 billion has been assumed Skjerdingstad-Melhus S route from the through specific propositions considered Norwegian Public Roads Administration to by the Storting. The project priorities are Nye Veier. In its third portfolio prioritisation based on a total estimated cost prepared (December 2017), Nye Veier maintained by the Norwegian Public Roads Adminis- the route sections E6 Ranheim–Åsen, E39 tration of NOK 148 billion at 2016 prices Report to the Storting 25 (2014–2015) På Kristiansand west–Lyngdal west and E18 for the entire construction portfolio. rett vei (On the right road). Good local Langangen–Dørdal for development. Based on value analyses and further con- planning processes and early involve- firmations through the established turn- ment by those who will plan and carry out Sustainability and key contracts, Nye Veier believes that the construction work will facilitate faster responsible business conduct costs can be reduced by around 20%. The and more cost-effective developments. Nye Veier’s ambition is to help raise the company believes that this presents an The construction of a new E18 Tvedes- level of professionalism within the indus- opportunity to complete the portfolio in trand–Arendal, a new E18 Rugtvedt– try and has a conscious attitude towards as little as twelve years. This is considera- Dørdal and a new E6 Kolomoen–Moelv is the company’s impact on society. The bly faster than the twenty years stated in currently under way.

102 Petoro AS © Harald Pettersen/Statoil ASA CEO: Grethe Moen Board of Directors: Gunn Wærsted (chair), Brian Bjordal (vice chair), Hugo Sandal, Per Arvid Schøyen, Trude Haugen Fjeldstad, Ove Skretting*, Petoro AS manages the commercial as- Heidi Iren Hilleren Nes* (* elected pects of the State’s Direct Financial Inter- by the employees) est (SDFI) in the petroleum sector on the Auditors: Erga Revisjon AS Norwegian continental shelf and other associated operations on behalf of the state. The company was formed in 2001 as part of the restructuring of the state’s oil and gas operations. Petoro’s activities are gov- State ownership through the Ministry of Petroleum and Energy: 100 % The company’s website: www.petoro.no erned by Chapter 11 of the Petroleum Act. The overall objective for the management of the SDFI portfolio is to maximise reve- Total production amounted to 1,110 Income statement (NOK millions) 2017 2016 nues for the state. million barrels of oil equivalents per day, Operating revenues 281 285 Operating expenses 276 288 The SDFI scheme was set up with effect almost 7% up on 2016, primarily as a re- Gross operating profit (EBITDA) 8,5 -0,7 from 1985. Under this scheme, the state sult of record gas production in 2017. The Operating profit (EBIT) 5,4 -3,5 participates as a direct investor in petrole- Troll, Åsgard, Oseberg, Heidrun, Snorre Net financial items 1,2 1,0 Profit/loss before tax 6,7 -2,5 um operations on the Norwegian conti- and Gullfaks oil fields accounted for ap- Tax charge 0,0 0,1 nental shelf. Petoro is the licensee for the proximately 70% of total liquid produc- Profit/loss after tax 6,7 -2,6 state’s interests in production licences, tion. Around 70% of the gas production Balance sheet 2017 2016 fields, pipelines and onshore facilities. originated from the Troll, Ormen Lange Intangible assets 6,1 4,2 Petoro is responsible for managing the and Åsgard fields. Fixed assets 231 207 SDFI portfolio on commercial terms. At the Total assets 237 211 end of March 2017, the portfolio consisted Sustainability and Equity 19,5 12,9 of 35 producing fields, 203 production li- responsible business conduct Provision for liabilities 165 153 cences and 16 joint ventures for pipelines Petoro has publicly available ethical Current interest-bearing liabilities 0,0 0,0 Current interest-free liabilities 52,6 45,2 and terminals. Petoro is not an operator. guidelines and guidelines for its work on Total debt and liabilities 218 198 Petoro is not responsible for selling the corporate social responsibility. Total equity and liabilities 237 211 oil and gas managed by the company and The company bases its operations and Cash flow 2017 2016 is thus not a player in the oil and gas mar- reporting on corporate social responsibili- Operating activities 24,0 -2,5 kets. Responsibility for marketing and sale ty on the relevant parts of the Global Re- Investment activities -5,0 -2,1 of the state’s petroleum has been as- porting Initiative and the eight core con- Financing activities 0,0 0,0 Change cash and cash equivalents 19,0 -4,6 signed to Statoil under a special instruc- ventions of the International Labour Or- tion – the sales and marketing instruction. ganisation (ILO). In addition, the company Key figures 2017 2016 The cash flow generated by selling SDFI follows other, more specific company and Capital employed 19,5 12,9 petroleum goes directly from Statoil to the Gross operating margin (EBITDA) 3 % 0 % industry-oriented guidelines in its report- Operating margin (EBIT) 2 % -1 % Treasury. Petoro is responsible for moni- ing. Equity ratio 8 % 6 % toring Statoil’s marketing and sale of the Return on equity 41 % -14 % petroleum produced from the state’s di- Average return on equity last 5 years 4 % -10 % Sectoral policy goal attainment Return on capital employed 42 % -13 % rect participatory interests, pursuant to The overall objective for the management the marketing and sale instruction. Both of the SDFI portfolio is to maximise reve- Subsidies from the state 2017 2016 Statoil and Petoro have an independent nues for the state. Petro is funded through Ministry of Petroleum and Energy 280 284 and joint responsibility for ensuring that grants via the National Budget. The Minis- Additional information 2017 2016 the state’s coordinated ownership strate- try of Petroleum and Energy prepares an- Number of employees 65 64 gy is implemented in line with its inten- nual letters of assignment which set out Proportion of employees in Norway 100 % 100 % State ownership at year-end 100 % 100 % tions. In view of the substantial assets be- Petoro’s financial framework and de- Proportion of women on the board 43 % 43 % ing managed, it is important that Petoro scribe the company’s goals and tasks. Proportion of women among owner-appointed/shareholder exercises sound financial management Petoro’s funds must be prioritised in ac- elected board members 40 % 40 % and accounting of the SDFI portfolio. cordance with the company’s principal The objective of the state's ownership tasks. Petoro is a small organisation and of Petoro is to ensure the best possible the company establishes strict priorities management of the state's direct financial regarding the areas and fields it can con- ies for Snorre, Heidrun and Troll. In De- interest in petroleum activities on the centrate its efforts on. These must be ar- cember 2017, the licence holders for NCS. It is a requirement for the company eas of high value or fundamental impor- Snorre submitted a revised plan for the to be run efficiently. tance for the state. development and operation of the field to Mature fields account for a high pro- the Ministry of Petroleum and Energy. It Key events portion of the value creation from the has been estimated that the recovery rate Net cash flow from SDFI is transferred to SDFI portfolio. A proportion of the grants in the field as a whole will be increased the Government Pension Fund Global. appropriated in recent years has been from 46 to 51% as a result of the project. This represents a high proportion of the earmarked by the Ministry of Petroleum Petoro has also worked to safeguard the state’s total revenues from the petroleum and Energy for the work to realise the val- values in Castberg and take advantage of sector. In 2017, the net cash flow from SDFI ues in mature fields with an SDFI share. the opportunities for further development to the state amounted to NOK 87.2 billion, Petoro’s efforts are partly linked to further of the field in the future. The development NOK 21.3 billion more than in 2016. The development, drainage strategy and in- plan for Castberg was submitted to the increase is primarily due to higher oil and creasing the number of wells. In 2017 Ministry of Petroleum and Energy in De- gas prices as well as higher gas volumes. Petoro carried out specific reservoir stud- cember 2017.

103 Rogaland Teater AS © Rogaland Teater AS/Håvard Dirdal Theatre Director: Arne Nøst Board of Directors: Inger Østensjø (chair), Morten Walderhaug (vice chair), Gry Isabell Sannes, Kjartan Alexander Lunde, Kåre Reiten, Marita Skogen*, Marianne Holter* (* elected by the employees) Auditors: EY AS

State ownership through the Ministry of Culture: 66,67 % The company’s website: www.rogaland-teater.no

Rogaland Teater AS presents theatre of In connection with the end of theatre Income statement (NOK millions) 2017 2016 high artistic quality to the inhabitants of director Arne Nøst’s fixed-term contract Operating revenues 112 114 the region. The theatre is based in prem- on 31 December 2018, the board has ap- Operating expenses 109 109 Gross operating profit (EBITDA) 7,8 9,0 ises which date from the first theatre to pointed Glenn André Kaada as the new Operating profit (EBIT) 3,5 5,0 be opened in Stavanger in 1883. The chil- theatre director for the period 2019–2023. Net financial items -1,5 -1,5 dren’s and youth theatre, where children Profit/loss before tax 2,0 3,5 Tax charge 0,0 0,0 perform for children in a professional set- Sustainability and Profit/loss after tax 2,0 3,5 ting, is an integrated and important part responsible business conduct of the theatre’s activities. The theatre has Rogaland Teater has publicly available Balance sheet 2017 2016 Intangible assets 88,4 91,1 four stages in central Stavanger and corporate social responsibility and pre- Fixed assets 31,4 27,9 mounts productions on its own stages pares annual reports concerning the area. Total assets 120 119 and through collaborative projects. The theatre respects the fundamental Equity 56,2 54,2 The aim of the state’s ownership of Ro- human rights as laid down in internation- Provision for liabilities 2,9 4,7 galand Teater is to secure cultural policy al conventions. The theatre also follows Current interest-bearing liabilities 35,6 38,0 objectives. The goals of the grants for dra- this up with respect to suppliers and col- Current interest-free liabilities 25,1 22,1 Total debt and liabilities 63,6 64,8 matic art purposes in 2017 were to help laboration partners/sponsors. The thea- Total equity and liabilities 120 119 ensure that everyone has access to high- tre respects and contributes to a decent quality art and culture and to promote working life, where fundamental stand- Cash flow 2017 2016 Operating activities 9,6 3,9 artistic development and renewal and to ards of work and rights are safeguarded. Investment activities -3,1 -7,9 collate, document and disseminate cul- The theatre has adopted the ILO’s eight Financing activities -2,3 -2,2 tural heritage. core conventions. Change cash and cash equivalents 4,2 -6,2

Rogaland Teater has established guide- Key figures 2017 2016 Key events lines and routines to prevent corruption Capital employed 91,8 92,2 In 2017, Rogaland Teater was nominated and ensure transparency in financial Gross operating margin (EBITDA) 7 % 8 % Operating margin (EBIT) 3 % 4 % for seven Hedda Awards. The perfor- transactions. The theatre’s operations Equity ratio 47 % 46 % mance ‘Orlando’ won the award for per- should have the least possible negative Return on equity 4 % 7 % formance of the year, Nina Ellen Ødegård impact on the environment. This also ap- Average return on equity last 4 years 10 % 9 % Return on capital employed 4 % 6 % won the award for best female lead role plies in connection with the selection of and Sigrid Strøm Reibo won the award for subcontractors. Other key figures 2017 2016 best director. Total number of performances 618 547 Tickets sold 88 891 76 800 During 2017, the theatre continued its Sectoral policy goal attainment Ticket sales 15 13 efforts to establish a more resource-effi- The level of diversity in the theatre’s per- cient operating form. In 2017, the theatre formances increased considerably during Subsidies 2017 2016 put on 32 productions, an increase of 11 2017 and the theatre is attracting consid- Ministry of Culture 62,0 65,9 Rogaland County Council productions from the previous year. A total erable national attention and recognition and Stavanger municipality 27,8 27,2 of 522 performances were put on in 2017, for its productions. Total subsidies 89,8 93,1 compared with 447 in 2016. Around 89,000 The transition to a more resource-ef- Additional information 2017 2016 tickets were sold in 2017, compared with fective programming model has led to an Number of employees 120 121 77,000 tickets in 2016, an increase of 16%. increase in audience figures, and the the- Proportion of employees in Norway 100 % 100 % During 2017, Rogaland Teater commis- atre is finding that many diverse and ca- State ownership at year-end 66,67 % 66,67 % Proportion of women on the board 57 % 57 % sioned an external quality assurance of pable artistic forces want to be linked to Proportion of women among the concept study for a future theatre the theatre’s productions. owner-appointed/shareholder elected board members 40 % 40 % building. The quality assurance support- The introduction of Dramakortet and ed the recommendations given in the good communication and sales strategies concept study report that the theatre have helped to boost audience figures needs new, modern production premises, considerably. Earnings have risen as a re- but also asks the theatre to investigate sult of increases in both ticket sales and the possibility of realising such a theatre donations. on the existing plot.

104 Simula Research Laboratory AS © Birgitte Heneide CEO: Aslak Tveito Board of Directors: Ingvild Myhre (chair), Mats Lundqvist, Pinar Heggernes, Ingolf Simula Research Laboratory AS (Simu Søreide, Annik Myhre, Yngvild Wasteson, Silvija Seres, Sverre Gotaas, Valeriya la) was established in 2001 and conducts Naumova*, Joakim Sundnes* (* elected basic research in selected areas within by the employees) software engineering and communica- Auditors: Lundes Revisjonskontor DA tions technology, and thereby contributes to innovation within industry. Simula educates computer scientists in collaboration with degree-conferring institutions, primarily the University of Oslo. State ownership through the Ministry of Education and Research: 100 % The company’s website: www.simula.no The company combines academic tradi- tions with business management models from industry. The company has the fol- ital Future in Berlin, and the first of two Income statement (NOK millions) 2017 2016 lowing subsidiaries: Simula Innovation AS, PhD students was appointed in 2017. Operating revenues 215,1 212,6 Simula School of Research and Innovation Simula was allocated nine recruitment Operating expenses 202,6 195,6 Gross operating profit (EBITDA) 14,7 19,4 AS and Forskningssenteret for informas- positions by the Ministry of Education and Operating profit (EBIT) 12,5 17,0 jons- og kommunikasjonssikkerhet AS Research from autumn 2017. These will Net financial items -2,4 -0,9 with the short name “Simula@UiB” and be used within ICT, with a particular em- Rofit/loss before tax and minority 10,1 16,1 Tax charge 0,6 0,8 the Centre for Digital Engineering with the phasis on ICT security. Minority interests -2,2 -2,3 short name “Simula@OsloMet”. During the period 2001–2017, 115 PhD Profit/loss after tax and minority 7,4 13,0 Simula Innovation is wholly owned, students completed their doctorate and while Simula School of Research and In- 391 master’s students completed their Balance sheet 2017 2016 novation AS is owned by Simula (56%), degree after being mentored by Simula’s Intangible assets 29,7 25,5 Statoil (21), Bærum municipality (14), Tel- research staff. Fixed assets 123,1 92,1 Total assets 153 118 enor (7), Norsk Regnesentral (1) and Sin- tef (1). Simula@UiB is owned by Simula Sustainability and Equity 67,0 59,8 (51%) and the University of Bergen (49%). responsible business conduct Minority interests 6,6 4,4 Total equity 73,6 64,2 Simula@OsloMet is owned by Simula Simula is a charitable, non-profit enter- Provision for liabilities 0,0 0,1 (51%) and OsloMet – Oslo Metropolitan prise. Simula has an international re- Current interest-bearing liabilities 3,5 3,5 University (49%). The parent company search community, and 56% of employ- Current interest-free liabilities 75,7 49,8 Total debt and liabilities 79,2 53,4 and subsidiaries have a close partnership ees come from outside Norway and rep- Total equity and liabilities 153 118 and are located in the municipality of resent 33 different nations. Bærum, with the exception of Simula@ The proportion of women amongst the Cash flow 2017 2016 Operating activities 11,8 35,6 UiB, which has premises in Bergen and staff is 28% and Simula aims to increase this Investment activities -6,1 -7,4 Simula@OsloMet, which has premises in proportion to 40% by 2028. Through the Financing activities 6,6 -0,2 Oslo. Simula also has holdings in 16 com- “Simula garage”, Simula offers free work- Foreign currency effects 0 0 Change cash and cash equivalents 12,3 28,0 panies, most of which are spin-offs origi- places for up to a year for entrepreneurs nating from activities at the centre. within ICT. These entrepreneurs receive Key figures 2017 2016 Simula is the host institution for a cen- guidance concerning the administration of Capital employed 77,1 67,7 Gross operating margin (EBITDA) 7 % 9 % tre for research-driven innovation (SFI), intellectual property rights and setting up a Operating margin (EBIT) 6 % 8 % The Certus Centre, and is a research part- company, as well as contact with Simula’s Equity ratio 48 % 55 % ner in the Centre of Cardiological Innova- researchers. Simula Innovation invests in Return on equity 12 % 24 % Average return on equity last 5 years 19 % 23 % tion, an SFI for which Oslo University Hos- some of the most promising companies. Return on capital employed 20 % 30 % pital is host. Simula believes that a high ethical The objective of the state's ownership standard has an intrinsic value for both Publications 2017 2016 in Simula is to contribute to fundamental the company and individual employees. Books and doctoral theses 18 15 Articles in refereed journal 87 77 long-term research in selected areas in In addition, Simula believes this to be an Peer-reviewed articles 81 110 software and communication technology. important aspect of the company’s re- Number of post-graduate fellowships 33 35 It is a requirement for the company to be sponsibility as a participant in society and Number of post-doctoral fellows 24 24 run efficiently. that it helps to maintain trust from the Subsidies from the state 2017 2016 outside world. The company has estab- Subsidies to research from the Key events lished ethical guidelines which cover re- Ministry of Education and Research 59,7 59

Simula@OsloMet was established at the search ethics, working environment and Additional information 2017 2016 year-end. The CEO and vice chair have inclusion, gifts and corruption, confidenti- Number of employees 148 151 been appointed, along with ten senior reality and conflicts of interest. Proportion of employees in Norway 98 % 97 % State ownership at year-end 100 % 100 % searchers. During the year, 18 recruit- Proportion of women on the board 60 % 60 % ment positions and three administrative Sectoral policy goal attainment Proportion of women among owner-appointed/shareholder posts were filled. The partnership with Simula’s goal attainment is evaluated by elected board members 63 % 63 % the University of California, San Diego is an international panel under the auspices continuing and being strengthened. Dur- of the Research Council of Norway ap- ing 2017, 25 students completed summer proximately every five years. The evalua- ny’s education activity was considered to school, an increase of 40% over the previ- tion for the period 2011-2015 was pre- be strong and innovation activities were ous year. sented in April 2017 and showed that highly praised. A collaboration agreement has been Simula is achieving many of its goals. All The recommendations of the evalua- entered into between Simula, Technische three of Simula’s research areas were tion committee were used in the develop- Universität Berlin and Einstein Center Dig- evaluated as being excellent; the compa- ment of a new strategy for the company.

105 105 Siva – Selskapet for Industrivekst SF © Kjell Oscar Petersen CEO: Stein Terje Dahl Board of Directors: Elisabeth Maråk Støle (chair), Sverre Narvesen (vice chair), Lillian Mathisen Sund, Maja Adriansen, Mette Kamsvåg, (Siva) Siva – Selskapet for Industrivekst SF Bjørn Østbø, Morten Henriksen, is part of the Norwegian public support sys- Jørgen Andersen (*elected by the tem. Through its property and innovation employees) activities, the company acts as a govern- Auditors: Deloitte AS ment instrument for facilitating the ownership and development of companies and industrial and knowledge clusters throughout Norway. Siva has special responsibility State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.siva.no for promoting growth in remote areas. Siva’s main objective is to trigger profitable business development in companies was boosted to a total of NOK 125 million. Income statement (NOK millions) 2017 2016 and regional business and knowledge en- A new round of applications for catapult Subsidies 209 200 vironments. Through its property invest- centres were announced on 1 March Other operating revenues 231 238 Total operating revenues 440 438 ments, Siva aims to lower entry barriers 2018 and the new centres will be an- Operating expenses 419 380 for the establishment of commercial ac- nounced at the Siva Conference on 5 Gross operating profit (EBITDA) 94 125 tivity in areas or industries where market June. Operating profit (EBIT) 22 58 Net financial items 395 21 mechanisms make entry especially diffi- On 3 January 2018, Siva’s CEO Espen Rofit/loss before tax and minority 416 80 cult, including as regards major industrial Susegg decided to withdraw from his post. Tax charge 0 1 property projects. Through its innovation Stein Terje Dahl was then appointed acting Minority interests -4 -2 Profit/loss after tax and minority 421 81 activities, Siva aims to facilitate the estab- CEO. At the same time, a recruitment pro- lishment and development of enterprises cess was started to find Susegg’s successor. Balance sheet 2017 2016 in business and knowledge environments During the first quarter of 2018, Siva Intangible assets 2 153 2 337 Fixed assets 1 032 607 and link them together in regional, na- introduced a new company logo and visu- Total assets 3 185 2 944 tional and international networks. al profile. The new logo was inspired by Innovation activities are funded by the industrial lifting hook, which is an im- Equity 923 893 Minority interests 39 41 grants allocated via the national budget. portant part of Siva’s history and identity. Total equity 961 934 Siva’s property operations are self-financ- Statslån 700 700 ing and subject to financial return require- Provision for liabilities 25 20 Sustainability and Current interest-bearing liabilities 934 991 ments. This operation is carried on responsible business conduct Current interest-free liabilities 564 299 through the wholly owned subsidiary Siva Siva has published its internal ethical Total debt and liabilities 2 223 2 010 Property Holding AS. guidelines on the company’s website. The Total equity and liabilities 3 185 2 944

Siva operates through a partner network company is opposed to all forms of cor- Cash flow 2017 2016 of business parks and incubators across the ruption and works actively to prevent cor- Operating activities 12 26 country, as well as through holdings in stra- ruption in accordance with Norwegian Investment activities 23 -37 Financing activities 317 126 tegically important innovation and property law and international treaties. Change cash and cash equivalents 352 116 companies. The Siva group consists of the Human rights norms are defined in inter- parent company and 18 subsidiaries. Siva national human rights treaties, which Nor- Key figures 2017 2016 Capital employed 2 596 2 625 also has holdings in 70 affiliated companies, way has adopted and which therefore apply Gross operating margin (EBITDA) 21 % 28 % two jointly controlled enterprises and 37 to Siva. They include the UN Declaration of Operating margin (EBIT) 5 % 13 % other companies with a holding of less than Human Rights, standards from the Interna- Equity ratio 30 % 32 % Return on equity 46 % 9 % 20%. The group has operations across the tional Labour Organisation (ILO), principles Average return on equity last 5 years 14 % 3 % country and the company’s head office is of the UN Global Compact and the OECD Return on capital employed 19 % 6 % situated in Trondheim. Guidelines for Multinational Enterprises. State loan limit 700 700 The objective of the state's ownership Siva assesses the environmental and State loans 700 700 of Siva is to promote profitable business socio-economic sustainability of its invest- Interest on state loans 17 19 development in companies and regional ments and development projects. Commission on state loans 7 7 industrial and knowledge clusters, par- Subsidies from the state 2017 2016 ticularly in remote areas, by facilitating Sectoral policy goal attainment Ministry of Local Government physical and organisational infrastruc- In 2017, 3,600 businesses were affiliated to and Modernisation 125,7 85,5 Ministry of Trade, Industry and Fisheries 114,4 80,0 ture. It is a requirement for the company Siva’s incubators and business parks, an in- Mnistry of Agriculture and Food 5,3 5,1 to be run efficiently. crease of 11% over 2016. These businesses Total subsidies 245 171 generate NOK 8.6 billion in added value eve- Assets in and out of the company 2017 2016 Key events ry year. The analyses also indicate that busi- Dividend for the financial year 391 147 In spring 2017, Siva established the new nesses linked to Siva’s innovation infrastruc- Dividend percentage 93 % 182 % “catapult scheme”, which will make it eas- ture perform better than other businesses. Average dividend percentage last 5 years 76 % 74 % ier for small and medium enterprises to A yield requirement applies to return on Dividend to the state 391 147 test out new products and solutions. A to- equity in Siva Property Holding AS, formu- tal of NOK 50 million was allocated to the lated as a five-year rolling mean. In 2017, Additional information 2017 2016 scheme via the National Budget and the Siva achieved its owner’s yield requirement Number of employees 42 42 Proportion of employees in Norway 100 % 100 % first two catapult centres opened their for the first time since 2011. The deviation in State ownership at year-end 100 % 100 % doors in February 2018: Future Materials recent years is due to extraordinary impair- Proportion of women on the board 50 % 63 % in Kristiansand and Grimstad, and Manu- ments of property assets in 2012, linked to Proportion of women among owner-appointed/shareholder facturing Technology at Raufoss. In the the solar power industry. The yield in 2017 elected board members 57 % 57 % National Budget for 2018, the scheme was 6.7%, whilst the average yield over the past five years was 4.0%. 106 Space Norway AS © Space Norway AS CEO: Jostein Rønneberg Board of Directors: Asbjørn Birkeland (chair), Øyvind Stene, Ingvild Ragna Myhre, Hege Flatheim, Nina Frisak Auditors: KPMG AS

State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.spacenorway.no

Space Norway AS aims to contribute to Key events Income statement (NOK millions) 2017 2016 the development and operation of space- During 2017, the group concentrated on Operating revenues 58,9 57,1 related infrastructure in order to meet maintaining and securing infrastructure Operating expenses 91,7 86,2 Gross operating profit (EBITDA) -20,7 -17,1 national user requirements and facilitate and the further development of space in- Operating profit (EBIT) -32,8 -29,1 value creation based on space-related ac- frastructure projects. Net financial items 88,5 67,3 tivities in Norway. The company identifies The task of further safeguarding the fi- Profit/loss before tax 55,7 38,2 Tax charge 21,1 -8,6 and develops new opportunities and pro- bre cable to Svalbard was continued. The Profit/loss after tax 34,6 46,8 jects with a long-term horizon, and col- ‘Broadband in the Arctic’ project has made laborates with other national communi- good progress and the company is cur- Balance sheet 2017 2016 Intangible assets 537 506 cation and space organisations. rently in negotiations with potential cus- Fixed assets 189 207 Space Norway was established in 1995 tomers and is preparing for a possible Total assets 726 712 when it was spun off from the Norwegian procurement process. The project enti- Equity 488 453 Space Centre, and the company is oper- tled ‘Marine surveillance using small satel- Provision for liabilities 0,0 0,0 ated in accordance with ordinary busi- lites’ is well under way with the construc- Current interest-bearing liabilities 169 180 ness principles. The group’s head office is tion of a test and demonstration satellite. Current interest-free liabilities 69,7 79,8 Total debt and liabilities 238 259 situated in Oslo. In the development of the new interna- Total equity and liabilities 726 712 Space Norway owns and manages the tional maritime VHF Data Exchange Sys- fibre optic cable between mainland Nor- tem (VDES), Space Norway has won a Cash flow 2017 2016 Operating activities 45,8 56,9 way and Svalbard. In addition to transfer- number of ESA contracts with Kongsberg Investment activities -57,2 -19,7 ring downloaded data via satellites, the Seatex, Norwegian Defence Research Es- Financing activities 0,0 0,0 cable is also the main telecommunications tablishment and the UK Maritime and Change cash and cash equivalents -11,4 37,2 link between Svalbard and the outside Coastguard Agency for measurements in Key figures 2017 2016 world. The company also sublets capacity the Arctic, the development of satellite Capital employed 656 633 on Telenor’s Thor 7 satellite for communi- and ship electronics and system studies. Gross operating margin (EBITDA) -35 % -30 % Operating margin (EBIT) -56 % -51 % cation with the Norwegian Troll research Equity ratio 67 % 64 % station in Antarctica. In line with its pur- Sustainability and Return on equity 7 % 11 % pose, the company is continuing to identi- responsible business conduct Average return on equity last 5 years 16 % 19 % Return on capital employed 10 % 8 % fy, investigate and develop new space-re- The company has adopted guidelines and lated projects based in Norway, either routines for ethical conduct and corpo- Additional information 2017 2016 alone or in collaboration with others. rate social responsibility, including work Number of employees 19 15 Proportion of employees in Norway 100 % 100 % Space Norway owns 50% of the shares on responsible procurement and the rela- State ownership at year-end 100 % 100 % in Kongsberg Satellite Services AS (KSAT), tionship with suppliers. Proportion of women on the board 50 % 50 % which operates ground stations that com- The company is committed to prevent- Proportion of women among owner-appointed/shareholder municate with satellites. ing corruption and other undesirable elected board members 50 % 50 % KSAT is the largest company of its kind events. in the world and has enjoyed strong growth in the international market. Space Sectoral policy goal attainment Norway also owns 100% of the shares in All the company’s projects which are ei- Statsat AS, which is a tool for the develop- ther being assessed or in progress are ment and operation of small satellites for based on clear sectoral policy goals. state purposes. The company has a particular focus on The objective of the state's ownership improving communication and marine of Space Norway is to contribute to the surveillance in the northern regions. operation and development of space-re- The company has a number of projects lated infrastructure in order to meet na- where partnerships with Norwegian in- tional user needs and facilitate value crea- dustry are producing good results. tion based on space-related activities in Norway. It is a requirement for the company to be run efficiently.

107 Statnett SF © Statnett SF CEO: Auke Lont Board of Directors: Per Hjorth (chair), Synne Homble (vice chair), Maria Sandsmark, Egil Gjesteland, Kirsten Indgjerd Værdal, Einar Strømsvåg, Karianne Burhol*, Steinar Jøråndstad*, Nils Ole Kristensen* (* elected by the employees) Auditors: EY AS

State ownership through the Ministry of Petroleum and Energy: 100 % The company’s website: www.statnett.no

Statnett SF s the transmission system and has decided to start on the northern Income statement (NOK millions) 2017 2016 operator in the Norwegian power system section of the project from Skillemoen to Operating revenues 7 401 6 678 and is responsible for socio-economically Skaidi. Operating expenses 6 089 5 526 Gross operating profit (EBITDA) 3 715 3 296 rational operation and development of The first construction stage between Operating profit (EBIT) 1 312 1 152 the central power transmission grid. The Namsos and Surna is well under way, as is Share of profits in company is otherwise required to follow the voltage upgrade at Namsos. associates and joínt ventures 0 0 Net financial items -336 -369 commercial principles. An important milestone was reached Profit/loss before tax 976 783 As system manager, Statnett is respon- in the upgrading of the transmission grid Tax charge 163 138 sible for ensuring that there is a balance in the Oslo region when new power ca- Profit/loss after tax 813 645 between the production and consump- bles were laid in Oslofjord between Hu- Balance sheet 2017 2016 tion of electrical power in Norway at all rum and Vestby. Intangible assets 52 753 46 424 times. The role of system manager and In addition to the substantial invest- Fixed assets 5 968 4 319 Total assets 58 721 50 743 associated tasks is otherwise regulated in ments in the domestic transmission grid, a specific regulation. Statnett is currently constructing two in- Equity 14 011 13 867 Statnett has been assigned responsi- ternational connections, one to Germany Minority interests 0 0 Total equity 14 011 13 867 bility for carrying out studies on the trans- and one to the United Kingdom. Provision for liabilities 1 876 1 933 mission grid, and every other year pre- Current interest-bearing liabilities 39 189 32 633 pares a power system report on the en- Sustainability and Current interest-free liabilities 3 645 2 310 Total debt and liabilities 44 710 36 876 tire grid. The report describes the existing responsible business conduct Total equity and liabilities 58 721 50 743 power grid, generation and consumption, Statnett has publicly available ethical future transmission conditions and antici- guidelines and guidelines for its work re- Cash flow 2017 2016 Operating activities 3 615 3 235 pated grid measures and investments. lating to corporate social responsibility. Investment activities -10 764 -7 788 The public sector part of the report is The enterprise reports in accordance with Financing activities 6 168 5 157 known as Statnett’s grid development the Global Reporting Initiative (GRI) for Change cash and cash equivalents -981 604 plan. the electricity sector: GRI Sustainability Key figures 2017 2016 Statnett owns over 90% of the trans- Reporting Guidelines & Electric Utility Sec- Capital employed 53 200 46 500 mission grid in Norway and the power tor Disclosures. Gross operating margin (EBITDA) 50 % 49 % Operating margin (EBIT) 18 % 17 % connections abroad. Statnett also owns Statnett complies with relevant parts Equity ratio 24 % 27 % 28.2% of the physical power exchange of the OECD Guidelines for Multinational Return on equity 6 % 5 % Nord Pool Spot AS. Statnett is a monopoly Enterprises and bases its work on the Average return on equity last 5 years 5 % 6 % Return on capital employed 4 % 3 % enterprise subject to regulation by the en- eight core conventions of the Internation- ergy authorities, and the company’s reve- al Labour Organisation (ILO). Dividends 2017 2016 nues are regulated by the Norwegian Wa- In addition, Statnett follows other, Dividend for the financial year 326 350 ter Resources and Energy Directorate. more specific company and industry-ori- Dividend percentage 40 % 54 % Average dividend Statnett was established in 1992 and the ented guidelines in its reporting. Stat- percentage last 5 years 39 % 33 % enterprise’s head office is situated in Oslo. nett’s operations affect users of the pow- Dividend to the state 326 350 The objective of the state's ownership er grid and a broad range of actors in so- Additional information 2017 2016 of Statnett is to contribute to the socially ciety. The enterprise aims to increase Number of employees 1 415 1 323 and economically rational operation and transparency concerning its operations. Proportion of employees in Norway 100 % 100 % development of the central transmission State ownership at year-end 100 % 100 % Proportion of women on the board 44 % 44 % grid. The state's ownership of Statnett Sectoral policy goal attainment Proportion of women among helps the enterprise to be perceived as a Statnett is responsible for developing the owner-appointed/shareholder elected board members 50 % 50 % neutral market player. It is a requirement transmission grid and for ensuring that its for the company to be run efficiently. operations are socio-economically rational. Statnett fulfils these responsibilities by Key events realising socio-economically profitable Statnett is planning and has initiated sub- projects in the transmission grid and im- stantial investments in the transmission plementing measures so that there is at grid. In 2015, the Ministry of Petroleum all times a balance between the genera- and Energy granted a licence for a new tion and consumption of electrical power 420 kV power line from Balsfjord to Skai- in Norway. di. Statnett is in the process of construct- The operating situation was satisfacto- ing the Balsfjord-Skillemoen power line ry during the period.

108 Statskog SF © Jan Rune Danielsen CEO: Gunnar Lien Board of Directors: Gunnar Olofsson (chair), Eli Reistad, Hans Statskog SF was established in 1993 as a Aasnæs, Christine Tørklep, Ole Johan Eira, Tom-Rune Eliseussen*, state enterprise with its head office in Merete Bøe*, (* elected by Namsos. The enterprise is the country’s the employees) largest landowner and manages around Auditors: KPMG AS 59 million hectares, almost a third of the mainland surface area. This land is virtually all mountains and uncultivated wilderness. The enterprise is also the country's largest forest owner, with around 6% of the total State ownership through the Ministry of Agriculture and Food: 100 % The company’s website: www.statskog.no productive forest area in Norway. A high proportion of the state’s land in southern and central Norway consists of knowledge and an overview of the organi- Income statement (NOK millions) 2017 2016 state-owned common land managed by sation’s own environmental impact in all Operating revenues 379 423 Statskog, the mountain boards and the areas: forestry, hunting, fishing, outdoor Operating expenses 301 298 Gross operating profit (EBITDA) 87 135 common land boards, under the Act relat- recreation, development of holiday cabin Operating profit (EBIT) 78 125 ing to the exploitation of rights and enti- areas, business parks and other land use. Net financial items -2 16 tlements in the state commons and the Statnett constantly strives to develop its Rofit/loss before tax and minority 76 141 Tax charge -6 11 Act on forestry etc. in the state commons. environmental management system Minority interests 1 0 Statskog's commercial activities com- within forestry with the aim of safeguard- Profit/loss after tax and minority 81 130 prise forestry, wilderness management ing key biological assets. Balance sheet 2017 2016 and other land and property manage- Statskog is mapping risks and meas- Intangible assets 1 720 1 790 ment. In addition to its commercial activi- ures in order to face up to climate change. Fixed assets 331 318 ties, Statskog performs management This affects most parts of Statskog’s op- Total assets 2 051 2 108 tasks for the state as prescribed in law erations. Statskog SF is involved in an in- Equity 1 795 1 774 and delegated authorities, and as international research programme linked Minority interests 5 5 structed by the Ministry of Agriculture to climate challenges in forestry. Total equity 1 800 1 779 Provision for liabilities 85 86 and Food and the Ministry of Climate and Statskog’s operations are carried out in Current interest-bearing liabilities 25 100 the Environment. These tasks comprise an understanding with land users and the Current interest-free liabilities 141 143 national administrative duties, supervi- public authorities. Statskog has established Total debt and liabilities 251 329 Total equity and liabilities 2 051 2 108 sion of property and common land, ad- formal collaborative relationships with a ministration of hunting and fishing on number of key actors in order to ensure the Cash flow 2017 2016 state land etc. Statskog also safeguards exchange of information and arenas for Operating activities 86 100 Investment activities 61 91 and develops all assets on public land and feedback to the enterprise. To ensure equal Financing activities -128 -40 guarantees public access to hunting, fish- treatment and transparency concerning fi- Change cash and cash equivalents 19 151 ing and outdoor recreation in Norway. nancial appropriations, Statskog uses open Key figures 2017 2016 The objective of the state's ownership of competitive tendering procedures and ten- Capital employed 1 825 1 879 Statskog is to ensure efficient resource man- der competitions in connection with proper- Gross operating margin (EBITDA) 23 % 32 % agement for the benefit of society and to ty sales, the procurement of contractor ser- Operating margin (EBIT) 21 % 30 % Equity ratio 88 % 84 % meet public demand for hunting, fishing and vices and access to plots for holiday homes. Return on equity 5 % 7 % outdoor recreational facilities, etc. The com- Statskog is working to introduce re- Average return on equity last 5 years 4 % 5 % pany is operated on a commercial basis. porting in accordance with the template Return on capital employed 5 % 8 %

published by the Global Reporting Initia- Revenue distribution 2017 2016 Key events tive (GRI Standard). Property 29 % 26 % For many years, Statskog has focussed on Energy 6 % 4 % Forestry 33 % 29 % digitalising its operations to ensure that Sectoral policy goal attainment Outdoor recreation 11 % 9 % its properties are managed appropriately Statskog’s forestry operations generate Forest protection compensation 10 % 15 % and efficiently. Through this work, Stat- economic value and have a positive impact Property sale 4 % 10 % skog has also quality-assured the public on the climate. Much of Statskog’s land is Other 6 % 6 % Number of hunting sector property register and simplified protected. Statskog is implementing physi- and fishing licenses sold 44 341 40 765 the work of municipal authorities in clari- cal and digital measures to promote hunt- Subsidies from the state/ fying boundaries. The digitalisation pro- ing, fishing and outdoor recreation. Stat- Public purchases 2017 2016 cess is also presenting opportunities on skog’s provision and pricing policy are Purchase of services 14 14 state-owned land, particularly as regards helping to make natural experiences ac- Subsidies 4 3 hunting, fishing and outdoor recreation. cessible to the general public. Over time, Total subsidies/Public purchases 18 17

In 2017, Statskog established a new there have been increases in purchases of Dividends 2017 2016 website based on modern and user- hunting licences, fishing licences and stays Dividend for the financial year 60 53 friendly technology. The website will pro- in holiday cabins on Statskog’s land. Dividend percentage 74 % 41 % Average dividend vide a platform for better public services Through Statskog’s operations, rights percentage last 5 years 64 % 51 % and information concerning Statskog’s linked to the state’s properties within state- Dividend to the state 60 53 extensive operations. owned common land and other state- Additional information 2017 2016 Gunnar Lien was appointed as the new owned land are continually followed. Number of employees 115 120 CEO in February 2017. Statskog has an assignment agree- Proportion of employees in Norway 100 % 100 % ment with the Ministry of Agriculture and State ownership at year-end 100 % 100 % Proportion of women on the board 43 % 43 % Sustainability and Food which covers both statutory tasks Proportion of women among responsible business conduct and tasks which concern sectoral policy owner-appointed/shareholder Statskog’s work relating to corporate so- initiatives. Statskog prepares specific re- elected board members 40 % 40 % cial responsibility involves developing ports on the execution of this assignment. 109 Staur Gård AS © Staur gård AS CEO: Ola Martin Qvale Board of Directors: Torbjørn Almlid (chair), Kristen Bartnes (vice chair), Eli Skoland Auditors: Sandberg Revisjon AS

State ownership through the Ministry of Agriculture and Food: 100 % The company’s website: www.staur.no

Staur gård AS was established in 2001 to In 2017, the company’s board of direc- Income statement (NOK millions) 2017 2016 continue the business of the state-owned tors initiated a process of reviewing the Operating revenues 9,1 8,4 Staur gå r d farm in the municipality of opportunities that are available to further Operating expenses 8,4 10,3 Gross operating profit (EBITDA) 1,0 -0,7 Stange, which had previously been run by develop the company’s operations with Operating profit (EBIT) 0,7 -1,9 the Norwegian Grain Corporation. the aim of bringing about positive growth Net financial items 0,0 -0,1 The company’s objective is to facilitate and development within the company. Profit/loss before tax 0,7 -2,0 Tax charge 0,0 0,0 research and development (R&D) in agri- Profit/loss after tax 0,7 -2,0 culture, property management and prop- Sustainability and erty letting. R&D is carried out by private responsible business conduct Balance sheet 2017 2016 Intangible assets 1,1 1,1 companies. Staur gård conducts its own The company’s operations do not pollute Fixed assets 8,1 2,1 agricult u ral activities on the rest of the the external environment other than is Total assets 9,2 3,2 property. normal for agriculture. Equity 7,5 -1,1 The building complex has extensive fa- The research farm is focussing on the Provision for liabilities 0,0 0,0 cilities for accommodation, courses, con- environment and run-off issues with a Current interest-bearing liabilities 0,0 2,4 ferences and letting for special events. fertiliser plan and established grass/graz- Current interest-free liabilities 1,7 1,9 Total debt and liabilities 1,7 4,3 The purp o se of the letting activity is to ing land down towards Lake Mjøsa. Total equity and liabilities 9,2 3,2 utilise, safeguard and develop the unique The farm complies with the framework aspects of the property. of the Quality System in Agriculture. Cash flow 2017 2016 Operating activities 0,0 0,9 The Staur gård property is considered Investment activities 0,0 -0,3 to be a unique agricultural property and a Sectoral policy goal attainment Financing activities 0,0 -0,4 cultural monument in a national context. During 2017, Staur gård worked to ensure Change cash and cash equivalents 0,0 0,2

The property was protected by the Direc- that Graminor, Norsk Sau og Geit and Key figures 2017 2016 torate for Cultural Heritage in 2012. Nortura/TYR are able to carry on research Capital employed 7,5 1,3 The aim o f the state’s ownership of and testing on the property. The research Gross operating margin (EBITDA) 11 % -8 % Operating margin (EBIT) 8 % -23 % Staur gård AS is to facilitate research and farm is run in accordance with applicable Equity ratio 82 % -34 % trials relating to agriculture and to man- agreements and the farm’s collaboration Return on capital employed 17 % -74 % age the property in the best possible way. partners are satisfied with the delivera- Values in and out of the company 2017 2016 bles they have received from Staur gård Equity contribution 8,0 0,0 Key events AS. The collaboration partners also con- Grants 0,0 0,3 In spring 2017, the Ministry of Agriculture tribute important knowledge for further Additional information 2017 2016 and Food injected equity amounting to development in Norwegian agricultural Number of employees 4 5 NOK 8 million into Staur gård AS at the re- production. Proportion of employees in Norway 100 % 100 % quest of the Storting, as a result of the Through continuation of the guest State ownership at year-end 100 % 100 % Proportion of women on the board 33 % 40 % company being close to bankruptcy. This farm operation and other letting, the Proportion of women among enabled the company to fulfil its obliga- company has ensured that the necessary owner-appointed/shareholder tions an d achieve a satisfactory level of activity is carried out on the property and elected board members 33 % 40 % equity. that the building complex is used. For the In the ownership dialogue for 2017, the state as owner, it is important that the Ministry of Agriculture and Food stressed building complex on the property is both that the company must ensure that its ac- well-used and adequately maintained. counts balance and that the board must The company is considered to have seek to develop the company’s operating achieved its sectoral policy goals satisfacto- concept further. Following the capital in- rily through its operations in 2017. The fi- jection, the company has redeemed all nancial challenges that the company has loans and leasing contracts. During 2017, faced and is continuing to face mean that the company gained better control over the Ministry of Agriculture and Food is in- its finances and turned the deficit that it vestigating the possibilities for adjusting the had been recording for many years into a company’s operating arrangements to safe- small profit. guard sustainable operation in the future.

110 Store Norske Spitsbergen Kulkompani AS © Store Norske Spitsbergen Kulkompani AS CEO: Jan Morten Ertsaas Board of Directors: Annette Malm Justad (chair), Birger Solberg (vice chair), Hege Schøyen Dillner, Britt Mjellem, Johnny Undeli, Rune Mjelde*, Håvard Velve* (* elected by the employees) Auditors: PricewaterhouseCoopers AS Store Norske Spitsbergen Kulkompani AS (SNSK) core business is coal mining in Svalbard. The company was established in Longyearbyen in 1916 and continues to be an important player in the community State ownership through the Ministry of Trade, Industry and Fisheries: 100 % The company’s website: www.snsk.no in Svalbard. SNSK’s head office is situated in Longyearbyen. In 2017, the company mined coal from Mine 7 outside Long- Svea and Lunckefjell should be wound up. Income statement (NOK millions) 20172 2016 yearbyen through its subsidiary Store It was also decided to initiate remediation Operating revenues 192 584 Norske Spitsbergen Grubekompani AS in the area, with SNSG as the responsible Operating expenses 362 496 Gross operating profit (EBITDA) -125 134 (SNSG). During the Storting’s considera- client and using subcontractors. Operating profit (EBIT) -169 87 tion of the National Budget for 2018, it For the first time in many years, coal Net financial items -3 -41 was decided to discontinue the mining was produced from Mine 7 in two shifts Profit/loss before tax -172 46 Tax charge 0 -4 operations in Svea and Lunckefjell. and around 130,000 tonnes of coal was Profit/loss after tax -172 50 The SNSK group also consists of the extracted. The operations of Gruve 3 AS wholly owned subsidiaries Store Norske and Svea Svalbard AS developed positive- Balance sheet 2017 2016 Intangible assets 364 401 Boliger AS, Store Norske Gruvedrift AS, ly during 2017, even though both compa- Fixed assets 283 436 Gruve 3 AS and the partly owned Pole Po- nies recorded an operating loss. During Total assets 648 837 sition Logistics AS, in which SNSK has a the year, Pole Position Logistics AS com- Equity 113 281 stake of 75%, as well as Svea Svalbard AS pleted its new technical platform for a fu- Provision for liabilities 343 354 with a stake of 51%. ture initiative within logistical services. Current interest-bearing liabilities 144 148 The aim behind the state’s ownership Current interest-free liabilities 47 53 Total debt and liabilities 534 556 in SNSK is to help ensure that the power Sustainability and Total equity and liabilities 648 837 station in Longyearbyen has access to a responsible business conduct stable and secure supply of coal through Corporate social responsibility is a central Cash flow 2017 2016 Operating activities ikke klart -44 the operation of Mine 7 and that the op- part of SNSK’s business strategy and pro- Investment activities ikke klart -15 eration is carried out in accordance with vides a guideline for the company’s oper- Financing activities ikke klart -133 the overarching goals of Norway’s policy ations. Health, safety and the environ- Change cash and cash equivalents -180 -192 for Svalbard. It is a requirement that Mine ment have the highest priority. SNSK Key figures 2017 2016 7 is operated efficiently. The company's strives to ensure that neither people nor Capital employed 257 429 other operations must be undertaken on the environment are harmed in any way Gross operating margin (EBITDA) -65 % 23 % Operating margin (EBIT) -88 % 15 % a commercial basis. as a result of the company’s operations. Equity ratio 18 % 34 % In 2017, the company worked hard to Return on capital employed -48 % 34 % Key events rectify the difficult housing situation in Assets and dividends 2017 2016 Since the coal mining operations in Svea Longyearbyen. Dividend for the financial year 0 0 and Lunckfjel were suspended with effect Through the Svalbard Environmental Dividend percentage 0 % 0 % from 2016, no coal has been produced in Protection Act, SNSK adheres to strict en- Average dividend percentage last 5 years 0 % 0 % this area. During the spring of 2017, the vironmental legislation. SNSK has a spe- Dividend to the state 0 0 company re-evaluated the basis for the cific environmental monitoring pro- Purchace of shares 0 0 possible start-up of the mining operation gramme for discharges into water, air and Capital contributions from the state1 144 587 and the continuation of the suspension. the ground, and the company has carried In a letter to the ministry dated 12 June out comprehensive environmental im- Additional information 2017 2016 2017, the company’s board stated that pact assessments. Every year, SNSK pre- Number of employees 107 106 continuing the suspension of operations pares an environmental report which is Proportion of employees in Norway 100 % 100 % State ownership at year-end 100 % 100 % from 2018 would entail a high risk of los- published on the company’s website. Proportion of women on the board 43 % 43 % ing critical expertise and deterioration of Proportion of women among owner-appointed/shareholder the infrastructure. This, combined with Sectoral policy goal attainment elected board members 60 % 60 % the estimated cost of continuing the sus- The aim behind the state’s ownership in 1 The figures for 2017 are preliminary and before annual pension, led the board to believe that SNSK is to help ensure that the power sta- accounts. continuing the suspension was inappro- tion in Longyearbyen has access to a sta- priate based on purely commercial con- ble and secure supply of coal through the siderations. The board also stated that it operation of Mine 7. Throughout the would be profitable to resume mining op- whole of 2017, there was production in erations in Svea and Lunckefjell from au- two shifts from Mine 7 and SNSK has sup- tumn 2018 subject to certain conditions. plied the power station in Longyearbyen In connection with the Storting’s con- with coal in accordance with the agree- sideration of the 2018 National Budget ment with Longyearbyen Lokalstyre. At (see Bill 1 S (2017-2018), it was decided the end of 2017, just over 100 people that SNSK’s coal mining operations in were employed by SNSK.

111 Talent Norge AS © Jörg Wiesner General manager: Maria Cecilie Mediaas Jørstad Board of Directors: John Gordon Bernander (chair), Bentein Baardson, Cecilie Broch Knudsen, Brit Kristin Sæbø Rugland, Ingrid Røynesdal, Bjørn Olav Ragnar Øiulfstad Auditors: Deloitte AS

State ownership through the Ministry of Culture: 33,33 % The company’s website: www.talentnorge.no

Talent Norge AS was established in 2015 with the existing approved initiatives, Tal- Income statement (NOK millions) 2017 2016 by Kristiansand kommunes Energiverkss- ent Norge was involved in 36 ongoing tal- Operating revenues 64,9 31,5 tiftelse – Cultiva, Sparebankstiftelsen DNB ent development programmes as of 31 Operating expenses 62,9 28,7 Gross operating profit (EBITDA) 1,9 2,7 and the state through the Ministry of Cul- December 2017. The programmes extend Operating profit (EBIT) 2,0 2,8 ture. The company has office workplaces from 2015 to 2021. These initiatives rep- Net financial items 0,4 0,2 in the attic of the DNB Savings Bank Foun- resent over 500 talent places annually. Profit/loss before tax 2,4 3,0 Tax charge 0,0 0,0 dation’s temporary premises in Oslo. The initiatives are split between different Profit/loss after tax 2,4 3,0 Talent Norge’s strategic vision is to give genres with a wide geographic spread. talented artists the opportunity to realise The company’s efforts have led to the Balance sheet 2017 2016 Intangible assets 2,1 0,2 their full potential. The company’s over- creation of an extensive network of con- Fixed assets 69,9 52,1 arching aim is to improve the framework tributors, project owners, mentors and Total assets 71,9 52,3 surrounding talent development and talents. During 2017, Talent Norge contin- Equity 5,4 3,1 thereby contribute to a richer cultural life. ued its work to facilitate the exchange of Provision for liabilities 64,8 48,4 The company strives to establish success- experience and the transfer of skills be- Current interest-bearing liabilities 0,0 0,0 ful, permanent relations both artistically tween disciplines, genres and initiatives. Current interest-free liabilities 1,7 0,8 Total debt and liabilities 66,5 49,2 and financially through investments in tal- The aim is to ensure that this knowledge Total equity and liabilities 71,9 52,3 ented artists that lead to a high level of is used to improve the quality of talent de- artistic recognition and trigger substantial velopment in the Norwegian culture sec- Cash flow 2017 2016 Operating activities 1,3 3,4 private investment. tor generally. The exchange of experience Investment activities 0,0 -0,1 Talent Norge works with leading or- and knowledge is structured through Financing activities 16,5 25,7 ganisations, institutions and communities three principal arenas: Specialist meet- Change cash and cash equivalents 17,7 29,0 within the Norwegian culture sector to of- ings within Artistic Excellence, open meet- Key figures 2017 2016 fer talented artists specialist expertise, ing places (TN Møteplass) and, as a new Capital employed 5,4 3,1 development opportunities and support. development for 2017, participation in Gross operating margin (EBITDA) 3 % 9 % Operating margin (EBIT) 3 % 9 % The company aims to trigger at least as Olympiatoppen’s performance cluster. Equity ratio 7 % 6 % much private capital as public support in the project portfolio. Sectoral policy goal attainment Subsidies from the state 2017 2016 Ministry of Culture 36,1 30,5 The company prioritises initiatives As of 31 December 2017, Talent Norge aimed at talented artists who are either had a combined portfolio of NOK 211.9 Additional information 2017 2016 just about to complete their higher arts million for talent initiatives within the cul- Number of employees 3 2 Proportion of employees in Norway 100 % 100 % education or have recently graduated. ture sector. The initiatives were approved State ownership at year-end 33,33 % 33,33 % The target group comprises both per- with a total of NOK 80.8 million in support Proportion of women on the board 50 % 50 % forming and creative artists in all forms from Talent Norge and will trigger NOK Proportion of women among owner-appointed/shareholder and expressions of art. 131.2 million in private co-financing. elected board members 50 % 50 % The aim of the state’s ownership in Tal- Of the NOK 80.8 million allocated by ent Norge is to develop leading artistic Talent Norge, NOK 31.8 million had been talents in Norway in a partnership be- paid out by 31 December 2017 and NOK tween the state and private actors. The 48.9 million had been set aside for future initiative contributes to an internationally payments in accordance with established renowned cultural sector and the broader agreements. In addition, NOK 13.2 million financing of the cultural sector. The state’s has been set aside for the Artistic Excel- owner interests in Talent Norge support lence, Talent Norge Junior, Møteplasser the overall objectives to help make high- og synergier programmes and for the Tal- quality art and culture available to every- ent Norges Kvinneløft pilot. one and to promote artistic development Ties with private contributors were fur- and renewal. ther strengthened through many such contributors increasing their contribu- Key events tions or entering into new initiatives. The During 2017, the company approved 11 partnerships with private contributors new initiatives and five extensions to pre- are essential and form a cornerstone for viously approved initiatives. Together the work of Talent Norge.

112 Trøndelag Teater AS © GT Nergaard/Trøndelag Teater AS Theatre Director: Kristian Seltun Board of Directors: Terje Roll Danielsen (chair), Tore Onshuus Sandvik (vice chair), Leif Bjerkan, Solvor Ingjerd Amdal, Turid Stenseth, Ingeborg Hopshaug*, Hallbjørn Rønning* (* elected by the employees) Auditors: PricewaterhouseCoopers AS

State ownership through the Ministry of Culture: 66,67 % The company’s website: www.trondelag-teater.no

Trøndelag Teater AS is located in Trond- The Studio stage saw the premiere of Income statement (NOK millions) 2017 2016 heim and is the regional theatre for Trøn- “Evig søndag”, based on texts by Linnea Operating revenues 133 120 Operating expenses 133,1 96,9 delag. Trøndelag Teater was established Myhre. A total of 3,500 people saw the Gross operating profit (EBITDA) 2,3 25,8 in Trondheim in 1937 with the aim of ”... performance, an excellent figure for the Operating profit (EBIT) -0,2 23,0 providing theatre in Trondheim and the Studio stage. Another popular perfor- Net financial items 0,4 0,2 Profit/loss before tax 0,2 23,2 surrounding regions, as well as tours and mance was “The Glass Menagerie”, which Tax charge 0,0 0,0 guest performances." was seen by a total of 3,200 people. Per- Profit/loss after tax 0,2 23,2 The theatre’s vision is to be the most formances on the secondary stages dur- Balance sheet 2017 2016 important cultural institution in central ing the year concluded with the premiere Intangible assets 18,2 18,1 Norway by ensuring that the theatre of Lisa Lie’s “Uår av Terje Vigen”. Fixed assets 28,1 25,1 means something to every inhabitant of 6 February 2017 also saw the cente- Total assets 46,3 43,2 the region. Trøndelag Teater’s mission is nary of the Sami Parliament, which was Equity 15,8 17,0 to present professional productions for marked on Gamle Scene by a special Provision for liabilities 4,4 0,0 the audience. Different forms of artistic event and a performance of “Elsa Laula”. Current interest-bearing liabilities 0,0 0,0 Current interest-free liabilities 26,1 26,2 expression must be part of the repertoire, In 2017, the board of Trøndelag Teater Total debt and liabilities 30,5 26,2 separately and integrated. appointed Elisabeth Egseth Hansen as the Total equity and liabilities 46,3 43,2 The aim of the state’s ownership of new theatre director with effect from 1 Cash flow 2017 2016 Trøndelag Teater is to secure cultural pol- January 2019. She is currently a drama- Operating activities 6,2 3,2 icy objectives. The aim behind the 2017 turge at Trøndelag Teater. Investment activities -2,7 -2,7 dramatic art grants was to facilitate pro- Financing activities 0,0 0,0 Change cash and cash equivalents 3,5 0,5 duction, promotion and demand for dif- Sustainability and ferent dramatic art expressions. This will responsible business conduct Key figures 2017 2016 support the overarching objectives to Trøndelag Teater is aware of its corporate Capital employed 15,8 17,0 help ensure that everyone has access to Gross operating margin (EBITDA) 2 % 22 % social responsibility as a major cultural Operating margin (EBIT) 0 % 19 % high-quality art and culture and to pro- player in central Norway. This applies Equity ratio 34 % 39 % mote artistic development and renewal. with regard to the choice of productions Return on equity 1 % 109 % and the interpretation of these produc- Average return on equity last 4 years 33 % 34 % Return on capital employed 2 % 109 % Key events tions, as well as the raising of awareness The theatre year started on the main regarding the labour that we use and our Other key figures 2017 2016 stage with Edward Albee’s “Who is afraid procurement of materials and services. Total number of performances 462 542 Tickets sold 109 006 99 378 of Virginia Woolf?”. The performance saw Audiences 81 % 63 % strong performances from the actors and Sectoral policy goal attainment Ticket sales 27,0 17,0 was praised by critics. The theatre then Trøndelag Teater had twelve inhouse pro- Subsidies from the state 2017 2016 presented the big event of the spring: a ductions on its programme for 2017, of Ministry of Culture 70,9 69,7 recently written musical entitled “Robin which three were repeats from previous Sør-Trøndelag County Council, Trondheim municipality and Hood – Rai Rai in Sherwood Forest”. Ticket years. The theatre also produced “Unge collaborators 30,8 30,1 sales ended at 41,500, the best figure for dramatikere” in collaboration with Kjerne- Total subsidies 101,7 99,8 Trøndelag Teater since “Les Miserables” huset, and “Kupp en klassiker” in collabo- in 2006. ration with Kulturskolen. There were also Additional information 2017 2016 Number of employees 172 170 During the autumn season, Henrik Ibs- seven guest performances. Proportion of employees in Norway 100 % 100 % en and “The Wild Duck” lay claim to the 2017 was a good year for audience fig- State ownership at year-end 66,67 % 66,67 % main stage. The year ended with “Juleevan- ures in Trøndelag. The theatre had a total Proportion of women on the board 58 % 43 % Proportion of women among geliet – en smash hit musical (alle snakker of 109,006 visitors, split between a total of owner-appointed/shareholder norsk)”, which was a repeat from Gamle 462 performances with an average seat elected board members 40 % 40 % scene in 2016. The performance of “Sønd- occupancy rate of 81%. Earnings amount- agsskolen” looked at both the Old Testa- ed to NOK 31.3 million, compared with ment and the New Testament and was NOK 20.0 million in 2016, while the oper- largely played by child actors. The perfor- ating profit in 2017 was NOK 101.6 mil- mance was praised by critics, but failed to lion, compared with NOK 99.8 million in completely reach out to its target group. 2016.

113 UNINETT AS © UNINETT AS CEO: Tor Holmen (konstituert) Board of Directors: Frank Arntsen (chair), Steen Pedersen, Benedicte Rustad, Pål Dietrichs, Cecilie Ohm, Seunn Smith-Tønnessen, Morten Knutsen* (* elected by the employees) Auditors: EY AS

State ownership through the Ministry of Education and Research: 100 % The company’s website: www.uninett.no

UNINETT AS is the authorities’ tool for de- NETT AS to a newly established adminis- Income statement (NOK millions) 2017 2016 veloping and managing a versatile national trative body, which should also take over Operating revenues 309 288 e-infrastructure for research and higher responsibility for Ceres and Bibsys. The Operating expenses 325 288 Gross operating profit (EBITDA) 10,3 5,7 education. The company fulfils its remit transfer was effected from 1 January Operating profit (EBIT) -15,4 -0,7 based on subsidies from the Ministry of 2018. As a consequence of this, UNINETT Net financial items 3,7 3,6 Education and Research and delivers infra- AS is working on a new business strategy. Profit/loss before tax -11,7 2,9 Tax charge -8,1 0,0 structure with production services and ex- UNINETT AS’ new CEO joined the com- Profit/loss after tax -3,6 2,9 perimental services. Through partnerships pany with effect from 1 September 2017, and synergies, UNINETT optimises the ac- being appointed from 1 January 2018 as Balance sheet 2017 2016 Intangible assets 123,1 42,6 quisition and utilisation of the overall ICT CEO of the Ministry of Education and Re- Fixed assets 286 341 resources within the university and univer- search’s service body. Total assets 409 384 sity college sector in Norway. Equity 202 236 UNINETT AS was established in 1993. It Sustainability and Provision for liabilities 62,2 7,5 is the parent company in the UNINETT responsible business conduct Current interest-bearing liabilities 0,0 0,0 group and had two wholly owned subsidi- Corporate social responsibility is one of Current interest-free liabilities 145 141 Total debt and liabilities 207 148 aries in 2016: UNINETT Norid AS, which is UNINETT AS’ three core values. The com- Total equity and liabilities 409 384 the national registration unit for the .no pany has drawn up guidelines for pollu- domain, and UNINETT Sigma2 AS, which tion, waste management, energy con- Cash flow 2017 2016 Operating activities 45,0 53,6 manages procurement and operation of sumption, procurement, noise and ser- Investment activities -98,1 -1,2 national equipment for advanced scientific vice production. Financing activities 25,2 -1,7 calculations. All the companies are run The company strives to ensure that the Change cash and cash equivalents -27,9 50,7 from joint offices in Trondheim. Together Norwegian university and university col- Key figures 2017 2016 with the research networks in the other lege sector reduces its energy consump- Capital employed 202 236 Nordic countries, UNINETT is a joint owner tion in its IT rooms and increases its use Gross operating margin (EBITDA) 3 % 2 % Operating margin (EBIT) -5 % 0 % of NORDUnet AS, which operates a corre- of digital solutions within research, teach- Equity ratio 49 % 61 % sponding academic network infrastructure ing and dissemination in order to contrib- Return on equity -2 % 1 % between the Nordic countries and with re- ute to the more efficient use of society’s Average return on equity last 5 years 9 % 10 % Return on capital employed -5 % 1 % spect to the global academic community. resources. The objective of the state's ownership Subsidies from the state 2017 2016 of UNINETT is to secure the operation and Sectoral policy goal attainment Kunnskapsdepartementet 42,5 51,7 Andre (IKT-senter og development of a national electronic net- UNINETT AS strives to achieve its sectoral Norges forskningsråd) 88,9 45,8 work for information exchange between policy goals through the development Total subsidies 131,4 97,5 groups and users in Norwegian research and operation of a nationwide research and education. It is a requirement for the Additional information 2017 2016 network, the coordination of ICT-related Number of employees 115 108 company to be run efficiently. joint measures, the provision of infra- Proportion of employees in Norway 100 % 100 % structure and system data for new re- State ownership at year-end 100 % 100 % Key events search and contributions to international Proportion of women on the board 43 % 43 % Proportion of women among In June 2017, the Ministry of Education development. The network is constantly owner-appointed/shareholder and Research decided that certain assign- being adapted to meet increasing re- elected board members 50 % 50 % ments should be transferred from UNI- quirements regarding capacity and speed.

114 Universitetssenteret på Svalbard AS © David Wrangborg CEO: Harald Ellingsen Board of Directors: Berit Johanne Kjeldstad (chair), Jarle Nygard (vice chair), Eva Falleth, Lise Øverås, Morten Hald, Arild Olsen, Nina Frisak, Pernille Bronken*, Petter Sele*, Eli Anne Ersdal*, Linn Margrethe Høeg Voldstad** (* elected by the employes) (**Elected by students) Auditors: PricewaterhouseCoopers AS

State ownership through the Ministry of Education and Research: 100 % The company’s website: www.unis.no

Universitetssenteret på Svalbard AS - company has developed strongly and Income statement (NOK millions) 2017 2016 The University Centre in Svalbard (UNIS) - took part in the work relating to the gov- Operating revenues 148,3 146,3 was established as a state-owned limited ernment’s strategy for research and high- Operating expenses 147,3 152,0 Gross operating profit (EBITDA) 2,8 -4,0 company on 29 November 2002. The er education on Svalbard. After a number Operating profit (EBIT) 1,0 -5,7 company replaced the former founda- of years of recording a financial deficit, Net financial items -0,1 0,0 tion, University Courses in Svalbard, es- the company recorded a profit in 2017. Profit/loss before tax 0,9 -5,7 Tax charge 0,0 0,0 tablished by the four Norwegian universi- Profit/loss after tax 0,9 -5,7 ties in 1994. Sustainability and The company offers courses and con- responsible business conduct Balance sheet 2017 2016 Intangible assets 0,0 0,0 ducts research based on Svalbard’s geo- UNIS is required to carry out its research Fixed assets 32,9 34,6 graphic location in the High Arctic and the and provide teaching with the least pos- Intangible assets 32,9 34,6 special advantages associated with using sible negative impact on the environment. Fixed assets 42,2 25,7 Total assets 75,1 60,3 nature as a laboratory. The study options The Svalbard Environment Act is a prem- are to be at university level and offered as ise for all activity, and UNIS is constantly Retained earnings 2,1 2,1 a supplement to the education provided striving to limit the environmental impact Paid-up equity 9,2 8,3 Total equity 11,3 10,4 at universities on the mainland, and can of its activities and has an internal control Provision for liabilities 3,4 0,0 form part of an ordinary course of study system for field, cruise and laboratory Non-current interest-bearing liabilities 16,6 18,4 leading to degrees at bachelor, master work. Non-current interest-bearing liabilities 43,8 31,5 Total debt and liabilities 63,8 49,9 and doctoral levels. The studies offered UNIS aims to be a resource for local Total equity and liabilities 75,1 60,3 must have an international profile and communities in Svalbard. Staff must live teaching must be carried out in English. and work in Longyearbyen and contribute Cash flow 2017 2016 Operating activities 12,1 -14,4 UNIS has four fields of study: Arctic bi- to the development of the institution and Investment activities -1,0 -2,6 ology, Arctic geology, Arctic geophysics society. The accounts for 2017 show that Financing activities 3,7 -0,3 and Arctic technology. In 2017, a total of approximately 55% of goods and services Change cash and cash equivalents 14,8 -17,3

98 courses were taught at bachelor’s, were purchased locally in Longyearbyen. Key figures 2017 2016 master’s or doctorate level. A total of 794 UNIS’s employees are also a vital resource Capital employed 27,9 28,8 students from 45 nations followed the in connection with the evaluation of ava- Gross operating margin (EBITDA) 2 % -3 % Operating margin (EBIT) 1 % -4 % teaching and 59 master’s students work lanche risk in and around Longyearbyen Equity ratio 15 % 17 % on their dissertations. This corresponds and also contribute actively in connection Return on equity 7 % -36 % to 222.5 student full-time equivalents. with local events such as Polarjazz, the Average return on equity last 5 years -3 % -2 % Return on capital employed 5 % -13 % 50% of students came from study pro- Svalbard Seminar Series, Svalbard Skima- grammes at Norwegian universities, an raton, etc. Other key figures 2017 2016 increase of 5% from 2016, 31 post-doctor- Student labour years 222,5 214,4 al students and PhD students studied at Sectoral policy goal attainment Subsidies from the state 2017 UNIS in 2017 and five disputations took UNIS offers a study programme at univer- Operating subsidies 128,9 125,6 place. sity level and conducts research based on The objective of the state's ownership Svalbard’s location in the High Arctic. In Additional information 2017 2016 Number of employees 112 123 of UNIS is to contribute to the centre's terms of research policy, Svalbard is con- Proportion of employees in Norway 100 % 100 % university level study provision and re- sidered to be an important arena for the State ownership at year-end 100 % 100 % search activities based on Svalbard's loca- internationalisation of Norwegian re- Proportion of women on the board 60 % 60 % Proportion of women among tion in the High Arctic. It is a requirement search and cooperation with foreign re- owner-appointed/shareholder for the company to be run efficiently. searchers. The company’s operations elected board members 67 % 57 % help to boost the level of activity in Long- Key events yearbyen and help to ensure that an all- In 2017, UNIS achieved its goal of carrying year round family-based society can be out 220 student full-time equivalents. The maintained.

115 AS Vinmonopolet © AS Vinmonopolet CEO: Hilde Britt Mellbye Board of Directors: Hill-Marta Solberg (chair), Ellen Seip (vice chair), David Hansen, Per Arne Olsen, Sverre Helno, Sverre Bugge1, Helge Storvik*, Turid Sundsetvik*, Svend Bang Pedersen* (* elected by the employees) Auditors: PricewaterhouseCoopers AS 1 Sverre Bugge was Liv Kari Eskeland’s permanent deputy from autumn 2017 through until a new board was appointed on 1 July 2018, as she was elected to the Storting in autumn 2017.

State ownership through the Ministry of Health and Care Services: 100 % The company’s website: www.vinmonopolet.no

AS Vinmonopolet is a state-owned com- neer as regards corporate social respon- Income statement (NOK millions) 2017 2016 pany with exclusive rights to sell alcoholic sibility and sustainable development and Operating revenues 13 444 13 269 Herav alkoholavgift 7 089 7 009 beverages containing more than 4.7% al- to become Norway’s best workplace. Operating expenses 13 297 13 090 cohol by volume to consumers. The com- Gross operating profit (EBITDA) 215 246 pany was founded in 1922. Vinmonopolet Sustainability and Operating profit (EBIT) 147 179 Net financial items 20 20 is one of the most important instruments responsible business conduct Profit/loss before tax 167 199 in Norway’s alcohol policy and is intended Vinmonopolet is a member of the CSR or- Tax charge 40 50 to help limit alcohol consumption within ganisation amfori BSCI and, together with Profit after the Vinmonpol tax 127 150 society by regulating availability. the other Nordic monopolies which are Balance sheet 2017 2016 The alcohol policy is expressed through also members, uses its Code of Conduct Intangible assets 531 501 effective social control, measures to cre- as a basis for ethical requirements in the Fixed assets 3 165 3 291 Total assets 3 696 3 792 ate positive attitudes, efficient operations supplier chain. During 2017, Vinmono- and the absence of promotional activities. polet specifically followed up South Afri- Equity 796 829 To ensure legitimacy with the general can producers and their farms. Over a Current interest-bearing liabilities 0 0 Current interest-free liabilities 2 900 2 963 public, Vinmonopolet places emphasis on four-week period in March and April 2017, Total debt and liabilities 2 900 2 963 being a specialist trade chain offering a Vinmonopolet carried out a total of 22 in- Total equity and liabilities 3 696 3 792 wide range of products and personal cus- spections. The report from the inspec- Cash flow 2017 2016 tomer service. Vinmonopolet's head of- tions shows that there are a number of Operating activities 0 176 fice is situated in Oslo. major challenges as regards certain farms Investment activities -85 -75 The objective of the state's ownership and during 2017 Vinmonopolet actively Financing activities 0 0 Change cash and cash equivalents -84 101 of Vinmonopolet is to ensure that sales of followed up and pursued a dialogue with alcoholic drinks of more than 4.7 per cent the producers concerned and supported Key figures 2017 2016 by volume take place in a controlled man- them in the work to rectify the deficien- Capital employed 796 829 ner, so as to limit the harmful effects of cies that have been identified. Gross operating margin (EBITDA) 2 % 2 % Operating margin (EBIT) 1 % 1 % alcohol for the individual and for society. In 2017, Vinmonopolet established Equity ratio 22 % 22 % Due to the alcohol policy objective of renew ambitions and objectives for the Return on equity 16 % 22 % stricting the sale of alcohol, no targets are work relating to corporate social respon- Average return on equity last 5 years 26 % 29 % Return on capital employed 21 % 29 % defined for the company's financial re- sibility and placed them in a context which sults beyond the requirement to operate is also linked to the United Nations’ sus- Dividends 2017 2016 as efficiently as possible. tainable development goals. In 2018, Vin- Dividend for the financial year 64 75 Dividend percentage 50 % 50 % monopolet will launch its own sustainable Average dividend Key events development strategy. percentage last 5 years 50 % 50 % In 2017, Vinmonopolet opened eight new Dividend to the state 64 75 retail outlets, all of which are self-service. Sectoral policy goal attainment Additional information 2017 2016 Vinmonopolet has a total of 323 outlets Vinmonopolet sold 10.66 million litres of Number of employees 1 815 1 812 and is established in 247 of the country’s pure alcohol during 2017. This represents Proportion of employees in Norway 100 % 100 % State ownership at year-end 100 % 100 % municipalities. a decline of 1.01% compared with the pre- Proportion of women on the board 33 % 44 % Vinmonopolet has a strong reputation. vious year. Vinmonopolet places great em- Proportion of women among owner-appointed/shareholder For the fifth consecutive year, the compa- phasis on preventing sales to minors and elected board members 33 % 50 % ny topped TNS Gallup’s syndicated corpo- therefore asks all customers under 25 to rate reputation survey and was among show identification at the checkout. The the top ten in most of the other major company has been very successful with re- reputation surveys in Norway. gard to this. The company aims to ensure Vinmonopolet’s board of directors ap- that 90% of all customers in the 18-25 age proved a new strategy for the company in group present identification. The company 2017. In the years to come, Vinmonopolet uses mystery shoppers to measure fulfil- aims to strengthen its position as society’s ment. In 2017, the company’s store staff key instrument for the responsible sale of asked 94.9% of all mystery shoppers in the alcohol. The company aims to be a pio- 18–25 age range to show identification. © Nationaltheatret / Øyvind Eide

116 117

Regional health authorities

The objective of the state's ownership is for the regional health authorities to guarantee specialised health services for the region's population by offering high-quality and equitable specialised health services to everyone who needs them, when they need them, regardless of their age, gender, place of residence, personal finances or ethnic background, and to facilitate research and training. It is a requirement for the health authorities to be run efficiently.

Helse Midt-Norge RHF 120 Helse Nord RHF 121 Helse Sør-Øst RHF 122 Helse Vest RHF 123 The country's regional health authorities1 © Helse Vest RHF / Kjetil Alsvik

1 Based on map data from the Norwegian Mapping Authority. Processed by the Ministry of Health and Care Services.

119 Helse Midt-Norge RHF © Kristin Støylen CEO: Stig Arild Slørdahl Board of Directors: Tina Steinsvik Sund (chair), Paul Steinar Valle Helse Midt-Norge RHF, the Central Nor- (vice chair), Beate Skillingstad, Bjørn Gustafsson, Kristian Dahlberg way Regional Health Authority, was estab- Hauge, Liv Stette, Anita Solberg*, lished in 2002 and has overall responsibil- Ivar Østrem*, Lindy Jarosch-von ity for securing the inhabitants of the Schweder* (* elected by the counties of Møre og Romsdal and Trøn- employees) delag access to high-quality specialist Auditors: BDO AS health services. The health region comprises Møre og Romsdal Hospital Trust, St. Olavs Hospital Trust, Nord-Trøndelag State ownership through the Ministry of Health and Care Services: 100 % The company’s website: www.helse-midt.no Hospital Trust and the Central Norway Hospital Pharmacies. Helse Midt-Norge RHF has its head office in Stjørdal. The In March 2017, Helse Midt-Norge RHF Income statement (NOK millions) 2017 2016 health region’s vision is “Teaming with arranged the annual national environ- Operating revenues 20 972 21 249 you for your health”, based on the core ment and climate conference for the spe- Operating expenses 20 628 20 865 Operating profit 345 384 values of quality, security and respect. cialist health service. Net financial items -36 -17 The regional health authority has long- Tax charge 2 3 term agreements with numerous private Sectoral policy goal attainment Profit/loss for the year 307 364 Exempt from performance requirement 0 0 suppliers of health services. Helse Midt-Norge RHF follows up the tar- Performance requirements set by the In 2017, Helse Midt-Norge purchased gets set by the Ministry of Health and Ministry of Health and Care Services 0 0 external health services worth approxi- Care Services to reduce unnecessary wait- Deviation from performance requirements set by the Ministry mately NOK 1.9 billion. This corresponds ing and variations in capacity utilisation, of Health and Care Servicess 307 364 to 9.4% of its operating expenses. The prioritise mental healthcare and interdis- terms for grants to the regional health au- ciplinary specialised alcohol and sub- Balance sheet 2017 2016 Intangible assets 14 898 15 799 thorities are set out in special regulatory stance abuse treatment and improve Fixed assets 4 369 3 917 documents. quality and patient safety. Total assets 19 268 19 716 The aim of the state’s ownership in the Waiting times at Helse Midt-Norge hos- Equity 9 119 8 812 regional health authorities is explained pitals have never been as short as they Provisions for liabilities 3 702 3 747 on page 119. were in 2017. The average waiting time Current interest-bearing liabilities 2 786 3 030 for patients who have started treatment Current interest-free liabilities 3 660 4 127 Total debt and liabilities 10 149 10 905 Key events was 56 days, a reduction of two days from Total equity and liabilities 19 267 19 716 The feasibility project for the new hospital 2016. The health authorities within Helse in Nordmøre og Romsdal HF (SNR) was Midt-Norge recorded an increase in the Cash flow 2017 2016 Operating activities 2 111 1 638 approved by the board of Helse Midt- number of cases involving maximum Investment activities -840 -813 Norge RHF in December 2017. SNR con- waiting times being exceeded during Financing activities -791 -475 sists of a new accident and emergency 2017. Most of these cases related to so- Change cash and cash equivalents 480 351 hospital at Hjelset in Molde and a new re- matic treatment. Key figures 2017 2016 gional medical centre with a polyclinic During the year, the health authority Population under Helse Midt-Norge and day surgery centre in Kristiansund. group worked to reduce variations in ca- “care provider” responsibility 720 870 715 059 Number of out-patient Through the Health Platform pro- pacity utilisation, partly through the de- consultations, somatic 56 58 gramme, Helse Midt-Norge RHF has been velopment and implementation of stand- tasked with acting as a regional trial arena ardised patient pathways. All the health Subsidies from the state/ Public purchases 2017 2016 for the national vision “One inhabitant - authorities in the region are working to Subsidies from the state/ one medical record”. During 2017, Health reduce the use of broad-spectrum antibi- Public purchases 19 419 19 761 Platform continued the involvement of otics. health authorities, municipal authorities During 2017, Helse Midt-Norge did not Additional information 2017 2016 Number of full-time equivalents and general practitioners in central Nor- achieve its goal of a higher rate of growth (FTE) in the health trust group 16 967 16 746 way in the work which forms the basis for within mental healthcare and interdisci- State ownership at year-end 100 % 100 % the procurement of new electronic pa- plinary specialised alcohol and drug Proportion of women on the board 56 % 56 % Proportion of women among tient medical records and patient admin- abuse treatment than in somatic treat- owner-appointed/shareholder istration systems. ment for all performance indicators, also elected board members 50 % 50 % referred to as ‘the golden rule’. However, Sustainability and the region is achieving its targets for wait- responsible business conduct ing times within interdisciplinary treat- Helse Midt-Norge has established guide- ment for substance abuse and mental lines for the exercising of corporate social healthcare for children and adolescents. responsibility and ethical guidelines. In The goal within activity was achieved for 2017, work began to develop an anticor- interdisciplinary specialised alcohol and ruption programme within Helse Midt- drug abuse treatment and mental health- pital authorities in this area going for- Norge. A proposal for a programme will be care for adults, while the goal within staff- ward. presented to the board in autumn 2018. ing was only achieved as regards mental The regional health authorities are pri- During 2016 and 2017, all the health healthcare for children and adolescents. marily funded through grants from the authorities in central Norway were certi- There is an urgent need to continue work- Ministry of Health and Care Services. Ma- fied in accordance with the standard NS- ing on systematic change and to strength- jor investment projects can be funded EN ISO 14001:2015 Environmental man- en mental healthcare, and Helse Midt- through loans to the regional health au- agement systems. Norge RHF will closely follow up the hos- thorities.

120 Helse Nord RHF © Geir Vea CEO: Lars Vorland Board of Directors: Marianne Telle (chair), Inger Lise Strøm (vice chair), Svenn Are Jenssen, Tom Erik Forså, Tom Børje Eriksen, Beate Rahka-Knutsen, Kari Jørgensen, Fredrik Sund*, Sissel Alterskjær*, Kari B. Sandnes* (* elected by the employees) Auditors: BDO AS

State ownership through the Ministry of Health and Care Services: 100 % The company’s website: www.helse-nord.no

Helse Nord RHF, the Northern Norway health, police and fire, completing the de- Income statement (NOK millions) 2017 2016 Regional Health Authority, was estab- velopment of the emergency network Operating revenues 17 109 17 354 lished in 2002 and has overall responsibil- within Helse Nord. Operating expenses 16 748 16 861 Operating profit 361 493 ity for securing the inhabitants of north- Youth councils have been set up which Net financial items 22 47 ern Norway and Svalbard access to high- represent young people in the 12-23 age Tax charge 0 0 quality specialist health services on a par group at Nordland Hospital (2017) and Profit/loss for the year 383 539 Exempt from performance requirement 0 0 with other parts of the country. Helse UNN (2016). Finnmark Hospital and Hel- Performance requirements set by the Nord comprises Finnmark Hospital Trust, geland Hospital are working to establish Ministry of Health and Care Services 0 0 University Hospital of North Norway Trust youth councils. The councils provide valu- Deviation from performance requirements set by the Ministry (UNN), Nordland Hospital Trust, Helge- able input to the development of Helse of Health and Care Servicess 383 539 land Hospital Trust, Hospital Pharmacy of Nord. North Norway Trust and Northern Nor- Balance sheet 2017 2016 Intangible assets 15 226 14 621 way ICT. Helse Nord RHF has its head of- Sustainability and Fixed assets 2 646 3 012 fice in Bodø. responsible business conduct Total assets 17 872 17 633 The regional health authority has long- The Helse Nord RHF has introduced envi- Equity 10 549 10 166 term agreements with numerous private ronmental management, and all the Provisions for liabilities 515 455 suppliers of health services. In 2017, health trusts are now ISO 14001-certified. Current interest-bearing liabilities 3 587 3 160 Helse Nord RHF purchased external The Helse Nord RHF is a member of the Current interest-free liabilities 3 222 3 852 Total debt and liabilities 7 323 7 467 health services worth approximately NOK Norwegian recycling scheme Grønt Punkt Total equity and liabilities 17 872 17 633 0.8 billion. This corresponds to 5% of its and the Ethical Trading Initiative. operating expenses. The Helse Nord RHF requires all re- Cash flow 2017 2016 Operating activities 1 908 1 541 The terms for grants to the regional cruitment to be carried out in accordance Investment activities -2 002 -2 267 health authorities are set out in special with the WHO’s Global Code of Practice Financing activities -301 421 regulatory documents. on the International Recruitment of Change cash and cash equivalents -394 -305

The aim of the state’s ownership in the Health Personnel. In 2017, Helse Nord Key figures 2017 2016 regional health authorities is explained worked with the other health regions to Population under Helse Nord on page 119. establish a national report for HSE and “care provider” responsibility 486 001 484 647 Number of out-patient corporate social responsibility. consultations, somatic 58 66 Key events Progress was made on many Helse Nord Sectoral policy goal attainment Subsidies from the state/ Public purchases 2017 2016 construction projects during 2017. The Helse Nord RHF follows up the targets set Subsidies from the state/ extensive construction and refurbish- by the Ministry of Health and Care Servic- Public purchases 16 145 16 353 ment of Nordland Hospital Bodø is in its es to reduce unnecessary waiting and final phase with the refurbishment of the variations in capacity utilisation, prioritise Additional information 2017 2016 Number of full-time equivalents A/B wings. A wing is to be brought into mental healthcare and interdisciplinary (FTE) in the health trust group 13 838 13 489 use in early June 2018, while the refur- specialised alcohol and substance abuse State ownership at year-end 100 % 100 % bishment of B wing is expected to open in treatment and improve quality and pa- Proportion of women on the board 60 % 60 % Proportion of women among November 2019. tient safety. owner-appointed/shareholder Finnmark Hospital Kirkenes is in its fi- Helse Nord worked to reduce the num- elected board members 57 % 57 % nal phase, and the same applies to A wing ber of breaches of maximum waiting time and the PET centre at UNN in Tromsø. All and to reduce waiting times during 2017. of these will be completed and brought The average waiting time during 2017 was into use during the first six months of 58 days, which is below the requirement 2018. Construction of the new clinic at of 60 days. Alta has also begun. Construction of the The regional health authorities are pri- Sami health park in Karasjok will begin in marily funded through grants from the spring 2018. Ministry of Health and Care Services. Ma- In October, the emergency medical jor investment projects can be funded centre in Finnmark began using the com- through loans to the regional health au- mon digital emergency network for thorities.

121 Helse Sør-Øst RHF © Sykehuset Østfold CEO: Cathrine Marie Lofthus Board of Directors: Svein Ingvar Gjedrem (chair), Anne Cathrine Helse Sør-Øst RHF, the South-Eastern Frøstrup (vice chair), Bushra Ishaq, Vibeke Limi, Geir Nilsen, Einar Lunde, Regional Health Authority, was estab- Sigrun Elisabeth Vågeng, Kirsten lished in 2007 and has its head office in Brubakk*, Christian Grimsgaard*, Svein Hamar. The regional national health au- Øverland* (* elected by the employees) thority is responsible for ensuring that Auditors: PricewaterhouseCoopers AS the inhabitants of the counties of Østfold, Akershus, Oslo, Hedmark, Oppland, Buskerud, Vestfold, Telemark, Aust-Agder and Vest-Agder have access to high-quali- State ownership through the Ministry of Health and Care Services: 100 % The company’s website: www.helse-sorost.no ty specialist health services on a par with other parts of the country. The regional health authority comprises Akershus Uni- guard security. In January 2018, the health Income statement (NOK millions) 2017 2016 versity Hospital Trust, Oslo University authority group suffered a data intrusion Operating revenues 79 097 79 425 Hospital Trust, Sunnaas Rehabilitation incident. The incident underlines the im- Operating expenses 77 992 78 038 Operating profit 1 104 1 387 Hospital Trust, Hospital Pharmacies Trust, portance of ensuring that the work relat- Net financial items -84 -39 Vestfold Hospital Trust, Innlandet Hospi- ing to ICT infrastructure is afforded a high Tax charge 5 5 tal Trust, Telemark Hospital Trust, Østfold priority. Profit/loss for the year 1 016 1 343 Exempt from Hospital Trust, Sykehuspartner (a medical performance requirement 0 0 services provider), Sørlandet Hospital Sustainability and Performance requirements set by the Ministry of Health Trust and Vestre Viken Hospital Trust. responsible business conduct and Care Services 0 0 The health trusts’ main functions are Since 2011, the Helse Sør-Øst RHF has Deviation from performance performed at the publicly owned hospi- published an annual report on the envi- requirements set by the Ministry tals, but there are also requirements for ronment and corporate social responsi- of Health and Care Servicess 1 016 1 343 good cooperation between private and bility. The report concerns the work relat- Balance sheet 2017 2016 public health services to ensure better uti- ing to climate and environment, human Intangible assets 54 030 56 844 lisation of available capacity and to give rights, employee and workers’ rights and Fixed assets 10 166 7 285 Total assets 64 196 64 129 patients greater freedom of choice. Helse anti-corruption. Since 2016, the report Sør-Øst RHF has long-term agreements has also covered HSE. Equity 34 912 33 844 with a number of private suppliers. In Provisions for liabilities 5 648 5 017 Current interest-bearing liabilities 10 182 9 211 2017, external health services worth ap- Sectoral policy goal attainment Current interest-free liabilities 13 454 16 057 proximately NOK 4.8 billion were pur- Helse Sør-Øst RHF follows up the targets Total debt and liabilities 29 284 30 285 chased from these suppliers, equivalent set by the Ministry of Health and Care Ser- Total equity and liabilities 64 196 64 129 to 6.2% of the operating costs. vices to reduce unnecessary waiting and Cash flow 2017 2016 The conditions for the grants are laid variations in capacity utilisation, prioritise Operating activities 7 628 5 097 down in a special annual regulatory docu- mental healthcare and interdisciplinary Investment activities -2 961 -3 152 Financing activities -2 632 -128 ment, which also covers health policy or- specialised alcohol and substance abuse Change cash and cash equivalents 2 035 1 817 ders. In addition to providing high-quality treatment and improve quality and pa- and equitable health services, Helse Sør- tient safety. Key figures 2017 2016 Population under Helse Sør-Øst Øst RHF also performs statutory func- The management requirements for “care provider” responsibility 2 977 723 2 920 730 tions within research, education, and 2017 have been followed up, but in its as- Number of out-patient training of patients and next-of-kin. sessment of goal attainment, the board of consultations, somatic 57 59 The aim of the state’s ownership in the Helse Sør-Øst RHF notes that goal attain- Subsidies from the state/ regional health authorities is explained ment is unsatisfactory in certain areas Public purchases 2017 2016 on page 119. and that more work is necessary. Subsidies from the state/ Public purchases 71 791 72 624 The work to reduce unnecessary wait-

Key events ing and variations in capacity utilisation Additional information 2017 2016 Standardisation and modernisation of has been a high priority alongside the Number of full-time equivalents (FTE) in the health trust group 60 766 60 368 the ICT infrastructure is essential in order work to safeguard quality and patient State ownership at year-end 100 % 100 % to provide better health services and im- safety in treatment. As part of this, work Proportion of women on the board 50 % 50 % prove data security. In 2016, an agree- has been carried out on the goal to en- Proportion of women among owner-appointed/shareholder ment was signed with an external suppli- sure that mental healthcare and interdis- elected board members 57 % 57 % er concerning the operation and modern- ciplinary specialised alcohol and drug isation of the health region’s ICT infra- abuse treatment is given a high priority. structure. In spring 2017, it was discovered Despite positive developments regarding that inaccurate information had been waiting times and variations, insufficient given concerning access rights and infor- progress has been made as regards goal mation security and that employees of an attainment concerning the requirement external supplier had access rights which to prioritise mental healthcare and inter- meant that it could gain access to medical disciplinary specialised alcohol and drug data. The access rights were shut down abuse treatment. and a subsequent review identified a The regional health authorities are pri- number of weaknesses in the project. The marily funded through grants from the Min- board of Helse Sør-Øst RHF therefore sus- istry of Health and Care Services. Major in- pended the modernisation work and vestment projects can be funded through measures were implemented to safe- loans to the regional health authorities.

122 Helse Vest RHF © Helse Vest RHF/Eivind Senneset CEO: Herlof Nilssen Board of Directors: Einar Strømsvåg (chair), Tone Berntsen Steinsvåg Helse Vest RHF, the Western Norway Re- (vice chair), Katrine Trovik, Gunnar Berge, Olin Johanne Henden, Sigurd K. gional Health Authority, was established Hille, Lise Karin Strømme*, Bente in 2002 and has overall responsibility for Pilskog*, Tom Guldhav* (* elected securing the inhabitants of the counties by the employees) of Rogaland, Hordaland and Sogn og Fjor- Auditors: BDO AS dane access to high-quality specialist health services on a level comparable with other parts of the country. The health region comprises Førde Hospital Trust, State ownership through the Ministry of Health and Care Services: 100 % The company’s website: www.helse-vest.no Bergen Hospital Trust, Fonna Hospital Trust, Stavanger Hospital Trust, Trust Sjukehusapoteka Vest (Hospital Pharma- collaboration partners. The regional Income statement (NOK millions) 2017 2016 cies) and Helse Vest IKT. Helse Vest RHF health authorities must therefore pos- Operating revenues 27 673 27 989 has its head office in Stavanger. Helse sess sufficient environmental expertise, Operating expenses 27 153 27 370 Operating profit 520 619 Vest RHF’s vision is to promote health, impose environmental requirements Net financial items 56 105 mastery and quality of life. both on the authority itself and others, Tax charge -1 0 Helse Vest RHF has long-term agree- and act as a driving force in order to fulfil Profit/loss for the year 577 724 Exempt from ments with a number of private suppliers. its corporate social responsibility and en- performance requirement 0 0 In 2017, external health services worth vironmental responsibility. Performance requirements set by the Ministry of Health approximately NOK 2.7 billion were pur- During 2017, the board of Helse Vest and Care Services 0 0 chased, equivalent to 10.7% of the oper- considered the case “Requirements for Deviation from performance ating costs. suppliers – strategy for decent working requirements set by the Ministry The terms for grants to the regional conditions and measures to avoid social of Health and Care Servicess 577 724 health authorities are set out in special dumping and working environment Balance sheet 2017 2016 regulatory documents. crime”. Here, it is stated that it must be a Intangible assets 17 640 18 175 The aim of the state’s ownership in the fundamental principle that all assign- Fixed assets 5 784 4 784 Total assets 23 424 22 959 regional health authorities is explained ments are carried out professionally and on page 119. effectively. Equity 14 616 14 039 Provisions for liabilities 1 557 1 099 Current interest-bearing liabilities 2 687 2 470 Key events Sectoral policy goal attainment Current interest-free liabilities 4 564 5 351 An important goal for Helse Vest in 2017 Helse Vest RHF follows up the targets set Total debt and liabilities 8 808 8 920 was to reduce the use of force within by the Ministry of Health and Care Servic- Total equity and liabilities 23 424 22 959 mental healthcare. The results indicate es to reduce unnecessary waiting and Cash flow 2017 2016 that improvements have been achieved variations in capacity utilisation, prioritise Operating activities 2 740 2 324 in this area. mental healthcare and interdisciplinary Investment activities -1 561 -1 837 Financing activities -280 -72 During 2017, Helse Vest became the specialised alcohol and substance abuse Change cash and cash equivalents 899 415 first health region to set up an improve- treatment and improve quality and pa- ment course for health personnel. The tient safety. Key figures 2017 2016 Population under Helse Vest aim is to ensure that greater awareness The health authorities in Helse Vest “care provider” responsibility 1 106 205 1 102 253 escalates the work relating to quality im- have been working systematically for Number of out-patient provement within the service. many years to reduce waiting times and consultations, somatic 61 62 The development of better digital ser- the number of cases involving maximum Subsidies from the state/ vices for patients and next-of-kin contin- waiting times being exceeded, particular- Public purchases 2017 2016 ued in 2017. Patients were given the op- ly within the disciplines where waiting Subsidies from the state/ Public purchases 26 141 26 486 portunity to find out who has had access times exceed 60 days. to their medical records through services Helse Vest is determined to ensure Additional information 2017 2016 available via helsenorge.no. In 2017, three that there is a higher rate of growth within Number of full-time equivalents (FTE) in the health trust group 21 988 21 752 major projects within Helse Vest were mental healthcare and interdisciplinary State ownership at year-end 100 % 100 % also commenced which will facilitate alcohol and drug dependency treatment Proportion of women on the board 56 % 56 % more self-service. than within somatic treatment, as re- Proportion of women among owner-appointed/shareholder ferred to as ‘the golden rule’. Following elected board members 50 % 50 % Sustainability and disappointing developments in 2014 and responsible business conduct 2015, the trend reversed in 2016. The fig- Protecting the environment must be an ures for 2017 show that the current re- integral part of Helse Vest’s activities. The structuring within the health authorities is health authorities must cause as little ad- still pulling in the right direction. verse impact on the environment as pos- The work to improve quality and im- sible. All the health authorities are envi- prove patient safety in hospitals is one of management, standardisation and ap- ronmentally certified in accordance with the key areas that is being focussed on. propriate systems and routines. the ISO 14001 standard. A national col- The goal to reduce the number of patient The regional health authorities are pri- laboration body for the environment has injuries by 25% by 2018 will not be marily funded through grants from the also been established within the specialist achieved. Patient safety often concerns Ministry of Health and Care Services. Ma- health service. what health professionals do every day in jor investment projects can be funded The responsibility for the environment the hospitals. The work to improve pa- through loans to the regional health au- extends through to suppliers and other tient safety starts and ends with good thorities.

123

Other companies

Filmparken AS GPFN had a market value of NOK 240 bil- Teater, which is now wholly owned by the S The company offers facilities for record- lion. Folketrygdfondet makes investment City of Oslo. The Ministry of Culture has ing films, including studios and offices, in decisions and exercises ownership rights previously attempted to sell its shares to Jar in Bærum. The state, represented by independently of the Ministry of Finance. the City of Oslo, but the latter has been the Ministry of Culture, owns 77.6% of the The objective of the GPFN is to achieve the unwilling to acquire them while the chal- shares in Filmparken, while the City of highest possible return measured in Norwe- lenge relating to the large number of un- Oslo owns 11.6%. The remaining 10.8% of gian kroner and after costs. The return is not known shareholders remains unresolved the shares are owned by around 80 mu- transferred to the Treasury, but is added to and until it can take over full ownership. nicipalities and one bank. the fund capital on an ongoing basis. The board has now taken new steps to re- Filmparken’s buildings were built in the Folketrygdfondet invests the GPFN in solve the challenges associated with the period 1935–1995 and are of varying tech- listed shares and bonds in Norway, Swe- unknown shareholders. nical and architectural standards. Two of den, Denmark and Finland. The company the studios are of possible cultural heritage is one of the largest financial investors on Fornybar AS interest. Following a complaint to the EFTA the Oslo Stock Exchange. Norwegian eq- In connection with the National Budget for Surveillance Authority (ESA) in 2006, it be- uity investments correspond to about 2016, the Storting asked the government came clear that the state cannot subsidise 5.1% of the total market value listed on to prepare for the establishment of “Forny- the company for reasons of fair competi- the stock exchange, and the average stake bar AS”. During the consideration of the tion. Filmparken has not managed to make in companies listed on Oslo Stock Ex- National Budgets for 2017 and 2018, the sufficient profit to be able to maintain and change in which Folketrygdfondet was in- Storting was presented with proposals for develop the property, and the buildings are vested at year-end 2017 was 6.4%. As of an investment mandate, organisation and currently run-down and outdated. the same date, Folketrygdfondet had 50 budgeting for the company; see the discus- The state has been involved in film pro- employees located in Oslo. sion and proposals in the Ministry of Petro- duction and studio operations at Jar since Lars Tronsgaard has been appointed leum and Energy’s budget proposal, Bill 1 S 1948, when the state bought shares in the acting CEO of Folketrygdfondet. The Board (2016–2017) and the Ministry of Trade, In- municipally owned company Norsk Film consists of the following owner-appointed dustry and Fisheries’ budget proposal, Bill AS and its subsidiary Norwegian Filmstu- members: Siri Teigum (chair), Marianne 1 S (2017–2018). The objective of the com- dio AS. In 2001, the state sold Norsk Film Hansen, Liselott Kilaas, Renate Larsen, Ei- pany will be to contribute to reductions in AS (the film production company), but re- nar Westby, Bjørn Østbø and Hans Aas- greenhouse gas emissions. The company tained a majority holding in the film studi- næs. Terje Loven is the employee-elected will invest in unlisted companies and/or os and the property that is currently ad- board member. fund-in-fund solutions. The investments ministered by Filmparken. For more information on Folketrygdfon- will primarily be targeted at new technolo- The Storting has authorised the state to det, see the company’s website www.folket- gy in the transition from technological de- sell Filmparken. In the national budget for rygdfondet.no and Report to the Storting velopment to commercialisation. The in- 2014, the Storting concluded that ”... the No. 13 (2017–2018) Statens pensjonsfond vestments will be carried out on the same state shall no longer be bound by the obli- 2018 and Report to the Storting 14 (2017– terms as private co-investors. gation to safeguard studio operations for 2018) Finansmarkedsmeldingen 2018, The Ministry of Trade, Industry and Fish- the production of feature films, as the fa- which are both available at regjeringen.no. eries established the company Fornybar AS cilities at Jar are not used to produce fea- in December 2017 as a wholly state-owned ture films and thus no longer support cul- Rosenkrantzgate 10 AS company and appointed a board. The Gen- tural policy considerations. The state Rosenkrantzgate 10 AS is a property com- eral Manager was elected in spring 2018. should therefore be allowed to terminate pany whose only asset is the property with The ministry is pursuing a dialogue with the its ownership in Filmparken.” This authori- the address Rosenkrantzgate 10. The com- company concerning the specification of sation has been renewed in the national pany’s activities are related to the lease of goals and a framework for the company’s budget every year since then. premises in this property. The building operations, so that the company can be- houses Oslo Nye Teater, which has a prefer- come operational during 2018. A final name The National Insurance Scheme Fund ential right to lease premises in the building. will also be chosen for the company. Folketrygdfondet is a special legislation The company has no employees. The A total budget framework of NOK 400 company that manages the Government company’s share capital amounts to NOK million has been granted for investment Pension Fund Norway (GPFN) in accord- 651,450 and is divided into 13,029 shares activity in 2018. This is split between NOK ance with specific management provi- with a nominal value of NOK 50. The state 200 million, which can be injected into the sions set out by the Ministry of Finance. owns 3.07% of the shares through the company, and an authority to commit to The company is wholly owned by the state Ministry of Culture. The City of Oslo is the future investments within a framework of through the Ministry of Finance. The es- majority shareholder with 78.89% of the NOK 200 million. The proposed authority tablishment of the special legislation com- shares, while 16.69% of the shares are in means that the company will be able to pany Folketrygdfondet in 2008 under- unknown ownership. In 2017, the compa- enter into commitments which will fall scored the distinction between the GPFN ny recorded a deficit of around NOK due for payment in future years. The gov- as the asset pool and Folketrygdfondet as 2,669,000 and the company’s total equity ernment will propose the escalation of the the entity managing this asset pool. The now amounts to around NOK 12,110,000. grants paid to the company in the light of GPFN is placed as a capital contribution The state’s holding is the result of a pre- the activity and investment opportunities with Folketrygdfondet. At the end of 2017, vious engagement/ownership in Oslo Nye that the company can see © UNINETT AS

125

Appendices

Remuneration to the board and auditors for 2017 128 Remuneration to the CEO for 2017 129 Proportion of women in the board of directors and management 130 Feedback from the companies regarding some of the state’s expectations linked to the work relating to corporate social responsibility 131 Owner-appointed and shareholder- elected board members 132 Contact details 136 Special circumstances and definitions 137 © Emil Løkås / Statnett

127 Remuneration to the board and auditors for 2017 / NOK Thousands

TOTAL RENUMERATION STATUTORY AUDIT AS A PERCENTAGE 1 1 1 2 CHAIR DEPUTY CHAIR BOARD MEMBER TOTAL BOARD FEES TO THE AUDITION OF TOTAL REMUNERATION TO THE AUDITOR Listed companies DNB ASA 518 329 329 3 267 41 092 69 % Entra ASA 442 222 222 1 965 3 218 83 % Kongsberg Gruppen ASA 489 262 246 2 455 14 051 58 % Norsk Hydro ASA 626 392 343 42 36 49 000 80 % SAS AB3 393 232 198 823 8 627 78 % Statoil ASA4 760 484 388 6 286 57 898 87 % Telenor ASA 630 365 317 4 400 69 700 53 % Yara International ASA 575 357 312 3 243 39 809 84 % Unlisted companies in categories 1–3 Ambita AS 254 127 127 1 016 785 48 % Baneservice AS 399 – 199 1 792 726 70 % Flytoget AS 307 168 152 1 274 279 98 % Mesta AS 397 – 203 2 067 748 98 % Veterinærmedisinsk Oppdragssenter AS 75 55 55 301 201 82 %

Aerospace Industrial Maintenance Norway AS 308 206 154 1 311 1 563 85 % Aker Kværner Holding AS 200 – 133 1 057 35 100 % Nammo AS 333 287 183 1 641 8 640 65 % Argentum FondsInvestments AS 319 175 164 1 038 350 83 % Eksportfinans ASA 382 306 262 2 018 3 300 48 % Electronic Chart Centre AS 186 109 97 376 175 29 % GIEK Kredittforsikring AS 282 168 167 1 307 496 71 % Investinor AS 270 170 167 939 207 98 % Kommunalbanken AS 304 157 147 2 148 3 599 24 % Mantena AS 370 200 180 – 226 100 % NSB AS 435 263 217 3 175 5 951 83 % Posten Norge AS 443 306 217 2 438 10 368 77 % Statkraft SF 484 341 281 2 792 20 892 77 % Companies in category 4 Andøya Space Center AS 120 40 40 366 231 80 % Avinor AS 435 263 217 2 362 3 108 58 % Bane NOR SF 435 263 217 2 279 6 000 50 % Bjørnøen AS 28 11 11 70 19 61 % Carte Blanche AS 68 35 –5 213 119 87 % AS Den Nationale Scene 110 63 –5 274 247 59 % Den Norske Opera & Ballett AS 185 130 -5 572 572 61 % Eksportkreditt Norge AS 316 – 193 1 393 265 88 % Enova SF 397 238 202 2 251 313 19 % Entur AS 340 180 160 – 320 100 % Gassco AS 397 252 201 1 825 1 961 68 % Gassnova SF 397 238 202 1 147 893 9 % Graminor AS 80 40 40 320 144 72 % Innovasjon Norge 300 204 149 1 716 815 87 % Kimen Såvarelaboratoriet AS 42 21 21 147 35 100 % Kings Bay AS 170 102 102 578 149 64 % Nationaltheatret AS 135 71 –5 495 233 54 % Nofima AS 163 74 74 696 762 36 % Nordisk Institutt for Odontologiske Materialer AS 75 – 20 265 91 79 % Norfund 213 145 115 789 1 895 37 % Norges sjømatråd AS 157 114 78 893 1 680 8 % Norsk Helsenett SF 255 165 133 1 083 221 63 % Norsk rikskringkasting AS 260 154 108 1 105 1 057 45 % Norsk Tipping AS 245 157 134 1 418 478 77 % Norske tog AS 340 180 180 – 601 83 % NSD – Norsk senter for forskningsdata AS 90 – 50 380 81 78 % Nye Veier AS 435 263 217 1 705 1 087 46 % Petoro AS 408 263 214 1 787 4 600 9 % Rogaland Teater AS 80 40 –5 270 297 65 % Simula Research Laboratory AS 90 – 50 594 282 65 % Siva – Selskapet for Industrivekst SF 224 157 141 1 215 496 84 % Space Norway AS 150 - 90 477 307 58 % Statnett SF 422 278 225 2 575 2 732 54 % Statskog SF 181 121 97 799 832 40 % Staur gård AS 100 30 30 160 46 100 % Store Norske Spitsbergen Kulkompani AS 317 173 158 1 511 782 61 % Talent Norge AS 150 – 75 525 164 58 % Trøndelag Teater AS 91 47 –5 196 206 70 % UNINETT AS 90 – 50 425 206 81 % Universitetssenteret på Svalbard AS 90 60 50 530 189 74 % AS Vinmonopolet 240 160 130 1 224 808 95 % Regional health authorities Helse Midt-Norge RHF 251 168 122 1 301 1 850 86 % Helse Nord RHF 251 168 122 1 478 1 650 70 % Helse Sør-Øst RHF 357 243 134 1 799 17 232 29 % Helse Vest RHF 253 168 122 1 342 2 112 85 %

1 Remuneration of the chair, deputy chair and board members as approved at the annual general meeting/corporate assembly in 2017. 2 Total remuneration of board members is the ordinary remuneration that has been paid and remuneration for work on committees under the board, as stated in the companies’ annual reports for 2017. 3 SAS presents its accounts in Swedish kronor. The figures in the table are converted into Norwegian kroner. The exchange rate used is the average price for 2016, NOK/SEK 95.85. 4 Statoil presents its accounts in USD. The figures in the table are converted into Norwegian kroner. The exchange rate used is the average price for 2017, NOK/USD 8.2712. 5 The board members are remunerated per board meeting or per hour and do not have a fixed fee. Remuneration to the CEO for 20176 / NOK Thousands

TOTAL LONG TERM GROWTH IN TOTAL FIXED SALARY EARNED BONUS OTHER RENUMERATION PENSION COSTS RENUMERATION INCENTIVE SCHEMES RENUMERATION LAST YEAR7 Listed companies DNB ASA 13 635 5 957 0 2 272 301 5 105 4 % Entra ASA 6 202 3 589 569 1 789 153 102 7 % Kongsberg Gruppen ASA 7 874 4 723 571 1 741 309 530 – Norsk Hydro ASA 14 048 6 391 1 192 2 364 482 3 619 4 % SAS AB8 14 892 10 580 0 0 175 4 137 1 % Statoil ASA 14 970 8 634 1 229 4 710 397 0 32 % Telenor ASA 14 100 6 570 1 174 3 021 180 3 155 15 % Yara International ASA 11 319 6 123 1 843 1 471 311 1 570 - 4 % Unlisted companies in categories 1–3 Ambita AS 2 339 1 900 0 132 171 136 - 4 % Baneservice AS 3 036 2 176 0 592 202 66 0 % Flytoget AS 3 174 1 973 0 489 250 462 – Mesta AS 2 955 2 856 0 0 10 90 2 % Veterinærmedisinsk Oppdragssenter AS 2 135 1 790 0 0 201 143 0 %

Nammo AS 6 923 5 011 0 1 309 369 234 52 % Aerospace Industrial Maintenance Norway AS 2 487 1 936 0 300 188 63 16 % Argentum FondsInvestments AS 7 079 4 660 0 2 244 14 161 37 %

Electronic Chart Centre AS 1 201 1 158 0 0 20 23 6 % GIEK Kredittforsikring AS 1 934 1 749 0 119 26 40 -7 % Investinor AS 2 584 2 452 0 0 12 120 – Kommunalbanken AS 3 821 3 056 0 371 198 196 0 % Mantena AS 2 115 1 985 0 0 130 0 – NSB AS 5 634 3 772 0 892 191 779 -4 % Posten Norge AS 4 843 4 270 0 458 6 109 – Statkraft SF 8 600 5 144 0 883 189 2 384 4 % Companies in category 4 Andøya Space Center AS 1 327 1 147 0 0 10 171 -1 % Avinor AS 3 543 2 764 0 0 27 752 4 % Bane NOR SF 2 981 2 772 0 0 12 196 – Bjørnøen AS 0 0 0 0 0 0 – Carte Blanche AS 787 758 0 0 16 13 1 % AS Den Nationale Scene 1 462 1 303 0 0 10 148 -3 % Den Norske Opera & Ballett AS 1 9739 1 821 0 0 8 144 -10 % Eksportkreditt Norge AS 3 172 2 605 0 233 177 157 – Enova SF 2 172 1 943 0 0 103 126 8 % Entur AS 1 941 1 935 0 0 6 0 – Gassco AS 3 553 3 105 0 258 9 181 7 % Gassnova SF 2 481 2 147 0 0 118 216 7 % Graminor AS 1 270 1 214 0 0 13 43 6 % Innovasjon Norge 2 744 2 732 0 0 12 0 1 % Kimen Såvarelaboratoriet AS 671 671 0 0 0 0 4 % Kings Bay AS 1 037 972 0 0 65 0 4 % Nationaltheatret AS 1 567 1 372 0 0 9 186 12 % Nofima AS 2 508 2 255 0 0 71 182 -2 % Nordisk Institutt for Odontologiske Materialer AS 1 164 1 026 0 0 2 136 18 % Norfund 3 616 2 509 0 0 102 1 005 6 % Norges sjømatråd AS 2 388 2 167 0 0 173 48 17 % Norsk Helsenett SF 1 990 1 680 0 0 7 303 2 % Norsk rikskringkasting AS 3 232 3 012 0 0 220 122 0 % Norsk Tipping AS 2 449 2 264 0 0 173 48 -63 % Norske tog AS 2 256 1 882 0 0 125 249 – NSD – Norsk senter for forskningsdata AS 1 212 1 180 0 0 10 22 3 % Nye Veier AS 2 601 2 253 0 0 198 149 28 % Petoro AS 5 787 3 291 0 204 179 2 113 5 % Rogaland Teater AS 1 162 1 046 0 0 116 0 -3 % Simula Research Laboratory AS 2 870 2 625 0 0 130 115 2 % Siva – Selskapet for Industrivekst SF 2 235 1 904 0 0 199 132 -2 % Space Norway AS 1 902 1 610 0 0 205 87 38 % Statnett SF 5 301 2 966 0 0 183 2 152 2 % Statskog SF 1 689 1 558 0 0 12 119 -12 % Staur gård AS 1 007 972 0 0 36 0 16 % Store Norske Spitsbergen Kulkompani AS 2 610 1 931 0 396 133 150 1 % Talent Norge AS 1 088 991 0 0 5 68 14 % Trøndelag Teater AS 1 082 979 0 0 5 98 3 % UNINETT AS 1 455 1 391 0 0 25 40 3 % Universitetssenteret på Svalbard AS 1 391 1 236 0 0 0 155 2 % AS Vinmonopolet 2 771 2 222 0 0 189 360 –11 Regional health authorities Helse Midt-Norge RHF 2 415 1 919 0 0 158 338 5 % Helse Nord RHF 2 332 2 009 0 0 160 163 3 % Helse Sør-Øst RHF 2 709 2 250 0 0 5 454 -1 % Helse Vest RHF 2 966 2 379 0 0 20 597 1 %

6 The figures are based on the companies’ annual accounts. 7 Growth in total remuneration last year is not reported for companies where the numbers between 2017 and 2016 can not be compared directly, for example due to changes in management. 8 For the period November 2016-October 2017. The figures are in NOK

129 Proportion of women in the board of directors and management

PROPORTION PROPORTION OF WOMEN AMONG PROPORTION OF WOMEN PROPORTION OF WOMEN EXECUTIVES AT PROPORTION OF OF WOMEN ON OWNER-APPOINTED/SHAREHOLDER IN GROUP MANAGEMENT / THE THE LEVEL BELOW GROUP MANAGEMENT/ FEMALE EXECUTIVES FOR THE BOARDS9 ELECTED BOARDMEMBERS COMPANY’S MANAGEMENT GROUP THE COMPANY’S MANAGEMENT GROUP THE TWO TOP LEVELS Listed companies DNB ASA 43 % 40 % 46 % 32 % 32 % Entra ASA 57 % 60 % 38 % 29 % 31 % Kongsberg Gruppen ASA 50 % 60 % 25 % 18 % 21 % Norsk Hydro ASA 33 % 50 % 40 % 27 % 28 % SAS AB 45 % 38 % 29 % 29 % 29 % Statoil ASA 40 % 43 % 27 % 39 % 37 % Telenor ASA 40 % 43 % 45 % 26 % 31 % Yara International ASA 38 % 40 % 25 % 15 % 15 % Average for listed companies 43 % 47 % 34 % 27 % 28 % Unlisted companies in categories 1–3 Ambita AS 57 % 60 % 50 % 11 % 31 % Baneservice AS 38 % 60 % 38 % 15 % 20 % Flytoget AS 38 % 40 % 44 % 31 % 36 % Mesta AS 38 % 60 % 0 % 19 % 17 % Veterinærmedisinsk Oppdragssenter AS 40 % 25 % 40 % – –

Aerospace Industrial Maintenance Norway SF 25 % 40 % 7 % 5 % 6 % Aker Kværner Holding AS 50 % 60 % – – - Nammo AS 38 % 33 % 14 % 9 % 11 % Argentum FondsInvestments AS 60 % 60 % 33 % – – Eksportfinans ASA 33 % 40 % 20 % – 20 % Electronic Chart Centre AS 33 % 33 % 20 % – – GIEK Kredittforsikring AS 57 % 50 % 29 % – – Investinor AS 40 % 40 % 0 % 14 % 11 % Kommunalbanken AS 56 % 57 % 40 % 38 % 33 % Mantena AS 29 % 50 % 30 % 18 % 22 % NSB AS 38 % 60 % 38 % 24 % 26 % Posten Norge AS 45 % 50 % 56 % 28 % 33 % Statkraft SF 44 % 50 % 29 % 23 % 24 % Average for unlisted companies in categories 1–3 42 % 48 % 29 % 20 % 22 % Companies in category 4 Andøya Space Center AS 56 % 57 % 11 % 31 % 23 % Avinor AS 38 % 40 % 33 % 32 % 32 % Bane NOR SF 50 % 50 % 30 % 40 % 39 % Bjørnøen AS 40 % 40 % – – – Carte Blanche AS 57 % 50 % 50 % 50 % 50 % AS Den Nationale Scene 43 % 40 % 67 % 38 % 47 % Den Norske Opera & Ballett AS 38 % 40 % 29 % 39 % 37 % Eksportkreditt Norge AS 67 % 60 % 29 % – – Enova SF 40 % 43 % 25 % 20 % 21 % Entur AS 50 % 50 % 43 % 45 % 44 % Gassco AS 50 % 40 % 43 % 11 % 20 % Gassnova SF 33 % 40 % 67 % – – Graminor AS 38 % 43 % 67 % 50 % 58 % Innovasjon Norge 55 % 56 % 55 % 54 % 54 % Kimen Såvarelaboratoriet AS 33 % 20 % 80 % – 80 % Kings Bay AS 40 % 40 % 57 % – – Nationaltheatret AS 54 % 57 % 67 % 60 % 62 % Nofima AS 38 % 40 % 38 % 81 % 67 % Nordisk Institutt for Odontologiske Materialer AS 60 % 60 % 66 % – 66 % Norfund 50 % 50 % 17 % – – Norges sjømatråd AS 60 % 57 % 38 % 52 % 51 % Norsk Helsenett SF 38 % 40 % 38 % 36 % 36 % Norsk rikskringkasting AS 50 % 60 % 50 % 45 % 46 % Norsk Tipping AS 50 % 50 % 43 % 27 % 30 % Norske tog AS 25 % 33 % 25 % 40 % 40 % NSD – Norsk senter for forskningsdata AS 43 % 40 % 20 % 57 % 46 % Nye Veier AS 43 % 40 % 27 % 29 % 28 % Petoro AS 43 % 40 % 29 % – – Rogaland Teater AS 57 % 40 % 33 % 67 % 47 % Simula Research Laboratory AS 60 % 63 % 43 % – – Siva - Selskapet for Industrivekst SF 50 % 57 % 60 % 29 % 42 % Space Norway AS 50 % 50 % 14 % – 14 % Statnett SF 43 % 40 % 23 % 29 % 25 % Statskog SF 43 % 40 % 23 % 29 % 25 % Staur gård AS 33 % 33 % 0 % 0 % 0 % Store Norske Spitsbergen Kulkompani AS 43 % 60 % 17 % 8 % 11 % Talent Norge AS 50 % 50 % 100 % – 100 % Trøndelag Teater AS 58 % 40 % 29 % 56 % 48 % UNINETT AS 43 % 50 % 25 % 44 % 38 % Universitetssenteret på Svalbard AS 60 % 57 % 44 % – 36 % AS Vinmonopolet 33 % 33 % 38 % 48 % 46 % Regional health authorities Helse Midt-Norge RHF 56 % 50 % 50 % 63 % 61 % Helse Nord RHF 60 % 57 % 57 % 46 % 47 % Helse Sør-Øst RHF 50 % 57 % 38 % 25 % 30 % Helse Vest RHF 56 % 50 % 33 % 42 % 41 % Average for companies in category 4 47 % 47 % 40 % 40 % 42 % Average for all companies 45 % 47 % 37 % 33 % 36 % 9 Includes both owner-appointed/shareholder-elected and employee-elected board members. Feedback from the companies regarding some of the state’s expectations linked to the work relating to corporate social responsibility Does the com- Does the company Is the work on climate and the Does the com- Does the company Does the company pany report on have publicly available environment, human rights, employee pany adhere to the have any other, more have publicly corporate social guidelines for its work rights and for transparency and against OECD guidelines specific company or available ethical responsibility in on corporate social corruption integrated in the corporate for multinational industry-oriented guide- guidelines? accordance responsibility? social responsibility guidelines? companies? lines for its reporting? with GRI?10? Listed companies DNB ASA Yes Yes Yes Yes Yes Yes Entra ASA Yes Yes Yes No No relevance Yes Kongsberg Gruppen ASA Yes Yes Yes Yes Yes No Norsk Hydro ASA Yes Yes Yes Yes Yes Yes SAS AB Yes Yes Yes Yes Yes No relevance Statoil ASA Yes Yes Yes Yes Yes Yes Telenor ASA Yes Yes Yes Yes Yes No Yara International ASA Yes Yes Yes Yes Yes No relevance Unlisted companies in categories 1–3 Ambita AS Yes Yes Yes No No relevance No relevance Baneservice AS Yes Yes Yes No No No Flytoget AS Yes Yes Yes Yes No relevance Yes Mesta AS Yes Yes Yes No No Yes Veterinærmedisinsk Oppdragssenter AS No No No No No No

Aerospace Industrial Maintenance Norway AS Yes Yes Yes No Yes No relevance Aker Kværner Holding AS11 No relevance No relevance No relevance No No relevance No relevance Nammo AS Yes Yes Yes Yes Yes Yes Argentum FondsInvestments AS Yes Yes Yes No Yes Yes Eksportfinans ASA Yes Yes Yes No No No Electronic Chart Centre AS Yes Yes Yes No No relevance No relevance GIEK Kredittforsikring AS Yes Yes No No No Yes Investinor AS Yes Yes Yes Yes No relevance No relevance Kommunalbanken AS Yes Yes Yes Yes No relevance No Mantena AS No No Yes No No Yes NSB AS Yes Yes Yes Yes No relevance Yes Posten Norge AS Yes Yes Yes Yes No No Statkraft SF Yes Yes Yes Yes Yes Yes Companies in category 4 Andøya Space Center AS Yes Yes Yes No No relevance No Avinor AS Yes Yes Yes Yes Yes No Bane NOR SF Yes Yes Yes No No Yes Bjørnøen AS Yes Yes Yes No No relevance No relevance Carte Blanche AS No No No No No relevance Yes AS Den Nationale Scene Yes Yes Yes No No No Den Norske Opera & Ballett AS No No No No No No Eksportkreditt Norge AS Yes Yes Yes No Yes Yes Enova SF Yes Yes Yes Yes No relevance No Entur AS Yes Yes Yes No No relevance No Gassco AS Yes Yes Yes No Yes Yes Gassnova SF Yes Yes Yes No No No Graminor AS No No No No No relevance No relevance Innovasjon Norge Yes Yes Yes No Yes No Kimen Såvarelaboratoriet AS Yes No No No No relevance No Kings Bay AS Yes Yes Yes No No No Nationaltheatret AS No No No No No Yes Nofima AS Yes No Yes No Yes No relevance Nordisk Institutt for Odontologiske Materialer AS No No No No No relevance No relevance Norfund Yes Yes Yes No Yes Yes Norges sjømatråd AS Yes Yes Yes No No No Norsk Helsenett SF Yes Yes Yes No No relevance No Norsk rikskringkasting AS Yes Yes No No No relevance No Norsk Tipping AS Yes No Yes Yes No Yes Norske tog AS Yes Yes Yes No No relevance No relevance NSD – Norsk senter for forskningsdata AS Yes Yes No No No relevance No Nye Veier AS Yes Yes Yes Yes No Yes Petoro AS Yes Yes Yes Yes No relevance Yes Rogaland Teater AS Yes Yes Yes Yes No relevance No Simula Research Laboratory AS Yes Yes Yes No No Yes Siva - Selskapet for Industrivekst SF Yes Yes Yes No No No Space Norway AS Yes Yes Yes No No No Statnett SF Yes Yes Yes Yes No relevance Yes Statskog SF Yes Yes Yes No No relevance No Staur gård AS No No No No No No Store Norske Spitsbergen Kulkompani AS Yes Yes Yes No No relevance No relevance Talent Norge AS Yes No No No No No Trøndelag Teater AS Yes Yes Yes No No No UNINETT AS Yes Yes Yes No No No Universitetssenteret på Svalbard AS Yes No No No No relevance No AS Vinmonopolet Yes Yes Yes No Yes No Regional health authorities Helse Midt-Norge RHF Yes Yes Yes No No relevance No Helse Nord RHF Yes No Yes No No relevance No Helse Sør-Øst RHF Yes Yes Yes No No relevance Yes Helse Vest RHF Yes No Yes No No relevance Yes 10 Global Reporting Initiative. 131 11 Aker Kværner Holding is a holding company without any employees. The questions are therefore not relevant for this company.

Owner-appointed and shareholder- elected board members Overview at 31 March 2018. Sorted alphabetically by surname.

SURNAME FIRST NAME COMPANY COUNTY OF RESIDENCE 12 SURNAME FIRST NAME COMPANY COUNTY OF RESIDENCE 14 14 Linda Aase Enova SF Hordaland Bernander John G. Talent Norge AS Vest-Agder Litlekalsøy Nordisk Institutt for NSD – Norsk senter Bindslev Preben H. *Denmark Aasen Jens P. Oslo Odontologiske Materialer AS for forskningsdata AS Birkeland Asbjørn Space Norway AS Vestfold Investinor AS Aasnæs Hans Oslo Statskog SF Biström Helene Statkraft SF *Sweden Statskog SF Oslo Helse Vest RHF Hordaland Bjerkan Leif Trøndelag Teater AS Møre og Romsdal Abeler Marianne Norske tog AS Troms Bjordal Brian Petoro AS Rogaland Abrahamsen Unni Kimen Såvarelaboratoriet AS Oppland Bjordal Kjell Entra ASA Møre og Romsdal Siva – Selskapet for Adriansen Maja Oslo Industrivekst SF Bjørn Kristin AS Den Nationale Scene Troms Agerup Karl-Christian DNB ASA Oslo Borge Christel Baneservice AS Oslo

Agerup Wenche Statoil ASA Oslo Borgersen Bjarne NSB AS Oslo Nordisk Institutt for Ágústsdóttir Helga *Iceland Borgerud Ingeborg M. Ambita AS Akershus Odontologiske Materialer AS Breiby Anne GIEK Kredittforsikring AS Møre og Romsdal Alfsen Harald AS Den Nationale Scene Hordaland Breivega Ane R. Bane NOR SF Vestfold NSD – Norsk senter for Allern Elin H. Oslo forskningsdata AS Brekke Cathrine Gassnova SF Akershus Almlid Torbjørn Staur gård AS Hedmark Bjørnøen AS Broch-Mathisen Kirsten Oslo Kings Bay AS Amdal Solvor I. Trøndelag Teater AS Trøndelag Broberg Kari Mantena AS Oppland Andenæs Arvid Innovasjon Norge Sogn og Fjordane Bugge Sverre AS Vinmonopolet Akershus Andersen Tove Posten Norge AS Oslo NSD – Norsk senter Bye Torstein Arne Oslo Aqraou Jacob Telenor ASA *Switzerland for forskningsdata AS Siva – Selskapet for Arbo Peter Troms Caneman Monica SAS AB *Sweden Industrivekst SF Carlsen Sigurd Eksportfinans ASA Oslo Arntsen Frank UNINETT AS Trøndelag Nordisk Institutt for Eksportkreditt Norge AS Cederlund Andreas *Sweden Arntsen Ingelise Hordaland Odontologiske Materialer AS Nammo AS Arthur Kim D. V. Innovasjon Norge Troms Clemet Kristin Norfund Oslo Hans Frode Dahle Johan Fredrik GIEK Kredittforsikring AS Rogaland Asmyhr Graminor AS Akershus Kielland Dale Wenche M. Graminor AS Vestfold Aune Dina E. Enova SF Trøndelag Dalen Dag M. Nye Veier AS Akershus Baardson Bentein Talent Norge AS Oslo Danielsen Terje R. Trøndelag Teater AS Trøndelag Bakken Hilde Yara International ASA Akershus Davis Sally M. Telenor ASA *Great Britain Bakkevig Martha Kold Kongsberg Gruppen ASA Rogaland Devold Kristin M. Aker Kværner Holding AS Oslo Nordisk Institutt for Barkvoll Pål Oslo Odontologiske Materialer AS Dietrichs Pål UNINETT AS Hedmark

Bartnes Kristen Staur gård AS Hedmark Dilling Carsten SAS AB *Denmark Basili Irene W. Kongsberg Gruppen ASA Hordaland Store Norske Spitsbergen Dillner Hege S. Akershus Kulkompani AS Berdal Mimi K. Gassco AS Oslo Disch Eli Cathrine Ambita AS Oslo Berentsen Anne B. Posten Norge AS Oslo Djupedal Øystein K. Nationaltheatret AS Aust-Agder Berg Bjørn Eksportfinans ASA Oslo Driveklepp Janicke W. Mesta AS Møre og Romsdal Berg Christian Eksportfinans ASA Akershus Drønen Hilde Statkraft SF Hordaland Aerospace Industrial Berg Petter A. Oslo Maintenance Norway AS Dyb Per O. Innovasjon Norge Oslo

Berge Gunnar Helse Vest RHF Rogaland Dåvøy Laila Carte Blanche AS Hordaland

Berge Håkon Den Norske Opera & Ballett AS Oslo Egidius Nanna Kommunalbanken AS Oppland

Berggrabb Gro Malmbekk Den Norske Opera & Ballett AS Nordland Eidesvik Toril Eksportfinans ASA Hordaland Nordisk Institutt for Berggreen Ellen Hordaland Eira Ole J. Statskog SF Troms Odontologiske Materialer AS Bergkastet Geir Norsk rikskringkasting AS Hedmark Ekenstierna Bengt Statkraft SF *Sweden

Bergstrand Rolf Norske tog AS Oslo Eliassen Jarl Entur AS *Belgium Ellingsen Trond GIEK Kredittforsikring AS Akershus

Eriksen Tom Børje Helse Nord RHF Finnmark 12 Board members with residences abroad are marked with an asterisk.

132

SURNAME FIRST NAME COMPANY COUNTY OF RESIDENCE SURNAME FIRST NAME COMPANY COUNTY OF RESIDENCE Eriksen Øyvind Aker Kværner Holding AS Oslo Heiberg Nina Graminor AS Sogn og Fjordane

Espedal Harald Den Norske Opera & Ballett AS Rogaland Helliesen Ida Aker Kværner Holding AS Oslo Bjørnøen AS Fagernæs Sven O. Oslo Helno Sverre AS Vinmonopolet Oslo Kings Bay AS Henden Olin J. Helse Vest RHF Sogn og Fjordane Falck Thomas Investinor AS Oslo Henriksen Morten Kongsberg Gruppen ASA Aust-Agder Universitetssenteret Falleth Eva Oslo på Svalbard AS Herlofsen Rebekka G. Statoil ASA Oslo Five Thor Egil Investinor AS Trøndelag Hille Sigurd K. Helse Vest RHF Hordaland Graminor AS Fjeld Jostein *Great Britain Argentum Fonds- Kimen Såvarelaboratiet AS Hindar Jon Oslo Investments AS Fjeldstad Trude H. Petoro AS *Belgium Nordisk Institutt for Hiorth Marianne Oslo Odontologiske Materialer AS Fjell Olav Nofima AS Akershus Hjorth Per Statnett SF Oslo Fladmark Helen F. Innovasjon Norge Aust-Agder Holm Tore Enova SF Akershus Flatheim Hege Space Norway AS Rogaland Holmen Marianne Gassnova SF Oslo Veterinærmedisinsk Flatland Bjørn Oslo Oppdragssenter AS Holte Øyvind Eksportkreditt Norge AS Hordaland Flåthen Knut O. Electronic Chart Centre AS Oslo Homble Synne Statnett SF Oslo Forså Tom Erik Helse Nord RHF Troms Carte Blanche AS Hope Ole Hordaland Aerospace Industrial AS Den Nationale Scene Fossli Grethe Oslo Maintenance Norway AS Hovland Ingrid D. Entra ASA Oslo Veterinærmedisinsk Fossum Benedicte H. Oslo Oppdragssenter AS Hustad Johan E. Gassco AS Trøndelag Argentum Fonds- Aker Kværner Holding AS Høiland Grethe Rogaland Fougner Else B. Eksportkreditt Norge AS Oslo Investments AS Kommunalbanken AS Håndlykken Einar Enova SF Telemark Franklin Roy Statoil ASA *Great Britain Ibsen Mai-Lill GIEK Kredittforsikring AS Oslo Space Norway AS Frisak Nina Universitetssenteret Akershus Indrebø Sonja C. Entur AS Rogaland på Svalbard AS Ingerø Gyrid S. Flytoget AS Oslo Frøstrup Anne C. Helse Sør-Øst RHF Buskerud Isaksen Geir P. Yara International ASA Akershus Fyllingen Kjerstin NSB AS Hordaland Ishaq Bushra Helse Sør-Øst RHF Oslo Nordisk Institutt for Galtung Hilde K. Akershus Odontologiske Materialer AS Isotalo Olli Nammo AS *Finland Giske Eli Nye Veier AS Akershus Jaakonsalo Ville Nammo AS *Finland Gjedrem Svein I. Helse Sør-Øst RHF Akershus Jarlsby Nicolai Electronic Chart Centre AS Vest-Agder Gjertsen Trygve Flytoget AS Oslo Jarnheimer Lars-Johan SAS AB *Sweden Gjesteland Egil Statnett SF Buskerud Jebsen Finn M. Norfund Oslo Godal Bjørn T. Statoil ASA Oslo Jensen Leif Harald Entur AS Rogaland Simula Research Gotaas Sverre Vestfold Andøya Space Center AS Laboratory AS Jenssen Svenn A. Nordland Helse Nord RHF Argentum FondsInvestments Grimeland Kjell M. Akershus AS Johnsen Marianne E. Norges sjømatråd AS Akershus Store Norske Spitsbergen Grundekjøn Arvid Gassco AS Vestfold Justad Annette M. Oslo Kulkompani AS Nordisk Institutt for Gulbrandsen Erik Akershus Odontologiske Materialer AS Jørgensen Kari Helse Nord RHF Finnmark Siva - Selskapet for Gustafsson Bjørn Helse Midt-Norge RHF Trøndelag Kamsvåg Mette Møre og Romsdal Industrivekst SF Universitetssenteret Hald Morten Troms på Svalbard AS Kanck Bjørn Andøya Space Center AS Troms Halleraker Svein Carte Blanche AS Hordaland Karlsen Rita Norges sjømatråd AS Troms Norsk Tipping AS Hansen David Vestfold Kartum Marianne Mantena AS Trøndelag AS Vinmonopolet Kildahl Jørgen Telenor ASA *Germany Aerospace Industrial Hansen Svein I. Østfold Maintenance Norway AS Universitetssenteret Kjeldstad Berit J. Trøndelag Hanssen Maria M. Yara International ASA *France på Svalbard AS Kjølås Wenche Innovasjon Norge Hordaland Hasaas Olav Enova SF Akershus Knudsen Cecilie B. Talent Norge AS Oslo Hasaas Øyvind Mantena AS Akershus Aerospace Industrial Bane NOR SF Korssjøen Jan E. Maintenance Norway AS Buskerud Hatlen Siri B. Entra ASA Akershus Nammo AS Eksportkreditt Norge AS Kreutzer Idar Posten Norge AS Oslo Hauge Kristian D. Helse Midt-Norge RHF Trøndelag Kristiansen Eirik G. Enova SF Hordaland Haugen Baard Bane NOR SF Oslo Kristoffersen Eva M. Norges sjømatråd AS Nordland Havnelid Åsne NSB AS Akershus Langeland Henrik Nationaltheatret AS Oslo Hegdal Sissel K. Rogaland Teater AS Rogaland Simula Research Larsen Christine L. GIEK Kredittforsikring AS Akershus Heggernes Pinar Hordaland Laboratory AS Larsen Kåre O. Kimen Såvarelaboratoriet AS Østfold

133

SURNAME FIRST NAME COMPANY COUNTY OF RESIDENCE SURNAME FIRST NAME COMPANY COUNTY OF RESIDENCE Lie Nina S. Gassco AS Rogaland Olesen Annette Graminor AS *Sweden

Limi Vibeke Helse Sør-Øst RHF Akershus Olofsson Gunnar Statskog SF *Sweden Aerospace Industrial Universitetssenteret Lindberg Tone M. Buskerud Olsen Arild Nordland Maintenance Norway AS på Svalbard AS Lont Auke Bane NOR SF Oslo Olsen Per Arne AS Vinmonopolet Vestfold

Lossius Harald Graminor AS Oslo Opedal Dag J. Nammo AS Oslo

Lunde Einar Helse Sør-Øst RHF Vest-Agder Opedal Espen Norske tog AS Hordaland

Lunde Jørand Ø. Innovasjon Norge Oppland Orgland Kari Bing Entur AS Oslo

Lunde Kjartan A. Rogaland Teater AS Rogaland Oudeman Maria J. Statoil ASA *the Netherlands Simula Research Lundqvist Mats *Sweden Pedersen Ann Baneservice AS Nordland Laboratory AS Pedersen Steen UNINETT AS *Denmark Løkling Jan Innovasjon Norge Telemark Petersen Jan Den Norske Opera & Ballett AS Akershus Magnus Birger Norsk rikskringkasting AS Akershus Pran Adele N. Mesta AS Oslo Marum Finn I. Eksportkreditt Norge AS Oslo Rahka-Knutsen Beate Helse Nord RHF Nordland Norsk Hydro ASA Mejdell Dag NSB AS Oslo Argentum Reinemo Rikke Oslo SAS AB FondsInvestments AS Melbø Olaf Bane NOR SF Hedmark Statoil ASA Reinhardsen Jon E. Oslo Telenor ASA Mellbye Peter Statkraft SF Oslo Reistad Eli Statskog SF Buskerud Meyer Anne L. Norsk Tipping AS Oslo Reiten Eivind Kongsberg Gruppen ASA Oslo Midtgaard Rune Kommunalbanken AS Oslo Reiten Kåre Rogaland Teater AS Rogaland Mikalsen Andreas Norges sjømatråd AS Hordaland Repstad Jon A. Kimen Såvarelaboratoriet AS Akershus Misund Kristin Innovasjon Norge Østfold Ressem Toril B. Norsk Helsenett SF Oslo Store Norske Spitsbergen Mjellem Britt Hordaland Kulkompani AS Ribe Marianne Ø. Flytoget AS Oslo Moe Kari S. Norsk Tipping AS Trøndelag Siva – Selskapet Riddervold Kari Troms for Industrivekst SF Moengen Trond Gassnova SF Akershus Riise Sandra Andøya Space Center AS Oslo Molina Beatriz M. de Investinor AS Oslo Rimmereid Tore O. DNB ASA Oslo Monseth Per Olav Norsk Tipping AS Trøndelag Ringdal Amund D. Norges sjømatråd AS Buskerud Bjørnøen AS Murud Egil Nordland Kings Bay AS Rinnan Ola M. Avinor AS Hedmark Simula Research Myhre Annik Oslo Rotevatn Audhild G. Norsk rikskringkasting AS Møre og Romsdal Laboratory AS Flytoget AS Roverud Rolf G. Rogaland Simula Research Nye Veier AS Myhre Ingvild R. Laboratory AS Oslo Space Norway AS Rudolfsson Cecilia E. Baneservice AS *Sweden Myhre Yngve Nofima AS Oslo Kommunalbanken AS Rugland Brit K. S. Norfund AS Rogaland Ambita AS Nag Toril Rogaland Talent Norge AS Bane NOR SF Rummelhoff Irene Norsk Hydro ASA Rogaland Siva – Selskapet Narvesen Sverre Oppland for Industrivekst SF Rustad Benedicte UNINETT AS Oslo Baneservice AS Veterinærmedisinsk Nikolaisen Harald V. Akershus Ruud Arne G. Oppland Nye Veier AS Oppdragssenter AS Nilsen Geir Helse Sør-Øst RHF Oppland Ruud Morten Gassnova SF Oslo Avinor AS Nilssen Herlof Rogaland Røkke Kjell I. Aker Kværner Holding AS Akershus Norsk Helsenett SF Røren Marianne B. Eksportfinans ASA Oslo Nilsson Per-Harald Carte Blanche AS Rogaland Røynesdal Ingrid Talent Norge AS Oslo Njærheim Anne Beth Carte Blanche AS Hordaland Bjørnøen AS Nordisk Institutt for Nordblad Anne *Finland Salbuvik Widar Entra ASA Østfold Odontologiske Materialer AS Kings Bay AS Nordgård Alfred Gassnova SF Rogaland NSD – Norsk senter Salvanes Kjell Gunnar Hordaland for forskningsdata AS Nordskogen Hilde Mesta AS Akershus Sandal Hugo Petoro AS Akershus Norman Victor D. AS Den Nationale Scene Hordaland Sandsmark Maria Statnett SF Møre og Romsdal Universitetssenteret Nygard Jarle Oslo på Svalbard AS Sandvik Tore O. Trøndelag Teater AS Trøndelag

Nygren Eva Nye Veier AS *Sweden Sannes Gry Isabel Rogaland Teater AS Rogaland

Nyheim John Mesta AS Akershus Sbertoli Per Kristian Norfund Oslo

Obermann Rene Telenor ASA *Germany Schulz Thomas Norsk Hydro ASA *Denmark

Ofstad Elizabeth B. Enova SF Oslo Schur Fritz H. SAS AB *Denmark

Ohm Cecilie UNINETT AS Hordaland Schøyen Per A. Petoro AS Rogaland

Olafsson Kjartan Norsk Helsenett AS Sogn og Fjordane Seip Ellen AS Vinmonopolet Oslo

134 SURNAME FIRST NAME COMPANY COUNTY OF RESIDENCE SURNAME FIRST NAME COMPANY COUNTY OF RESIDENCE Sellæg Gunnar Ambita AS Oslo Svegården Thor Baneservice AS Oppland DNB ASA Selmer-Olsen Eirik Nofima AS Oslo Svendsen Berit Oslo SAS AB Selvaag Olav Nationaltheatret AS Oslo Sverdrup Aslak Flytoget AS Hordaland Semlitsch Jaan I. DNB ASA Akershus Sætershagen Randi B. Posten Norge AS Hedmark Norsk rikskringkasting AS Seres Silvija Simula Research Akershus Søraa Sverre Norges sjømatråd AS Sogn og Fjordane Laboratory AS Sørby Morten K. Posten Norge AS *Sweden Avinor AS Silseth Linda B. Akershus Norsk Tipping AS Simula Research Søreide Ingolf Akershus Laboratory AS Sivertsen Bodil Rogaland Teater AS Rogaland Takvam Martha Kommunalbanken AS Akershus Sjøblom Tove S. Norfund Oslo DNB ASA Tanum Anne C. Østfold Sjøseth Arnfinn Kimen Såvarelaboratoriet AS Akershus Den Norske Opera & Ballett AS Kommunalbanken AS Teigland Wenche NSB AS Hordaland Skancke Martin Oslo Norfund Teksum Leif Yara International ASA Hordaland Skatteboe Rolf Andøya Space Center AS Akershus Telle Marianne Helse Nord RHF Troms Skjærpe Tor Rasmus Gassco AS Rogaland Thorsheim Andreas E. Norsk Tipping AS Oslo Veterinærmedisinsk Skjævestad Bjørn Akershus Oppdragssenter AS Thuestad John G. Yara International ASA Akershus

Skillingstad Beate Helse Midt-Norge RHF Trøndelag Thunem Aage Jostein Norsk Helsenett SF Møre og Romsdal

Skoland Eli Staur gård AS Hedmark Trovik Katrine Helse Vest RHF Hordaland

Skrøvset Eli Avinor AS Akershus Tørklep Christine Statskog SF Akershus

Slungård Anne Kathrine Investinor AS Trøndelag Ulstein Gunvor Norsk rikskringkasting AS Møre og Romsdal

Smith Merete Nationaltheatret AS Oslo Valle Paul S. Helse Midt-Norge RHF Møre og Romsdal Smith- Vandevska- Nordisk Institutt for Seunn UNINETT AS Vest-Agder Vaska Oslo Tønnessen Radunovic Odontologiske Materialer AS Store Norske Spitsbergen Jeroen Solberg Birger Trøndelag Veer Statoil ASA *the Netherlands Kulkompani AS van der Solberg Hill-Marta AS Vinmonopolet Nordland Viksaas Grethe Telenor ASA Oslo

Solberg Ronny Mantena AS *Georgia/Oslo Vikse Lisbeth Rogaland Teater AS Rogaland

Sormunen Sirpa-Helena Nammo AS *Finland Værdal Kirsten I. Statnett SF Trøndelag

Staaf Katarina Entra ASA *Sweden Vågeng Sigrun E. Helse Sør-Øst RHF Oslo

Stabbetorp Bjørn Graminor AS Akershus Walderhaug Morten Rogaland Teater AS Oslo

Stave Grethe Andøya Space Center AS Troms Wallenberg Jacob SAS AB *Sweden Bjørnøen AS Steinsmo Unni M. Trøndelag Wang Heidi Innovasjon Norge Trøndelag Kings Bay AS Simula Research Wasteson Yngvild Akershus Steinsvåg Tone B. Helse Vest RHF Hordaland Laboratory AS Steen jr. Petter Kommunalbanken AS Rogaland Wedin Per-Olof Mesta AS *Sweden

Stene Øyvind Space Norway AS Akershus Westby Dag Norsk Tipping AS Hedmark

Stenseth Turid Trøndelag Teater AS Trøndelag Westby Einar GIEK Kredittforsikring AS Oslo NSD – Norsk senter Stensland Eva Troms Widvey Thorhild Statkraft SF Oslo for forskningsdata AS Wiinholt Marianne Norsk Hydro ASA Danmark Stenstadvold Halvor Statkraft SF Oslo Winje Tone Nationaltheatret AS Troms Stette Liv Helse Midt-Norge RHF Møre og Romsdal Wold Terje Posten Norge AS Troms Storelvmo Edel Nofima AS Norland Petoro AS Wærsted Gunn Oslo Strand Ola H. Avinor AS Trøndelag Telenor ASA Møre og Strand Solveig Norges sjømatråd AS Øiulfstad Bjørn O. R. Talent Norge AS Oslo Romsdal Siva – Selskapet Østbø Bjørn Hordaland Strøm Inger L. Helse Nord RHF Nordland for Industrivekst SF Carte Blanche AS Rogaland Teater AS Strøm-Erichsen Anne-Grete Hordaland Østensjø Inger Rogaland Kongsberg Gruppen AS Norsk Helsenett SF Helse Vest RHF Universitetssenteret Strømsvåg Einar Rogaland Øverås Lise Hordaland Statnett SF på Svalbard AS Stubholt Liv M. B. Norsk Hydro ASA Akershus Øygård Ann Nofima AS Møre og Romsdal

Støle Elisabeth M. Siva SF Møre og Romsdal Øynes Anders R. Ambita AS Vest-Agder Argentum FondsInvestments AS Sund Tina S. Trøndelag Electronic Chart Centre AS Helse Midt-Norge RHF Sundland Siren N. AS Den Nationale Scene Hordaland Suvanto- Sanna SAS AB *Finland Harsaae

135

Contact details

The state’s direct ownership is administrated by a number of Ministry of Agriculture and Fo ministries. Contact details for these ministries are given below. Telephone: 22 24 90 90 Research and Innovation Department Ministry of Finance (Staur gård AS) Telephone: 22 24 90 90 Department of Food Policy Department of Asset Management (Kimen Såvarelaboratoriet AS) (National Insurance Scheme Fund) Department of Forest and Natural Resource Policy (Graminor AS, Statskog SF) Ministry of Defence Telephone: 23 09 80 00 Ministry of Trade, Industry and Fisheries Department for Finance, Management and Investments Telephone: 22 24 90 90 (Aerospace Industrial Maintenance Norway AS) Ownership Department (Aker Kværner Holding AS, Ambita AS, Argentum Fonds- Investments AS, Baneservice AS, DNB ASA, Eksportfinans ASA, Ministry of Health and Care Services Electronic Chart Centre AS, Entra ASA, Flytoget AS, GIEK Kredit- Telephone: 22 24 90 90 tforsikring AS, Investinor AS, Kongsberg Gruppen ASA, Mesta Ownership Department AS, Nammo AS, Norsk Hydro ASA, Posten Norge AS, SAS AB, (Helse Midt-Norge RHF, Helse Nord RHF, Helse Sør-Øst RHF, Statkraft SF, Store Norske Spitsbergen Kulkompani AS, Helse Vest RHF and Norsk Helsenett SF) Telenor ASA, Veterinærmedisinsk Oppdragssenter AS, Yara International ASA) Department of Public Health (AS Vinmonopolet) Research and Innovation Department (Andøya Space Center AS, Fornybar AS, Innovasjon Department of Municipal Health Care Services Norge, Nofima AS, Siva – Selskapet for Industrivekst SF, (Nordisk Institutt for Odontologiske Materialer AS) Space Norway AS) Trade Policy Department Ministry of Climate and the Environment (Eksportkreditt Norge AS, Norges sjømatråd AS) Telephone: 22 24 90 90 Marine and Pollution Department Ministry of Petroleum and Energy (Bjørnøen AS, Kings Bay AS) Telephone: 22 24 90 90 Klimaavdelingen Climate, Industry and Technology Department (Enova SF) (Gassnova SF) Energy and Water Resources Departmentn Kommunal- og moderniseringsdepartementet (Statnett SF) Telephone: 22 24 90 90 Oil and Gas Department Department of Local Government (Gassco AS) (Kommunalbanken AS) Department for Economic and Administrative Affairs (Petoro AS, Statoil ASA) Ministry of Culture Telephone: 22 24 90 90 Ministry of Transport and Communications Department of Media Policy and Copyright Telephone: 22 24 90 90 (Filmparken AS, Norsk rikskringkasting AS, Norsk Tipping AS) Department of Public and Rail Transport Department of Art and Museums (Bane NOR SF, Entur AS, Mantena AS, Norske tog AS, NSB AS) (Carte Blanche AS, AS Den Nationale Scene, Department of Civil Aviation, Den Norske Opera & Ballett AS, Nationaltheatret AS, Postal Services and Telecommunication Rogaland Teater AS, Rosenkrantzgate 10 AS, Talent Norge AS, (Avinor AS) Trøndelag Teater AS) Department of Public Roads and Traffic Safety (Nye Veier AS) Ministry of Education and Research Telephone: 22 24 90 90 Department of Higher Education: Ministry of Foreign Affairs (NSD – Norsk senter for forskningsdata AS, Telephone: 23 95 00 00 Simula Research Laboratory AS, UNINETT AS, Department for Economic Relations and Development Universitetssenteret på Svalbard AS) (Norfund)

136 Comments and definitions

Comments ¬ Gross operating profit (EBITDA): Operating profit (EBIT) • The data used in this report was provided by the companies, partly in before depreciation and amortisation. their annual reports and accounts for 2017. ¬ Direct return: Dividend paid per share in 2017 as • The information is up-to-date as at 31 December 2017, with the a percentage of the share price at the close of 2017 exception of information relating to board composition, which is (source: FactSet). up-to-date as at 31 March 2018. ¬ Operating margin (EBIT margin): Operating profit (EBIT) • SAS AB compiles its accounts according to Swedish accounting divided by operating revenues. standards. ¬ Operating profit/loss (EBIT): Operating revenues less • The key figures have been calculated using a common method for operating expenses, depreciation and amortisation. all the companies (see the definitions provided below). They may ¬ Equity ratio: Equity as a percentage of total assets. therefore differ slightly from the figures stated by the companies ¬ Return on equity: Profit for the year after minority interests in their annual reports. and taxes divided by the majority’s share of average book • At the time of printing, several of the companies had not held their equity. The arithmetic mean is used to calculate the average annual general meeting/corporate assembly. The figures for these return on equity over the past five years. companies have been approved by the auditors, but the dividends ¬ Cash flow: Operating activities under cash flow in the paid may be altered at the company’s annual general meeting/ company report. company meeting. ¬ Cost ratio: Operating costs divided by the sum of net interest • Data concerning previous years may be corrected in annual reports, and credit-commission income and other operating revenues. etc. This State Ownership Report uses the most recent information ¬ Return on capital employed: The sum of operating profit available. This means that historical data may differ from what was (EBIT), financial income and share of profit from associates, stated in previous ownership reports. divided by average capital employed over the past two years. The method for calculating the number of employees at different • ¬ Remuneration of board members: Remuneration of the companies varies between employees at year-end, number of chair, deputy chair and board members as approved at the man-years, and the average for the year. annual general meeting/corporate assembly in 2017, unless • As regards profit or loss for the year after tax and minority interests stated otherwise. Total remuneration of board members (see pages 120-123) for the regional health authorities, profit/loss is comprises the ordinary remuneration that has been paid defined as any deviation from the performance requirements set and remuneration for work on board committees. by the Ministry of Health and Care Services. ¬ Capital employed: Sum of equity and interest-bearing debt. The Ministry of Trade, Industry and Fisheries cannot be held • ¬ Dividend percentage: Funds set aside for dividends as a responsible for any errors in the figures or calculations. More proportion of the group’s annual profit. Average dividend information on the individual companies under the Ministry percentage is calculated as the total dividend divided by of Trade, Industry and Fisheries can be found in the companies’ the total consolidated profit after taxes and minority interests annual reports. for the past five years. ¬ Weighted return: Value-adjusted return including reinvested dividends for the eight listed companies (source: FactSet). ¬ Weighted return on equity: Equity weighted in relation to the state’s share of book equity less minority interests as at Definitions the close of 2017. Definitions of terms in the State Ownership Report may differ ¬ Value of the state’s shareholding: For listed companies, from those used by the companies. the values are based on market prices as at the close of 2017 and the number of shares owned by the state as of the same • Return: Share price performance including reinvested date (source: FactSet). For unlisted companies in which the dividends (source: FactSet). The geometric average is used to state’s ownership has a commercial objective, book equity calculate the average annual return over the past five years. less minority interests as at the close of 2017 is used. ¬ Gross operating margin (EBITDA margin): Gross operating No value is estimated for companies in which the state’s profit (EBITDA) divided by operating revenues. ownership has a sector policy objective.

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