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Annual Report State-Owned Companies Contents 2011 Annual Report State-owned companies Contents 1 Financial overview 55 Infranord 87 TeliaSonera 3 Foreword 56 Inlandsinnovation 88 Teracom 4 Events in brief 57 Innovationsbron 89 Vasallen 8 Company example – LKAB 58 Jernhusen 90 Vattenfall 10 Company example – Bilprovningen 59 Lernia 91 Vectura Consulting 13 How the state-owned companies are 60 LKAB 92 VisitSweden managed 61 Metria 93 Voksenåsen 16 Board nominations 62 Miljömärkning Sverige 20 Sustainable business 63 Miljöstyrningsrådet 94 Companies in liquidation 28 Remuneration and other employment 64 Nordea Bank 95 Companies being liquidated and Other terms 65 Operan companies 30 Targets and appraisal 66 PostNord 97 Important events and history 34 The state corporate sphere 67 RISE 100 Accounting principles 37 Publicly traded shareholdings 68 Samhall 101 Definitions and abbreviations 69 SAS 102 State-owned companies in figures 38 Company survey 70 SBAB Bank 104 List of Government Bills 39 Akademiska Hus 71 SEK (Svensk Exportkredit) 106 Changes in executive management 40 Almi teams and boards 72 SJ 41 APL (Apotek Produktion & Laboratorier) 110 Division of responsibility within the 73 SOS Alarm 42 Apotekens Service Government Offices for state-owned 74 Specialfastigheter companies 43 Apoteket 75 SSC (Svenska rymdaktiebolaget) 112 Board members elected by the annual 44 Apoteksgruppen 76 Statens Bostadsomvandling general meeting of shareholders 45 Arlandabanan Infrastructure 77 Sveaskog 119 Company reporting dates 2012 46 Bilprovningen 78 Svedab 120 State ownership policy 2012 47 Bostadsgaranti 79 Svenska Skeppshypotekskassan 124 Guidelines for external reporting 48 Botniabanan 80 Svenska Spel 126 Guidelines for terms of employment for 49 Dom Shvetsii 81 Svevia senior executives 50 Dramaten 82 Swedavia 127 Addresses 51 ESS (European Spallation Source) 83 Swedesurvey 52 Fouriertransform 84 Swedfund 53 Green Cargo 85 SweRoad 54 Göta kanalbolag 86 Systembolaget THE STATE-OWNED COMPANIES IN BRIEF • THE STATE-OWNED COMPANIES IN BRIE MiljömärkningMiljömärkning SverigeSverige How the state-owned companies are governed The Government has been commissioned by the Riksdag (the Swedish ORGANISATION Parliament) to actively manage the state’s assets. The Government Offices and all the ministries assist the Government in this work and take care of the administration of the 58 state-owned companies. The Riksdag There are 43 wholly and 15 partly owned state-owned companies. The Government Corporate governance is exercised mainly at general shareholder meetings through the board nomination process, the state-ownership policy including guidelines and an efficient capital structure. Follow- The Government Offi ces up and performance reviews of the companies take place through, for example, analyses and various types of reports from the companies. Ministry of Finance Goals other than financial targets are also followed up and appraised. Other ministries with corporate responsibilities The Ministry of Finance has a specialised administrative organisation Division for State-owned consisting of two divisions. These are responsible for the development Enterprises and coordination of corporate governance at the Government Offices and for the company management of 36 of the companies. Other Division for Corporate ministries are responsible for the administration of the remaining Governance and Analysis companies. Gender balance Board members Chairman of the Board 49% 43% The state-owned companies are role models in having a high proportion of women on boards and now also chairing boards. Almost half, 49 per cent, of board members, including chairmen, of the wholly state-owned companies are women. In Sweden’s publicly traded companies, the proportion of women on the boards is 24 per cent, according to SIS Ägarservice. The Government’s target is to have at least 40 per cent of each gender represented on every board. No fewer than 43 per cent of chairmen of state-owned companies are women, compared with 40 per cent in 2010 and 23 per cent in 2006. In Sweden’s publicly traded companies, only 5 per cent of chairmen of the board are women, according to SIS Ägarservice. GRI-based sustainability reporting State-owned companies The 100 largest publicly traded companies 96% 42% In November 2007, the Swedish Government decided as the first country in the world that all state-owned companies would have to produce a sustain- ability report in accordance with GRI’s international guidelines. Of all state-owned companies, 96 per cent published a GRI-based sustainability report for 2011; the equivalent figure for the 100 largest publicly traded companies was 42 per cent, according to a survey completed by the consultancy company Hallvarsson & Halvarsson. This was an improvement compared with 2007 when the figure was 15 per cent. EF • THE STATE-OWNED COMPANIES IN BRIEF • THE STATE-OWNED COMPANIES IN BRIEF OAOOAO Dom ShvetsiiShvetsii Dividend and profi t 27.8 SEK billion 40.8 SEK billion The state-owned companies make a valuable contribution to public Aggregate net profit was SEK 40.8 billion in 2011, finances. For the 2011 financial year, the state’s share of dividends a decrease of 27 per cent. decreased by 26 per cent to SEK 27.8 billion. Read more on pages 34–36. Estimated value Number of employees 580 SEK billion 97 800 The state-owned companies represent substantial values. The Nearly one hundred thousand people are employed by aggregate value of the state-owned companies – which are owned state-owned companies. Including associated companies, in common by the Swedish people – is estimated at SEK 580 the number totals around 183,000. The employees range billion. Read more on pages 34–36. from engineers to directors and from conductors to administrators. The companies that are wholly or partly state-owned are ultimately the common property of the Swedish people. The companies include both small and large enterprises within a broad field of operations, such as: mining and forest industry, energy and environment, transport and infra- structure, banking and finance, innovations, culture, IT and telecommunications. The state-owned companies in brief Financial overview STATE-OWNED COMPANIES, TOTAL SEK bn 2011 2010 Change, % Net turnover 336.8 368.1 –9 Net turnover, including associated companies 408.9 442.4 –8 Profit before changes in value 61.9 67.1 –8 Changes in value 0.5 4.4 –89 Operating profit 62.4 71.5 –13 Profit before tax 50.9 61.6 –17 Net profit 40.8 55.8 –27 Gross investments 54.3 69.0 –21 Cash flow from operating activities (excluding SBAB & SEK) 62.0 68.4 –9 Total equity 354.7 349.7 1 Total assets 1,549.4 1,557.2 0 Average number of employees (thousands) 97.8 100.6 –3 Average number of employees, including associated companies (thousands) 182.6 188.8 –3 Dividend 27.8 37.6 –26 Estimated value 580 600 –3 Return on equity (%) 12.0 16.4 Equity/assets ratio (%) 20.0 19.4 NET TURNOVER PROFIT BEFORE TAX GROSS INVESTMENTS SEK bn SEK bn SEK bn 400 80 160 300 60 120 200 40 80 100 20 40 0 0 0 2009 2010 2011 2009 2010 2011 2009 2010 2011 RETURN ON EQUITY NUMBER OF EMPLOYEES CHANGES IN VALUE % Thousands SEK bn 20 120 800 15 90 600 10 60 400 5 30 200 0 0 0 2009 2010 2011 2009 2010 2011 2009 2010 2011 ANNUAL REPORT STATE-OWNED COMPANIES 2011 1 5HJHULQJVNDQVOLHWB(1* The state is an important company owner in Sweden. The state portfolio of companies inclu- des 58 wholly and partly owned companies, three of which are publicly listed. The state has a major responsibility for being an active and professional shareholder. The Government’s overall objective is for the companies to gene- rate value and, where applicable, ensure that specially commissioned public service assign- ments are carried out. 2 ANNUAL REPORT STATE-OWNED COMPANIES 2011 5HJHULQJVNDQVOLHWB(1* FOREWORD Responsible ownership focusing on value creation In 2011, the state-owned companies performed well financially and paid divi- dends to the state treasury totalling SEK 28 billion. The focus in the coming year will be on strengthening the position of the state-owned companies in terms of sustainable business, thus safeguarding the long-term value creation of these companies, which are ultimately owned jointly by the people of Sweden. STATE-OWNED COMPANIES MUST BE ROLE MODELS WORK ON FINANCIAL TARGETS AND REVIEW OF STATE The state is one of Sweden’s largest corporate owners, with state- OWNERSHIP owned companies representing considerable value of around During 2011, work on the companies’ financial targets was restruc- SEK 580 billion, thus making it one of Sweden’s largest employ- tured to improve the value trend. The intentions of the financial ers. The Government manages these companies on behalf of the targets include enabling and facilitating measurement, follow-up Riksdag and ultimately they are owned collectively by the Swed- and appraisal of the company’s profitability, efficiency and risk ish people. Accordingly, the state has the important role of being level. It is important to emphasise that the financial targets are an active, professional and responsible owner. The state-owned individual for each company and are to be achieved long term, companies should be role models, not least with regard to sus- over a business cycle. tainable business. The generations of today and tomorrow are In May 2011, the Government appointed a committee of inquiry not prepared to work for or do business with companies that do to review how administration of the state-owned companies not ensure that the earth’s limited resources are used responsi- should be conducted and organised. The report from this com- bly or respect human rights. By taking responsibility for the mittee is being circulated for comment during the spring of 2012. state-owned companies in their efforts to be role models, we The Government continuously reviews the state’s ownership.
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