DOCSLIB.ORG

State-Owned Enterprises in the EU: Lessons Learnt and Ways Forward in a Post-Crisis Context

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

ISSN 2443-8014 (online) State-Owned Enterprises in the EU: Lessons Learnt and Ways Forward in a Post-Crisis Context INSTITUTIONAL PAPER 031 | JULY 2016 EUROPEAN ECONOMY Economic and Financial Affairs European Economy Institutional Papers are important reports and communications from the European Commission to the Council of the European Union and the European Parliament on the economy and economic developments. LEGAL NOTICE Neither the European Commission nor any person acting on its behalf may be held responsible for the use which may be made of the information contained in this publication, or for any errors which, despite careful preparation and checking, may appear. This paper exists in English only and can be downloaded from http://ec.europa.eu/economy_finance/publications/. Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). More information on the European Union is available on http://europa.eu. Luxembourg: Publications Office of the European Union, 2016 KC-BC-16-031-EN-N (online) KC-BC-16-031-EN-C (print) ISBN 978-92-79-54337-1 (online) ISBN 978-92-79-54336-4 (print) doi:10.2765/99224 (online) doi:10.2765/355315 (print) © European Union, 2016 Reproduction is authorised provided the source is acknowledged. European Commission Directorate-General for Economic and Financial Affairs State-Owned Enterprises in the EU: Lessons Learnt and Ways Forward in a Post-Crisis Context EUROPEAN ECONOMY Institutional Paper 031 ABBREVIATIONS AND SYMBOLS USED COUNTRIES AT Austria BE Belgium BG Bulgaria CY Cyprus CZ Czech Republic DE Germany DK Denmark EE Estonia EL Greece ES Spain FI Finland FR France HR Croatia HU Hungary IE Ireland IT Italy LT Lithuania LU Luxembourg LV Latvia MT Malta NL Netherlands PL Poland PT Portugal RO Romania SE Sweden SI Slovenia iii SK Slovakia UK United Kingdom OTHERS CEE Central Eastern European countries CEO Chief Executive Officer CSR Country Specific Recommendation EA Equity-to-Assets ratio EBITDA Earnings before interest, taxes, depreciation and amortization EU European Union EUR Euro GDP Gross Domestic Product IMF International Monetary Fund IPO Initial Public Offering MOE Minority-SOE NACE Statistical Classification of Economic Activities in the European Community NFC Non-financial corporations OECD Organisation for Economic Co-operation and Development OPEX Operating Expenses PSO Public Service Obligation ROE Return on Equity SEK Swedish Krona SOE State Owned Enterprise SPO Secondary Public Offering TFP Total Factor Productivity USD US Dollar iv ACKNOWLEDGEMENTS This report was prepared in the Directorate-General for Economic and Financial Affairs under the direction of Marco Buti, Director-General, and Antonio de Lecea, Director of the Directorate for Investment, growth and structural reforms. The report is the result of the effort of the SOE network of the Directorate-General for Economic and Financial Affairs managed by Anne Bucher. Mirco Tomasi and Martijn Brons coordinated the report under the guidance of Anne Bucher and Emmanuelle Maincent. The main contributors to Part I were Paul Arnoldus, Martijn Brons, Erik Canton, Peter Pontuch, Dominique Simonis, Mirco Tomasi and Ingrid Toming. Comments from the SOE network are gratefully acknowledged. The authors of Part II, Chapter 1 were Martijn Brons and Mirco Tomasi. Statistical support was provided by Yves Bouquiaux. The authors of Part II, Chapter 2 were Jean-Charles Bricongne, Erik Canton and Peter Pontuch. Research assistance was provided by Massimiliano Rizzati. These two chapters were presented in the form of analytical papers at the DG ECFIN Workshop: "SOEs reform – lessons learnt from the crisis and ways forward" on 24 November, 2015. The feedback received during the workshop, including detailed comments by Prof. Massimo Florio of the University of Milan and Mariana Iootty de Paiva Dias of the World Bank is gratefully acknowledged. The main contributors to Part III were Milan Lisicky, Klara Stovicek, Svetoslava Georgieva, Emiel Afman, Vasileios Thomas Karantounias, Dino Pinelli, Antonino Barbera Mazzola, Pedro Guedes de Campos, Maria Gerhardt, Jessica Larsson, Hanna Aspegren, Norbert Gaal, Maarten Masselink, Tobias Ketterer, Anca Dana Dragu, Helena Marrez and Francisco Barros Castro. The report has benefited from useful comments and suggestions from colleagues in Directorate-General for Transport and Mobility, the members of the Economic and Policy Committee Working Group on Climate Change and Energy and the members of the Economic and Policy Committee. Editorial assistance was provided by Vittorio Gargaro. Comments on the report would be gratefully received and should be sent to: Directorate-General for Economic and Financial Affairs Unit B4: Impact of EU policies on national economies European Commission BE-1049 Brussels or by e-mail to [email protected]. v CONTENTS Executive Summary 1 Part I: State-owned enterprises in the EU: an overview 3 Overview 5 1. The relevance and performance of state-owned enterprises in the european economy 6 1.1. Role and objectives of state-owned enterprises 6 1.2. Definition of state-owned enterprises 6 1.3. Importance of state-owned enterprises 7 1.4. Evolution of performance in selected network sectors (energy and rail) 8 1.5. Evolution of performance of firms in selected New Member States 9 2. State-owned enterprises and fiscal implications 11 2.1. The links between state-owned enterprises and public finances 11 2.2. Contingent liabilities associated with state-owned enterprises 13 3. Reforming state-owned enterprises 17 3.1. Reforming state-owned enterprises 17 3.2. Economic rationale of the performances of state-owned enterprises 17 3.3. Modalities of the reforms of state-owned enterprises 18 3.4. Intrinsic difficulties of the reforms of state-owned enterprises' reforms 21 4. Conclusions 23 Part II: Economic performance of state-owned enterprises: an empirical analysis in selected sectors and Member States 25 Overview 27 1. Performance of state-owned enterprises in the energy and railway sectors 28 1.1. Recent evolutions in energy and rail 28 1.2. Literature review: theoretical and empirical findings on the performances of state-owned enterprises 31 1.3. Empirical analysis of firm ownership and financial performance 32 1.4. Conclusions 40 A.1. Acronyms 42 A.2. Econometric results 43 2. Performance of state-owned enterprises in selected new Member States 47 2.1. Introduction 47 2.2. Data 48 2.3. Ownership and economic performance of firms in selected New Member States 49 2.4. Allocative efficiency and state ownership 55 2.5. Relative impact of privatisations on performance 56 2.6. Conclusions 58 A.3. Econometric results 60 vii Part III: Selected country profiles 67 Overview 69 1. Croatia 70 1.1. Background 70 1.2. Main issues identified 70 1.3. Reform efforts and remaining challenges 71 2. Italy 73 2.1. Background 73 2.2. Main issues identified 73 2.3. Reform efforts and outcome 74 2.4. Remaining challenges 75 3. Lithuania 76 3.1. Background 76 3.2. Main issues identified 77 3.3. Reform efforts and outcome 77 3.4. Remaining challenges 78 4. The Netherlands 79 4.1. Background 79 4.2. Main issues identified 79 4.3. Reform efforts and remaining challenges 80 5. Portugal 81 5.1. Background 81 5.2. Main issues identified 81 5.3. Reform efforts and outcome 82 5.4. Remaining challenges 84 6. Romania 85 6.1. Background 85 6.2. Main issues identified 85 6.3. Reform efforts and outcome 85 6.4. Remaining challenges 87 7. Sweden 88 7.1. Background and main issues identified 88 7.2. Reform efforts and outcome 89 7.3. Remaining challenges 89 8. Slovenia 91 8.1. Background 91 8.2. Main issues identified 91 8.3. Reform efforts and outcome 92 8.4. Remaining challenges 94 9. United Kingdom 95 9.1. Background and main issues identified 95 9.2. Reform efforts and outcome 95 9.3. Remaining challenges 96 References 97 viii LIST OF TABLES II.A1.1. Sector acronyms 42 II.A2.1. Estimation output for the electricity subsectors 43 II.A2.2. Estimation output for the gas subsectors and energy conglomerates 44 II.A2.3. Estimation output for the rail subsectors and conglomerates 45 II.A2.4. Overview of sample size for the different estimations 46 II.2.1. Dependent variable: ln(TFP), whole period 53 II.2.2. Dependent variable: return on equity (winsorized), whole period 54 II.2.3. AE and SOE 56 II.A3.1. Sectors included in the estimations 60 II.A3.2. Return on equity and state ownership (dep. variable: ROE) 61 II.A3.3. Debt and state ownership (dep. variable: Debt/EBITDA) 62 II.A3.4. TFP and state ownership (dep. variable: log TFP) 63 II.A3.5. Labour productivity and state ownership (dep. variable: log labour productivity) 64 II.A3.6. Allocative efficiency and state ownership (dep. variable: sector allocative efficiency) 65 III.3.1. Key figures (2014) 76 III.7.1. Divestments and dividends of state-owned companies (2007-2013) 88 LIST OF GRAPHS I.1.1. OECD Scope of SOEs Index in EU Member States 7 I.1.2. Market value of central SOEs, % of GDP 8 I.1.3. Employment in central SOEs, % of total employment 8 I.1.4. Financial performance of firms in the energy and rail sectors 9 I.1.5. Return on Equity, SOEs and Private firms 10 I.2.1. Government's participation in the capital of corporations, % of GDP (2014 or latest) 12 I.2.2. Liabilities of Public Corporations by controlling Government level, 2014 or latest, % of GDP 14 I.3.1. Direct control over business enterprise index 17 II.1.1.
Recommended publications
  • Composition of the Board

    Composition of the Board

    Composition of the Board Proposed re-election of Olle Nordström Born:1958. Board Chairman. Member of the Board: since 1997. Chairman of: Skirner AB and Gustafs Inredningar AB. Board member of Sparbössan Fastigheter AB, ClimateWell AB, Stockholms Stads Brandförsäkringskontor and Teletec Connect AB, among others. Education: M.Sc.Econ., Stockholm School of Economics Experience: Working Chairman in the family company Skirner AB, former Manager of Humlegården Fastigheter AB and FFNS Gruppen AB. Holdings in Sweco: 525,000 directly held shares and 11,526,795 shares through Skirner Förvaltning AB, which is owned by the Nordström family. Anders G. Carlberg Born:1943. Member of the Board: since 2009. Board member of: Axel Johnsson AB, Mekonomen AB, Svenskt Stål AB, Sapa AB, Säki AB and Beijer-Alma AB, among others. Education: M.Sc.Econ., Lund University Experience: former President and CEO of Axel Johnson International Holdings in Sweco: 10,000 shares. Gunnel Duveblad Born:1955. Member of the Board: since 2008. Board member of: Aditro, BANQUIT AB, HiQ and Posten AB, among others. Education: Systems Scientist, Umeå University Experience: former President of EDS northern Europe Holdings in Sweco: 1,000 shares. Aina Nilsson Ström Born:1953. Member of the Board: since 2006. Board member of: the Royal Swedish Academy of Engineering Sciences and the Finnish- Swedish Design Academy. Education: Industrial Designer, School of Design and Crafts, University of Gothenburg Experience: Design Director of Volvo AB. Holdings in Sweco: 1,500 shares. 1(2) SWECO AB (publ) Pernilla Ström Born:1962. Member of the Board: since 2009. Board member of: Bonnier AB, Uniflex AB and Sydsvenska Dagbladet AB, among others.
  • Credit Suisse Anlagestiftung Wertschriftenverzeichnis Credit Suisse Anlagestiftung • Wertschriftenverzeichnis Per 30

    Credit Suisse Anlagestiftung Wertschriftenverzeichnis Credit Suisse Anlagestiftung • Wertschriftenverzeichnis Per 30

    30. Juni 2018 Credit Suisse Anlagestiftung Wertschriftenverzeichnis Credit Suisse Anlagestiftung • Wertschriftenverzeichnis per 30. Juni 2018 (exkl. Verbindlichkeiten und Cash) Inhaltsverzeichnis in % des Gesamt- in % des Gesamt- Valor fondsvermögens Valor fondsvermögens Mischvermögen ...................................................................3 CSA Mixta-BVG Basic ......................................................3 CSA Mixta-BVG Defensiv .................................................3 CSA Mixta-BVG ................................................................3 CSA Mixta-BVG Maxi .......................................................3 CSA Mixta-BVG Equity 75 ................................................3 CSA Mixta-BVG Index 25 .................................................3 CSA Mixta-BVG Index 35 .................................................4 CSA Mixta-BVG Index 45 .................................................4 CSA Mixta-BVG Index 75 .................................................4 CSA BVG 25-45 Dynamic ................................................4 Festverzinsliche Vermögen ..................................................4 CSA Money Market CHF ..................................................4 CSA Swiss Bonds CHF ....................................................4 CSA Short Term Bonds CHF ...........................................7 CSA Foreign Bonds CHF .................................................7 CSA Mid Yield Bonds CHF ..............................................8 CSA Inflation Linked
  • 233 Małgorzata Rymarzak

    233 Małgorzata Rymarzak

    Małgorzata Rymarzak 35 Uniwersytet Gdański Wydział Zarządzania Katedra Inwestycji i Nieruchomości e ‑mail: [email protected] 2016, Vol. 15, No. 2016, Vol. Uwarunkowania zarządzania nieruchomościami publicznych uniwersytetów na przykładzie wybranych krajów UE DOI: 10.17399/HW.2016.1535012 STRESZCZENIE CEL NAUKOWY: Artykuł prezentuje wyniki badań nad uwarunkowaniami za‑ rządzania nieruchomościami publicznych uniwersytetów. Ich celem była próba przedstawienia różnych rozwiązań przyjętych w wybranych krajach UE odnoś‑ nie do tytułów prawnych przysługujących uczelniom do nieruchomości, a także form zarządzania nimi. PROBLEM I METODY BADAWCZE: Do prowadzonych rozważań wykorzy‑ stano literaturę przedmiotu, niepublikowane raporty komercyjnych firm oraz in‑ formacje zawarte na stronach internetowych poszczególnych zarządców nieru‑ chomości uczelnianych. PROCES WYWODU: Analizie poddano systemy „nieruchomościowe” szkol‑ nictwa wyższego przyjęte w Austrii, Niemczech, Holandii, Wielkiej Brytanii, Szwe‑ cji oraz Polsce. WYNIKI ANALIZY NAUKOWEJ: Wyniki badań wskazują, iż władze uniwer‑ sytetów publicznych w Europie nie ponoszą takiej samej odpowiedzialności za majątek, którym dysponują. Poszczególne państwa przyjęły własne rozwiązania zarówno w zakresie struktury własnościowej nieruchomości, zasad zarządzania, jak i wynajmu nieruchomości. WNIOSKI, INNOWACJE, REKOMENDACJE: Niezależnie od wielu różnic wy‑ stępujących w systemach akademickich państw europejskich można się poku‑ sić o wymienienie pewnych wspólnych cech. Austriackie, szwedzkie i niemieckie szkoły wyższe nie są właścicielami nieruchomości uczelnianych. Dostarczaniem odpowiedniej dla nich powierzchni na zasadach najmu, a także zarządzaniem majątkiem zajmują się specjalnie powołane do tego celu spółki. Z kolei w Holan‑ dii, Hiszpanii, Wielkiej Brytanii oraz Polsce uczelnie posiadają różne tytuły praw‑ ne do nieruchomości i zarządzają posiadanymi zasobami. → SŁOWA KLUCZOWE: szkolnictwo wyższe, majątek, struktura własności S u g e r o w a n e c y t o w a n i e: Rymarzak, M.
  • Annual Report Contents

    Annual Report Contents

    2017 Annual Report Contents OVERVIEW Statement by the CEO 4 Goals and strategies 8 Vasakronan in seconds Market overview 14 Dynamic city environment 15 Property management 18 Smart energy 19 VASAKRONAN’S ASSIGNMENT Schneider Electric 21 New Segelhuset 24 is to generate a high, risk-weighted return for Property development 26 our owners the First, Second, Third and Fourth Uppsala Science Park 29 Swedish National Pension Funds, though never Transaction activities 30 at the expense of the environment and people. Sthlm Seaside 31 A return that will benefit Sweden’s current and Financing 32 future pensioners. Green financing 35 Property holdings 36 Office solutions 37 WE TAKE RESPONSIBILITY Retail 39 for the people who are affected by our business. We do so by applying fair work conditions and REGIONS creating good work and urban environments. Our regions 42 It goes without saying that we also say no to Region Stockholm 44 any form of discrimination. Region Gothenburg 50 Region Öresund 54 Region Uppsala 58 HOW WE CREATE VALUE To accomplish our assignment, we must create ADMINISTRATION REPORT AND value in the business. This is achieved through FINANCIAL STATEMENTS good property management and development, Contents financial statements and notes 62 and supplemented by active transactions. Administration Report 63 Our strategy builds on our having attractive Risks and risk management 64 properties, being a good landlord and having Corporate Governance Report 68 dedicated employees. The Board of Directors and Auditors 74 Senior executives 75 Other information 76 Comments to the financial statements 78 Notes 90 Proposed appropriation of profits 109 Auditors’ report 110 GRI AND OTHER INFORMATION Sustainability reporting with GRI Index 114 Auditor’s statement on the sustainability report 126 Impact Report, Green Bonds 127 Auditor’s statement Impact Report 130 Quarterly and five-year overview 131 Definitions 134 Addresses, website, calendar and production 136 This Annual Report is a translation of the Swedish original.
  • Global Compact Communication on Progress

    Global Compact Communication on Progress

    Global Compact Communication on Progress About Vasakronan Vasakronan is the leading property company in Our mandate from the company’s owners is to Sweden. Our strategy is to focus on Sweden’s major generate a high, risk-balanced, long-term return from growth regions: Stockholm, Uppsala, Gothenburg, property investments in Sweden. At the same time, Malmö and Lund. we must run our business both ethically and with consideration for the environment. This is why our We own and manage approximately 180 office and sustainability efforts are strategically critical to meeting retail properties with a total area of around 2,500,000 the targeted return. sqm (as of March 31, 2015). The portfolio is valued at SEK 106 billion (as of March 31, 2015). Sustainability work consists of financial and The organization has operations in four regions of environmental efforts, along with responsibility for Sweden – Stockholm, Uppsala, Gothenburg and humans that are affected by us. All of these efforts Öresund. The number of employees is 352. are based on the ten principals outlined in the UN Global Compact, internal policies/guidelines and The organization has operations in four regions of Vasakronan’s Code of Conduct. The work is goal- Sweden – Stockholm, Uppsala, Gothenburg and oriented and long-term. It also requires commitment Öresund. The number of employees is approximately from all employees in the organization. 350. Vasakronan is jointly owned by the First, Second, Third and Fourth Swedish National Pension Funds. Vasakronan is a carbon neutral company and is ISO 14001 certified. We were also Sweden’s first property In order to achieve our vision of future-proof cities, company to offer green leases and green offices.
  • Vasakronan Green Bond Framework and Company Overview 1 Company Overview

    Vasakronan Green Bond Framework and Company Overview 1 Company Overview

    VASAKRONAN GREEN BOND FRAMEWORK AND COMPANY OVERVIEW 1 COMPANY OVERVIEW Company Overview The Property Company Vasakronan // Green Bond Definition and Vasakronan is the leading property company in Sweden with operations Green Bond Principles in four major regions – Stockholm, Uppsala, Gothenburg and Öresund. Vasakronan’s portfolio is comprised of 179 properties with a total area of 2.4 million square meters, valued at SEK 116 billion (December Green Bonds are any type of bond 31, 2016). Vasakronan is jointly owned by the First, Second, Third and instrument where the proceeds will Fourth Swedish National Pension Funds. be exclusively applied to finance Nearly 40 percent of the energy consumed by society is associated with or re-finance in part or in full buildings. Properties have an impact on the environment throughout new and/or existing eligible Green their life cycle, i.e. from project planning, construction and manage- Assets with environmental benefits ment to renovation and demolition. aligned with the four Green Bond Principles (“GBP”), established by Sustainability is a natural and integrated part of Vasakronan’s business and organization. Our sustainability work is comprised of financial, en- the International Capital Market vironmental and social responsibility efforts. These efforts are based on Association (ICMA). the ten principles outlined in the UN Global Compact, internal policies/ guidelines and our Code of Conduct. The work is goal-oriented and long- This document refers to the latest version term. of GBP, which was published in June 2016. Environmental efforts are based on the Precautionary Principle and they are carried out within the scope of the company’s environmental management system, which has been set up in accordance with the ISO 14001 standard.
  • 2019 Annual Report

    2019 Annual Report

    VASAKRONAN 2019 ANNUAL REPORT ANNUAL 2019 VASAKRONAN Annual Report 2019 Contents OVERVIEW Significant events in 2019 2 Statement by the CEO 4 Our business 8 Market and trends 10 Goals and strategies 14 Property management 16 Letting 17 Retail 19 Property development 23 Urban development 25 Our vision is to Ongoing projects 26 create future-proof Future projects 28 Transaction activities 30 cities for everyone, Acquisition in Malmö 31 where people and Financing 32 companies thrive. Magasin X 35 Property holdings 37 REGIONS Our regions 42 Region Stockholm 44 Region Gothenburg 50 Region Malmö 54 Region Uppsala 58 ADMINISTRATION REPORT AND FINANCIAL STATEMENTS Contents financial statements and notes 63 Administration Report 64 Comments to the financial statements 66 Proposed appropriation of profits 78 UPPSALA Notes 79 Risks and risk management 98 STOCKHOLM Corporate Governance Report 102 The Board of Directors and auditors 108 Senior executives 109 Board of Directors signatures 110 GOTHENBURG Auditors’ report 111 SUSTAINABILITY REPORTING Sustainability reporting with GRI Index 116 Climate reporting according to the TCFD 120 Auditor’s statement on the sustainability report 135 Impact Report, green financing 136 MALMÖ Auditor’s statement Impact Report 141 OTHER INFORMATION Targets and fulfilment 142 Quarterly and five-year overview 144 Definitions 148 Addresses, website, calendar and production 148 Sweden’s largest Property value 156 property company SEK billion Energy intensity VASAKRONAN’S ASSIGNMENT is to generate a high, 92 kWh/sq. m. risk-weighted return for our owners the First, Second, Third and Fourth Swedish National Pension Funds, though never at the expense of the environment and Square metres people.
  • MB16 Final Minutes

    MB16 Final Minutes

    ECDC Management Board MB16/Minutes 12 November 2009 Minutes of the Sixteenth Meeting of the ECDC Management Board Warsaw, 24-25 June 2009 Adopted by the Management Board at its Seventeenth meeting, 5-6 November 2009 Table of Contents Page Summary of decisions ............................................................................................. 1 Opening and welcome by the Chair ........................................................................ 2 Keynote address from Mr Adam Fronczak, Under Secretary, Minister of Health, Polish Ministry of Health ........................................................................................ 2 Presentation from Dr Jaroslaw Pinkas, Director, National Institute of Hygiene, Polish National Institute of Public Health .............................................................. 2 Item 1. Adoption of the Draft Agenda (and noting of the Declarations of Interest and proxy voting) (document MB16/2 Rev. 2) ........................................................ 2 Item 2. Adoption of the Draft Minutes of the Fifteenth meeting of the Management Board (Stockholm, 24-25 March 2009) (document MB16/4) ........... 3 Item 9. Director’s Briefing on ECDC’s Main Activities since the last meeting of the Management Board ........................................................................................... 3 Item 10: Technical Briefing on ECDC’s Work in the Influenza A(H1N1)v Pubic Health Emergency ..................................................................................................
  • The USE-IT Project Journal #1

    The USE-IT Project Journal #1

    December 2017 Author: Zeno Winkels UIA Expert The FED Project Journal N°1 Project led by the City of Gothenburg The FED project With this project, the city of Gothenburg aims to develop, demonstrate and replicate a novel district level energy system, integrating electric power, as well as heating and cooling. This solution embraces and enhances the use of technologies such as PVs, heat-pumps and wind into a larger system. To overcome the main challenges, the proposed solution contains advancements in system development and operation, business logistics, legal framework as well as stakeholders’ acceptance. The FED solutions consists of three cornerstones: FED demonstrator area – The selected demonstration is located at a campus with about 15 000 end-users. It has a well-balanced set of property owners, energy infrastructure, and users, including prosumers as well as buildings with different needs and usage profiles. The area is exempted from the law of concession for electricity distribution, providing the opportunity to test and validate a local energy market. The prerequisites to optimize the use of primary and secondary energy using intermediate storage are well developed, as they are for generation, storage and distribution. FED System solution – Our solution will optimise the use of low-grade energy to replace primary energy. Adding fossil-free energy sources while optimising different buildings usage profiles; one building’s energy needs will be balanced with the surplus of another. Intermediate storage, fundamental to be a success, consists of heating/cooling storage in the building’s structure, accumulation tanks or geothermal heat pumps, and batteries for electricity.
  • Annual Report on Annual Reports 2010

    Annual Report on Annual Reports 2010

    Annual Report on Annual Reports 2010 Annual Report on Annual Reports 2010 Ranking How reports are rated ...................................................................................................................................................... 3 Global top 300 annual reports .......................................................................................................................................... 4 200 reports ranking under .............................................................................................................................................. 17 How is your report doing? The report scan .................................................................................................................... 20 Who ranks where? .......................................................................................................................................................... 21 AR Q&A ........................................................................................................................................................................... 31 How reports were selected, scored, rated ..................................................................................................................... 35 The report rating panel ................................................................................................................................................... 38 e.com - ReportWatch .....................................................................................................................................................
  • MINISTRSTVO ZA JAVNO UPRAVO Tržaška Cesta 21, 1000 Ljubljana T: 01 478 83 30 F: 01 478 83 31 E: Gp.Mju@Gov.Si

    MINISTRSTVO ZA JAVNO UPRAVO Tržaška Cesta 21, 1000 Ljubljana T: 01 478 83 30 F: 01 478 83 31 E: [email protected]

    REPUBLIKA SLOVENIJA MINISTRSTVO ZA JAVNO UPRAVO Tržaška cesta 21, 1000 Ljubljana T: 01 478 83 30 F: 01 478 83 31 E: [email protected] www.mju.gov.si Številka: 007-745/2016/102 Ljubljana, 27. 11. 2017 EVA 2015-3130-0011 GENERALNI SEKRETARIAT VLADE REPUBLIKE SLOVENIJE [email protected] ZADEVA: Zakon o stvarnem premoženju države in samoupravnih lokalnih skupnosti – predlog za obravnavo 1. Predlog sklepov vlade: Na podlagi drugega odstavka 2. člena Zakona o Vladi Republike Slovenije (Uradni list RS, št. 24/05 – uradno prečiščeno besedilo ter 109/08, 55/09, 38/10-ZUKN, 8/12, 21/13, 47/13-ZDU-1G in 65/14) je Vlada Republike Slovenije na ..... redni seji dne ..... sprejela SKLEP Vlada Republike Slovenije je določila besedilo predloga Zakona o stvarnem premoženju države in samoupravnih lokalnih skupnosti v predloženem besedilu ter ga pošlje Državnemu zboru Republike Slovenije v obravnavo in sprejem po rednem zakonodajnem postopku v skladu s Poslovnikom državnega zbora. mag. Lilijana KOZLOVIČ GENERALNA SEKRETARKA Prejmejo: Državni zbor Republike Slovenije, vsa ministrstva, Generalni sekretariat Vlade Republike Slovenije, Služba Vlade Republike Slovenije za zakonodajo, Urad Vlade Republike Slovenije za komuniciranje. 2. Predlog za obravnavo predloga zakona po nujnem ali skrajšanem postopku v državnem zboru z obrazložitvijo razlogov: (Navedite razloge, razen za predlog zakona o ratifikaciji mednarodne pogodbe, ki se obravnava po nujnem postopku – 169. člen Poslovnika državnega zbora.) 3.a Osebe, odgovorne za strokovno pripravo in usklajenost gradiva: – Boris Koprivnikar, minister za javno upravo, – Ksenja Klampfer, državna sekretarka, Ministrstvo za javno upravo, – Uroš Korošec, generalni direktor, Ministrstvo za javno upravo, – Tatjana Hudobivnik, namestnica generalnega direktorja, Ministrstvo za javno upravo, – Tatjana Hočevar Kerševan, sekretarka, Ministrstvo za javno upravo, – Maja Nikolić Pogačar, sekretarka, Ministrstvo za javno upravo, – Marija Petek, podsekretarka, Ministrstvo za javno upravo.
  • Akademiska Hus AB 4 January 2019 Update to Discussion of Key Credit Factors

    Akademiska Hus AB 4 January 2019 Update to Discussion of Key Credit Factors

    CORPORATES CREDIT OPINION Akademiska Hus AB 4 January 2019 Update to Discussion of Key Credit Factors Update Summary The P-1 short-term rating of Akademiska Hus AB (Akademiska) reflects its association with the Swedish Government and its key role as the main provider of educational and research facilities to Swedish universities. The rating also reflects (1) the stability of the state-funded Swedish higher education sector; and (2) our expectation of extraordinary RATINGS government support, given the company's 100% ownership by the state. The company's Akademiska Hus AB well-established track record of excellent access to local and international debt capital Domicile Sweden markets, its long history of stable operating performance and very strong fixed-charge Long Term Rating Not Available coverage are additional credit strengths. Counterbalancing these strengths are (1) the Type Not Available Outlook Not Available company's heavy but improving reliance on short-term debt, and (2) its vulnerability to potential changes in government policy. Please see the ratings section at the end of this report for more information. The ratings and outlook shown Credit strengths reflect information as of the publication date. » Benefits from the stability and importance of the Swedish higher education sector, which is state-funded by a Aaa sovereign Contacts » Dominant market position as the key provider of campus facilities for Swedish universities Maria Gillholm +46.8.5025.6550 and a long history of stable operating performance VP-Sr Credit Officer