THE STATE’S OWNERSHIP REPORT 2007 Table of contents The Norwegian State Ownership Report 2007 comprises 52 companies in which the ministries administer the State’s direct ownership interests. The report covers the companies where the State as owner mainly has commercial objectives and the most important companies with sectoral policy objectives. PAGE PAGE PAGE The State’s Ownership Report 2007 3 CATEGORY 2 CATEGORY 4 Foreword by the Minister 4 Companies with commercial Companies with sectoral policy objectives The Year 2007 for the State as Shareholder 6 objectives and ensuring head office Avinor AS 74 Rates of return and values 12 functions in Norway Bjørnøen AS 75 Financial development of the companies 20 Cermaq ASA 55 Enova SF 76 Other factors 27 DnB NOR ASA 56 Gassco AS 77 The State’s management Kongsberg Gruppen ASA 57 Itas amb AS 78 of it’s ownership stakes 33 Nammo AS 58 Kings Bay AS 79 External articles Norsk Hydro ASA 59 Kompetansesenter for IT i – StatoilHydro: A dynamic StatoilHydro ASA 60 helse- og sosialsektoren AS 80 new company 36 Telenor ASA 61 Norsk Eiendomsinformasjon AS 81 – The Kongsberg Group’s work on Yara International ASA 62 Norsk Rikskringkasting AS 82 corporate social responsibility 38 Aker Holding AS1 63 Norsk Samfunnsvitenskapelig – Corporate governance and datatjeneste AS 83 business economics outside Norsk Tipping AS 84 the Oslo Stock Exchange 40 Petoro AS 85 CATEGORY 3 Simula Research Laboratory AS 86 Companies with commercial SIVA SF 87 objectives and other specific, Statnett SF 88 CATEGORY 1 defined objectives Statskog SF 89 Companies with BaneTele AS 64 Uninett AS 90 commercial objectives Electronic Chart Centre AS 65 Universitetssenteret på Svalbard AS 91 Argentum Fondsinvesteringer AS 46 Kommunalbanken AS 66 AS Vinmonopolet 92 Baneservice AS 47 NSB AS 67 Gassnova SF1 93 Eksportfinans ASA 48 Posten Norge AS 68 Innovasjon Norge1 94 Entra Eiendom AS 49 Statkraft SF 69 Norfund1 95 Flytoget AS 50 Store Norske Spitsbergen Mesta AS 51 Kulkompani AS 70 SAS AB 52 Veterinærmedisinsk Oppdragssenter AS 71 Venturefondet AS 53 Regional health enterprises Secora AS1 54 Helse Midt-Norge RHF 98 Helse Nord RHF 99 Helse Sør-Øst RHF 100 Helse Vest RHF 101 Contact details 103 Comments and definitions 104 1 Not categorised in Report no. 13 (2006-2007) to the Storting Front cover photo: © Norsk Hydro ASA THE STATE’S OWNERSHIP REPORT 2007 The State Ownership Report 2007 The State Ownership Report provides an overview of State ownership, the administration of this ownership and the development of the companies. The report is meant to increase knowledge both about how the ministries administer State ownership and the individual companies. The 2007 Ownership Report is divided into two main sections. This division of the companies accords with the categorisation The first section contains overviews of the previous year and of companies in which the State owns a stake in Report no. articles relating to State ownership. The second section con- 13 (2006-2007) to the Storting – An active and long-term tains descriptions of the individual companies. ownership1. The companies in this Ownership Report are divided into four In addition to the printed Norwegian and English versions, the categories depending on the objective of State ownership: State Ownership Report 2007 and past editions of the report are also available on the Internet: www.ownershipreport.net. 1. Companies with commercial objectives 2. Companies with commercial objectives and ensuring The report is up to date as at 31 March 2008. head office functions in Norway 3. Companies with commercial objectives and other specific, defined objectives 1 The Report also includes Aker Holding AS, Gassnova SF, Innovasjon Norge, Norfund and Secora 4. Companies with sectoral policy objectives AS. These companies were not categorised in Report no. 13 (2006-2007) to the Storting. Main figures for the companies referred to in the State’s Ownership Report 2007 Non-listed Companies with sectoral Listed companies policy objectives Mill. NOK companies (categories 1-3) 1 (category 4) 2 Total State ownership share - value 3 570 805 74 353 645 158 Weighted rate of return past year 4 13% Profit (loss) 5 103 120 10 504 2 948 116 572 Weighted return on equity 6 27% 14% Dividend 7 25 385 7 977 793 34 154 Sales proceeds 5 716 0 0 5 716 Capital contribution, share purchases 0 -4 803 -545 -5 348 1 Includes Secora AS and Aker Holding AS, which were not included in Report no. 13 4 Change in market value plus received dividend and including the increase in value of the (2006–2007) to the Storting. dividend. The return is weighted in relation to the value of the State’s shareholding as at 2 Includes the regional health authorities, Gassnova SF, Innovasjon Norge and Norfund. Gassnova 31 December 2007. SF, Innovasjon Norge and Norfund were not included in Report no. 13 (2006–2007). The 5 Profit after tax and minority interests. The results are the deviation of the regional health results of the regional health authorities are the deviation from the performance requirement authorities from the performance requirement set by the Ministry of Health and Care Services. set by the Ministry of Health and Care Services. 6 Weighted in relation to the State’s share of the book equity less minority interests as at 3 For listed companies the values are based on market prices at 31 December 2007 and the 31 December 2007. number of shares owned by the state at the same time. The value of the State’s ownership 7 Dividend payable to the State that has been set aside for the 2007 financial year and will be interest in Aker Holding AS was calculated with market prices for Aker Solutions ASA as at disburst in 2008. 31 December 2007 and the State’s indirect ownership interest in Aker Solutions ASA at the same time. For the unlisted companies with commercial objectives book equity less minority interests as at 31 December 2007 was used. 3 THE STATE’S OWNERSHIP REPORT 2007 Foreword by the Minister !RGENTUM&ONDSINVESTERINGER!3s"ANESERVICE!3s%KSPORTFINANS!3!s%NTRA%IENDOM!3s&LYTOGET!3s-ESTA!3s3!3!"s 6ENTUREFONDET!3s3ECORA!3s#ERMAQ!3!s$N"./2!3!s+ONGSBERG'RUPPEN!3!s.AMMO!3s.ORSK(YDRO!3!s 3TATOIL(YDRO!3!s4ELENOR!3!s9ARA)NTERNATIONAL!3!s!KER(OLDING!3s"ANE4ELE!3s%LECTRONIC#HART#ENTRE!3s +OMMUNALBANKEN!3s.3"!3s0OSTEN.ORGE!3s3TATKRAFT3&s3TORE.ORSKE3PITSBERGEN+ULKOMPANI!3s 6ETERINRMEDISINSK/PPDRAGSSENTER!3s!VINOR!3s"JRNEN!3s%NOVA3&s'ASSCO!3s)TASAMB!3s+INGS"AY!3s +OMPETANSESENTERETFOR)4IHELSE OGSOSIALSEKTOREN!3s.ORSK%IENDOMSINFORMASJON!3s.ORSK2IKSKRINGKASTING!3s .ORSKSAMFUNNSVITENSKAPELIGDATATJENESTE!3s.ORSK4IPPING!3s0ETORO!3s3IMULA2ESEARCH,ABORATORY!3s3)6!3&s 3TATNETT3&s3TATSSKOG3&s5NINETT!3s5NIVERSITETSSENTERETPÍ3VALBARD!3s!36INMONOPOLETs'ASSNOVA3&s )NNOVASJON.ORGEs.ORFUNDs(ELSE-IDT .ORGE2(&s(ELSE.ORD2(&s(ELSE3R ST2(&s(ELSE6EST2(& © StatoilHydro ASA © StatoilHydro 4 THE STATE’S OWNERSHIP REPORT 2007 ”The State is the largest shareholder in Norwegian industry.” State ownership is important and involves many people. We s 4HELARGESTMERGERINTHEHISTORYOF.ORWAYWASCARRIEDOUT need debate and involvement in how common resources can between Statoil and Norsk Hydro’s oil and gas division. be administered to best benefit society as a whole. s Another momentous event was the establishment of Aker The State is the largest shareholder in Norwegian industry. Holding AS, ensuring long-term industrial ownership of Aker Many of the companies the State has a stake in administer 3OLUTIONS!3!FORMERLY!KER+VRNER!3! ,IKETHE3TATOIL(Y- major assets ensuing from common natural resources or own dro merger, this meant that the State in its capacity as owner and operate infrastructure that ought to be publicly owned. took crucial steps to maintain and promote Norwegian value Many companies also represent world-leading expertise and creation, expert environments and jobs in the long term. play an important role in maintaining innovative, competitive s )N*UNE THE'OVERNMENTPUBLISHEDTHEDOCUMENTThe industry and processing in Norway. It is therefore essential that Government’s Ownership Policy for the first time. Here the the companies are managed from a head office in Norway and Government explains in more detail which factors the State that the companies perform a large part of their research and gives priority to in exercising its ownership and what expec- development work in Norway. State ownership also generates tations the State as owner has of the individual companies. considerable revenues for the Norwegian welfare state in the One of my main priorities now will be following up the compa- form of dividends from the companies. nies’ efforts to assume their corporate social responsibility. In The State must be a predictable, active, responsible and both the Ownership Report and the Government’s Ownership professional owner. As a predictable owner, we communicate Policy, the Government makes it clear that the companies the our expectations to the companies and aim to be consistent. State has a stake in must operate with high ethical standards As an active owner, we make sure that strategically good deci- and be aware of their responsibilities and influence. I have sions are made and that the companies constantly adapt. As a seen firsthand just how far many companies have come. responsible owner, we think in the long term and are aware of In spring 2008 the Ministry of Trade and Industry has held the corporate social responsibility the companies have or can meetings with most of “its” companies focusing on how they assume in various different situations. As a professional owner, handle their corporate social responsibility. we behave correctly in all our relations with our companies Norwegian companies generally behave responsibly, but and anyone else we have contact with. The Government gives there are constant reminders that some aspects are still not priority to living up to these ideals.