NARI_9478_2004_omslag 05-06-30 16.39 Sida 1 Photo: Matt Anker / Getty Images Annual Report State-owned Companies 2004 Annual Report State-owned Companies 2004 This report can be ordered via fax +46 8 21 57 99 or via internet at web address: www.regeringen.se Item number: N5042 Ministry of Industry, Employment and Communications www.regeringen.se NARI_9478_2004_1_41_ENG 05-06-30 16.43 Sida 1 Annual Report State-owned Companies 2004 NARI_9478_2004_1_41_ENG 05-06-30 16.44 Sida 2 2 CONTENTS Foreword 4 The year in brief 6 State ownership administration 10 The Government’s administration mandate 10 Frameworks and tools 11 State ownership policy 15 Organisation 20 The structural development 22 The state corporate sphere 26 Strong earnings performance for state-owned companies 26 Two groups of companies 28 Companies operating under market conditions 29 Photo: Daniel Jeminen Result improvements and increased investments 30 Companies with special societal interests 33 Increased turnover and result improvements 34 Employees and international activities 37 Future investments 39 State ownership of listed companies 40 Survey of companies 2004 41 A-Banan Projekt AB 42 Akademiska Hus AB 43 ALMI Företagspartner AB 44 Apoteket AB 45 AB Bostadsgaranti 46 A/O Dom Shvetsii 47 Green Cargo AB 48 AB Göta kanalbolag 49 Imego AB 50 IRECO Holding AB 51 Kasernen Fastighets AB 52 Kungliga Dramatiska Teatern AB 53 Kungliga Operan AB 54 Lernia AB 55 Civil Aviation Administration 56 Luossavaara-Kiirunavaara AB, LKAB 57 Nordea Bank AB 58 Norrland Center AB 59 OMX AB 60 Posten AB 61 Samhall AB 62 SAS AB 63 SIS Miljömärkning AB 64 SJ AB 65 Swedish Maritime Administration 66 SOS Alarm Sverige AB 67 NARI_9478_2004_1_41_ENG 05-07-12 09.00 Sida 3 CONTENTS 3 Specialfastigheter Sverige AB 68 Statens Bostadsomvandling AB 69 Statens Väg- och Baninvest AB 70 Stattum, Förvaltningsaktiebolaget 71 Sveaskog AB 72 Swedcarrier AB 73 Swedesurvey AB 74 Swedfund International AB 75 Swedish National Road Consulting AB 76 AB Svensk Bilprovning 77 AB Svensk Exportkredit, SEK 78 Svenska Kraftnät, Affärsverket 79 AB Svenska Miljöstyrningsrådet 80 Photo: ©Nicho Södling / Image Bank Sweden Swedish Space Corporation 81 Swedish Ships Mortgage Bank 82 AB Svenska Spel 83 Svensk-Danska Broförbindelsen AB, SVEDAB 84 Sveriges Bostadsfinansieringsaktiebolag, SBAB 85 SP Sveriges Provnings- och Forskningsinstitut AB 86 Sveriges Rese- och Turistråd AB 87 Systembolaget AB 88 TeliaSonera AB 89 Teracom AB 90 V&S Vin & Sprit AB 91 Vasakronan AB 92 Vasallen AB 93 Vattenfall AB 94 Venantius AB 95 Voksenåsen A/S 96 Companies undergoing restructuring 97 Zenit Shipping AB 97 SAKAB AB 97 A historical review 98 Changes in ownership 101 Accounting principles 102 Definitions and abbreviations 103 Review of companies 104 List of government bills 106 Changes in executive managements and boards 107 Division of responsibility within the Swedish Government Offices for state-owned companies 108 Board members elected by the annual general meeting of shareholders 110 Employee representatives 116 Report dates for state-owned companies 117 Addresses 118 State-owned companies and financial targets 120 NARI_9478_2004_1_41_ENG 05-06-30 16.44 Sida 4 4 FOREWORD Foreword The state corporate group is an asset for Sweden. The companies carry out activities of great value for society and citizens. Their dividend provides an important contribution to the state budget. The holdings include companies that manage important national assets, forests, iron ore and hydroelectric power. Over 200,000 people are employed in the state-owned companies. Many people therefore depend on these companies to offer healthy and stimulating work- places. A corporate group of this size is important for prosperity and growth in the whole of Sweden. Some achievements by the state corporate group deserve SEK 31.6 billion in 2004. SEK 17.2 billion of this profit is paid special mention. LKAB has produced an investment pro- to the state in the form of dividend. The rest will remain in gramme totalling SEK 18 billion. New main levels in the the companies as investments in the future. Good results mines in Malmfälten will mean a lot for the development of provide a good basis for development and confidence in the the whole of Norrbotten. SBAB is continuing to take a lead future in the state-owned companies. The current levels of in the mortgage market leading to better terms for all mort- performance make it very attractive for the Swedish people gage customers in Sweden. Vattenfall has decided to build to retain ownership of these companies. the largest wind park in Sweden to date. This is an important The Government is pursuing a forward-looking ownership step on the road to more sustainable energy provision. policy. Recently, new steps have been taken with regard to Posten AB has the most reliable deliveries in Europe. the tasks and composition of boards, transparent accounting The overall picture of the state-owned companies is bright. and terms of remuneration for leading executives. The Last year’s results were record-breaking. Net profit was Business Confidence Commission appointed by the Govern- ment has produced a code of conduct for Swedish business. Photo: Frida Hedberg The Code has now been completed and will be applied by Stockholmsbörsen from 1 July 2005. The principles and content of the code agree well with the approach that characterises government ownership policy. The Code will be incorporated in the ownership control framework. The Government will continue the work of developing the state-owned companies in setting good examples and leading the way. The state-owned companies have an important role for transition and development in Sweden. Stockholm 26 May 2005 Göran Persson Thomas Östros NARI_9478_2004_1_41_ENG 05-06-30 16.45 Sida 5 FOREWORD 5 Photo: Peter Lydén Photo: Magnus Fond NARI_9478_2004_1_41_ENG 05-06-30 16.45 Sida 6 6 THE YEAR IN BRIEF Important events 2004 Svenska Spel contributed a billion to sport Akademiska Hus purchases properties Gaming activities in Sweden have contributed to financing sport for many In 2004, Akademiska Hus has acquired two properties from Jern- years. In 2004, this collaboration meant husen for a purchase price of SEK 91m. The properties are strategi- that over SEK 1 billion of Svenska Spel’s cally located in one of Europe’s most research-intensive areas between profit could be given directly to sport Stockholm University, the Royal Institute of Technology and Karolinska through a grant to the Swedish Sports Institute. Confederation. Photo: Peter Lydén Photo: Elisabeth Ohlson Wallin Growing most quickly Government Bill on Green Cargo Lernia Bemanning is Sweden’s fastest growing company. This was In June 2004, the Swedish parliament, the Riksdag adopted the Govern- confirmed in May when Ahren’s ment Bill on Green Cargo. The Government decided in March 2005 on growth list for 2004 was presented a capital contribution of SEK 600m to Green Cargo. At the same time by Ahrens and Svenska Dagbladet. Green Cargo is developing collaboration with the German DB and Railion. NARI_9478_2004_1_41_ENG 05-06-30 16.46 Sida 7 THE YEAR IN BRIEF 7 NASA at Esrange Assistance for the The U.S. space corporation NASA will use Tsunami disaster Esrange near Kiruna as a base for launching its largest research balloons. Esrange’s balloon The state-owned companies ramp will therefore be reconstructed to twice have made extensive contribu- the size. tions to assist those affected by the Tsunami disaster in Asia. A number of companies have made contributions to different aid organisations. Dramaten and Operan have given benefit per- formances to help those affected. 5.3 million calls Apoteket’s “24-hour” customer centre is now receiving 5.3 million calls from customers each year. Photo: copy Esrange bildarkiv “Silesia’s Oscar” to Vattenfall Vattenfall Poland earned two important awards in early 2004. The first prize, “For those who change Polish indus- try”, was awarded to Vattenfall Polen with the motivation “an active and reliable investor who has established new standards in the Swedish sector and which takes social and environmental responsibility in its operations”. The second award, “Silesia’s Oscar”, is a regional prize for the most active business and community leaders in Silesia and was awarded to Vattenfall Polen for its economic develop- ment project for Upper Silesia, a project that has had very Award for good reporting positive effects on society and the environment. Vattenfall and Vasallen were awarded a prize in 2004 for good reporting in connection with the Faster vehicle Ministry of Industry, Employment and Commu- nication’s seminar Genomlyst2004. Vasallen’s inspection annual report was considered by a jury to be a 2004 was the year when high-quality, reality-based document at the the queues disappeared same time as Vattenfall’s report was praised for at Bilprovningen. With its good legibility and level of ambition. changes such as providing Genomlyst aims to further enhance the quality appointments on the test notice and changed test of reporting by state-owned companies. Photo: A&D Studios periods, Bilprovningen was able to carry out 5,512,552 tests during the year. NARI_9478_2004_1_41_ENG 05-07-06 11.52 Sida 8 8 THE YEAR IN BRIEF Photo: Dan Coleman Vasallen takes part in a major property transaction In 2004, Vasallen carried out the company’s largest property transaction. This took place by the sale of Campus in Östersund, Garniso- nen in Linköping and I17-Parken in Uddevalla to Acta Kapitalförvaltning. The transaction amounted to approximately SEK 1.5 billion. Vasallen also sold the former air base F18 in Tullinge to Peab. It is planned to build a new district in Tullinge, Riksten, with approximately 500 dwellings and 1,000 workplaces. Broadband to another 350,000 households In 2004, Teracom has entered into a contract with Bredbands- bolaget for broadband services covering over 350,000 house- holds.