TH E S T A TE THE STATe’S ’ S OWN OWNERSHIP REPORT E R S H I P R 2008 E POR T 2008 Ministry of Trade and Industry P.O. Box 8014 Dep NO-0030 Oslo Visiting address Einar Gerhardsens plass 1 Telephone +47 22 24 90 90 Fax +47 22 24 01 30 E-mail [email protected] Internet www.regjeringen.no/nhd www.ownershipreport.net K-0711 E Omslag2008_Engelsk.indd 1 02-07-09 11:28:07 Contents The 2008 State ownership report comprises 52 companies in which the State has an ownership interest and in which this ownership is managed directly by the ministries. The report includes the companies where the State in its role as an owner has mainly commercial objectives, as well as the key companies with sector-policy objectives. Page Page Page The 2008 State ownership report 3 CATEGORY 2 CATEGORY 4 Introduction by the Minister 4 Companies with commercial Companies with sectoral policy State ownership in 2008 5 objectives and ensuring head office objectives Return and values 10 functions in Norway Avinor AS 68 The companies’ economic Aker Holding AS 48 Bjørnøen AS 69 development 16 Cermaq ASA 49 Enova SF 70 Other matters 21 DnB NOR ASA 50 Gassco AS 71 Management of the State ownership 27 Kongsberg Gruppen ASA 51 Gassnova SF 72 Corporate social responsibility 30 Nammo AS 52 Innovasjon Norge 73 External contributions Norsk Hydro ASA 53 Itas amb AS 74 Widar Salbuvik: StatoilHydro ASA 54 Kings Bay AS 75 – Board work in times of crisis 34 Telenor ASA 55 Kompetansesenter for IT i Arne Jon Isachsen: Yara International ASA 56 helse- og sosialsektoren AS 76 – The financial crisis 36 Norfund 77 Norsk Eiendomsinformasjon AS 78 Norsk Rikskringkasting AS 79 CATEGORY 3 Norsk samfunnsvitenskapelig CATEGORY 1 Companies with commercial datatjeneste AS 80 Companies with commercial and other specific, defined objectives Norsk Tipping AS 81 objectives BaneTele AS 57 Petoro AS 82 Argentum Fondsinvesteringer AS 40 Eksportfinans ASA 58 Simula Research Laboratory AS 83 Baneservice AS 41 Electronic Chart Centre AS 59 SIVA SF 84 Entra Eiendom AS 42 Kommunalbanken AS 60 Statnett SF 85 Flytoget AS 43 NSB AS 61 Statskog SF 86 Mesta AS 44 Posten Norge AS 62 Uninett AS 87 SAS AB 45 Statkraft SF 63 Universitetssenteret på Svalbard AS 88 Secora AS 46 Store Norske Spitsbergen AS Vinmonopolet 89 Venturefondet AS 47 Kulkompani AS 64 Veterinærmedisinsk Oppdragssenter AS 65 Regional health authorities Central Norway Regional Health Authority 92 Northern Norway Regional Health Authority 93 Southern and Eastern Norway Regional Health Authority 94 Western Norway Regional Health Authority 95 Contact information 96 Coverphoto: © Norsk Hydro ASA Special circumstances and definitions 97 Design and production: 07 Gruppen, Oslo Omslag2008_Engelsk.indd 2 02-07-09 11:28:07 THE STATE OWNERSHIP REPORT 2008 The 2008 State’s ownership report The State’s ownership report provides an overview of the State’s ownership, how this is managed and the development of the companies. The report is intended to increase knowledge of both the ministries’ work to manage the state’s ownership and the individual companies. The 2008 State ownership report consists of two main The division of the companies correlates to the categorisation sections. The first contains an overview of the past year and of the companies with state ownership made in Storting White articles pertaining to the State ownership, while the second Paper No. 13 (2006-2007) – An active and long-term describes the individual companies. ownership, with the appendices mentioned in Storting Proposi- tion No. 62 (2007-2008) – Ownership matters pertaining to The companies have been divided into four categories, based Eksportfinans AS, etc., as well as Storting Proposition No. 32. on the objective of the State’s ownership: (2008-2009) – State loans to Eksportfinans ASA. 1. Companies with commercial objectives In addition to the printed editions in Norwegian and English, 2. Companies with commercial objectives and ensuring the 2008 State ownership report and editions of the report head office functions in Norway from previous years are also available online at 3. Companies with commercial and other specific, www.eierberetningen.no. defined objectives 4. Companies with sectoral policy objectives The report is updated as of 31 March 2009. Key figures for the companies in the 2008 State ownership report Million NOK Listed Unlisted companies Companies with Total companies (Categories 1–3) sector-policy objectives (Category 4) 1 Value of state ownership interest 332 611 97 411 430 022 2 Weighted return last year -40 % 3 Profit 65 041 23 600 5 405 94 046 4 Weighted return on equity 16 % 29 % 5 Dividend 15 913 10 473 619 27 005 Sales proceeds 1 347 0 0 1 347 Capital injection/share acq. -17 137 -553 -535 -18 225 1 For listed companies, the value is based on the share price as of 31 December 2008 and the 3 Profit after tax and minority interests. For the regional health authorities, the profit is equal to number of shares held by the State on that date. The value of the State’s ownership in Aker the deviation from the result requirements set by the Ministry of Health and Care Services. Holding AS is calculated using the share price for Aker Solutions ASA on the same date. For 4 Weighted in accordance with the State’s share of the book equity less minority interests as of the unlisted companies with commercial objectives, the book equity less minority interests as 31 December 2007. See also return on page 18. of 31 December 2008 has been used. 5 Dividend to the State allocated for the 2008 fiscal year and disbursed in 2009. May be subject 2 Change in market value plus dividend received and taking into consideration increase in value to changes adopted at the general meeting in the spring of 2009. of the dividend. The dividend is weighted in accordance with the value of the State’s ownership as of 31 December 2007. 3 _Innledning_eng_ombr.indd 3 02-07-09 11:21:35 THE STATE OWNERSHIP REPORT 2008 Introduction by the Minister The Government is pleased that many of our companies operate abroad, also in cultures very different from our own. The expectations for corporate social responsibility increase proportionately with more prominent international presence and influence. We do not want the financial crisis to cause companies to give less priority to efforts in connection with ethics and corporate social responsibility, rather the opposite. The causes of the financial crisis provide ample illustration of why it is so important, both for society in general and the individual enterprises, that the companies and their boards © Scanpix shoulder their social responsibility and act in accordance with basic ethical norms. Bloated incentive systems and the lack of 2008 has been a year less ordinary for both the State and critical approach to the sale of risk products have had private owners. The shift in the Norwegian economy was disastrous consequences for the global economy. How these sudden and brutal, and the autumn brought a steady stream types of issues are handled will be decisive in ensuring of bad news from the international financial crisis. Today, no long-term competitiveness for Norwegian business and one can predict how this will develop, or for how long the industry. The boards of the companies are responsible for recession will last. implementing guidelines and systems which ensure that the company’s social responsibility is handled in the best possible Financial crisis or no, the State remains the largest owner in manner. I expect companies where the State has an ownership Norwegian trade and industry. A large state owner can provide interest to be leaders in corporate social responsibility, and the increased predictability and stability, and serves as a guaran- Government will continue to follow up the efforts of the tee that allows the companies to continue to focus on long- individual companies. I would also like to emphasise that the term value creation even in times such as these, where prices State, in all its ownership decisions and management, places and values fluctuate wildly, making it even harder for business great importance on complying with the division of roles and decision-makers to plan for the future. This is an advantage. responsibilities which follows from corporate legislation and generally accepted principles for corporate management and The financial crisis has also demonstrated that the State can owner control. embrace many forms of collaboration between state and private capital. For example, we have injected additional We must face the fact that it is not possible, nor desirable, to owner’s capital (SAS) and Eksportfinans has been given the keep everything as it once was. While we cannot save all jobs, opportunity to finance its lending by borrowing from the State. it is important to remember that the financial crisis can open In other cases, the State has issued guarantees (GIEK), or up new opportunities if we can adapt and innovate. Our established new fund structures (Finansfondet). The financial ambition can be no less than emerging from the crisis unrest has necessitated more, not less, state intervention. We stronger than before, but this requires that we make the right have also demonstrated that this can be handled in many decisions now. We must retain employee expertise, upgrade different ways, and that the direct ownership is one of many equipment, invest in research and facilitate change and elements. reorganisation. This is exactly the kind of long-term value creation perspective which the State can guarantee. However, even extensive state ownership will not leave us unscathed by the financial crisis, and Norway is not immune to This ownership report provides an overview of Norway’s state global events.