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Oil and gas still largest contributor to higher profits
statistikk
2014-09-01T10:00:00.000Z
Public sector;Public sector
en
offregn, Public corporations, accounts, central government corporations, local government corporations, central government quasi-corporations, profit and loss account, balance sheet, accounts by industryLocal government finances , Central government finances , Public sector
false
The statistics include all market non-financial corporations in which either the central government or municipalities/county municipalities directly or indirectly own more than 50 per cent of the shares. These include all companies incorporated by special legislation as well as central government market entities.Central and local governments are mainly engaged in the following types of corporations: private limited companies and public limited companies, including public corporations, central and local government market entities, so-called quasi-corporations and ompanies incorporated by special legislation.

Public corporations, accounts2007-2012

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Oil and gas still largest contributor to higher profits

Public non-financial corporations achieved a profitable account in the 2012 fiscal year. The high profit is mainly attributed to enterprises involved in mining and quarrying. Corporations involved in information and communication, electricity, gas, steam and air conditioning supply also achieved high profits.

Public non-financial corporations, with out central government enterprises. Selected key figures.
201220112010
Operating profit margin. Per cent24.9223.9822.13
Operating margin. Per cent36.0331.0232.40
Return on total assets. Per cent0.180.1614.52
Return on equity. Per cent18.1715.8516.10
Equity ratio. Per cent0.460.4242.76
Current ratio0.870.880.84
Ratio of fixed assets to long term capital1.041.041.06
Debt-to-equity ratio1.191.361.34

The high profit is mainly attributed to the mining and quarrying industry, which contributed about NOK 457 billion to the profit before tax, or just slightly more than 79.6 per cent. SDFI (State's Direct Financial Interest) and Statoil ASA dominate this industry.

The electricity, gas, steam and air conditioning supply had a good year and achieved NOK 37.1 billion in profit before tax and about NOK 24.9 billion in net profit for the year.

The information and communication industry achieved a profit before tax of NOK 56 billion and a net profit of just over NOK 53 billion. Transportation and storage realised profit before tax of NOK 6.8 billion and just slightly less than NOK 3.6 billion in net profit. The major corporations in this industry include Telenor ASA, Posten Norge AS and Norges Statsbaner AS.

Central government corporations have highest profits

Central government corporations and central government quasi-corporations together accounted for some 96 per cent of the total profit before tax or about NOK 553 billion. SDFI alone accounted for NOK 143 billion (The accounting figures are taken from Petoros AS Annual Accounting Report for 2012). Other major business units included Statoil ASA, Statkraft SF and Telenor ASA.

Local government enterprises achieved profits of NOK 12.7 billion.

Increase in asset value

Public non-financial corporations’ total assets value amounted to NOK 3 028 billion at the end of 2012. This was an increase of about NOK 111 billion from the previous year. The value of the fixed assets increased by 6.3 per cent, while the value of the current assets relating to sales of goods and services increased by 4.9 per cent.

However, most of the capital is located in a small number of companies. Approximately 50 corporations contributed more than three quarters of the total assets. Each of these corporations has an asset value of more than NOK 7 billion. Twelve of these capital-intensive enterprises are owned by local government and all of these are within the electricity, gas, steam and air conditioning supply industry.

The financial situation

The public non-financial corporations had a relatively stable financial structure in the period 2007 to 2012. The equity ratio was about 45.6 per cent in 2012.

Furthermore, the ratio of fixed assets to long-term capital has been relatively stable and was about 1 during the period. In other words, fixed assets have been financed by long-term capital. The debt-equity ratio has been relatively stable.

The current ratio increased from 0.88 in 2011 to 0.87 in 2012. This means that the current assets are lower than the current liabilities. The figures do not necessarily illustrate the enterprises’ liquidity and therefore require careful consideration.

Central government quasi-corporations have been excluded here because the equity in these corporations cannot be compared with other public corporations.

Public ownershipOpen and readClose

Both the central and the local government have a significant ownership interest in Norwegian business and industry. The public companies vary with regard to economic activity. The level of ownership varies from holdings in large listed corporations to small fully-owned enterprises. The corporations are involved in activities such as mining and quarrying, energy supply, transport, real estate operations and rehabilitation. Mining and quarrying is the dominating business area and includes the State’s Direct Finance Investment (SDFI) and Statoil ASA among others. Corporations in the transportation and storage industry are the largest employers. These industries include Posten Norge AS and Norges Statsbaner AS.

DevelopmentOpen and readClose

All in all, there were slightly more than 3 150 public non-financial corporations for which Statistics Norway could obtain accounting data for in 2012. Furthermore, Statistics Norway could not obtain accounting data for just over 100 public corporations. The changes could be attributed to various reasons.

Some central government and local government business units are also reclassified as management. As this continues from one year to another, many public corporations may reclassify and as a result no longer be included in the statistics for the public non-financial corporations.