Public corporations, accounts, 2004-2009

Public non-financial corporations achieved some NOK 357 billion profit before tax in 2009. This is about 34.0 per cent of the operating income. The corresponding figures for 2008 were NOK 469 billion and 36.6 per cent respectively.

The high profit is mainly attributed to the mining and quarrying, which contributed about NOK 283 billion to the profit before tax, or just little over 79 per cent. SDFI and Statoil ASA dominate this industry.

The electricity, gas, steam and air conditioning supply had a good year in 2009. The profit before tax was NOK 49.3 billion and the net profit for the year was NOK 33.9 billion.

The transportation, storage, information and communication industry achieved a profit before tax of just over NOK 21 billion and a net profit of slightly less than NOK 16 billion. The major corporations in this industry include Telenor ASA, Posten Norge AS and Norges Statsbaner AS.

Central government corporations with highest profit

Central government corporations and central government quasi-corporations together accounted for some 92.5 per cent of the total profit before tax or about NOK 330 billion. SDFI alone accounted for about NOK 100 billion¹. The major business units included Statoil ASA, Statkraft SF and Telenor ASA.

For local government, electricity, gas, steam and air conditioning supply enterprises were most profitable.

Moderate increase in asset value

Public non-financial corporations’ total assets value amounted to NOK 2 494 billion at the end of 2009. This was an increase of about NOK 103 billion from the previous year. The value of the fixed assets increased by 7.1 per cent, while the value of the current assets relating to sales of goods and services decreased by 5.9 per cent.

However, most of the capital is located in a small number of companies. Approximately 50 corporations contributed about 75 per cent of the total assets. Each of these corporations has an asset value of more than NOK 6 billion. Twelve of these capital-intensive enterprises are owned by local government, eleven are located in the electricity, gas, steam and air conditioning supply industry and one is in real estate.

The financial situation

The public non-financial corporations had a relatively stable financial structure in the period 2004 to 2008. This however, increased in 2009. Since 2003, the equity ratio has been around 41 per cent and was 44 per cent in 2009.

Furthermore, the ratio of fixed assets to long-term capital has been relatively stable and was about 1. 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 0.76 per cent in 2008 to 0.89 per cent in 2009. 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.

Employment

Some 137 000 people were employed by public non-financial corporations at the end of 2009. This was a decrease of around 620 employees from 2008.

Central government corporations had the largest number of employees and some 80 000 people were employed at the end of 2009. Statoil ASA and Posten Norge AS are the major employers.

Central government quasi-corporations had a modest increase in the number of the employees and employed some 1 770 at the end of 2009.

Employment in the local government owned enterprises continues to be on the increase and employed about 56 000 at the end of 2009.

Tables:

• Table 1 Public non-financial corporations. Income statement. Selected accounting figures. 2004-2009. NOK million and per cent
• Table 2 Public non-financial corporations. Balance sheet. Selected accounting figures. 2004-2009. NOK million and per cent
• Table 3 Public non-financial corporations. Income statement and balance sheet by section. Selected accounting figures. 2009*. NOK million
• Table 4 Public non-financial corporations, with out central government enterprises. Selected key figures. 2004-2009
• Table 5 Central government corporations. Income statement. Selected accounting figures. 2004-2009. NOK million and per cent
• Table 6 Central government corporations. Balance sheet. Selected accounting figures. 2004-2009. NOK million and per cent
• Table 7 Central government corporations. Selected key figures. 2004-2009
• Table 8 Central government quasi- corporations. Income statement. Selected accounting figures. 2004-2009. NOK million and per cent
• Table 9 Central government quasi- corporations. Income statement. Selected accounting figures. 2004-2009. NOK million and per cent
• Table 10 Local government owned enterprises. Income statement. Selected accounting figures. 2004-2009. NOK million and per cent
• Table 11 Local government owned enterprises. Balance sheet. Selected accounting figures. 2004-2009. NOK million and per cent
• Table 12 Local government owned enterprises. Selected key figures. 2004-2009