Public corporations, accounts, 2005-2010

Public non-financial corporations achieved some NOK 427 billion profit before tax in 2010. This is about 35.0 per cent of the operating income. The corresponding figures for 2009 were NOK 354 billion and 33.7 per cent respectively.

The high profit is mainly attributed to the mining and quarrying, which contributed about NOK 296 billion to the profit before tax, or just slightly more than 69 per cent. SDFI and Statoil ASA dominate this industry.

The electricity, gas, steam and air conditioning supply had a good year in 2010. The profit before tax was NOK 60.2 billion and the net profit for the year was NOK 40.6 billion.

The transportation, storage, information and communication industry achieved a profit before tax of just over NOK 60 billion and a net profit of just over NOK 52 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 per cent of the total profit before tax or about NOK 427 billion. SDFI alone accounted for about NOK 99 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. The local government enterprises achieved some NOK 20.6 billion surplus.

Moderate increase in asset value

Public non-financial corporations’ total assets’ value amounted to NOK 2 839 billion at the end of 2010. This was an increase of about NOK 387 billion from the previous year. The value of the fixed assets increased by 12.8 per cent, while the value of the current assets relating to sales of goods and services decreased by 28.3 per cent.

However, most of the capital is located in a small number of companies. Approximately 50 corporations contributed about 76 per cent of the total assets. Each of these corporations has an asset value of more than NOK 7 billion. Thirteen of these capital-intensive enterprises are owned by local government and all of these are located in the electricity, gas, steam and air conditioning supply industry and one is in real estate.

Financial situation

The public non-financial corporations had a relatively stable financial structure in the period 2005 to 2010. The equity ratio was about 43 per cent in 2010.

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 0.82 in 2009 to 0.85 in 2010. 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 138 000 people were employed by public non-financial corporations at the end of 2010. This was a decrease of around 624 employees from 2009.

Central government corporations had the largest number of employees and some 81 000 people were employed at the end of 2010. This was an increase of about 1 300 persons from 2009. Statoil ASA and Posten Norge AS are the major employers.

Central government quasi-corporations had a modest increase in the number of employees, and employed 1 844 at the end of 2010.

Employment in the local government owned enterprises recorded a decrease, and employed some 55 000 at the end of 2010.

¹The accounting figures are collected from Petoros AS Annual Accounting Report for 2010.

Tables:

• Table 1 Public non-financial corporations. Income statement. Selected accounting figures. NOK million and per cent. 2005-2010
• Table 2 Public non-financial corporations. Balance sheet. Selected accounting figures. NOK million and per cent. 2005-2010
• Table 3 Public non-financial corporations. Income statement and balance sheet, by section. Selected accounting figures. NOK million. 2010*
• Table 4 Public non-financial corporations, with out central government enterprises. Selected key figures. 2005-2010
• Table 5 Central government corporations. Income statement. Selected accounting figures. NOK million and per cent. 2005-2010
• Table 6 Central government corporations. Balance sheet. Selected accounting figures. NOK million and per cent. 2005-2010
• Table 7 Central government corporations. Selected key figures. 2005-2010
• Table 8 Central government quasi- corporations. Income statement. Selected accounting figures. NOK million and per cent. 2005-2010
• Table 9 Central government quasi- corporations. Income statement. Selected accounting figures. NOK million and per cent. 2005-2010
• Table 10 Local government owned enterprises. Income statement. Selected accounting figures. NOK million and per cent. 2005-2010
• Table 11 Local government owned enterprises. Balance sheet. Selected accounting figures. NOK million and per cent. 2005-2010
• Table 12 Local government owned enterprises. Selected key figures. 2005-2010