Public corporations, accounts, 1999-2003

The statistics include all market-oriented enterprises in which the central government or municipality/county municipality directly or indirectly owns more than 50 per cent of the share capital. These include all companies incorporated by special legislation as well as central government business management. There were about 2 000 publicly owned companies at the end of 2003.

The public ownership comprises various enterprises, both with regard to economic activity and importance for the Norwegian economy and employment. They are found in different areas and include oil and gas exploration, energy supply, transport, real estate activities and rehabilitation enterprises, among others. Oil and gas is the dominating economic area and includes the SDØE (the State's Direct Financial Interest) and Statoil, among others. Transport and communication is by far the largest employer with approximately 67 000 employees.

Positive financial development

Publicly owned enterprises achieved just over NOK 140 billion in profit before tax in 2003. This is equivalent to a 24.8 per cent pre-tax profit margin. The corresponding figures for 2002 were NOK 105 billion and 19.8 per cent.

During 2003 both state-owned enterprises and central government business management contributed about 92 per cent of the total profit. Extraction of crude oil and natural gas alone constituted about NOK 107 billion, or 76 per cent, of the total. The large profit is mainly attributable to the SDØE, which alone contributed about NOK 62 billion. Other companies that contributed considerably to the profit are Statoil, Telenor, Statkraft and Norsk Tipping.

Other activities that contributed to the large profit were electricity, gas and water supply, transport and telecommunication.

Increasing asset value

The publicly owned enterprises' total asset value was NOK 1 265 billion at the end of 2003. This is NOK 54 billion, or 4.5 per cent, higher than in 2002. The fixed asset value increased by 5.3 per cent, while the current asset value relating to sales of goods and services increased by 0.4 per cent.

There has been a significant increase in financial assets in the period 1999 to 2003 from NOK 367 billion or 30.4 per cent of the total assets in 1999 to NOK 479 billion or 37.8 per cent of the total assets in 2003. This is an increase of 30.5 per cent. The accumulated profit in the SDØE is not included here, but is transferred to the Government Petroleum Fond.

However, the capital is located in a small number of companies. About 70 companies contributed to about NOK 1 000 billion of the assets. On the other hand, about 1 600 companies had less than NOK 100 million of the assets each.

The financial situation

Publicly owned enterprises (excluding central government business management part of the central government as a legal entity) had a relatively stable financial structure in the period 1999 to 2003. If we disregard 2002 the equity ratio has been around 40 per cent. At the same time the fixed assets have mainly been financed by long-term loans.

The current ratio has had a moderate downward development from 1.03 in 1999 to 0.90 in 2003.

The central government business management has been left out here because the equity in these enterprises cannot be compared with other publicly owned enterprises. The central government business management comprises the SDØE, Statens kraftverk and Statsbygg, among others. These enterprises are wholly owned by the state.

Employment

Approximately 143 000 people were employed by publicly owned non-financial enterprises at the end of 2003. This is a decrease of about 15 000 people, or 9.4 per cent, from 1999. The decrease is mainly related to fewer employees in state-owned enterprises. Furthermore, during the period, some large enterprises no longer classify as state-owned enterprises as the ownership interest no longer exceeds 50 per cent.

Tables:

• Table 1 Municipal enterprises. Income statement. Selected accounting figures. 1999-2003. NOK million and per cent
• Table 2 Municipal enterprises. Balance sheet. Selected accounting figures. NOK million and per cent. 1999-2003.
• Table 3 Municipal enterprises. Selected key figures. 1999-2003
• Table 4 Other state enterprises. Income statement. Selected accounting figures. 1999-2003. NOK million and per cent
• Table 5 Other state enterprises. Balance sheet. Selected accounting figures. 1999-2003. NOK million and per cent
• Table 6 Other state enterprises. Selected key figures. 1999-2003
• Table 7 Central government enterprises. Income statement. Selected accounting figures. 1999-2003. NOK million and per cent
• Table 8 Central government enterprises. Balance sheet. Selected accounting figures. 1999-2003. NOK million and per cent
• Table 9 Public enterprises. Income statement. Selected accounting figures. NOK million and per cent. 1999-2003.
• Table 10 Public enterprises. Balance sheet. Selected accounting figures. 1999-2003. NOK million and per cent
• Table 11 Public enterprises. Income statement and balance sheet by section. Selected accounting figures. 2003. NOK million