Operating margin up – equity return down
Establishments, enterprises and accounts
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Accounting statistics for non-financial limited companies2011



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Operating margin up – equity return down

The operating margin for non-financial limited companies rose in 2011. However, net profit fell because of losses from financial items.

Accounting statistics for non-financial limited companies
NOK millionPer cent
201120102010 - 2011
income statement
Operating income4 662 5034 230 88910.2
Operating profit619 628514 01820.5
Operating profit before tax714 462741 861-3.7
Net profit358 325456 728-21.5
Balance sheet
Fixed assets6 604 0596 328 6604.4
Current assets2 772 7002 649 9444.6
Equity3 883 3983 752 3003.5
Liabilities5 493 3615 226 3055.1
Per centPercentage points
Key figures
Operating profit margin13.312.11.2
Return on total assets9.29.7-0.5
Return on equity9.312.2-2.9
Equity ratio41.441.8-0.4

Return on equity for limited companies went down from 12.2 per cent in 2010 to 9.3 per cent in 2011. In other words, the companies achieved a profit of around NOK 12 per invested NOK 100 in equity in 2010, compared to NOK 9 in 2011.

Companies on mainland Norway had even lower profits from invested equity, dropping from 11.7 per cent in 2010 to 7.0 per cent in 2011.

Operating profit rose - net financial items fell

Operating profit rose from NOK 514 billion in 2010 to NOK 620 billion in 2011. The operating margin consequently rose from 12.1 to 13.3 per cent in the same period. Net financial items decreased in the same period from NOK 228 billion to NOK 95 billion.

With NOK 112 billion or 39.9 per cent of the increase, oil and gas was the largest contributor to the rise in operating profit.

About the statistical basis

Some changes were made to the industrial classification of companies from financial year 2010 to financial year 2011. The changes may affect comparisons across industries in these two years, and have mainly affected portfolio investments and business activities.