Meld. St. 8 (2019–2020)

The state’s direct ownership of companies — Meld. St. 8 (2019–2020) Report to the Storting (white paper)

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Part 2
What the state owns

4 Overview of the state’s ownership

The state’s direct ownership comprises the companies where the state’s ownership is managed directly by a ministry. There are currently 73 such companies managed by 12 different ministries, see Figure 4.3. The figure also shows the category each company belongs to according to the updated system for categorising the companies, see section 5.2. Chapter 6 provides a brief description of the companies, including the state’s rationale for ownership and goal as an owner for each of the companies.

Figure 4.1 Ownership structure on Oslo Stock Exchange at year-end 2018. Percentage of market value.

Figure 4.1 Ownership structure on Oslo Stock Exchange at year-end 2018. Percentage of market value.

Source Oslo Stock Exchange.

Figure 4.2 The Government Pension Fund and the state’s direct ownership at year-end 2018. NOK billions.

Figure 4.2 The Government Pension Fund and the state’s direct ownership at year-end 2018. NOK billions.

Source Norges Bank, the Ministry of Trade, Industry and Fisheries and Folketrygdfondet.

The state’s ownership is substantial in terms of both the number of companies and their total value, and greater than in many other Western countries. At year-end 2018, the value of the state’s ownership interests in companies for which the state’s goal as an owner is the highest possible return over time (companies in Categories 1 and 2) was estimated to be NOK 833 billion. Shares listed on Oslo Stock Exchange accounted for NOK 698 billion of the total value. The market value of the state’s shares in the company is used for listed companies. For non-listed companies, the state’s share of their book equity minus minority interests is used, which can deviate significantly from the real market value.

The state owns about one-third of the assets on Oslo Stock Exchange. The state holds shares in seven listed companies directly, and in another three companies indirectly through Aker Kværner Holding.

For the companies where the state’s goal as an owner is the most efficient possible attainment of public policy goals, companies in Category 3, the estimated value may be of less significance. The state’s share of book equity minus minority interests in these companies amounted to NOK 155 billion at year-end 2018. In 2018, these companies managed grants from the state of approximately NOK 161 billion and had a turnover of NOK 261 billion.

The state’s direct ownership comes in addition to substantial financial wealth through the Government Pension Fund, which consists of the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). GPFG is invested globally outside Norway and is managed by Norges Bank. GPFN is invested in the Nordic countries except Iceland, and primarily in Norway, and is managed by Folketrygdfondet. The Government Pension Fund differs from the state’s direct ownership in several ways. One difference is that the state, through its direct ownership, has substantial holdings in a small number of companies, while the goal of the investments in the Government Pension Fund is to spread them across many different types of financial assets.

Figure 4.3 Overview of the state’s direct ownership broken down by ministry.

Figure 4.3 Overview of the state’s direct ownership broken down by ministry.

State ownership in other countries

Norway is by no means the only country with direct state ownership. It is most natural to compare Norway with the other Nordic countries, which also have relatively substantial state ownership.

The Swedish state is a shareholder in 46 wholly and partly owned companies, two of which are listed. The total value of the Swedish state’s portfolio is approximately NOK 611 billion.1 The Finnish state is a shareholder in 66 wholly and partly owned companies, four of which are listed. In addition, the Finnish state has ownership interests in 14 listed companies through the holding company Solidium. The total value of the Finnish state’s portfolio is approximately NOK 340 billion.2

5 Assessment of ownership and categorisation of the companies

5.1 The rationale and goal for the state’s ownership of the individual company is assessed on a regular basis 3

The rationale for the state’s ownership and its goal as an owner in each company is assessed on a regular basis to ensure that they are updated and relevant, and to help the state to efficiently safeguard different needs. An overall assessment of the state’s portfolio is carried out in connection with the white paper on ownership policy. The Government normally presents a white paper on ownership policy to the Storting in each parliamentary session. The state’s ownership of individual companies may also be subject to assessment in other contexts as required. The state’s rationale for its ownership and its goal as an owner in each company are described in Chapter 6.

The point of departure for the assessments is normally what needs the state must address and whether state ownership is a suitable instrument for achieving this, see Chapter 3. This, and whether the company primarily operates in competition with others, decides the state’s goal as an owner and what is considered an appropriate ownership interest. In principle, the above-mentioned assessments shall also be carried out if the state is considering whether to establish a new company.4

Companies that primarily operate in competition with others

The state has different rationale for owning companies that primarily operate in competition with others, see section 3.1. For these companies, the state considers whether there is still a rationale for state ownership and, if relevant, whether this rationale can be fulfilled more effectively by other means. For example, it is considered whether Norwegian head office functions are expected to yield positive spillover effects on the economy.

The state’s rationale for its ownership is fulfilled by the state owning a certain percentage of the company. For each of the companies, the state considers what ownership interest is necessary to fulfil the state’s rationale for ownership.

Maintaining Norwegian head office functions usually requires the state to own more than one-third of the company. This gives the state negative control of the company’s articles of association, including the location of the head office.5

A rationale based on civil protection and emergency preparedness normally indicates that the state should own more than half the company. This helps to prevent outside interests from acquiring a majority shareholding or gain influence through positions on the board.

In many cases, the considerations constituting the rationale for state ownership suggest a need to include provisions on the company’s activities in the articles of association without needing to take into account the support of other shareholders. In such cases, it is expedient that the company is wholly owned by the state.

In all the cases mentioned above, special circumstances can make other percentages of ownership relevant.

If the state changes the rationale for its ownership interest in a company, it may be necessary to also amend the company’s articles of association to reflect the rationale. This is usually only relevant for companies that are wholly owned by the state.

The state’s goal as an owner of the companies that primarily operate in competition with others is the highest possible return over time. Follow-up of the companies is based on this, within the limits of provisions in the articles of association, see Chapter 12. This is a condition for ensuring that state ownership can contribute effectively to fulfilling the state’s rationale. For example, if having a Norwegian head office is to yield positive spillover effects on the economy, the company needs to create a profit and be competitive over time.

The rationale for state ownership may lapse over time, for example as a result of developments in the market and the competitive situation in an industry. If the state no longer has a rationale for its ownership, the Government will normally be open to the possibility of reducing the state’s ownership in the company, see section 5.3.

Companies that do not primarily operate in competition with others

The state has different rationale for organising how it performs state tasks through companies, see section 3.2. For these companies, the state considers whether a government instrument is still needed in the area. It is also considered whether a company is still the most appropriate form of organisation rather than a government agency, or whether regulation, subsidies/taxes, public procurement of goods and services, alone or in combination, are more suitable measures.

The state’s goal as an owner of the companies that do not primarily operate in competition with others is the most efficient possible attainment of public policy goals. Public policy goals are defined for each company. The state’s rationale for its ownership and its goals as an owner in each company are reflected in provisions in the company’s articles of association. If the state’s rationale for its ownership or the state’s goal as an owner changes, it is usually necessary to amend the company’s articles of association. To be able to make appropriate adjustments to the articles of association and maintain the possibility of amending the articles as needed, it will often be expedient that the company is wholly owned by the state, but smaller shareholdings may be an option in some cases. Follow-up of the companies is based on the state’s goal of the most efficient possible attainment of each company’s public policy goals, see Chapter 12.

5.2 Categorisation of companies in which the state has an ownership interest

Since 2006, companies in the state’s portfolio have been categorised based on the state’s goal as an owner and, in part, on the state’s rationale for its ownership. In this white paper, the system has been further developed and simplified in order to highlight the state’s goal as an owner.

The companies are assigned to three categories:6 The companies that primarily operate in competition with others are normally placed in Categories 1 and 2, while the companies that do not primarily operate in competition with others are normally placed in Category 3.

Category 1 – Goal of the highest possible return over time

This category comprises the companies where the state’s goal is the highest possible return over time and where the state no longer has any rationale for its ownership. These companies are described in section 6.1. It is the Government’s ambition to reduce state ownership in companies in Category 1. State ownership will only be reduced if this is seen as financially beneficial to the state, see section 5.3.

Category 2 – Goal of the highest possible return and special rationale for ownership

This category comprises the companies where the state’s goal is the highest possible return over time and where the state has a specific rationale for its ownership. The rationale for having an ownership interest in each company is described in section 6.2 and is fulfilled by the state owning a certain percentage of the company, and usually through provisions in the company’s articles of association, see section 5.1.

Category 3 – Goal of the most efficient possible attainment of public policy goals

This category comprises the companies where the state seeks the most efficient possible attainment of public policy goals. The state’s rationale for its ownership and its goal as an owner in each company are described in section 6.3.

The companies in Category 3 do not primarily operate in competition with others. Some of the companies may nonetheless engage in some activities in which they operate in competition with others. In such cases, the state’s goal is normally the highest possible return over time in this limited part of the company’s operations.7

5.3 The Government wishes to reduce state ownership over time

The Government believes that private ownership should be the main rule in Norwegian business and industry. The state should only have ownership interests in companies when this is the best means of meeting the state’s needs. Nor should the state have larger ownership interests in individual companies than the rationale for ownership requires. In order to contribute to diversifying ownership, the Government wishes to reduce the state’s ownership over time.

There are nonetheless a number of reasons for state ownership, see Chapter 3 and the review of each company in Chapter 6. The Norwegian state will therefore continue to have substantial ownership interests in the time ahead.

The companies in Category 1 operate in competition with others, and the state no longer has any rationale for its ownership in these companies. The Government continuously assesses the possibilities of, and the timing and process for, reducing state ownership in the companies in Category 1. Since the Storting considered the previous white paper on ownership policy, Report No 27 (2013–2014) Diverse and value-creating ownership, or before that, the Government has been authorised8 by the Storting to reduce the state’s ownership, in whole or in part, in Ambita, Baneservice, Entra, Mesta, SAS and Veterinærmedisinsk Oppdragssenter (VESO). The two latter companies were sold in 2018 and 2019, respectively, and the state’s ownership interest in Entra has been reduced. The Government will propose that the authorisations remain in place for companies that have not yet been sold. In Proposition 1 (Resolution) (2019–2020) to the Storting, the Government asked the Storting to authorise the full or partial sale, or alternatively dissolution, of GIEK Kredittforsikring. The Government will also consider any relevant proposals for industrial solutions for Flytoget and, if relevant, ask the Storting for the necessary authorisation.

State ownership will only be reduced if doing so is deemed to be financially favourable for the state. How and when reductions are executed will depend on the company’s situation and market conditions. The state’s goal as an owner is the highest possible return over time.

It may also be an option to reduce the state’s ownership in companies in Category 2, for example if the state’s rationale for owning a company no longer applies or if the rationale can be fulfilled through different ownership structures or other measures. See also section 12.7 concerning that the state takes a positive view of initiatives for transactions that contribute to the attainment of the state’s goal as an owner.

Since the Storting considered the previous white paper on ownership policy, the Government has been authorised to reduce the state’s ownership interest in Telenor from 53.97 to 34 per cent. The authorisation has not been utilised and, based on an overall assessment, the Government sees no need to extend it. In the event that industrial transactions are proposed that could result in a reduction in the state’s ownership interest, the Government will consider this in a normal manner and, if relevant, present the matter to the Storting.

Changes in the state’s ownership in companies in Category 3 are usually only relevant if the need for a government policy instrument changes or lapses, or if the tasks a company has been assigned can be achieved more expediently or effectively by other means than state ownership.

It can be an option for the state to form new companies, including by hiving off state-run activities, if there are good reasons for doing so. The Government will not normally acquire shares in established companies in which the state is not currently an owner.

6 Review of the companies in which the state has an ownership interest

The companies are divided into three categories based on the state’s goal as an owner and whether the state has a rationale for its ownership, see Figure 4.3 and section 5.2. The order in which the companies are presented follows this structure. The companies are presented alphabetically, and, in Categories 2 and 3, also according to the size of the state’s ownership interest. Companies that are not categorised are presented in section 6.4.

The presentation of each company includes a brief description of its operations, including relevant figures relating to the size of the company, and framework conditions for the company, where relevant. More detailed information about the companies is provided annualy in the State Ownership Report.9

6.1 Companies in Category 1

Ambita AS

About the company

Ambita provides digitalisation solutions for the property market. Ambita’s solutions are used in connection with most residential property sales in Norway today. The company was founded in 1992 and was exposed to competition in 2014. Ambita’s head office is located in Oslo.

At year-end 2018, the company had 80 employees and a book equity of NOK 105 million. The operating revenues for 2018 amounted to NOK 394 million.

The state’s ownership

The state no longer has any rationale for its ownership interest in Ambita. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of the company. The Government is authorised to reduce the state’s ownership interest in whole or in part.

Baneservice AS

About the company

Baneservice provides railway-related maintenance services and new installations. The company was founded in 2005 when it was hived off from the Norwegian National Rail Administration. Baneservice’s head office is located in Bærum.

At year-end 2018, the company had 424 employees and a book equity of NOK 248 million. The operating revenues for 2018 amounted to NOK 843 million.

The state’s ownership

The state no longer has any rationale for its ownership interest in Baneservice. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of the company. The Government is authorised to reduce the state’s ownership interest in whole or in part.

Entra ASA

About the company

Entra owns, manages and develops office premises in central locations near public transport hubs in the four largest cities in Norway. The company was founded in 2000 when it was hived off from Statsbygg. Entra is listed on Oslo Stock Exchange, and its head office is located in Oslo.

At year-end 2018, the company had 164 employees and a market value of NOK 21.2 billion. The rental income for 2018 amounted to NOK 2.2 billion.

The state’s ownership

The state no longer has any rationale for its ownership interest in Entra. The state’s goal as an owner is the highest possible return over time.

The state owns 22.27 per cent of the company. The Government is authorised to reduce the state’s ownership interest in whole or in part.

Flytoget AS

About the company

Flytoget operates a rail passenger transport service between Drammen and Oslo Airport. The company had 6.8 million passengers in 2018, equivalent to about 10 per cent of all train passengers in Norway. Flytoget was established in 1992 for the purpose of developing the Gardermobanen line and has operated a passenger transport service since Oslo Airport opened in 1998. Flytoget’s head office is located in Oslo.

At year-end 2018, the company had 331 employees and a book equity of NOK 721 million. The operating revenues for 2018 amounted to NOK 993 million.

The state’s ownership

The state no longer has any rationale for its ownership interest in Flytoget. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of the company. If relevant proposals for industrial solutions are put forward, the Government will present the matter to the Storting.

GIEK Kredittforsikring AS

About the company

GIEK Kredittforsikring offers short-term credit insurance. The enterprise’s history goes back to 1922, and it was hived off from the Norwegian Export Credit Guarantee Agency (GIEK) into a separate company in 2001. GIEK Kredittforsikring’s head office is located in Oslo.

At year-end 2018, the company had 35 employees and a book equity of NOK 225 million.

The state’s ownership

The state no longer has any rationale for its ownership interest in GIEK Kredittforsikring. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of the company. GIEK Kredittforsikring competes with private enterprises. A poor profitability outlook and potential state aid issues for the majority of the company’s operations mean it is not justifiable for the company to continue operating in its current form. On this basis, the Government has asked the Storting to authorise the full or partial sale, or alternatively dissolution, of GIEK Kredittforsikring, see Proposition 1 (Resolution) (2019–2020) to the Storting. The Government has also proposed to establish a limited offer of short-term government credit insurance for export under GIEK, as a supplement to the market and within the EEA Agreement’s provisions on state aid.

Mesta AS

About the company

Mesta performs road operation and maintenance services all over Norway. In addition, the company delivers other projects and services related to road and railway, for example tunnel and rockslide prevention, installation and maintenance of guard rails, electro technical services and construction projects. The company was hived off from the Norwegian Public Roads Administration in 2003. Mesta’s head office is located in Bærum.

At year-end 2018, the company had 1,460 employees and a book equity of NOK 615 million. The operating revenues for 2018 amounted to NOK 4.1 billion.

The state’s ownership

The state no longer has any rationale for its ownership interest in Mesta. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of the company. The Government is authorised to reduce the state’s ownership interest in whole or in part.

6.2 Companies in Category 2

6.2.1 Ownership interest of one-third or less

Eksportfinans ASA

About the company

Eksportfinans manages a portfolio of loans to the Norwegian export industry, foreign buyers of Norwegian capital goods, and the municipal sector in Norway. The majority of these loans are guaranteed by either the Norwegian Export Credit Guarantee Agency (GIEK) or banks. The company also manages a portfolio of international securities. Eksportfinans has not issued any new loans since 2012, when Eksportkreditt Norge AS assumed responsibility for issuing new government-supported export credit. The company was founded in 1962, and is now owned by 22 commercial and savings banks, in addition to the state. The state acquired its share through a private placement in 2001. Eksportfinans’s head office is located in Oslo.

At year-end 2018, the company had 25 employees and a book equity of NOK 6.4 billion.

The state’s ownership

The state’s rationale for its ownership interest in Eksportfinans is to contribute to the company managing its existing portfolio in accordance with applicable contracts. The state’s goal as an owner is the highest possible return over time.

The state owns 15 per cent of Eksportfinans. The other largest owners of Eksportfinans are DNB Bank ASA (40 per cent), Nordea Bank AB Norway Branch (23 per cent), Danske Bank AS (8 per cent) and Sparebanken Øst (5 per cent).

Aker Kværner Holding AS

About the company

Aker Kværner Holding owns approximately 40 per cent of the shares in Akastor ASA, Aker Solutions ASA and Kværner ASA. The state and the other owner of Aker Kværner Holding, Aker ASA, have entered into a shareholder agreement that gives the state and Aker negative control of Akastor, Aker Solutions and Kværner on certain material matters. The state became an owner in Aker Kværner Holding in 2007 through the purchase of shares.

At year-end 2018, the company had no employees and a book equity of NOK 7 billion.

Akastor is an oil service investment company with an active ownership approach. The company’s largest investments in terms of value are in MHWirth AS and AKOFS Offshore AS. Aker Solutions develops products, systems and services necessary for releasing energy in the oil and gas industry and the offshore wind sector. Kværner provides engineering, procurement and fabrication services to oil and gas platforms, offshore wind installations and land-based facilities, and decommissioning and recycling of old offshore installations. Akastor, Aker Solutions and Kværner are listed on Oslo Stock Exchange, and their head offices are located in Bærum.

The state’s ownership

The state’s rationale for its ownership interest in Aker Kværner Holding is to contribute to the development of industrial expertise in petroleum-related activities and other new activity, and that Norway should play a leading role in relation to this type of expertise. The state’s goal as an owner is the highest possible return over time.

The state owns 30 per cent of Aker Kværner Holding. The state has entered into a shareholder agreement with Aker ASA, which owns 70 per cent of the company. The Government is willing to consider value-creating transactions relating to the ownership of Aker Kværner Holding, including transactions that may reduce the state’s ownership interest. If the possibility of such transactions arises, the Government will present the matter to the Storting.

6.2.2 Ownership interest of more than one-third, but not more than 50 per cent

DNB ASA

About the company

DNB is Norway’s largest financial services group and one of the largest in the Nordic region. The group offers a broad range of financial services, including loans, saving, investments, payment services, advisory services, real estate broking, insurance and pension for private and corporate customers. The state became a shareholder in DNB during the banking crisis in the 1990s. DNB is listed on Oslo Stock Exchange and its head office is located in Oslo.

At year-end 2018, the company had 9,638 employees and a market value of NOK 220 billion. The operating revenues for 2018 amounted to NOK 13.5 billion.

The state’s ownership

The state’s rationale for its ownership interest in DNB is to maintain a leading technology and financial services company with head office functions in Norway. The state’s goal as an owner is the highest possible return over time.

The state owns 34 per cent of DNB.

Nammo AS

About the company

Nammo provides high-technology products to the aerospace and defence industry. Its core activities include the development and production of rocket motors, military and commercial ammunition, shoulder fired systems and environmentally friendly demilitarisation. The company was founded in 1998 through a merger of Nordic ammunition companies with the intention of strengthening the security of supply for ammunition products in the Nordic region. Nammo’s head office is located in Vestre Toten.

At year-end 2018, the company had 2,435 employees and a book equity of NOK 2.7 billion. The operating revenues for 2018 amounted to NOK 4.9 billion.

The state’s ownership

The state’s rationale for its ownership interest in Nammo is to maintain a leading technology and industry company with head office functions in Norway. In addition, it is considered expedient based on security and emergency preparedness considerations to keep a substantial part of the company’s activities in Norway. The state’s goal as an owner is the highest possible return over time.

The state owns 50 per cent of Nammo. The state has a shareholder agreement with Patria Oyj, which owns the other 50 per cent of the company, whereby the owners are granted extended shareholder rights.

Norsk Hydro ASA

About the company

Norsk Hydro (Hydro) is a global supplier of aluminium with activities throughout the whole value chain. The state took over a large ownership interest in Hydro after World War II. Hydro is listed on Oslo Stock Exchange, and its head office is located in Oslo.

At year-end 2018, the company had 36,236 employees and a market value of NOK 81 billion. The operating revenues for 2018 amounted to NOK 160 billion.

The state’s ownership

The state’s rationale for its ownership interest in Hydro is to maintain a leading technology and industrial company with head office functions in Norway. The state’s goal as an owner is the highest possible return over time.

The state owns 34.26 per cent of Hydro.

Yara International ASA

About the company

Yara International (Yara) is an integrated fertiliser company with a portfolio of nitrogen-based products for industrial use. The company was founded in 2004 when it was hived off from Norsk Hydro ASA. Yara is listed on Oslo Stock Exchange, and its head office is located in Oslo.

At year-end 2018, the company had 16,757 employees and a market value of NOK 91 billion. The operating revenues for 2018 amounted to NOK 107 billion.

The state’s ownership

The state’s rationale for its ownership interest in Yara is to maintain a leading technology and industrial company with head office functions in Norway. The state’s goal as an owner is the highest possible return over time.

The state owns 36.21 per cent of Yara.

6.2.3 Ownership of more than 50 per cent, but less than two-thirds

Kongsberg Gruppen ASA

About the company

Kongsberg Gruppen is an international group that delivers high-technology systems and solutions to customers in the offshore industry, the oil and gas industry, the merchant fleet, and the defence and aerospace industries. The company is a continuation of the state-owned Kongsberg Våpenfabrikk, which was wound up in 1987. Kongsberg Gruppen is listed on Oslo Stock Exchange, and its head office is located in Kongsberg.

At year-end 2018, the company had 6,841 employees and a market value of NOK 21.2 billion. The operating revenues for 2018 amounted to NOK 14.4 billion.

The state’s ownership

The state’s rationale for its ownership interest in Kongsberg Gruppen is to maintain a leading technology and industrial company and defence industry supplier with head office functions in Norway. The state’s goal as an owner is the highest possible return over time.

The state owns 50.001 per cent of Kongsberg Gruppen.

Telenor ASA

About the company

Telenor is a leading telecommunications company with around 180 million subscribers. The company was founded when Televerket was reorganised into a limited liability company in 1994. Telenor is listed on Oslo Stock Exchange, and its head office is located in Bærum.

At year-end 2018, Telenor had 21,000 employees and a market value of NOK 246 billion. The operating revenues for 2018 amounted to NOK 110 billion.

The state’s ownership

The state’s rationale for its ownership interest in Telenor is to maintain a leading technology and industrial company with head office functions in Norway. The state’s goal as an owner is the highest possible return over time.

The state owns 53.97 per cent of Telenor. In the event that industrial transactions are proposed, that could result in a reduction in the state’s ownership interest, the Government will consider this in normal manner and, if relevant, present the matter to the Storting.

6.2.4 Ownership interest of two-thirds or more, but less than 100 per cent

Equinor ASA

About the company

Equinor is an international technology and energy company whose main activity is oil and gas production. The company also has downstream operations and activities in renewable energy, including offshore wind power and solar energy. The company is one of the world’s largest net sellers of crude oil and condensate, and the second biggest supplier of natural gas to the European market. Equinor markets and sells the state’s oil and gas together with its own volumes, in accordance with the sales and marketing instructions that were included in the company’s articles of association before it was listed in 2001. The company was established as a wholly state-owned limited liability company in 1972. Equinor is listed on Oslo Stock Exchange and the New York Stock Exchange, and its head office is located in Stavanger.

At year-end 2018, the company had 20,500 employees and a market value of NOK 613 billion. The operating revenues for 2018 amounted to NOK 647 billion.

The state’s ownership

The state’s rationale for its ownership interest in Equinor is to maintain a leading technology and energy company with head office functions in Norway. In accordance with the sales and marketing instructions, Equinor sells the state’s oil and gas together with its own volumes. This arrangement requires the state to be the majority owner in Equinor. The state’s goal as an owner is the highest possible return over time.

The state owns 67 per cent of Equinor.

6.2.5 Ownership interest of 100 per cent

Argentum Fondsinvesteringer AS

About the company

Argentum Fondsinvesteringer (Argentum) is an investment company primarily investing in private equity funds based in Norway and Northern Europe. These funds invest in non-listed companies with a potential for increased value creation and where the funds can make a difference. Argentum also manages capital on behalf of other investors. The company was founded in 2001. Argentum’s head office is located in Bergen.

At year-end 2018, the company had 24 employees and a book equity of NOK 9.2 billion.

The state’s ownership

The state’s rationale for its ownership interest in Argentum is to maintain a significant investment company aimed at private equity funds with head office functions in Norway. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of Argentum.

Electronic Chart Centre AS

About the company

Electronic Chart Centre (ECC) contributes to improved safety at sea, on land and in the air, including the developement and operation of a database of electronic navigational charts globally. The company was hived off from the Norwegian Mapping Authority in 1999, and it contributes to maintaining Norway’s leading international role in maritime safety. ECC’s head office is located in Stavanger.

At year-end 2018, the company had 22 employees and a book equity of NOK 5.5 million. The operating revenues for 2018 amounted to NOK 29.4 million.

The state’s ownership

The state’s rationale for its ownership interest in ECC is to contribute to maritime safety through an enterprise that manages authorised electronic navigational charts and makes them accessible to the public. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of ECC.

Special framework conditions for the company

Most of ECC’s revenues stem from a service agreement with the Norwegian Mapping Authority concerning the development and operation of authorised electronic charts for PRIMAR. PRIMAR is a collaboration on official chart data that involves hydrographic offices in several countries. The agreement between PRIMAR and ECC is based on an internal scheme for public purchase arrangements (‘utvidet egenregi’).

Investinor AS

About the company

Investinor invests in competitive, internationally oriented Norwegian early-stage companies. The investments are made on a commercial basis and on equal terms as private investors. The company was founded in 2008. Investinor’s head office is located in Trondheim.

At year-end 2018, the company had 18 employees and a book equity of NOK 2.7 billion.

The state’s ownership

The state’s rationale for its ownership interest in Investinor is to increase the access to capital for early-stage companies. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of Investinor.

Special framework conditions for the company

The company’s articles of association set out special guidelines for its investments. Investinor’s remit and role was assessed recently in the Capital Access Commission’s report, Official Norwegian Report NOU 2018: 5, and in the comprehensive review of the range of policy instruments in place for the business sector. The Government has proposed changes for the company in Proposition 1 (Resolution) (2019–2020).

Kommunalbanken AS

About the company

Kommunalbanken offers long-term debt financing to the municipal sector. The undertaking was founded as a limited liability company in 1999 as a continuation of the government administrative body Norges Kommunalbank, which was established in 1926. Kommunalbanken’s head office is located in Oslo.

At year-end 2018, the company had 74 employees and a book equity of NOK 15.4 billion. The operating revenues for 2018 amounted to NOK 1.9 billion.

The state’s ownership

The state’s rationale for its ownership interest in Kommunalbanken is to facilitate financing for the municipal sector. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of Kommunalbanken.

Special framework conditions for the company

The company may only grant loans to municipalities, county authorities, intermunicipal companies and other companies that perform municipal tasks based on a municipal or state guarantee, or other adequate security.

Mantena AS

About the company

Mantena provides maintenance services for train operators in Norway, primarily maintenance of locomotives, carriages and multiple units. The company also maintains components and maintains and repairs rolling stock. The company was hived off from Vygruppen AS in 2017. Mantena’s head office is located in Oslo.

At year-end 2018, the company had 1,044 employees and a book equity of NOK 146 million. The operating revenues for 2018 amounted to NOK 1.5 billion.

The state’s ownership

The state’s rationale for its ownership interest in Mantena is to have a provider of maintenance and workshop services for rolling stock. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of Mantena.

Nysnø Klimainvesteringer AS

About the company

Nysnø Klimainvesteringer (Nysnø) shall contribute to reducing greenhouse gas emissions through investments with a direct or indirect effect on this objective. The company invests in non-listed companies and funds aimed at non-listed companies that have operations in Norway. It focuses on early-stage companies and invests primarily in the transition from technology development to commercialisation. The company was founded in 2017 and has been operational since autumn 2018. Nysnø’s head office is located in Stavanger.

At year-end 2018, the company had five employees and a book equity of NOK 213 million.

The state’s ownership

The state’s rationale for its ownership interest in Nysnø is to reduce greenhouse gas emissions through profitable investments. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of Nysnø.

Posten Norge AS

About the company

Posten Norge is a Nordic mail and logistics group that develops and provides solutions in postal and logistics services and communications. The company was hived off from the state in 1996. Posten Norge’s head office is located in Oslo.

At year-end 2018, the company had 15,021 employees and a book equity of NOK 6.5 billion. The operating revenues for 2018 amounted to NOK 23.9 billion.

It is essential for the Government that there is a supplier capable of meeting society’s need for nationwide postal services. This consideration is therefore included in Posten Norge’s articles of association. Following deregulation of the postal market through the introduction of a new Postal Services Act, what was previously Posten Norge’s social mission will be fulfilled through sector regulation and agreements.

The state’s ownership

The state’s rationale for its ownership interest in Posten Norge is to have a provider that can meet the state’s need for nationwide postal services. This is stated in the company’s articles of association. Within the boundaries of the articles of association, the state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of Posten Norge.

Special framework conditions for the company

The Ministry of Transport and Communications has appointed Posten Norge as the provider with a duty to deliver postal services. The state exercises its authority by purchasing services from Posten Norge to ensure nationwide provision of postal services. The state regulates the content and quality of the services through the Postal Services Act.

Statkraft SF

About the company

Statkraft is the biggest producer of renewable energy in Europe and a major player on the European energy market. The company also engages in both production and trading in selected markets in Asia and South America. Statkraft’s main business is in Norway through the company’s Norwegian hydropower operations. The company can also invest in profitable projects abroad. The company was hived off from Statskraftverkene in 1992. Statkraft’s head office is located in Oslo.

At year-end 2018, the company had 3,557 employees and a book equity of NOK 91 billion. The operating revenues for 2018 amounted to NOK 27.6 billion.

The state’s ownership

The state’s rationale for its ownership interest in Statkraft is to own Norwegian hydropower resources and to maintain a leading technology and industry company with head office functions in Norway. This contributes to the development of Norwegian expertise in renewable energy. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of Statkraft.

Vygruppen AS

About the company

Vygruppen (Vy) is a transport group with business activities in Norway and Sweden. The group’s main business areas are rail passenger services, rail freight transport and bus services. The company was established as a separate enterprise in 1996 and has been organised as a state-owned limited liability company since 2002. Vy’s head office is located in Oslo.

At year-end 2018, the company had 10,999 employees and a book equity of NOK 4.9 billion. The operating revenues for 2018 amounted to NOK 15.9 billion.

The state’s ownership

The state’s rationale for its ownership interest in Vy is to have a provider that can meet the state’s need for rail passenger services and rail freight transport. The state’s goal as owner is the highest possible return over time.

The state owns 100 per cent of Vy.

Special framework conditions for the company

Up until today, the state has exercised its authority by financing most of the rail passenger services through direct public purchases. During the period 2018–2024, the market will be opened for competition through competitive tenders. Based on tenders, the state will decide the content and scope of rail passenger services.

6.3 Companies in Category 3 10

6.3.1 Ownership interest of one-third or less

Graminor AS

About the company

Graminor engages in plant breeding, represents imported varieties and produces pre-basic seed. The company was founded in 2002 as a continuation of Norsk Kornforedling AS for the purpose of concentrating Norwegian plant breeding for agriculture and horticulture in a single company. Graminor’s head office is located in Hamar.

At year-end 2018, the company had 34 employees and a book equity of NOK 71.4 million. The operating revenues for 2018 amounted to NOK 75.5 million.

The state’s ownership

The state’s rationale for its ownership interest in Graminor is to have a company that breeds plants suitable for the Norwegian and Nordic climate. The state’s goal as an owner is cost-effective development, production and sale of plant matter to the agriculture and horticulture industry, suitable for Norwegian and Nordic growth conditions.

The state owns 28.2 per cent of Graminor. The other owners are Felleskjøpet Agri SA (36.7 per cent), Strand Unikorn AS (9.4 per cent), the Norwegian Institute of Bioeconomy Research (5 per cent), Gartnerhallen SA (4.7 per cent), the Norwegian University of Life Sciences (0.8 per cent) and the company itself (15.1 per cent).

Special framework conditions for the company

Through the Agricultural Agreement, the state supports plant breeding programmes that are socio-economically profitable and important for the agriculture and horticulture industry, but not commercially profitable. Graminor applies for such support from the Norwegian Agriculture Agency, which issues a letter of allocation when funds are granted.

Talent Norge AS

About the company

Talent Norge provides expertise, development opportunities and financial support for artistic talents. The company gives priority to artistic talents who are either just about to complete an arts education or have recently graduated. The target group comprises both performing and creative artists in all forms and expressions of art. Talent Norge works with leading organisations, institutions and communities in the Norwegian cultural sector. The company was founded in 2015. Talent Norge’s head office is located in Oslo.

At year-end 2018, the company had three employees and a book equity of NOK 6.2 million. The operating revenues for 2018 amounted to NOK 62 million.

The state’s ownership

The state’s rationale for its ownership interest in Talent Norge is to contribute to developing the best artistic talents in Norway in a partnership between the state and private players, and thereby contribute to promoting art and culture of a high international standard and more world-class artists. The state’s goal as an owner is to contribute to developing the best artistic talents in Norway.

The state owns 33.33 per cent of Talent Norge. Kristiansand Kommunes Energiverksstiftelse (Cultiva) and Sparebankstiftelsen DNB are equal owners.

Special framework conditions for the company

The company is partly financed by public grants. The Ministry of Culture sets out the goals, framework conditions and guidelines for the allocation in its annual assignment letter. The company collaborates with private contributors who make equal private contributions to the company’s activities.

6.3.2 Ownership interest of more than one-third, but not more than 50 per cent

Nordisk Institutt for Odontologiske Materialer AS

About the company

The Nordic Institute of Dental Materials (NIOM) is a Nordic cooperative body for dental biomaterials. The company’s research, material testing, standardisation and research-based educational activities target the Nordic dental health service and health authorities in the Nordic countries. NIOM helps to ensure that patients in the Nordic countries receive safe, well-functioning biomaterials. The undertaking was established in 1972 as an institute organised under the Nordic Council of Ministers and was converted into a limited liability company in 2009. NIOM’s head office is located in Oslo.

At year-end 2018, the company had 27 employees and a book equity of NOK 13.2 million. The operating revenues for 2018 amounted to NOK 36.2 million.

The state’s ownership

The state’s rationale for its ownership interest in NIOM is to ensure a Nordic influence in the management of the company. The state’s goal as an owner is to contribute to the best possible quality and patient safety in the use of dental materials in the Nordic countries.

The state owns 49 per cent of NIOM. Norce AS owns 51 per cent of the company.

Special framework conditions for the company

The Directorate of Health and the Nordic Council of Ministers provide grants for the company and issue the pertaining letters of allocation.

6.3.3 Ownership of more than 50 per cent, but less than two-thirds

Innovasjon Norge (special legislation company)

About the company

Innovasjon Norge is a policy instrument used by the state and county authorities to realise value-creating business development throughout Norway. The company manages business-oriented policy instruments on behalf of various ministries and the county authorities. The common objective of these policy instruments is to promote business development that is both commercially and socio-economically profitable and to realise regional business opportunities by means of facilitating more good entrepreneurs, more high-growth companies and more innovative business communities. The company was founded in 2003 by merging several different policy instruments. Innovasjon Norge’s head office is located in Oslo.

At year-end 2018, the company had 723 employees and a book equity of NOK 1.6 billion. The operating revenues for 2018 amounted to NOK 1.3 billion.

The state’s ownership

The state’s rationale for its ownership interest in Innovasjon Norge is to contribute to a publicly coordinated range of business-oriented measures and schemes intended to promote business development that is both commercially and socio-economically profitable, and to trigger regional business opportunities. The state’s goal as an owner is to promote value-creating business development throughout Norway.

The state owns 51 per cent of Innovasjon Norge. The county authorities own 49 per cent of the company.

Special framework conditions for the company

The company is regulated by the Act of 19 December 2003 No 103 relating to Innovasjon Norge. The company performs assignments for several ministries, including the Ministry of Trade, Industry and Fisheries, and the county authorities. The assignments are specified in assignment letters to the company. The company’s activities are primarily financed by grants, user fees and market revenues from its public assignments. Loans furnished by the company are financed through credit from the state.

Kimen Såvarelaboratoriet AS

About the company

Kimen Såvarelaboratoriet (Kimen) is a Norwegian resource centre for seed quality and seed analyses, and it is the national reference laboratory for seed analyses. The undertaking has existed for more than 130 years and became a limited liability company in 2004. Kimen’s head office is located in Ås.

At year-end 2018, the company had 21 employees and a book equity of NOK 11.9 million. The operating revenues for 2018 amounted to NOK 12.9 million.

The state’s ownership

The state’s rationale for its ownership interest in Kimen is to have a Norwegian provider of seed quality and seed analysis services. The state’s goal as an owner is to achieve the most resource-efficient possible seed and seed grain analysis in Norway.

The state owns 51 per cent of Kimen. Felleskjøpet Agri and Strand Unikorn AS own 34 and 15 per cent, respectively, of the company.

Special framework conditions for the company

The public sector purchases services from Kimen through a knowledge support agreement between Kimen and the Norwegian Food Safety Authority.

Nofima AS

About the company

Nofima is an industry-oriented research institute that emphasises practical application of the research results. The company helps to ensure that new research-based knowledge and ideas with a commercial potential create jobs through sustainable production, new products and services. Nofima conducts research on assignment for the aquaculture industry, the fisheries industry, the land and sea-based food industry, the supplier industry, the feed supplier and ingredients industry, and the public administration. The company was founded in 2008. Nofima’s head office is located in Tromsø.

At year-end 2018, the company had 390 employees and a book equity of NOK 171 million. The operating revenues for 2018 amounted to NOK 477 million.

The state’s ownership

The state’s rationale for its ownership interest in Nofima is to have an institute that carries out research and manages research infrastructure in the aquaculture, fisheries and food industries, in areas that are not funded by the market and that are of strategic importance to Norway and different regions. The state’s goal as an owner is to contribute to value creation in the food, fisheries and aquaculture industries through long-term strategic, industry-oriented research.

The state owns 56.8 per cent of Nofima. Stiftelsen for Landbrukets Næringsmiddelforskning and Akvainvest Møre og Romsdal AS own 33.2 and 10 per cent, respectively, of the company.

Special framework conditions for the company

The Ministry of Trade, Industry and Fisheries allocates grants for the company and issues the pertaining letter of allocation, among other things to safeguard the research infrastructure.

6.3.4 Ownership interest of two-thirds or more, but less than 100 per cent

Andøya Space Center AS

About the company

Andøya Space Center provides operational services and products related to space and atmospheric research, environmental monitoring and technology testing and verification. The company also contributes to knowledge development and increased interest in these areas. The company was hived off from the administrative agency the Norwegian Space Agency in 1997. Andøya Space Center’s head office is located in Andøy.

At year-end 2018, the company had 94 employees and a book equity of NOK 97.6 million. The operating revenues for 2018 amounted to NOK 141 million.

The state’s ownership

The state’s rationale for its ownership interest in Andøya Space Center is to make sure that Norwegian business and industry, research communities and the public administration have access to infrastructure for technology testing and scientific research. The state’s goal as an owner is to strengthen expertise in the fields of technology and science among Norwegian businesses, research communities and the public administration.

The state owns 90 per cent of Andøya Space Center. Kongsberg Defence & Aerospace AS, a subsidiary of Kongsberg Gruppen ASA, owns 10 per cent of the company.

Special framework conditions for the company

About 40 per cent of the company’s revenues originate from the Esrange Andøya Special Project (EASP), a multilateral agreement between Germany, France, Switzerland, Sweden and Norway. The countries that participate in the project pay an annual contribution to fund launch activities for researchers from the respective countries. The EASP agreement guarantees a basic income for the rocket launch site on Andøya.

The subsidiary NAROM AS (the Norwegian Centre for Space-related Education) receives an annual basic allocation from the Ministry of Education and Research with a pertaining letter of allocation.

Andøya Space Center’s articles of association do not allow the company to pay dividends.

Carte Blanche AS

About the company

Carte Blanche is Norway’s national contemporary dance company and the only permanent contemporary dance ensemble in Norway. The company was established in 1988. It produces and presents performances created by both new and recognised Norwegian and international contemporary dance choreographers. Carte Blanche is based in Bergen.

At year-end 2018, the company had 30 employees and a book equity of NOK 8.5 million. The operating revenues for 2018 amounted to NOK 41.3 million.

The state’s ownership

The state’s rationale for its ownership interest in Carte Blanche is to contribute to making high-quality art and culture available to the general public and to promote artistic development and renewal. The state’s goal as an owner is for performances of high artistic quality to reach a broad audience.

The state owns 70 per cent of Carte Blanche.11 Hordaland County Authority and the City of Bergen own 15 per cent each of the company.

Special framework conditions for the company

The company is largely financed by public grants. The Ministry of Culture sets out the goals, framework conditions and guidelines for its share of the grants in an annual letter of allocation.

AS Den Nationale Scene

About the company

Den Nationale Scene is one of five national dramatic art institutions in Norway. The theatre creates socially relevant, engaging and significant theatre productions of high artistic quality for a broad audience. The theatre is a continuation of Det Norske Theater, which was established by Ole Bull in 1850. The state became a part-owner in 1972. Den Nationale Scene is based in Bergen.

At year-end 2018, the company had 142 employees and a book equity of NOK 46.2 million. The operating revenues for 2018 amounted to NOK 163 million.

The state’s ownership

The state’s rationale for its ownership interest in Den Nationale Scene is to contribute to making high-quality art and culture available to the general public and to promote artistic development and renewal. The state’s goal as an owner is for performances of high artistic quality to reach a broad audience.

The state owns 66.67 per cent of Den Nationale Scene.3 Hordaland County Authority and the City of Bergen own 16.67 per cent each of the company.

Special framework conditions for the company

The company is largely financed by public grants. The Ministry of Culture sets out the goals, framework conditions and guidelines for its share of the grants in an annual letter of allocation.

Rogaland Teater AS

About the company

Rogaland Teater is a regional theatre that engages in theatre activities in Stavanger and the surrounding region as well as tours. The children and youth theatre, where children perform for children in a professional setting, is an integral part of the theatre’s activities. The theatre was established in 1883, and the state became a part-owner in 1972. Rogaland Teater is based in Stavanger.

At year-end 2018, the company had 124 employees and a book equity of NOK 56.5 million. The operating revenues for 2018 amounted to NOK 120 million.

The state’s ownership

The state’s rationale for its ownership interest in Rogaland Teater is to contribute to making high-quality art and culture available to the general public and to promote artistic development and renewal. The state’s goal as an owner is for performances of high artistic quality to reach a broad audience.

The state owns 66.67 per cent of Rogaland Teater.3 The City of Stavanger and Rogaland County Authority own 25.56 and 7.78 per cent, respectively, of the company.

Special framework conditions for the company

The company is largely financed by public grants. The Ministry of Culture sets out the goals, framework conditions and guidelines for its share of the grants in an annual letter of allocation.

Trøndelag Teater AS

About the company

Trøndelag Teater is a regional theatre that engages in theatre activities in Trondheim and the surrounding region, as well as tours/guest performances. The theatre was established in 1937, and the state became a part-owner in 1972. Trøndelag Teater is based in Trondheim.

At year-end 2018, the company had 168 employees and a book equity of NOK 12.1 million. The operating revenues for 2018 amounted to NOK 124 million.

The state’s ownership

The state’s rationale for its ownership interest in Trøndelag Teater is to contribute to making high-quality art and culture available to the general public and to promote artistic development and renewal. The state’s goal as an owner is for performances of high artistic quality to reach a broad audience.

The state owns 66.67 per cent of Trøndelag Teater.3 Trøndelag County Authority and the City of Trondheim own 16.67 per cent each of the company.

Special framework conditions for the company

The company is largely financed by public grants. The Ministry of Culture sets out the goals, framework conditions and guidelines for its share of the grants in an annual letter of allocation.

6.3.5 Ownership interest of 100 per cent

Avinor AS

About the company

Avinor owns, operates and develops a nationwide network of airports for civil aviation and a joint air navigation service for civil and military aviation. The company’s operations include 43 airports in Norway, including air traffic control towers, control centres and other technical air navigation infrastructure. In addition, Avinor receives commercial revenues from services in connection with the airports. The company was founded in 2003 when the state enterprise Luftfartsverket was converted into a state-owned limited liability company. Avinor’s head office is located in Oslo.

At year-end 2018, the company had 3,099 employees and a book equity of NOK 14.5 billion. The operating revenues for 2018 amounted to NOK 11.7 billion.

The state’s ownership

The state’s rationale for its ownership interest in Avinor is the operation and development of a nationwide network of airports as well as civil and military air navigation services. The state’s goal as owner is cost-efficient, safe operation and development of state-owned airports and air navigation services.

The state owns 100 per cent of Avinor.

Special framework conditions for the company

Avinor receives revenues from airport and air navigation services in the form of charges paid by the airlines, as regulated by the Ministry of Transport. The regulated revenues account for just under half of Avinor’s total revenues.

Financing of the group’s activities is based on a co-funding model. The model entails that unprofitable airports are financed by the profit generated by profitable airports, especially Oslo Airport. The model is justified under state aid law by the exemption for network funding.

The company performs official tasks, including to keep the airports open for ambulance planes and ambulance helicopters outside normal opening hours.

Bane NOR SF

About the company

Bane NOR is responsible for planning, development, management, operation and maintenance of the national rail network, for traffic management, and for the management and development of railway property. Bane NOR was founded in 2016, and in 2017, the majority of the activities of the administrative agency Norwegian National Rail Administration (Jernbaneverket) were transferred to Bane NOR. Bane NOR’s head office is located in Oslo.

At year-end 2018, the company had 4,400 employees and a book equity of NOK 10 billion. The operating revenues for 2018 amounted to NOK 15.2 billion.

The state’s ownership

The state’s rationale for its ownership interest in Bane NOR is to manage and develop national railway infrastructure and railway property. The state’s goal as owner is cost-efficient management and development of safe, accessible railway infrastructure and railway-related property activities.

The state owns 100 per cent of Bane NOR.

Special framework conditions for the company

The Norwegian Railway Directorate enters into agreements with Bane NOR for the planning, development, management, operation and maintenance of the national rail network, traffic management and the management of railway property. Bane NOR is primarily funded through the Directorate’s purchase of services under these agreements. In addition, Bane NOR receives revenues from train companies through railway infrastructure charges and user fees.

Bjørnøen AS

About the company

Bjørnøen owns all the land and some buildings of historic value on Bjørnøya island. Bjørnøya Nature Reserve covers most of the island. Bjørnøen was taken over by the state in 1932, and in 1967, it was placed under the management of Kings Bay AS, a company that also provides management services to Bjørnøen. Bjørnøen’s head office is located in Ny-Ålesund.

At year-end 2018, the company had no employees and a book equity of NOK 4 million. The operating revenues for 2018 amounted to NOK 0.2 million.

The state’s ownership

The state’s rationale for its ownership interest in Bjørnøen is to manage the state’s ownership of the land on Bjørnøya. The state’s goal as owner is to manage the state’s ownership of the land on Bjørnøya.

The state owns 100 per cent of Bjørnøen. The Government is considering whether to transfer title to the land on Bjørnøya (all the company’s activities) to the Ministry of Trade, Industry and Fisheries, which manages all state-owned land in Svalbard.

Den Norske Opera & Ballett AS

About the company

Den Norske Opera & Ballett is the country’s biggest institution for music and dramatic art. It produces high-quality opera and ballet performances and concerts for a broad audience. The institution comprises the Norwegian National Ballet and the Norwegian National Opera, the Norwegian National Opera Orchestra, the Norwegian National Opera Chorus, the Norwegian National Ballet 2, the Norwegian National Opera Children’s Chorus and the Norwegian National Ballet School. The company was established in 1957. Den Norske Opera & Ballett is based in Oslo.

At year-end 2018, the company had 648 employees and a book equity of NOK 99 million. The operating revenues for 2018 amounted to NOK 786 million.

The state’s ownership

The state’s rationale for its ownership interest in Den Norske Opera & Ballett is to contribute to the general public’s access to opera, ballet and concerts of high artistic quality, and to promote artistic development and renewal. The state’s goal as owner is for performances of high artistic quality to reach a broad audience.

The state owns 100 per cent of Den Norske Opera & Ballett.

Special framework conditions for the company

The company is largely financed by state grants. The Ministry of Culture sets out the goals, framework and guidelines for the grant in its annual letter of allocation.

Eksportkreditt Norge AS

About the company

Eksportkreditt Norge manages the state’s export credit scheme (loan scheme), which entails offering financial services for the purchase of capital goods and services, principally for export. The purpose is to offer export credit on internationally competitive terms to Norwegian export companies’ customers. The company was founded in 2012 when it took over responsibility for management of the state’s export credit scheme from Eksportfinans ASA. Eksportkreditt Norge’s head office is located in Oslo.

At year-end 2018, the company had 45 employees and a book equity of NOK 29.4 million. The operating revenues for 2018 amounted to NOK 114 million.

The state’s ownership

The state’s rationale for its ownership interest in Eksportkreditt Norge is to have a manager of the export credit scheme. The state’s goal as owner is to promote Norwegian export through competitive, accessible and effective export financing.

The state owns 100 per cent of Eksportkreditt Norge.

Special framework conditions for the company

The company’s activities are regulated by the Act of 22 June 2012 No 57 relating to Eksportkreditt Norge, the Regulations relating to the Export Credit Scheme and the OECD-affiliated export financing agreement Arrangement on Officially Supported Export Credits.

The Norwegian State is liable for the commitments Eksportkreditt Norge incurs in connection with its lending activities. The loans are financed by the Treasury and are recorded in the central government’s balance sheet. All loans must be guaranteed by a state export guarantee institution and/or a financial institution with a good credit rating.

Grants from the Ministry of Trade, Industry and Fisheries for the operation of the export credit scheme are the company’s only source of income. The Ministry sends an annual assignment letter to the company that outlines, among other things, resolutions made by the Storting concerning the grant for the company and appropriations for the export credit scheme, priorities for the company’s management of the scheme as well as measurement parameters and reporting requirements relating to management of the scheme.

Enova SF

About the company

Enova contributes to reductions in greenhouse gas emissions, improved security of energy supply and technology development, which will bring about reductions in greenhouse gas emissions in the long term. The company’s main policy instrument is investment support. The company’s tasks are outlined in more detail in an agreement between the Ministry of Climate and Environment and Enova on the management of the Climate and Energy Fund. The company was founded in 2001 following a reorganisation of the work relating to the restructuring of energy consumption and production. Enova’s head office is located in Trondheim.

At year-end 2018, the company had 77 employees and a book equity of NOK 30.7 million. The operating revenues for 2018 amounted to NOK 127 million.

The state’s ownership

The state’s rationale for its ownership interest in Enova is to ensure a policy instrument for the transition to a low-emission society. The state’s goal as owner is the highest possible reduction in greenhouse gas emissions, improved security of energy supply and technology development, which will bring about reduction in greenhouse gas emissions in the long term, in line with the four-year agreements on the management of the Climate and Energy Fund.

The state owns 100 per cent of Enova.

Special framework conditions for the company

Enova manages the Climate and Energy Fund, which is intended as a long-term source of funding for the company’s work. The Fund’s revenues stem from an additional charge on the network tariff, transfers via the national budget and interest earned on the capital in the fund.

The Ministry of Climate and Environment enters into an agreement with Enova on the management of the Climate and Energy Fund, including targets, framework conditions and reporting requirements. The annual budget framework for Enova’s operations is set out in the assignment letter from the Ministry of Climate and Environment.

Entur AS

About the company

Entur provides ticket sales and ticketing solutions for railway operators. The company also supplies solutions whereby travellers can buy through tickets that cover their whole journey even if it involves more than one public transport company. Entur cooperates with the public transport operators on the collection and sharing of public transport data for all of Norway on an openly accessible digital platform. Entur also provides a national travel planning service for travellers. The company was hived off from Vygruppen AS in 2017. Entur’s head office is located in Oslo.

At year-end 2018, the company had 250 employees and a book equity of NOK 126 million. The operating revenues for 2018 amounted to NOK 470 million.

The state’s ownership

The state’s rationale for its ownership interest in Entur is to have a provider capable of offering basic travel planning and ticketing services for the public transport sector on competition-neutral terms. The state’s goal as owner is cost-efficient development and operation of travel planning and ticketing services for the public transport sector.

The state owns 100 per cent of Entur.

Special framework conditions for the company

The Norwegian Railway Directorate requires train operators to enter into agreements with Entur for the provision of sales and ticketing services. These services are fully financed by the train operators, and the terms and conditions follow from the Directorate’s traffic agreements with the operators.

The Directorate enters into agreements to purchase services from Entur relating to the collection and publication of timetable data, the operation of a national travel planning service, and electronic ticketing for other public transport. These tasks are partly financed via the national budget and partly through a fee collected by the Directorate.

Entur’s collection of timetable data is authorised under the Professional Transport Regulations and the Regulations relating to Ticketing in Rail Transport.

Fiskeri- og havbruksnæringens forskningsfinansiering AS

About the company

Fiskeri- og havbruksnæringens forskningsfinansiering (FHF) funds industry-based research and development. The undertaking was established in 2000 and converted into a limited liability company in 2019. FHF’s head office is located in Oslo.

The state’s ownership

The state’s rationale for its ownership interest in FHF is to strengthen funding of marine research and development. The state’s goal as owner is to strengthen funding of marine research and development to create added value, environmental adaptation, restructuring and innovation in the fisheries and aquaculture industry.

The state owns 100 per cent of FHF.

Special framework conditions for the company

The company is financed by the fisheries and aquaculture industry through a statutory research levy on the export value of fish and fish products, see the Act of 7 July 2000 No 68 relating to a Research and Development Levy in the Fisheries and Aquaculture Industry. Use of the funds is regulated by the Regulations relating to a Research and Development Levy in the Fisheries and Aquaculture Industry.

Gassco AS

About the company

Gassco is the operator for the integrated gas transport system from the Norwegian continental shelf to Europe. The gas transport system is a natural monopoly that consists of pipelines, processing facilities, platforms and gas terminals on the European continent and in the UK. The company was founded in 2001. Gassco’s head office is located in Karmøy.

At year-end 2018, the company had 330 employees and a book equity of NOK 16 million.

The state’s ownership

The state’s rationale for its ownership interest in Gassco is to ensure a single neutral and independent operator for the integrated gas transport system and to facilitate efficient utilisation of the resources on the Norwegian continental shelf. The state’s goal as owner is efficient operation and comprehensive development of the gas transport system on the Norwegian continental shelf.

The state owns 100 per cent of Gassco.

Special framework conditions for the company

Gassco has general and special responsibilities as operator. The general operatorship involves the management of processing facilities, pipelines, platforms and gas terminals pursuant to the Act of 29 November 1996 No 72 relating to Petroleum Activities and requirements set out in legislation relating to health, safety and the environment. The general operatorship is exercised on behalf of the gas infrastructure owners on their account and risk. The special operatorship involves tasks relating to system operation, capacity administration and infrastructure development, see the Petroleum Activities Act and Regulations.

The costs of operating the transport system are covered by the users through a tariff, see the Regulations relating to the Stipulation of Tariffs etc. for Certain Facilities, which also provide the owners with a reasonable return on their investments. Gassco does not make a profit or loss from its operations.

Gassnova SF

About the company

Gassnova manages the state’s interests relating to the capture, transport and geological storage of carbon dioxide. This includes promoting technology development and competence-building for cost-effective, forward-looking carbon capture and storage (CCS) solutions, and advising the Ministry of Petroleum and Energy on matters related to the CCS work. Gassnova was established as a government agency in 2005 and converted into a state enterprise in 2007. Gassnova’s head office is located in Porsgrunn.

At year-end 2018, the company had 42 employees and a book equity of NOK 13 million. The operating revenues for 2018 amounted to NOK 295 million.

The state’s ownership

The state’s rationale for its ownership interest in Gassnova is to safeguard the state’s interests relating to carbon capture and storage (CCS). The state’s goal as owner is to contribute to technology development and competence-building for cost-effective, forward-looking CCS solutions.

The state owns 100 per cent of Gassnova.

Special framework conditions for the company

The company is largely funded through the national budget. The Ministry of Petroleum and Energy sets out guidelines for the funds and the company’s activities in an annual assignment letter.

Kings Bay AS

About the company

Kings Bay owns and is responsible for operating and developing the infrastructure in Ny-Ålesund, Svalbard. The company’s operations include accommodation, catering, purchasing and organising air transport services, maritime services, emergency preparedness, engineering services and water and electricity supply. Ten research communities from different nations are permanently based in Ny-Ålesund, and every year, close to 20 different research communities carry out research projects on the company’s property in and around Ny-Ålesund. Kings Bay’s head office is located in Ny-Ålesund.

At year-end 2018, the company had 26 employees and a book equity of NOK 4.6 million. The operating revenues for 2018 amounted to NOK 68.2 million.

The state’s ownership

The state’s rationale for its ownership interest in Kings Bay is to attend to the operation, maintenance and development of infrastructure in Ny-Ålesund to develop it as a Norwegian platform for international world-class research collaborations. The state’s ownership also helps to maintain Norwegian communities in the archipelago, which is one of the overriding objectives of the state’s Svalbard policy. The state’s goal as owner is to ensure that Kings Bay’s properties, buildings and infrastructure are operated, maintained and developed as efficiently as possible with a view to making the best possible use of Ny-Ålesund as a platform for international world-class research collaboration.

The state owns 100 per cent of Kings Bay.

Special framework conditions for the company

The state’s Svalbard policy12 and the framework defined for the development of activities in Ny-Ålesund have a bearing on the company’s activities. Furthermore, the Government’s strategy for research and higher education in Svalbard and the research strategy for Ny-Ålesund define the framework conditions for the research conducted there, and thereby also for the company’s activities. The company receives an annual grant from the Ministry of Climate and Environment and a pertaining letter of allocation relating to major investments and, if applicable, operation.

Nationaltheatret AS

About the company

Nationaltheatret is one of five national dramatic art institutions in Norway. Its performances shall be bold and relevant, and the theatre shall be open and engage the public. The theatre was established in 1899 and became state-owned in 1972. Nationaltheatret is located in Oslo.

At year-end 2018, the company had 400 employees and a book equity of NOK 6.2 million. The operating revenues for 2018 amounted to NOK 285 million.

The state’s ownership

The state’s rationale for its ownership interest in Nationaltheatret is to contribute to making theatre performances of high artistic quality available to the general public, and to promote artistic development and renewal. The state’s goal as owner is for performances of high artistic quality to reach a broad audience.

The state owns 100 per cent of Nationaltheatret.

Special framework conditions for the company

The company is largely financed by state grants. The Ministry of Culture sets out the goals, framework and guidelines for the grant in its annual letter of allocation.

Norfund (special legislation company)

About the company

Norfund – the Norwegian Investment Fund for Developing Countries – is the state’s investment fund for private sector development in developing countries. The company provides equity and loans to viable businesses, which in turn stimulates economic development and job creation in developing countries. The return on the investment portfolio is reinvested. Norfund prioritises investments in clean energy, green infrastructure, financial institutions and scalable enterprise, including in agribusiness and the manufacturing industry, with a view to contributing to the development of sustainable businesses and growth in developing countries. The company was founded in 1997. Norfund’s head office is located in Oslo.

At year-end 2018, the company had 75 employees and a book equity of NOK 25.9 billion.

The state’s ownership

The state’s rationale for its ownership interest in Norfund is to contribute to sustainable business development and job creation in developing countries through investments in viable businesses that would otherwise not be initiated due to the high risk involved. The state’s goal as owner is to contribute to sustainable business development in developing countries.

The state owns 100 per cent of Norfund.

Special framework conditions for the company

Norfund’s activities and investments are regulated by the Act of 9 May 1997 No 26 relating to the Norwegian Investment Fund for Developing Countries and the company’s articles of association. Norfund shall be a minority investor and prioritise investments in Sub-Saharan Africa and the least developed countries in renewable energy and risk-exposed sectors that yield particularly high development effects.

Norfund has received funds over the national budget since its formation. The company is not subject to earning requirements over and above the profitable business requirement.

Norges sjømatråd AS

About the company

Norges sjømatråd (Norwegian Seafood Council) contributes to increased value creation in the fisheries and aquaculture industry by increasing demand for and knowledge about Norwegian seafood in Norway and abroad. This is achieved through the marketing of Norway as a country of origin, and through market information, market access and emergency preparedness work. The company also aims to develop new and established markets, and to promote and consolidate the reputation of Norwegian seafood. The company was founded in 1991. Norges sjømatråd’s head office is located in Tromsø.

At year-end 2018, the company had 79 employees and a book equity of NOK 294 million. The operating revenues for 2018 amounted to NOK 375 million.

The state’s ownership

The rational for the state’s ownership of Norges sjømatråd is to facilitate funding of activities intended to contribute to increasing demand for and knowledge about Norwegian seafood. The state’s goal as owner is to maximise the export value of Norwegian seafood.

The state owns 100 per cent of Norges sjømatråd.

Special framework conditions for the company

The company is financed through a statutory market fee on all export of Norwegian fish and seafood, see the Act of 27 April 1990 No 9 relating to the Regulation of Exports of Fish and Fish Products. The company’s activities are regulated by the Regulations relating to the Regulation of Exports of Fish and Fish Products.

Norsk Helsenett SF

About the company

Norsk Helsenett is charged with operating and developing secure, robust and expedient national ICT infrastructure for efficient interaction between all parties in the health and care sector (the Health Network). This includes the development and operation of a number of national services such as the website www.helsenorge.no, summary care records and Electronic Data Interchange (EDI). The customer group consists of all the health trusts, municipalities, regular GPs and other practitioners in the health and care sector, as well as a number of third-party suppliers that provide services to these parties via the Health Network. The company was founded in 2009. Norsk Helsenett’s head office is located in Trondheim.

At year-end 2018, the company had 373 employees and a book equity of NOK 109 million. The operating revenues for 2018 amounted to NOK 729 million.

The state’s ownership

The state’s rationale for its ownership interest in Norsk Helsenett is to have direct control of the enterprise that makes necessary digital infrastructure available to the health and care sector. The state’s goal as owner is to facilitate an expedient and secure digital infrastructure for efficient interaction between all parts of the health and care services, and to contribute to simplification, rationalisation and quality assurance of electronic services for the benefit of patients and society at large.

The state owns 100 per cent of Norsk Helsenett.

Special framework conditions for the company

The company has a tri-part funding model comprising grants from the Ministry of Health and Care Services to perform national tasks, membership fees for access to and use of the Health Network, and the sale of other services. The framework for the company’s tasks is set out in an annual assignment letter from the Ministry of Health and Care Services. This includes framework conditions for the performance of tasks relating to the operation and development of national services and information security.

Norsk rikskringkasting AS

About the company

Norsk rikskringkasting (NRK) provides a broad range of media services through three linear TV channels, 13 DAB radio channels, the streaming services NRK TV, NRK Super and NRK Radio, the websites www.nrk.no and www.yr.no, as well as mobile phone content. The company reflects the geographical diversity in Norway and is present in more than 50 locations around the country. NRK has 15 regional offices that provide news from all of Norway to the whole country and develop content for NRK. NRK also has ten correspondents abroad. The company was founded in 1933. NRK’s head office is located in Oslo.

At year-end 2018, the company had 3,416 employees and a book equity of NOK 1.9 billion. The operating revenues for 2018 amounted to NOK 6 billion.

The state’s ownership

The state’s rationale for its ownership interest in NRK is to have a non-commercial public broadcaster that meets society’s social, democratic and cultural needs. The state’s goal as owner is to ensure high-quality non-commercial public broadcasting services.

The state owns 100 per cent of NRK.

Special framework conditions for the company

NRK’s public service remit is set out in the NRK placard and the company’s articles of association. According to its public broadcasting remit, NRK shall, among other things, support and strengthen democracy, strengthen the Norwegian language, identity and culture, and be universally available. The company’s activities are also governed by general rules set out in the Act of 4 December 1992 No 127 (the Broadcasting Act) and pertaining regulations. The Norwegian Media Authority supervises how NRK fulfils its obligations as a public broadcaster.

In the national budget for 2020, the Government proposed to finance NRK over the national budget, with a pertaining letter of assignment from the Ministry of Culture. This will replace the broadcasting licence fee.

Norsk Tipping AS (special legislation company)

About the company

Norsk Tipping has, through the Norwegian Gaming Act, exclusive rights to offer a range of gambling activities in Norway. According to rules drawn up by the Ministry of Culture, the company shall organise and offer acceptable forms of gambling under public control with a view to preventing the negative consequences of gambling. At the same time, the company shall, through efficient operation, ensure that as much as possible of the proceeds from gambling go to socially beneficial causes. The company was founded in 1946. Norsk Tipping’s head office is located in Hamar.

At year-end 2018, the company had 413 employees and a book equity of NOK 364 million. The operating revenues for 2018 amounted to NOK 38.1 billion.

The state’s ownership

The state’s rationale for its ownership interest in Norsk Tipping is to offer acceptable forms of gambling under public control, with a view to preventing the negative consequences of gambling, at the same as the proceeds go to good causes. The state’s goal as owner is to channel people’s desire to gamble into moderate and responsible services.

The state owns 100 per cent of Norsk Tipping.

Special framework conditions for the company

The company is regulated by the Act of 28 August 1992 No 103 relating to Gaming, and pertaining regulations, guidelines and gambling rules. The Norwegian Gaming Authority supervises Norsk Tipping’s performance of its assignment. According to its articles of association, the company may be instructed by the Ministry of Culture by letter.

Norske tog AS

About the company

Norske tog procures, owns and manages rolling stock. The company enters into agreements with rail operators that have a traffic agreement with the Norwegian Railway Directorate on the hiring out of rolling stock. This ensures low barriers to entry for rail operators and contributes to competition on equal terms for passenger rail traffic. The company was hived off from Vygruppen AS in 2017. Norske tog’s head office is located in Oslo.

At year-end 2018, the company had 32 employees and a book equity of NOK 2.8 billion. The operating revenues for 2018 amounted to NOK 1.2 billion.

The state’s ownership

The state’s rationale for its ownership interest in Norske tog is to have a provider of rolling stock on competition-neutral terms. The state’s goal as owner is cost-effective procurement and hiring out of rolling stock.

The state owns 100 per cent of Norske tog.

Special framework conditions for the company

The quality and size of Norske tog’s fleet of rolling stock shall be adapted to the publically financed passenger train services. The rail operators pay Norske tog for the hire of stock in accordance with the terms and conditions that follow from the Norwegian Railway Directorate’s traffic agreements with the operators.

NSD – Norsk senter for forskningsdata AS

About the company

NSD – Norsk senter for forskningsdata (NSD) manages data and provides services to the research sector, among others. The undertaking was established in 1971 and organised as a limited liability company from 2003. NSD’s head office is located in Bergen.

At year-end 2018, the company had 92 employees and a book equity of NOK 39.6 million. The operating revenues for 2018 amounted to NOK 73 million.

The state’s ownership

The state’s rationale for its ownership interest in NSD is to have a centre that archives and adapts data and makes them available to research communities, among others. The state’s goal as owner is to ensure the best possible data management and service provision for the higher education and research sectors.

The state owns 100 per cent of NSD. The Ministry of Education and Research has arranged for a review of NSD. The Ministry will follow up this review.

Special framework conditions for the company

The company receives a basic allocation from the Research Council of Norway and grants from the Ministry of Education and Research for operation and development of the Database for Statistics on Higher Education, with a pertaining letter of allocation.

Nye Veier AS

About the company

Nye Veier plans, constructs, operates and maintains sections of national roads for which the company has been assigned responsibility. The development portfolio comprises 530 kilometres of four-lane motorways with an estimated development cost of NOK 157 billion (2018-NOK). High socio-economic profitability is given priority in road development. The company was founded in 2015 and has been in ordinary operation since 2016. Nye Veier’s head office is located in Kristiansand.

At year-end 2018, the company had 165 employees and a book equity of NOK 3.1 billion. The operating revenues for 2018 amounted to NOK 6.7 billion.

The state’s ownership

The state’s rationale for its ownership interest in Nye Veier is to safeguard national road infrastructure and contribute to quicker, more efficient and more comprehensive development of parts of the national road network than can be achieved with a traditional approach. The state’s goal as owner is the highest possible socio-economic profitability in the road projects for which the company has been given responsibility.

The state owns 100 per cent of Nye Veier.

Special framework conditions for the company

The company’s sources of financing are appropriations via the national budget and road tolls. Nye Veier enters into development agreements with the Ministry of Transport for each individual road project the company gives priority to. Road tolls are regulated by the Regulations relating to the Payment of Road Tolls.

Petoro AS

About the company

Petoro manages the State’s Direct Financial Interest (SDFI) in the petroleum activities on the Norwegian continental shelf and other related activities on behalf of the state. The SDFI entails that the state participates as a direct investor in petroleum activities on the Norwegian continental shelf. Petoro is the licensee for the State’s interests in production licences, fields, pipelines and onshore facilities. The company is not involved in the marketing and sale of the state’s oil and gas, as that is the responsibility of Equinor ASA. Petoro is responsible for ensuring that this takes place in accordance with the sale and marketing instructions.13 The company was founded in 2001. Petoro’s head office is located in Stavanger.

At year-end 2018, the company had 64 employees and a book equity of NOK 23 million. The operating revenues for 2018 amounted to NOK 280 million.

The state’s ownership

The state’s rationale for its ownership interest in Petoro is to ensure proper management of SDFI. The state’s goal as owner is the highest possible value creation and revenues from SDFI.

The state owns 100 per cent of Petoro.

Special framework conditions for the company

The Act of 29 November 1996 No 72 relating to the Petroleum Activities provides the legal basis for the company’s activities. Net revenues from the sale of SDFI petroleum are transferred to the Government Pension Fund Global. Petoro’s management of SDFI is financed by administrative grants from the Ministry of Petroleum and Energy with a pertaining assignment letter.

Regional health authorities (special legislation companies)

About the companies

The regional health authorities in Norway are Helse Midt-Norge, Helse Nord, Helse Sør-Øst and Helse Vest. The companies provide high-quality equitable specialist health services to the population of their respective regions. They are also assigned statutory tasks relating to research, education and training of patients and next of kin. The regional health authorities were established in 2002 when the state took over responsibility for the specialist health services from the county authorities. The regional health authorities’ head offices are in Stjørdal, Bodø, Hamar and Stavanger, respectively.

At year-end 2018, Helse Midt-Norge had 17,119 full-time equivalents and a book equity of NOK 9.7 billion. The operating revenues for 2018 amounted to NOK 21.9 billion.

At year-end 2018, Helse Nord had 13,995 full-time equivalents and a book equity of NOK 10.7 billion. The operating revenues for 2018 amounted to NOK 17.6 billion.

At year-end 2018, Helse Sør-Øst had 61,106 full-time equivalents and a book equity of NOK 36.7 billion. The operating revenues for 2018 amounted to NOK 81.7 billion.

At year-end 2018, Helse Vest had 22,176 full-time equivalents and a book equity of NOK 15.3 billion. The operating revenues for 2018 amounted to NOK 28.6 billion.

The state’s ownership

The state’s rationale for its ownership interest in the regional health authorities is to ensure that specialist health services are available in Norway to everyone who needs them, regardless of age, gender, place of residence, personal finances and ethnic background. The state’s goal as owner is to achieve equitable specialist health services of high-quality, and to facilitate research and teaching.

The state owns 100 per cent of all the regional health authorities.

Special framework conditions for the companies

The regional health authorities are regulated by, inter alia, the Act of 15 June 2001 No 93 relating to regional health authorities and health trusts, and pertaining regulations. The Ministry of Health and Care Services finances the specialist health services and sets conditions for the funds in annual assignment letters.

Simula Research Laboratory AS

About the company

Simula Research Laboratory (Simula) conducts basic research in selected areas in software and communication technology, thereby contributing to innovation in business and industry. The company also educates computer science candidates in cooperation with degree-conferring institutions. Simula is the host institution for The Certus Centre for research-based innovation. The company was founded in 2001. Simula’s head office is located in Bærum.

At year-end 2018, the company had 155 employees and a book equity of NOK 91.3 million. The operating revenues for 2018 amounted to NOK 248 million.

The state’s ownership

The state’s rationale for its ownership interest in Simula is to have a provider of ICT research and education, including ICT security, that is not part of a university or university college. The state’s goal as owner is the best possible research, education and innovation in the field of ICT.

The state owns 100 per cent of Simula.

Special framework conditions for the company

The company is partly funded by allocations from several ministries and the Research Council of Norway, with pertaining letters of allocation.

Siva – Selskapet for Industrivekst SF

About the company

Siva – Selskapet for Industrivekst (Siva) is part of the policy instrument system for the business and industry sector. Through its property investments, the company lowers barriers in areas or industries where market mechanisms make business establishment especially demanding. Siva’s innovation activities facilitate the establishment and development of companies in business and knowledge communities, and join them together in regional, national and international networks. The company was founded in 1968. Siva’s head office is located in Trondheim.

At year-end 2018, the company had 42 employees and a book equity of NOK 923 million. The operating revenues for 2018 amounted to NOK 440 million.

The state’s ownership

The rationale for the state’s ownership of Siva is to have a policy instrument for facilitating ownership and development of companies and business and knowledge communities all over Norway. Siva has a particular responsibility for promoting growth in rural areas. The state’s goal as owner is to trigger profitable business development by making infrastructure and joint resources available to companies and regional business and knowledge communities.

The state owns 100 per cent of Siva.

Special framework conditions for the company

The Government has proposed that, from 2020, the company is to receive allocations from the Ministry of Trade, Industry and Fisheries and the county authorities,14 with framework conditions and guidelines outlined in pertaining assignment letters.

Space Norway AS

About the company

Space Norway contributes to the development and operation of space-related infrastructure to meet national user needs and facilitate value creation based on space-related activities in Norway. The company identifies and develops new opportunities and projects with a long-term perspective, and collaborates with other national communication and space organisations. Space Norway owns and manages the fibre-optic cable between mainland Norway and Svalbard. The company was hived off from the administrative agency the Norwegian Space Agency in 1995. Space Norway’s head office is located in Oslo.

At year-end 2018, the company had 21 employees and a book equity of NOK 530 million. The operating revenues for 2018 amounted to NOK 61.3 million.

The state’s ownership

The state’s rationale for its ownership interest in Space Norway is the management and development of safety-critical space-related infrastructure that meets important needs in Norwegian society. The state’s goal as owner is to offer cost-effective space-related infrastructure that is managed in a sound manner and meets important needs in Norwegian society.

The state owns 100 per cent of Space Norway.

Special framework conditions for the company

The company shall normally limit activities that are in direct competition with commercial players, unless special circumstances indicate otherwise. Any commercial activities shall contribute to achieving the state’s public policy goal.

Statnett SF

About the company

Statnett is the transmission system operator in Norway, and is responsible for socially and economically rational operation and development of the central transmission grid. The company is responsible for ensuring a balance between the production and consumption of electric power in Norway at all times. Statnett has a monopoly on the ownership and operation of the Norwegian transmission grid. The company was founded in 1992, when Statskraftverkene was split into Statnett and Statkraft SF. Statnett’s head office is located in Oslo.

At year-end 2018, the company had 1,461 employees and a book equity of NOK 16.2 billion. The operating revenues for 2018 amounted to NOK 9.1 billion.

The state’s ownership

The state’s rationale for its ownership interest in Statnett is that the company owns the transmission grid in Norway and is responsible for system operation. The state’s goal as owner is socio-economically rational operation and development of the national transmission grid for electric power.

The state owns 100 per cent of Statnett.

Special framework conditions for the company

Statnett is responsible for system operation of the entire Norwegian power supply and manages critical infrastructure of vital importance to society. The Norwegian System Operation Regulation specifically define Statnett’s role as system operator. Statnett is also subject to a number of direct regulations pursuant to the Energy Act, including provisions concerning quality of supply, the obligation to offer access to the network, and tariffs.

As the sector authority, the Ministry of Petroleum and Energy makes individual decisions and creates framework conditions for the sector. The Ministry is also the licensing authority charged with evaluating applications from Statnett for installations over a certain threshold, and serves as the appellate authority for licences awarded to Statnett by the Norwegian Directorate of Water Resources and Energy (NVE).

Tariffs from customers connected to the transmission grid provide the financing for Statnett. NVE is responsible for setting Statnett’s allowed annual revenue.

Statskog SF

About the company

Statskog is Norway’s largest landowner and manages around one-fifth of mainland Norway, mostly mountainous areas. The company manages and develops assets on state-owned land and ensures public access to hunting, fishing and activities in Norwegian nature. Statskog is also the country’s largest forest owner, with about 6 per cent of the total productive forest area in Norway. Statskog’s commercial activities are related to forestry and other land-use and property management. The company was founded in 1993 through a reorganisation of the Directorate for State Forests and Land. Statskog’s head office is located in Namsos.

At year-end 2018, the company had 111 employees and a book equity of NOK 1.8 billion. The operating revenues for 2018 amounted to NOK 413 million.

The state’s ownership

The state’s rationale for its ownership interest in Statskog is to ensure sustainable management of state-owned forest and mountain areas and the resources found therein, including to facilitate public hunting, fishing and outdoor recreation etc. The state’s goal as owner is sustainable management of these areas through efficient operation and satisfactory financial results over time.

The state owns 100 per cent of Statskog.

Special framework conditions for the company

Statskog performs statutory tasks that follow from provisions in the Norwegian Mountain Act and the Act on Forestry etc. in the State Commons. The Ministry of Agriculture and Food enters into agreements with Statskog that set out more detailed conditions for Statskog’s performance of these and other public policy tasks. Statskog also receives an annual letter of allocation and assignment from the Ministry.

Hunting, logging, trapping and fishing on state-owned land outside of the state commons managed under the Mountain Act are regulated by provisions adopted by the Norwegian Environment Agency.

Protection of land owned by Statskog and voluntary protection of private land is the primary strategy for achieving the Government’s goal to protect 10 per cent of the forest in Norway. Unlike protection of private land and state commons, where protection is based on the principles of voluntary protection, protection of Statskog’s ordinary land is based on a mapping and prioritisation process carried out by the protection authorities. Decisions on protection are made in the ordinary manner, and Statskog is compensated in the same way as other land owners.

Staur gård AS

About the company

Staur gård facilitates agricultural research and development and runs the property Staur gård. R&D activities conducted on the farm are carried out by private companies. The company uses the rest of the farm for its own agricultural activities. Parts of the building complex are let and used for accommodation, courses, conferences and special events. The property is owned by the state, and the company Staur gård was founded in 2001 to run the property, which until then had been run by the Norwegian Grain Corporation. Staur gård’s head office is located in Stange.

At year-end 2018, the company had five full-time equivalent and a book equity of NOK 7.6 million. The operating revenues for 2018 amounted to NOK 10.9 million.

The state’s ownership

The state owns 100 per cent of Staur gård. In Proposition 114 (Resolution) (2018–2019), the Government proposed to dissolve the company based on the argument that agricultural properties should be owned and run by parties other than the state, and that it is not the state’s task to own, run or facilitate the running of a course and conference hotel in a market exposed to competition. The Storting endorsed the proposal, see Recommendation 391 (2018–2019) to the Storting. The Ministry of Agriculture and Food will follow up the Storting’s decision to dissolve the company and sell the property.

Store Norske Spitsbergen Kulkompani AS

About the company

Store Norske Spitsbergen Kulkompani (SNSK) has coal mining in Svalbard as its core business. The company runs mining operations in Mine 7 outside Longyearbyen, develops and manages housing in Longyearbyen, and runs a mining museum and logistics services in Svalbard. SNSK is also responsible for a large environmental clean-up project after the discontinued coal mining activities in Svea and Lunckefjell. The company was founded in 1916 and became state-owned in the 1930s. SNSK’s head office is located in Longyearbyen.

At year-end 2018, the company had 127 employees and a book equity of NOK -2.2 billion.15 The operating revenues for 2018 amounted to NOK 383 million.

The state’s ownership

The state’s rationale for its ownership interest in SNSK is to have a company in Svalbard that, through the operation of Mine 7, development and management of housing and other activities, helps to maintain and develop the local community in Longyearbyen in a way that underpins the overarching objectives of Norway’s Svalbard policy, see the white paper on Svalbard. The state’s goal as owner is, through the operation of Mine 7, to help to ensure that the power plant in Longyearbyen has access to a stable supply of coal, and that the company’s management and development of housing property that it owns in Longyearbyen underpin the overarching objectives of Norway’s Svalbard policy. Mine 7 and the housing activity are required to be operated efficiently. Other activities shall be carried out on a commercial basis. The most weighty consideration in relation to all activities shall be that they underpin the overarching objectives of Norway’s Svalbard policy, see the white paper on Svalbard.

The state owns 100 per cent of SNSK.

Special framework conditions for the company

The environmental clean-up after coal mining activities in Svea and Lunckefjell is mainly financed by the state. The Ministry of Trade, Industry and Fisheries sends an annual assignment letter to the company, setting out goals, framework conditions and guidelines relating to the environmental clean-up project. The Ministry will also carry out a more detailed review of the group’s housing operation, including considering other organisational models that can support the objectives of the Svalbard policy. The current logistics and tourism activities (Mine 3 and Isfjord Radio) can be developed, as long as it supports the overarching objectives of Norway’s Svalbard policy. The group cannot raise external debt (except ordinary bank overdrafts or similar) without the Ministry’s consent.

Universitetssenteret på Svalbard AS

About the company

Universitetssenteret på Svalbard (UNIS) offers study programmes and conducts research based on Svalbard’s geographic location in the High Arctic and the special advantages afforded by the opportunity of using nature as a laboratory. The study programmes supplement the education provided at universities on the mainland and form part of ordinary study programmes. UNIS’s fields of study are arctic biology, arctic geology, arctic geophysics and arctic technology. The company was founded in 2002, replacing the foundation Universitetsstudiene på Svalbard that had been established by the four Norwegian universities in 1994. UNIS’s head office is located in Longyearbyen.

At year-end 2018, the company had 107 full-time equivalent and a book equity of NOK 15.7 million. The operating revenues for 2018 amounted to NOK 150 million.

The state’s ownership

The state’s rationale for its ownership interest in UNIS is that the institution is an important instrument in Norway’s Svalbard policy, and that the company is the Government’s institution for university studies and research in Svalbard. The state’s goal as owner is to have a unique institution of higher education and research in Svalbard, with high-quality study programmes and research activities based on the natural advantages afforded by Svalbards’s location in the High Arctic.

The state owns 100 per cent of UNIS.

Special framework conditions for the company

The company is primarily financed by grants from the Ministry of Education and Research, with a pertaining letter of allocation.

AS Vinmonopolet (special legislation company)

About the company

Vinmonopolet is a monopoly with exclusive rights to sell alcoholic beverages containing more than 4.7 per cent alcohol by volume to consumers. The company is one of the most important instruments in Norway’s alcohol policy and helps to limit alcohol consumption in society by regulating its availability. The company’s responsibility for alcohol policy manifests itself through effective social control, awareness-raising campaigns and the absence of promotional activities. The company was founded in 1922 and became state-owned in the 1930s. Vinmonopolet’s head office is located in Oslo.

At year-end 2018, the company had 1,848 employees and a book equity of NOK 719 million. The operating revenues for 2018 amounted to NOK 13.9 billion.

The state’s ownership

The state’s rationale for its ownership interest in Vinmonopolet is to exclude private financial interests as motivation for the sale of alcoholic beverages containing more than 4.7 per cent alcohol by volume, and to contribute to the sale taking place in a controlled manner. The state’s goal as owner is to ensure that the sale of alcoholic beverages containing more than 4.7 alcohol by volume takes place in a controlled manner so as to limit the harmful effects of alcohol for individuals and society at large.

The state owns 100 per cent of Vinmonopolet.

Special framework conditions for the company

The company is regulated by the Act of 19 June 1931 No 18 relating to Aktieselskapet Vinmonopolet. The framework conditions for the company’s operations are also regulated by, inter alia, the Alcohol Act and the Alcohol Regulations. In addition, the Ministry of Health and Care Services issues an annual assignment letter to the company.

6.4 Companies that are not categorised

Filmparken AS

The company offers film recording facilities, including studios and offices, in Jar in Bærum. The company has been involved in film production and studio operations in Jar since 1948.

The state owns 77.6 per cent of Filmparken, while the City of Oslo owns 11.6 per cent. The remaining 10.8 per cent of the shares are owned by around 80 municipalities and one bank.

In the national budget for 2014, the Storting approved a proposal to allow the state to sell Filmparken. The reason given was that the facilities in Jar are not used to produce feature films and thus no longer promote cultural policy considerations. The approval was renewed every year until the national budget for 2019, when the Storting agreed to postpone the sale of Filmparken. The reason for this decision was a change in the market for film studios, with an increase in the demand for new Norwegian drama series. The Government is working on plans to develop the company in light of this market situation.

Folketrygdfondet (special legislation company)

Folketrygdfondet manages the Government Pension Fund Norway (GPFN) and is wholly owned by the state. The company invests the GPFN in listed equity and bonds in Norway, Sweden, Denmark and Finland. At year-end 2018, the market value of the GPFN was NOK 239 billion. The goal of the management of the GPFN is to achieve the highest possible return, measured in Norwegian kroner after expenses. The return is added to the fund’s capital on a running basis. Folketrygdfondet has about 50 employees and is based in Oslo.

The state’s ownership of Folketrygdfondet and GPFN is addressed in annual reports to the Storting concerning the Government Pension Fund and the financial market, respectively.

Rosenkrantzgate 10 AS

Rosenkrantzgate 10 is a property company whose only asset is the property at the address Rosenkrantzgate 10 in Oslo. The company’s activities are the letting of premises at this address. The building is home to Oslo Nye Teater, which has a preferential right to let premises in the building.

The state owns 3.07 per cent of the company. The City of Oslo owns 78.89 per cent, 16.69 per cent is owned by unknown owners, while the remaining holding is owned by Oslo Nye Teater AS and private individuals. The state’s ownership interest is the result of a previous engagement/ownership in Oslo Nye Teater, which is now wholly owned by the City of Oslo.

The state no longer has any rationale for its ownership interest in the company. Disposal of the shares has been difficult because there are unknown shareholders in the company. In 2017, the shares of the unknown owner(s) were deposited with Norges Bank for 20 years. During this period, the shares can be released to shareholders who can prove that they are owners. When the deposit period expires, the company can claim ownership of the shares.

Rygge 1 AS

The company is establishing and owns infrastructure (test cell) at Rygge Air Base used for post maintenance testing of engine components for F-35 fighter jets. The test cell is an important part of the engine depot for maintenance of these engines. It is let to Kongsberg Aviation Maintenance Services AS, formerly Aerospace Industrial Maintenance Norway AS (AIM Norway), which is responsible for the engine depot and uses the test cell in its maintenance production. Rygge 1 was previously a subsidiary of AIM Norway. The state took over ownership through a distribution of all the shares in Rygge 1 as dividend in kind in 2019 before the shares in AIM Norway were sold to Kongsberg Defence & Aerospace AS.

The state owns 100 per cent of the company.

The state’s goal as owner of Rygge 1 is to enable the establishment of an engine depot in Norway. Once the test cell has been built and put into operation, the state will consider whether the company should be dissolved and the test cell be included in the Norwegian Defence Estates Agency’s portfolio.

Footnotes

1.

The Swedish Ministry of Enterprise and Innovation (2019): ‘Annual report for state-owned enterprises 2018’. The value is converted from SEK to NOK at the exchange rate as of 31 December 2018.

2.

Publications of the Finnish Government 2019:19: ‘Report on State Annual Accounts 2018 Annex 4 State corporate holdings’. The value is converted from EUR to NOK at the exchange rate as of 31 December 2018.

3.

This follows from the Regulations on Financial Management in Central Government, see section 8.5.2.

4.

See also DIFI (2014): ‘Fra stat til marked – Veileder om utskilling av virksomhet fra staten’ (‘From state to market – Guide to hiving off enterprises from the state’).

5.

The current Limited Liability Companies Act does not require limited companies to specify in their articles of association where the head office is located. This was previously a legal requirement.

6.

Some companies are not categorised; see section 6.4.

7.

See section 7.1.2.

8.

The authorisations are granted for one year at a time and are normally renewed every year in Proposition 1 (Resolution) to the Storting.

9.

See the Government’s web pages on state ownership.

10.

See also Figure 8.1 for different characteristics of the companies in Category 3.

11.

In 2018, the Ministry of Culture presented Report No 8 (2018–2019) to the Storting: The Power of Culture – Cultural Policy for the Future. It outlines new national cultural policy goals that make it clear that cultural policy is a national commitment area with policy instruments and measures at the state, county and municipal levels. In its follow-up of the report, the Ministry of Culture will consider the most suitable form of organisation and ownership for Carte Blanche, Den National Scene, Rogaland Teater and Trøndelag Teater in dialogue with each company and their other owners. This could lead to changes in the companies’ ownership, organisation and objectives.

12.

Report No 32 (2015–2016) to the Storting: Svalbard.

13.

See the description under Equinor.

14.

It has been proposed to transfer responsibility for the industrial park and incubator programmes from the Ministry of Local Government and Modernisation and the Ministry of Trade, Industry and Fisheries to the county authorities with effect from 2020.

15.

The group’s equity is affected by significant negative equity in the subsidiary Store Norske Spitsbergen Grubekompani AS. The reason for this is a provision of NOK 2.5 milliard relating to the environmental clean-up project in Svea and Lunckefjell. See more details in the company’s 2018 annual report.

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