Annual reports for non-financial limited companies, account statistics, 1999

The total operating profit for non-financial joint-stock companies went up from NOK 112 billion in 1998 to NOK 137 billion in 1999. The largest improvement in operating profit is found in oil and gas. The operating profit in oil and gas rose from NOK 24 billion in 1998 to almost NOK 43 billion in 1999. In the same period the operating profit margin increased from 16 to 22 per cent. By comparison, the operating profit margin in 1997 was 29 per cent. The large fluctuation in profitability must be seen in association with the fluctuations in the oil price.

Modest growth for Mainland Norway

The increase in operating profit for the joint-stock companies in Mainland Norway was more modest. The operating profit went up form NOK 83 billion in 1998 to NOK 90 billion in 1999, an increase of 9 per cent. The increased operating profit is primarily due to a reduced growth in operating costs, not higher operating income. The operating profit margin for the joint-stock companies in Mainland Norway increased from 5,1 to 5,4 per cent. The operating profit for the industries manufacturing, mining and quarrying, construction, domestic trade, hotels and restaurants decreased.

Improved capital strength

Capital strength measured by the equity ratio shows a marginal improvement from 37.6 per cent in 1998 to 37.9 per cent in 1999. For the joint-stock companies in Mainland Norway the equity ratio was improved by more than one percentage point, from 36,7 per cent in 1998 to 37,9 per cent I 1999. In the industry oil and gas there was a small decrease in the equity ratio, from 33,6 per cent in 1998 to 33,2 per cent in 1999.

About the statistical basis

The statistics of accounts are based on the companies annual reports turned in to the Register of Company Accounts in Brønnøysund. The statistics for 1999 offer selected accounts figures based on information from 129 733 joint-stock companies. The statistics do not include companies that are conducting financial activities and offer financial services.

Due to changes in the chart of accounts in connection with the transition to the Accounting Act of 1998, there is a break in the statistics as of the fiscal year 1999. A new standard has been established for posting extraordinary items, resulting in a somewhat altered distinction between ordinary and extraordinary items. Furthermore, starting in 1999, taxes are divided into ordinary and extraordinary profit/loss.

The changes in the chart of accounts have made it necessary to alter the definitions of several key figures. In the statistics of accounts for 1999, return on total assets is defined as the sum of ordinary profit/loss before taxes and interest costs, in per cent of the total capital as of 31 December. In previous statistics of accounts, it was not possible to separate interest costs, and total financial expenditures were used as a replacement for interest costs. Corresponding changes have been made for several key figures. The definition of operating profit margin, equity ratio and current ratio has been maintained and these key figures are to some degree comparable over time.

Several joint-stock companies have been subject to a change in industrial division, therefore the figures for 1998 are corrected.

Tables:

• Table 1 Selected accounting figures for joint-stock companies. 1995-1999. Million kroner and per cent
• Table 2 Selected accounting figures for joint-stock companies. Income statement. 1999. Million kroner
• Table 3 Selected accounting figures for joint-stock companies. Balance sheet at 31 December. 1999. Million kroner
• Table 4 Key figures for joint-stock companies. 1999
• Table 5 Selected accounting figures for joint-stock companies, by industry section. Income statement. 1999. Million kroner
• Table 6 Selected accounting figures for joint-stock companies, by industry section. Balance sheet at 31 December 1999. Million kroner
• Table 7 Key figures for joint-stock companies, by industry section. 1999
• Table 8 Selected accounting figures for joint-stock companies in Mainland Norway and in offshore and shipping. Income statement. 1999. Million kroner
• Table 9 Selected accounting figures for joint-stock companies in Mainland Norway and in offshore and shipping. Balance sheet at 31 December. 1999. Million kroner
• Table 10 Key figures for joint-stock companies in Mainland Norway and in offshore and shipping. 1999