Accounting statistics for non-financial limited companies, 2000

Financial fixed assets include mainly investments in group companies/subsidiaries and loans to group companies. By the end of 2000, these investments were valued at NOK 682 billion and NOK 357 billion, respectively.

Tangible fixed assets, which are depreciated, were valued to NOK 970 billion at the end of 2000, or NOK 92 billion more than by the end of 1999.

In comparison, current assets had a value of NOK 1 173 billion. Above half of this amount are accounts receivable from customers and other short-term receivables, and these items increased by 14 per cent. The most liquid assets, such as bank deposit and cash, rose by NOK 50 billion, or 24 per cent from 1999. At the same time, an increase of only 6 per cent in short-term securities and other financial current assets occurred.

Greater share of short-term debt

The assets of joint-stock companies are financed either by equity or debt. Total equity at the end of 2000 was nearby NOK 1 300 billion, an increase of almost NOK 113 billion, or 9.5 per cent, compared with the value at the end of 1999. The increase in equity is mainly due to net profit and input of capital, while the decrease in equity is attributable to proposed dividends and other equity transactions. Proposed dividends were almost NOK 78 billion, of a total net profit of NOK 120 billion.

Total liabilities have increased by NOK 352.5 billion, or 19 per cent during the same period. The short-term liabilities had a greater increase than the long-term liabilities, and constituted 46.1 per cent of total liabilities at the end of 2000. The same proportion at the end of 1999 was 44.1 per cent. In the industrial activities of construction and domestic trade, hotels and restaurants, the share of short-term liabilities of total liabilities was close to 70 per cent. The smallest share of short-term liabilities was in electricity, gas and water supply, with 27 per cent. In this industry, the share of equity was half of the total assets.

Half of the operating profit from oil and gas

Total operating income amounted to NOK 2 271 billion. This is an increase of 14 per cent compared with 1999. During the same period, the operating expenses increased with only 10 per cent. The result is an increase in operating profit of almost 70 per cent, and the operating profit of 2000 was NOK 224 billion.

Joint-stock companies in domestic trade, hotels and restaurants represented a third of the total operating income, but only 6 per cent of the operating profit. Manufacturing, mining and quarrying had a total operating income of NOK 449 billion, while the operating profit was near NOK 22 billion. This is an operating margin of 4.9 per cent.

Most of the improvement in operating profit is explained by the oil and gas companies. If this industry is excluded, the operating profit increased by 9 per cent, to approximately NOK 96 billion. Thus, the oil and gas companies represented the half of the operating profit, while the share of operating income was 15 per cent. The oil and gas companies had an increase of almost 75 per cent in the operating income, while the increase in operating expenses was just 40 per cent.

About the statistical basis

The statistics are based on a representative sample of 11 350 joint-stock companies, which represent 138 479 non-financial, joint-stock companies with economic activity in 2000. The data are based on a questionnaire from the tax authorities on accounting, which documents revenues, expenses, liabilities and equity in connection with the filing of tax returns. The tax questionnaire covers company accounts, not consolidated accounts.

The tax questionnaire shows the accounting values and aggregates, based on principles enshrined in accounting and tax legislation. The values do not necessarily give a good idea of the real value or market value of the assets in all cases. Similar investments can be booked differently between two joint-stock companies, and can be booked differently in term of accounts and taxes.

Tables:

• Table 1 Selected accounting figures, income statement 1999 and 2000. Million kroner
• Table 2 Selected accounting figures. Balance sheet at 1999 and 2000. Million kroner
• Table 3 Selected accounting figures, by industry section. Income statement. 2000. Million kroner
• Table 4 Selected accounting figures, by industry section. Balance sheet at 31 December 2000. Million kroner