Accounting statistics for non-financial limited companies, 2001

Joint-stock companies' net profit was NOK 89 billion in 2001. This was NOK 31 billion less than in 2000. About 60 per cent of the companies had a profit amounting to almost NOK 200 billion. The total proposed dividends were NOK 107 billion, and were in 2001 higher than the annual net profit. Compared with 2000, NOK 29 billion more in dividends, including extraordinary dividends, were proposed. About NOK 100 billion of the total dividends, were proposed by the companies with net profits. This is 94 per cent of total proposed dividends.

Equity

Total equity at the end of 2001 was NOK 1 325 billion, or NOK 29 billion more than in the end of 2000. This is a 2 per cent increase.

Proposed dividends of NOK 107 billion and net contribution to group companies of NOK 17 billion decreased the equity. In addition, the equity was reduced by changes of principals and other changes by NOK 42 billion. An increase in equity occurred due to the net profit of NOK 89 billion and invested capital of NOK 104 billion.

The total assets of joint-stock companies were valued at NOK 3,755 billion at the end of 2001. This is an increase of almost NOK 229 billion compared with figures from the end of 2000, or 6.5 per cent. The value of current assets was almost the same. Tangible fixed assets, such as property, machines, vehicles etc. were valued at NOK 1 094 billion at the end of 2001. Financial fixed assets include mainly investments in group companies/subsidiaries and loan to group companies. By the end of 2001, these investments were valued at NOK 739 billion and NOK 391 billion. This was an increase of 8.3 and 9.6 per cent, respectively. The value of investments in associated companies decreased by NOK 14.7 billion, or 15 per cent, compared with 2000. The companies' assets are financed either by equity or debt. At the end of 2001, the share of equity was 35.3 per cent. This is less than at the end of 2000, when the share was 36.8 per cent.

While the companies' total debt at the end of 2000 amounted to NOK 2 230 billion, the corresponding figure at the end of 2001 was NOK 2, 430 billion. This is an increase of 9 per cent. The short-term liabilities were 45 per cent of total debt at the end of 2001, compared with 46 per cent at the end of 2000. The illustration shows the share of equity, long-term and short-term liabilities by industry at the end of 2001.

Weakened operating profit

The operating income of joint-stock companies was NOK 2, 348 billion in 2001. This is an increase of almost NOK 88 billion, or 3.9 per cent compared with the previous year. At the same time, the operating profit decreased from NOK 224 billion to NOK 209 billion, or by almost 7 per cent. Companies in oil and gas activities represent the greatest share of the operating profit, 58 per cent. This is almost the same proportion as in 2000. The operating profit was at the same time reduced by NOK 6.7 billion. In other industries, the operating profit fell from NOK 96.1 billion to NOK 87.8 billion, or by NOK 8.3 billion.

Operating expenses

Operating expenses were NOK 2138 billion in 2001. This was 5.1 per cent more than in 2000. Cost of raw materials and consumables used and payroll expense represent the highest shares of total operating expenses. Compared with 2000, the increases were 3.3 and 4.2 per cent respectively, or almost at the same rate as the operating income. The cost of raw materials and consumables used represented over half (53 per cent) of the total operating expenses in 2001. The same share in payroll expenses was almost 18 per cent. Compared with 2000, the shares are almost the same.

Deprecation and write- down of tangible and intangible fixed assets shall represent the decreased value of the assets. The deprecation and write- down amounted to almost NOK 117 billion in 2001, or 15 per cent more compared with 2000. The cost of rented fixed durable assets etc. increased by almost NOK 8 billion, or almost 17 per cent, from 2000 to 2001.

Weakened profit of financial items

While the net profit of financial items was NOK 4 billion in 2000, the profit of financial items in 2001 was a deficit of NOK 8.6 billion. Compared with 2000, there were increases in both financial income and financial expenses. While interest income was NOK 81.5 billion, the interest expense was NOK 105.7 billion. The weakened profit of financial items is mainly caused by write-down of financial assets. Write-down of financial assets as a result of decreased value assessment, which is expected to be permanent, was NOK 46 billion in 2001. The same figure for 2000 was NOK 11 billion. Almost half of the write-down of financial assets was done in the industry of transport and communication in 2001.

About the statistical basis

The statistics are based on a representative sample of 45, 990 non-financial joint-stock companies. Previously, the sample has consisted of approximately 11, 000 companies. Due to electronic reporting of tax questionnaires to the taxation authorities, the sample is extended to cover also these questionnaires. The data are based on a questionnaire from the tax authorities on accounting, which documents hvem "dokumenterer", the questionnaire (documents) eller tax authorities (document)??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 terms of accounts and taxes.

From 2000 and onwards, the statistics do not cover turnover at the Nordic exchange of electric power. From 2000 the amounts of sale and purchase of electricity have been net reported.

Tables:

• Table 1 Selected accounting figures, income statement. 2000 and 2001. Million NOK
• Table 2 Selected accounting figures. Balance sheet at 2000 and 2001. Million NOK
• Table 3 Selected accounting figures, by industry section. Income statement. 2001. Million NOK
• Table 4 Selected accounting figures, by industry section. Balance sheet at 31 December 2001. Million NOK
• Table 5 Selected accounting figures, income statement. 1999 and 2000. Million NOK
• Table 6 Selected accounting figures. Balance sheet at 1999 and 2000. Million NOK
• Table 7 Selected accounting figures, by industry section. Income statement. 2000. Million NOK
• Table 8 Selected accounting figures, by industry section. Balance sheet at 31 December 2000. Million NOK