A/O Dom Shvetsii administers a “House of Sweden” in St Petersburg, housing official, cultural and commercial func-tions. The Ministry for Foreign Affairs leases premises in the building for the Consulate General of Sweden. A large part of the remaining premises is leased to enterprises with connections to Sweden and to Swedish and foreign companies.
When it was established, a House of Sweden in central St Petersburg was regarded as an aspect of developing relations between Sweden and Russia. It was considered important to give Swedish government agencies and Swedish enterprise a natural base for their operations in St Petersburg. The project was to be implemented on commercial terms and with the long-term objective of independent financial viability.
The company was formed through a tripartite agreement between the Swedish government, St Petersburg and Skanska.
Skanska sold its 49 per cent interest in Dom Shvetsii to CA Fastigheter in the autumn of 2008. Dom Shvetsii is a Russian limited company owned 49 per cent by Ladoga Holding AB (a subsidiary of CA Fastigheter), 36 per cent by the Swedish state and 15 per cent by the City of St Petersburg. Dom Shvetsii retains the right of disposal of the Sweden House complex and the land for 49 years.
The property complex includes a lettable area of about 4,500 square metres. In the next few years, other construction proj-ects in the city (including Gazprom’s major new build) may lead to additional office space of about 300,000 square metres com-ing onto the market. In addition, economic developments in Russia may contribute to a falling property market. As regards the House of Sweden, the company has in the past normally set rents in USD. As a result of the depreciation of the rouble, rents in the property have become high from the local perspective.
In order to retain the tenants, Dom Shvetsii has in most cases changed the currency in the leases to roubles and has lowered rents to be in parity with the current market level.
Significant events in 2015
• Occupancy rate of approximately 75 per cent during the autumn.
• Greater competition due to a rise in available office space in the city.
• Market rents have dropped by about 30 per cent.
Performance review
Dom Shvetsii’s operations are dependent on the level of demand for premises in St Petersburg and on rent trends. In both cases, weak development is expected in future, which will have signif-icant impact on the revenue side and thus result in considerably lower net profit.
Chair: Jan Borekull The duties of the CEO are performed by a management company.
Directors and auditors elected for 2016/2017
Chair: Jan Borekull Board: Johan Damne, Lars Grundberg, Vladislav Vilorgovich Kozelsky and Lena Wedén Auditor: Dimitry Mikhaylov, Dimitry Mikhaylov Consulting Bureau
Fees paid to the chairman were USD 0 (0). Fees paid to directors elected by the AGM amounted to USD 4,000 (4,000). Fees are not paid to directors employed by the Government Offices.
State ownership (36%) 2015 2014
Income statement, SEKm
Net sales 13 11
Operating profit 9 8
Financial income 1 -
Profit before tax 10 8
Net profit 8 6
– of which attributable to minority interest 3 2 Balance sheet, SEKm
Total assets 23 21
Non-current assets 8 9
Equity 19 11
– of which, minority interests 7 4
Net debt 3 10
Operating capital 22 21
Key indicators
Operating margin, % 70 71
Return on equity (average), % 43 60
Return on operating capital (average), % 37 31
Net debt/equity ratio, multiple 0.21 0.97
Equity/assets ratio, % 0.82 0.51
Gross investments, SEKm - -
Appropriation, SEKm 0 0
Dividend, SEKm 4 0
Average no. of employees 3 3
Employees, gender distribution (women/men), % – – Management group, gender distribution (women/men), % – – Board, gender distribution (women/men), % 20/801 20/80
Reported in compliance with GRI guidelines No
Externally assured GRI report No
Reporting in compliance with IFRS No
1) Elected for 2016/2017.
Dramaten
Kungliga Dramatiska teatern AB (the Royal Dramatic Theatre, or “Dramaten”) is the Swedish national stage for spoken the-atre. Dramaten’s mission is to be the leading theatrical institu-tion in Sweden and, as a nainstitu-tional stage, shall maintain the high-est standards in terms of development, renewal, artistic quality and craftsmanship in its studios and workshops. Dramaten shall work in an international theatrical and cultural context, initi-ating partnerships and fostering intercultural exchange. Dra-maten shall also nurture and promote the Swedish language and the national cultural heritage in theatre.
Significant events in 2015
• Continued positive results and strengthened equity position.
• The number of productions, audience numbers and capacity utilisation are stable and satisfactory.
Targets and tracking
Financial targets
• Dramaten shall maintain equity that provides a solid financial foundation for its operations.
Outcomes
• Profit for 2015 amounted to SEK 3.3 million, strengthening equity to SEK 39.1 million. The appropriation from the state was SEK 229 million.
Sustainability targets
• To manage, enrich, develop and renew artistic quality, intel-lectual pursuit and values by means of the repertoire and other activities.
• Increase the percentage of first-time audience members.
• Increase the audience percentage reached through digital channels.
• Achieve gender balance among authors of original artistic works.
Outcomes
• The repertoire is varied and offers both newly written and classical dramatic works. Activities for children and young people have moved back into the main Dramaten building at Nybroplan and performances have been given for various age groups.
• There were a total of 978 performances staged by Dramaten presented on the theatre’s stages and were seen by 234,044 people.
• Dramaten has invested in increasing access to performances by publishing them on the web to a greater extent, which has garnered a great deal of attention.
Public policy targets
Dramaten has a specifically adopted public policy assign-ment. Operations that are financed by state budget appropria-tions within the framework of the public policy assignment are tracked. Targets have not yet been developed according to the public policy targets process.
Chair: Daniel Sachs CEO: Eirik Stubø Directors and auditors elected for 2016/2017
Chair: Daniel Sachs Board: Pontus Braunerhjelm, Sara Danius, Gunvor Kronman and Tasso Stafilidis. Eva Hamilton was elected at the 2016 AGM. Carina Brorman, Qaisar Mahmood stepped down Employee reps:
Rebecka Hemse, Kjäll Åkerblom Alternate employee reps: Hannes Meidal, Mimmi Lindell Auditor: Kerstin Sundberg (Deloitte)
Fees paid to the chairman were SEK 60 (60) thousand. Fees paid to directors elected by the AGM amounted to SEK 30 (30) thousand.
State ownership (100%) 2015 2014
Income statement, SEKm
Net sales 273 277
Operating profit 2 2
Financial income 5 4
Profit/loss before tax 3 5
Net profit 3 4
– of which attributable to minority interest 0 0 Balance sheet, SEKm
Total assets 105 101
Non-current assets 18 10
Equity 38 36
– of which, minority interests 0 0
Net debt -71 -75
Operating capital -32 -39
Key indicators
Operating margin, % 0.8 0.8
Return on equity (average), % 8.8 13.4
Return on operating capital (average), % -6.2 -5.9
Net debt/equity ratio, multiple -1.8 -2.1
Equity/assets ratio, % 37.2 35.7
Gross investments, SEKm 11 4
Appropriation, SEKm 227 227
Dividend, SEKm 0 0
Average no. of employees 315 318
Employees, gender distribution (women/men), % 51/49 49/51 Management group, gender distribution (women/men), % 50/50 40/60 Board, gender distribution (women/men), % 50/501 43/57
Reported in compliance with GRI guidelines Yes
Externally assured GRI report Yes
Reporting in compliance with IFRS No
1) Elected for 2016/2017.
ESS
European Spallation Source ESS AB plans, designs, builds, owns and operates the European Spallation Source (ESS) research facility in Lund. ESS is owned jointly by the Swedish and Danish states. The Swedish state owns about 74 per cent of equity and the Danish state about 26 per cent.
The company continued the construction of the European Spallation Source research facility in Lund during 2015. When the facility is finished, it will be the world’s most powerful mate-rials science facility, using neutrons to probe matemate-rials at the atomic and molecular level. This enables studies of, for example, the structure and function of a protein under conditions simi-lar to those in which the molecule works in its original environ-ment.
Significant events in 2015
• ESS was reorganised as an ERIC1 consortium.
• Assets and liabilities were transferred from the company to the ERIC effective 30 September 2015.
• Shareholder contribution of SEK 980 million from the Swedish state.
Targets and tracking
Financial targets
The company’s operations are not intended to make a profit.
Sustainability targets
All buildings within ESS to be designed for environmental cer-tification under internationally recognised cercer-tification systems.
Public policy targets
ESS has a specifically adopted public policy assignment. Opera-tions that are financed by state budget appropriaOpera-tions within the framework of the public policy assignment are tracked. Targets have not yet been developed according to the public policy tar-gets process.
Chair: Sven Landelius CEO: James H. Yeck
Directors and auditors elected for 2016/2017 Chair: Sven Landelius Board: Katarina Bjelke, Lars Börjesson, Per Eriksson, Kim Graugaard, Lena Gustafsson, Hans Müller Pedersen and Bo Smith Employee rep: Michael Palade Auditor: Kent Linden (KPMG)
Fees paid to the chairman were SEK 175 (175) thousand. Fees paid to directors elected by the AGM amounted to SEK 70 (70) thousand. Fees are not paid to directors employed by the Government Offices or the Danish Ministry.
State ownership (74%) 2015 2014
Income statement, SEKm
Net sales 0 0
Operating profit -615 -780
Financial income 0 1
Profit/loss before tax -615 -780
Net profit -615 -780
– of which attributable to minority interest 0 0 Balance sheet, SEKm
Total assets 858 538
Non-current assets 0 136
Equity 850 314
– of which, minority interests 0 0
Net debt 0 0
Operating capital 850 314
Key indicators
Operating margin, % 0.0 0.0
Return on equity (average), % -105.6 -427.8
Return on operating capital (average), % -105.6 -428.3
Net debt/equity ratio, multiple 0.0 0.0
Equity/assets ratio, % 99.0 58.4
Gross investments, SEKm 359 129
Appropriation, SEKm 0 0
Dividend, SEKm 0 0
Average no. of employees 240 246
Employees, gender distribution (women/men), % 32/68 34/66 Management group, gender distribution (women/men), % 25/75 0/100 Board, gender distribution (women/men), % 25/752 25/75
Reported in compliance with GRI guidelines Yes
Externally assured GRI report Yes
Reporting in compliance with IFRS No
2) Elected for 2016/2017.
1) ESS was reorganised in 2015 as an ERIC consortium. In December 2014 the Riksdag authorised the government (Bill 2014/15:1, Report 2014/15: UbU1, Riksdag Commu-nication 2014/15:90) to transfer the company’s assets and liabilities to a European research infrastructure consortium of this kind and to liquidate the company at the time the Government deems appropriate. The European Commission estab-lished the European Spallation Source ERIC on 19 August 2015. The Commission’s decision took legal effect on 30 August 2015. Assets and liabilities were transferred from the company to the ERIC effective 30 September 2015. ESS entered into voluntary dissolution on 18 March 2016.
Fouriertransform
Fouriertransform AB is a state-owned venture capital company.
The company was established in December 2008 with equity of approximately SEK 3 billion. Fouriertransform invests in enter-prises deemed able to contribute to the Swedish automotive indus-try, other Swedish industry and related services maintaining their prominent position, particularly in the areas of the environment and safety. The company’s assignment also includes being an active owner that brings expertise to all investments by contribut-ing highly qualified board representatives. The company shall be a long-term industrial partner that invests on a commercial basis.
The Government submitted a bill “Structure for financing innovation and sustainable growth” to the Riksdag in March 2015. The proposal calls for the establishment of a national devel-opment company tasked with investing indirectly in compa-nies in the development phase through privately managed unit funds. In this bill, the Government proposes transfer to the new company the shares in Fouriertransform and Inlandsinnovation, which will in this new structure manage their existing invest-ments towards an organised and long-term voluntary dissolution.
Significant events in 2015
• One exit (LeanNova) and one IPO (SciBase) were carried out during the year.
• Three new companies were added to the portfolio: Lamera, TechROi Fuel Systems and OssDsign.
• Since its inception, Fouriertransform has invested a total of about SEK 1.6 billion. Compared with the estimated fair value of the existing portfolio and capital repaid by the port-folio companies, this corresponds to an increase in the value of invested capital of about 3 (2) per cent.
Targets and tracking
Financial targets
No financial targets have been established by the owner.
Sustainability targets
• Fouriertransform shall invest in companies that have sustain-able products and services.
• All portfolio companies shall implement sustainability targets that are subsequently integrated into owner agendas and busi-ness plans.
Outcomes
• Fouriertransform seeks to invest expertise as capital in com-panies whose products conserve resources and reduce negative environmental impact. In so doing, the company’s sustain-ability, growth and profitability targets interact and contrib-ute to strengthening the competitiveness of Swedish industry.
• During 2015, Fouriertransform transitioned from analys-ing the preparedness of holdanalys-ings as regards sustainability to increasing knowledge about their unique challenges and opportunities in the area of sustainability. Fouriertransform has intensified the dialogue with companies in which invest-ments have been made to identify measurable sustainability targets that support day-to-day business operations.
Public policy targets
Fouriertransform does not have a specifically adopted public policy assignment.
Chair: Sigrun Hjelmquist CEO: Per Nordberg Directors and auditors elected for 2016/2017
Chair: Sigrun Hjelmquist Board: Jan Bengtsson, Ulf Berg, Hasse Johansson, Richard Reinius and Charlotte Rydin Auditor: Birgitta Lööf (Deloitte)
Fees paid to the chairman were SEK 300 (300) thousand. Fees paid to directors elected by the AGM amounted to SEK 150 (150) thousand. Fees are not paid to directors employed by the Government Offices.
State ownership (100%) 2015 2014
Income statement, SEKm
Net sales 72 3
Changes in value -87 -112
Operating profit -76 -172
Financial income 22 92
Profit/loss before tax -54 -80
Net profit -49 -91
– of which attributable to minority interest 0 0 Balance sheet, SEKm
Total assets 3,094 3,223
Non-current assets 1,301 1,362
Equity 3,044 3,192
– of which, minority interests 0 0
Net debt -1,787 -1,850
Operating capital 1,257 1,342
Key indicators
Operating margin, % -105.3 -5,924.1
Return on equity (average), % -1.6 -2.8
Return on operating capital (average), % -5.8 -14.5
Net debt/equity ratio, multiple -0.6 -0.6
Equity/assets ratio, % 98.4 99.0
Gross investments, SEKm 220 399
Appropriation, SEKm 0 0
Dividend, SEKm 0 0
Average no. of employees 13 12
Employees, gender distribution (women/men), % 23/77 17/83 Management group, gender distribution (women/men), % 0/100 – Board, gender distribution (women/men), % 33/671 33/67
Reported in compliance with GRI guidelines Yes
Externally assured GRI report Yes
Reporting in compliance with IFRS Yes
1) Elected for 2016/2017.