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Worse year for Swedish state owned companies

Friday, 30 March 2012
Sales in the Swedish state own companies decreased by 11 percent to Skr337.8 billion for the full year 2011 compared to full year 2010 according to the state’s assessment of the performance of its business portfolios in the year.

In the government report for state ownership from January to December 2011, Vattenfall was responsible for 53.6 percent of sales and 44.2 percent of total turnover (including associates). Vattenfall's sales fell 15 percent to Skr181.0 billion, partly because some operations were divested.

Turnover in LKAB, Lernia, LFV and SAS increased, while sales in Pharmacies Group, Apotek, Post North and TeliaSonera declined.

Swedish Ships Mortgage Bank, Lernia, Swedavia, Almi and the Housing conversion accounted for large percentage of revenue growth over the same period last year.

Profit after tax for state ownership amounted to Skr41.5 billion in 2011, the past years it was  Skr55.5 billion.

Vattenfall's profit after tax decreased by 21 percent to Skr11.1 billion. LKAB reported 1.9 billion better results after tax over the same period last year, an increase of Skr11.0 billion.

Green Cargo and Almi had major performance improvements in absolute and percentage terms, while the Pharmacy team, Apotek, and SEK contributed to major performance degradation in absolute and percentage terms.

Dividends are expected to be Skr27.8 billion, compared with Skr37.6 billion the year before when the state, among other things, had a one-time dividend of Skr1.9 billion, participated in TeliaSonera's repurchase program (Skr3.7 billion), and Apotek  had a larger dividend (Skr4.5 billion).
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