Strong portfolio of companies at a challenging time

Appended to the communication is the 2023 annual report on state-owned companies, which describes how the Government’s management of those companies developed in 2023. 

At the end of 2023, the value of the state-owned company portfolio was SEK 820 billion, the same level as in 2021 but a decrease of 3.7 per cent compared with 2022. The total turnover of state-owned companies increased to well over SEK 500 billion in 2023. The whole-year profit after tax for 2023 increased to a total of SEK 37.3 billion.

The Government’s priorities for the state-owned company portfolio are primarily profitability and value creation, and clearly focused on a long-term approach, where the companies should serve as models for the business sector and society as a whole.

“It is important that state-owned companies remain stable even in uncertain times. The state-owned company portfolio is unique and creates important added value for Sweden as a whole. It is also gratifying that the state-owned companies are gender equal at both board and CEO level, which stands out in comparison with other countries,” says Minister for Finance Elisabeth Svantesson.

The state’s portfolio of companies – results in brief

The state’s portfolio comprised 44 companies at the end of 2023 and has an emphasis on basic industries and energy. Most of the companies are for-profit. Twenty-two of the companies have specifically adopted public policy assignments. Approximately 137 000 people are employed by state-owned companies, including associated companies.

For the state-owned company portfolio: 

• The equity value decreased by 3.7 per cent, or SEK 31 billion, to SEK 820 billion in 2023. The decrease in value is mainly due to higher yield requirements caused by higher interest rates.
• The value of the listed holdings, Telia Company and SAS, decreased by a total of 5 per cent, corresponding to just over SEK 2.2 billion.
• Dividends paid to the state in 2023 for the financial year 2022 amounted to just under SEK 23 billion. Approximately 85 per cent of those dividends came from LKAB, Vattenfall, Telia, Akademiska Hus and Svenska Spel.
• Net sales increased by 11.5 per cent compared with the previous year, totalling SEK 531 billion (excluding associated companies) and SEK 576 billion (including associated companies).
• Operating profit for 2023 increased to a total of SEK 48.6 billion.
• Profit after tax for 2023 increased to a total of SEK 37.3 billion.
• The proportion of women chairpersons remains at the same level as last year, which is relatively high, and state-owned company boards were made up of 50 per cent women and 50 per cent men as of 1 May 2024.

The state’s ownership policy

In the annual report, the Government also describes the state’s ownership policy and principles for state-owned companies. The Government intends to continue to improve corporate governance and revise the state’s ownership policy, which was adopted in February 2020.