LARGEST COMPANIES IN THE GOTHENBURG REGION

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1 Report from Business Region Göteborg LARGEST COMPANIES IN THE GOTHENBURG REGION Matton Images

2 Large companies are important to the Gothenburg Region and to Sweden as a whole The Gothenburg Region has a long history of openness to the outside world. The region has been a Scandinavian centre for global trade since the 1700s. Trade brought prosperity and forged strong links between Gothenburg and the world around it. This early internationalisation is still evident today in the region s business community. Many companies in the region have seen success on global markets and have expanded as a result. Compared with other cities of a similar size, we have an unusually large number of big companies based in our region. Some of these have become so big that they are classified as multinational companies. A report by the Swedish Entrepreneurship Forum¹ indicates clearly how important these big companies are for Sweden. The report says that the 20 largest multinational companies in Sweden alone account for almost 50 per cent of businesses total investment in R&D and 35 per cent of Sweden s exports. A company s size can be measured in various ways. Perhaps the most common way is to measure it based on the number of employees but, to complete the picture, both turnover and market cap are relevant indicators. In this report we present the largest companies in the Gothenburg Region on the basis of these different criteria. The statistics include the 13 municipalities in the Gothenburg Region Association of Local Authorities: Ale, Alingsås, Gothenburg, Härryda, Kungsbacka, Kungälv, Lerum, Lilla Edet, Mölndal, Partille, Stenungsund, Tjörn and Öckerö. ¹Globalisation Forum Report 4, Sweden as a knowledge-based society 2 BUSINESS REGION GÖTEBORG LARGEST COMPANIES IN THE GOTHENBURG REGION

3 More than 100,000 workplaces The latest statistics from Statistics Sweden indicate that in 2013 there were just over 106,000 workplaces in the Gothenburg Region. Companies in the Gothenburg Region are active in 747 different sectors. This means that 92 per cent of all the sectors in Sweden are represented in the region. The vast majority of companies are small. There are almost 70,000 workplaces with no employees, while there are only 240 workplaces with more than 200 employees. Number of workplaces in 2013, by size Source: Statistics Sweden A workplace is a geographically defined address, property or group of adjacent properties from which the company runs a permanent business at least 20 hours a week and at which it employs staff. Temporary work locations or home addresses do not count as workplaces. The large companies, on the other hand, employ more than 135,000 people. Since 2004, the number of employees has increased in all size categories but the fastest growth has been in the smaller companies. In total, there are more than 450,000 employees in the Gothenburg Region. Of these, 68 per cent are in the private sector. It is the private sector that has accounted for the majority of the growth in the number of employees in recent years. 3

4 Number of employees in 2013, by size Source: Statistics Sweden An employee is a person for whom the employer is required to deduct and report income tax (main employer), who is currently employed and whose annual salary (work income) is expected to exceed one cost-indexed basic amount, or who has been in a temporary post for more than three months. Number of employees in 2013, by sector Source: Statistics Sweden 4 BUSINESS REGION GÖTEBORG LARGEST COMPANIES IN THE GOTHENBURG REGION

5 Number of employees The largest companies in the Gothenburg Region based on the number of employees When we list the companies in the Gothenburg Region according to how many employees they have, Volvo Cars is far and away the Gothenburg Region s largest private employer with 11,325 employees. They are followed by Volvo Trucks, Chalmers University of Technology and SKF. There have been no changes in ranking in the Top 10 since Seven of the ten largest employers form part of global companies which generate a considerable proportion of their sales outside Sweden. The number of employees is always rounded up or down to the nearest 25 or 75. Ranking Company Number of employees in Volvo Personvagnar Aktiebolag Volvo Lastvagnar Aktiebolag Chalmers Tekniska Högskola Aktiebolag SKF Sverige Aktiebolag Volvo Information Technology Aktiebolag Ericsson AB AstraZeneca AB Posten Meddelande AB Samhall Aktiebolag SCA Hygiene Products Aktiebolag Source: Statistics Sweden The statistics are based on public limited companies and do not take account of group structures. This means, for example, that the Volvo Group is treated as several different companies. The various companies in the Volvo Group together employ more than 10,000 people in the Gothenburg Region. The Gothenburg Region s largest foreign-owned companies There are currently 2,300 foreign-owned companies in the Gothenburg Region, double the number at the beginning of the 21st century. The foreign-owned company with the most employees in the Gothenburg Region, by a broad margin, is Volvo Cars. They are followed by AstraZeneca, ICA Sweden, Dentsply (formerly Astra Tech) and Borealis. The big climber since 2012 is Keolis Sweden, which is new to the list of top companies. The recruitment agencies Manpower and Adecco are also high on the list. Ranking Company Number of employees in Volvo Personvagnar Aktiebolag AstraZeneca AB ICA Sverige AB Dentsply IH AB Borealis Aktiebolag Keolis Sverige AB Manpower Aktiebolag Adecco Sweden Aktiebolag Schenker AB Johnson Controls Sweden Aktiebolag 625 Source: Statistics Sweden A company is classified as foreign owned if at least half of the votes in the company are controlled by a foreign owner. 5

6 Dependence on the largest employers is falling The 100 largest companies in the Gothenburg Region have 88,900 employees, which corresponds to almost one in five employees. The corresponding figure for the 10 largest companies is just over 7 per cent. In both cases the long-term trend is downwards, which means that dependence on the largest employers has fallen. This is primarily because the smaller companies are growing more quickly and have therefore employed more people than the larger companies. Share of employees in the 10 and 100 largest companies Source: Statistics Sweden A comprehensive list of the 100 largest companies can be found on pages BUSINESS REGION GÖTEBORG LARGEST COMPANIES IN THE GOTHENBURG REGION

7 Market cap and turnover Companies size based on market cap and turnover A company s size and, consequently, its importance can be measured in various ways. Earlier we used the number of employees, which says something about how important the company is as a local employer. Other relevant indicators of a company s size are its market cap or its turnover. When we measure size using these criteria the picture changes somewhat. This is because these statistics only include companies whose head office is in the Gothenburg Region and they include the market cap and turnover of the entire group. The Gothenburg Region s largest listed companies In all, there are 14 companies with their head office in the Gothenburg Region which are listed on Stockholm Stock Exchange s two major lists, Large Cap and Mid Cap. Volvo is far and away the largest company. Then comes SKF, which is followed by the investment company Latour and the property companies Castellum, Wallenstam and Balder. Ranking Company Market cap in SEK million, 30 December AB Volvo SKF Latour Castellum Wallenstam Balder Bilia Arcam Opus Group Gunnebo Source: Avanza and Dagens Industri Other Mid Cap and Small Cap listed companies with their head office in the Gothenburg Region include Fingerprint Cards, KappAhl, Platzer, New Wave, Vitrolife and Semcon. The Gothenburg Region s largest companies based on turnover Veckans Affärer s list of Sweden s 500 largest companies by turnover includes many high-ranking companies with their head office in the Gothenburg Region. In 2012, the automotive companies AB Volvo and Volvo Cars had a joint turnover of more than SEK 430 billion. SKF is in third place, followed by Stena Metall and Stena. Ranking Company Turnover in 2012 in SEK million 1 AB Volvo Volvo Cars SKF Stena Metall Stena Cellmark Bilia Akzo Nobel Papyrus Schenker Source: edited for own purposes Other companies with their head office in the Gothenburg Region include Ekman & Co, Capio, Tamro, Dunross & Co, Carl Bennet, Mölnlycke Health Care, Göteborg Energi and Latour 7

8 The Gothenburg Region s 100 largest private employers in 2013 Ranking Company Number of employees 1 Volvo Personvagnar Aktiebolag Volvo Lastvagnar Aktiebolag Chalmers Tekniska Högskola Aktiebolag SKF Sverige Aktiebolag Volvo Information Technology Aktiebolag Ericsson AB AstraZeneca AB Posten Meddelande AB Samhall Aktiebolag SCA Hygiene Products Aktiebolag Saab Aktiebolag Västsvensk Tidningsdistribution KB TeliaSonera Sverige Aktiebolag Skandinaviska Enskilda Banken AB ICA Sverige AB Dentsply IH AB GS Spårvagn AB Borealis Aktiebolag Swedbank AB Göteborg Energi Aktiebolag Nordea Bank AB Keolis Sverige AB WILLY:S AB Volvo Powertrain Aktiebolag Coop Butiker & Stormarknader AB Manpower Aktiebolag Adecco Sweden Aktiebolag Göteborgs Kyrkliga Samfällighet Renova Aktiebolag Lernia Bemanning AB Securitas Sverige Aktiebolag GS Buss AB Aktiebolaget SKF Schenker AB BUSINESS REGION GÖTEBORG LARGEST COMPANIES IN THE GOTHENBURG REGION

9 35 SJ AB Göteborgskooperativet för Independent Living Liseberg Aktiebolag Swedavia AB Bilia Personbilar AB Johnson Controls Sweden Aktiebolag Praktikertjänst Aktiebolag Volvo Logistics Aktiebolag Xdin Aktiebolag Sodexo AB Coor Service Management Aktiebolag ISS Facility Services AB CGI Sverige AB Postnord Logistics AB Proffice Industrial & Logistics AB Humana Assistans AB Akzo Nobel Pulp and Performance Chemicals AB Skanska Sverige AB Stiftelsen Bräcke Diakoni Svenska Handelsbanken AB If Skadeförsäkring AB (publ) Cowi AB Göteborgsoperan Aktiebolag Bilfinger Industrial Services Sweden AB Aktiebolag Lindex KappAhl Sverige AB Hemköpskedjan AB IKEA Svenska Försäljnings Aktiebolag Axfood Sverige AB Volvo Business Services Aktiebolag Gothia Towers AB Volvo Bussar Aktiebolag ÅF-Technology AB Göteborgs Kex Aktiebolag Nettbuss Aktiebolag 475 9

10 70 Scandic Hotels Aktiebolag APM Terminals Gothenburg AB Volvo Parts Aktiebolag Semcon Sweden AB Arla Foods AB (publ) Swedish Match North Europe AB Passal AB Pågen Aktiebolag Unicarriers Manufacturing Sweden AB DHL Freight (Sweden) AB Stena Line Scandinavia AB Veolia Transport Sverige AB Aktiebolaget Volvo Penta Volvo Technology AB WSP Sverige AB ÅF-Industry AB Mölnlycke Health Care AB Din Bil Sverige AB Uniflex SverigeAB NCC Aktiebolag G4S Security Services (Sverige) AB Casina Cosmopol AB Santa Maria AB Akzo Nobel Surface Chemistry Aktiebolag Systembolaget Aktiebolag Metso Power AB Sandarna Transporter AB Frösunda LSS i Väst AB Lisebergs Restaurant Aktiebolag Attendo Sverige AB ÅF-Infrastructure AB 375 Source: Statistics Sweden. The number of employees is rounded up or down to the nearest 25 or 75. Groups are not shown. This means that groups such as Hogia, which has about 475 employees, are not included in the list because the individual companies in the group are too small. 10 BUSINESS REGION GÖTEBORG LARGEST COMPANIES IN THE GOTHENBURG REGION

11 The Gothenburg Region s largest public employers The Municipality of Gothenburg and the Västra Götaland Region are by far the two largest public employers, with 34,425 and 26,775 employees respectively. Gothenburg University is the largest Government employer with 7,425 employees. Municipality and Region Ranking Employer Number of employees 1 Göteborgs kommun 34,425 2 Västra Götalands läns landsting 26,775 3 Kungsbacka kommun 7,275 4 Mölndals kommun 4,625 5 Kungälvs kommun 4,025 6 Alingsås kommun 3,975 7 Lerums kommun 3,525 8 Härryda kommun 3,325 9 Partille kommun 2, Stenungsunds kommun 2,225 Government Ranking Employer Number of employees 1 Göteborgs universitet Rikspolisstyrelsen Försäkringskassan Skatteverket Arbetsförmedlingen Kriminalvården Trafikverket Sveriges Domstolar Försvarsmakten Migrationsverket 525 Source: Statistics Sweden. The number of employees is rounded up or down to the nearest 25 or 75 11

12 Business Region Göteborg AB, Box , SE Göteborg, Sweden. Visiting Address: Norra Hamngatan 14, Göteborg, Telephone: +46 (0)