Report from Business Region Göteborg LARGEST COMPANIES IN THE GOTHENBURG REGION Matton Images
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
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
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
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 2012. 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 2013 1 Volvo Personvagnar Aktiebolag 11 325 2 Volvo Lastvagnar Aktiebolag 4 175 3 Chalmers Tekniska Högskola Aktiebolag 2 925 4 SKF Sverige Aktiebolag 2 725 5 Volvo Information Technology Aktiebolag 2 475 6 Ericsson AB 2 225 7 AstraZeneca AB 2 025 8 Posten Meddelande AB 1 975 9 Samhall Aktiebolag 1 525 10 SCA Hygiene Products Aktiebolag 1 425 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 2013 1 Volvo Personvagnar Aktiebolag 11 325 2 AstraZeneca AB 2 025 3 ICA Sverige AB 1 075 4 Dentsply IH AB 1 075 5 Borealis Aktiebolag 1 025 6 Keolis Sverige AB 925 7 Manpower Aktiebolag 875 8 Adecco Sweden Aktiebolag 875 9 Schenker AB 725 10 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
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 8-10. 6 BUSINESS REGION GÖTEBORG LARGEST COMPANIES IN THE GOTHENBURG REGION
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 2013 1 AB Volvo 179 745 2 SKF 76 818 3 Latour 27 513 4 Castellum 17 218 5 Wallenstam 16 532 6 Balder 14 078 7 Bilia 4 123 8 Arcam 4 010 9 Opus Group 3 683 10 Gunnebo 3 037 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 304 243 2 Volvo Cars 126 303 3 SKF 65 224 4 Stena Metall 35 295 5 Stena 27 388 6 Cellmark 20 745 7 Bilia 17 694 8 Akzo Nobel 16 344 9 Papyrus 14 979 10 Schenker 12 511 Source: www.va500.se, 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
The Gothenburg Region s 100 largest private employers in 2013 Ranking Company Number of employees 1 Volvo Personvagnar Aktiebolag 11 325 2 Volvo Lastvagnar Aktiebolag 4 175 3 Chalmers Tekniska Högskola Aktiebolag 2 925 4 SKF Sverige Aktiebolag 2 725 5 Volvo Information Technology Aktiebolag 2 475 6 Ericsson AB 2 225 7 AstraZeneca AB 2 025 8 Posten Meddelande AB 1 975 9 Samhall Aktiebolag 1 525 10 SCA Hygiene Products Aktiebolag 1 425 11 Saab Aktiebolag 1 375 12 Västsvensk Tidningsdistribution KB 1 325 13 TeliaSonera Sverige Aktiebolag 1 325 14 Skandinaviska Enskilda Banken AB 1 125 15 ICA Sverige AB 1 075 16 Dentsply IH AB 1 075 17 GS Spårvagn AB 1 075 18 Borealis Aktiebolag 1 025 19 Swedbank AB 975 20 Göteborg Energi Aktiebolag 975 21 Nordea Bank AB 925 22 Keolis Sverige AB 925 23 WILLY:S AB 925 24 Volvo Powertrain Aktiebolag 925 25 Coop Butiker & Stormarknader AB 875 26 Manpower Aktiebolag 875 27 Adecco Sweden Aktiebolag 875 28 Göteborgs Kyrkliga Samfällighet 875 29 Renova Aktiebolag 825 30 Lernia Bemanning AB 825 31 Securitas Sverige Aktiebolag 825 32 GS Buss AB 775 33 Aktiebolaget SKF 725 34 Schenker AB 725 8 BUSINESS REGION GÖTEBORG LARGEST COMPANIES IN THE GOTHENBURG REGION
35 SJ AB 725 36 Göteborgskooperativet för Independent Living 725 37 Liseberg Aktiebolag 675 38 Swedavia AB 675 39 Bilia Personbilar AB 675 40 Johnson Controls Sweden Aktiebolag 625 41 Praktikertjänst Aktiebolag 625 42 Volvo Logistics Aktiebolag 625 43 Xdin Aktiebolag 625 44 Sodexo AB 625 45 Coor Service Management Aktiebolag 625 46 ISS Facility Services AB 625 47 CGI Sverige AB 625 48 Postnord Logistics AB 625 49 Proffice Industrial & Logistics AB 625 50 Humana Assistans AB 575 51 Akzo Nobel Pulp and Performance Chemicals AB 575 52 Skanska Sverige AB 575 53 Stiftelsen Bräcke Diakoni 575 54 Svenska Handelsbanken AB 525 55 If Skadeförsäkring AB (publ) 525 56 Cowi AB 525 57 Göteborgsoperan Aktiebolag 525 58 Bilfinger Industrial Services Sweden AB 525 59 Aktiebolag Lindex 525 60 KappAhl Sverige AB 525 61 Hemköpskedjan AB 525 62 IKEA Svenska Försäljnings Aktiebolag 525 63 Axfood Sverige AB 475 64 Volvo Business Services Aktiebolag 475 65 Gothia Towers AB 475 66 Volvo Bussar Aktiebolag 475 67 ÅF-Technology AB 475 68 Göteborgs Kex Aktiebolag 475 69 Nettbuss Aktiebolag 475 9
70 Scandic Hotels Aktiebolag 475 71 APM Terminals Gothenburg AB 475 72 Volvo Parts Aktiebolag 475 73 Semcon Sweden AB 475 74 Arla Foods AB (publ) 475 75 Swedish Match North Europe AB 475 76 Passal AB 425 77 Pågen Aktiebolag 425 78 Unicarriers Manufacturing Sweden AB 425 79 DHL Freight (Sweden) AB 425 80 Stena Line Scandinavia AB 425 81 Veolia Transport Sverige AB 425 82 Aktiebolaget Volvo Penta 425 83 Volvo Technology AB 425 84 WSP Sverige AB 425 85 ÅF-Industry AB 425 86 Mölnlycke Health Care AB 425 87 Din Bil Sverige AB 375 88 Uniflex SverigeAB 375 89 NCC Aktiebolag 375 90 G4S Security Services (Sverige) AB 375 91 Casina Cosmopol AB 375 92 Santa Maria AB 375 93 Akzo Nobel Surface Chemistry Aktiebolag 375 94 Systembolaget Aktiebolag 375 95 Metso Power AB 375 96 Sandarna Transporter AB 375 97 Frösunda LSS i Väst AB 375 98 Lisebergs Restaurant Aktiebolag 375 99 Attendo Sverige AB 375 100 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
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 2,725 10 Stenungsunds kommun 2,225 Government Ranking Employer Number of employees 1 Göteborgs universitet 7 425 2 Rikspolisstyrelsen 2 825 3 Försäkringskassan 1 475 4 Skatteverket 1 125 5 Arbetsförmedlingen 1 025 6 Kriminalvården 1 025 7 Trafikverket 775 8 Sveriges Domstolar 725 9 Försvarsmakten 575 10 Migrationsverket 525 Source: Statistics Sweden. The number of employees is rounded up or down to the nearest 25 or 75 11
Business Region Göteborg AB, Box 111 19, SE-404 23 Göteborg, Sweden. Visiting Address: Norra Hamngatan 14, Göteborg, Telephone: +46 (0)31-61 24 02.