UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 18-K
For Foreign Governments and Political Subdivisions Thereof
ANNUAL REPORT
Of the Kingdom of Sweden
Date of end of last fiscal year: December 31, 2005
Securities registered as of December 31, 2005
| | Amounts as to Which | | Names of Exchanges |
Title of Issue | | | | | Registration is Effective | | | | on Which Registered | |
Kingdom of Sweden | | $200,000,000 | | New York |
12% Bonds Due 2010 | | | | Stock Exchange |
| | | | |
Kingdom of Sweden | | $600,000,000 | | New York |
11 1/8% Bonds with | | | | Stock Exchange |
warrants Due 2015 | | | | |
| | | | | | | | | | |
Name and address of person authorized to receive notices and communications from the Securities and Exchange Commission:
Charlotte Rydin
General Counsel
RIKSGÄLDSKONTORET
SE-103 74 STOCKHOLM
Sweden
The information set forth below is to be furnished:
1. In respect of each issue of securities of the registrant registered, a brief statement as to:
(a) The general effect of any material modifications, not previously reported, of the rights of the holders of such securities.
There have been no such modifications.
(b) The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof.
There has been no such law, decree or administrative action.
(c) The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund or amortization installment.
There has been no such failure.
2. A statement as of the close of the last fiscal year of the registrant giving total outstanding of:
(a) Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal funded debt is payable in a foreign currency it should not be included under this paragraph (a), but under paragraph (b) of this item).
The total principal amount of direct internal funded debt of the registrant outstanding as of December 31, 2005 was Swedish kronor (SEK) 816,509,796,000.(1)
In addition, there were outstanding various internal loans, in a total amount of SEK 610,082,850,000 guaranteed by the registrant as to principal and interest.
(1) Such debt does not include debt of State-owned companies, public enterprises or local authorities.
2
(b) External funded debt of the registrant. (Total to be stated in the respective currencies in which payable. No statement need be furnished as to intergovernmental debt.)(1)
The total principal amount of direct external funded debt of the registrant outstanding as of December 31, 2005 was as follows: (in thousands)
U.S. dollars (USD) | | 6,879,895 | |
Australian dollars (AUD) | | 558,000 | |
Canadian dollars (CAD) | | 350,000 | |
Swiss francs (CHF) | | 700,000 | |
Euro (EUR) | | 6,394,764 | |
Pounds sterling (GBP) | | 211,598 | |
Japanese yen (JPY) | | 68,700,000 | |
New Zealand (NZD) | | 350,000 | |
In addition, there were outstanding various external loans, which are guaranteed by the registrant as to principal and interest. The total principal amount of these contingent liabilities outstanding as of December 31, 2005 was as follows: (in thousands)
External Debt Guaranteed by the Kingdom of Sweden | | | |
U.S. dollars (USD) | | 2,487,903 | |
Euro (EUR) | | 7,390,723 | |
Danish kroner (DKK) | | 500,169 | |
Pounds sterling (GBP) | | 371,680 | |
Japanese yen (JPY) | | 23,100,000 | |
Norwegian kroner (NOK) | | 8,235,000 | |
Swiss franc (CHF) | | 52,000 | |
Australian dollar (AUD) | | 250,000 | |
Special Drawing Rights and Unit of Accounts (SDR, UA) | | 426,777 | |
(1) Such debt does not include debt of State-owned companies, public enterprises or local authorities.
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3. A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.
Internal funded debt as of December 31, 2005(1)
(Payable in SEK)
Title and Interest Rate | | | | Date of Issue | | Year of
Final
Maturity | | Principal
Amount
Outstanding | |
| | | | | | | | | | (thousands of SEK) | |
Treasury Bonds: | | | | | | | | | | | |
3.5% of 1999 | | | | 4/20 | | 1999 | | 2006 | | 35,315,625 | |
6.5% of 1996 | | | | 10/25 | | 1996 | | 2006 | | 1,072,870 | |
8% of 1995 | | | | 8/15 | | 1995 | | 2007 | | 79,901,220 | |
6.5% of 1997 | | | | 5/5 | | 1997 | | 2008 | | 56,782,755 | |
Index linked 4% bonds of 1995 | | (2 | ) | 12/1 | | 1995 | | 2008 | | 34,260,365 | |
9% of 1993 | | | | 4/20 | | 1993 | | 2009 | | 1,042,620 | |
5% of 1998 | | | | 1/28 | | 1998 | | 2009 | | 71,620,420 | |
4% of 2004 | | | | 3/15 | | 2004 | | 2009 | | 49,989,845 | |
5.25% of 2000 | | | | 11/8 | | 2000 | | 2011 | | 58,033,535 | |
5.5% of 2002 | | | | 3/13 | | 2002 | | 2012 | | 44,695,550 | |
Index linked 1% bonds of 2005 | | | | 9/27 | | 2005 | | 2012 | | 11,706,887 | |
6.75% of 1997 | | | | 5/5 | | 1997 | | 2014 | | 63,773,965 | |
Index linked zero coupon bonds of 1994 | | (2 | ) | 4/1 | | 1994 | | 2014 | | 12,602,646 | |
Index linked 3.5% bonds of 1998 | | (2 | ) | 12/1 | | 1998 | | 2015 | | 64,072,998 | |
4.5% of 2004 | | | | 9/6 | | 2004 | | 2015 | | 36,489,260 | |
3% of 2005 | | | | 9/19 | | 2005 | | 2016 | | 25,991,295 | |
Index linked 4% bonds of 1995 | | (2 | ) | 12/1 | | 1995 | | 2020 | | 40,430,046 | |
5% of 2004 | | | | 1/28 | | 2004 | | 2020 | | 38,703,400 | |
Index linked 3.5% bonds of 1997 | | (2 | ) | 12/1 | | 1997 | | 2028 | | 3,451 | |
Index linked 3.5% bonds of 1998 | | (2 | ) | 12/1 | | 1998 | | 2028 | | 42,690,346 | |
Assumed nominal bond loans | | | | | | | | 2011 | | 5,030,697 | |
Total Treasury Bonds | | | | | | | | | | 774,209,796 | |
Lottery Bonds:(3) | | | | | | | | | | | |
3.75% of 1998 | | | | 7/10 | | 1998 | | 2006 | | 3,400,000 | |
2.10% of 2003 | | | | 12/5 | | 2003 | | 2006 | | 5,500,000 | |
2.8% of 2002 | | | | 12/13 | | 2002 | | 2007 | | 3,500,000 | |
2% to 6% of 1999 | | (4 | ) | 4/26 | | 1999 | | 2007 | | 3,700,000 | |
1.8% of 2004 | | | | 11/5 | | 2004 | | 2007 | | 4,900,000 | |
2.40% of 2003 | | | | 5/21 | | 2003 | | 2008 | | 4,200,000 | |
3.3% of 1998 | | | | 11/27 | | 1998 | | 2008 | | 3,900,000 | |
2.3% of 2004 | | | | 4/20 | | 2004 | | 2009 | | 4,600,000 | |
1.8% of 2005 | | | | 4/22 | | 2005 | | 2009 | | 4,800,000 | |
1.5% of 2005 | | | | 11/30 | | 2005 | | 2010 | | 3,800,000 | |
Total Lottery Bonds | | | | | | | | | | 42,300,000 | |
Total Internal Funded Debt | | | | | | | | | | 816,509,796 | |
(1) No amortization or sinking fund provision.
(2) At time of issue paid in discounted amount.
(3) Lottery bonds do not bear interest; bonds are selected by lot (two or three times a year) to receive prizes. The interest rate indicated is the aggregate amount of prizes paid annually as a percentage of the nominal value of the bond. The principal amount of each bond is paid at maturity.
(4) The aggregate amount of prizes paid annually is floating.
4
Internal Debt Guaranteed by the Kingdom of Sweden as of December 31, 2005
(Payable in SEK)
| | Principal Amount
Outstanding | |
| | (thousands of SEK) | |
Standing Guarantees Issued by Riksgäldskontoret (the Swedish National Debt Office): | | | |
Svenska Skeppshypotekskassan (Swedish Ships’ Mortgage Bank) | | 350,000 | |
Fonden för den mindre skeppsfarten (small shipping fund) | | 55,000 | |
AB Svensk Exportkredit (Swedish Export Credit Corporation) | | 600,000 | |
Statens Bostadsfinansiering AB (The National Swedish Housing Finance Corporation) | | 7,000,000 | |
Others | | 1,000 | |
Total | | 8,006,000 | |
Other Guarantees Issued by Riksgäldskontoret (the Swedish National Debt Office): | | | |
Pension guarantees | | 9,504,865 | |
Venantius AB (housing finance) | | 216,000 | |
Öresundsbro Konsortiet (bridge and tunnel construction) | | 8,897,701 | |
Green Cargo (railway cargo company) | | 170,000 | |
Others | | 95,284 | |
Total | | 18,883,850 | |
Guarantees of the State Acting Through the Following State Agencies other than Riksgäldskontoret: | | | |
Insättningsgarantinämnden (Deposit Guarantee Board) | | 490,000,000 | |
Exportkreditnämnden (The Swedish Export Credit Guarantee Board) | | 82,962,000 | |
Bostadskreditnämnden (The National Housing Credit Guarantee Board) | | 7,129,000 | |
Sida (Swedish International Development Agency) | | 1,783,000 | |
Others | | 1,319,000 | |
Total | | 583,193,000 | |
Total Internal Guaranteed Debt | | 610,082,850 | |
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External Funded Debt as of December 31, 2005
(Payable in Foreign Currencies)
Title and Interest Rate | | Date
of
Issue | | Year of
Final
Maturity | | Principal
Amount
Outstanding | | Equivalent
in SEK(1) | |
| | | | | | | | (in thousands) | |
US Dollars | | | | | | | | USD | | | |
3.375% Bonds of 2003 | | 9/4 | | 2003 | | 2007 | | 500,000 | | | |
2.500% Bonds of 2004 | | 8/28 | | 2007 | | 2007 | | 400,000 | | | |
3.000% Bonds of 2003 | | 5/12 | | 2003 | | 2008 | | 1,100,000 | | | |
6.125% Bonds of 1998 | | 1/2 | | 1998 | | 2008 | | 500,000 | | | |
4.0% Bonds of 2005 | | 3/24 | | 2005 | | 2008 | | 600,000 | | | |
4.375% Bonds of 2005 | | 10/19 | | 2005 | | 2009 | | 1,250,000 | | | |
3.875% Bonds of 2002 | | 10/15 | | 2002 | | 2009 | | 1,300,000 | | | |
Serial Zero Coupon Bonds of 1984 | | (2) 4/4 | | 1984 | | 2009 | | 111,832 | | | |
12% Bonds of 1985 | | 2/6 | | 1985 | | 2010 | | 43,396 | | | |
3,875% Bonds of 2005 | | 1/25 | | 2005 | | 2010 | | 1,000,000 | | | |
11.125% Bonds of 1985 | | 6/12 | | 1985 | | 2015 | | 67,081 | | | |
10.25% Bonds of 1985 | | 11/16 | | 1985 | | 2015 | | 7,586 | | | |
Total US Dollars | | | | | | | | 6,879,895 | | 53,095,804 | |
| | | | | | | | | | | |
Japanese Yen | | | | | | | | JPY | | | |
4.05% (AUD) Bonds of 1996 | | 5/30 | | 1996 | | 2006 | | 10,000,000 | | | |
3.6% (AUD) Bonds of 1996 | | 5/30 | | 1996 | | 2006 | | 10,000,000 | | | |
3.6% (AUD) Bonds of 1996 | | 7/11 | | 1996 | | 2006 | | 9,000,000 | | | |
4% (AUD) Bonds of 1996 | | 7/25 | | 1996 | | 2006 | | 10,000,000 | | | |
4.1% (AUD) Bonds of 1996 | | 7/25 | | 1996 | | 2006 | | 10,000,000 | | | |
3.725% (AUD) Bonds of 1996 | | 7/25 | | 1996 | | 2006 | | 10,000,000 | | | |
4.1% (AUD) Bonds of 1996 | | 8/14 | | 1996 | | 2006 | | 2,500,000 | | | |
3.95% (AUD) Bonds of 1996 | | 8/14 | | 1996 | | 2006 | | 4,200,000 | | | |
3.4% (AUD) Bonds of 1997 | | 5/6 | | 1997 | | 2007 | | 3,000,000 | | | |
Total Japanese Yen | | | | | | | | 68,700,000 | | 4,255,571 | |
| | | | | | | | | | | |
Swiss Francs | | | | | | | | CHF | | | |
4.5% Bonds of 1996 | | 9/18 | | 1996 | | 2006 | | 200,000 | | | |
4% Bonds of 1997 | | 1/31 | | 1997 | | 2007 | | 200,000 | | | |
4% Bonds of 1997 | | 2/21 | | 1997 | | 2007 | | 300,000 | | | |
Total Swiss Francs | | | | | | | | 700,000 | | 3,608,970 | |
| | | | | | | | | | | |
Pounds Sterling | | | | | | | | GBP | | | |
13.5% Bonds of 1983 | | 1/19 | | 1983 | | 2010 | | 44,416 | | | |
11% Bonds of 1984 | | 10/17 | | 1984 | | 2012 | | 87,000 | | | |
9.75% Bonds of 1985 | | 11/20 | | 1985 | | 2014 | | 80,182 | | | |
Total Pounds Sterling | | | | | | | | 211,598 | | 2,335,920 | |
| | | | | | | | | | | |
Euro(3) | | | | | | | | EUR | | | |
7.35% Bonds of 1996 (ESP) | | 11/8 | | 1996 | | 2006 | | 48,628 | | | |
3.50% Bonds of 1999 (EUR) | | 2/9 | | 1999 | | 2006 | | 2,650,000 | | | |
Bonds of 1997 (FFR) | | (4) 2/13 | | 1997 | | 2007 | | 76,225 | | | |
6.625% Bonds of 1996 (FFR) | | 9/30 | | 1996 | | 2008 | | 457,347 | | | |
6.5% Bonds of 1996 (DEM) | | 3/5 | | 1996 | | 2008 | | 102,463 | | | |
5.0% Bonds of 1998 (EUR) | | 1/28 | | 1998 | | 2009 | | 3,000,000 | | | |
9.405% Bonds of 1996 (ESP) | | 4/9 | | 1996 | | 2026 | | 60,101 | | | |
Total Euro | | | | | | | | 6,394,764 | | 56,034,134 | |
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External Funded Debt as of December 31, 2005
(Payable in Foreign Currencies)
Title and Interest Rate | | Date of
Issue | | Year of
Final
Maturity | | Principal
Amount
Outstanding | | Equivalent
in SEK(1) | |
| | | | | | | | (in thousands) | |
Canadian Dollars | | | | | | | | CAD | | | |
7% Bonds of 1993 | | 12/1 | | 1993 | | 2008 | | 350,000 | | | |
Total Canadian Dollars | | | | | | | | 350,000 | | 2,212,350 | |
| | | | | | | | | | | |
New Zealand Dollars | | | | | | | | NZD | | | |
7% Bonds of 2005 | | 11/21 | | 2005 | | 2007 | | 200,000 | | | |
6.125% Bonds of 2005 | | 9/20 | | 2005 | | 2010 | | 150,000 | | | |
Total New Zealand Dollars | | | | | | | | 350,000 | | 1,926,361 | |
| | | | | | | | | | | |
Australian Dollars | | | | | | | | AUD | | | |
7.875% Bonds of 1997 | | 4/23 | | 1997 | | 2007 | | 100,000 | | | |
5.25% Bonds of 2005 | | 9/12 | | 2005 | | 2008 | | 150,000 | | | |
4.96% Bonds of 2004 | | 10/21 | | 2004 | | 2008 | | 108,000 | | | |
5.75% Bonds of 2005 | | 3/3 | | 2005 | | 2015 | | 200,000 | | | |
Total Australian Dollar | | | | | | | | 558,000 | | 3,147,005 | |
| | | | | | | | | | | |
Total Public Debt | | | | | | | | | | 126,616,115 | |
Non-Public Funded Debt | | | | | | | | | | 14,471,032 | |
| | | | | | | | | | | |
Total External Funded Debt | | | | | | | | | | 141,087,147 | |
Total External Short Term Floating Debt | | | | | | | | | | 3,921,100 | |
Unrealised Currency Gains/Loss | | (5) | | | | | | | | 9,088,776 | |
Currency and FX Swaps | | | | | | | | | | 149,389,655 | |
Total Debt Denominated in Foreign Currency | | | | | | | | | | 303,486,678 | |
(1) Converted to SEK at the exchange rates in effect on the date of issue.
(2) Interest rate at the equivalent of 13.125% per annum.
(3) Original currency of issuance within parentheses.
(4) Special interest conditions.
(5) According to exchange rates per December 31, 2005.
7
External Debt Guaranteed by the Kingdom of Sweden as of December 31, 2005
(Payable in foreign currencies)
| | | | Principal
Amount
Outstanding | | Equivalent
in SEK(1) | |
| | | | (in thousands) | |
Guarantees Issued by Riksgäldskontoret (the Swedish National Debt Office): | | | | | | | |
Nordiska Investeringsbanken (Nordic Investment Bank) | | EUR | | 700,878 | | 6,609,279 | |
Sovereign States in Eastern and Central Europe | | USD | | 7,125 | | 56,661 | |
Sovereign States in Eastern and Central Europe | | EUR | | 5,657 | | 53,345 | |
Sweden House in St. Petersburg, Russia | | USD | | 11,135 | | 88,551 | |
Venantius AB (housing finance) | | NOK | | 2,335,000 | | 2,745,960 | |
Venantius AB (housing finance) | | USD | | 127,457 | | 1,013,602 | |
Venantius AB (housing finance) | | JPY | | 6,400,000 | | 433,920 | |
Venantius AB (housing finance) | | EUR | | 36,155 | | 340,942 | |
Öresundsbro Konsortiet (bridge and tunnel construction) | | GBP | | 371,680 | | 5,104,096 | |
Öresundsbro Konsortiet (bridge and tunnel construction) | | USD | | 314,971 | | 2,504,807 | |
Öresundsbro Konsortiet (bridge and tunnel construction) | | EUR | | 214,178 | | 2,019,698 | |
Öresundsbro Konsortiet (bridge and tunnel construction) | | JPY | | 16,700,000 | | 1,132,260 | |
Öresundsbro Konsortiet (bridge and tunnel construction) | | AUD | | 250,000 | | 1,458,125 | |
Öresundsbro Konsortiet (bridge and tunnel construction) | | DKK | | 500,169 | | 632,214 | |
Öresundsbro Konsortiet (bridge and tunnel construction) | | NOK | | 5,900,000 | | 6,938,400 | |
Total | | | | | | 31,131,860 | |
Guarantees Issued by the Government: | | | | | | | |
International Bank for Reconstruction and Development (IBRD) | | USD | | 1,696,200 | | 13,489,031 | |
Multilateral Investment Guarantee Agency (MIGA) | | USD | | 16,208 | | 128,894 | |
European Bank for Reconstruction and Development (EBRD) | | EUR | | 336,300 | | 3,171,309 | |
European Investment Bank (EIB) | | EUR | | 4,655,556 | | 43,901,893 | |
Council of Europe Development Bank (CEB) | | EUR | | 74,315 | | 700,790 | |
Nordic Investment Bank (NIB) | | EUR | | 1,367,684 | | 12,897,260 | |
Inter-American Development Bank (IDB) | | USD | | 314,807 | | 2,503,503 | |
Asian Development Bank (AsDB) | | SDR | | 111,970 | | 1,272,685 | |
African Development Bank (AfDB) | | SDR | | 314,807 | | 3,578,191 | |
Total | | | | | | 81,643,556 | |
Guarantees of the State Acting Through the Following State Agency other than Riksgäldskontoret: | | | | | | | |
Affärsverket Statens Järnvägar (Swedish State Railways) | | CHF | | 52,000 | | 315,016 | |
Total External Guaranteed Debt | | | | | | 113,090,432 | |
RECAPITULATION OF GUARANTEED DEBT: | | | |
Total Internal Guaranteed Debt | | 610,082,850 | |
Total External Guaranteed Debt | | 113,090,432 | |
Total Guaranteed Debt | | 723,173,282 | |
(1) Converted to SEK at exchange rates in effect as of December 31, 2005 as follows: 7.9525 SEK per USD, 13.7325 SEK per GBP, 0.0678 SEK per JPY, 9.43 SEK per EUR, 1.264 SEK per DKK, 1.176 SEK per NOK, 6.058 SEK per CHF, 5.8325 SEK per AUD and 11.3663 SEK per Units of Account (UA, SDR).
8
4. a) As to each issue of securities of the registrant which is registered, there should be furnished a break-down of the total amount outstanding, as shown in Item 3, into the following:
(1) Total amount held by or for the account of the registrant.
The following have been repurchased by the issuer and cancelled and are no longer outstanding (as of December 31, 2005):
12% Bonds of 2/6/1985, due 2010 | | $ | 156,604,000 | |
111¤8% Bonds with warrants of 6/12/1985, due 2015 | | $ | 532,919,000 | |
| | $ | 689,523,000 | |
(2) Total estimated amount held by nationals of the registrant (or if registrant is other than a national government by the nationals of its national government); this estimate needs to be furnished only if it is practicable to do so.
Not practicable.
(3) Total amount otherwise outstanding.
As of December 31, 2005:
12% Bonds of 2/6/1985, due 2010 | | $ | 43,396,000 | |
11 1/8% Bonds with warrants of 6/12/1985, due 2015 | | $ | 67,081,000 | |
| | $ | 110,477,000 | |
(b) If a substantial amount is set forth in answer to paragraph (a) (1) above, describe briefly the method employed by the registrant to reacquire such securities.
Securities bought in the market.
9
5. A statement as of the close of the last fiscal year of the registrant giving the estimated total of:
a) Internal floating indebtedness of the registrant.
(Total to be stated in the currency of the registrant).
Internal Floating Debt as of December 31, 2005
(Payable in SEK)
| | Principal amount
outstanding | |
| | (thousands of SEK) | |
Treasury Bills | | 288,301,385 | |
Swaps in SEK | | (143,000,000 | ) |
Foreign Exchange forwards in SEK | | (455,269 | ) |
Overnight borrowing | | 0 | |
Repurchase agreements | | 22,778,583 | |
National Debt Savings | | 21,840,706 | |
Total Internal Floating Debt | | 189,465,405 | |
(1) At time of issue discounted amount.
RECAPITULATION OF INTERNAL DEBT: | | | |
Total Funded Debt | | 816,509,796 | |
Total Floating Debt | | 189,465,405 | |
Total Internal Debt | | 1,005,975,201 | |
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b) External floating indebtedness of the registrant.
(Total to be stated in the respective currencies in which payable).
External Floating Debt as of December 31, 2005
Title and Interest Rate | | Principal
Amount
Outstanding | | Equivalent
in SEK(1) | |
| | (thousands) | |
US Dollars | | | | | |
Eurocommercial Paper Program of 1988(2) | | | | 3,921,100 | |
Total US Dollars | | | | 3,921,100 | |
Total External Floating Debt | | | | 3,921,100 | |
(1) Converted to SEK at the exchange rates in effect on the date of issue.
(2) In addition to U.S. dollars, Swiss francs, Japanese yen and Pound sterling, the notes may also be issued in Euro, Australian dollars, Canadian dollars and Danish kroner with a maximum maturity of 365 days. The interest rates on the notes are variable and a function of market conditions at the time of issuance.
RECAPITULATION OF EXTERNAL DEBT: | | | |
Total External Funded Debt | | 159,212,574 | |
Total External Floating Debt | | 3,921,100 | |
Total External Debt | | 163,133,674 | |
11
6. Statements of the receipts, classified by source, and of the expenditures, classified by purpose, of the registrant for each fiscal year of the registrant ended since the close of the latest fiscal year for which such information was previously reported. These statements should be itemized as to be reasonably informative and should cover both ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.
Central Government Revenues and Expenditures(1)
| | | | Fiscal Year 2005 | |
| | | | (millions of SEK) | |
Revenues | | | | | |
Taxes: | | | | | |
Taxes on income, capital gains and profits | | (2 | ) | 85,300 | |
Statutory social securities fees | | | | 271,400 | |
Taxes on property | | | | 37,800 | |
Value added tax | | | | 228,500 | |
Petrol tax | | (3 | ) | — | |
Tobacco tax | | | | 8,100 | |
Alcoholic beverage tax | | | | 10,100 | |
Tax on energy consumption | | | | 69,500 | |
Taxes on road traffic | | | | 11,000 | |
Other taxes | | | | (39,400 | ) |
Total taxes | | | | 682,300 | |
Non-tax revenues | | | | | |
Operating surpluses | | (4 | ) | 10,900 | |
Interest received by the Government | | | | 5,800 | |
Other non-tax revenues | | (5 | ) | 16,500 | |
Total non-tax revenues | | | | 33,200 | |
| | | | | |
Capital revenues | | | | 6,700 | |
Loan repayment | | | | 2,300 | |
Computed revenues | | (6 | ) | 8,700 | |
Contributions from the European Union | | | | 12,600 | |
Total other revenues | | | | 30,300 | |
Total Revenues | | | | 745,800 | |
| | | | | |
Exenditures | | | | | |
The Swedish political system | | | | 7,673 | |
Economy and fiscal administration | | | | 10,972 | |
Tax administration and collection | | | | 8,572 | |
Justice | | | | 27,025 | |
Foreign policy administration and international co-operation | | | | 1,365 | |
Total defence | | | | 43,591 | |
International development assistance | | | | 22,260 | |
Immigrants and refugees | | | | 6,918 | |
Health care, medical care, social services | | | | 38,473 | |
Financial security in the event of illness and disability | | | | 127,049 | |
Financial security in old age | | | | 46,120 | |
Financial security for families and children | | | | 55,467 | |
Financial security in the event of unemployment | | | | 69,568 | |
Labour market and working life | | | | 1,153 | |
Study support | | | | 19,779 | |
Education and university research | | | | 43,695 | |
Culture, the media, religious organisations and leisure | | | | 8,968 | |
Planning, housing supply and construction | | | | 8,737 | |
12
Central Government Revenues and Expenditures(1)
| | | | Fiscal Year 2005 | |
| | | | (millions of SEK) | |
| | | | | |
Regional balance and development | | | | 3,286 | |
General environment and conservation | | | | 4,254 | |
Energy | | | | 1,396 | |
Communications | | | | 31,833 | |
Agriculture and forestry, fisheries etc. | | | | 17,408 | |
Business sector | | | | 3,775 | |
General grant to municipalities | | | | 57,325 | |
Interest on Central Government Debt. etc. | | | | 32,657 | |
Contribution to the European Community | | | | 25,635 | |
Total expenditures (all areas of expenditure) | | | | 724,956 | |
Budget deficit | | | | 20,844 | |
Transactions outside closed accounts | | | | | |
Net lending by Riksgäldskontoret | | | | 10,084 | |
Adjustment to cash basis | | (7 | ) | (3,269 | ) |
Transfer from the National Pension Fund | | (8 | ) | (13,605 | ) |
Net borrowing requirement | | (9 | ) | 14,054 | |
(1) No receipts/revenues are pledged or otherwise specifically allocated to any issue registered.
(2)
| | | | | 2005 | |
| Net personal income taxes | | | | (17,100 | ) |
| Corporate income taxes | | | | 95,800 | |
| Other income taxes | | | | 6,600 | |
| | | | | | | | |
(3) | Petrol tax is included in tax on energy consumption. | |
(4) | Primarily net surplus of public enterprises, other agencies and the Riksbank and income from lotteries. | |
(5) | Primarily revenues from real estate investments, dividends on state-owned shares, administrative fees and changes and revenues from sales. | |
(6) | Primarily cash payments by public utilities to the Government representing depreciation on capital funds invested in them by the state and revenues and expenditures for Government pensions. Expenditures for Government pensions can be in excess of revenues and therefore the remainder of this revenue heading can show a deficit. | |
(7) | Excluding Transfer from National Pension Fund. | |
(8) | As of 1999, the funding responsibility for disability and survivor pensions has been transferred to the Central Government budget. | |
(9) | As of 1997, the net borrowing requirement is identical to the Central Government budget balance. A negative Net borrowing requirement is equivalent with a budget balance surplus. | |
13
7. (a) If any foreign exchange control, not previously reported, has been established by the registrant (or if the registrant is other than a national government, by its national government), briefly describe the effect of any such action not previously reported.
None.
(b) If any foreign exchange control previously reported has been discontinued or materially modified, briefly describe the effect of any such action, not previously reported.
Virtually all exchange control regulations were abolished on July 1, 1989. Foreign exchange control may, in accordance with the treaties of the European Union, only be reintroduced under certain extraordinary circumstances such as if Sweden is involved in a war.
8. Brief statements as of a date reasonably close to the date of the filing of this report, (indicating such date) in respect of the note issue and gold reserves of the central bank of issue of the registrant, and of any further gold stocks held by the registrant.
| | (In millions of SEK) | |
| | September 15, 2006 | |
Notes and coins (excluding bank holdings) | | 105,503 | |
Gold reserves of Sveriges Riksbank | | 22,897 | |
14
9. Statements of imports and exports of merchandse for each year ended since the close of the latest year for which such information was previously reported. The statements should be reasonably itemized so far as practicable as to commodities and as to countries. They should be set forth in terms of value and of weight or quantity; if statistics have been established only in terms of value, such will suffice.
FOREIGN TRADE BY COMMODITY GROUP
| | Year Ended December 31, 2005 | |
| | (millions of SEK) | | % | |
Exports (f.o.b.) | | | | | |
Food Products, Beverage and Tobacco | | 34,834 | | 4 | |
Wood Products | | 23,697 | | 2 | |
Pulp | | 14,365 | | 1 | |
Paper and Board | | 69,210 | | 7 | |
Petroleum Products | | 46,952 | | 5 | |
Coal and other Fuels | | 5,547 | | 1 | |
Iron and Steel | | 57,829 | | 6 | |
Iron Ore | | 8,395 | | 1 | |
Non-Ferrous Metals | | 15,571 | | 2 | |
Other Minerals | | 5,339 | | 1 | |
Other Raw Materials | | 2,381 | | 0 | |
Manufactured Metal | | 27,586 | | 3 | |
Machinery and Equipment | | 295,133 | | 30 | |
Motor Vehicles and Spare Parts | | 138,412 | | 14 | |
Ships | | 2,864 | | 0 | |
Chemicals and Plastics | | 109,166 | | 11 | |
Clothes, Shoes and Leather | | 10,305 | | 1 | |
Other Manufactured Products | | 102,387 | | 11 | |
Other Products | | 2,550 | | 0 | |
Total Exports | | 972,522 | | 100 | |
| | Year Ended December 31, 2005 | |
| | (millions of SEK) | | % | |
Imports (c.i.f.) by Country of Consignment | | | | | |
Food Products, Beverage and Tobacco | | 62,756 | | 8 | |
Wood Products | | 6,801 | | 1 | |
Pulp | | 2,525 | | 0 | |
Paper and Board | | 12,097 | | 1 | |
Petroleum Products | | 34,278 | | 4 | |
Crude Oil | | 56,411 | | 7 | |
Coal and other Fuels | | 7,534 | | 1 | |
Iron and Steel | | 38,478 | | 5 | |
Non-Ferrous Metals | | 15,190 | | 2 | |
Other Minerals | | 10,263 | | 1 | |
Other Raw Materials | | 7,784 | | 1 | |
Manufactured Metal | | 23,313 | | 3 | |
Machinery and Equipment | | 226,558 | | 27 | |
15
FOREIGN TRADE BY COMMODITY GROUP
| | Year Ended December 31, 2005 | |
| | (millions of SEK) | | % | |
Motor Vehicles and Spare Parts | | 94,964 | | 11 | |
Ships | | 6,173 | | 1 | |
Chemicals and Plastics | | 88,153 | | 11 | |
Clothes, Shoes and Leather | | 29,315 | | 4 | |
Other Manufactured Products | | 109,520 | | 13 | |
Other Products | | 143 | | 0 | |
Total Imports | | 832,258 | | 100 | |
| | | | | |
16
GEOGRAPHIC DISTRIBUTION OF FOREIGN TRADE
| | Year Ended December 31, 2005 | |
| | (millions of SEK) | | % | |
| | | | | |
Exports (f.o.b.) | | | | | |
| | | | | |
European Union (EU) | | | | | |
United Kingdom | | 72,234 | | 7 | |
Germany | | 100,915 | | 10 | |
Denmark | | 67,077 | | 7 | |
Finland | | 59,379 | | 6 | |
Other EU countries (1) | | 225,638 | | 23 | |
Total EU | | 525,242 | | 54 | |
| | | | | |
European Free Trade Association (EFTA) | | | | | |
Norway | | 84,392 | | 9 | |
Other EFTA countries (2) | | 12,624 | | 1 | |
Total EFTA | | 97,017 | | 10 | |
| | | | | |
Central and Eastern Europe | | 47,426 | | 5 | |
Russia | | 15,925 | | 2 | |
United States | | 102,676 | | 11 | |
Japan | | 14,829 | | 2 | |
State trading countries in Asia and America | | 19,273 | | 2 | |
OPEC countries | | 28,770 | | 3 | |
Other countries | | 121,364 | | 12 | |
Total Exports | | 972,522 | | 100 | |
(1) France, Netherlands, Belgium, Luxembourg, Italy, Ireland, Greece, Spain, Portugal and Austria.
(2) Switzerland, Liechtenstein and Iceland.
| | Year Ended December 31, 2005 | |
| | (millions of SEK) | | % | |
| | | | | |
Imports (c.i.f.) by Country of Consignment | | | | | |
European Union (EU) | | | | | |
United Kingdom | | 57,446 | | 7 | |
Germany | | 150,822 | | 18 | |
Denmark | | 79,037 | | 9 | |
Finland | | 50,568 | | 6 | |
Other EU countries (1) | | 200,849 | | 24 | |
Total EU | | 538,722 | | 65 | |
| | | | | |
European Free Trade Association (EFTA) | | | | | |
Norway | | 67,757 | | 8 | |
17
GEOGRAPHIC DISTRIBUTION OF FOREIGN TRADE
| | Year Ended December 31, 2005 | |
| | (millions of SEK) | | % | |
| | | | | |
Other EFTA countries (2) | | 8,848 | | 1 | |
Total EFTA | | 76,605 | | 9 | |
| | | | | |
Central and Eastern Europe | | 57,158 | | 7 | |
Russia | | 24,630 | | 3 | |
United States | | 28,079 | | 3 | |
Japan | | 17,416 | | 2 | |
State trading countries in Asia and America | | 22,498 | | 3 | |
OPEC countries | | 8,068 | | 1 | |
Other countries | | 59,082 | | 7 | |
| | | | | |
Total Imports | | 832,258 | | 100 | |
(1) France, Netherlands, Belgium, Luxembourg, Italy, Ireland, Greece, Spain, Portugal and Austria.
(2) Switzerland, Liechtenstein and Iceland.
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10. The balances of international payments of the registrant for each year ended since the close of the latest year for which such information was previously reported. The statements of such balances should conform, if possible, to the nomenclature and form used in the “Statistical Handbook of the League of Nations”. (These statements need to be furnished only if the registrant has published balances of international payments).
Balance of Payments
| | December 31, 2005 | |
| | (billions of SEK) | |
| | | |
Current Account | | 162.6 | |
Trade in goods (f.o.b. — f.o.b.) | | 141.6 | |
Net trade of goods | | 140.9 | |
Correction items | | 0.7 | |
Services | | 60.8 | |
Transportation | | 22.6 | |
Travel | | (25.2 | ) |
Other services | | 63.4 | |
Compensation of employees | | (1.3 | ) |
Investment income | | (3.8 | ) |
Direct investment | | 41.9 | |
Portfolio investment excluding financial derivatives | | (31.7 | ) |
Income on equity | | 5.8 | |
Income on debt (interest) | | (37.5 | ) |
Other investment | | (14.0 | ) |
Current transfers | | (34.7 | ) |
Contributions etc. to/from the EU | | (14.5 | ) |
Development assistance grants | | (11.4 | ) |
Other current transfers | | (8.8 | ) |
Capital account | | 2.4 | |
Contributions etc. to/from the EU, investment | | 2.2 | |
Development assistance grants, investment | | (0.2 | ) |
Other | | 0.4 | |
Financial Account | | (177.0 | ) |
Direct investment | | (92.2 | ) |
Abroad | | (194.5 | ) |
Equity capital | | (110.1 | ) |
Loans etc. | | 18.3 | |
Reinvested earnings | | (102.6 | ) |
In Sweden | | 102.3 | |
Equity capital | | 20.4 | |
Loans etc. | | 7.8 | |
Reinvested earnings | | 74.1 | |
Portfolio investment excluding financial derivatives | | 13.8 | |
Assets (change in Swedish investment abroad) | | (95.6 | ) |
Equity securities | | 4.0 | |
Debt securities | | (99.7 | ) |
Liabilities (change in foreign investment in Sweden) | | 109.4 | |
Equity securities | | 15.2 | |
Debt securities | | 94.2 | |
19
Balance of Payments
| | December 31, 2005 | |
| | (billions of SEK) | |
| | | |
Financial derivatives | | (6.4 | ) |
Other investment | | (86.3 | ) |
Assets (change in Swedish investment abroad) | | (89.0 | ) |
Loans | | (86.7 | ) |
Trade credits & Other | | (2.3 | ) |
Liabilities (change in foreign investment in Sweden) | | 2.7 | |
Loans | | (36.9 | ) |
Trade credits & Other | | 39.6 | |
Reserve assets | | (5.9 | ) |
Net Errors and Omissions | | 12.1 | |
20
This annual report comprises:
a) Pages numbered 1 to 22 consecutively.
b) The following exhibits:
Exhibit a) None
Exhibit b) None
Exhibit c) Budget Statement
This annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.
21
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this annual report, to be signed on its behalf by the undersigned, thereunto duly authorized, at Stockholm, Sweden, on the 29th day of September, 2006.
Kingdom of Sweden
Acting through Riksgäldskontoret
By: | /s/ Charlotte Lundberg | |
| Charlotte Lundberg |
| Director |
By: | /s/ Charlotte Rydin | |
| Charlotte Rydin |
| General Counsel |
22
