Companies in state ownership paid out a combined EUR 487.3m in dividends for last year, but SSH points out that such payouts cannot be expected in coming years, as NLB bank and the national telco Telekom Slovenije gave out extra dividends this year.

The report says that such a return was achieved despite the fact that two-thirds of the state's portfolio are strategic assets whose priority is to achieve strategic goals, which are often in conflict with high profitability.

Two major sales were closed last year, of tissue maker Paloma and car parts producer Cimos.

Despite record levels, the return on equity is lower than set down in the strategy on state assets management, which puts the goal at 6.3% for 2016, at 7.1% for 2017 and at 8% for 2020.

SSH called for an adjustment of target returns and dividend indicators to better reflect the changed structure of its portfolio.

"The key factors for successful future performance are clear guidelines for individual sectors of the economy, which will in turn be reflected in a stable, predictable and development-oriented dividend policy," SSH said.

The state assets custodian also believes that the system of managing state assets should remain independent.

The annual report was submitted to parliament on Friday.