1 JANUARY - 31 DECEMBER, 2000
Final Accounts 2000
- Harvest time for Concordia in record freight market
- Result after financial net SEK 227.7 (-72.0) million
- STENA CONTINENT sold to offshore industry
- Large portion of earnings secured for 2001
- Forecast for 2001: SEK 250 million
- Continued efficient ship operation with low operating and docking costs
- V-MAX tankers to be delivered in April and July
Summary of business activities
Sales and result
Consolidated sales amounted to SEK 1,385.6 (773.6) million. The profit after financial items was SEK 227.7 (-72.0) million. The profit after tax was SEK 204.4 (-62.5) million, corresponding to a profit per share after tax of SEK 5.89 (-2.30) and after full conversion SEK 4.40 (-0.96).
The sharply improved freight market generated both increased sales and a higher result compared with 1999. The average freight rate during the year was USD 33,500 (19,300) per day for the ULCCs and USD 25,900 (13,300) per day for the VLCCs. Revenues in 2000 were affected by freight swaps signed during the year in order to secure revenues. If these are excluded, the freight rate for the VLCC fleet was USD 29,400 per day. SEK 28 million has been charged to the fourth quarter profit in order to achieve uniform residual value levels.