Summary of business activities

Sales and result
Consolidated sales amounted to SEK 642.8 (497.4) million. The profit after financial items was SEK 141.7 million (26.3, which included a profit of 25.5 on the sale of ships). The profit per share after tax was SEK2.97 (1.17) and SEK2.75 (0.84) after full conversion.

The year began with very good freight rates. April saw the beginning of a dramatic downturn in the freight market and freight rate levels fell more than 50 per cent since their peak in March and April.

Sales are distributed geographically over the following markets (in %): US 41, Saudi Arabia 25, UK 11, South Africa 9, Switzerland 5, Japan 6 and others 3. The distribution of net sales is based on the respective customer�s domicile.