Summary of the year 2001

Sales and result
Full year
Consolidated sales amounted to SEK 1,334.8 (1,327.6) million. The profit after financial items was SEK 251.9 (227.7) million, which included a profit of SEK 1.5 (16.6) million on the sale of ships. The profit after tax was SEK 231.3 (207.3) million, which corresponds to a profit per share after tax of SEK 5.12 (7.58) and SEK 4.85 (4.47) after full conversion.

Fourth quarter
Sales during the fourth quarter amounted to SEK 375.2 (424.1) million. The profit after financial items was SEK 53.7 (96.1) million, which included a profit of SEK 1.5 (-8.9) million on the sale of ships. The profit after tax was SEK 48.4 (88.2) million, which corresponds to a profit per share after tax of SEK 1.04 (3.18) and SEK 1.01 (1.86) after full conversion.

Sales by geographical area
Sales for the whole of 2001 are distributed geographically over the following markets (in %): US 33, Saudi Arabia 26, Switzerland 15, South Africa 9, Japan 7, India 6 and UK 3. The distribution of net sales is based on the respective customer�s domicile.

Freight market 2001
The year began with very good freight rates as a result of stocks being replenished, particularly in the US, and a relatively high production rate in the OPEC countries. With the world economy slowing down, the OPEC countries cut back production in order to maintain the price levels. This rapidly led to lower demand for oil transportation, mainly from the Middle East, with tonnage surpluses and lower capacity utilisation in the world large-tanker fleet. This, in turn, triggered a dramatic freight market downturn. By the beginning of June, freight rates had plummeted more than 50% from their level at the beginning of the year. With the exception of a brief upswing in September, the market has continued to be very weak. During the last quarter, the freight market did not provide full cost coverage and many vessels were forced to wait for long periods for a cargo.