Interim report 3 months 2002
OUR POSITION INTERIM REPORT FOR CONCORDIA MARITIME AB (publ) 1.1 - 30.3 2002 · Result after financial net: SEK -46.5 (100.7) million · Large-tanker market very weak - lowest freight rates since 1982 · Freight rates for VLCCs and ULCCs far below breakeven · Stena Vision and Stena Victory - V-MAX tankers' time-charter contracts generate good profits and cash flow · Cash flow provided by operating activities positive despite very weak market · Forecast for 2002: First 6 months SEK -85 million. Slight recovery during second half of year. Estimated full-year result SEK -125 million SALES AND RESULT Consolidated sales amounted to SEK 204.4 (379.5) million. The result after financial items was SEK -46.5 million (100.7). The result per share after tax was SEK -1.02 (2.05) and SEK -0.99 (1.86) after full conversion. Sales are distributed geographically over the following markets (in %): US 41 (45), UK 27 (8), Saudi Arabia 13 (18), South Africa 8 (11), Japan 5 (4), India 5 (0), Switzerland 0 (8), and hers 1 (6). The distribution of net sales is based on the respective customer's domicile. The Parent Company's sales totalled SEK 4.9 (0.7) million. Intergroup invoicing accounted for SEK 4.8 (0.6) million of this amount. REPORTS AND INFORMATION The interim report for the first six months of 2002 will be published on 13 August and the interim report for the first nine months will be published on 23 October. Historical and current reports, together with other information, can be found on our web site www.concordia-maritime.se. Further information may be obtained from: Lars Carlsson, President, tel.+46 31-85 50 03 or +46 704-85 50 03 Hans Norén, Financial Manager, tel.+46 31-85 51 01 or +46 704-85 51 01 Jonas Kamstedt, tel.+46 31-85 50 80 or +46 704-85 50 80 Gothenburg, 24 April, 2002 CONCORDIA MARITIME AB (publ) Lars Carlsson President ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/04/29/20020429BIT01410/wkr0001.doc The full report http://www.waymaker.net/bitonline/2002/04/29/20020429BIT01410/wkr0002.pdf The full report