Interim Report nine months

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INTERIM REPORT FOR CONCORDIA MARITIME AB (publ) 1.1 - 30.9 2002 * Result after financial net SEK -124.8 (198.2) million * Stena Vision and Stena Victory - V-MAX tankers' time-charter contracts generate good profits and cash flow * Other tankers post weak earnings for period * Large-tanker market improves in October * Forecast for 2002: SEK -150 million (previous forecast: SEK - 125 million) CONCORDIA'S BUSINESS ACTIVITIES Business concept To provide our customers with safe and cost-efficient tanker transportation based on innovation and performance. Tonnage We are currently at a stage where our older quality vessels are gradually being sold for conversion into offshore structures for offshore storage and processing of oil. At the same time, Concordia took delivery last year of two of the world's most advanced large tankers with a concept based on double safety functions and large cargo capacity. Concordia is continuing to develop and refine this concept. SALES AND RESULT Consolidated sales amounted to SEK 565.0 (959.6) million for the first nine months. The result after financial items was SEK -124.8 (198.2) million. The result per share after tax was SEK -2.68 (4.08) and SEK - 2.64 (3.83) after full conversion. Sales are distributed geographically over the following markets (in %): US 39 (32), UK 19 (4), Saudi Arabia 10 (28), South Africa 8 (9), India 7 (7), Switzerland 6 (11), Japan 5 (6), China 2 (0) and others 4 (3). The distribution of net sales is based on the respective customer's domicile. The Parent Company's sales totalled SEK 14.1 (2.0) million. Intergroup invoicing accounted for SEK 13.9 (1.9) million of this amount. Large-tanker market Growth in the demand for oil continued to be weak as a result of the generally weak world economy. OPEC's production, which has a major influence on the large-tanker market, is currently about 26 million barrels per day (total world production is currently 77 million barrels per day). At the end of 2000, when the large-tanker market was very strong, OPEC's production was about 10 % higher, 29 million barrels per day. The total available transport capacity in the segment is more or less unchanged, about 400 vessels, which means that at current production levels, capacity utilisation is relatively low and the freight market is weak. By mid-October, 27 new vessels had been delivered with a further 16 due for delivery before the end of the year. During the same period, 32 vessels were scrapped and four sold to offshore projects. In recent weeks, freight rates have risen sharply. This is due to, among other things, the oil companies replenishing their stocks and worry about an attack on Iraq. ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download: The full report The full report