INTERIM REPORT JANUARY - MARCH 2009

fre, apr 24, 2009 12:15 CET

Negative earnings trend for the first quarter

Net revenue for the first quarter fell to SEK 378 M (463).

The decrease was due to lower volumes of freight and lower freight rates.

A loss after tax of SEK 44 M (profit: 81) was reported by continuing operations for the

quarter. For the Group a loss after tax of SEK 50 M (74) was reported.

Net loss per share amounted to SEK 1.60 (earnings: 2.90)

The Offshore spot market in the North Sea, where all vessels were deployed, was

weaker than anticipated during the first quarter, which resulted in a decline in

earnings. The Offshore/Icebreaking business area's loss for the first quarter amounted

to SEK 3 M (profit: 58).

The Industrial Shipping business area was negatively impacted by the downturn in the

economy and operating loss for the first quarter amounted to SEK 34 M (profit: 30).

The company's financial position remains favorable, with an equity/assets ratio of

42% and cash and cash equivalents of SEK 565 M.

(för fullständig rapport se bifogad fil)