Annual General Meeting
Pressinformation Stena Line AB's Annual General Meeting was held in Gothenburg today. The Meeting re-elected Dan Sten Olsson, Svante Carlsson, Ulf Dahlsten, Lars- Åke Helgesson, Stig Lundström, Lennart Svensson and Jan Walldorf as Ordinary Members of the Board. Stena Line's President and CEO, Bo Severed was also elected as an Ordinary Member of the Board. Carl Lindgren and Thord Elmersson from KPMG were elected as Auditors. The Income Statement and Balance Sheet for 1998 were adopted and the Board of Director's proposal for the allocation of unrestricted shareholders' equity was approved. The Board also resolved minor matters about the phrasing of the Articles of Association in accordance with the new Swedish Companies Act. CEO, Bo Severed presented in his speech the full-year results for 1998 and the results for the first quarter of 1999. Bo Severed also addressed the structural changes that Stena Line has recently undergone mainly in consequence of the abolition of tax-free sales. These measures encompass a new route-based Group organization, the founding of the partly-owned P&O Stena Line which operates in the English Channel and investments in a modern, safe and flexible fleet with high speed ferries as an important component. Furthermore, routes with poor profitability have been wound up. One of the components in the restructuring activities is an increased focus on the growing freight market. To increase the Group's financial flexibility and liquidity, a comprehensive refinancing project has been introduced. These operational changes have unfortunately led to many members of staff having to leave Stena Line. Gothenburg 29 April 1999 Stena Line AB The Board of Directors For more information about Bo Severed's speech at the Annual General Meeting, please visit Stena Line's website: www.stenaline.com. The interim report that was presented today, 29 April 1999, can also be read or downloaded from the website. 1(1) ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/04/29/19990429BIT00570/bit0001.doc http://www.bit.se/bitonline/1999/04/29/19990429BIT00570/bit0002.pdf