TRANSATLANTIC: REPORT FROM THE 2008 ANNUAL GENERAL MEETING OF REDERI AB TRANSATLANTIC
At the Annual General Meeting of Transatlantic, as proposed, the following Board members were re-elected: Håkan Larsson, Helena Levander, Ulf G Lindén, Christer Olsson, Folke Patriksson (Chairman), Björn Rosengren and Lena Patriksson Keller.
As earlier, Christer Lindgren is SEKO Seafarer's representative on the Board.
The Meeting approved the proposal of a dividend to shareholders of SEK 2.50 per share with the record date of May 5, 2008.
In his speech at the Annual General Meeting, the President Carl-Johan Hagman summarized the 2007 fiscal year as a record year for the Transatlantic Group in terms of profit. Carl-Johan Hagman stated that the shipping market continued to perform well during 2007 and this contributed to additional improvement of the Group's operating profits, equity/assets ratio and liquidity.
Offshore/Icebreaking reported strong earnings and large demand. Within the Industrial Shipping business area, profits improved in the Transatlantic division although it remained unsatisfactory. In terms of profits, the earnings trend in the European division was positive, with satisfactory results for RoRo and Bulk operations.
The Group's strategy was presented, with Offshore/Icebreaking receiving intensified focus and significance. It was announced that Transatlantic will take over technical operations and manning of the Swedish Government's five icebreakers and three survey ships on June 1, 2008. This is to be regarded as a very important assignment since further development and expansion of competency to operate in the arctic area will play an increasingly important role for the Group in the future.
Furthermore, comments were provided regarding the activities that are planned to improve profitability in the Transatlantic division, which mainly involve generating larger traffic systems to broaden the customer base and thus become less vulnerable to volume and technical disruptions. Portions of the European division will also expand to generate volume and synergy gains.
The AGM address also included comments on the report that was submitted to the market for the first quarter of 2008. Profits were better than the year-earlier period and amounted to SEK 74 M (63). On a rolling 12-month basis, the consolidated operating profit amounted to SEK 287 M, which is the highest ever for the Group.
In closing, Carl-Johan Hagman stated that activities to improve profits within the Industrial Shipping business area will be in focus during the year. The offshore market is expected to remain positive and expansion opportunities exist. The Group is well positioned to implement structural measures to improve profitability and also create the prerequisites for growth.
For further information, please contact President, Carl-Johan Hagman or
CFO Stefan Elliasson, Tel: +46 (0)304 - 67 47 00