TRANSATLANTIC: REPORT FROM THE ANNUAL GENERAL MEETING OF REDERI AB TRANSATLANTIC
At the Annual General Meeting of Transatlantic, the following Board members were proposed and subsequently reelected: Håkan Larsson (President), Helena Levander,
Ulf G Lindén, Christer Olsson, Folke Patriksson (Chairman) and Björn Rosengren.
Christer Lindgren will continue to serve on the Board as representative of the SEKO union members.
The Annual General Meeting decided on an ordinary dividend to be paid to shareholders of SEK 1 per share and an extra dividend of SEK 1 per share with the record date set at May 2.
The Annual General Meeting also approved the remainder of the Board's proposals, including the changes to the Articles of Association and the proposal to grant the Board a mandate relating to the acquisition and transfer of the company's own shares.
Address by the President
In his address to the Meeting, President Håkan Larsson summarized fiscal 2005 as an eventful year, in which the main features included the merger of B&N Nordsjöfrakt and Gorthon lines, the divestment of the Dry Cargo operations and the substantially improved financial position of the Group. Håkan Larsson also pointed out that the shipping market in 2005 was favorable, which also contributed to the Group's strong earnings and cash flow.
The address by the President also included comments on the report submitted to the financial market for the first quarter. Earnings, which were somewhat weaker than the year-earlier period, were in line with expectations. Håkan Larsson was pleased to report that earnings for Transatlantic Services improved compared with the development in the fourth quarter of 2005 and that further improvement is forecast for the remainder of the year.
The strong offshore market trend is expected to continue during the year with the expectation that the record rates exceeding SEK 700,000 per day, which were recorded in March and April, will be repeated during the remainder year.
The Group's short- and long-term investment in European Services is expected to generate improved earnings during both the current year and in the next few years, principally due to the anticipated success of the newly established subsidiary TransLumi Line.
In his full-year 2006 forecast, Håkan Larsson reiterated that the Group's operational earnings will improve for comparable units compared with the outcome for 2005, which entails earnings exceeding SEK 100 M.
For further information, contact President, Håkan Larsson, or
Executive Vice President, Hans Carlweitz, Tel. +46(0)304 - 67 47 00
The Annual General Meeting decided on an ordinary dividend to be paid to shareholders of SEK 1 per share and an extra dividend of SEK 1 per share with the record date set at May 2.
The Annual General Meeting also approved the remainder of the Board's proposals, including the changes to the Articles of Association and the proposal to grant the Board a mandate relating to the acquisition and transfer of the company's own shares.
Address by the President
In his address to the Meeting, President Håkan Larsson summarized fiscal 2005 as an eventful year, in which the main features included the merger of B&N Nordsjöfrakt and Gorthon lines, the divestment of the Dry Cargo operations and the substantially improved financial position of the Group. Håkan Larsson also pointed out that the shipping market in 2005 was favorable, which also contributed to the Group's strong earnings and cash flow.
The address by the President also included comments on the report submitted to the financial market for the first quarter. Earnings, which were somewhat weaker than the year-earlier period, were in line with expectations. Håkan Larsson was pleased to report that earnings for Transatlantic Services improved compared with the development in the fourth quarter of 2005 and that further improvement is forecast for the remainder of the year.
The strong offshore market trend is expected to continue during the year with the expectation that the record rates exceeding SEK 700,000 per day, which were recorded in March and April, will be repeated during the remainder year.
The Group's short- and long-term investment in European Services is expected to generate improved earnings during both the current year and in the next few years, principally due to the anticipated success of the newly established subsidiary TransLumi Line.
In his full-year 2006 forecast, Håkan Larsson reiterated that the Group's operational earnings will improve for comparable units compared with the outcome for 2005, which entails earnings exceeding SEK 100 M.
For further information, contact President, Håkan Larsson, or
Executive Vice President, Hans Carlweitz, Tel. +46(0)304 - 67 47 00