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Year-end report 2010

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  • Net revenues amounted to SEK 2,394 M  ( 2,284)
  • Operating loss amounted  to SEK – 121 M (213)
  • Result before tax amounted to SEK 492 M (–276)
  • Result after tax amounted to SEK  670 M (–221)
  • Result per share amounted to 19.00 (–8,00)

Profit before tax for the full year amounted to SEK 492 M. Earnings were affected positively by the nonrecurring effect of SEK 775 M through the acquisition of the joint venture companies within Offshore/Icebreaking Business Area that was carried out in the third quarter and write-down of vessel of SEK 156 M.

A four-year charter agreement with a contract value of NOK 430 M was signed for the newly built AHTS vessel Njord Viking with the ENI oil company.

The Board proposes no dividend be paid for the fiscal year 2010.

In all respects, 2010 was an eventful year and in many respects an historic year for TransAtlantic. The earlier part of the year started heavily when we were hit hard by the difficult ice conditions in the Baltic Sea and thereafter by the protracted strikes in Finnish ports, have we been able to increase our profitability during the year. We have worked hard and focused on reversing the earnings trend through cost reductions and restructuring of our traffic.  In addition, we have implemented TransAtlantic’s largest transaction ever through the acquisition of TransViking. This transaction means that we have become a larger, stronger and more distinct company.

With this presentation of earnings for the fourth quarter of 2010, we mark the end of one of the most exciting years in TransAtlantic’s history. The most significant event during the year was that we acquired all shares outstanding in Trans Viking, which made us a stronger and more distinct company. The acquisition also signified that we have a new majority shareholder in Norwegian Kistefos AS. Our earnings trend turned upwards during the year and earnings in the Offshore/Icebreaking business area were particularly positive. However, although the turnaround in the earnings trend was tangible, we are far away from an acceptable profitability level for the Group. We must improve earnings in all areas, and particularly in the Industrial Shipping business area, which was hit the hardest by the recession.
Overall, we have created the conditions for developing TransAtlantic into a leader in those segments in which we are active. The challenge during 2011 will be to capitalize on this opportunity.  

Stefan Eliasson
Presiden
 

Press conference
In conjunction with the publication of the Year-end report 2010, a teleconference will be held with media, investors and analysts on Wednesday 23, at 09:30, am with CEO Stefan Eliasson and CFO Ola Helgesson.
Those who wish to participate in the telephone conference call, please call +46 8 23 23 90, code 892 111

This Year-end report is available in its entirety on the company website, www.rabt.se.

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