GOTHENBURG, Sweden, April 29, 2002 (PRIMEZONE) -- OUR POSITION
INTERIM REPORT FOR CONCORDIA MARITIME AB (publ) 1.1 - 30.3 2002
- Result after financial net: SEK -46.5 (100.7) million
- Large-tanker market very weak - lowest freight rates since 1982
- Freight rates for VLCCs and ULCCs far below breakeven
- Stena Vision and Stena Victory - V-MAX tankers' time-charter
contracts generate good profits and cash flow
- Cash flow provided by operating activities positive despite very
weak market
- Forecast for 2002: First 6 months SEK -85 million. Slight recovery
during second half of year. Estimated full-year result
SEK -125 million
SALES AND RESULT
Consolidated sales amounted to SEK 204.4 (379.5) million. The result after financial items was SEK -46.5 million (100.7). The result per share after tax was SEK -1.02 (2.05) and SEK -0.99 (1.86) after full conversion.
Sales are distributed geographically over the following markets (in %): US 41 (45), UK 27 (8), Saudi Arabia 13 (18), South Africa 8 (11), Japan 5 (4), India 5 (0), Switzerland 0 (8), and hers 1 (6). The distribution of net sales is based on the respective customer's domicile.
The Parent Company's sales totalled SEK 4.9 (0.7) million. Intergroup invoicing accounted for SEK 4.8 (0.6) million of this amount.
REPORTS AND INFORMATION
The interim report for the first six months of 2002 will be published on 13 August and the interim report for the first nine months will be published on 23 October.
Historical and current reports, together with other information, can befound on our web site www.concordia-maritime.se.
Further information may be obtained from:
Lars Carlsson, President, +46 31-85 50 03 or +46 704-85 50 03 Hans Noren, Financial Manager, +46 31-85 51 01 or +46 704-85 51 01 Jonas Kamstedt, +46 31-85 50 80 or +46 704-85 50 80
Gothenburg, 24 April, 2002
CONCORDIA MARITIME AB (publ)
Lars Carlsson President
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http://www.waymaker.net/bitonline/2002/04/29/20020429BIT01410/wkr0002.pdf