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Broström is one of the leading logistics companies for the oil and chemical industry, focusing on industrial product and chemical tanker shipping and marine services. Broström is based all over the world and operates within two areas: Shipping and Marine & Logistics Services. Broström’s head office is located in Göteborg, Sweden.

Press Release INTERIM REPORT 1 JANUARY – 31 MARCH 2005 Broström AB (publ) – Reg No 556005-1467

Profit after net financial items for Q1 SEK 162 m (100) -

Net sales SEK 760 m (806) Profit for the period SEK 136 m (79) Earnings per share SEK 4.17 (2.59) Return on capital employed 16.6% (12.6)

Disposable liquidity amounted to SEK 1,034 m (828 on 31 December 2004).

The first quarter was characterised by a continued strong freight market.

Increases and changes in transport capacity -

Acquisitions of further stakes in vessels Additional co-operation partners Acquisition of Nordtank Shipping A/S including stakes in vessels Sale of older vessels and Seawise Australia Pty Iver Ships Ltd to be wholly owned. Agreements on the acquisition of an additional four vessels.

The strong freight market has continued into the second quarter. Structural changes and growing regional imbalances are leading to greater need for transport. The outlook for 2005 is considered to be favourable.

First quarter

Full year

SEK m

2005

2004

2004

Net sales

760.4

805.9

3,206.8

Operating profit (EBIT)

183.0

125.9

403.8

Profit after net financial items

161.6

100.0

324.7

Profit for the period

136.3

79.4

486.7

Investments

147.6

49.7

943.3

Cash flow from operating activities

185.5

91.3

429.6

1,034.1

891.2

827.8

Return on capital employed, %

16.6

12.6

9.9

Adjusted equity/assets ratio, %

40.3

34.4

38.0

Disposable liquidity

Profit before tax per share, SEK

5.04

3.42

11.08

Net profit per share, SEK

4.17

2.59

16.33

Net profit per share after dilution, SEK

4.09

2.58

15.09

Cash flow from operating activities per share, SEK

5.79

3.12

14.67

32,046,143

29,239,988

29,287,217

Average number of shares

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ACTIVITIES Shipping Market overview The first quarter was characterised by a relatively strong freight market in the areas in which Broström is active. The usual winter season with cold weather in the northern hemisphere came later than in previous years and did not have a favourable effect on the market until later in the period. Oil prices have created concerns, which have thus far been mediated by a greater build-up of oil stocks. The shipyards’ orderbooks are well-filled, and prices of newbuildings are rising. The price trend for quality second hand tonnage is following the same pattern. Development for Broström Broström continued to strengthen its position in product and chemical tanker shipping during the period. A number of strategic deals have been carried out. Additional acquisitions have been made of stakes in partly owned vessels, Nordtank Shipping A/S has been acquired, Broström has become a part owner in three of Furetank Rederi AB’s vessels, and a long-term co-operation agreement has been signed with the Turkish shipowner Dünya. As a result of these transactions Broström’s fleet now comprises slightly more than 80 vessels. Following the delivery of newbuildings on order to Broström the commercial fleet will exceed 100 vessels within three years. Broström’s development largely followed the general market trend. The quarter was characterised by high capacity utilisation under contracts in all geographic areas in which Broström is active. The usual icy winter conditions in the northern hemisphere, which usually affect a large part of Broström’s northern European traffic, did not occur until late in the period. However, the weather situation, including severe storms, gave rise to considerable problems during certain periods, especially in the North Sea, and

had a negative impact on earnings. Despite this, the market in northern Europe was relatively favourable during the period. Asian and Atlantic traffic continued to develop well. After the end of the period, Broström carried out an additional strategic acquisition which is described in the section “Major developments after the period”. Broström also intends to continue taking advantage of consolidation opportunities in the segments in which it is active. During the period, Broström sold its 30% holding in Seawise Australia Pty. The sale generated a capital gain of SEK 17 m and a liquidity contribution of SEK 18 m. Changes in the fleet Two older vessels, BRO SELMA (81,350 dwt, 1987) and BRO TONY (4,160 dwt, 1982) were sold and delivered during the quarter. The sales generated a gain of SEK 32 m and a liquidity contribution of SEK 81 m. During the quarter, stakes in partly owned vessels and in three of Furetank Rederi AB’s vessels were acquired through a non-cash issue. Through an additional non-cash issue, Broström acquired all of the shares in Nordtank Shipping A/S. The company commercially operates a fleet of 20 vessels in the northern European market. Through a long-term co-operation agreement between Broström and the Turkish shipowner Dünya, two existing vessels, GÖNEN and GANMUR, (47,000 dwt) as well as eight newbuildings of 47,000 dwt will be added to Broström’s fleet in the years immediately ahead. These vessels will be employed in Broström’s Asian traffic, entailing a doubling in the number of vessels in that sector. Tonnage tax In accordance with EU shipping policy, in 2003 France introduced a tonnage tax. As from 2004 Broström has introduced its whole French business to the tonnage tax system.

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In Sweden work is now being conducted by a commission which will submit its proposal in 2005 on the introduction of a tonnage tax. Sales and profit Q1 2005 Net sales for the Shipping operations area amounted to SEK 564.4 m (618.2) for the first quarter of 2005. Operating profit was SEK 168.2 m (132.2).

or oil terminal capacity has been high, which has been positive for many of the ship agencies in the Broström Ship Agency Network. The continued strong Swedish export economy has also contributed to satisfactory development for this part of the business. Sales and profit Q1 2005 Net sales for the Marine & Logistics Services operations area for the first quarter amounted to SEK 195.9 m (187.6).

Development and profit during the first quarter were satisfactory.

Operating profit was SEK 4.3 m (4.4).

Shipping

Marine & Logistics Services First quarter

Full year

SEK m

2005

2004

2004

Net sales

564.4

618.2

2,451.9

Operating profit

168.2

132.2

434.2

Marine & Logistics Services Market overview An increase in transport volume for intermodal bulk transport in northern Europe could be noted. However, higher fuel costs are one of several factors that have continued to put downward pressure on margins. The market for business travel increased overall during the first quarter of the year. However, most of this increase came directly to travel providers, while volume through the travel agencies was essentially unchanged. Rising activity in international shipping has contributed to higher demand for marine travel. Development for Broström Nordic Bulkers had a good start to the year with volume growth of nearly 10% compared with a year ago. Continuous development and adaptation of the company’s logistics system have resulted in improved profit. Broströms Resebyrå has succeeded in maintaining earnings on a par with a year ago. Growth has been noted in the marine travel segment from existing customers as well as from new customer agreements. Due to a high level of activity in the oil industry, the number of tanker calls in ports with refinery

First quarter

Full year

SEK m

2005

2004

2004

Net sales

195.9

187.6

754.5

4.3

4.4

14.0

Operating profit

EXCHANGE RATE MOVEMENTS Broström is affected by exchange rate movements primarily of the USD rate to SEK.

GROUP FINANCIAL RESULTS Net sales of the Group for the period amounted to SEK 760.4 m (805.9). The share in associated companies’ profit was SEK 1.4 m (4.5). The reason for the decrease is that two of the companies now are fully owned subsidiaries. Operating profit was SEK 183.0 m (125.9). Net interest income amounted to SEK -22.6 m (-17.9). The USD Libor (6 months) interest rate changed during the period from 2.8 % on 31 December 2004 to 3.4 % on 31 March 2005. Net financial items amounted to SEK -21.4 m (-25.9), which resulted in a profit after financial items of SEK 161.6 m (100.0). The return on capital employed was 16.6% (12.6). Tax expenses during the period amounted to SEK -25.3 m (-20.6), corresponding to 15.7% (20.6) of profit before tax. Paid tax amounted to SEK -0.4 m (0.4).

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The quarterly results include capital gains of SEK 48.7 m on sales of vessels and shares.

Russian exports of oil via the Baltic are contributing to high demand for transport of oil and chemical products.

Breakdown by operational areas

SEK m

2005

First quarter

Full year

2004

2004

Net sales Shipping

564.4

618.2

2,451.9

M & L Services

195.9

187.6

754.5

Other

0.1

0.1

0.4

760.4

805.9

3,206.8

168.2

132.2

434.2

4.3

4.4

14.0

Operating profit Shipping M & L Services Other and joint expenses for the Group

11.1

- 6.8

- 36.5

183.6

129.8

411.7

MAJOR DEVELOPMENTS AFTER THE PERIOD Broström has signed an agreement on the acquisition of 50% of the shares in Iver Ships Ltd, thereby making the company a wholly owned subsidiary of Broström. An agreement was also reached on the acquisition of four of the vessels controlled by Vroon that are included in Iver Ships’ commercial fleet. These vessels are IVER PROGRESS and IVER PROSPERITY, both of 31,180 dwt and built in 2001, and IVER EXACT and IVER EXAMPLE, both of 45,790 dwt and built in 1999. Two of the vessels will be taken over in December 2005 and two in February 2006. Until then, the vessels will be chartered-in on time charters.

The structural changes in the market are contributing to a greater need for transport and are expected to continue to do so in the future. The increasingly stringent requirements being made by authorities and customers with respect to quality, safety and the environment are putting ever-higher demands on the overall organisation that is involved in the logistics chain. This trend is in line with Broström’s long-term strategy, and together with an anticipated continued strong world oil demand, this points to favourable development for Broström in 2005. Acquisitions carried out and new co-operation agreements are expected to contribute to improved earnings. It is worth noting that the shipyards’ orderbooks around the world are at historically high levels in Broström’s vessel segment, and a large number of vessels will be delivered in the years immediately ahead. In Broström’s view, however, this addition of tonnage will to a degree be offset by the large replacement need and the structural changes in the market, assuming a continued positive trend in the world economy. The US dollar’s value against the Swedish krona is an uncertainty factor to note. All factors unchanged a further weakening of the US dollar would have a negative impact on Broström’s sales and earnings, while a strengthening would have a positive effect.

These acquisitions along with the other acquisitions and co-operation ventures carried out in late 2004 and early 2005 should be viewed as part of Broström’s long-term strategy. Through these acquisitions, Broström increases its focus and build-up of its global system outside Europe, where the intention is to continue pursuing further expansion.

INVESTMENTS AND DIVESTMENTS

OUTLOOK

The stakes acquired in vessels were as follows: BRO TRANSPORTER (12.3%), BRO TRAVELLER (3.3%), NAVIGO (14.75%), FURE STAR (9%), FURE SUN (9%) and FURE NORD (9%). In addition, all of the shares

The start of the second quarter of 2005 was characterised by a continued relatively strong freight market in Broström’s segments. The strong world economy is the driving force behind this trend, where the rapidly growing Chinese economy and

Total investments within the Group during the period amounted to SEK 147.6 m (49.7). Divestments totalled SEK 184.9 m (0.5). Of total investments, SEK 87.6 m (39.4) pertained to vessels and newbuildings.

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in Nordtank Shipping A/S were acquired. The purchase price includes goodwill of SEK 51.5 m. The acquisitions were paid for in part through the issuance of 952,286 new B-shares in Broström through the exercise of the authorisation granted previously by an extraordinary general meeting to the Board and in part through cash payment. During the first quarter, BRO SELMA (81,350 dwt, built in 1987) and BRO TONY (4,160 dwt, built in 1982) were delivered to the buyers. The shareholding in Seawise Australia Pty was sold. Broström is currently financially involved in investments in seven newbuildings. Additional vessels and newbuildings will be added to the fleet under various co-operation arrangements. Newbuildings on order Name

Delivery

Dwt

Ownership

NB JLZ 504

2005

37,300

100%

NB JLZ 506

2005

37,300

100%

NB JLZ 507

2006

14,500

100%

NB JLZ 508

2006

14,500

100%

NB JLZ 509

2006

14,500

100%

NB JLZ 510

2007

14,500

100%

NB 132

2005

19,500

30%

Partner

Rederi AB Donsötank

Broström’s updated fleet list can be found at www.brostrom.se.

CASH FLOW Cash flow from operating activities before the shareholder dividend amounted to SEK 185.5 m (91.3), or SEK 5.79 (3.12) per share.

FINANCIAL POSITION AND LIQUIDITY Disposable liquidity of the Group on the balance sheet date amounted to SEK 1,034.1 m (827.8 on 31 December 2004). This amount includes unutilised overdraft facilities totalling SEK 52.3 m (52.3).

Shareholders’ equity at the balance sheet date, according to the new accounting standards, amounted to SEK 2,170.9 m (1,799.5 on 31 December 2004) and the equity/assets ratio was 35.4% (29.2). The adjusted equity/assets ratio was 40.3% (34.4), which is above Broström’s target of 30%. On the whole, Broström’s financial position is strong and will enable continued participation in possible structural changes in the industry.

CONTINGENT LIABILITIES Contingent liabilities increased by SEK 6.1 m since the start of the year and amounted to SEK 114.2 m (108.1 on 31 December 2004).

OPTIONS SCHEME As per 31 March 2005 Broström has a share option programme that was introduced in 2003 and offered to all permanent employees of the Group and to employees of partly owned companies in which Broström’s ownership is more than 50%. The share option programme consisted of two option series with redemption dates in September 2005 and September 2006, respectively. Each employee was entitled to 2,000 warrants. If the programme was not fully subscribed for, an additional 100,000 warrants could be subscribed. The price of a warrant in series 2003/1 was SEK 3.80 and SEK 4.35 in series 2003/2. An offer was also made in the autumn of 2004 to all new employees. The price was then SEK 34.00 for a warrant in both series. A warrant is redeemed for a share at the exercise price of SEK 58.40. The total number of redeemed warrants on 31 March 2005 was 551,500. The remaining number of warrants was 97,000. The dilution effect was 1.2% on the balance sheet date.

STAFF The number of employees has not changed significantly.

Net debt decreased during the period from SEK 1,656.9 m to SEK 1,508.3 m, mainly due to divestments of vessels.

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PARENT COMPANY The activities of the parent company, Broström AB, consist mainly of Group management and administration of joint activities for the Group. The assets consist mainly of shares in subsidiaries and short-term financial investments. First quarter SEK m

Full year

2005

2004

2004

7.2

6.1

24.4

4.4

- 13.2

170.4

-

-

233.4

Investments

0.6

1.3

107.7

Divestments

17.9

-

-

Disposable liquidity

832.1

651.5

651.5

Of which, unutilised overdraft facilities

37.3

37.3

37.3

Net sales Profit/loss before allocations and tax Of which, dividends from subsidiaries and associated companies

ACCOUNTING PRINCIPLES This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and IFRS 1 with respect to transitional rules. The accounting principles of the parent company are according to RR 32. In the Group the same accounting principles and methods of calculation have been used as in the 2004 Annual Report, with exception for the IFRS/IAS adjustments described below. New accounting principles 2005 IFRS/IAS Starting on 1 January 2005 the Broström Group applies the International Financial Reporting Standards (IFRS) approved by the EU. The interim report for the first quarter of 2005 is the first financial report by Broström that is presented in accordance with IFRS. The information about the transition has been compiled in accordance with the IFRS guidelines, which will be applicable on 31 December 2005. New standards and pronouncements may be issued in 2005, for application in the annual report as per 31 December 2005. The IFRSs are also subject to the continuous oversight and approval by the EU, which is why changes still may occur. Moreover, since the rules have only recently been introduced, clarifications may be made by the normative

body, and development of generally accepted practice may entail further clarifications, which could affect the information provided in this interim report. Comparison figures for 2004 have been recalculated from 1 January 2004, with exception for IAS 39, where such recalculation is not required in accordance with the exemptions provided in IFRS 1. Nor have acquisition data for company acquisitions prior to 2004 been recalculated, in accordance with the exemptions in IFRS 1. According to IAS 39, certain types of financial instruments are to be measured at fair value. The Group’s holdings of such financial instruments are negligible, and the change in principle as per 1 January has an immaterial impact on the income statement and balance sheet. The areas in which IFRS entails significant differrences compared to Broström’s earlier accounting concern measurement of goodwill (IFRS 3, IAS 36 and IAS 38), effects of changes in foreign exchange rates (IAS 21) and shares in associated companies (IAS 28). These areas are described below in terms of their significant impact on Broström’s net profit for the full year 2004 and their impact on share-holders’ equity. Goodwill – IFRS 3, IAS 36 and 38 According to IAS 38, goodwill is to be recognised as an asset with an indefinite useful life and should therefore not be amortised. Instead, goodwill is to be tested for impairment annually. Broström tested its goodwill for impairment on 31 December 2004. According to these tests, there is no need for any goodwill write-down. Consequently, no goodwill amortisation schedules are reported in the comparison figures for 2004 in accordance with IFRS. Shares in associated companies – IAS 28 According to IAS 28 profit from shares in associated companies is reported after tax, which Broström earlier has reported before tax. Comparison figures for 2004 have been adjusted. Effects of changes in foreign exchange rates –IAS 21 IAS 21 stipulates that a functional currency should be decided for each legal unit. The functional currency is defined as the currency

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in which the company has the greatest share of revenues and expenses and which is the most important financing currency. Broström has determined that the shipping companies in France and Sweden have USD as their functional currency, while the other companies’ functional currencies consist of their respective local currencies. In view of the functional currency, the accounts for 2004 have then been recalculated. Vessels have been carried at historical cost in USD, taking into account a normal depreciation plan. These values have then been recalculated at the year-end USD rate to SEK through the current method. Deferred tax on changed values of assets and liabilities in the recalculation to functional currency has been taken into account. As a result of the aforementioned accounting principles the temporary differences between the book value and tax value will vary along with the changes in foreign exchange rates. This effect is reported against shareholders’ equity and amount to SEK 19.1 per 31 March 2005.

As a result of the steadily weakening USD against SEK in recent years, shareholders’ equity has been negatively affected as the companies in which the vessels are included use USD as their functional currency. Effects on income statement and balance sheet (only for comparison) If IFRS had been implemented in 2004, the effects on the income statement and balance sheet would have been a positive earnings impact of SEK 35 m and a negative shareholders’ equity impact of SEK -180 m (see table on page 8). This amount includes an adjustment for deferred tax, totalling SEK 26 m. Comparison figures have also been produced as per 31 March 2004, and the effects on the income statement and balance sheet is that profit for the period would have been negatively affected in the amount of SEK -19 m and shareholders’ equity negatively affected in the amount of SEK -16 m upon implementation of IFRS in 2004.

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Income statements and balance sheets SEK m

Income statements

Swedish GAAP First quarter 2004

Adjustment

IFRS First quarter 2004

Swedish GAAP Full year 2004

Adjustment

IFRS Full year 2004 3,206.8

805.9

-

805.9

3,206.8

-

Other income

5.9

-

5.9

8.5

1.1

9.6

Total income

811.8

-

811.8

3,215.3

1.1

3,216.4

8.0

- 3.5

4.5

22.1

- 5.8

16.3

- 643.1

1.8

- 641.3

- 2,626.5

- 3.4

- 2,629.9

Net sales

Share in associated companies’ profit Operating expenses Depreciation and write-downs Total operating expenses Operating profit

-57.4

8.3

- 49.1

- 233.9

34.9

- 199.0

- 700.5

10.1

- 690.4

- 2,860.4

31.5

- 2,828.9

119.3

6.6

125.9

377.0

26.8

403.8

1.0

- 26.9

- 25.9

- 72.5

- 6.6

- 79.1

Profit after net financial items

120.3

- 20.3

100.0

304.5

20.2

324.7

Tax

-17.8

- 2.8

- 20.6

156.1

5.9

162.0

Minority share (in profit/loss for the year)

- 4.6

4.6

0.0

- 8.9

8.9

0.0

- 18.5

1)

451.7

35.0

486.7 1)

Net financial items

Profit for the year 1)

97.9

Of which, minority share

Balance sheets Goodwill

79.4

3.6

Swedish GAAP 01/01/2004

Adjustment

IFRS 01/01/2004

8.5

Swedish GAAP 31/03/2004

Adjustment

IFRS 31/03/2004

65.6

- 3.2

62.4

63.5

0.7

64.2

Tangible fixed assets Other assets

3,708.3

- 486.5

3,221.8

3,746.5

- 219.6

3,526.9

1,872.9

11.8

1,884.7

1,971.2

- 170.8

1,800.4

Total assets

5,646.8

- 477.9

5,168.9

5,781.2

- 389.7

5,391.5

Shareholders’ equity

1,477.0

- 34.3

1,442.7 2)

1,595.6

- 16.2

1,579.4 2)

Minority interests

24.5

- 24.5

0.0

29.1

- 29.1

0.0

Debenture loan, interest-bearing

230.6

-

230.6

231.1

-

231.1

Deferred tax

561.5

- 58.8

502.7

583.7

- 19.3

564.4

Equalisation reserve, provisions

122.5

- 38.5

84.0

115.5

- 37.6

77.9

Other liabilities

3,230.7

- 321.8

2,908.9

3,226.2

- 287.5

2,938.7

Total shareholders’ equity and liabilities

5,646.8

- 477.9

5,168.9

5,781.2

- 389.7

5,391.5

2)

24.5

Of which, minority interest Of which, effects of recalculation to functional currency

- 60.3

Of which, effects of change in deferred tax

Balance sheets Goodwill

26.0

Swedish GAAP 31/12/2004

Adjustment

IFRS 31/12/2004

51.5

5.8

57.3

Tangible fixed assets

4,572.0

- 697.6

3,874.4

Other assets

1,671.1

- 62.0

1,609.1

Total assets

6,294.6

- 753.8

5,540.8

Shareholders’ equity

1,980.0

- 180.5

1,799.5 3)

Minority interests

32.6

- 32.6

0.0

Debenture loan, interest-bearing

200.3

-

200.3

Deferred tax

389.2

- 44.6

344.5

Equalisation reserve, provisions

157.6

- 50.3

107.3

Other liabilities

3,534.9

- 445.7

3,089.2

Total shareholders’ equity and liabilities

6,294.6

- 753.8

5,540.8

3)

Of which, minority interest

28.0

33.5

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TONNAGE TAX France has introduced a tonnage tax for French shipping and has received approval from the EU for its system. Broström has aligned its French business to the tonnage tax system. Of the total deferred tax in the balance sheet as per 31 March 2005, amounting to SEK 386.2 m, SEK 47.8 m stems from the French operations. The remainder is attributable to Swedish taxation.

On 27 April at 3.15 p.m., Swedish time, a presentation of the Interim Report for January–March will be streamed directly on Broström´s website www.brostrom.se. Shortly after the presentation the streamed version will be available “On demand” on Broström´s website together with a PowerPoint presentation in English. There will also be an “On demand” presentation from the Annual General Meeting available on the website after the Annual General Meeting has closed.

FUTURE REPORTS Broström will release financial reports on the following dates 2005: 24 28

August October

Interim report six months 2005 Interim report nine months 2005

Göteborg, 27 April 2005 BROSTRÖM AB (publ) On behalf of the Board

Lennart Simonsson Managing Director Broström AB 403 30 Göteborg Tel +46 31 61 61 00 Reg No 556005-1467 This report has not been reviewed by Broström’s auditors. More information about Broström and press releases can be found on www.brostrom.se.

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INCOME STATEMENTS SEK m

2005

First quarter 2004

Net sales

760.4

805.9

3,206.8

57.9

5.9

9.6

818.3

811.8

3,216.4

1.4

4.5

16.3

External expenses

- 465.8

- 515.9

- 2,128.6

Personnel costs

- 118.0

- 125.4

- 501.3

- 52.9

- 49.1

- 199.0

- 636.7

- 690.4

- 2,828.9

183.0

125.9

403.8

Other income, including sales of vessels Total income Share in associated companies’ profit

Full year 2004

Operating expenses

Depreciation and write-downs Total operating expenses Operating profit (EBIT) Financial items Interest income

9.5

8.4

32.5

Exchange rate differences on assets

9.7

- 1.5

- 7.1

- 32.1

- 26.3

- 105.4

- 8.5

- 6.5

0.9

Net financial items

- 21.4

- 25.9

- 79.1

Profit after net financial items

161.6

100.0

324.7

Tax on profit for the period

- 25.3

- 20.6

162.0

136.3*

79.4*

486.7*

2.7

3.6

8.5

Interest expenses Exchange rate differences on liabilities

Profit for the period * Of which, accrues to minority Average exchange rate SEK/USD

6.92

7.34

7.35

Average exchange rate SEK/EUR

9.07

9.18

9.12

10


BALANCE SHEETS Group, SEK m

31 March 2005

31 December 2004

107.4

49.7

ASSETS Fixed assets Goodwill Other intangible fixed assets Tangible fixed assets

7.3

7.6

4,032.4

3,824.4

Financial fixed assets, interest-bearing

47.3

28.5

Financial fixed assets, non-interest-bearing

53.7

50.7

4,248.1

3,960.9

Total fixed assets Current assets Inventories

42.8

26.3

Receivables

667.1

598.7

Short-term investments

744.1

659.0

Cash and bank balances

433.7

295.9

Total current assets

1,887.7

1,579.9

Total assets

6,135.8

5,540.8

SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity 1)

2,170.9

1 799.5

Debenture loans, interest-bearing

200.8

200.3

Equalisation reserve

102.5

107.3

Deferred tax

386.2

344.5

Long-term liabilities

Long-term liabilities, interest-bearing 2) 3)

2,513.4

2,363.2

Total long-term liabilities

3,202.9

3,015.3

Current liabilities, interest-bearing 2)

198.3

273.8

Current liabilities, non-interest-bearing

563.7

452.2

Total short-term liabilities

762.0

726.0

6,135.8

5,540.8

114,2

108.1

Short-term liabilities

Total liabilities and shareholders’ equity Contingent liabilities Closing day exchange rate SEK/USD

7.06

6.61

Closing day exchange rate SEK/EUR

9.14

9.01

1)

Of which minority interest

35.3

32.1

2)

Of which financial leasing

524.5

501.7

3)

Of which provisions

25.6

25.2

CHANGES IN SHAREHOLDERS’ EQUITY Group, SEK m According to annual accounts Effect of change of accounting principle Share issue Translation difference Dividend Profit for the period Amount at the end of the period

2005 1,799.5 90.5 144.6 136.3 2,170.9

First quarter 2004 1,477.0 - 4.5 22.3 84.5 1,579.3

Full year 2004 1,477.0 - 229.2 209.2 - 12.6 - 131.6 486.7 1,799.5

The translation difference of the period is mainly due to changes in the USD exchange rate, which is the reporting currency for the subsidiaries and associated companies Broström Holding BV (incl. the subsidiary Broström Tankers SAS), Broström Tankers AB and Iver Ships Ltd, resp.

11


CASH FLOW STATEMENTS Group, SEK m

2005

First quarter 2004

OPERATING ACTIVITIES Operating profit

183.0

125.9

403.8

- 4.3

6.6

136.6

- 19.3

- 28.8

- 105.3

26.1

- 12.4

- 5.5

185.5

91.3

429.6

-

-

- 131.6

Cash flow from operating activities

185.5

91.3

298.0

INVESTING ACTIVITIES Investments in fixed assets

- 54.3

- 49.7

- 483.3

Adjustments for items not included in the cash flow etc Financial items and tax Change in working capital Cash flow from operating activities before dividend Dividend to shareholders

Full year 2004

Sale of fixed assets

184.9

0.5

35.4

Change in financial fixed assets

- 21.6

- 3.5

6.2

Cash flow from investing activities

109.0

- 52.7

- 441.7

FINANCING ACTIVITIES New loans

133.9

131.0

321.0

- 196.0

- 34.3

- 228.9

Cash flow from financing activities

- 62.1

96.7

92.1

Translation difference

- 17.4

-27.3

32.1

Cash flow for the period

215.0

108.0

- 19.5

Liquid assets, opening balance

954.9

944.5

944.5

7.9

- 1.5

25.7 4.2

1,177.8

1,051.0

954.9

Repayment of loans

Liquid assets at start of year in company for which the consolidation method was changed Exchange rate difference in liquid assets Liquid assets, closing balance

12


SHARE DATA First quarter

Full year

Full year

Per-share data

2005

2004

2004

2003

Earnings, SEK

4.17

2.59

16.33

6.14

Earnings after dilution, SEK

4.09

2.58

15.09

6.08

Shareholders’ equity, SEK

67.11

53.77

57.32

50.51

Shareholders’ equity after dilution, SEK

66.41

53.39

56.81

50.22

Cash flow from operating activities, SEK

5.79

3.12

14.67

11.81

Cash flow, net, excluding dividend, SEK

6.71

3.69

3.83

3.62

Cash flow, net, including dividend, SEK

6.71

3.69

- 0.67

0.64

119.00

80.00

98.75

72.00

Number of shares, closing date

32,347,092

29,239,988

31,394,806

29,239,988

Average number of shares

32,046,143

29,239,988

29,287,217

28,119,946

648,500

648,500

648,500

648,500

Share price on balance date

Number of shares

Number of outstanding options Number of dilution shares Number of shares after full dilution at end of period

342,642

211,351

283,583

167,611

32,689,734

29,451,339

31,678,389

29,407,599

KEY RATIOS First quarter

Full year

Full year

2005

2004

2004

2003

Return on capital employed, %

16.6

12.6

9.9

7.5

Return on shareholders’ equity, %

26.9

21.5

30.2

12.4

Dept/equity ratio, multiple

0.7

0.9

0.9

1.2

Interest cover ratio, multiple

5.0

4.0

4.1

3.4

Equity/assets ratio, %

35.4

29.2

32.5

26.6

Adjusted equity/assets ratio, %

40.3

34.4

38.0

31.9

Share of risk-bearing capital, %

46.6

45.4

44.2

42.5

For definitions please see Annual Report 2004. Changed accounting principles according to IFRS from 2004 in this interim report.

13

Interim report January - March 2005  

Interim report January - March 2005

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