stena ab annual review 2013

Transcription

STENA AB
ANNUAL REVIEW 2013
CONTENTS
THIS IS STENA
FLAP
2013 AT A GLANCE
1
CEO COMMENTS
2
SHIPPING, OFFSHORE DRILLING AND FERRIES
6
SUSTAINABILITY8
STENA AB
STENA LINE 10
STENA DRILLING 14
CASE HESS18
STENA BULK 20
CASE NORTHERN SEA ROUTE
26
STENA RORO 28
NORTHERN MARINE MANAGEMENT 30
CASE CLYDEBANK
32
STENA TEKNIK 34
STENA PROPERTY
36
STENA ADACTUM 40
STENA FINANCE
44
VESSELS 46
2
PROPERTIES51
10
STENA SPHERE
STENA SPHERE
52
CONCORDIA MARITIME 54
STENA METALL 56
STENA SESSAN
58
STENA AB BOARD
60
SPHERE ADVISORY BOARD 61
COORDINATION GROUP
62
FINANCIAL STATEMENTS 64
ADDRESSES72
26
18
BUSINESS AREAS
STENA AB (PUBL)
BUSINESS IDEA
By using our competence in, above all, service, trading and
ships, to make money in the business areas shipping, ferry
Ferry Operations
Revenue MSEK 11,164
Income MSEK (75)
STENA LINE
Offshore Drilling
Revenue MSEK 7,146
Income MSEK 620
STENA DRILLING,
SHUTTLETANKERS
Shipping
Revenue MSEK 2,568
Income MSEK 4
STENA BULK, STENA LNG,
STENA RORO, STENA TEKNIK,
NMM
Property
Revenue MSEK 2,788
Income MSEK 1,224
lines, offshore, real estate and finance.
To create new companies for the future.
To take care of our most important asset in the long term,
our customers, in such a way that we contribute to their
development as well as that of society.
CUSTOMER RELATIONSHIPS
 A
lways the customer’s first choice
 L eader in quality and quality-assuring partner
STENA FASTIGHETER,
STENA REALTY
 A
lways efficient and effective with our own and others’ resources
 C
learly delegated business responsibility
We are committed to comply with the standards formulated by the
Adactum
Revenue MSEK 6,453
Income MSEK 283
STENA ADACTUM
Finance/other
Revenue MSEK 45
Income MSEK 92
STENA FINANCE
Logistics & Transportation Corporate Citizenship Initiative (L&TCCI)
of the World Economic Forum.
RESPONSIBILITY IN OUR BUSINESS
RELATIONSHIPS
By building long-term relationships with our customers, suppliers and
subcontractors, we are committed to delivering high-quality and bestvalue services.
We will meet the highest safety standards. Trust is the basis of all
our relationships in society.
We are committed to meet the expectations of our customers in
respect of responsible business practices.
We share our principles of Corporate Citizenship with our business
partners. We may withdraw from a business relationship if we feel that
the standards we uphold are not being met by a business partner.
ROUND THE CLOCK IN STENA’S WORLD
06:30 AM IRISH SEA
07:30 AM GÖTEBORG
Stena Line’s Superfast VII en route from Belfast,
Ireland to Cairnryan, Scotland. Customer satisfaction on board Stena Line’s vessels has increased
since 2012, and 53% of all passengers now say
they are very satisfied with their trip.
Shipowner Dan Sten Olsson has arrived at Stena’s
head office in Göteborg. Together with Carl-Johan
Hagman, he reviews the day’s agenda.
THIS IS STENA AB
REVENUE
MSEK
ACTIVITIES ALL OVER
17,000
30,240
THE WORLD
EMPLOYEES
173
26,800
96
VESSELS
INCLUDING NEWBUILDINGS
RESIDENTIAL
AND COMMERCIAL
UNITS
WIND TURBINES
IN OPERATION AND UNDER CONSTRUCTION
12:00 AM MUMBAI
2:30 PM GUANGZHOU
3:30 PM GOYANG SIKSA
Future cadets attend a morning lecture in
Behaviour-based Safety Training at Northern
Marine Management in Mumbai.
Guangzhou Shipyard International in China is building
Stena Bulk’s new IMOIIMAX tankers, the first of which,
Stena Impression, is scheduled for launch in July 2014.
Entrance to Envac’s vacuum waste collection facility in Goyang Siksa, outside Seoul, South Korea.
The system handles waste from 8,800 households,
or about 11 tonnes a day.
2013 AT A GLANCE
EBITDA1)
KEY RATIOS
excluding net gain on asset sales
MSEK
MSEK
8,000
2012
2013
27,388
30,240
Net gain on sales of vessels
24
25
Net gain on sales of properties
66
51
EBITDA1)
7,060
7,947
Income from operations before sales of non-current assets
3,311
3,811
Income from operations
3,401
3,887
Income before tax
1,777
2,148
104,900
108,212
30,468
35,274
Revenues
6,000
4,000
2,000
0
09
10
11
12
13
1) E arnings before depreciation and amortisation
Total assets
Shareholders’ equity
Shareholders’ equity incl. deferred income taxes
34,479
39,214
INCOME BEFORE TAX
3)
Net interest-bearing debt excl. Stena Property
34,742
35,848
MSEK
Net interest-bearing debt
3)
47,002
48,110
4,000
Net debt/capital, %3)
57
55
3,000
Capital expenditures
10,529
7,022
Number of employees, average
10,565
11,347
5,435
5,600
117
137
2,000
Number of employees, external ship management
1,000
Number of vessels
2)
1) Income before depreciation and amortisation
0
2) Including owned and chartered in tonnage
09
10
11
12
13
3) E xcluding CLO/CDO
5:30 PM WELLINGTON
00:30 AM HOUSTON
2:30 AM BAHIA BLANCA
Stena Alegra arrives at the port of Wellington
on New Zealand’s North Island after crossing
the Cook Strait from the South Island.
Night falls on Stena Realty’s new building on
W ickchester Lane in Houston. Offices will be
ready for new tenants in August 2014.
Stena Blue Sky arrives in Bahia Blanca, Argentina
to discharge LNG for the customer, Gazprom. One of
Stena’s three LNG tankers, she has a cargo capacity
of 145,819 m3.
CEO COMMENTS
CARE AT EVERY LEVEL
TRANSLATES INTO
HIGHER EARNINGS
Higher revenue, earnings, equity, liquidity and values create confidence in our future. There is an
old Swedish saying that revenue serves our vanity, earnings serve our common sense, liquidity
serves reality and values last forever. For us at Stena, this confidence comes from a combination
of all of them.
Growing activity and revenue
Sustainable earnings
Our business continues to expand. Through acquisitions
and a growing fleet, Stena Line now operates 23 ferry
lines. The freight operations are expanding thanks to this
extensive network of attractive lines. Stena Bulk controls
around 100 tankers, including 10 newbuildings that are
on their way. Stena LNG tankers are operating at better
rates. With its reputation for safety and reliability, Stena
Drilling has signed long-term contracts for practically
every unit and has ordered two new semi-submersible
drilling rigs. With its Relationship M
anagement programme as a foundation, Stena Property is acquiring
and building new residential properties in Sweden and
commercial properties in London and Houston. Stena
Adactum’s portfolio of companies is expanding. Stena
Renewable, for example, now has around 100 wind
turbines in operation. Our total revenue increased last
year by 10%.
Despite a sluggish global economy with Europe in recession for much of the year, our financial results improved
in every business area except Stena Drilling, where two
drilling units underwent their Special Periodic Surveys
(SPS), which are time-consuming and costly. Stena’s total
profit before tax increased by MSEK 200 in internal
accounting terms and by MSEK 400 in IFRS terms. Stena
Line’s improved results in the Irish Sea and North Sea
is certainly worthy of note.
Due to tight competition from low-cost crews, our
business units are continuing to focus on shrinking their
cost base. This challenge will continue for the foresee
able future. Offsetting lower prices with cost cuts puts
pressure on everyone, especially when we also have to
maintain flawless operations to keep customers satisfied.
Trying at the same time to find new revenue sources is
tough, but doable.
The photo of Dan Sten Olsson is taken on Valö, outside Göteborg.
The photo is taken from the film ‘Take Care’ on Stena’s corporate culture.
See the film in its entirety at www.stena.com.
2
STENA AB 2013
“OUR OPERATIONS
CONTINUE
TO EXPAND”
STENA AB 2013
3
CEO COMMENTS
Shareholders’ equity, net value and liquidity
Our shareholders’ equity including deferred tax based on IFRS
is currently about SEK 40 billion. In addition, our fleet of vessels has significant unrecognised surplus values, which serve
as a buffer if vessel values were to decline suddenly.
Our guiding principle with respect to risk is to maintain sufficient liquidity to handle three years in a worst-case scenario
without having to resort to drastic, unproductive measures
to rescue the company. In early 2014, we refinanced USD 1.6
billion in the bond and debt markets, extending the maturity
dates on our loans by four years to seven years. Our liquidity
in the form of available credit facilities, cash reserves, readily
sellable financial investments and instruments amounts to
a healthy SEK 12 billion as of 31 December 2013. With most
of our drilling units on long-term contracts, the financial risks
facing Stena in the next five years have been reduced significantly, even in a worst-case scenario.
We have to be our best as measured by our financial success, our customers’ success, our employees’ success, our
partners’ success and our communities’ success. This is what
our employees are saying:
• A caring attitude leads to sharing – and in the long run
sustainable development and mutually beneficial collaborations – between engaged employees and suppliers.
• Care creates a commitment to service and satisfying
customers with the right technical solutions.
• Care leads to excellence – Excellence isn’t an action,
it’s a habit.
• Care about financial results means caring about profit,
liquidity and protecting our assets.
• Care means maintaining skills through courses and t raining.
• Care is much more than four letters on a sheet of paper.
So… Take Care!
Values
Care, innovation and performance are the guiding principles
of our organisation. Our performance is measured in reliability, safety, our customers’ praise, repeat business, costs and
profit. Innovation is measured in the number of suggestions
from employees and the percentage that are put into action.
The meaning of care is something we are still struggling
with. In essence care transforms mindfulness into action
and performance.
I would like to thank everyone for their support and engagement in 2013. Since 2014 seems like a better year, we have
good reason to be hopeful.
Göteborg, 9 March 2014
Dan Sten Olsson
CEO, Stena AB
HIGHLIGHTS 2013
Revenue1)
SEK 30.2 billion
Strategic expansion
Healthy balance sheet 2)
EBITDA1)
SEK 8.0 billion
SEK 2.1 billion
 Total investments in 2013 of SEK 7 billion.
Primarily SPS and BOP for Drilling, 4 new
RoPax vessels, new wind turbines in Stena
Renewable and new construction for Stena
Property
 Vessel and rig fleet book value, SEK 41 billion
Income
before tax
Strong available liquidity and credit profile
C
ash, available credit facilities and financial
assets SEK 12.2 billion2)
 Newbuildings on order:
– 4.5 IMOIIMAX vessels
– Two drilling units
 Property portfolios at market value, SEK 28
billion with loan to value ratio of 44%
 N et debt excluding property loans,
SEK 35 billion
 Equity including deferred taxes, SEK 39.2
billion
1) Including net gain on asset sales and changes in the value
of investment properties
2) A s of 31 December 2013
4
STENA AB 2013
“CARING CREATES
A COMMITMENT
TO SERVICE”
STENA AB 2013
5
EVERYDAY PERFORMANCE
EXCELLENCE AND ASSET-PLAY
Stena has been successful in shipping in past years because we have been able to combine
unrelenting focus on quality and operational detail with getting our timing right when
it comes to acquiring tonnage. Both these aspects are critical to any shipping venture and
are mutually dependent on each other.
It is only by being close to our customers and active in our markets that we can understand where we are in the cycle and
when it’s time to act. In addition to the daily operation “assetplay” has historically to a great extent contributed to our financial results. This dual strategy has also been the hallmark of
2013. We have systematically worked with enhancing our operational performance.
Stena Drilling has successfully secured commercial contracts
for a majority of the fleet at attractive rates over the coming
years, securing our prime source of cash flow. The drilling operation has continued to excel in performance.
Stena Line improved earnings before depreciation by MSEK
300, primarily through cost reductions. Achieving a low cost
operation is essential for us to be relevant in our markets and
to deliver long-term customer value. Improving the utilization
of our fleet is the other pillar on which our future success
rests. We have also succeeded in increasing our freight intake,
growing volumes during the year by 7% or 15% if we also
include recent acquisitions.
Using our core competence of managing larger systems of
RoPax vessels in new growth markets has been a key target
during the year. Through Stena SeaLine in the Black Sea and
Stena Daea Line in Korea we have taken small, but symbolically
important steps, to expand our ferry business. These establish-
6
STENA AB 2013
ments have let us build competence and local knowledge that
will enable further growth.
The Stena Weco system has been expanded to operating
about 50 product tankers at any given point in time. The
operation is gradually developing into a fully integrated global
logistics network for petroleum products, light chemicals and
vegetable oils. We are combining our global expertise, in offices
around the world, with a significant portfolio of longer-term
contracts and spot parcels. The system has been preparing itself
for the delivery of the ten IMOIIMAX light chemical tankers
from mid-2014, which will give Stena Weco the ability to service
our customers in a way none of our competitors can.
As a spin-off from the Stena Weco system, we have developed a new feeder company together with one of our largest
customers, Golden Agri-Resources, under the name of Golden
Stena Weco. This company is developing a sizeable fleet of
smaller 15–20,000 ton parcel tankers specifically for the
growing inter-Asia trade. It is a good example of how we can
develop partnerships with our clients and enhance our global
systems.
Another area that should be highlighted is the never ending
pursuit of fuel consumption reduction. We have a target
of annually reducing consumption by 2.5% across the fleet,
a number we have been able to beat over a number of years.
Part of Stena Line’s management team in the engine room
on Superfast VII, one of Stena Line’s vessels on the Irish Sea.
This result is a tribute to our innovative work as well as the
everyday performance of our dedicated staff.
Not only do we save cost, but our fuel reduction initiatives
are our primary tangible contribution to minimizing our environmental footprint. A fully laden Suezmax tanker at 14 knots
in the Stena fleet of today consumes less than 50% of what it
did 15 years ago.
It is not only the everyday discipline of incremental improvement that should be highlighted, but also the asset positions
we have taken.
In the summer, we ordered two semi-submersible drilling
units of midwater type, one of which has a cancellation
option, for operations in the North Sea and Norwegian shelf.
This is a significant investment that will ensure that we will
have a balanced drilling fleet of semi-submersibles also in the
future. This position underscores our belief in our drilling capabilities, our relationship with our customers and the future
requirements of global oil and gas exploration.
During the past 18 months, we have acquired nine second
hand RoPax vessels at quite favourable prices. These vessels
are currently employed in Stena Lines network or chartered
out in the market by Stena RoRo. This is yet another example
of where we have had the financial strength to make investments counter-cyclically.
However, it is not the hardware that is our prime asset.
aving 17,000 employees, mostly seafarers, that every day
H
performs their duties with professionalism, care and loyalty is
what Stena is all about. Having a culture whereby we live and
breathe safety, quality and performance is the basis for all our
operational improvements or asset investments.
Looking into 2014, we will still have a challenging market
in many areas. Due to the time lag between when a vessel is
ordered and when it is delivered, we have only gradually seen
the effects of less new building orders after the financial crisis
in 2008. Demand is generally strong, but perpetual over-investment is a challenge for shipping. Shipyard prices for vessels
are increasing and I therefore foresee that our “asset play”
activity will be limited in the near-term future. This will give us
room to continue to focus on optimizing our operations and
integrating the significant investments that have been made
during the past years. Fully capitalizing on our vast wealth of
marine and technical expertise, delivering tangible value to
our customers will be the key focus area in 2014.
Carl-Johan Hagman
STENA AB 2013
7
SUSTAINABILITY
SUSTAINABILITY
RESPONSIBILITY AND
CARE IN EVERY BUSINESS
For Stena, sustainability and social responsibility mean contributing to economic development, reducing the Group’s environment impact and acting ethically in all its businesses.
The Stena Group contributes to society in various ways.
The shipping and ferry operations contribute to trade and
globalisation, which in turn lead to greater prosperity. The
vessels transport passengers and trucks with various types
of freight as well as oil and gas to help meeting the world’s
energy needs. Stena is also a major producer of renewable
electricity in S weden, and provides many people with safe
homes in the Group’s properties.
A more globalised world requires more (and more efficient)
transportation. Even though shipping is one of the most environmentally friendly ways of transport in relation to cargo
volume, transports by sea undeniably impact our environment
and climate. Stena is therefore actively committed to minimise
the effects of freight transports by sea.
Technology and innovations have always been high on
the agenda at Stena. One example is Stena Line’s energy
saving programme, which has launched around 200 projects
with the goal of reducing consumption by 2.5% per year.
Another example is the use of more fuel-efficient vessels,
which produce savings for Stena and its customers as well as
environmental gains in the form of lower emissions, which all
of society benefits from. By continuously adopting technol
ogical innovations, Stena has remained an industry leader in
low emission levels, both in the air and at sea.
The Group is working with sustainability issues in a number
of areas:
New technology and changing habits
As part of an energy saving project, Stena Bulk increased fuel
efficiency in its fleet by no less than 14% year-over-year. Lower
8
STENA AB 2013
bunker consumption has saved SEK 65 million, while also
reducing CO2 emissions by slightly over 100,000 tonnes and
SO emissions by 1,400 tonnes.
The increase in efficiency is partly due to a larger share of
green ships in Stena Bulk’s fleet as well as detailed monitoring
of their energy consumption, which has led to modifications
such as operating at lower speeds.
Increased energy efficiency
A number of projects are underway at Stena Teknik to improve
the energy efficiency of the vessels. One example is a project
with Stena Line to rebuild the vessels bulbs for lower speeds.
Vessels today operate at a lower average speed than five years
ago due to higher fuel prices, but also in order to reduce emissions. The bulb is the part of the hull that affects the backwash
from the ship, and hence its energy consumption. The project
is s aving 10,000 tonnes of bunker oil per year, equivalent to
the annual energy consumption of 1,600 S wedish single-family
homes.
Proactive safety work
A safe and secure workplace is a prerequisite for a safer and
more efficient business. Rigorous safety work is conducted
daily on board Stena’s vessels and drilling rigs. Most injuries
on a drillship or oil rig are from everyday tasks, where the
crew does not follow safety precautions. Stena Drilling has
therefore taken a proactive approach to reduce the risk of
injury or e nvironmental hazards. Prior to performing any task,
every crew must fill in a so-called HAZ ID CARD, where icons
identify the potential risks associated with the task at hand.
A strong safety culture produces results. Stena and Northern
Marine Management have maintained the industry’s lowest
accident numbers in recent years.
Caring translated into action
It is important that everyone on board Stena Drilling’s vessels
and rigs understands the “Stop the job policy”, which means
that anyone in the crew has the right and responsibility to tell
a colleague, superior or subordinated, to stop what they are
doing if that person feels there is a significant safety risk.
For further information on
Stena’s sustainability work,
read the sustainability report
at www.stena.com.
Active part of the local community
As part of its Relational Management programme, Stena
Property is providing around 300 summer jobs a year to young
people who live in its properties. The goal is to give them valuable working experience, while at the same time helping to
care for their neighbourhood.
VESSELS’ CO2 EMISSIONS 2013, %
Stena Line 50%
Stena Bulk 29%
Stena Drilling 9%
Stena RoRo 12%
In total 2.6 million tonnes
STENA AB 2013
9
STENA AB > STENA LINE
STENA LINE
A MORE EFFICIENT LOGISTICS
NETWORK FOR THE FUTURE
At year-end 2013, Stena Line operated 22 routes in Northern Europe with 40 ferries.
Stena Line also owns five ports. The company is an important part of European trade
and infrastructure. Managing this business in a cost effective, safe and environmental
way is a daily challenge for our dedicated employees at sea and on land.
Market
The European recession continued in 2013, leading to widespread weakness in freight and travel. Most ferry lines in Europe
are therefore using more crew members from outside Europe.
Moreover, tighter environmental regulations are being introduced as planned on ship fuels in 2015, which will mean substantial cost increases for shipping in Northern Europe.
Operations 2013
Stena Line serves several different customer groups in the
freight, leisure and cruise segments. In 2013, Stena Line transported 14.6 million passengers, 3 million cars and slightly over
2 million freight units. Freight volumes rose by 7% (or 15%
including the new routes that were acquired).
Thanks to high-quality vessels and dedicated personnel,
freight and passengers were delivered safely and efficiently.
During the year, Stena Line successfully integrated the five
new Baltic routes they acquired in 2012 from Scandlines of
Germany, of which it had previously been part owner of two.
In the process, Stena Line established itself in the Baltic market, where freight volumes have grown strongly in recent
years.
As always, the company continued its efforts to reduce
the fleet’s fuel consumption. Studies and trials are being
conducted with Stena Teknik on several alternative fuels for
the future.
11,164
MSEK REVENUE
37%
SHARE OF
GROUP REVENUE
10
STENA AB 2013
5,759
EMPLOYEES
15,200
DAY/NIGHT FERRIES/HSS
RORO FERRIES
MSEK CAPITAL EMPLOYED
ROPAX FERRIES
8
5
27
Trailers loaded and secured on
a Stena Line ferry. Trailer freight
on Stena Line’s various routes
is a very large and important
aspect of the business.
CARL-JOHAN HAGMAN > CEO
The strategy adopted in 2013 remains unchanged,
and in 2014 the focus will still be on implem
entation. Costs will continue to drop thanks to
improved routines and processes. Freight volumes
have to further increase in order to raise the
fleet’s utilisation. At the same time, the freight
rates we charge our customers have to reflect
the higher fuel costs that are the result of new
environment regulations and in so-called Sulphur
Emissions Control Areas (SECA).
Implementation of the strategy is leading to
a consolidation of the fleet and higher utilisation
on every departure and allowing Stena Line to
fully capitalise on the economies of scale from
one of the world’s largest ferry networks. The
year’s good growth in freight operations shows
that we are heading in the right direction.
STENA AB 2013
11
STENA AB > STENA LINE
Process of change
Automated check-in routines that was developed during the
year will be implemented in all our ports in 2014. The response
so far has been positive. In addition, a new online reservation
system has been launched that better integrates the company’s marketing and sales. Uniform onboard menus have been
created for all vessels, enabling Stena Line to coordinate purchasing routines and logistics.
Stena Line implemented a more flexible pricing strategy that
has allowed to offer lower prices on low-volume departures
and increase its utilisation without affecting margins on existing customers.
Because of the change in strategy, the company established
a more streamlined organisation in 2013 and rationalisations
was carried out both within the shore and sea organisation.
This work continues in 2014. The new strategy will be fully
implemented in 2015 with the aim to improve the result by
over SEK 1 billion per year.
The company improved its EBITDA during the year by nearly
MSEK 300, but still reported a net loss. The result improvement was primarily due to higher volume, lower fuel prices
and a reduction in administrative costs. In general, the European ferry industry has had long-term profitability problems,
as has Stena Line. At the end of 2012, an action plan was formulated to improve profitability through new, integrated solutions for freight customers, value-added offerings for passengers and a lower cost base. The aim is to create sustainable
profitability with local crews while maintaining high quality.
The increase in freight volumes in 2013 was a strategic milestone for Stena Line. The development of intermodal logistics
solutions for basic industry is continuing in cooperation with
partners in Sweden and internationally. These solutions link
sea, rail and road transports to ship goods through Europe as
efficiently as possible.
New travel and onboard offerings for the company’s passengers also contributed to the higher sales volumes. Stena
Line is working on a review of its daily operations while systematically overseeing a total of 170 improvement projects.
Simplified and cost-saving processes will also benefit customers, and by increasing customer value will ensure that we
maintain high utilisation in the long term.
Fleet
Stena Line expanded its fleet in 2013 through the addition
of three RoPax ferries to better meet the needs of its freight
customers. These vessels are of standardised Visentini design,
which offers increased flexibility to adjust capacity in the network when economic conditions and demand change.
VOLUME TREND1), THOUSANDS
Passengers
Cars
Freight units 2)
12,000
2,800
2,000
9,000
2,100
1,500
6,000
1,400
1,000
3,000
700
500
0
0
09
10
11
12
13
0
09
10
11
12
13
09
10
11
1) In September 2009, HH-Ferries became part of the joint venture with Scandlines Denmark A/S. Subsequent volumes are reported as 50% in each company
2) One freight unit is a truck, trailer or railway wagon
12
STENA AB 2013
12
13
One of the chefs on board Stena
Danica preparing lunch. Eight
people work in the kitchen to
provide our guests with a pleasant and tasty respite on their
journey.
MSEK
6,000
REVENUE PER ACTIVITY
4,500
MSEK
6,000
3,000
4,500
1,500
3,000
0
09
1,500
10
11
12
13
Passengers
Onboard sales
Freight
0
09
10
11
12
13
Passengers
Onboard sales
Freight
STENA AB 2013
13
STENA AB > STENA DRILLING
STENA DRILLING
EXTENDED CONTRACTS
AND TWO RIGS ORDERED
Stena Drilling is one of the world’s leading independent drilling rig operators. The company operates globally from its head office in Aberdeen, Scotland, with four drillships for
ultradeep water and three midwater drilling rigs. With several successful newbuildings
and refurbishment projects, Stena Drilling has been a pioneer in several areas of technological development and innovation in the offshore industry.
In 2013, Stena Drilling contracted the construction of two midwater drilling rigs from Samsung Heavy Industries with the
right to cancel one unit. The estimated cost is MUSD 800 per
rig, with delivery of the first rig scheduled in April 2016 and
the second in September 2016.
A commercial highlight during the year was the contract
extension for Stena Forth. The new, five-year agreement
includes cancellation rights, but extends at least until year-end
2015. The contract was signed with Hess Corporation, and
Stena Forth will be operating in US waters outside the Gulf
of Mexico.
Several contracts for Stena Drilling’s other units were signed
during the year. After a new contract signed with Statoil,
Stena Carron will operate in the waters outside Angola begin-
ning in the first quarter of 2017. Stena DrillMAX’s three-year
contract with Tullow Oil took effect in 2013, and it is now
operating outside West Africa.
During the year, Stena Drilling installed a second blowout
preventer (BOP) on Stena DrillMAX and Stena Forth to increase
safety in connection with oil drilling. Stena Spey and Stena
DrillMAX underwent routine Special Periodic Services (SPS)
during the year to maintain their mandatory classification.
Safety
Safety on the drilling units is of critical importance to Stena
Drilling. A tragic accident on board Stena Clyde in 2012 killed
two of our crew members. Until and since then, Stena Drilling
has avoided serious incidents.
7,146
MSEK REVENUE
24%
SHARE OF
GROUP REVENUE
1,087
EMPLOYEES
DRILLSHIPS
23,800
DRILLING RIGS
14
STENA AB 2013
4
3
Stena DrillMAX, one of Stena Drilling’s
four deepwater drillships, is chartered
to Tullow Oil and positioned outside
the coast of West Africa.
TOM WELO > CEO
Oil is a cornerstone of our society and will remain
so for a long time to come. It is energy rich, easy
to transport and easy to use. On that basis, Stena
Drilling views the market positively.
Thanks to the contracts it has signed, Stena
Drilling is secure through both 2014 and 2015.
The years ahead look strong, especially with
regard to operations in the North Sea and in par-
ticular the Norwegian and UK sectors, which are
characterised by older rigs that will be phased
out and replaced by new rigs. As a result, we
anticipate a year of profitable contracts and will
therefore focus on first-rate operational and
safety performance on our vessels and rigs.
In the future, we will accept nothing short of
performance perfection.
STENA AB 2013
15
STENA AB > STENA DRILLING
A crew member standing
beside the drilling tower
on the drillship Stena Forth.
16
STENA AB 2013
Safety work is organised at the staff level, but critical measures are handled in the line organisation on the drilling units.
The company monitors developments through statistical feedback and other reporting, and takes initiatives to ensure
that the personnel focus on safety work. To maintain safety,
employees regularly receive training to be prepared if the
unexpected occurs.
Since people are involved, there is always a risk of error, but
Stena Drilling is working to gradually eliminate hazards. This
applies to the safety culture as well as practical measures such
as properly maintaining processes, machinery and materials.
In the last year the staffing on board Stena Clyde has been
reviewed and the safety department has been reorganised.
Stena Drilling’s safety work is continuing with the aim of reducing the number of incidents to zero.
enterprises. Twenty years ago, no one would have thought
that Chinese national oil companies would become important
partners, but that has changed. Stena Clyde will operate in
the waters outside Australia for Sinopec of China in 2014.
Although this market shift has affected the business, the fundamental needs are still the same: oil companies need financing and technology.
Market analysts are forecasting a production increase of
2–3% per year in the long term, but in 2014 there will probably be a slight decline in production. The oil companies’ marketing strategy had previously been to increase revenue, but
now many are giving profitability higher priority. Because of
this, many are planning to reduce their exploration activities.
To be profitable, they have invested more in production
instead.
The market for ultradeep water will have difficulty raising
capacity in coming years, and not before 2016–2017 are
capacity shortages expected to be relieved by the arrival of
new drilling units. The market has plenty of older rigs that
are being phased out and replaced by modern rigs.
Market development
The oil exploration and extraction market has changed in the
last 20 years. Previously, it was 80% controlled by international oil companies, but today it is dominated by state-owned
UTILISATION RATE
DRILLING CONTRACTS1)
100%
Unit
75
Stena Clyde
Hunt
Q2 2014
Stena Don
Statoil
Q4 2017
Stena Spey
Enquest
Q1 2016
Tullow
Q2 2018
50
Stena DrillMAX
25
Stena Carron
0
09
10
11
12
13
Operational use as a percentage of total available days.
Customer
SPS3)
Expiration2)
Q4 2018
Stena Forth
Hess
Q4 2019
Stena IceMAX
Shell
Q2 2017
1) A
s of March 2014.
2) Firm Contract Term including options.
3) Undergoing its first five-year review. Will begin its contract with Statoil
immediately after the review is completed.
STENA AB 2013
17
STENA AB > STENA DRILLING > CASE HESS
ALIGNMENT BRINGS OUT
THE BEST IN EACH OTHER
SAM BROWN
Director of Drilling and
Completions Offshore
Americas and West Africa
at Hess Corporation
Hess have a long standing and successful relationship with Stena Drilling dating back to the early 1990’s
with the Stena Spey drilling unit in
the UK North Sea. More recently
the Stena Forth and Stena DrillMAX
drillships have worked for Hess.
The Stena Forth is in the 5th year of
a long term contract and is currently
operating in the Gulf of Mexico on
Hess’ Tubular Bells deepwater development. The Stena DrillMAX drilled
six successful exploration wells for
18
STENA AB 2013
Hess in Ghana in 2012/2013 and is
contracted to return to Ghana in
2014 for a further three wells.
“The Hess/Stena relationship is
a partnership built on shared values
and aligned expectations on safety,
reliability and operating performance”, says Mr Brown, who is the
Director of Drilling and Completions
Offshore Americas and West Africa
at Hess Corporation. He went on
to say that in addition to the alignment between the two companies,
a strength is that issues are tabled
and worked by both companies in
an open and constructive manner.
“Hess challenge Stena and Stena
challenge Hess, which brings out the
best in both companies”, Mr Brown
says. He approves of the way Stena
maintain and operate their drilling
units:
“Stena are a very well-run company
who continually invest in their drilling
units and their personnel to improve
safety, reliability and operating performance.”
STENA AB 2013
19
STENA AB > STENA BULK
STENA BULK
GOOD BUSINESS LEADS TO
RAPID EXPANSION OF THE FLEET
Stena Bulk is one of the world’s leading tanker operators, offering safe and
cost-effective transports of crude oil and refined petroleum at sea. This requires
a holistic perspective – from development and construction to crewing and
chartering of first-class tankers.
In the last 20 years, crude oil transports have grown by 2–3%
a year, while the increase for refined petroleum and chemicals
has been 4–5%.
For much of 2013, freight rates for crude oil transports were
at their lowest levels since 2000. Part of the rebound late in
the year was seasonally related, although prices reached higher
levels than expected and freight rates quadrupled. Thanks to
this and several other brief increases, annual result per vessel
finished the year at nearly the same levels as in 2012.
One of the reasons for the strong December was China’s
decision to again begin expanding its petroleum stocks leading into 2014. It commissioned a number of refineries, and
the petroleum price differential between different parts of
the world made long-distance shipments profitable.
Oil exploration in the US has increased by about 30% since
2009. As a result, refineries are producing more, which in
combination with strong productivity in 2013 has generated
higher exports, benefitting the market for product tankers.
In the process, the US has reduced its crude oil imports by
about 25%, primarily affecting imports from West Africa,
which have dropped from about two million barrels per day
in 2010 to 0.5 million barrels in 2013. US refineries, many of
which were threatened with closure just a few years ago, have
now been rejuvenated. An upgrade of refineries and expansion of their capacity is expected in the years ahead.
1,513
MSEK REVENUE
5%
SHARE OF
GROUP REVENUE
20
STENA AB 2013
212
EMPLOYEES
5,700
TANKERS
92
Stena Suède is one of the world’s most
energy- efficient Suezmax tankers. Here she
is unloading crude oil at Finnart Terminal in
Land Long, on the west coast of Scotland.
ERIK HÅNELL > CEO
We are confident looking ahead to 2014. Freight
rates for crude oil have passed bottom and the
product market is expected to maintain about
the same growth rate as in 2013. The chemical
market is a little further behind, but will see positive development in 2014.
Business relations will be improved, and the
goal is that the chemical sector will grow. Going
forward, we will continue to grow in pace with
our contracts and demand. With a customer
focus and efficient operations, Stena Bulk is
consolidating its position as a leading brand in
international tanker shipping. As of 2014, overall
responsibility for Stena’s LNG vessels again rests
with Stena Bulk.
STENA AB 2013
21
Efficiency improvements by Stena Bulk
Stena Bulk’s commitment to quality and commercial operation
played a prominent role in its 2013 results. The company’s
strengths are a modern fleet purchased or chartered on competitive terms and the ability to maintain high utilisation. Its
business is built on a balanced structure of freight contracts
and strong customer relations, combined with an efficient way
of operating in the open spot market.
Fleet improvements
The fleet consists of around 100 controlled vessels, about fifty
of which are part of the Stena Weco system.
Stena Weco’s fleet of product tankers has grown by about
20% since 2012. The system is designed around partnerships
and contracts in combination with operation in the open spot
market. Since Stena has decided to let the system grow in pace
with demand, there is little risk associated with expansion.
During the year, Stena Bulk announced together with its partners that it had ordered four more IMOIIMAX tankers, which
will be operated by Stena Weco. This increases the total number
of vessels in the series to 10. Based on current market conditions, these four, along with the previous six, were acquired on
favourable terms. Since the contract was signed, prices have
risen significantly, giving Stena Bulk a competitive advantage
in this segment as well.
As part of an expansion into vegetable oil shipping in Asia,
Golden Stena Weco, a joint venture between Stena Weco
and Indonesia-based Golden Agri-Resources (GAR), acquired
another 10,000-tonne chemical tanker, Golden Adventure.
At the end of the year, the joint venture also purchased five
17,000-tonne chemical tankers.
GAR, which produces and trades palm oil, chose Stena
Weco as its transportation partner because of how Stena
operates its vessels and its financial stability. The companies
have shared an office in Singapore since 2012. Golden Stena
Weco’s transport volumes and revenue both doubled in 2013
from the previous year.
22
STENA AB 2013
In January and February 2013, Stena Bulk took delivery of
two Eco Suezmax tankers. The vessels were the last in a series
of seven, the first five of which were delivered in 2011–2012.
These Suezmax tankers are the most fuel-efficient in their
class.
Sustainability produces positive results
Another factor affecting the company’s results is the environmental improvements it has made. Compared to 2012, fuel
consumption was reduced by 14%. The goal was to reduce
consumption by 3%, which is also the goal for 2014. The gains
are the result of Stena Bulk’s operating systems and shipping
know-how.
The company is working continuously to more efficiently
maintain its fleet. Hulls and propellers are kept clean from
fouling, and the company is gradually evaluating and installing
equipment that effectively reduces fuel consumption.
The Stena Sonangol Suezmax Pool (SSSP) is controlled by
Stena Bulk and the Angolan state oil company Sonangol.
SSSP comprises 21 modern vessels, 15 of which are Eco
Suezmax class and the others high-quality Suezmax tankers.
Sonangol has devoted considerable energy to keeping its
entire fleet operating efficiently.
Restructuring and development of the organisation
Stena Bulk is continuing to grow and gradually creating
a workforce that combines experience with a passion for the
industry. The Stena Tanker Division, comprising Stena Bulk
and its joint ventures that operate tankers, had a shore staff of
83 at year-end, excluding on-board crew. The employees are
spread across a number of companies on several continents,
so the challenge is to maintain Stena Bulk’s and Stena’s values
throughout the business, which is something Stena Bulk’s
management makes sure to express in forums with employees.
On 31 January 2013, the Suezmax vessel Stena Sunrise was christened at Samsung Heavy Industries (SHI) in Geoje, South Korea.
The tanker is the last in a series of seven and is owned by Stena
Bulk. She is a fuel-efficient, third-generation Suezmax tanker and,
like the others in the series, is now part of the Stena Sonangol
Suezmax Pool.
STENA AB 2013
23
24
STENA AB 2013
Established supplier in record time
Stena LNG provides safe and effective transport of liquid
natural gas, LNG. The company was founded in 2012 to
focus on Stena’s investment in the promising LNG segment and is since 1 January 2014 a part of Stena Bulk.
Stena LNG’s fleet consists of three modern vessels. At the start
of 2013, two of them, Stena Clear Sky and Stena Crystal Sky,
were chartered out on longer contracts. The contract on the
third, Stena Blue Sky, expired in 2013. The single most important event during the year was Stena LNG’s success in being
awarded a new, two-year contract for this vessel. The new
contract took effect right after the previous one expired, and
the three vessels are now contracted to 2015.
The contract was important, and negotiations were effectively conducted directly with the customer. This was important since it was signed at a time of falling rates.
Since it was founded in 2012, Stena LNG has very quickly
become an established player in the LNG segment. It was
thanks to Stena LNG’s position that the customer initiated the
Stena Blue Sky contract and that the deal was finalised without any competing offers. Stena’s technological, operational
and crewing expertise is part of the reason for Stena LNG’s
ability to establish itself in the segment in record time.
The company has a technological and safety philosophy that
sets it apart from the competition, at the same time that it is
distinguished by a high level of service and a long-term commercial focus.
The strategy is to be prepared for new opportunities by
carefully tracking potential acquisitions. This paves the way
for future growth. The aim is to be a strategic partner of firstclass international gas companies.
Market conditions contrasted sharply in 2013 with the previous year’s historically high freight rates. The year was characterised by slow economic growth, with rates falling by 30% compared to 2012. The daily rate in 2012 peaked at USD 150,000
and stabilised at the end of 2013 at around USD 100,000 per
day. The company expects rates to continue to fall in 2014
due to an excess of vessels. There is a major imbalance in
today’s market between where LNG is produced and where
it is consumed. This imbalance is expected to grow and in the
next year lead to higher demand for LNG transports.
One question going forward concerns the US, which is
debating whether to export LNG or keep this inexpensive
energy source in the country. Developments so far have been
slightly more positive than expected. The US administration
has approved project after project in the LNG sector, and
the legal process has been faster than anticipated.
LNG production is also expected to increase in Canada,
Russia, Australia and East Africa in the years ahead. Together
with expectations in the US, this should produce a very positive market in the next year.
STENA AB 2013
25
STENA AB > STENA BULK > CASE NORTHERN SEA ROUTE
THE ICE-FREE WATERS OF
THE NORTH SAVE BOTH THE
ENVIRONMENT AND RESOURCES
The ice sheet around the Arctic has become thinner, making it possible in the last few years
to navigate north of Russia – at least during the summer months and when Russian nuclear-
powered ice breakers help to keep the Northern Sea Route open.
In mid-September 2013, Stena Polaris,
a 65,000 dwt P-MAX tanker, left
the Gulf of Finland with a cargo of
44,000 tonnes of naphtha and set
sail for the port of Yeosu, in South
Korea. The northern short cut saved
resources and the environment.
“Choosing the Northern Sea Route
instead of the Suez Canal saves time.
From Northern Europe to South
Korea it can mean as much as two
weeks. We saved eight days and
about 320 tonnes of bunker oil,” said
Patrik Svahn, Manager Commercial
Operations at Stena Bulk, who was on
the trip and wrote about it in a blog,
www.stenanorthernsearoute.com.
“There was a lot of interest in our
sailing,” he continued. “On board
Stena Polaris were four South Korean
journalists. The journey was documented and has already been shown
on Korean television.
For South Korea, the Northern
Sea Route is an opportunity to compete with other ports in the region,
and the shorter travel time is a critical factor if it is going to succeed.
For Stena Bulk, the journey was
a collaborative effort with many
involved. Stena Polaris is owned by
Concordia Maritime and the trip was
a joint venture with South Korea’s
Hyundai Glovis. It was in fact the
first time a Korean shipping company had taken its cargo through
the Northern Sea Route.
“For years, Hyundai Glovis has
been trying to get a ship to travel
26
STENA AB 2013
Travelling the Northern Sea Route is a major competitive advantage.
The trip between Asia and Europe is upwards of 12–13 days shorter.
through the Northern Sea Route
from Europe to Korea. When we
made land in Yeosu, an impressive
welcoming committee was on hand
to receive us,” said Patrik.
Traffic along the Northern Sea
Route is going to increase. Some
estimates say that it could grow tenfold by 2021.
“Russia is interested in seeing
traffic grow, and their administrative authorities are receptive.
They want to find year-round use
for their ice breakers,” said Patrik.
“I learned a lot from the journey
and it was an experience to see
how the Northern Lights illuminate
the frozen night sky. I also realized
the opportunities and challenges
our personnel face in Arctic waters.
This means we at the office can
understand the big picture and
the customer in a better way,” he
concluded.
“THE SAVINGS IN TIME FROM
NORTHERN EUROPE TO
SOUTH KOREA CAN BE AS
MUCH AS TWO WEEKS.”
STENA AB 2013
27
STENA AB > STENA RORO
STENA RORO
CONTINUED HIGH ACTIVITY
AND FOUR NEW VESSELS
Stena RoRo provides vessels, innovative solutions and project management. Its
customers are operators and shipping companies around the world. The company’s
expertise, dedication and financial resources create customer value, growth and
profitability, and make it an attractive place to work.
Stena RoRo has maintained a high level of activity in recent
years. The industry’s economic challenges following the
Lehman Brothers crash have created buying opportunities
at favourable prices – especially in relation to current newbuilding prices.
Stena RoRo purchased four vessels in 2013. Two of them,
Stena Alegra and Stena Egeria, were purchased after they had
been laid up for an extended period and since then have been
refurbished in shipyards. This type of demanding deal works
because of Stena RoRo’s technical, commercial and financial
expertise. At the end of 2013, Stena Alegra was employed in
New Zealand, while Stena Egeria was still under refurbishment
in China.
During the year, Stena RoRo acquired two additional RoPax
vessels, Trinacria and Partenope, which were chartered back to
the seller. Stena RoRo is in a very active phase and, in addition
to the four above-mentioned vessels, has assumed commercial
and technical responsibility for five RoRo vessels from Stena
Line since April 2012.
In late 2012, Stena RoRo was awarded a contract by Mercy
Ships to design the world’s largest civilian hospital ship. Mercy
Ships is an international charity organisation that currently
operates one older hospital ship staffed by voluntary medical
personnel from around the world. The vessel has been operated for several years in some of Africa’s poorest countries.
In December 2013, Mercy Ships placed an order for the new
ship at the Xingang Shipyard in China. A contract was also
signed between Stena RoRo and Mercy Ships where Stena
RoRo will be responsible for management and site supervision.
Stena Baltica, renamed SNAV Adriatico, was delivered
at the beginning of the year to the Italian shipping company
SNAV, which operates ferry traffic between Italy and Croatia.
The contract with SNAV is a six year bareboat charter with
a final purchase obligation.
489
RORO FERRIES
MSEK REVENUE
2%
SHARE OF
GROUP REVENUE
28
STENA AB 2013
346
EMPLOYEES
3,200
ROPAX FERRIES
9
13
A crew member checks lashing
chains on board the RoRo
vessel Mont Ventoux.
Market development
The recent market slowdown has eased. The RoPax segment is
showing signs of improvement. Charter rates have rebounded,
and we are seeing a balance between supply and demand.
The RoRo market, on the other hand, is not yet seeing
any improvement. Cargo volumes are keeping pace with
economic conditions in general. On the supply side, a large
number of modern vessels were ordered during the years
2005–2007. When they were delivered, the economy was in
considerably worse shape, which pushed smaller and older
vessels aside and has led to recycling of a large number of
RoRo vessels in the last 2–3 years. One political decision that
has prevented speculative newbuilding in the RoPax segment
is the European Union sulphur directive. Stricter rules on
sulphur emissions will be introduced in so-called Sulphur
Emission Control Areas (SECA) in 2015. At this point in time,
there is uncertainty which technical solutions should be used
for new vessels. Examples include operating on methanol,
LNG or treating emissions with scrubbers. Stena continuously
evaluates all these alternatives.
Fleet improvements
Efforts continued during the year to further improve vessels
according to DNV Triple-E (Environmental and Energy Efficiency
Rating Schedule), system for the improvement of environmental p
erformance and energy efficiency. Stena RoRo was the
first in the world to introduce the system, on board the Stena
Foreteller. Stena RoRo is also working actively to reduce bunker
consumption by improving its operational processes and reducing resistance through the water. The latter includes using silicone based marine paints, more efficient propellers, optimised
machinery and propulsion systems, and refined hull designs.
PER WESTLING > CEO
We expect the RoRo market to remain stable in
2014 compared to 2013. The outlook is brighter
for the RoPax market, where we are seeing
higher rates on contracts renewals. Stena RoRo’s
strategy is to work with financially sound customers with specific needs, where we can offer
full-service solutions that include design and
implementation of newbuildings and refurbishment of vessels and systems.
Our business is to acquire, manage and upgrade
vessels. Efficient operation, environmental safety
and customised vessels all create value-added solutions, which leads to higher productivity and at
a later stage to profitable vessel sales.
STENA AB 2013
29
STENA AB > NORTHERN MARINE MANAGEMENT
NORTHERN MARINE MANAGEMENT
THREE DECADES OF
FIRST CLASS SHIP MANAGEMENT
Based in Glasgow, Scotland, Northern Marine Management (NMM) provides ship
management services to the Stena Sphere and selected external clients through
our global network of offices in Aberdeen, Glasgow, Gothenburg, St. Petersburg,
Houston, Manila, Mumbai, Shanghai and Singapore.
In August 2013, NMM reached an agreement with Chevron
to establish the Chevron Learning and Development Centre
within the grounds of the existing NMM site in Clydebank,
Glasgow. The Centre will host a number of state of the art
bridge and engine room simulators for use by both Chevron and
NMM seafarers. The formation of the Centre further strengthens the long term relationship between Stena and Chevron.
ment contract with a Chinese shipping company subsequent
to a sustained focus on business development with partners
based in the Far East.
2013 also marked the occasion of NMM’s achieving
30 years in business, during which steady profitable growth
was achieved.
Focus on cost control, safety and energy
Development in the Far East
In January 2013, NMM acquired outright ownership of the
Austen Maritime Group in Singapore, previously a 50–50 joint
venture with P&O Australia. This development allows NMM to
focus on the enhancement of the scope of shipping-related
services delivered from the Singapore group.
During the course of the year, Stena Marine Shanghai was
established, with premises located in central Shanghai. This
development followed the award of NMM’s first ship manage-
In line with the previous few years, the main focus of vessel
owners and operators during 2013 was on maintaining cost
control at a time when revenues were declining. Regulation
in the industry is continuously increasing, and the cost of
complying with increased regulation impacted operating costs
in 2013.
Demand from clients for a quality service continues regardless of the economic environment, with safety and energy
management continuing to be treated as priorities.
413
MSEK REVENUE
1%
SHARE OF
GROUP REVENUE
7,854
EMPLOYEES
1)
200
1) O
f whom employed on: Stena vessels 1,830, external vessels 5,600, shore based staff 424
30
STENA AB 2013
Deck crew clearing ice onboard
a Stena P-MAX in winter conditions.
NMM have a fully certified Energy Management System
(the first shipping company in the world to achieve such
accreditation) with well-developed software tools to enable
close monitoring of energy consumption, assisting the team
to make the changes in operations which make a difference
to energy consumption.
Best quality personnel drives quality standards
By cultivating a culture of continuous improvement, NMM
aims to meet and exceed the clients’ expectations in delivering
quality operations. The development of NMM’s existing client
fleet over the past few years indicates a high level of satisfaction and NMM continues to support the client base in expanding and enhancing their operations.
Northern Marine Management is well prepared to embrace
each of the challenges that the industry is faced with.
NMM strives to attract, train and retain the best quality personnel the industry can offer and this remains a major focus
in order to safeguard competent, fully trained staff to meet
the long-term needs of the clients’ developing fleets. Ensuring
the safety of the company’s seagoing and shore-based staff
is paramount and NMM will continue to invest substantially
in training and focus on minimising any exposure to risk.
NMM is constantly driving up quality standards, looking
at ways of improving and developing systems and processes.
HUGH FERGUSON > MANAGING DIRECTOR
With a slowly improving global economic c limate,
the coming twelve months will continue to
present owners and managers with challenges
in keeping operating costs within the tightly
focused client approved budgets whilst sustaining the safe and efficient operation of vessels.
Increases in fuel, employment and insurance costs
are likely to have the largest impact in 2014,
along with the cost of having to comply with
increased regulation.
NMM is well placed to support our clients
through the continuing challenging economic
conditions with an extremely experienced staff
base, focusing on providing first class ship
management services combined with optimal
operational safety and security.
STENA AB 2013
31
STENA AB > NORTHERN MARINE MANAGEMENT > CASE CLYDEBANK
INFUSING CADETS WITH
A SENSE OF STENA PRIDE
Now in the second year of operation, the NMM Clydebank Training
Centre c ontinues to grow from strength to strength. From starting out
with the delivery of a few basic safety courses for seafarers, the centre
today delivers a full range of simulator training.
With over 300 graduates in 2013,
the Training Centre is focused on
delivering high quality training to
seafarers. As the reputation of the
Centre has grown, so has the external client base. Besides the Stena
fleet the Training Centre now hosts
delegates from industry leaders such
as Chevron and Shell.
The Training Centre delivers the
latest Electronic Navigational and
Liquid Cargo Simulator Training,
Leadership and Management Training as well as Navigational Bridge
Simulator Based Training to sea
farers. The centre is accredited by
both the UK’s Maritime and Coastguard Agency and the classification
society Bureau Veritas, to the highest industry standard.
“With such a large focus on quality and training in Northern Marine,
officer cadets are naturally one
of our top priorities, with over 200
cadets of various nationalities cur-
32
STENA AB 2013
rently employed. The importance
of ensuring that these new trainees
feel valued is paramount and we
ensure that they receive consistent,
high quality training and mentoring
from recruitment to graduation
as an Officer Of the Watch (OOW)”,
says Dhan Swadi, Personnel Director
at Northern Marine Management.
“The development of the Training
Centre has taken this to a new level,
allowing us to deliver in-house education to infuse cadets with a sense
of Stena pride and loyalty.”
NMM cares for its seafarers!
This year will also see the completion of the new building in Clydebank which will house the Chevron
Learning and Development Centre.
The two storey building will have
state of the art training facilities
in-house on the ground floor, whilst
the upper floor shall accommodate
the NMM Chevron Manning team
along with instructors and training
staff.
The significant investment in the
centre includes two Full mission
Navigational Bridge Simulators, one
Full mission Engine Room Simulator,
six Mini Bridge and Engine Room
Simulators, one MAN B&W Engine
Simulator, one Main Engine man
oeuvring and control simulator as
well as Automation, Hydraulic and
Refrigeration simulators.
“The centre will be used for the
mutual benefit of both Stena and
Chevron seafarers. In excess of
30 training courses will be delivered
at the centre for both Chevron
and NMM/Stena officers and cadets,
including simulator aided comp
etency assessment”, concludes Dhan
Swadi.
Building work has commenced and
completion date is around the first
week of August 2014, training courses
shall commence soon thereafter.
STENA AB 2013
33
STENA AB > STENA TEKNIK
STENA TEKNIK
INNOVATIONS FOR
EFFICIENCY AND SAFETY
Stena Teknik is a unique technological resource for the marine parts of Stena.
Thanks to the vast and broad-based knowledge of its employees, the company
can develop solutions that make the business areas more competitive.
In 2013, two Suezmax tankers were delivered from Samsung
Heavy Industries’ shipyard in South Korea. The vessels, which
were delivered on budget and on time, are operated by Stena
Bulk and included in the Stena Sonangol Suezmax Pool. The
two are the last in a series of seven “sisters”.
These highly fuel-efficient vessels are equipped with an
optimised propulsion system. Together with increased efficiency – thanks to fins, propellers and rudder bulbs, among
other things – this reduces bunker consumption by 8%.
During the second quarter 2013, construction of ten product tankers began in China. Estimates show that these new
so-called IMOIIMAX tankers will be 25% more fuel-efficient
than previous generations of tankers of similar size. Furthermore, IMOIIMAX offers significantly higher load flexibility.
The first vessels are scheduled for delivery in 2014. The project
was initially overseen from Göteborg, but when construction
began an inspection office was opened at the shipyard as well.
17
EMPLOYEES
34
STENA AB 2013
Two semi-submersible drilling rigs were ordered in the summer of 2013. The rigs are designed to handle the tough conditions of the North Sea, a harsh environment in terms of rig
movements and positioning. The North Sea also has the most
stringent regulations in the world on safety and working environments on board. Construction of the units begins in 2014,
and they are scheduled for delivery in 2016.
Research, development and innovation
The International Maritime Organisation’s (IMO) sulphur directive for Northern Europe, which limits the sulphur content
of marine fuel to 0.1%, has forced the industry to find alternatives to offset the cost increases. One of Stena Teknik’s projects involves using methanol as a fuel. The project, on Stena
Scanrail, was completed in 2013. Conversion to methanol
operation is associated with significant investment. Stena has
received support to pay half the cost of a conversion of Stena
Germanica from the EU’s Trans-European Transport Networks
(TEN-T). The funds will be used not only to convert Stena Germanica but also to design a distribution system for methanol.
Together with its partners, Stena Teknik has strongly contributed to the drafting of international rules on fuels with
low ignition temperatures.
Stena Teknik has also developed an anchoring system that
enables drilling vessels to operate in shallow depths of 50–150
meters. The system, which allows the vessel to rotate, enables
the vessel to connect and disconnect in a controlled way.
Stena Teknik has patented the system, which has attracted
considerable interest in the industry.
In the years ahead, ten highly versatile IMOIIMAX tankers
will be built. The 183 meter vessels, with a load capacity
of 54,000 m3, are expected to be among the most energy-
efficient and environmentally friendly in the world.
Stena Impression, the first in the series, is scheduled for
delivery in autumn 2014.
HARRY ROBERTSSON > TECHNICAL DIRECTOR
The focus in 2014 is on monitoring our newbuildings, so that they are delivered as planned.
Another priority is energy efficiency, where the
annual target is an improvement of 2.5%. Stena
Teknik has drafted a vessel-specific action plan
for Stena Line’s fleet to reduce bunker consump-
tion. The plan for 2014 is to eliminate about
10,000 tonnes of HFO (Heavy fuel oil). Stena
Teknik has recruited a Performance Manager
to monitor the vessels’ fuel consumption and
suggest a
dditional measures.
STENA AB 2013
35
STENA AB > STENA PROPERTY
STENA PROPERTY
BUILD AND MANAGE WITH
A FOCUS ON COMFORT
Stena’s property operations are managed by Stena Fastigheter in Sweden and
by Stena Realty internationally. Its portfolio consists of 2.4 million m², mainly in
Sweden. With tenancy as its form of tenure, Stena Property develops long-term,
attractive residential environments and workplaces. Its goal is to be the first
choice of tenants.
Stena Fastigheter prioritised new construction during the year.
In central Malmö, close to Stortorget, Stena is investing
MSEK 100 in offices and flats. The project was launched in
2012, with move-in scheduled in early 2014. In addition,
Stena has broken ground on rental units in Lomma Hamn,
an investment of MSEK 70.
In the Stockholm region, Stena Fastigheter has invested
MSEK 500 in Ängby Park, where 320 flats are now ready. In
Bredäng, construction will begin next year on 180 flats, half
of which will be for students. Construction also begins next
year on 380 flats in Kvarngärdet, in Uppsala.
Sweden’s “Million Programme” will require extensive renovations. Stena Fastigheter is allocating about MSEK 500 per
year to this type of investment. In Uppsala, renovation is
underway at Kvarngärdet, where Stena is investing MSEK 600
during the period 2011–2015. In Handen, in Haninge municipality, MSEK 200 has been invested in bathroom renovations.
In Gothenburg, a restart is being made at Pennygången, an
area with experimental construction dating back prior to the
Million Programme, after the properties proved to be in worse
condition than expected. In this area, Stena Fastigheter has
applied to launch a project to evaluate opportunities to build
more flats. At the same time, the dialogue with residents is
being improved, to better capture their views.
It has been difficult to acquire properties in Sweden due to
the high price levels. One of the few acquisitions Stena Fastig
heter made in 2013 was for Stena’s owners, who acquired
“Gröna skrapan”, a commercial property in Gothenburg built
by Skanska and which has received LEED Platinum status. The
building is managed by Stena Fastigheter.
2,788
MSEK REVENUE
9%
SHARE OF
GROUP REVENUE
36
STENA AB 2013
252
EMPLOYEES
RESIDENTIAL
28,800
COMMERCIAL
23,729
3,028
Through close collaboration
with tenants and local businesses, Stena Fastigheter
creates safe, stable, thriving
residential environments.
CHRISTEL ARMSTRONG DARVIK > CEO
Sweden is facing a major housing shortage,
especially in terms of rental flats. Stena Property
are foreseeing an opportunity to help resolving
this by developing detailed plans and launching
new construction. The goal is to annually build
500 rental units. In the areas where we already
own, we will try to increase density. The housing
shortage is a big challenge in the years ahead.
Housing constructions have to double – and we
want to play a part and contribute.
STENA AB 2013
37
STENA AB > STENA PROPERTY
The design of outdoor environments
is important to thriving communities.
The photo below was taken at Fisksätra,
in Nacka.
RENTABLE SPACE BY CATEGORY
RENTABLE SPACE BY SUB-MARKET
Residential 70%
Commercial 30%
Gothenburg 32%
Uppdateras
Stockholm 26%
Malmö 32%
Outside Sweden 10%
38
STENA AB 2013
International
The real estate market in Houston, Texas has been strong in
the last two years. In the summer of 2013, Stena Realty signed
a lease with Jacobs Engineering, one of the world’s largest
technical service providers, on over 8,000 m² in a newly constructed building in Houston. In late 2013, the chemical and
engineering group Sasol also signed a lease, for 17,500 m².
Because of the new lease, Stena is constructing a second
building in Houston. The new investments in Houston amount
to around MUSD 100, and both are long-term leases.
In 2013, Stena Realty acquired a property in the Midtown
section of London for MGBP 15.6. The company now owns
four central properties in London and is continuing to evaluate
the city, although the economic rebound has raised demand
as well as property prices.
Stena Realty is also a significant property owner in Sophia
Antipolis, in southern France, with 50,000 m² of commercial
space. The area has a low vacancy rate, and the company is
adding 2,000 m² of office space in World Trade Center. A permit has been granted, and construction will begin in 2014.
The Dutch commercial property market is suffering from
high vacancy rates, which Stena is addressing through its local
organisation and collaborations with brokers. Modern showrooms and entrances that are more welcoming than neighboring property leads to competitive advantage for Stena Realty.
Property sales
In Gothenburg, Stena has sold a property on Gullbergsvass to
Platzer. Also, several smaller properties were sold in Stockholm
and Lomma as well as one in Amsterdam. In total, property
sales generated a capital gain of slightly over MSEK 50.
Social engagement
Relationship Management (Relationsförvaltning®) is Stena
Property’s concept for developing sustainable residential
e nvironments and workplaces where people thrive and want
to stay. This requires close cooperation with tenants and local
businesses to create safe, stable, thriving residential environments. Stena Property is now creating Relationship Management 2.0, including by appointing a relationship management
strategist.
In focus areas such as Fisksätra, Lövgärdet and Hermodsdal,
Stena Property is working to provide children a healthy place to
grow up, including by offering homework assistance, but also
by helping to provide recreational opportunities near schools.
Stena Property has decided to provide summer jobs for
300 young people in 2014. The jobs will primarily be in areas
where it is especially hard for them to find work. Stena
requires written CVs, conducts real job interviews and offers
written recommendations after the summer. The aim is to
prepare these young people for the job market at the same
time that they get a feel for the areas where they live.
Environment
Consumption of energy, electricity and water in Stena’s properties impacts the environment. The goal is to reduce consumption by 20% by 2020 compared to 2010. To date, the
results have been better than planned. Consumption is monitored month by month to measure the results of the adjustments and investments that have been made and in that way
reduce usage. Stena Property compares properties of similar
standard and age and shares good examples within the organisation. Tenants are encouraged to conserve through individual
measurements of hot water consumption, for example.
Regardless of the situation, Stena Property will always take
the measure that is most effective from a cost and environmental standpoint. This includes fine-tuning heating equipment and installing water-saving devices. Another example
is motion-activated LED lighting. In addition, Stena Property
consumes only green electricity in its properties.
STENA AB 2013
39
STENA AB > STENA ADACTUM
STENA ADACTUM
CONTINUED INDUSTRIAL
GROWTH
Stena Adactum is Stena’s wholly owned investment company which invests in both
listed and unlisted companies with a long-term ownership perspective. Through
active ownership and financial strength, Stena Adactum builds strong and profitable
companies.
Stena Adactum consists of six subsidiaries and two publicly
listed associated companies. The subsidiaries’ aggregate revenue amounts to SEK 6.5 billion, of which the operations in
Europe account for about SEK 6.0 billion.
Stena Adactum’s companies are well-positioned to take
advantage of organic growth opportunities as well as acquisitions. Stena Adactum’s international expansion is achieved
through the portfolio companies, since product expertise and
cost efficiency are critical to success in the face of growing
global competition. The sales trend in emerging economies
has been positive in recent years, and several portfolio companies continue to expand, primarily in Asia and the Middle East,
but also to some extent in South America and Africa. In addition to its geographical expansion, Stena Adactum capitalises
on growth opportunities that major market trends offer.
The focus is primarily on investments in product development,
renewable energy, infrastructure solutions and demographic
development.
Ballingslöv International
Ballingslöv International is a leading supplier of kitchen, bathroom and storage systems, represented by ten brands in
eleven countries.
In 2013, Manhattan Furniture was acquired and merged with
Paola Rosa and is now a leading kitchen supplier for newbuilt
homes in the UK.
Kvik continued its expansion in Thailand and now has twelve
stores with more planned in 2014.
6,453
21%
SHARE OF
GROUP REVENUE
40
STENA AB 2013
2,963
EMPLOYEES
6
MSEK REVENUE
NUMBER OF SUBSIDIARIES OWNED
7,200
2
NUMBER OF PARTLY OWNED
ASSOCIATED COMPANIES
LEMNHULT WIND FARM
In May 2013, Southern Sweden’s largest landbased wind farm was opened in Lemnhult, in the
municipality of Vetlanda. Valued at SEK 1.3 billion, it is the largest investment ever made in
Vetlanda. The 32 wind turbines will produce an
estimated 270 million kWh, or 70% of all electricity consumption in the municipality. A study1)
has shown that in total the wind farm will create
685 jobs during the construction phase and
over 20 years of operation, of which 525 during
construction and 160 in operations. In addition,
more jobs are being added outside the region.
The effects of the construction on the regional
economy are shown below:
Gross regional product
Estimated earned income
Disposable income
Municipal tax revenue
MSEK
310
173
113
55
Besides the immediate effects, land lease payments of approximately SEK 130 million will be
paid over the life of the farm, and Vindbonus®
will sponsor local small businesses through
SEK 320,000 in annual support.
1) S tudy by WSP.
MARTIN SVALSTEDT > CEO
In the years ahead, Stena Adactum’s development will be affected primarily by the Nordic
electricity market, the recovery in global construction, consumption in the Nordic region and
the European economic recovery. Stena Adactum
is expanding through subsidiaries in emerging
countries, while its operations in Europe are
developing through a deeper and broader customer offering. There are still good growth
opportunities in the portfolio companies. Potential investments in new businesses are continuously evaluated, and we have the financial capacity to take advantage of them. The main focus
in recent years has been on expanding and
strengthening profitability in existing operations, since this has produced the greatest value.
The aim is to maintain the strength of our balance sheet, so that we can continue to develop
and support the expansion of our businesses.
History has proven the importance of being
a strong, active and long-term owner. The stability we are now experiencing creates flexibility for
product development and sound investments.
Stena Adactum’s main focus is on working with
long-term industrial development to build strong
companies.
STENA AB 2013
41
STENA AB > STENA ADACTUM
Envac
Envac is a leading global environmental technology company,
supplying automatic waste collection systems for multi-family
housing, hospitals and airports as well as optical sorting systems for household waste.
The global construction sector, which is still affected by
the financial crisis, is slowing the pace of growth in major
residential areas. Despite a slightly lower order intake, Envac
has increased its global market share and its order backlog
amounted to SEK 2.4 billion at year-end 2013. The company
has operations in 20 countries with offices in 38 major cities
around the world.
During the year, Envac reported further success in Asia and
the Middle East, while the market in a number of European
countries remains sluggish. Envac’s automated waste management systems are being installed in S ingapore, among other
places, where the world’s most modern major city is being
built.
S-Invest (Blomsterlandet)
The S-Invest Group consists of Blomsterlandet, a chain the
49 Swedish garden centres offering plants and supplies for
the home and garden, and S-Blommor, a retailer with a
shop-in-shop flower concept.
New units in Eskilstuna, Enköping and Stockholm contributed to a revenue increase in 2013. During the year, the company also acquired Växtriket in Strömstad and Växthuset in
Kristianstad. A new Blomsterlandet store opens in Göteborg
in early 2014.
Blomsterlandet’s customer loyalty club, Green Room, has
over 300,000 members.
Stena Renewable
Stena Renewable has developed from a wind power project
business to an established energy company and Sweden’s largest wind power producer. In 2013, 52 wind turbines were
commissioned in Uddared, Grytsjö and Lemnhult, increasing
the number of turbines to 86, with a combined capacity of
223 MW and total production capacity of 0.7 TWh. An additional ten turbines with a capacity of 17 MW are under construction and scheduled for commissioning in 2014.
Production in 2013 was slightly lower than normal due to
weaker winds during the second and third quarters. On an annual
basis, production was 3% below normal yearly production.
Sweden has had historically low electricity futures prices,
and Stena Renewable expects prices to remain low. Despite
the current price picture, economic conditions are favourable
for Stena Renewable, since the majority of its investments
have been made at competitive levels.
Stena Renewable builds wind power to own and strives for
long-term relationships with municipalities, local contractors,
associations and the public.
Wind power expansion is often greatly important to the
local economy. The construction of the Lemnhult wind farm,
for example, created over 500 jobs during a one-year period
in Vetlanda, with municipal tax revenue in the range of SEK 55
million. The construction has also brought a fibre network to
communities adjacent to the wind power farm; see the fact
box on the previous page.
Mediatec
During the year, Mediatec was divided into two companies:
Mediatec Broadcast and Mediatec Solutions. These two operating areas have different customer structures, technologies
and business models, why a separation creates greater efficiencies.
Mediatec Broadcast is a partner to major television networks. In 2013, the company was responsible for broadcasting
technology used for the UEFA European Women’s Championship, the men’s world ice hockey championship and the Euro
vision Song Contest.
Mediatec Solutions is a project manager that provides display technology for athletic events and large corporate events.
It also supplies large LED screens for arenas.
Subsidiaries
42
STENA AB 2013
A leading kitchen manufacturer
in Scandinavia and the UK.
Sweden’s leading
garden centres.
World leader in the develop
ment and sale of automated
waste collection systems.
Develops, owns and manages
large wind power farms in Sweden.
Revenue: MSEK 2,911
CEO: Anders Wassberg
Number of employees: 1,395
Stena’s holding: 100%
Revenue: MSEK 1,332
CEO: Jan Larsson
Number of employees: 600
Revenue: MSEK 1,046
CEO: Christer Öjdemark
Revenue: MSEK 298
CEO: Peter Zachrisson
www.ballingslovinternational.com
www.blomsterlandet.se
www.envacgroup.com
www.stenarenewable.com
Stena Adactum’s subsidiary Mediatec is an important
technology provider for major events. When the Eurovision
Song Contest was held in Malmö in 2013, Mediatec supplied
most of the broadcasting and display technology, creating
one of the world’s most widely viewed events.
Gunnebo
Gunnebo is an international group that provides integrated
security solutions.
Gunnebo has seen positive development in Asia, including
the Asia Pacific region, as well as North and South America.
The Group’s emphasis is shifting to emerging areas, which
now accounts for 41% of consolidated revenue, compared to
10% in 2009.
Gunnebo acquired the company Entrance Control in Korea
during the year, in addition to opening sales offices in Thailand,
Malaysia and Myanmar. The need for greater security, partly
due to increased global cash handling, is benefiting Gunnebo.
Midsona has successfully streamlined its business and owns
a number of strong healthcare brands, and has made a number of acquisitions, for example Dalblads in Sweden and
Supernature in Norway. Strong profits have led to a strong
stock price performance.
REVENUE BY PORTFOLIO COMPANY, %
Ballingslöv 23%
Mediatec 7%
Envac 8%
Gunnebo 42%
S-Invest 10%
Midsona 7%
Stena Renewable 3%
Midsona
Midsona is a health product company with a prominent position in the Nordic countries.
Total revenue in our subsidiaries and associated companies: SEK 13 billion
Total number of employees in our subsidiaries and associated companies: 8,768
Associated companies
Mediatec Broadcast
A European leader in media
technology such as live broadcast
TV production.
Mediatec Solutions
Displays and technological
solutions for trade shows
and events.
Revenue: MSEK 505
CEO: Paul Henriksen
Stena’s holding: 62.5%
Revenue: MSEK 373
CEO: Kenneth Paterson
www.mediatecgroup.com
www.mediatecgroup.com
An international group that
provides integrated security
solutions.
A leader in health and
well-being in the Nordic region.
Revenue: MSEK 5,271
CEO: Per Borgvall
Number of employees: 5,656
Revenue: MSEK 916
CEO: Peter Åsberg
(23.5% of capital)
www.gunnebo.com
www.midsona.com
STENA AB 2013
43
STENA AB > STENA FINANCE
STENA FINANCE
HIGH LIQUIDITY AND
STRONG AMORTISATION PROFILE
Stena Finance’s primary task is to manage the short-term and long-term funding requirements
of the Stena AB Group. Stena Finance also manages the operational business units’ financial
risks on the interest, foreign exchange and oil markets as well as the Group’s liquidity and
financial investments. Another important role is to act as a resource for the operational units
in identifying, analysing and implementing new business deals.
The global economy continued to strengthen in 2013, albeit
cautiously. This was particularly true of the USA, where the
Federal Reserve’s fiscal measures acted as a stimulus, leading
to a rise in stock prices. Other indicators, such as unemployment, household debt and rising wealth, also suggest that
the US is entering a phase where growth is being driven by
domestic factors.
On the other hand, the economy in Europe has remained
sluggish. Europe is recovering slowly from the deep-seated euro
crisis. Across southern Europe, the economies were marked by
high unemployment and low household expectations.
Thanks to a relatively sound fiscal position, the Nordic countries have weathered the strain of the euro crisis well. In general, the Nordic stock exchanges have remained strong.
Economic development in Asia showed considerable disparity. China, for example, was not greatly affected by the global
LIQUIDITY1)
Cash & cash
equivalents 17%
Equities 29%
Fixed
income 17%
1) S tena AB Group as of 31 December 2013
STENA AB 2013
Liquidity and financing
The role of Stena Finance is to support other companies in
the Stena Group, including managing the Group’s cash flow.
Its task is to optimise the Group’s loan and bond profile and
to manage liquidity in such a way that there are sufficient
resources available when the loans and bonds mature. To
achieve this, Stena Finance maintains a high level of liquidity,
which ensures that the company’s cash flow requirements
would be safeguarded if access to international capital were
to be cut off.
In January 2014, Stena issued a 10-year MUSD 600 million
note in the US is to extend its amortisation profile and reduce
debt under a revolving credit facility. In February 2014, Stena
INTEREST-BEARING LIABILITIES1)
Unutilised
credit lines 37%
44
financial unrest in 2013 but Indonesia and India were less
fortunate. There is rising growth across the region.
Other bank loans 66%
Real estate loans 23%
Leasing liabilities 2%
Bond loans 9%
INVESTMENT PORTFOLIOS1)
Adactum
(listed shares) 16%
CDO’s/CLO’s 4%
Fixed income 33%
Long-term equity 23%
Other equities 24%
issued a 10-year MUSD 350 note and MUSD 650 within a
7-year term loan with a low capital repayment rate. The bond
and loans are secured by the vessels Stena DrillMAX and Stena
Carron. This transaction was also designed to extend Stena’s
maturity profile and free up liquidity.
Liquidity also opens up good, long-term investment opportunities in equities and bonds.
The Stena AB Group is funded largely through the banking
system and the European and US bond markets. Together with
credit facilities and vessel loans, this generates good financial
strength and flexibility. Total available liquidity as of 31 December was SEK 12.2 billion.
During the year, Stena Drilling contracted two drilling rigs for
MUSD 800 each.
Portfolio management
Good growth on the international markets in which Stena
Finance has invested capital could lead to significant appreciation in value. The year saw substantial increases in equity prices.
The value of Stena Finance’s investments grew during the year,
with an average yield of 19%. At year-end 2013, Stena Finance’s
equity portfolio consisted of around 50 companies, the vast
majority of which are listed Nordic, European, US and Asian
enterprises. The positive trend applies not only to equity investments but also to investments in corporate bonds. The total
value of Stena Finance’s equity and bond portfolio was SEK 6.0
billion as at 31 December 2013, compared with SEK 6.2 billion
on 31 December 2012.
PETER CLAESSON > CEO
Stena has invested substantially in the vessel fleet
in recent years. With good business acumen and
high liquidity, Stena is able to seize business
opportunities as they arise. As in 2013, however,
the rate of investment in 2014 is likely to be lower
than in recent years.
Thanks to successful, long-term funding
s olutions, the Group’s financial position remains
strong. The majority of credit facilities and
outstanding bonds do not mature until 2017.
STENA AB 2013
45
STENA AB > VESSELS
VESSELS
STENA LINE VESSELS OWNED AND CHARTERED AS OF 31 DECEMBER 2013
Name
Route
Vessel type
Passengers
Lanemetres
Stena Saga
Oslo–Frederikshavn
Night ferry
2,000
1,032
Stena Carisma
Göteborg–Frederikshavn
HSS
900
151 cars +
10 buses
Stena Danica
Day ferry
2,274
1,640
Stena Jutlandica
RoPax
1,500
2,100
Stena Scanrail
RoPax
36
1,000
Scandinavia
Stena Nautica
Varberg–Grenå
RoPax
900
1,265
Stena Germanica
Göteborg–Kiel
RoPax
1,300
3,800
Stena Scandinavica
Göteborg–Kiel
RoPax
1,300
3,800
Aurora af Helsingborg
Helsingborg–Helsingör
Day ferry
1,250
539
Hamlet
Day ferry
1,000
553
Mercandia IV
Day ferry
385
290
Mercandia VIII
Day ferry
385
290
Skåne
Trelleborg–Rostock
RoPax
600
3,295
Mecklenburg-Vorpommern
Trelleborg–Rostock
RoPax
600
3,100
Trelleborg
Trelleborg–Sassnitz
RoPax
848
1,189
Sassnitz
Trelleborg–Sassnitz
RoPax
1,000
1,071
Stena Vision
Karlskrona–Gdynia
RoPax
1,300
2,214
Stena Spirit
Karlskrona–Gdynia
RoPax
1,300
2,214
Stena Baltica1)
Karlskrona–Gdynia
RoPax
210
2,188
Scottish Viking 2)
Nynäshamn–Ventspils
RoPax
880
2,250
Stena Flavia
Travemünde–Ventspils
RoPax
880
2,255
Ask
Travemünde–Liepaja
RoPax
186
1,598
Urd
Travemünde–Liepaja
RoPax
186
1,598
Stena Hollandica
Hoek van Holland–Harwich
RoPax
1,200
5,500
Stena Britannica
Hoek van Holland–Harwich
RoPax
1,200
5,500
Severine
Rotterdam–Harwich
RoRo
12
1,760
Capucine
Rotterdam–Harwich
RoRo
12
1,760
Stena Transporter
Hoek van Holland–Killingholme
RoPax
300
4,056
Stena Transit
Hoek van Holland–Killingholme
RoPax
300
4,056
Stena Adventurer
Holyhead–Dublin
RoPax
1,500
3,400
Stena Nordica
Holyhead–Dublin
RoPax
405
1,950
Stena Explorer
Holyhead–Dun Laoghaire
HSS
1,500
1,100
Stena Europe
Fishguard–Rosslare
RoPax
1,400
1,120
Stena Superfast VII
Cairnryan–Belfast
RoPax
1,200
1,924
Stena Superfast VIII
Cairnryan–Belfast
RoPax
1,200
1,924
Stena Lagan
Belfast–Liverpool
RoPax
970
2,250
Stena Mersey
Belfast–Liverpool
RoPax
970
2,250
Stena Performer
Belfast–Heysham
RoRo
12
2,166
Stena Precision
Belfast–Heysham
RoRo
12
2,166
Stena Hibernia
Belfast–Heysham
RoRo
12
1,692
North Sea
Irish Sea
1) B
areboat charter
2) Time charter
46
STENA AB 2013
STENA RORO VESSELS OWNED AND CHARTERED AS OF 31 DECEMBER 2013
Name
Built
Lanemetres
Passengers
Norman Asturias
2007
2,250 (+ 195 cars)
800
Blue Puttees
2006
2,800
1,000
Highlanders
2007
2,800
1,000
Stena Feronia
1997
2,150
536
Stena Flavia1)
2008
2,250 (+ 195 cars)
800
Norman Voyager
2008
2,250 (+ 195 cars)
800
SNAV Adriatico2)
1986
1,800
1,200
Stena Voyager 3)
1996
925 (+ 100 cars)
1,500
Stena Alegra
1998
1,950
399
Stena Egeria
2001
2,050
950
Trinacria
2002
2,040
950
Partenope
2002
2,040
950
Stena Baltica1)
2007
2,188
210
RoPax
RoRo
Mont Ventoux
1996
2,250
12
Ark Forwarder
1998
2,715
12
Stena Foreteller
2002
3,000
12
Stena Forecaster
2003
3,000
12
Stena Forerunner
2003
3,000
12
Stena Freighter
2004
2,715
12
Stena Carrier
2004
2,715
12
Stena Scotia
1996
1,680
12
Clipper Pennant 4)
2009
1,830
12
Water depth
Position
East Timor
1) C
hartered to Stena Line
2) Sold through hire-purchase
3) Sold in 2013
4) C
hartered vessel
STENA DRILLING DRILLING UNITS OWNED AS OF 31 DECEMBER 2013
Name
Type/Generation
Stena Clyde
Semi, 3 generation
1,640 ft
Stena Don
DP (dynamically positioned) semi, 5th generation
1,640 ft
Norway
Stena Spey
Semi, 3rd generation
1,500 ft
North Sea
Stena DrillMAX
Deepwater DP drillship for harsh worldwide environments,
including Norway, 6th generation
10,000 ft
Mauretania
Stena Carron
10,000 ft
North Sea
Stena Forth
10,000 ft
Gulf of
Mexico
Stena IceMAX
Deepwater DP drillship for harsh worldwide environments and
ice infested waters, including Norway, Polar Class 5, 6th generation
10,000 ft
Gulf of
Mexico
Stena MidMAX I 2)
DP & moored Semi for harsh worldwide environments,
6,600 ft
TBD
Stena MidMAX II 2) 3)
DP & moored Semi for harsh worldwide environments,
6,600 ft
TBD
rd
1)
1) U
pgraded Semi, 2nd generation
2) N ewbuilding
3) Cancellation right
STENA AB 2013
47
STENA AB > VESSELS
STENA BULK VESSELS OWNED, CHARTERED AND MANAGED AS OF 31 DECEMBER 2013,
INCLUDING NEWBUILDINGS
Name
Built
Dwt
Class
Trading
Stena Superior
2011
158,000
Global
Stena Supreme
2012
158,000
Global
Stena Sunrise
2013
158,000
Global
Stena Suède
2011
158,000
Global
Sonangol Cabinda
2013
157,500
Global
Sonangol Huila
2012
157,500
Global
Sonangol Kalandula
2011
157,500
Global
Sonangol Rangel
2011
158,000
Global
Sonangol Kassanje
2005
150,000
Global
Sonangol Luanda
2000
150,000
Global
Sonangol Kizomba
2001
150,000
Global
Sonangol Girassol
2000
150,000
Global
Sonangol Namibe
2007
150,000
Global
Sonangol Porto Amboin
2012
157,500
Global
Princimar Pride
2012
158,000
Global
Princimar Integrity
2012
158,000
Global
Princimar Courage
2013
158,400
Global
AST Sunshine
2013
158,000
Global
Montestena
2012
158,000
Global
Almi Explorer
2013
157,800
Global
Almi Navigator
2013
150,000
Global
Yasa Polaris
2009
158,500
Global
Suezmax
Shuttle
Nordic Rio
2004
152,000
DP Class
Employed
Navion Gothenburg
2006
152,000
DP Class
Employed
Stena Spirit
2001
149,995
DP Class
Employed
Stena Alexita
1998
127,535
DP Class II
Employed
Stena Sirita
1999
126,671
DP Class II
Employed
Stena Natalita
2001
108,073
DP Class II
Europe
Stena Arctica
2005
116,500
Ice Class 1A Super
Stena Antarctica
2006
113,600
Ice Class 1A
Europe
Stena Atlantica
2006
113,600
Ice Class 1A
Europe
Aframax
Employed
LNG
Stena Clear Sky
2011
96,890
LNG, 173 000 cbm
Employed
Stena Crystal Sky
2011
96,890
LNG, 173 000 cbm
Employed
Stena Blue Sky
2006
83,668
LNG, 145 500 cbm
Employed
Panamax
48
STENA AB 2013
Stena Poseidon
2006
74,927
Ice Class 1A
Employed
Palva
2006
74,940
Ice Class 1A
Employed
Stena Callas
2004
72,854
Global
Stena Chronos
2004
72,828
Global
Stena Chiron
2004
72,825
Global
Name
Built
Dwt
Class
Trading
Medium Range, MR
Stena Paris
2005
65,125
P-MAX Ice Class 1B
Employed
Stena Performance
2006
65,200
P-MAX Ice Class 1B
Global
Stena Perros
2008
65,200
P-MAX Ice Class 1B
Global
Stena President
2007
65,200
P-MAX Ice Class 1B
Global
Stena Progress
2009
65,200
P-MAX Ice Class 1B
Global
Stena Provence
2006
65,125
P-MAX Ice Class 1B
Global
Stena Primorsk
2006
65,200
P-MAX Ice Class 1B
Global
Stena Penguin
2010
65,200
P-MAX Ice Class 1A
Global
Stena Polaris
2010
65,200
P-MAX Ice Class 1A
Global
Stena Premium
2011
65,200
P-MAX Ice Class 1B
Employed
Stena Conqueror
2003
47,400
S-47 Class
Global
Stena Concert
2004
47,136
S-47 Class
Global
S-47 Class
Global
Stena Conquest
2003
47,136
Yasa Bodrum
2009
50,300
Global
Yasa Marmaris
2009
50,200
Global
Allergo
2012
44,999
Global
Alpine Magic
2009
47,128
Global
Amalienborg
2004
40,059
Global
Athina M
2013
51,875
Global
Atlantic Breeze
2007
47,128
Global
Atlantic Lily
2008
47,128
Global
Elendra Cougar
2013
49,999
Global
Elendra Puma
2013
49,999
Global
Freja Crux
2011
50,385
Global
Front Avon
2013
49,880
Global
Grazia
2010
50,308
Global
Hafnia Leo
2013
52,550
Global
Kastav
2009
52,610
Global
Kronborg
2007
40,208
Global
Flagship Iris
2012
51,544
Global
Istra
2012
51,824
Global
Maersk Magellan
2010
51,556
Global
MT Toccata
2004
44,999
Global
Navig8 Strength
2009
49,999
Global
Pula
2006
46,927
Global
St Johannis
2007
51,000
Global
St Marien
2007
51,218
Global
Star Eagle
2007
49,906
Global
Star Osprey
2013
49,759
Global
Star Kestrel
2008
49,930
Global
Stenaweco Gladys W
2013
49,600
Global
Stenaweco Julia L
2013
49,600
Global
Stenaweco Marjorie K
2013
49,600
Global
Stenaweco Spirit
2012
49,995
Global
Stenaweco Venture
2012
49,995
Global
STENA AB 2013
49
STENA AB > VESSELS
Stena Bulk cont.
Name
Built
Dwt
Class
Trading
STI Topaz
2012
51,480
Global
STI Ville
2013
49,990
Global
Yasa Bodrum
2009
50,260
Global
Yasa Marmaris
2009
50,215
Global
Velebit
2011
52,554
Global
Vinjerac
2011
52,554
Stena Impression1)
2014
49,400
Stena Imperial 1)
2014
49,400
IMOIIMAX
Global
Stena Imperative1)
2015
49,400
IMOIIMAX
Global
Stenaweco Impulse1)
2015
49,400
IMOIIMAX
Global
Stena Impala1)
2015
49,400
IMOIIMAX
Global
Stena Immense1)
2016
49,400
IMOIIMAX
Global
Stena Immaculate1)
2016
49,400
IMOIIMAX
Global
Stena Impeccable1)
2016
49,400
IMOIIMAX
Global
Stena Image1)
2014
49,400
IMOIIMAX
Global
Stena Important 1) 2015
49,400
IMOIIMAX
Global
2002
9,996
Global
IMOIIMAX
Global
Coaster
Stena Calypso
1) Newbuilding
50
STENA AB 2013
C-MAX
Employed
PROPERTIES
PROPERTIES OWNED AND MANAGED AS OF 31 DECEMBER 2013
Number
Rentable area, m2
Properties
Residential
Commercial
Residential
Göteborg
96
8,780
682
606,739
Malmö
92
6,292
671
446,681
Stockholm
126
8,657
1,300
607,060
Total
314
23,729
2,653
1,660,480
Commercial
Total
Total, %
156,027
762,766
32
158,403
605,084
25
159,834
766,894
32
474,264
2,134,744
89
Sweden – Stena Fastigheter
International – Stena Realty
37
173
136,678
136,678
6
France
Netherlands
6
124
47,636
47,636
2
USA
3
27
21,965
21,965
1
UK
3
18
17,179
17,179
1
Other
1
1
4,516
4,516
1
Total
53
375
242,603
242,603
11
Total
367
1,660,480
716,867
2,377,347
100
70%
30%
100%
23,729
3,028
Market value of owned property portfolio as of 31 December 2013: SEK 27.8 billion
Occupancy rate as of 31 December 2013
Rentable area, m2
Occupancy rate, %
1,453,409
99.3
369,943
85.6
242,603
77.8
Sweden
Residential properties
Commercial properties
International
Commercial properties
STENA AB 2013
51
STENA SPHERE
STENA SPHERE
The Stena Sphere consists of three parent companies wholly owned by the Sten A Olsson
family – Stena AB (publ), Stena Sessan AB and Stena Metall AB – and their wholly and
partly owned subsidiaries. The partly owned company, Concordia Maritime AB (publ),
is listed on NASDAQ OMX Stockholm and 52% is owned by Stena Sessan AB. The Stena
Sphere generated total revenue of MSEK 54,409 in 2013. Income before tax amounted
to MSEK 2,103.
NO. OF EMPLOYEES IN STENA SPHERE
MSEK
MSEK
20,000
4,000
60,000
15,000
3,000
45,000
10,000
2,000
30,000
5,000
1,000
15,000
0
0
09
52
STENA AB 2013
STENA SPHERE – REVENUE AND INCOME
10
11
12
13
0
09
10
11
12
13
Income before tax
Revenue
STENA SPHERE
BUSINESS AREAS
STENA AB (PUBL)
STENA SESSAN AB
STENA METALL AB
Ferry operations
Revenue MSEK 11,164
Income MSEK (75)
STENA LINE
Offshore drilling
Revenue MSEK 7,146
Income MSEK 620
STENA DRILLING,
SHUTTLE TANKERS
SHUTTLE TANKERS
Shipping
Revenue MSEK 3,061
Income MSEK (16)
STENA BULK, STENA RORO,
STENA LNG,
STENA TEKNIK, NMM
CONCORDIA MARITIME (52%)
ROPAX FERRY
Property
Revenue MSEK 2,839
Income MSEK 1,224
STENA FASTIGHETER,
STENA REALTY
Adactum
Revenue MSEK 6,453
Income MSEK 283
STENA ADACTUM
Finance/other
Revenue MSEK 95
Income MSEK 269
STENA FINANS
MEDA (22.7%)
BEIJER ELECTRONICS (29.9%)
Recycling, environmental
services and trading
Revenue MSEK 25,404
Income MSEK (213)
STENA METALL FINANS
STENA METALL
STENA SPHERE – REVENUE AND INCOME
Revenue
MSEK
2012
Income before tax
2013
2012
2013
Stena AB Group
27,388
30,240
1,777
2,148
Stena Metall Group
35,193
25,404
195
(213)
Concordia Maritime
543
468
(185)
(20)
59
50
115
200
Stena Sessan
Sphere eliminations
(2,335)
(1,753)
(25)
(12)
Total
60,848
54,409
1,877
2,103
STENA AB 2013
53
STENA SPHERE > CONCORDIA MARITIME
CONCORDIA MARITIME AB (PUBL)
FOCUS ON MAXIMISING
THE UTILISATION
Concordia Maritime is an international tanker shipping company focused
on safe, cost-effective transportation of refined petroleum products and
vegetable oils. In 2014, Concordia Maritime celebrates its 30th anniversary.
The company’s B share is listed on NASDAQ OMX in Stockholm.
Concordia Maritime’s shore-based organisation consists of
only six people. A large part of daily operations in the form of
chartering and crewing is instead purchased from partners inand outside the Stena Sphere. The close cooperation means
that Concordia Maritime can operate cost effectively at the
same time that it has unique access to world-leading expertise
in all shipping areas.
P-MAX: backbone of the fleet
The ten P-MAX vessels are the backbone of the fleet. These
product tankers combine the highest safety standards with
economical transport and load flexibility. In terms of length
and depth, they are comparable to a standard type medium
range vessel (MR). Thanks to their hull design, these vessels
can transport about 30% more cargo, yet fuel consumption
is practically the same as a standard MR vessel under comparable conditions.
394
EMPLOYEES
1)
TANKERS
1) O
f whom employed on: vessels 388 and shore based staff: 6
54
STENA AB 2013
Five of the P-MAX tankers have been converted to IMO3
class, so besides carrying light and heavy bunker oil products
they can also transport vegetable oils and light chemicals.
Eight of the vessels are designed for ice class 1B and two for
ice class 1A.
The first of two product and chemical tankers in Stena’s
IMOIIMAX series, which were designed in-house and ordered
in 2012, will be delivered in late 2014. These 50,000 dwt tankers will be among the most sophisticated in the market and in
the forefront in terms of cargo flexibility and energy efficiency.
The business cycle has bottomed out
The current business cycle has been very challenging for shipping companies around the world for several years. From this
perspective, Concordia Maritime has managed well thanks to
long-term contracts that bridged the years 2009–2012. Last
13
Stena Penguin is employed in Shell’s internal
worldwide cargo system. The added capacity
of the P-MAX is well-suited to such systems.
year was something of a disappointment, however. After the
first three quarters a clear improvement versus 2012 could be
seen and the product tanker segment declined significantly at
the start of the fourth quarter, partly due to seasonal reasons.
At the end of the year the market changed with a major
upswing, which continued into 2014. By all indications, the
business cycle has now bottomed out and the product tanker
market appears to gradually strengthen in the years ahead.
This is partly due to the global recovery, which generally leads
to higher demand for oil. There are a number of structural
drivers as well, including changes in global refinery capacity
and the shale gas boom in the US, which suggests increased
demand for transports in niche segments such as product
and chemical tankers.
Visit www.concordiamaritime.com
for more information and to
download Concordia Maritime’s
annual report.
KIM ULLMAN > CEO
As the new CEO of Concordia Maritime, my focus
is on improving the fleet’s utilisation rate and
thereby raising earnings. Since the majority of
our vessels are now employed in the spot market,
we are well-positioned to benefit from the market’s expected turnaround. We are also trying to
steer employment toward trader and chartering
systems, where we can take full advantage of
the P-MAX’s unique features. At the end of 2014
we take delivery of the first of two sophisticated
product and chemical tankers. With their load
flexibility and energy efficiency, these vessels will
help us to stay profitable and create opportunities for growth.
STENA AB 2013
55
STENA SPHERE > STENA METALL
STENA METALL
NEW SOLUTIONS THAT BENEFIT
CUSTOMERS AND SOCIETY
Stena Metall is one of three parent companies in the Stena Sphere. The Stena
Metall Group recycles and trades ferrous and non-ferrous metals, aluminium
and oil in around 250 locations in 13 countries, in addition to financial operations.
Rec ycling can convert large amounts of society’s wastes to new, high quality raw
materials that are put to use in new products. Our goal is to be a leader in every
area where we are active.
The financial year was characterised by deteriorating market
conditions with falling volumes, declining scrap prices and
overcapacity in the recycling industry. Market conditions put
severe pressure on Stena Metall Group’s results. Thanks to
increased marketing initiatives and a broader range of products and services, the Group was able to maintain its market
share. Sales of the Group’s products in domestic and international markets remained good.
One of Stena Metall’s goals is that customers should experience quality at every level. For this reason, all products and
services are quality assured. Throughout the Group’s local
operations, customers experience the core values that Stena
Metall’s employees embrace in everything they do – simplicity,
reliability and development.
3,595
EMPLOYEES
56
STENA AB 2013
In the current business climate, an action programme has
been launched throughout the Group to improve results and
adapt to current conditions. The actions will fully take effect in
the financial year 2013/2014. The introduction of the Group’s
own production model, Stena Way of Production, was successful and will help to increase productivity and coordination.
Another positive example of the connection with value-added
in every aspect of the business is the product and material training that the Group offers for every type of waste it handles.
One major investment during the year was the modernisation
of Stena Recycling’s shredding facility in Huddinge. The same
applies to Stena Stål’s new high bay warehouse in Västerås and
Stena Technoworld’s investment in an advanced metal recycling
facility in Verona.
7
5,000,000
TONNES OF
RECYCLED WASTE
250 LOCATIONS IN 13 COUNTRIES
BUSINESS AREAS
The chemical company Ineos, in Stenungsund, places high
demands on environmental work and safety. With a total
waste management solution from Stena Recycling, Ineos
has provided all its employees with environmental training, while achieving significant savings and recovering
more material. With a customer portal, Ineos can continuously monitor its waste streams and waste economy.
Stena Recycling’s branch manager, Dan-Inge Andersson,
met with Ingela Frössling, an environmental engineer at
Ineos, to develop a recycling solution.
Market
At the beginning of the financial year (September 2012–
August 2013), prices rose marginally for most of the Group’s
key commodities, partly as a result of the monetary stimulus.
After the end of the year, the trend reversed with a relatively
sharp price decline. Viewed over the financial year as a whole,
commodity prices, with few exceptions, ended higher than
they began. The increased supply of raw materials and slowdown in emerging markets is likely to lead to an end to the
raw material boom of the last decade.
Visit www.stenametall.com
for more information and
to download Stena Metall’s
annual report.
ANDERS JANSSON > CEO
At the time of writing in January 2014, the market is distinguished by continued uncertainty
about growth prospects in the years ahead.
We see only weak signs of improvement in our
markets. Looking forward, we will increase the
intensity of our sales efforts and continue to
improve the quality of the industry- and customerspecific solutions we offer. With long-term owners
and a strong business model based on dedicated
business acumen, we have very good opportunities to further advance our positions in all our
business areas.
STENA AB 2013
57
STENA SPHERE > STENA SESSAN
STENA SESSAN
LONG-TERM OWNERSHIP
WITH CARE AND COMMITMENT
Stena Sessan was founded when Stena acquired the Sessan Line in the early 1980s.
As one of three parent companies, Stena Sessan is one of the cornerstones of the
Stena Sphere. The company’s investment activities are characterised by a longterm perspective and commitment, not least in tanker shipping as the principal
owner of Concordia Maritime. In addition, Stena Sessan is the principal owner of
the pharmaceutical company Meda and the industrial enterprise Beijer Electronics.
Stena Sessan’s investments primarily consist of the listed subsidiary Concordia Maritime and the associated companies
Meda and Beijer Electronics. In addition, the company owns
the RoPax vessel Stena Jutlandica and 50% of two shuttle
tankers, Stena Sirita and Stena Spirit, together with a Canadian shipping company. Stena Sessan’s investment philosophy
is to monitor and develop companies through long-term,
committed ownership. As a whole, the investments have performed well. In the last ten years, net asset value has increased
from approximately SEK 1 billion to just over SEK 6 billion.
Events during the year
2013 went according to plan for Stena Sessan. In terms of its
holdings, the listed subsidiary Concordia Maritime, in which
58
STENA AB 2013
Stena Sessan owns about 52%, had an eventful year. For more
information on the company’s operations, see pages 54–55.
Meda continued to develop positively during the year.
Dymista, its new, patented nasal spray for relief of seasonal
allergy rhinitis, was approved in Europe in 2013. CEO Anders
Lönner resigned after 14 successful years and will be s ucceeded
by Jörg-Thomas Dierks, who has served as the c ompany’s Chief
Operating Officer since 2005.
Beijer Electronics is an expansive technology company with
many years of experience in industrial automation and data
communication. In 2013, a programme of private label products, designed to make advanced technology easy to use,
was launched.
Subsidiary
Associated companies
Vessels
Concordia Maritime AB (publ) is
an international tanker operator
focused on cost-effective and safe
transport of refined oil products
and vegetable oils.
Beijer Electronics AB (publ) is an
expansive technology company specialising in industrial automation and
data communication, which markets
competitive products and solutions.
MEDA AB (publ) is a leading internatio
nal pharmaceutical company. Its pro
ducts are sold in 120 countries around
the world and it has its own marketing
organisations in over 50 countries.
Revenue: MSEK 468
CEO: Kim Ullman
Stena Sessan’s holding: 52.3%
Revenue: MSEK 1,376
CEO: Fredrik Jönsson
Revenue: MSEK 13,114
CEO: Jörg-Thomas Dierks
Number of employees: about 2,900
Stena Sirita
Tanker1)
www.concordiamaritime.com
www.beijerelectronics.se
www.meda.se
1) 5
0% owned
Stena Jutlandica
RoPax vessel,
chartered by Stena Line
Stena Spirit
Tanker1)
Meda’s allergy medication Dymista was launched in 2012
in the US. Since last year, it has been covered by the subsidised benefit systems in a number of European countries
such as England, Germany and Sweden.
BERT ÅKE ERIKSSON > CEO
Commitment, care and financial strength
The value of Stena Sessan’s investments exceeds
SEK 6 billion, and our contribution to these companies consists of long-term ownership characterised
by commitment, care and financial strength.
Our core business is to monitor and develop our
holdings. The senior executives of the companies
manage and develop their businesses in exemplary
way. Our financial strength allows us to keep our
eyes open for exciting, new investments.
STENA AB 2013
59
STENA SPHERE > ORGANISATION
STENA AB BOARD
Dan Sten Olsson
CEO
Lennart Jeansson
Chairman
Lars Westerberg
Gunnar Brock
Christian Caspar
William Olsson
Deputy
Mahmoud Sifaf
Employee representative
Jörgen Lorén
Pia Carlsson
deputy
AUDITORS
Peter Clemedtson Authorised Public Accountant
Johan Rippe Authorised Public Accountant
60
STENA AB 2013
Anne-Marie Pouteaux
SPHERE ADVISORY BOARD
Tomas Billing
Samir Brikho
Peter Claesson
Carl-Johan Hagman
Roger Holtback
Staffan Hultgren
Lennart Jeansson
Ray Miles
Dan Sten Olsson
Eivind Reiten
THE STENA SPHERE ADVISORY BOARD ADVISES ON
 keeping the Sphere together and ensuring value creation
 the consequences of change and its implementation
 management issues and support for the CEO
 evaluating established goals and performance
 balancing risks against opportunities in a short-, medium- and long-term perspective
STENA AB 2013
61
STENA SPHERE > ORGANISATION
COORDINATION GROUP
Christel Armstrong Darvik
Peter Claesson
Carl-Johan Hagman
Staffan Hultgren
Anders Jansson
Dan Sten Olsson
Martin Svalstedt
Tom Welo
THE STENA SPHERE COORDINATION GROUP, WHICH REPRESENTS THE MANAGEMENT OF EACH BUSINESS AREA
 is responsible for the Sphere’s strategic development
 supports the appreciation of the Sphere’s value
 evaluates major investment/divestment proposals from the business areas
 gives information on important events
 ensures the Sphere’s development through cross-fertilisation
 maintains and develops the Sphere’s shared values
62
STENA AB 2013
STENA AB 2013
63
STENA AB > FINANCIAL STATEMENTS
THE FINANCIAL YEAR
IN SUMMARY
The year in summary
• Another year of high operational performance within all
sectors.
• Continued operational growth.
– Total income SEK 30.2 billion compared to SEK 27.4 billion
in 2012.
– Consolidated EBITDA (income from operation before
depreciations) excluding net valuation of investment
properties and sale of assets, is the highest EBITDA ever,
increased by 10% to SEK 7.7 billion compared to 2012.
– EBITDA has increased in all sectors compared to 2012,
mainly for the ferry operations, LNG, Property and
Adactum operations.
– Income before taxes amounted to SEK 2.1 billion compared
to SEK 1.8 billion in 2012, including net gain on sale of
assets amounting to MSEK 76 and MSEK 90, respectively.
•Healthy balance sheet with a solidity of 33% as of 31 December 2013.
•Ferry operation improved the EBITDA, excluding restructuring expenses MSEK 121 by MSEK 372 in 2013 compared
to 2012. It was achieved by strategic acquisitions, tonnage
changes and continued improvements in the current operation. The focus forward is to increase the revenues on our
routes at the same time as the business is reviewed for cost
reduction actions.
•Stena Drilling has had another strong year with an average
commercial utilization of more than 97%. Despite two SPS
during the year, the net income was on the same level as
last year. Stena Drilling has a strong contract coverage for
the coming years with four out of seven units of our drilling
fleet contracted to 2018 or beyond.
•Stena Bulks operation in Stena Weco continued to improve
during 2013. However, the market has been continuously
weak with low tanker rates.
•Stena LNG generated good results in 2013 due to new
strong contracts and high utilisation of the fleet.
•Stena RoRo showed a continued high utilization of the fleet
and has during the year also worked with chartering out
or selling vessels no longer in the operation of the Ferry
Operations.
64
STENA AB 2013
•Stena Property continued to be profitable during 2013. The
occupancy rate was high in Sweden was, on average, 97%.
•Stena Adactum had another profitable year in all business
areas and improved the total result compared to last year
at the same time as business development and expansion
were performed. During 2013, Stena Renewable has completed further new windmills and owned 86 windmills as
per 31 December 2013.
•Available liquidity remains high. The credit profile of the
group is strong, due to long term securitization of the credit
facilities.
Significant business events
Ferry Operations
As of 1 January 2013, Mr. Carl-Johan Hagman became
Managing Director of Stena Line Holding B.V. Mr. Carl-Johan
Hagman is also responsible for Shipping of the Group and
Managing Director of Stena Rederi AB.
In May 2013, Stena Voyager was sold to Stena Recycling
in Landskrona, Sweden. The vessel had already been written
down and was sold without any effect on the result.
During the year, Stena Line has continued their work regard
ing increased profitability by increased revenue and lowered
costs.
Drilling
In March 2013, Stena Carron extended the charter for Statoil/
Sonangol, which expired at the end of 2013, for a new threeyear period.
In May 2013, a three-year contract was signed with Tullow
Oil Plc for Stena DrillMAX, following its five-year SPS (Special
Periodic Survey), which was completed in May 2013.
On 26 June 2013, we ordered two new semi-submersible
Moss CS60 drilling rigs from Samsung Heavy Industries in
South Korea with an option to cancel one unit. The contractual delivery dates of these vessels are March 2016 and
September 2016, respectively. The capital cost for each unit
is estimated to be approximately MUSD 800.
In 2013, the drillship Stena Forth has received an extension
of the contract from Hess for up to an additional five years
starting from 29 October 2014.
Bulk
In January 2013 the newbuilt Suezmax vessel Stena Sunrise
was delivered from the Samsung yard in South Korea.
In March 2013, Stena Bulk declared two options to,
together with the JV partner Golden Agri Resources, build
two IMOIIMAX vessels. In total, Stena Bulk has ordered
8 IMOIIMAX vessels in collaboration with partners.
LNG
In June 2013, we entered into a new contract for the LNG
carrier Stena Blue Sky for a contract period until 2015.
RoRo
In January 2013, Stena Baltica was sold through a hire-purchase
contract to an Italian ferry operator, SNAV Spa in Naples, Italy
for a profit of MSEK 23.
In May 2013, the RoPax vessel Stena Alegra was acquired
for MSEK 89. The vessel has been employed within the Stena
Line route network until October 2013, and in November 2013
was chartered out on a bareboat charter.
In December 2013, another three RoPax vessels were
acquired, Stena Egeria, Stena Partenope and Stena Trinacria,
for a total investment of MEUR 69.5.
Other shipping
In January 2013, Northern Marine Management Ltd acquired
the remaining shares of its joint venture (50%) partner Austen
Maritime Group. The Group is consolidated as a subsidiary as
from 1 January, 2013.
In March 2013 a new ferry route was opened between
Sokcho in South Korea and Zarubino and Vladivostok in Russia.
This is a step towards an expansion on the Asian markets.
Adactum
Ballingslöv International AB has in January 2013 acquired all
shares in the English kitchenmaker Southdown Kitchen Ltd,
that has the brand name Manhattan Furniture. Through this
acquisition Ballingslöv International is strengthening its position on the English market.
In the first quarter of 2013, Mediatec was split into two
separate groups, Mediatec Broadcast and Mediatec Solutions.
During 2013, Adactum increased its ownership in the two companies and as of 31 December 2013 Adactum held a 62.5%
stake in Mediatec Broadcast and a 63.5% stake in Mediatec
Solutions.
During 2013, Stena Renewable put 53 windmills into operation, which increased the installed effect with 223 MW with
a production capacity of 0.7 TWh. Total amount of windmills
as per 31 December 2013 were 86.
Property
In August 2013, we acquired a commercial fully let office
property, with a total size of approximately 3,000 sqm,
in London in the U.K. for a total investment of MGBP 15.6.
During the summer of 2013, Stena Realty signed a lease
with Jacobs Engineering, one of the world’s largest companies
for technology consultation, for approximately 8,000 sqm
in a newly built house in Houston. In the end of 2013 the
chemistry and energy group Sasol also signed a lease of
17,500 sqm. Because of the new lease Stena is constructing
another building in Houston. The investments in Houston
amounts to approximately MUSD 100 and both leases are
long-term leases. The construction of the new office building
is expected to be completed in the third quarter of 2014.
In 2013 the final stage of Ängby Park in west Stockholm was
completed. Ängby Park consists of 320 rental apartments that
has been finalized in different stages since 2011. The occupancy rate was high during 2013, on average 97%. In Sweden
the occupancy rate for residential properties was 98% and
83% for commercial properties. The occupance rate abroad
was, on average 78% due to a weak Dutch market.
During 2013 properties were sold for a total gain of MSEK 51.
Finance
On 5 March 2013 we called for repayment of the Senior Note
with remaining debt MUSD 128.8, due 2016. The payment
was done on 5 April 2013.
Subsequent events
In January 2014, the Ropax vessel Dieppe Seaways, was
acquired. The vessel is a sister vessel to Stena Superfast VII
and Stena Superfast VIII. Dieppe Seaways is on a charter
to DFDS Seaways until November 2014.
In January 2014, a ten year bond of MUSD 600 was issued.
The purpose of this transaction was to extend existing profile
of amortization and pay off outstanding amounts under our
credit facility.
In February 2014 another ten year bond of MUSD 350 and
MUSD 650 was issued in a so called Term loan B, which is
a seven year loan with low rate of amortization. The securities
for both bond and loan consists of the units Stena DrillMAX
and Stena Carron. The purpose of this transaction is to extend
existing profile of amortization and increase liquidity. As a result
of the transaction the available facilities in existing RCF (Revolver
Credit Facility) of MUSD 1,000 will be reduced to MUSD 600.
In February 2014, Stena Line acquired the operation on the
route Rosslare (Ireland) – Cherbourg (France). The acquisition
will benefit the network as well as improve Stena Line’s strategic position in the southern part of Ireland. The operation will
be taken over as from April 2014.
STENA AB 2013
65
STENA AB > FINANCIAL
STENA BULKSTATEMENTS
66
STENA AB 2013
CONSOLIDATED INCOME STATEMENT
Years ended 31 December
2012
MSEK
2013
MSEK
10,395
11,164
Revenues
Ferry operations
Drilling
7,011
7,146
Shipping
2,426
2,568
Property
2,454
2,564
Adactum
4,977
6,453
21
45
27,284
Net gain on sale of assets
90
Total other income
90
76
Net valuations of investment properties
14
224
27,388
30,240
Other
Total revenues
Total income
REVENUES AND
INCOME BEFORE TAX
MSEK
3,200
32,000
29,940
2,400
24,000
76
1,600
16,000
800
8,000
0
0
10
09
Direct operating expenses
(8,110)
(8,520)
Drilling
(3,122)
(3,036)
(1,503)
Shipping
(1,296)
Property
(843)
(847)
Adactum
(3,593)
(4,338)
(1)
(8)
(16,965)
(18,252)
Gross profit
10,423
11,988
Selling and administrative expenses
(3,273)
(3,965)
Depreciation and amortisation
(3,749)
(4,136)
3,401
3,887
(1,624)
(1,739)
1,777
2,148
Income taxes
(42)
(238)
Net income
1,735
1,910
1,732
1,914
Total direct operating expenses
12
13
Income before tax
Ferry operations
Other
11
Revenues
EBITDA
excluding asset sales
MSEK
8,000
6,000
Financial net
Income before tax
4,000
2,000
0
09
10
11
12
13
Net income attributable to:
Equity holders of the Parent Company
Non-controlling interests
Net income
3
(4)
1,735
1,910
27,284
29,940
Profit and loss for Stena AB Group according to Internal reporting1)
Total revenue
Net gain on sale of assets
Total income
EBITDA
Depreciation and amortisation
Financial net
Income before tax
157
119
27,441
30,059
6,984
7,653
(3,958)
(4,309)
3,026
3,344
(1,625)
(1,739)
1,401
1,605
1) E xcluding adjustment for investment properties according to IAS 40
STENA AB 2013
67
CONSOLIDATED BALANCE SHEET
31 December
2012
MSEK
2013
MSEK
3,909
4,155
Assets
SHAREHOLDERS’ EQUITY
INCLUDING DEFERRED
INCOME TAXES
MSEK
40,000
Total intangible assets
Tangible fixed assets:
40,708
40,956
Construction in progress
Vessels
2,647
2,450
Equipment
2,260
3,930
Buildings and land
30,000
Ports
892
962
1,817
3,261
20,000
Total tangible non-current assets
48,324
51,559
10,000
Investment properties
26,658
27,831
0
09
10
11
12
13
Financial fixed assets:
Investment in associated companies
1,073
934
Investment in SPEs
5,170
4,311
TOTAL ASSETS
Marketable securities
5,118
4,243
Other non-current assets
3,526
3,904
MSEK
120,000
Total financial fixed assets
14,887
13,392
Total non-current assets
93,778
96,937
90,000
Current assets
60,000
30,000
Short-term investments
2,095
1,694
Cash and cash equivalents
1,581
2,053
Other current assets
0
09
10
11
12
13
Total current assets
Total assets
7,446
7,528
11,122
11,275
104,900
108,212
Balance sheet for Group according to internal reporting 1)
Assets
Intangible fixed assets
3,721
3,923
18,545
19,415
Other fixed assets
48,465
51,400
Total tangible fixed assets
67,010
70,815
Total financial fixed assets
15,832
13,140
Total non-current assets
86,563
87,878
Total current assets
11,275
11,444
Total assets
97,838
99,322
1) Excluding adjustment for investment properties according to IAS 40
68
STENA AB 2013
31 December
2012
MSEK
2013
MSEK
30,468
35,274
Deferred income taxes
4,011
3,940
Pensions and similar commitments
1,226
649
Shareholders’ equity and liabilities
Total shareholders’ equity
Non-current liabilities
Other provisions
768
707
Long-term debt
46,113
45,287
Debt in SPEs
3,974
3,944
Senior notes
5,154
5,324
Capitalised lease obligations
764
642
Other non-current liabilities
934
722
62,944
61,215
2,724
4,616
Total non-current liabilities
Current liabilities
Short-term debt
Senior notes
Capitalised lease obligations
Other liabilities
Total current liabilities
Total shareholders’ equity and liabilities
838
203
231
7,723
6,876
11,488
11,723
104,900
108,212
25,829
29,174
Balance sheet for Group according to internal reporting 1)
Shareholders’ equity and liabilities
Total shareholders’ equity
Deferred income taxes
2,253
2,113
Other non-current liabilities
58,268
56,422
Total non-current liabilities
60,521
58,535
Total current liabilities
11,488
11,613
Total shareholders’ equity and liabilities
97,838
99,322
1) Excluding adjustment for investment properties according to IAS 40
STENA AB 2013
69
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended 31 December
2012
MSEK
2013
MSEK
1,735
1,910
Operating activities
Net income
Adjustments to reconcile net income to net cash from operating activities
3,301
4,030
Cash flow from operations before changes in working capital
5,036
5,940
Changes in working capital
(2)
(923)
5,034
5,017
Investments in intangible assets
(388)
(147)
Proceeds from sale of tangible fixed assets
1,198
534
(10,529)
(7,022)
(187)
(13)
Cash flow from operating activities
Investing activities
Investments in tangible fixed assets
Acquisition of subsidiary, net of acquired cash
Investments in associated companies
Proceeds from sale of securities
(73)
4,456
7,505
(6,008)
(5,084)
Increase in other long-term assets
(67)
(392)
Decrease in other long-term assets
30
12
Other investments
15
24
(11,553)
(4,583)
Investments in securities
Cash flow from investing activities
Financing activities
Proceeds from issuance of debt
Principal payments on debt
Net change in borrowings on line-of-credit agreements
Principal payments on capitalised lease obligations
3,943
1,228
(1,331)
(238)
(275)
484
Dividends paid
(260)
(189)
Cash flow from financing activities
STENA AB 2013
3,676
(4,946)
Net change in restricted cash accounts
Other financing activities
70
7,622
(3,103)
(107)
(34)
6,489
(19)
Effect of exchange rate differences on cash and cash equivalents
24
57
Net change in cash and cash equivalents
(6)
472
Cash and cash equivalents at beginning of year
1,587
1,581
Cash and cash equivalents at year-end
1,581
2,053
FIVE-YEAR SUMMARY
MSEK
Revenues
2009
2010
2011
2012
2013
27,812
27,150
27,968
27,388
30,240
EBITDA excluding sale of assets
7,238
7,073
6,512
7,060
7,947
4,002
3,558
4,578
3,401
3,887
Share of associated companies’ results
24
131
60
18
(51)
2,344
2,680
2,779
1,777
2,148
Vessels
27,257
28,753
34,185
40,708
40,956
24,040
24,148
25,753
26,658
27,831
Other non-current assets
28,591
29,842
27,494
26,412
28,150
Income before tax
Cash and cash equivalents/short-term investments
4,877
5,792
4,255
3,676
3,747
Other current assets
7,440
6,403
6,909
7,446
7,528
32,829
33,505
34,645
34,479
39,214
3,042
2,580
2,332
1,994
1,356
48,952
52,176
52,382
56,939
55,919
7,382
6,677
9,237
11,488
11,723
92,205
94,938
98,596
104,900
108,212
Shareholders’ equity including deferred income taxes
Other provisions
Long-term liabilities
Current liabilities
Total assets
Cash flow from operating activities
7,084
5,065
4,895
5,034
4,989
Net cash used in investing activities
(6,456)
(9,681)
(5,579)
(11,553)
(4,578)
Net cash provided by/used in financing activities
(907)
5,151
559
6,489
(19)
Net change in cash and cash equivalents
(248)
482
(78)
(6)
472
10,236
9,847
10,242
10,565
11,348
91
91
106
117
137
Number of employees, average
Number of vessels1)
1) Excluding newbuildings and external ship management
STENA AB 2013
71
WWW.STENA.COM
STENA AB (PUBL)
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 31 85 50 00
STENA RORO AB
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 31 85 50 00
www.stenaroro.com
STENA TEKNIK
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 31 85 50 00
AB STENA FINANS
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 31 85 50 00
STENA ADACTUM AB
Rosenlundsgatan 3
Box 7123
SE-402 33 Göteborg
Telephone +46 31 85 50 00
www.stenaadactum.com
S-INVEST TRADING AB
Box 36056
SE-400 13 Göteborg
Telephone +46 31 755 73 00
www.blomsterlandet.se
ENVAC AB
INTERNATIONAL COMPANIES
LUXEMBOURG
Stena International S.A.
26b, Boulevard Royal
LU-2449 Luxembourg
Telephone +352 26 48 67 00
NETHERLANDS
Stena Holland B V
Burgemeester Haspelslaan 61
NL-1181 NB Amstelveen
Telephone +31 20 426 16 16
SWITZERLAND
Stena (Switzerland) AG
Bahnhofplatz
CH-6300 Zug
Telephone +41 41 728 81 21
UNITED KINGDOM
Stena (UK) Ltd
45 Albemarle Street
GB-London W1S 4JL
Telephone +44 20 74 09 01 24
CHINA
Stena Rederi AB Beijing
Representative Office
66 Fen Xiang, 100081 Xin Xiang
Beijing 100081
P R China
Telephone +86 10 8447 6572
CYPRUS
Group Head Office
Fleminggatan 7
SE-112 26 Stockholm
Telephone +46 8 785 00 10
www.envac.net
Stena Holding (Cyprus) Ltd
Lophitis Business Centre II
28 October street
4th floor, office no. 401
CY-3035 Limassol
Telephone +357 25 871 207
STENA RENEWABLE AB
HUNGARY
Stena Renewable Energy AB
Box 7123
SE-402 33 Göteborg
Telephone +46 31 85 50 00
www.stenarenewable.com
BALLINGSLÖV INTERNATIONAL
AB (PUBL)
Jungmansgatan 12
SE-211 19 Malmö
Telephone +46 40 627 08 00
www.ballingslovinternational.com
Stena Hungary
Ady Endre utca 15
H-2724 Ujlengyel
Telephone +36 29 385 676
Stena Hungary
Dohány utca 12, 2nd Floor
H-1074 Budapest
Telephone +36 13 28 69 51
OTHER COMPANIES IN THE STENA SPHERE
CONCORDIA MARITIME
AB (PUBL)
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 31 85 50 00
www.concordiamaritime.com
72
STENA AB 2013
STENA METALL AB
Fiskhamnsgatan 8
Box 4088
SE-400 40 Göteborg
Telephone +46 10 445 00 00
www.stenametall.com
SOUTH KOREA
DENMARK
Stena Daea Line Inc.
15th floor, Shinwoong tower 2
157 Dosan-daero
Gangnam-gu
Seoul 135-890
Stena Weco A/S
Rungsted Strandvej 113
DK-2960 Rungsted Kyst
Telephone +45 45 177 700
STENA DRILLING
UNITED KINGDOM
Stena Drilling Ltd
Ullevi House
Greenbank Crescent
East Tullos
GB-Aberdeen AB12 3BG
Telephone +44 1224 40 11 80
www.stena-drilling.com
NORWAY
Stena Drilling AS
Kjøpmannsgata 24 C
Postbox 194
NO-7501 Stjørdal
Telephone +47 74 84 03 70
USA
Stena Drilling
– Marketing office
2727 Allen Parkway
14th floor
US-Houston, TX 77019
Telephone +1 713 973 77 11
STENA BULK
SWEDEN
Stena Bulk AB
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 31 85 50 00
www.stenabulk.com
USA
Stena Bulk LLC
2727 Allen Parkway,
Suite 760
Telephone +1 713 874 5960
BRAZIL
Stena Sonangol Suezmax Pool
representações Ltda.
O2 Corporate office
Avenida Paisagista José Silva de
Azevedo Neto, 200
Bloco 2 – Sl 202
Barra da Tijuca
Rio de Janeiro, RJ 22775-056
Telephone +55 21 35505500
SINGAPORE
Stena Bulk AB
Singapore Branch
6 Temasek Boulevard,
Unit 44-01
Suntec Tower 4
SG-Singapore 038986
Telephone +65 6336 5953
NORTHERN MARINE
MANAGEMENT
UNITED KINGDOM
Northern Marine
Management Ltd
Alba House
2 Central Avenue
GB-Clydebank, G81 2QR
Telephone +44 141 876 3000
www.nmm-stena.com
USA
Stena Marine
Management
2727 Allen Parkway
Suite 760
Telephone +1 713 874 6100
PHILIPPINES
Northern Marine
Management (Manila)
c/o Philippines Transmarine
Carriers Inc.
First Maritime Place
7458 Bagtican Street
San Antonio Village
PH-1203 Makati City
Telephone +632 898 1111
INDIA
Northern Marine
Management (India) Pvt Ltd
301/302, Delphi, ‘B’ Wing
Orchard Avenue
Hiranandani Business Park
Powai
IN-Mumbai – 400 076
Telephone +91 22 6751 5200
SINGAPORE
Austen Maritime
Services Pte Ltd
78 Shenton Way #12-01
Singapore 079120
Telephone +65 6323 2066
RUSSIA
Stena Marine Management
Italyanskaya str 6/4, office 8,
St. Petersburg
Telephone +7 812 570 0546
STENA PROPERTY
SWEDEN
Stena Fastigheter AB
Stena F astigheter Göteborg AB
Box 31157
SE-400 32 Göteborg
Telephone +46 75 241 50 00
www.stenafastigheter.se
Stena Fastigheter
Malmö AB
Stortorget 9
SE-211 22 Malmö
Telephone +46 75 241 50 00
Stena Fastigheter
Stockholm AB
Box 16144
SE-103 23 Stockholm
Telephone +46 75 241 50 00
NETHERLANDS
Stena Realty BV
Burgemeester Haspelslaan 61
NL-1181 NB Amstelveen
Telephone +31 20 426 16 16
www.stenarealty.com
FRANCE
Stena Bureaux SARL
WTC – Les Crêtes
Sophia Antipolis/Nice/ Côte d’Azur
1300 Route des Crêtes
Parc de Sophia – Antipolis
FR-06560 Valbonne
Telephone +33 4 93 95 89 96
www.stenarealty.com
STENA LINE
SWEDEN
Stena Line Scandinavia AB
Danmarksterminalen
SE-405 19 Göteborg
Telephone +46 31 85 80 00
www.stenaline.com
Stena Line Öresund AB
Knutpunkten 43
SE-252 78 Helsingborg
Visitor: Bredgatan 5
Telephone +46 42 18 60 00
Stena Line Travel Group AB
Kungstorget 8
Box 1324
SE-251 13 Helsingborg
Telephone +46 42 37 85 00
Stena Line
Onboard Services AB
Galoppgatan 4
SE-213 77 Malmö
Telephone +46 31 85 89 50
DENMARK
Stena Line
Box 723
DK-9900 Frederikshavn
Telephone +45 96 20 02 00
NORWAY
Stena Line
Pb 764, Sentrum
Jernbanetorget 2
NO-0106 Oslo
Telephone +47 23 17 91 00
POLAND
Stena Line
Terminal Promowy
ul.Kwiatkowskiego 60
PL-81-156 Gdynia
Telephone +48 58 660 92 00
GERMANY
Stena Line
Zum Fährterminal 1
Überseehafen
DE-18147 Rostock
Telephone +49 381 20 35 54 55
UNITED KINGDOM
Stena Line
Stena House,
Station Approach
Holyhead, Gwynedd
GB-Wales LL65 1DQ
Telephone +44 1407 60 66 66
Stena Line Limited
Suite 4, First Floor
Pluto House
19-33 Station Road
Ashford, Kent
UK, TN23 1PP
Telephone +44 1233 64 86 28
Stena Line
The Ferry Terminal 4
West Bank Road
GB-Belfast BT3 9JL
Northern Ireland
Telephone +44 28 90 88 40 40
IRELAND
Alexandra Road
Dublin Port
Dublin 1
Telephone +353 1 855 32 77
LATVIA
Stena Line
4a Gredu Street
LV-1019 Riga
NETHERLANDS
Stena Line BV
Stationsweg 10
P.O.Box 2
NL-3150 AA Hoek van Holland
Telephone +31 174 38 93 33
Solberg.
Photos and images: Katja Andersson, Dan Ljungsvik,
Peter Mild, Per-Anders Hurtigh, Johan Palmborg etc.
Printing: Falk Graphic.
CARE
“CARE NURTURES WELLBEING, INNOVATION AND PERFORMANCE
AND IS THE FOUNDATION FOR EVERYTHING WE DO”
Dan Sten Olsson
Stena AB (publ)
SE-405 19 Göteborg, Sweden
Telephone +46 31 85 50 00
www.stena.com

stena ab annual review 2013

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