STOCKHOLM, Sweden, April 24, 2002 (PRIMEZONE) -- Svenska Orient Linien President's speech to the Meeting:
In his speech, Kent Flodberg, President, noted that the profit for 2001 was MSEK 11, which represents a sharp improvement in the result and shows that the restructuring program has had the desired effect. A platform based on profitability and an improved financial position has been created.
The escalation of the conflict in the Middle East is having a negative impact on exports from the Nordic countries to Israel and Palestine, which means that SOL's transport volumes are also being affected. A future solution to the conflict is expected to be followed by a sharp increase in the cargo flow.
The transport volumes to the other parts of the Mediterranean and to southern and West Africa and in the project consignment segment are expected to continue to be good.
On condition that the conflict in the Middle East does not worsen still further and is normalised in the next six months, it is anticipated that the result for 2002 will be at the same level as last year.
Election of the Board
Martin Bjaringer, Enrico Bogazzi, Kent Flodberg, Michael Kjellberg and Peter Weitemeyer were re-elected to the Board of Directors.
After the subsequent statutory board meeting, Michael Kjellberg was re- elected as Chairman of the Board.
Dividend
The Meeting decided in favour of not paying a dividend for the financial year 2001.
Authorisation
The Meeting extended its previous authorisation and authorised the Board of Directors to decide up until the next annual general meeting on a new issue of a maximum of 1 million Series B shares. It also authorised the Board to decide against the shareholders' preferential right to subscription.
Gothenburg, 23 April, 2002
SVENSKA ORIENT LINIEN AB (publ) The Board of Directors
For further information, please contact Catarina Mikkela Reinink, Vice President, Finance, phone +46 31-64 54 00
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