GOTHENBURG, Sweden, Dec. 14, 2004 (PRIMEZONE) -- Concordia Maritime AB:
- Revised full-year forecast for 2004: Profit before tax SEK 730 million (SEK 15.29 per share) -- previous forecast: SEK 750 million (SEK 15.71 per share).
- Delivery of the remaining Concordia Class tanker Stena Congress has been delayed until January, 2005. Consequently, the capital gain of approx. SEK 45 million will be reported in 2005 instead of 2004.
- The investment banks acting as underwriters in the initial public offering of Arlington Tankers Ltd. have exercised their option to purchase shares in Arlington from Concordia. Concordia's shareholding in Arlington after the transaction is approx. 1.5 million shares.
- Concordia Maritime's liquid funds are estimated at approx. USD 180 million (approx. SEK 1,200 million).
- The Group's equity is estimated at approx SEK 1,600 million (SEK 33.50 per share).
Revised full-year forecast for 2004
The remaining tanker in the so-called Concordia Class, the Stena Congress, will be delivered to the buyer at the beginning of January, 2005, instead of at the end of 2004 as previously stated. The vessel's last voyage took longer than anticipated, which also generated additional revenue. Accordingly, the capital gain of approx. SEK 45 million on the sale will be reported in 2005 instead of 2004. The revised full-year forecast is a profit before tax of SEK 730 million (SEK 15.29 per share) instead of the previous forecast of SEK 750 million (SEK 15.71 per share). The Group's equity is estimated at approx. SEK 1,600 million (SEK 33.50 per share).
Arlington Tankers Ltd.
The investment banks acting as underwriters in the initial public offering of Arlington Tankers Ltd. in the US have exercised their option to purchase shares in Arlington from Concordia. Concordia's shareholding in Arlington after the transaction is 1,534,785 shares out of a total of 15,500,000 million shares. The share is traded on the New York Stock Exchange (code: ATB) and the current value of Concordia's holding is approx. USD 33 million (approx. SEK 225 million).
Liquidity/currency hedging
The Group currently has no debts and its liquidity amounts to approx. USD 180 million (approx. SEK 1200 million). Until delivery of the new vessels begins at the end of 2005, the major portion of these liquid funds will be available even if some payments in the newbuilding programwill be made. After receipt of the sales proceeds for the V-MAX tankers, USD 60 million (approx SEK 400 million) was hedged against SEK and EUR. An additional USD 40 million (approx. SEK 270 million) was hedged against EUR on 9 December.
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