• Calendar
• The share
• The 2009 Fiscal Year
  • Comments by the President
  • Comments from the Chairman
  • Income statement
  • Balance sheet
  • Shareholders´ equity
  • Cash-flow statement
  • Notes
• Five-year summary
• Financial Reports
• Policy for Stock Market Information
• Pressreleases
• Presentations
• Risk management
• Market and competition
• Corporate Governance

This is a summary of Transatlantic’s Annual Report, adapted for the Internet. In the navigation on the left, you will find the President’s comments, the income statement and balance sheets, cash-flow analysis, statement of shareholders’ equity and notes for the 2009 Annual Report. Transatlantic’s complete Annual Report for 2009 can be downloaded here.

The year was characterized by the strong downturn in the global economy, which was triggered by the global financial crisis. This resulted in an unsatisfactory decrease in revenue for TransAtlantic.

• The Offshore/Icebreaking business area’s four AHTS vessels were all deployed in the offshore spot market in the North Sea throughout the year.
• The year was characterized by low activity and low rates in the spot market.
• The Industrial Shipping business area was negatively impacted by low volumes and low cargo rates, as well as irregular cargo. The financial position remained favorable, with an equity/assets ratio of 37% (42).
• A savings program was introduced, which meant cost reductions and staff lay-offs.
• Stefan Eliasson assumed the position of Acting President and CEO in December.

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• Increase the share of long-term contracts for vessels in the Offshore/Icebreaking business area.
• Continue the offshore investment in the Arctic area.
• Improve profitability within the Industrial Shipping business area through cost reduction and restructuring of operations.
• Develop the quality system with a strong focus on environmental and safety efforts.

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Annual growth of 5–10%

• A return on capital over a complete business cycle of not less than:
  – 12% for shareholders’ equity
  – 10% for capital employed
• Equity/assets ratio of not less than 30%
• Average distribution of annual net profit of 33%

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Offshore/Icebreaking operations comprise long-term contracts for icebreaking in the Baltic Sea, as well as other tasks primarily involving rig moves in the offshore sector, with special expertise in working in Arctic areas.

Marketing of Arctic offshore will be intensified during 2010.

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The Industrial Shipping operations focus primarily on contract-based transports for Nordic base industry. The business area consists of four different divisions that cooperate to achieve maximum utilization ratio for vessels and provide customers with a high level of service. Customer relations are characterized by a high level of quality awareness, long-term approach and close cooperation.

The largest customers include StoraEnso, SCA, Norske Skog, M-real and SSAB.

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The Group-wide resources generate the prerequisites for a competitive shipping company. The control instrument comprises efficient systems for vessel operations, competent employees and efficient vessels. Quality, safety and environmental management systems combine to include the entire TransAtlantic operations. 

TransAtlantic shall be in the front line with regard to the working environment and a goal of zero tolerance in its safety work. Safety issues are a prioritized area and TransAtlantic works actively to prevent accidents and incidents for employees and vessels by implementing preventive measures. TransAtlantic’s Safety Management System (SMS) aims to promote and contribute to the safety effort, which is continuously improved on land and at sea. Procedures and check lists onboard vessels are improved and developed continuously, jointly with shipping personnel to minimize risks. The controls that are conducted by the vessels, their equipment, crews’ qualifications and key routines display high quality.

TransAtlantics’s ability to provide high-quality service depends in large part on its employees’ ability and knowledge. It is therefore of great importance that TransAtlantic has an established strategy for how employees shall develop to meet future requirements and to ensure personnel provisioning. The strategy is based on guidelines developed for leadership and values in which the four core values; Envolvement, Reliability, Goal orientation and Willingness to change have a central role. TransAtlantic shall be perceived as an exciting and attractive employer.

During 2009, TransAtlantic implemented a series of environmental measures and further strengthened control on the environmental effort, including through new environmental goals. TransAtlantic’s entire organization and all vessels and their operations are certified according to the ISO 14001 environmental management system.

Environmental and safety aspects are also highly significant in new construction, and TransAtlantic endeavors to be more innovative and leading in terms of vessel design and equipment. Construction of the four anchor-handling vessels on order is in progress at the Spanish shipyard, Astilleros Zamakona. Of the vessels, each with 19,000 horsepower, the first is scheduled for delivery in May 2010. The remaining three vessels are scheduled for delivery in November 2010 and in March and October 2011. The vessels are designed to meet requirements for efficiency, safety and environmentally friendly offshore management around the world. In addition, the vessels will be specifically equipped to be able to implement assignments in icy conditions.

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Graphs

Net sales and operating profit

Liquidity and equity/assets ratio

Return on capital employed and shareholders’ equity

Share of net sales by business area