Strong recovery in 2021 generates again a positive result for Stena Group

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Stena Group

The Stena Group has in 2021 returned to profit after, for the first time in the Group’s eighty-year history, reported a negative result in 2020.

  • A healthy balance sheet with an equity ratio of 36% as at 31 December 2021, compared to 35% as 31 December 2020.
  • Strong liquidity position amounting to SEK 20.3 billion (19.9 billion).
  • Total income amounted to SEK 39.0 billion (33.3 billion).
  • EBITDA amounted to SEK 7.1 billion (SEK 4.9 billion).
  • EBITDA increased compared to previous year, mainly as a result of increased EBITDA for the segments Ferry Operation, Drilling Offshore and New Businesses.
  • Profit before tax amounted to SEK 499 million (–4,858).

Stena Line

  • Stena Line´s operational result increased compared to last year mainly due to strong freight volumes and cost reductions.
  • Passenger and car volumes have improved as countries eased off Covid-19 travel restrictions.
  • The operational EBITDA increase also includes extraordinary revenue of EUR 13.4 million in remuneration from UK Department for Transportation in order to guarantee transports into UK during the six months following Brexit.


Stena RoRo

Stena RoRo’s result increased in 2021 compared to 2020 because of a continued high utilisation rate and strong contract coverage of the fleet during the year, together with vessel sales as well as delivery and chartering out of newbuildings. The newbuilding programme from the CMI Jinling Weihai ship­yard has continued during the year, which has resulted in three new contracts. In total 12 E-Flexer RoPax vessels have

now been ordered from the shipyard.

Stena Group H1: Strong Tanker Operations versus Ferries and Offshore

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The Covid-19 outbreak is affecting Stena’s Business Areas in different ways and there has been a negative financial impact on the Stena AB Group as from mid-March.

EBITDA trends (+/-)

  • -Ferry operations
  • – Offshore drilling
  • +Tanker operations
  • +Property

Key H1 figures Stena AB

  • Total revenues SEK 16,632 million (SEK 16,973 million)
  • Direct operating expenses SEK 12,027 million (SEK 11,287 million)
  • EBITDA SEK 2,894 million (SEK 4,265 million)

Segment: Ferry Operations

  • EBITDA, excluding redundancy costs, SEK 514 million (SEK 1,369 million)
  • Redundancy costs for closing routes amounting to SEK 302 million.
  • Car volumes decreased 53%, passenger volumes decreased 52% and freight volumes decreased 11%.

Segment: RoRo Operations

  • EBITDA from chartering out Roll-on/Roll-off vessels SEK 114 million (SEK 151 million)
  • The decrease is mainly due to lower charter income due to the sale of the vessel KAIARAHI in Q4, 2019.

Change in vessel measurement policy

Stena has decided to change the measurement policy for vessels in the Ferries section and in the Offshore Drilling section as of January 1, 2020.

The remeasurement has:

  • increased the value of ferries with SEK 4.3 billion
  • decreased the value of drilling units in the segment with SEK 3.1 billion

Effect on H1: Depreciation, Amortisation and Impairment Depreciation and amortisation charges increased by SEK 142 million to SEK 3,668 million (SEK 3,526 million)


“Given the uncertain situation, it is not currently possible to predict the full potential impact on the Stena AB Group.“

Stena Group Q1 Interim Report: Covid-19 Impact

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Ferry Operations were of course hit by the plunge in passenger volumes and the decrease in freight, due to Covid-19.

  • -53% EBITDA SEK 265 million
  • -10% cars
  • -15% passengers
  • -7% freight

Stena Line has taken steps to mitigate the financial impact of the Covid-19 situation. This includes closure of routes, reducing costs and number of employees.

RoRo Operations: chartering out of vessels

  • -9% EBITDA SEK 70 million

The decrease is mainly due to lower charter income due to the sale of KAIARAHI in the Q4 of 2019 offset by strong contract coverage and utilisation across the fleet.