Dan Sten Olsson - December 2021
OUR VALUES AND OUR WAY OF WORKING
...have taken us far. They remain supportive to take us out of the current crisis. At Stena AB, we are not yet out of the woods however things are improving steadily.
Although Stena AB earnings show a small profit of MSEK 12 for the first three quarters, we forecast a year end loss for 2021 as the 4th quarter will be negative. Nevertheless we will make a significant improvement compared to the terrible covid-year of 2020. On the other hand Stena Metall has prospered more or less since the start of the pandemic and shows a result of about MSEK 2,000 for 2020/2021.
The pandemic has hit trade and industry in many different ways. When people are not welcome to gather and meet each other it is difficult, if not impossible to run restaurants, hotels and travel industries. The Stena Line passenger services have, not surprisingly, been hit very hard, whereas our transportation of goods on lorries and trailers keeps on developing positively. Our logistic companies Ntex and NMT develop fast and take market share. Stena Bulk and Stena Drilling are naturally suffering a lot from less consumption of oil as the pandemic has forced so many parts of the world economy to close down. As activities start up again it looks as if 2022 will fare better also thanks to the fact that so much tanker tonnage and drilling units have been withdrawn from the active market. Stena Renewable’ and our consistent savings of our own fossil energy consumption keep on reducing our CO2 mark every year. Nevertheless energy from fossil sources will continue for the next ten years giving us enough time to responsibly use our assets and depreciate our oil related assets down to closer to zero. New fuels might in the meantime create new alternatives for our ships both in form of cargoes as well as new forms of fuel for the ships’ engines.
The present pride of our group of companies is Stena Recycling. Our circular solutions contribute to that around 7,5 million tons of CO2 emissions is prevented from entering the atmosphere every year. Climate is very much talked about. Less known is the fact that thanks to the activities of Stena Recycling, each year about 6 million tons of waste is professionally handled and eliminated from destroying our nature and environment.
Much talked about in Sweden are aspects around integration of immigrants and children of immigrants. Stena Fastigheter (Stena Property) has received the acknowledgement of being the most reliable property company for tenants in Sweden in 2020. It has taken us more or less thirty years to reach the present standard. We are tremendously proud of our activities to care for our tenants, employees and all other persons coming into contact with us and our activities. Our care activities this summer created employment for more than five hundred young people. A first job experience is a great help to them on their way into the job market. And a good job experience also strengthens your self-esteem. Everyone also receives a certificate of appreciation from their period of employment. Our philosophy to care in everything we do generates reliability to our clients and helps us all in every business area in these precarious times.
Contrary to wasting their time at home people have improved their homes. This has generated a lot of activities for our Kitchenmakers Ballingslöv, Kvik and our part owned bathroom utility maker Svedberg.
The other companies in the Adactum Business Area are also improving their results substantially and Stena Adactum will make an overall record profit this year.
Care for our customers and adding value is key. All our companies can now answer the question
– Who do you think will be really sorry, if we cease to operate?
If a company shall deserve to survive, it needs to have clients, who really feel they need you. We are proud to serve such clients.
The pandemic is not over yet. In effect I believe it will never fully go away. Hopefully over time, we shall be more immune to its potentially disastrous consequences. In total we are investing like never before with new recycling plants and new ferries for ourselves and clients to Stena RoRo. Our cash reserves are big and I have confidence we shall come stronger out of this period than at the time we entered it.
Thank you for this year, which has been strenuous for most of us.
Wishing all of you
a Merry Christmas and a Happy New Year!
Dan Sten Olsson
Göteborg November 2021
