STENA METALL AB - Stena Metall Group

STENA METALL AB
Annual Report 2004/2005

Contents Highlights of 2004/2005
▲
Highlights of 2004/2005 ................. 1
Chief Executive Offi cer’s comments ...... 2
The Stena Metall Group . .................. 6
Business areas ......................... 7
Advances in recycling ...................... 8
Examples of recycling . ..................... 10
Competence development ................ 12
Research and development .............. 14
Recycling . ................................... 16
Sweden ................................... 17
Denmark .................................. 28
Norway .................................... 35
Finland .................................... 38
Poland ..................................... 42
Russia ..................................... 45
Trading ....................................... 46
Stena Metal .............................. 47
Steel ......................................... 48
Stena Stål ................................ 49
Oil ............................................ 50
Stena Oil .................................. 51
Finance ...................................... 52
Stena Metall Finans ..................... 52
The Stena Sphere ......................... 53
Financial review
Directors’ report ........................ 55
Income statement – The Group ........ 57
Changes in shareholders’ equity –
The Group .............................. 57
Balance sheet – The Group. ............ 58
Statement of cash fl ow – The Group . . 60
Accounting and valuation principles . . 61
Notes to the fi nancial statements –
The Group .............................. 64
Parent Company – Stena Metall ....... 74
Notes to the fi nancial statements –
Parent Company ....................... 76
Stena Metall AB’s holding of
shares and participations ............ 80
Proposed distribution of earnings ....... 82
Auditors’ report ............................ 83
Board of Directors .......................... 84
Addresses ................................... 85
The competence and customer focus of its
employees is an important reason for the
strong development of Stena’s Danish recycling
operations. From left: Renè Larsen,
customer representative, and Finn Andresen,
foreman, at Stena’s scrap facility in Køge,
Denmark.
Major fl uctuations in the price of the Stena Metall Group’s most commonly used raw materials.
Global demand for ferrous and non-ferrous metals and paper remained strong.
Successful international trading contributed strongly to improved income.
Income before taxes amounted to SEK 686.1 million, the Stena Metall Group’s highest
level ever.
Industry-specific and customized waste management solutions were further developed.
Service was broadened in all home markets through an expansion to new locations.
More material from various wastes can be recycled, benefiting the environment.
Successful focus on hazardous waste management and other production waste.
Signifi cant investments in production equipment and new technology.
Trading by the Steel and Oil business areas developed positively.
Focus on new competence and improvements through training, research and development
projects, and cooperations.
In a fi nancial market with positive undertones, Stena Metall Finans generated a good profi t.
SEK million 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005
Revenue .................................... 14,287.6 14,605.9 15,967.5 17,207.4 20,879.0
Operating income before items
affecting comparability ................ 486.6 281.0 470.1 643.9 744.9
Income before tax ........................ 507.2 315.2 107.6 609.6 686.1
Net income for the year ................. 358.7 280.8 72.4 432.1 436.2
Average number of employees ......... 1,489 1,798 1,879 2,136 2,561
Cover: During the year Stena started using its own railway cars to transport scrap, reducing the
need for road transports. Auto scrap, right, is being transported to the fragmentation plant in
Hallstahammar, Sweden.

Chief Executive Officer’s comments
Economic conditions remained favorable during fiscal year
2004/2005. Our most important raw materials fluctuated greatly
in price, and successful international trading had a major impact
on our earnings. The Group’s income before tax was SEK 686.1
million, an improvement of slightly over 12 percent compared
to the previous year. We are growing and continue to prioritize
all our areas. We are improving our offering and investing for
the future in new competence and expanded capacity.
Positive work ethic
I am very grateful to be able to look back
on a successful year. The rate of our development
is affected by how well we earn
our customers’ trust.
We are never better than how people
see us whenever we interact and everywhere
we are located. We do business
close to customers, and our local business
acumen – the core of our business culture
– is one of our most important strengths.
We trust all our employees to use their
competence and personal abilities to improve
our offering. I would like to thank
all of them for the fantastic commitment
they showed during the year. A positive
work ethic and continuous efforts to build
our business have laid the foundation for
positive results.
To meet customers’ needs, we are
broadening and expanding our collective
know-how. We are investing more than
ever in competence development. This includes
everything from practically oriented
courses on the materials we work with
to training on the environment, IT, leadership
and systematic improvements.
A step ahead
Waste management and recycling are becoming
more complex and are subject to a
growing set of laws and regulations in
Europe. The trend among businesses that
generate wastes is to seek out a single provider
that can offer a wide range of professional
recycling services. Our goal is to
lead the industry’s development in this
regard and stay a step ahead.
A growing offering. The Stena Metall
Group is the Nordic leader in recycling
and environmental services. Our growing
business allows us to offer customized
recycling concepts and a range of specialist
expertise in all the countries where the
Group is active. During the year we continued
to focus on the goal of enhancing
customer service. We have developed
more industry-specific concepts, total
waste management solutions, new products,
advisory services and logistic solutions.
Online services and customized training.
Another example is our Customer
Portal and Digital Waste Handbook,
which give customers control of their
waste management and support for waste
sorting, labeling, etc. These services also
help customers to meet their own environmental
goals as well as government
reporting requirements.
It is positive to also see greater demand
for environmental training, which teaches
CEO Anders Jansson
customers how to increase the value of
their waste at the point where it arises,
and sometimes even convert their wastes
from a cost to a source of revenue. By
sharing our competence in hazardous
waste, we want to also support customers
in their efforts to create safer work environments.
Our growing production apparatus. We
are investing continuously to develop our
branches and production equipment, start
new businesses and acquire companies
with the goal of broadening our offering.
At the end of the fiscal year the Stena
Metall Group had operations in more than
230 locations.
Customer-focused improvements. The
Group’s companies are using Six Sigma
methodology to systematically achieve
improvements. We have devoted great
energy to this process as a way to enhance
service in cooperation with customers.
Development
Our goal is to lead the industry’s development
of efficient and environmentally safe
2

Chief Executive Officer’s comments
The opening of a new hazardous waste treatment plant in Mongstad, Norway, makes it possible to offer hazardous waste services and total waste
management solutions to customers operating onshore or offshore.
processes to recycle wastes. Our aim is to
process all waste products in the best way
possible, to meet customers’ needs and to
comply with new laws.
Through R&D, we are developing new
technology and processes to better recycle
wastes in the future. More types of waste
that used to end up in landfills due to a
lack of profitable technology can instead
be recycled and processed into high-grade
raw material. One example is picture tube
glass, which Stena is now able to recycle
using effective technology at our facility
in Germany. During the year new technology
for Freon recycling was added in
Halmstad. At our new plant in Mongstad,
Norway, more than 95 percent of all common
hazardous wastes are processed using
unique technology. The plant produces no
new waste, and the water from the hazardous
waste it treats can be released back
into nature.
We are also building our know-how
through cooperations. For example, we
have established an alliance with Linköping
University in industrial recycling.
With Chalmers University of Technology,
we have a research cooperation in soil
decontamination and Freon destruction.
Business growth
At the same time that our international
There is a wonderful drive in our company.
In a continued strong economy, we developed very positively during the year,
trading in ferrous and non-ferrous metals
improved our position in every area. On scrap operations in every country were
the whole, the market has been good, even strengthened significantly. In addition to
if the prices of our most important raw continued strong growth in our Swedish
materials have been volatile.
and Finnish scrap operations, we have
In all our home markets, we have continued
to improve our product and service Denmark.
greatly improved our market position in
offering and expanded by adding new
I am also grateful that we have strengthened
our market shares in a very tough
locations close to customers.
scrap market in Poland.
Shot-blasted and prepainted beams, one of Stena Stål’s main products, being loaded at the
company’s main warehouse in Västerås, Sweden.
3

Chief Executive Officer’s comments
With a focus on improved production
efficiency and a product and service offering
designed with customers in mind,
Stena Aluminium improved its income
during the year despite continued weakness
in the German market for aluminium
alloys.
Under tough market conditions with
declining prices and tight competition, our
recovered paper operations continued to
produce good results. The development
rate for products and services is very good
in every market, at the same time that we
established ourselves during the year as
Poland’s leading waste paper company
through organic growth and acquisitions.
Our hazardous waste operations grew
strongly in Denmark and Sweden during
the fiscal year. In Mongstad, Norway we
created a new, highly competitive base for
development of our hazardous waste
operations.
Our efforts in the area we call “other
production waste,” which began last year,
were intensified in fiscal year 2004/2005.
The business is developing positively and
making a significant contribution to the
Group’s overall recycling operations.
Stena Metall is one of Europe’s leading
electronics recyclers. During the year we
Customized online services simplify waste
management. They also support customers in
their environmental work and in meeting legislative
reporting requirements.
continued to invest in new technology,
capacity and know-how, at the same time
that volume and income again grew. We
intend to continue to grow in this area.
Because of increased construction activity
and positive conditions in the industrial
sector, steel prices rose during the year,
creating good opportunities for our Swedish
steel wholesale operations. With a focus
on production efficiency, logistic solutions,
a broader product range and new
customer-specific product and service
solutions, Stena Stål developed very well.
In a market with rapidly rising oil prices,
Stena Oil has continued to build its business
acumen by maintaining a focus on
quality, safety and service.
In a financial market with positive
undertones, Stena Metall Finans generated
a good profit.
A future industry
Recycling is one of the most important
and effective ways to conserve our natural
resources. Waste is becoming an important
source of raw material, and it is becoming
increasingly evident that we work
in a future industry. My hope is that new
EU legislation will lead to better harmonized
competitive conditions within the
European recycling industry. The clearer
the goals in Europe’s environmental policies,
the more we can invest in more
efficient recycling.
As the leading recycling and environmental
service company in the Nordic region,
we further strengthened our position
during the year. Still, there is not a single
area or single place where we cannot improve.
With the support of long-term
owners, financial strength and the business
acumen of all our employees, we have
a unique foundation for further improvements
and growth. The positive economic
picture has continued into the new fiscal
year, although higher energy prices, nat-
A positive work ethic is one of the Stena Metall
Group’s biggest strengths, and its investments
in competence development are more extensive
than ever. From left: Magnus Nihlén, who
manages metals operations, and Magnus
Persson, production manager, at Stena
Gotthard in Malmö.
ural disasters and pricing uncertainty for
other raw materials may cause some slowdown.
If the economy continues to grow,
there is a good chance that this year’s income
will be in line with last year’s.
Anders Jansson,
Göteborg, October 2005
4

Chief Executive Officer’s comments
Price trends
During the past year we have seen major fluctuations in
the price of our main raw materials. We are experiencing
very high levels, from an historical perspective, for most
ferrous and non-ferrous metals, oil and scrap. One of the
biggest reasons for these volatile, high prices is China’s
tremendous growth in recent years.
Freight
Index
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2002 2003
2004 2005
• Very high fl uctuations
during the year
• Finished the year at
more “normal” levels
Copper
Steel scrap
USD/ton
4,000
3,000
2,000
1,000
0
2002 2003
2004 2005
• Biggest price gain of all
metals on London Metal
Exchange
• Reached record high
• Good demand from China
• Little increase in supply
USD/ton
400
300
200
100
0
2002
2003
2004 2005
• Falling for much of the
year
• High prices during
summer 2005
• Strong demand from
China and rest of Asia
Aluminium
Steel
USD/ton
2,500
2,000
1,500
1,000
500
0
2002 2003
2004 2005
• Relatively stable price
trend compared with
other metals
• Historically high price
differential vs. copper
USD/ton
600
500
400
300
200
100
0
2002
2003
2004 2005
• Falling prices for much
of the year
• Production cutbacks
led to higher prices
toward year-end
• More than 1 billion
tons of steel produced
in 2004
Nickel
Pig iron
USD/ton
16,000
12,000
8,000
4,000
• Low inventories
• Near record high
USD/ton
400
300
200
100
• Similar trend to steel
scrap
• Prices fell initially
before rising during
the summer
0
2002 2003
2004 2005
0
2002
2003
2004 2005
Oil
Corrugated board
USD/barrel
80
60
40
20
0
2002 2003
2004 2005
• Highest nominal
oil price ever
• Increased demand
has driven up prices
• Low inventories
• Limited refi nery
capacity
Euro/ton
160
120
80
40
0
1999
2000
2001
2002
2003
2004
2005
• Falling prices during the
year
• Weak demand
5

Stena Metall Group
Operations in
230 locations
6

Stena Metall Group
The Stena Metall Group is the Nordic leader in recycling and environmental
services. We recycle and process metals, paper, electronics,
hazardous waste and chemicals. Stena offers customized service based
on total waste management solutions and specialized expertise in a
number of waste areas, complemented by training, online services
and consulting services.
The Group is also active in international trading in ferrous and
non-ferrous products and oil.
At the conclusion of the fiscal year Stena had operations at 230
locations.
Stena Metall Group facilities
•
New facilities added in 2004/2005
The company also has operations in the following countries:
Stena Metal Ltd, London, England
Stena Metal, Inc., Stamford, USA; Belo Horizonte, Brazil;
Rayong, Thailand; Tianjin, China
Recycling business areas
Ferrous and Non-
Ferrous Metals
Recovered Paper
Environmental
Services
WEEE
Aluminium
The Ferrous and Non-
Ferrous Metals business
area collects and
processes ferrous and
non-ferrous scrap.
Recovered paper, plastics
and other wastes are
collected and processed
by the Recovered Paper
business area.
The Environmental
Services business area
handles hazardous waste
from industry, health and
dental care providers, the
photography and graphic
arts sectors, and offi ces.
Through the WEEE
business area, Stena
collects and recycles
end-of-life electrical and
electronic equipment.
The Aluminium business
area manufactures
secondary aluminium
from scrap for delivery to
foundries and steel mills.
Sweden
Denmark
Norway
Finland
Poland
Russia
Stena Metall Group operations
Operations via partners
Other business areas and operations
Steel
In this business area,
Stena Stål trades in steel
and offers pre-treatment
of steel products and
fl ame-cut plate.
In this business area,
Stena Oil trades in oil
and supplies bunker oil
to ships.
Oil Trading Finance
In the Trading business
area, Stena Metal Inc.
trades internationally in
ferrous and non-ferrous
products and other
metallurgical raw
materials.
The Group’s financial
operations comprise this
business area.
Environmental
Technology
Stena Miljöteknik is a
development company
that manages and
coordinates development
projects within the Stena
Metall Group.
7

Advances in recycling
More recycling, less landfilling
The volume of waste that can be recycled instead of disposed
in landfills has increased dramatically in many countries,
including Sweden, in the last five years. This has been made
possible through research and development projects, investment
willingness, training, new laws and greater environmental
awareness. Europe is becoming a “landfilling-free” society
where waste resources are better utilized. The only sustainable,
long-term solution is to use today’s products as the raw
material for tomorrow.
Conserving limited resources
Resource conservation means, among
other things, utilizing our shared natural
resources in the best way possible. Important
raw materials from mines, forests and
oil reserves are used in various products
and circulate through society and the ecocycle.
When cars, computers, newspapers
and other things we use become waste, the
next challenge awaits: to recycle as much
as possible and produce raw material for
new products. In this way, we can reuse
the material in circulation in society. For
example, iron and other metals can be
reused an unlimited number of times.
Recovered paper can be recycled six or
seven times. The water in hazardous waste
can often be treated and released back into
nature.
Of course, there are also wastes that
have been difficult to recycle earlier either
because it has not been profitable or the
technology has not been available.
Progress is clearly being made, and the
trend in Europe is toward higher recycling
rates and less waste disposed in landfills –
and removed from the ecocycle. This is
possible through cooperations between
lawmakers, researchers, businesses and the
public.
Cooperation makes more
recycling possible
New directives and laws in the EU and its
member states in recent years require increased
recycling while at the same time
raising landfill costs or restricting their use
for various types of waste. Demands have
also been tightened on landfill design.
Industrial companies and other businesses
have shown a commitment to
Landfill waste in Sweden 1994–2004
000 tons
7,000
6,000
5,000
4,000
3,000
2,000
94 95 96 97 98 99 00 01 02 03 04 year
During the period 1994–2004 landfill waste declined by 59 percent. Reported
volumes represent household waste, certain construction and demolition waste,
and production waste. Mining waste is not included. The statistics cover municipal
and certain industrial landfi lls.
Source: Swedish Association of Waste Management
8

Advances in recycling
AB Gustavsberg manufactures bathroom ceramics in Vårgårda. Since 1998 its landfill waste has
declined from 60 to 10 tons per year at the same time that production has increased. The company
has demonstrated its commitment to the environment. Thanks to a total waste management
solution from Stena, certain wastes now generate revenue instead of costs. Pictured, from left:
Gunnar Samuelsson, maintenance director at Gustavsberg, and Carolina Larsson, Stena’s sales
representative in Borås.
Packaging consumption per capita and recycling rates in a number of EU member
states
182
76
114
63
161
Germany Sweden Denmark Finland Spain Greece
Packaging consumption per capita 2001, kg
Recycled packaging waste 2001, %
57
Source: EU, European Environment Agency. The reason for the variation in recycling rates may
be cultural differences, though also varying geographic conditions. Raising the recycling rate in
a sparsely populated country can be a greater challenge because of the longer transportation
distances involved.
88
47
145
44
92
33
reducing landfill waste, and been successful
in doing so. Stena has helped, for example,
with training in sorting techniques
and advice on how to reduce landfill waste
at the source.
For companies and organizations, Stena
has developed a wide range of products
and services for a variety of needs. In this
way, we can help more customers to
adopt cost-effective and environmentally
safe waste management and thereby reduce
the waste they produce and that ends
up in landfills. The Deposit-free concept
provides customers with a total waste
management solution comprising waste
audits, recycling stations, transports, permits,
training, sorting handbooks, Internet
services, etc. They benefit by cutting
waste management costs and instead
creating value from their waste. Moreover,
they gain a better understanding of waste
management and obtain support to certify
their businesses, monitor legislation and
reach their environmental goals.
Clearer policies help the industry
Stena is continuously investing in new
technology and processes to make recycling
more resource-efficient and environmentally
safe. This is done in all of Stena’s
markets in the Nordic countries and
Poland. In the section on research and
development (page 14), we describe in
more detail several current projects,
co operations and networks that Stena
participates in.
To maximize future efforts to reduce
landfill waste, we need clear signals from
decision-makers and legislators. The clearer
the terms of environmental policies, the
more effective the recycling industry can
be in investing in new technology and services
that make it possible to recycle more
of the material that previously ended up in
landfills when there was no alternative.
9

Examples of recycling
Recycling products with producer responsibility
Appliances containing Freon
Recycled material: Iron, aluminium, copper, cables, compressors
and plastics.
Energy recovery: PUR foam.
Disposal: Mercury, oil in compressors, Freon and capacitors.
Computers (PCs)
Recycled material: Metals in circuit boards, chassis and cables.
Energy recovery: Plastic parts.
Disposal: Wastes (plastics, rubber, epoxy) resulting when metals are
recycled in mechanical and metallurgical processes.
Monitors
Recycled material: Metals in circuit boards, chassis and cables, and
glass in the picture tube.
Energy recovery: Plastic housing.
Disposal: Waste (plastics, rubber, epoxy, phosphor powder) resulting when
metals are recycled in mechanical and metallurgical processes.
Cars (from 2007)
By 2007 the EU’s ELV directive will have been introduced by all EU
member states and Norway. After removing fuel, motor oils and other
liquids from an end-of-life vehicle, at least 85 percent of its weight will
have to be recycled. A maximum of 5 percent of this can be energy
recovery, why 80 % has to be recycled material.
Recycled material: Ferrous and non-ferrous metals from the body and
drive train.
Energy recovery: Plastics, fibers, rubber and other materials from the
interior and exterior.
Disposal: Wood, rubber, dirt/gravel and certain plastics.
10
Pasi Alho dismantles auto glass at a demonstration in Jyväskylä, Finland,
where Stena showed how end-of-life vehicles are recycled.
▲

Markeringstext
11

Competence development
We are constantly striving to be better
The commitment of our employees and their collective competence
is one of the Stena Metall Group’s biggest strengths.
Stena’s employees are offered a broad range of training in waste
management, IT and leadership. We are continually adding new
employees with specialized competence.
Stena tries to make it simple for customers
through personal service and rapid response.
With experience, knowledge and
on-time deliveries, we strive to be the reliable
choice. By being creative and coming
up with new solutions, we also want to
help our customers to develop. Our core
values – Simplicity, Reliability and Development
– summarize what we want to
stand for in every interaction and everything
we do. Even toward each other
within the Group.
Training for employees and customers
We take a goal-oriented approach to competence
development for employees in all
our areas. This is one way to proactively
stay a step ahead. Through customized
training, Stena shows how waste management
can be made more efficient and safer.
We also provide training in global environmental
issues and develop support for
waste sorting through handbooks and online
services.
Systematic improvements
Six Sigma is a process of systematic improvements
with a strong focus on the
customer. Eventually all companies and
units within the Stena Metall Group will
work in the same way to achieve improvements
using Six Sigma. To date around
seventy improvement projects have begun.
We work actively with occupational
health and safety issues in order to create
safer workplaces. This has meant emergency
exercises, safety analyses and preventive
fire safety. Several companies in
the Group have received OHSAS 18001
occupational health and safety certification
in recent years. With this management
system, they can perform risk audits
and establish goals and action plans.
Systematic efforts to reduce sick leave
absences in Sweden have produced results,
and the trend is positive. Stena is encouraging
its employees to stay healthy, for
example, by offering everyone in Sweden
an annual subsidy for wellness and exercise
activities.
Industry of the future
Recycling is an industry of the future, and
Stena plays an important role in society
by processing and recycling as much
waste as possible. Every day we handle
huge volumes of waste composed of finite
resources, converting it to new raw ma terial
that can be reused in the ecocycle. In
this way, we contribute to sustainable
development.
12

Competence development
13

Research and development
Efforts to improve recycling
The Stena Metall Group conducts research and development
projects together with various partners. The aim is to develop
new technology and processes that are commercially sustainable
and environmentally sound.
Christer Forsgren,
Head of Technology and
Environmental Science,
Stena Metall Group.
He is also President of
Stena Miljöteknik, a
development company
that manages and
coordinates development projects within
the Stena Metall Group.
Today’s products are
tomorrow’s raw material
New products and materials used in
society, together with new laws, are creating
challenges for the recycling industry.
To ensure it can handle future waste in a
commercially sustainable and environmentally
safe manner, Stena engages in
research and development in cooperation
with colleges and universities, government
authorities, organizations and the business
community.
Several of the Group’s companies also
share their expertise with manufacturers
that want to develop environmentally
sound products. For example, they provide
advice on choosing the right materials
or how a product should be designed to
facilitate recycling in the future.
Unique technology to
treat hazardous waste
During the year Stena Miljø opened a
unique facility near Bergen, Norway,
where more than 95 percent of all types of
hazardous waste – including oil emulsions,
paint and solvents – can be treated
using evaporation technology. The waste
is processed in a way that produces purified
water, which can be released back
into nature, along with fuel, which can be
used either to power the plant or sold as a
high-grade waste-based energy source.
The flexibility of the process makes it possible
to treat customers’ hazardous waste
effectively and in an environmentally safe
manner.
Helping the environment with
Freon recycling
During the year Stena Gotthard’s Freon
recycling facility in Halmstad was modernized.
With its new dismantling equipment,
cleaner material can be recycled
from end-of-life appliances. After treatment,
the insulation in refrigerators and
freezers now contains so little Freon that
it can be used as an absorbent and fuel.
Ozone-depleting Freon and Freon-free
coolants in appliances are processed
directly in a catalytic converter, which
generates a high recycling rate.
During the year Stena began using new technology that allows it to recycle more material from
low-grade electronic waste. Pictured, from left: Christer Forsgren, Stena, and Oliver Lindqvist,
Professor of Inorganic Chemistry at Chalmers, at the new facility in Halmstad.
Improved recycling of electronic waste
In Halmstad, new process stages have
been added to recycle low-grade electronic
waste (vacuum cleaners, radios, etc.) that
is pretreated by Stena Technoworld. As a
result, more material is recycled and less
has to be incinerated or disposed in landfills.
The new technology will also make it
14

Research and development
Three important European
recycling goals:
• Increase recycling rates
• Decrease landfi ll waste volumes
• Develop environmentally sound waste
management techniques
Examples of the Stena Metall Group’s
cooperations:
Chalmers FRIST
Chalmers FRIST – Forum for Risk
Investigation and Soil Treatment – is
Sweden’s only competence center for
contaminated soil. FRIST is a strategic
cooperation managed jointly by Renova
and Chalmers University of Technology
that fi nances research in various
treat ment methods for contaminated soil.
University of Kalmar
Cooperation in leachate water treatment.
Linköping University and Chalmers
Long-term cooperation agreements have
been signed with Linköping University and
Chalmers University of Technology.
The new treatment plant in Mongstad, outside Bergen, can handle more than 95 percent of all
hazardous waste. Plant Manager Ole Jonny Nygård in the processing room where hazardous waste
undergoes evaporation treatment.
possible to recycle more plastics from for many years but are still used in old
electronic waste in the future.
power supply equipment. The Karlstad
plant can treat material with unlimited
Recycling picture tube glass
PCB content and remove it from the ecocycle.
In an ongoing EU LIFE-project,
During the fiscal year Stena Technoworld
acquired the German company Griag the goal is to develop effective methods to
Glasrecycling AG, which uses a uniquely increase recycling from waste cable and
effective technology to separate picture capacitors. The workplace environment is
tube glass. Only a few years ago there was improved as well.
no alternative to landfills. Now various
grades of glass can be separated and supplied
as a high-grade raw material, for Projects that contribute to safe workplaces
Working for a safer, better environment
instance, to picture tube manufacturers are a priority of the Group. This applies,
around the world.
for example, to CE labeling of equipment
and improvements to accident and incident
reports. Major investments have also
EU LIFE project encourages recycling
In Karlstad, Stena Gotthard operates a recycling
facility for transformers, cables mentation plant in Halmstad, Sweden.
been made in noise reduction at the frag-
and capacitors. PCBs have been forbidden
AGS
AGS, Alliance for Global Sustainability, a
global network of leading universities,
businesses and opinion-makers that
addresses issues of sustainable
development.
BLICC
BLICC, The Business Leaders Initiative on
Climate Change. Government authorities,
decision-makers and international
companies are working together to
systematically reduce greenhouse gas
emissions. BLICC issues information and
opinions and publishes its accomplishments
in an annual report.
WWF
Stena supports WWF, the global
conservation organization, on various
Baltic Sea projects as well as Nature
Watch, an environmental training program
for Swedish youth.
15

Recycling
16

Recycling | Sweden
Recycling | Sweden
The customer offering was expanded
during the year with total waste management
solutions and services for hazardous
and production waste. Production
capacity is expanding, and service is now
provided conveniently for customers at
nearly 100 locations nationwide.
Boliden is one of the leading mining and
smelting companies in the world. Stena Miljö
takes care of oil and other wastes from its
copper smelter outside Skellefteå, in Sweden.
Markus Larsson, a driver for Stena Miljö,
cleans out one of Boliden’s oil separators.
Global demand for ferrous and non-ferrous
scrap and recovered paper remained
high during the fiscal year. Stena continued
to develop services and offer more
products. With new branches and production
facilities, it can provide customized
recycling services and specialized expertise
at more locations close to customers. New
industry-specific and customized waste
management solutions were developed
during the year. In the Norrland region,
a continued focus on hazardous waste has
made it possible to offer more services to
the steel, mining and pulp industries,
among other customers. Treatment processes
for “other production waste,” e.g.,
combustible waste, also developed positively.
With a broader offering, higher
volume and greater efficiency, Stena
performed well in an industry facing
increased competition in every area.
Tighter recycling laws
Waste management and recycling are regulated
by a growing array of laws. Stena is
staying on top of this trend through significant
investments in research and development,
competence, new technology and
equipment. The WEEE directive introduced
in Sweden on August 13, 2005
tightens requirements on recycling and
envir onmentally safe treatment of electronic
waste. Stena had already met the
WEEE requirements. The ELV directive
raises r ecycling requirements on end-oflife
vehicles in the years ahead. Producer
responsibility poses a challenge for both
producers and the recycling industry to
find effective, environmentally safe
processes.
Total solutions being developed
Demand is growing for single suppliers
that can offer specialist expertise and total
waste management solutions. This trend is
being accelerated by customers’ commitment
to environmental work, tighter legal
requirements and more restrictions on
landfill waste. Businesses are continuously
facing new waste problems.
Deposit-free is a total waste management
solution designed to help customers
meet their environmental goals, comply
with increasingly complex laws and report
to government authorities. The Depositfree
concept was developed in 1997 and
has been used by hundreds of companies,
from small local businesses to nationwide
groups.
Mediclean Optimal, a total waste management
solution for the health care sector,
is developing positively and simplifies
waste management at hospitals.
Stena Gotthard AB
President Monica Svenner
Stena Scanpaper AB
President Lorentz Rondahl
Stena Miljö AB
President Finn Konsberg
Stena Technoworld AB
President Phär Oscár
Stena Aluminium AB
President Torbjörn Hedberg
17

Recycling | Sweden
Ferrous and Non-Ferrous
Metals
Customers are increasingly looking for a
single contractor to meet all their waste
management needs in an effective and
environmentally safe manner. During
the year Stena Gotthard developed specific
solutions for the power and automotive
industries. New services and
improved recycling systems have broadened
the customer offering.
Enhanced industry solutions
Since 1997 Stena Gotthard has been continuously
developing total waste management
solutions for individual customers as
well as entire industries with similar
needs. During the fiscal year a concept for
the power and automotive industries was
added. In autumn 2005 a special program
for auto dismantlers is planned. Through
the years thousands of our customers’
employees have received environmental
training from Stena as part of the Depositfree
total concept. During the fiscal year,
for example, an entire group of over 1,000
employees received training in waste sorting
and global environmental issues. They
stay better informed and motivated, and
the value of the waste Stena then takes
care of rises. Customer seminars and
newsletters are also appreciated.
Stena Gotthard AB
Stena Gotthard collects ferrous and nonferrous
scrap and other production waste
and processes it at 67 branches and production
facilities in Sweden. Scrap fragmentation
is done in Halmstad, Hallstahammar,
Huddinge and Malmö. Appliance
pre-disassembly and Freon recycling are
also part of operations.
Quality-assured raw material is supplied
to steel mills, foundries, metal smelters
and incineration plants.
➥ www.stenagotthard.se
Together with the Keep Sweden Tidy Foundation, Stena has run a successful campaign to collect
scrap in agricultural regions. The end-of-life vehicles from the island Runmarö in the Stockholm
archipelago shown above are being transported for recycling on the mainland.
Through a web-based portal, customers Stena Gotthard’s competence and alliances
can maintain control of their entire waste with automakers and disassemblers will
management operations. This service helps produce a suitable organization and technological
solutions to meet the producer
them to meet the reporting requirements
of various authorities and with their own responsibility requirements of the ELV
environmental work.
directive.
ELV: a challenge
Cleaning the countryside of scrap
Current EU directives that affect the Another current cooperation involves the
European recycling industry will require campaign to clean up scrap from rural
increased recycling, reductions in landfill areas, which Stena Gotthard managed
waste and environmentally safer waste together with the Keep Sweden Tidy
management. One example is the ELV Foundation. Using an approach best
(End-of-Life Vehicles) directive, whose described as “call and we’ll pick it up,”
long-term goal is to raise from 85 to 95 the campaign had successfully led to more
percent the average weight of a vehicle than 11,000 pickups as of August 2005.
that has to be recycled by 2015. This is a This extensive clean-up will continue in
challenge for Stena and others in the industry.
Major investments are needed to
2005/2006.
develop processes that will allow us to
recycle more. This includes complex
material that combines plastics and other
materials and is increasingly used by the
auto industry.
18

Recycling | Sweden
New services and recycling systems
New products and services are continuously
being developed. One current example
is the Stena Separator, which makes
it possible to recycle the ferrous and nonferrous
metals in incinerator ash. In this
way, valuable material is returned to the
ecocycle rather than disposed in landfills.
Stena Gotthard has also continued to develop
customized recycling systems with
new types of containers and dumpsters.
Price and volume trends
Prices started the fiscal year with a rise,
but then fell drastically during the spring
and picked up during the summer of 2005
due to fluctuating demand primarily from
Asia. The major fluctuations also affected
customers, who received less money for
their scrap. For steel mills, this trend has
meant lower prices for raw materials, but
also fewer order bookings. Several European
steel mills halted production for
short periods of the year.
Stena Gotthard’s market share is stable,
and satisfactory earnings were achieved
through efficiency improvements and volume
increases. Stena Gotthard has held its
position well in spite of continued tough
competition. Its services for other production
waste have grown strongly.
Recovered Paper
During the year Stena Scanpaper continued
its efforts to enhance services for
customers and the public by modernizing
recycling stations and investing in
new collection systems and total waste
management solutions.
High paper collection rates
Total collections of recovered paper in
Sweden passed 1,500,000 tons for the first
time in 2004/2005, according to the Swedish
Forest Industries Federation. The main
reason is higher consumption. About 64
percent of all paper used in Sweden is recycled,
a high figure from an international
perspective. Paper used by mills passed 2
million tons for the first time. Raw material
prices changed little during the year in
Sweden and internationally. Stena Scanpaper’s
total volumes developed well and its
income was satisfactory. Recovered paper
remains a sought-after raw material in the
market.
Trading operations were again intensive,
and access to material was good for
an extended period. Stena Scanpaper’s
German sales company performed very
positively in terms of both volume and
income.
Stena’s fragmentation plant in Huddinge.
Total solutions for customers
The effective and environmentally safe
waste management solutions Stena Scanpaper
offers helped it to establish cooperations
with a number of large, nationally
active customers during the year.
The branch network is continuously
growing, and a new recycling plant for recovered
paper goes on stream in Malmö in
autumn 2005.
More and more customers are trusting
Stena for more than just traditional recycling
services, e.g., to train their employ-
20

Recycling | Sweden
ees in sorting techniques. Interest in these
services is increasing.
Collection volumes for plastics and
other production waste such as combustible
material rose significantly during the
fiscal year. One example is shrink and
stretch wrap, a material commonly used
by retailers in packaging. Collected volumes
are on the rise, and there is good
sales potential for the raw material.
Modernization of recycling stations
Stena Scanpaper has continued to work
intensely to modernize its recycling stations.
In some cases it has installed level
gauges in containers. When a container
begins to fill up, a message is sent via the
Internet. Containers can then be emptied
efficiently and at the right time, which in
itself has environmental benefits.
Stena Scanpaper has invested in collection
vehicles as well, to improve transport
efficiency, broaden geographic reach and
expand its fleet to include vehicles that not
only handle recovered paper but also
other production waste.
The dairy company Arla Foods has its largest Nordic facility in Götene, where Stena takes care of all the
waste through a total waste management solution. Pictured in the cheese storehouse are, from left,
Stena sales representative Rolf Fälth and Kent Johansson, environmental engineer at Arla Foods.
More contracts
Contracts to coordinate recycling operations
have grown in number and now
cover around a hundred Swedish municipalities.
The job entails coordinating everyone
who utilizes recycling stations as
well as responsibility for signage and other
information. Another important job is
to provide a call center where the public
can ask questions.
Stena Scanpaper
Stena Scanpaper collects and processes
paper, cardboard, plastics and other production
wastes from industry, retailers,
offi ces and households. The company
has operations in 16 locations.
➥ www.stenascanpaper.se
Recovered paper at Stena Scanpaper’s branch in Halmstad being loaded directly on railway cars
for shipment to Swedish paper mills.
21

Recycling | Sweden
Environmental Services
Hazardous waste operations are growing
strongly in Sweden. By expanding to
new areas, Stena Miljö can offer customers
environmental services and total
waste management solutions in more
regions.
The mail order company Ellos in Borås utilizes a total waste management solution from Stena.
Pictured, from left, are Conny Karlsson, head of internal services at Ellos, and Morgan Larsson,
Stena’s local branch manager.
In around 50 municipalities, Stena Scanpaper
also provides cleaning services, an ing companies, property owners and resi-
paper and packaging are offered to hous-
important job since clean recycling stations
motivate the public to sort their continued during the fiscal year in municidents.
This focus on residential collections
waste.
palities where conditions allowed.
During the year Pressretur, an organization
of major newsprint producers, Confidential document destruction
accepted tenders for newspaper collections.
Stena Scanpaper was successful in document destruction service. Specially
Stena MDS is Stena Scanpaper’s mobile
securing contracts with some 70 municipalities,
thereby remaining one of the material on site at customer facilities. In
equipped vehicles destroy confidential
country’s largest newsprint recyclers. autumn 2005 a new vehicle with greater
capacity will be placed in service, making
Collections close to residents
it possible to offer the service to more
Stena Scanpaper is constantly bringing its customers.
collection services closer to residents.
Custom-designed systems for recovered
Good potential in hazardous waste
The potential in the Scandinavian hazardous
waste market is good, and Stena’s volume
continues to rise. Total volume in the
market is otherwise relatively unchanged.
At the same time that more types of waste
are being classified as hazardous, many
companies and other organizations are being
successful in reducing their waste.
The market is mature, and the ability to
offer value-added to customers is critical
to growth.
With good service, total waste management
solutions, broad-based operations
and well-developed treatment methods,
Stena Miljö is positioned to meet the competition.
More customers are demanding
total solutions in which a single provider
takes responsibility for all their waste
management. The increasingly stringent
requirements authorities are placing on
hazardous waste treatment are accelerating
this trend.
The rapid digitalization of society has
drastically reduced the volume of photochemicals
in recent years. This slowdown
is expected to level off in the years ahead.
Expanding branch network improves
customer service
The expansion in Norrland continued
during the fiscal year, and in early 2005
Rörsanering i Luleå AB was acquired. As
a result, Stena Miljö can offer sewer and
22

Recycling | Sweden
drain cleaning and sludge removal, as well
as services for the steel, mining, pulp and
power industries in Luleå, Kiruna and
their surroundings.
A new service added in the hazardous
waste sector is preventive maintenance of
property drains. The business, which was
started in Norrland, offers good development
potential and complements the rest
of the customer offering.
Capacity at the facility in Åmål has
been increased through the addition of an
evaporation process. This, together with
the cooperation with other Stena Metall
Group companies in the region, has created
good prospects to offer total waste
management solutions.
In Eskilstuna, a new branch will be
placed in service in autumn 2005 for intermediate
storage and pretreatment of hazardous
waste.
Positive for health care services
Stena Miljö is a leading processor of medical
and dental waste. Volume rose during
the year, and the Mediclean concept is
now being used by a majority of the country’s
hospitals. The expanded Mediclean
Optimal service covers not only medical
waste but also other production waste
such as scrap, paper and electronics. Mediclean
Optimal continues to develop positively.
Online information support
Stena Miljö offers training and information
support in the form of a Digital
Waste Handbook used by customers in
Stena Miljö AB
Stena Miljö collects and processes hazardous
waste from industry, offi ces, municipalities,
the health care sector, printers
and photo labs. It has operations in a
dozen locations in Sweden.
➥ www.stenamiljo.se
Hazardous waste operations are growing strongly in Sweden. Jan Landen (above) is in charge of
Stena Miljö’s warehouse in Malmö.
the healthcare sector and industry. By going
online, customers’ employees can find
up-to-date information on laws and permits
and receive support with sorting,
labeling and packaging. The handbook is a
valuable tool used on a daily basis by organizations
with large staffs or geographically
diverse operations. In a short time
the service has attracted more than 5,000
users. In the future it will be offered to
The Digital Waste Handbook is an online
customers in other industries.
service used by customers to improve the
effi ciency of their waste management.
23

Recycling | Sweden
The WEEE business area
For 13 years the Stena Metall Group has
gained competence and experience in
electronics recycling, and it is now one of
Europe’s leaders in the fi eld. Stena
meets all the requirements in the WEEE
directive (Waste Electrical and Electronic
Equipment).
Group-wide cooperation through the
WEEE business area in the Nordic countries
and Poland is enhancing customer
service and leading to more effi cient, environmentally
safer processes for collection
and dismantling.
During the fi scal year electronics recycling
was started up in several new countries.
In Poznan, Poland, a new facility for
electronics and dismantling was opened.
In Germany, Stena acquired Griag Glasrecycling,
which recycles picture tube glass.
In Vienna, Austria, it acquired electronics
recycler Ecotronics Eco-effi cient Electronics
and Services.
The WEEE directive requires EU member
states to introduce laws regulating
end-of-life electrical and electronic equipment.
It mandates produce responsibility,
tighter requirements on safe processing
and higher recycling rates for electronic
waste.
WEEE covers computers, printers, monitors,
mobile phones, stereos, televisions,
refrigerators and freezers, among other
things.
WEEE
Stena Technoworld’s operations are developing
strongly, with refined processes
making it possible to recycle more electrical
and electronic waste. Volume continues
to rise and tighter recycling requirements
in the EU will create new
business opportunities in the years
ahead.
For years Stena has maintained a productive
cooperation with El-Kretsen, a producer-owned
material company with the
highest volume of electronic waste in
Sweden. A new agreement signed with El-
Kretsen after the summer of 2005 stretches
until autumn 2007 and ensures that Stena
Technoworld will remain a major player
in the market.
Through various proven collection systems
such as GreenCollect and Techno-
Box, the service can be customized to include
electronics bins, transports,
transportation documents and statistical
feedback. During the year the collection
concept was refined for customers in the
Nordic countries and Poland.
Cooperations with Stena’s other recycling
companies and total waste management
solutions have helped Stena Technoworld
to raise its volume.
Tighter EU requirements
With 13 years of experience, the Stena
Metall Group has proven expertise in electronics
recycling and is one of Europe’s
leaders in the field. This gives it good
prospects when the EU’s WEEE directive
is introduced by member states beginning
in autumn 2005.
The directive requires increased recycling
and environmentally safe processing
of electrical and electronic waste. Stena
welcomes this development, which will
lead to more consistent competitive conditions
in Europe.
The WEEE directive was introduced in
Sweden on August 13, 2005, and Stena
Technoworld is cooperating directly with
several electronics manufacturers.
Process development
Prices in the electronic waste market have
faced stiff pressure for several years.
Cost-effective processes to collect,
transport, dismantle and sell recovered
material are continuously being developed.
In a number of ongoing research
and development projects (see page 14),
the aim is to develop effective techniques
to recycle more material from WEEE in
the future.
One successful example concerns picture
tube glass, where processes have been
improved. Conical and monitor glass in
the picture tube are separated and reused
as a high-quality raw material by picture
tube manufacturers.
From left: Detlef Oertel, President of Griag
Glasrecycling AG, and Hans Fredriksson,
Business Controller, Stena Technoworld,
examine picture tube glass being stored
for recycling.
Stena Technoworld AB
Stena Technoworld recycles end-of-life
electronics at dismantling facilities in
Bräkne-Hoby and Västerås.
➥ www.technoworld.se
The Stena Metall Group is continuously
developing processes to effi ciently and
safely recycle electronics. Else-Gun Karlsson
dismantles a scanner at Stena Technoworld in
Bräkne-Hoby, Sweden.
▲
24

Recycling | Sweden
Smelt aluminium is molded into bars that can
then be supplied to customers.
Aluminium
To improve service for the steel industry,
Boxholms Aluminiumåtervinning
was acquired during the fiscal year.
Thanks to significant investments in
technology in recent years, Stena Aluminium
can offer customers the market’s
highest product quality.
Stena Aluminium today offers over 400
customized aluminium alloys primarily to
suppliers of the automotive, electronics,
furniture and engineering industries.
Volume was positive during the year, and
the company raised its market share in
Sweden, laying the foundation for further
growth in the years ahead.
New technology strengthens customer
offering
In recent years Stena Aluminium has added
new smelting furnaces at its plant in
Älmhult that offer numerous benefits in
terms of efficiency, customer value and
environmental safety. More raw scrap can
be utilized and returned to the ecocycle,
energy consumption has been reduced
drastically, and the technology makes it
possible to offer customers alloys with a
high, consistent quality. In addition,
employees now have a better working
en vironment.
Stena Aluminium’s production technology
is identical at its plants in Älmhult in
Sweden and Kolding, Denmark. This
makes it possible to offer customers the
same product quality from both facilities.
The company’s operations in Denmark
are described on page 33.
Improved service for the steel industry
In autumn 2005 Stena Aluminium ac -
quir ed Boxholms Aluminiumåtervinning,
a smelter that manufactures specialized
aluminium products used by the steel industry
to ensure end products with a high
level of purity and quality. The acquisition
makes Stena Aluminium Scandinavia’s
leading producer and supplier of aluminium
for steel industry.
Important Group cooperation
The cooperation with the Stena Metall
Group’s other recycling companies is important
to Stena Aluminium’s production
volume. Moreover, it makes it possible to
offer total waste management solutions to
Stena Aluminium’s customers.
Stena Aluminium AB
Stena Aluminium is the leading supplier
of recycled aluminium in Scandinavia. In
Sweden, production facilities are located
in Älmhult and Boxholm. By using recycled
aluminium as a raw material instead
of new bauxite, the energy consumed in
production is reduced by 95 percent.
➥ www.stenaaluminium.com
Byarums Bruk in Småland manufactures park
and lawn furniture. From left: Stena Aluminium
sales representative Elisabeth Gustafsson and
Hans Pruth, president and owner of Byarums
Bruk, examine an aluminium frame for an outdoor
bench.
▲
26

Återvinning ❘ Sverige
27

Recycling | Denmark
Recycling | Denmark
With specialized expertise in ferrous
and non-ferrous scrap, recovered paper,
hazardous waste and electronic waste,
Stena can offer customers in Denmark a
wide range of recycling and consulting
services.
In autumn 2005 a new processing facility for
ferrous and non-ferrous scrap was opened in
Frederikshavn.
Expanded customer service
The Danish recycling industry is distinguished
by growing competition, concentration,
mergers and acquisitions. Stena is
prepared for this structural transformation.
The markets for ferrous and nonferrous
scrap and recovered paper are
highly competitive and complementary
services are important. Stena is expanding
its customer base by adding services to go
along with waste management, including
training in sorting and assistance with
permit applications and environmental
reports.
Strong business acumen and a skilled,
customer-focused staff are important to
Stena’s positive development in Denmark.
Total solutions in more regions
Customer demand for total waste management
solutions is rising, and Stena’s collective
expertise allows it to offer a wide
range of recycling and environmental
services.
During the year Stena acquired two
large scrap companies with a total of eight
branches, giving it a strong foothold for
ferrous and non-ferrous scrap operations
in Jutland. With its geographic coverage, it
can now offer nationwide services and
total waste management solutions to more
customers in more regions. This growing
business makes it possible to further improve
efficiency through new logistics
solutions and additional sales channels.
One element in the efforts to promote
total waste management solutions is a
new, larger facility in Brøndby, Copenhagen,
which will go on stream in 2006.
With this new logistics center, more of the
Group’s operations can be coordinated at
a single location. More scrapyards today
also handle recovered paper, as does the
new ultramodern branch in Frederikshavn.
As in the case with the scrap unit in Køge,
Frederiks havn is a shipping point for ferrous
and non-ferrous scrap.
New legislation
In the years ahead new legislation will be
introduced in Denmark and other EU
member states that will require producer
responsibility, but will also entail positive
challenges for the recycling industry.
The WEEE and ELV directives are two
examples that apply to waste from electrical
and electronic equipment and to
end-of-life vehicles. The cooperation
within the Stena Metall Group is important
in order to meet the new conditions
that lie ahead. When it comes to WEEE,
for example, all the requirements are
already being met.
Country Manager
Jørgen Gad
Stena Jern & Metal A/S
President
Anders Skibdal
Stena Averhoff
President
Bent vad Hansen
Stena Miljø A/S
President
Jakob Kristensen
Stena Technoworld A/S
President
Phär Oscár
Stena Aluminium A/S
President
Torbjörn Hedberg
28

Recycling | Denmark
Ferrous and Non-Ferrous
Metals
Stena Jern & Metal’s growth in the Danish
market is creating opportunities to
offer nationwide service. Moreover, total
waste management solutions can be
offered to more customers in more regions.
Stena Jern & Metal has strengthened its
position in the highly competitive Danish
scrap market. Its volume remains good
and growth has been made possible
through a combination of strong com -
mitment from employees, en han ced services,
acquisitions and investments in new
technology and equipment.
Enhanced customer service
During the year Stena Jern & Metal continued
to invest in new collection equipment,
including specially designed containers
for oily metal shavings.
On a positive note, services have been
expanded from conventional waste management
and recycling to include cooperations
on several other fronts. For example,
Stena conducts fragmentation operations in Roskilde.
customers are offered assistance preparing
waste reports for government authorities.
In the future more services that simplify
waste management will be offered to customers
at their facilities. During the year
Stena Jern & Metal received an award for
its extraordinary environmental efforts.
In 2005 Anders Skibdal (right) succeeded
Per B. Nielsen as President of Stena Jern &
Metal A/S in Denmark. Per B. Nielsen has
stayed on as a member of the board in the
company.
Substantial growth
During the fiscal year Stena acquired
Roskilde Jernverk, which processes ferrous
and non-ferrous scrap in Roskilde,
Ringsted, Farum, Slagelse and Haslev.
Roskilde is also home to Stena’s fragmentation
operations. In the year ahead fragmentation
technology will be further improved.
An important goal is to reduce
landfill waste through a better process. In
this way, more material will be returned
to the ecocycle.
From left: Martin Reinert, Stena’s Branch
Manager in Frederikshavn, and Ulf Arnesson,
who is responsible for the Group’s ferrous and
non-ferrous operations in the Nordic region.
Stena Jern & Metal A/S
Stena Jern & Metal collects and processes
ferrous and non-ferrous scrap at 11
locations in Denmark.
➥ www.stena-jern-metal.dk
29

Recycling | Denmark
▲
During the year Stena also acquired
Herning Produktforretning with branches
in Herning and Holstebro, and which together
with the newly constructed recycling
plant in Frederikshavn creates a
strong foothold in Jutland.
As a whole, Stena Jern & Metal grew
from four branches to eleven during the
year. Through investments in new technology
and acquisitions, production capacity
has been increased. Logistics solutions
are contributing strongly to the
company’s success, as is the market’s
interest in Stena’s overall offering.
ELV
The recycling of end-of-life vehicles is a
pressing issue in Europe. The EU’s ELV
directive scheduled to be introduced by
member states in the years ahead will institute
producer responsibility for used
vehicles. ELV will be both a technical and
logistical challenge for Europe’s recycling
industry. Stena is maintaining a positive
dialogue with the auto industry to find an
effective and environmentally safe solution.
Recovered Paper
During the year Stena Averhoff
strengthened its position as Denmark’s
leading recycler of recovered paper. Total
waste management solutions are
developing positively. One reason is the
establishment of a Group-wide facility
in Brøndby in 2005/2006.
Finn Frederik Pedersen (left), in conversation
with Ronnie Pedersen, both machinists at
Stena’s scrap facility in Køge, Denmark.
Stena Averhoff’s services are offered to industry,
retailers, the service sector, and
municipal, county and national authorities.
Its nationwide operations are con-
Recovered paper processed at Stena
Averhoff’s branch in Glostrup, Copenhagen.
ducted at nine geographically diverse
locations. Around 30 paper grades are
supplied to paper mills.
Specialized waste management
expertise
Denmark’s recovered paper market is typical
of the European market in that it faces
much the same conditions. Although prices
and margins remained under pressure during
the year, Stena Averhoff managed to
raise its volume and gain market share
thanks to enhanced services and cost efficiencies.
Through total waste management
solutions, Stena Averhoff offers customers
specialized expertise in recycling paper,
plastics, ferrous and non-ferrous scrap,
electronics and hazardous waste. This is
possible through the cooperation with the
Stena Metall Group’s other recycling companies
in the country.
This focus on total waste management
solutions is one reason for the establishment
of a new Group facility in Brøndby,
outside Copenhagen. In fiscal year
2005/2006 the facility will be placed in
operation, making it possible to further increase
capacity.
Training customers in waste sorting
Stena Averhoff also collects plastics,
which rose substantially in volume during
the year. This business will remain a priority,
and part of its enhanced customer
service is Stena Averhoff’s ability to offer
training in plastics sorting. In this way,
customers can sort their plastic waste
better and increase its value. From an environmental
standpoint, more recycled
plastics are becoming new raw material
rather than being incinerated.
Efficient waste management by customers
is important, and Stena Averhoff offers
a broad range of collection equipment for
waste removal and compaction. When
customers build new facilities or renovate,
the company is often called in as early as
the architectural design stage, helping to
incorporate efficient waste management
into the property.
Sought-after raw material
A third of Stena Averhoff’s volume is sold
in the Danish market, while two thirds is
exported to paper mills in other European
countries. Exports are handled by the subsidiary
Scanpaper. Recovered paper is a
sought-after raw material in the EU and
globally. For economic and environmental
reasons, demand is expected to rise in the
years ahead.
Stena Averhoff
is Denmark’s leading recycler of recovered
paper, corrugated board and packaging.
It also recycles plastics and provides
confidential document destruction. Operations
are ISO 14001 certifi ed.
➥ www.averhoff.com
31

Recycling | Denmark
Environmental Services
During the year Stena Miljø enhanced
its customer service through improved
collections and customized training. In
fiscal year 2005/2006 several new services
will be launched that will simplify
hazardous waste management.
Comprehensive hazardous waste
services
The Danish hazardous waste market is
growing, and in recent years Stena Miljø’s
volumes have risen substantially. The
company offers comprehensive hazardous
waste services to municipalities, agricultural
customers and industry, ranging
from small businesses such as auto repair
shops to large manufacturers and the offshore
drilling industry. Services include
collections, transports, processing, sales
and training, as well as other consulting
services.
Hazardous waste services are also
offered as part of total solutions, where
customers receive help with all their waste
management needs. These solutions and
other related services that provide valueadded
to customers are growing in importance,
since the hazardous waste market is
highly focused on price.
Stena Miljø has established cooperations
with several leading European hazardous
waste treatment companies based in
Germany and Belgium, making it possible
to effectively and safely handle hazardous
Stena Miljø A/S
During the fi scal year Nicha Miljøteknik
A/S changed its name to Stena Miljø A/S.
The operations of the environmental service
company Scanfors A/S have been dissolved
and some of its services are instead
being offered by Stena Miljø. The
main operations are conducted in Vissenbjerg,
Fyn.
➥ www.stenamiljo.dk
Hazardous waste operations are growing
strongly in Denmark. Pictured above is Linda
Hansen, who is assisting in the treatment
of oil fi lters at Stena Miljø’s facility in
Vissenbjerg.
waste not processed at its own facility in
Vissenbjerg.
Enhanced customer service
Through the takeover of Scanfors’ operations
during the year, customer service has
been broadened. The staff has grown substantially,
and the number of vehicles used
to collect hazardous waste has doubled.
This has made it possible to offer customers
greater collection flexibility. In 2006
operations were started in Brøndby as well.
In Sweden, Stena’s Mediclean Optimal
waste management solution is used by a
number of hospitals. In fiscal year
2005/2006 the service will also be offered
to hospitals and industrial companies in
Denmark. This will make it possible to
offer comprehensive services that cover
hazardous waste, paper, scrap, electronics,
training and more.
Safety training for customers
Hazardous waste management requires
expert knowledge. Stena Miljø trains municipalities
how hazardous waste should
be handled and labeled. In this way, it
helps customers to create safer work environments.
This business, which also includes
training for the private sector, is
developing positively. For example, companies
with hazardous waste are offered
help preparing the environmental reports
that must be submitted to various authorities.
WEEE
Stena Technoworld is one of the leading
recyclers of electronic scrap in Denmark.
With well-developed collection systems
and cooperations with Stena’s dismantling
operations in Poland and Sweden,
a comprehensive service chain can be
offered to customers.
A large part of the electronic waste collected
in Denmark comes from municipalities.
A variety of collection systems is offered
comprising bins for used electronics,
documentation services, transports, etc.
Since the spring 2005 Stena Technoworld
has maintained a dialogue with
material companies and electronics producers.
The WEEE directive, which will
be introduced in January 2006, will
Stena Technoworld A/S
Stena Technoworld collects and recycles
electronic scrap and is one of Denmark’s
leaders in the area.
32

Recycling | Denmark
tighten requirements on recycling and environmentally
safe processing. This is a
positive development, and Stena’s electronics
recycling operations already meet
all the requirements of the WEEE directive.
When the directive enters into force,
volume in the country is expected to rise.
Prices in the market remain under pressure.
Economies of scale are therefore essential
to future success. All electronic
waste collected in Denmark is dismantled
and recycled at the Stena Metall Group’s
facilities in Poznan, Poland or Bräkne-
Hoby, Sweden.
Picture tube glass – a material that customers
previously did not recycle – is dismantled
in an efficient process at Stena’s
facility outside Berlin, Germany. Conical
and monitor glass can be reused as a raw
material by picture tube manufacturers.
Aluminium
Denmark has become an important
home market for Stena Aluminium.
Efficient smelting technology recently
placed in operation at the Kolding facility
provides significant quality and environmental
benefits.
Aluminium use is increasing greatly in
society, and other than steel it is the most
commonly used metal in the world. Aluminium
is corrosion resistant, light and
strong, giving it environmental and safety
advantages when used as a design material.
Stena Aluminium’s product range includes
over 400 customized alloys primarily
for the automotive, electronics, furniture
and engineering industries.
Extensive Group cooperation
Denmark has developed into a strong
home market. During the fiscal year the
German market continued to struggle
with weak economic conditions. Access to
aluminium scrap is good, and a significant
share of the raw material processed in
Kolding is collected by the Stena Metall
Group’s other recycling companies in
Denmark. The fast-growing recycling operations
in the country create the potential
for volume gains in the years ahead. In the
future the products will also be offered in
new markets.
New technologies strengthen customer
offering
During the fiscal year Stena Aluminium
placed new smelting furnaces in operation
at its facility in Kolding. They offer many
benefits in terms of efficiency, customer
value and environmental safety. The new
technology makes it possible to utilize
more of the scrap and return it to the ecocycle.
Energy consumption in the process
has been drastically reduced and the aluminium
alloys produced have a very high,
consistent quality. The response from customers
has been good, and the smelting
technology has attracted international
attention. It is also positive that employees
now have a better working environment.
The new smelting technology has previously
been used at Stena Aluminium’s
facility in Älmhult, Sweden (see page 26).
Now that the two facilities can offer identical
product quality, customers will benefit
as well.
Stena Aluminium supplies aluminium to Scanpan, Denmark’s leading manufacturer of aluminium
cookware. From left: Bjarne Tygesen, plant manager at Scanpan, and sales representative Tonny
Kanz from Stena Aluminium.
Stena Aluminium A/S
Stena Aluminium is the leading supplier
of recycled secondary aluminium in the
Scandinavian market. Production in
Denmark is located in Kolding.
➥ www.stenaaluminium.com
33

Recycling | Norway
Recycling | Norway
Stena’s total waste management solutions
and hazardous waste services
succeeded well during the year. Stena is
well-prepared for Norway’s harmonization
with the new EU directives on
recycling electrical and electronic scrap
and end-of-life vehicles.
Beate Maria Wølner dismantles a television at
Stena Miljø’s facility in Ausenfjellet.
Total waste management solutions
Demand for total waste management solutions
is growing strongly in Norway. One
reason is more stringent solid waste regulations,
due to which customers prefer to
rely on a single contractor to meet all their
needs easily and safely. Stena’s recycling
companies in the country offer total waste
management solutions and during the year
took several steps to further enhance their
customer offering. In Mongstad, north of
Bergen, a new treatment plant was opened
to handle industrial hazardous waste.
Ferrous and non-ferrous operations are
developing positively, as is recovered
paper recycling.
Custom-designed environmental training
is an area that continues to grow. The
aim is to provide customers’ employees
with information on efficient waste management,
recycling and environmental
issues in general.
There is also a growing interest in international
solutions for recycling issues.
With operations in 230 locations in the
Nordic countries, Poland and Russia, the
Stena Metall Group has the resources to
handle cross-border assignments.
Stena complies with EU directives
While Norway is not an EU member
state, it harmonizes its laws with European
requirements that affect the recycling
industry. The ELV directive introduced in
Norway on January 1, 2007 covers endof-life
vehicles. Stena maintains a dialogue
with Autoretur, a car importer responsible
for procuring services to meet the government’s
producer responsibility requirement.
Another example of harmonization is
the WEEE directive, Waste Electrical and
Electronic Equipment, which regulates
the collection and processing of electronic
scrap. Stena’s electronics recycling operations
in Norway are cutting edge and already
meet the stricter requirements of the
WEEE directive. During the year Freon
recycling from appliances was moved to
Sweden, creating greater efficiency and
environmental benefits.
Country Manager
Jan-Erik Larsen
Recovered Paper
Business Area Director
Lorentz Rondahl
WEEE
Sales and Marketing
Director
Fredrik Eide Aass
Hazardous Waste
Sales and Marketing
Manager
Vebjørn Eilertsen
Ferrous and
Non-Ferrous Metals
Branch Manager
Trond Aamann
▲
Ingar Jensen from Stena Miljö processing hazardous
waste at the facility in Ausenfjellet, outside
Oslo.
35

Recycling | Norway
Ferrous and Non-Ferrous
Metals
Stena Jern & Metall’s scrap operations
developed positively, and volume
growth was good despite a highly competitive
market.
In spring 2004 Stena established its first
Norwegian ferrous and non-ferrous scrap
processing unit in Alnabru, Oslo. The cooperation
with Stena’s other recycling
companies contributed to volume growth
during the fiscal year.
Emphasis is being placed on building
long-term, trusting relationships with
both current and new customers. Customdesigned
collection systems are offered for
a number of industries.
The goal moving forward is to further
improve volume and market share.
Growth opportunities in coming years are
good despite fierce competition. The solid
competence of the staff and the recycling
companies’ joint efforts to develop total
waste management solutions for customers
in the country are two important
reasons why.
Stena Jern & Metall AS
Stena Jern & Metall collects and processes
ferrous and non-ferrous scrap in Oslo.
➥ www.stenametall.no
The new treatment plant in Mongstad, north of Bergen, can treat more than 95 percent of all common
types of hazardous waste.
Recovered Paper
With successful total waste management
solutions, Stena Scanpaper enhanced
customer service in Norway during the
fiscal year.
Stena Scanpaper is one of Norway’s leading
recycling companies for recovered
paper and plastics. In Ausenfjellet, outside
Oslo, the Stena Metall Group has its largest
recycling facility for recovered paper.
The company offers customers a wide
range of recycling services for recovered
paper and plastics as well as confidential
document destruction. Together with
Stena’s other recycling companies in Norway,
it offers comprehensive waste management
solutions.
During the fiscal year Stena Scanpaper
raised its volume of recovered paper.
Stena’s total waste management solutions
have contributed greatly to this success.
In Gjøvik, a satellite station has been
established, making it possible to further
enhance customer service in Gjøvik,
Lillehammer and the Hamar areas.
Through cooperation with a local company,
Stena has been able to effectively
offer its services in Stavanger.
The Ausenfjellet facility, where the
main operations are conducted, has been
upgraded technically to improve efficiency.
This includes the addition of an automatic
sorting line equipped with the
industry’s latest technology.
As in the Stena Metall Group’s other
home markets, the Norwegian recovered
paper market is experiencing margin pressure
and fierce competition. Value-added
for customers is an important selling
point. Customer demand for services is
rising, and Stena’s efficient and environmentally
safe waste management solutions
will create good opportunities in the years
ahead.
Stena Scanpaper AS
Stena Scanpaper collects and recycles
recovered paper from retailers, industry
and households in Norway. Recovered
paper is a sought-after raw material in
the market and can be recycled up to
seven times.
➥ www.stenascanpaper.no
36

Recycling | Norway
Environmental Services
In Mongstad, outside Bergen, a new
hazardous waste treatment facility
makes it possible to offer more efficient
and environmentally safe services to
customers.
New hazardous waste services for
industry
The hazardous waste market is growing in
Norway, and Stena Miljø’s operations are
developing strongly. With its new plant in
Mongstad, it can offer customers a range
of efficient and environmentally safe services
to treat hazardous waste. Mongstad
also strengthens the total waste management
solutions customers are offered.
Located on a fjord, the plant can provide
services to all industries operating onshore
or offshore. For example, it meets the environmental
and safety requirements placed
on the offshore drilling industry, as well
as the industry’s own requirements in terms
of proximity, efficiency and competence.
There are significant environmental advantages
with the process. The plant – the
only one of its kind in the world – treats
more than 95 percent of all common types
of hazardous waste using evaporation
technology. Hazardous waste is converted
to pure water, which can be released back
into nature, as well as fuel, which can be
used either to power the plant or sold as a
high-grade energy source.
Stena Miljø AS
Stena Miljø offers environmentally safe
waste management solutions and supplies
products to industry, hospitals and
municipalities. Hazardous waste is collected,
transported and processed.
WEEE such as appliances, computers
and other electronic scrap is collected,
dismantled and recycled.
➥ www.stenamiljo.no
Stena dismantles WEEE waste from Norwegian municipalities, among other customers.Stena’s Tom
Erik Halvorsen (left) and Per Lenborg, operations manager at ROAF, one of Stena’s customers.
WEEE
With new agreements and improved
processes, electronics recycling in
Norway developed positively during the
fiscal year.
Electronics recycling
Electronics recycling continues to develop
positively, and the company’s processes
are at the forefront, just as in the rest of
the Stena Metall Group. A long-term perspective,
efficiency and environmentally
safe processes are the key success factors.
The operations have attracted international
attention, and during the year
visitors from 15 European countries have
come to see how electronics recycling
works.
The more stringent requirements that
will apply to electronic scrap following
the introduction of the WEEE directive
(see page 24) on July 1, 2006 are positive.
Stena Miljø has an excellent collaboration
with the material companies Renas and
Elretur, which organize a large share of
WEEE collections. During the summer a
new, three-year cooperation agreement
was signed with Renas on industrial electronic
waste such as pumps, cables, and
fluorescent light bulbs. This creates the
potential to raise volume in the years
ahead.
Stena Miljø is prepared to meet customer
demand when the WEEE directive is
introduced.
Effective and safe technology
Various types of picture tube glass are
separated using a unique technology at
Stena’s treatment plants in Germany, after
which they can be reused by picture tube
manufacturers around the world. Stena
Miljø is the only company to have such
technology in Norway. This is an example
of how it is helping to boost recycling
rates in the industry in accordance with
EU legislation. Another example is the
recycling of appliances, which has been
moved to Stena’s facility in Halmstad,
Sweden. With the advanced process in
Halmstad, more material can be recycled
from end-of-life appliances. In addition,
ozone-depleting Freon can be destroyed
directly in the process in an efficient and
environmentally safe manner.
37

Recycling | Finland
Recycling | Finland
Stena Metalli established several important
cooperations during the fiscal year.
In addition, several producer responsibility
agreements were signed, including
the first national agreement in Europe to
recycle end-of-life vehicles in accordance
with the EU’s ELV directive. Market
shares continued to rise strongly.
Ferrous and non-ferrous scrap processed at
Stena Metalli’s fragmentation facility in Pori.
During the fiscal year Stena announced a
cooperation with Lassila & Tikanoja
(L&T), one of Finland’s leaders in environmental
services, hazardous waste and
other production waste. Together, Stena
and L&T can now offer environmentally
safe processing of all types of materials,
e.g., ferrous and non-ferrous scrap, paper,
plastics, wood and hazardous waste.
Moreover, their combined branch network
places customers throughout the
country close to a Stena or L&T facility.
The cooperation also provides greater opportunities
to offer customers total waste
management solutions.
Cooperating for success
The positive cooperation between the
Stena Metall Group’s companies in various
countries, particularly in ferrous and
non-ferrous scrap, electronics recycling
and competence development, is a key
success factor in Finland. One example is
the continuous efforts to further improve
processes at the fragmentation facility in
Pori and at the branches.
Improvement work and competence
development
Continuous improvements to working
methods, technologies and logistics are
part of day-to-day efforts. During the fiscal
year the first basic training program in
Six Sigma was initiated. Six Sigma is a
methodology for systematic improvements
used by the Stena Metall Group.
The recycling industry is dynamic and
rapidly developing. To remain on the cutting
edge, Stena in Finland is investing decidedly
in competence development for
staff at all levels.
Future outlook
The producer responsibility law for electronic
scrap that entered into force in
August 2005 will be a plus for the Finnish
recycling market, for the environment and
for consumers. For consumers, it will be
easier to get rid of old electronics, since
the stores that sell them will have to provide
collection bins. The Stena Metall
Group has extensive experience working
with material companies on collection
routines, authorities reporting, etc. This
experience is now being further developed
and adapted to Finnish conditions.
Country Manager
and President
Stena Metalli Oy
Göran Rönnberg
Stena Technoworld Oy
President
Jukka Haavisto
To date Stena’s customer base has mainly
been among industrial customers and the
military. Through several new producer
responsibility agreements, Stena’s activities
will become better known by the
Finnish public as well.
The head office has been moved to
Vanda, near Helsinki’s airport, which is
helping to raise the company’s profile and
simplify customer contacts.
38

Recycling | Finland
In front of the Finnish Parliament, Stena demonstrated its mobile units used to dismantle and crush scrapped cars.
Ferrous and Non-Ferrous
Metals
In spring 2005 Stena Metalli signed a
cooperation agreement with the Finnish
association of auto makers on the recycling
of scrapped cars in accordance with
the EU’s ELV directive (End-of-Life
Vehicles). The agreement runs through
2014 and provides good business opportunities
in this future-oriented area.
Several producer responsibility agreements
The Finnish ELV agreement does not require
car buyers to pay any environmental
fees when they purchase a new vehicle.
When the vehicle has reached the end of
its life, it can be scrapped and recycled at
an environmentally and quality certified
Stena facility, also at no cost to the consumer.
Stena handles all administration,
making it is easy and safe for consumers.
An agreement was also signed with the
material company responsible for tire recycling,
to complement ELV recycling.
Both these agreements, combined with the
agreement with the material company for
metal packaging that Stena Metalli had
previously signed, give it a strong market
position.
In spring 2005 Stena Metalli established
a cooperation with Lassila & Tikanoja,
Finland’s leading environmental services
company with a well-established, nationwide
branch network. The cooperation increases
proximity to customers and makes
it possible to improve service and offer
customers total waste management solutions.
Higher market shares
Ferrous and non-ferrous scrap prices were
volatile during the fiscal year. Still, Stena
Metalli raised its market shares and reported
satisfactory income. A customer-focused
Stena Metalli Oy
During the fiscal year Stena Metalli yhtymä
Oy and Stena EK Oy merged to form
Stena Metalli Oy. Stena Metalli processes
ferrous and non-ferrous scrap at 11
branches. A fragmentation facility is
located in Pori. Electronics recycling is
handled by the new company Stena
Technoworld Oy.
➥ www.stenametalli.fi
39

Recycling | Finland
WEEE
New legislation in Finland is expected to
substantially increase the volume of
electronic scrap collected and recycled.
Together with several electronics producers,
Stena has formed a material
company to meet producer responsibility
requirements and simplify administration.
During the year Stena Metalli established a cooperation
with a network of auto dismantlers.
• = Stena Metalli
• = Cooperation with auto dismantlers
approach stressing on-time deliveries and
high quality was critical to success. The
continued positive development of the
fragmentation facility in Pori contributed
as well.
Stena has established an alliance with a
network of auto dismantlers around the
country. Together, they environmentally
and quality assure all routines according
to ISO standards. All of Stena’s own facilities
are ISO certified, which is important
to maintaining customer confidence. Stena
also has several mobile units in operation
to handle ELV’s.
Consolidation of branch network
The Ferrous and Non-Ferrous Metals
business area did not establish any new
branches during the fiscal year; instead it
consolidated its existing network. The
branches opened last year in Lappeenranta
and Joensuu developed according to plan,
and many new customer agreements were
signed by all the branches.
Stena Technoworld was the first company
in Finland to begin collecting and re -
cyc ling end-of-life electronics. With
collection and transport concepts such as
Green Collect and TechnoBox, customers
can be offered specially designed systems
to manage their electronic waste. Electronics
dismantling and recycling is done
at a facility in Pori, where volume rose
during the fiscal year.
Knowledge exchange and the development
of efficient, environmentally safe
processes are intensive within the Group
(see Research and Development on page
14).
Good conditions in growing market
In recent years the Finnish market for
electronic waste has been stagnant while
awaiting new legislation. The WEEE
directive introduced in Finland in August
2005 has tightened requirements on the
processing and recycling of electrical and
electronic waste (see page 24). Because of
WEEE, volumes in Finland are expected
to grow strongly in the years ahead, and
Stena has the capacity to meet customer
demand and satisfy the directive’s requirements.
Stena Technoworld Oy
Stena Technoworld recycles electronics in
Pori.
Stena is one of Europe’s leading electronics
recyclers. For 13 years, it has been
developing efficient, environmentally safe
processes and currently meets the provisions
of the WEEE directive.
Minimal administration
The WEEE directive introduces producer
responsibility. During the fiscal year Stena
and several electronics producers formed a
producer responsibility association with
the aim of organizing electronic waste collections.
Stena’s concept is to offer simplified
collections, transports and processing
with as little administration as possible.
The cooperation creates the prospects of
volume growth in the years ahead.
The WEEE directive is expected to mean higher
electronic waste volumes in Finland.
Sari Mansikka-aho is shown here dismantling
electronic scrap at Stena’s facility in Pori.
▲
40

Återvinning ❘ Polen
41

Recycling | Poland
Recycling | Poland
Stena consolidated its position as a leader
in the Polish recycling and waste
management market. In the Recovered
Paper business area, it has become
market leader after expanding to three
new locations: Poznan, Warsaw and
Wroclaw. In the Ferrous and Nonferrous
Metals business area, Stena has
retained its strong position in a competitive
market.
During the year Stena’s first electronics recycling
plant in Poland was opened in Poznan.
Cooperation creates strength
Customer service in Poland is developing
step by step thanks to the strong commitment
of the staff and a growing local presence.
All of Stena’s facilities have received
ISO quality, environmental and health
and safety certification, giving customers
full confidence. Cooperation within the
Stena Metall Group and across national
and business area boundaries means that
the best possible technologies, logistics
and working environments can be quickly
implemented at all Stena facilities, and that
volume can be maintained throughout the
business cycle.
Market with great potential
The fiscal year was distinguished by significantly
lower selling prices for recovered
paper and ferrous scrap. Though international
prices fell as well, the trend in
Poland was more defined. With regard to
exports, which are primarily to Germany
and the Czech Republic, margins were
also reduced by the strengthening of the
zloty against the euro.
Short-term fluctuations in volume and
prices are not affecting Stena’s methodical,
long-term commitment to the Polish solid
waste and recycling market. The market
has great potential, and its EU membership
is moving Poland in several ways toward
a path of environmental awareness
and sustainable growth. National recycling
laws and regulations are being harmonized
with the EU’s more extensive,
detailed rules. Moreover, international
companies are increasing their direct investments
in Poland, giving the market for
convenient, environmentally safe waste
management solutions a boost.
Stena’s reliability, competence, local
presence and long-term commitment are
important competitive advantages as the
market grows and becomes more open to
advanced waste management solutions.
Important EU directives
As a consequence of Poland’s EU membership,
two directives in particular will
speed up the transformation and modernization
of the recycling market in the near
future: WEEE and ELV.
WEEE (Waste Electrical and Electronic
Equipment) will be fully implemented in
Poland in autumn 2007. During the year
Stena opened an electronics recycling
plant in Poznan that meets the Group’s
high safety, environmental and occupational
health standards.
With regard to the ELV directive (End-of-
Life Vehicles), Stena is actively helping to create
efficient and environmentally safe systems
to process and recycle scrapped vehicles.
Country Manager
and President
Stena Sp. z o.o.
Marek Cywinski
Ferrous and
Non-Ferrous Area Director
Poland
Thomas Andersson
Recovered Paper
Business Area Director
Lorentz Rondahl
WEEE
Business Area Director
Phär Oscár
42

Recycling | Poland
Ferrous and Non-Ferrous
Metals
Stena’s ferrous and non-ferrous scrap
operations in Poland continued to develop,
and a number of scrapyards were acquired
during the year. Stena has also
worked actively with preparations for
the introduction of the EU’s ELV directive
in Poland. The development of efficient,
environmentally safe systems to
recycle end-of-life vehicles is being done
together with auto dismantlers, automakers
and various authorities.
The Polish scrap market took a downward
turn during the fiscal year after the previous
year’s strong price gains. Stena’s incoming
scrap volumes remained similar to
the previous year when prices dropped
below earlier highs.
Although conditions in the Polish ferrous
scrap market were competitive, Stena
managed to defend its market shares and
leading position.
Continued growth
Two recycling companies – Zlotomet in
Poznan, which deals in ferrous and nonferrous
scrap and recovered paper, and
Bialkor in Bialystok, which handles ferrous
and non-ferrous scrap – were acquired
as an element in a long-term effort
to increase Stena’s local presence throughout
the country and raise the level of service
to accommodate more total waste
management solutions.
The Polish ferrous and non-ferrous
scrap market is still fragmented and small
Stena Sp. z o.o. – Ferrous and
Non-Ferrous Metals
Stena processes ferrous and non-ferrous
metals in a geographically diverse branch
network in Poland. It also has fragmentation
operations in Poznan.
➥ www.stenametall.pl
A mobile compactor and shears at Stena’s branch in Warsaw.
in scale. Stena is among the players helping
dumpster management and reporting sys-
to modernize the industry by utilizing tems. Competence development is based
economies of scale from efficient industrial
on individual needs and is offered contin-
processes and logistic solutions.
uously. Increased customer service and
The EU’s ELV recycling directive for customer value are the aim of all improvement
end-of-life vehicles will soon be introduced
work.
in Poland and will help to revitalize
the industry. ELV requires that 85 percent
Future outlook
of a car’s average weight to be re-
Major investments are being made in steel
cycled by 2007 and 95 percent by 2015. production around the world, which is expected
Stena, together with auto dismantlers,
to result in considerable long-term
carmakers and various authorities, is involved
demand for ferrous scrap. In the Polish
in creating recycling systems for market, EU membership has meant more
scrapped vehicles.
business investment, which is bolstering
The Polish government is to decide on the market for ferrous and non-ferrous
the details of the ELV directive.
scrap. In close cooperation with customers,
Stena is developing its offering of total
Improvement work
waste management solutions.
Several important Six Sigma improvement
projects were conducted during the year,
including the areas of transportation costs,
43

Recycling | Poland
WEEE
In autumn 2004 Stena started electronics
recycling in Poland. A dismantling
facility was opened in Poznan, and
growth opportunities are considered
good in the near future. The introduction
of the WEEE directive is expected
to lead to a substantially higher volume
of electronic scrap that has to be recycled
using environmentally safe processes.
Stena’s recovered paper operations in Warsaw, one of the three new locations where Stena expanded
this business during the year.
Recovered Paper
In a year and a half Stena has become
Poland’s largest recycler of recovered
paper. During the fiscal year recovered
paper operations were expanded to three
new areas. With more collection systems,
flexible transportation vehicles and new
services, the customer offering will be
enhanced in the future.
Poland’s largest recovered paper
company
Stena established its paper recycling operations
in Poland in January 2004 and has
since become the country’s largest recovered
paper company. Paper consumption
and collection rates are both low, but are
expected to rise substantially as a result of
Poland’s EU accession. Another factor is
the strong global demand for recovered
paper.
During the year Stena started its own
recovered paper operations in three new
locations: Warsaw, Wroclav and Poznan.
This has made it possible to offer the service
in new regions and led to more cooperation
with Stena’s other recycling operations
in Poland.
Customer service
Moving forward Stena will further improve
customer service through additional
collection systems and advanced transportation
solutions. Current investments in
compactor vehicles will improve the efficiency
of waste transports. Investments in
new technology and equipment are made
on a continuous basis to improve the efficiency
of production facilities. The branch
in Katowice provides confidential document
destruction, a service which will be
expanded in the future.
Poland has a population of nearly 40 million,
and the recycling industry is developing
positively since EU accession. Consumer
spending is expected to rise, which
in turn will mean more waste has to be
collected and recycled according to EU
rules. The WEEE directive (see page 24),
which will be introduced in two stages by
August 2007, requires more electronic
waste to be safely recycled.
The electronic scrap dismantled in
Poznan is imported largely from Denmark,
since Poland does not yet have
collection systems for electronic scrap on
a large scale.
As in Stena’s other home markets, customers
in Poland are offered a range of
proven collection systems. The new facility
in Poznan dismantles and recycles electronic
waste using an established process
previously used at the Group’s other dismantling
facilities in Sweden, Norway and
Finland. This ensures high efficiency and
optimizes recycling rates. In 2006 Stena
will also establish a large recycling plant
for appliances in Poland.
Stena Sp. z o.o. – Recovered Paper
Stena has recovered paper operations in
Warsaw, Katowice, Poznan, Stettin,
Gdynia and Wroclav. The branch in Katowice
also has two offi ces in Zabrze and
Bielsko Biala. Operations also include
plastic recycling and confi dential document
destruction.
Stena Sp. z o.o. – WEEE
Stena’s electronic recycling plant in
Poland is located in Poznan.
➥ www.stenametall.pl
44

Recycling | Russia
Recycling | Russia
A growing share of Stena’s volume in
Russia is being collected directly at the
source, from industrial customers or
through the growing demolition business.
Investments in new transport equipment
and containers are contributing to higher
efficiency and better service.
Chermet Invest
The Stena Metall Group collects, processes
and trades scrap in Russia. The majority
of its volume is sold to export markets
through the port of St. Petersburg, while a
small share is sold to local steel mills.
Russian ferrous scrap maintains a high
quality and is sought after locally and in
the export market.
Country Manager and
Ferrous and Non-Ferrous
Area Director in Russia
Ulf Scholander
Capacity in the Russian steel industry is
on the rise. The resulting demand for
scrap is making Russia an important home
market for Stena. The prospects are promising:
Russia is Europe’s largest scrap market
and its economy is growing strongly.
The volume of scrap Stena handles is
clearly rising. A large share is construction
scrap, some collected from demolition
projects, which has become a growing
business. Cooperation with Russian
scrap suppliers is developing in several
ways. Investments in two mobile presses
have raised the efficiency of the services
offered to customers in St. Petersburg and
Moscow. With a new mobile shears, production
will continue to improve in the
future.
Collection systems with containers are
offered to customers from whom Stena
collects scrap.
The new scrapyard scheduled to be
opened in St. Petersburg in autumn 2005
will be the largest of the five Stena operates
in the country.
Ferrous and non-ferrous metal processing at one of Stena’s scrapyards in St. Petersburg.
45

Trading
46

Trading | Stena Metal
Trading | Stena Metal
Stena Metal Inc. further developed its
trading operations during the fiscal year.
International prices for scrap and pig
iron fluctuated greatly, but global
demand for raw material for the steel
industry remained strong for the year as
a whole.
Stena Metal Inc. continues to build its trading
operations through on-time deliveries of highgrade
raw materials to customers. Vice President
Matt Siegel (left) and Executive Vice President
Douglas Fried at Stena Metal Inc.
headquarters in Stamford, Connecticut.
▼
Successful trading operations
During the fiscal year Stena Metal further
improved customer service and raised its
trading volume of scrap and pig iron. The
financial strength of the Group makes it
possible to quickly and securely implement
transactions with customers, even
in the case of large volumes. Strong, longterm
relationships with customers and
suppliers are continuously being maintained
and further developed.
A volatile trend, with major swings up
and down in the price of scrap, continued
in fiscal year 2004/2005. The price
of scrap and pig iron continued to rise
in autumn 2004, with gains holding on
until February-March 2005, when the
major downslide began. Beginning in
July 2005 prices again began to rise.
At the time of writing, the U.S.,
Europe and Turkey are driving the
market for steel scrap. China is still the
largest steel producer, with 25–30 percent
of global production. Chinese steel
production continues to grow, but not
at the same rate as the previous year.
Importantly, China has begun to export
During the year Stena Metal Inc. increased
its trading volume for scrap and pig iron.
more steel than it imports. Demand for
high-grade steel scrap remains strong
around the world. Prospects are good
in the years ahead. The same applies
to India, another major market where
Stena Metal has expanded its steel scrap
business.
Expanded cooperation
In the case of pig iron, cooperative ventures
have been established with several
suppliers and major new customers in
Asia and the U.S. New suppliers were
added in Brazil, China and Russia during
the year. Pig iron volume and sales rose,
as did scrap trading activity. Stena Metal
also expanded its cooperation with other
companies in the Stena Metall Group
in the trading of scrap from the Nordic
countries, Russia and Poland.
Raw materials kept close to customers
In recent years Stena Metal has expanded
its role from raw material supplier to partner
to its customers. Long-term relationships
are appreciated by many customers,
especially in Asia. In Thailand and Malaysia,
the company maintains inventories
of scrap and pig iron close to steel mills,
ensuring that it can provide the quantities
and consistent, high quality the customers
demand. For customers, this means
Stena Metal Inc.
President
Flemming Jensen
continuous, secure access to raw material
for their steel production. This approach
to building stable, long-term relationships
is a growing service that will be offered to
more customers in the future.
Stena Metal Inc.
In addition to its headquarters in Stamford,
Connecticut, Stena Metal Inc. has
its own staff on-site in Belo Horizonte,
Brazil, Rayong, Thailand and Tianjin,
China. The company trades scrap, pig
iron, fi nished steel products and coke.
Business is done directly with producers
and end users using efficient logistic
solutions.
47

Steel
48

Steel | Stena Stål
Stena Stål
During the fiscal year Stena Stål continued
to develop its shuttle system. The
result is even faster, more reliable deliveries
to customers in various regions.
Service has also been improved through
increased customization of steel products
and a broader product offering.
In Karlskrona, Dynapac manufactures rollers
and Stena Stål supplies fl ame cut steel components
for its production. Pictured, from left,
are Lennart Borg, purchasing manager at
Dynapac, and Jan-Erik Dahlin, President of
Stena Stål.
▼
Due to higher market demand for pre treated
steel products, Stena Stål has expanded
this customer service at its facilities.
Through flame cutting, precision cutting,
blasting and painting, its products can be
customized in an efficient, environmentally
safe manner. During the fiscal year
the volume of pretreated steel products
continued to grow thanks to increased
demand and improved capacity.
Expanded distribution network
Comprehensive service, high quality and
on-time deliveries are important in the
industry. Eleven sales offices around the
country facilitate fast service and local
familiarity with customers and their needs.
An important way to enhance service –
and at the same time achieve environmental
gains – is to continuously develop intermediary
warehouses and distribution
networks. During the fiscal year the shuttle
system was improved in several regions,
which has led to faster, more reliable
deliveries to customers.
Stena Stål supplies pipe, plate and angle steel
to Avesta-Vagnen. Driver Nils-Erik Bäck (left) in
discussion with Magnus Andersson, owner of
Avesta-Vagnen AB.
With Göteborg as a base, the shuttle system
in western Sweden was expanded so
that large areas are now covered by daily
deliveries. In Mälardalen, Dalarna and
northeast Småland, service was improved
by adding more frequent trips in various
geographic directions.
Larger warehouse capacity for broader
product range
In Älmhult, the shuttle system for Småland
and Blekinge was improved and the
warehouse expanded. At the main warehouse
in Västerås, overhead cranes are being
added and connected with the adjoining
railway tracks to increase efficiency.
The warehouse has also been expanded to
add space for the range of stainless products
recently added to the product range.
Positive trend
The major price increases during the previous
fiscal year continued to some degree
during fiscal year 2004/2005. Later, in
spring and summer 2005, prices dropped
slightly. Volume for the engineering industry
developed well. With regard to
products for the construction industry,
volume fell slightly, with the exception
of reinforcing steel, which has remained
strong. Stena Stål defended its market
share and improved its income compared
Stena Stål AB
President Jan-Erik Dahlin
to the previous year thanks to a combination
of increased capacity and efficiency as
well as continued good demand.
Stena Stål AB
Stena Stål is one of the leading steel
wholesalers in Sweden. Through cooperations
with world-leading steel mills and
an extensive transportation network, it
can supply a broad range of steel products
throughout the country. It has eight
warehouses and eleven sales offi ces.
The main warehouse is in Västerås.
The company is the Swedish leader in
fl ame cut plate, which it produces at its
facility in Falkenberg. Customized steel
products are offered through fl ame cutting,
precision cutting, shot-blasting and
prepainting. Stena Stål is quality and
environmentally certified according to
ISO 9001 and ISO 14001.
➥ www.stenastal.se
49

Olja | Stena Oil
Oil
50

Oil | Stena Oil
Stena Oil
During the year Stena Oil continued to
improve its customer service. It has
established operations in the Great Belt
area. Two ultramodern bunker vessels
will be placed in service in autumn 2005,
providing a number of environmental
benefits and making it possible to further
improve service.
Stena Oil supplies bunker oil in an area
stretching from Bergen, Norway to Swinoujście,
Poland. Left: Bunker oil delivered to the East
Indiaman Götheborg in the port of Göteborg.
▼
Its ability to supply bunker oil safely,
quickly, punctually and at any time of day
is a strong reason for another favorable
year for Stena Oil. The company supplies
bunker oil in an area stretching from Bergen,
Norway in the north to Swinoujście,
Poland in the south. Customers are mainly
international shipping companies.
Deliveries to more areas
During the year the company successfully
expanded its operations, including to the
Great Belt area. As a whole, volume rose
significantly and Stena Oil strengthened
its position as Scandinavia’s leading supplier
of bunker oil.
Safety is a priority. Stena Oil has helped
to develop the Green Bunkering safety
concept in the industry and applies it to all
ships in its bunker fleet.
Stena Oil is expanding its bunker fleet to offer
service to customers in more locations. The
new bunker vessel Fox Sunrise, left, is shown
calling at the port of Göteborg. The ship has a
unique design that offers environmental and
safety benefi ts through twin hulls, sides and
double decks as well as diesel-electric
machinery.
New ships provide customer value and
environmental benefits
In autumn 2005 two new bunker vessels,
Fox Sunrise and Norden, will be placed
in operation, at which point deliveries can
be made to even more areas. All vessels in
the fleet will then comply with the EU’s
requirement for twin hulls – or similar
designs – which enters into force in 2008.
The new ships offer a number of advantages
in terms of safety and the environment.
Their maneuverability is unique
compared to conventional vessels. Safety
is high as well thanks to their twin-hulled
design. One of the ships is also doubledecked,
which creates a thermostatic effect.
As a result, less energy is used to maintain
the correct oil temperature. With dieselelectric
power, the vessel operates fuelefficiently.
Good prospects looking ahead
Prospects in the years ahead are good.
More stringent EU regulations are being
introduced with regard to ship design
and fuel consumption, which is creating
growth opportunities for Stena Oil.
Operations are strategically located for
deliveries to vessels that traffic the North
Sea on their way into or out of the Baltic
Sea, a region with a growing market.
Stena Oil AB
President Sten Claesson
Stena Oil supplies low-sulphur fuel to
cus tomers who demand it. In 2006 all
vessels that traffic the Baltic Sea must
be power ed by low-sulphur fuel, and in
2007 this requirement will be expanded to
include the English Channel and North
Sea. The company is prepared to meet this
increased demand.
Stena Oil AB
Stena Oil is Scandinavia’s leading supplier
of bunker oil. Bunkering is done offshore,
near ports on the Skagerack and
Kattegatt seas, with chartered vessels.
All vessels are approved for the Green
Bunkering safety concept. International
operations are handled in cooperation
with around a hundred selected partners.
Shipping plays a vital role in modern society,
especially for the retail and industrial
sectors. For example, a third of all Swedish
foreign trade passes through the port
of Göteborg*. Effi cient, on-time deliveries
of high-quality products are therefore
critical.
➥ www.stenaoil.se
*Source: Port of Göteborg
51

Finance | Stena Metall Finans
Stena Metall Finans
During the fiscal year a number of assets
experienced substantial price fluctuations.
Raw materials such as metals rose
to historically high levels. This was particularly
true of petroleum products. The
stock market developed very well with
relatively low volatility. Compared to
recent years, the currency and fixed income
markets were comparatively stable.
Income for Stena Metall Finans was
satisfactory.
The Group’s internal bank
Stena Metall Finans serves as the Group’s
internal bank. The policy for managing
currency risks is distinguished by prudence.
Its areas of responsibility include:
• Active participation in analysis, quality
assurance of decision-making data and
financing of investment activities.
• Establishing routines for cash management,
capital procurement and account
structures, and actively working to
reduce the Group’s working capital.
• Contributing to the Group’s short- and
long-term earnings by efficiently managing
and trading liquid assets.
• Monitoring financial markets to keep
Group companies updated on developments.
• Weighing risk levels with regard to the
Group’s customer credits and managing
the credit portfolio.
• Ensure the Group’s access to long-term
financing.
Financial management and trading
The finance units in Sweden and Switzerland
achieved good results during the year
from short- and long-term trading, in
both cases primarily in the equity market.
Exchange rate effects on consolidated
income
The best possible balance is always sought
between assets and liabilities as well as
between revenue and expenses in foreign
currency. It is im portant that the Stena
Metall Group finances its operations in
the right currency. Other projected flows
are continuously hedged using forward
exchange contracts.
Increased access to information and
expanding trade across national and
currency boundaries have led to greater
transparency in scrap prices. The Group’s
earnings were previously affected more by
the exchange rate between USD and SEK
than they are today. When the dollar
changes in value against the krona, Swedish
purchasing prices are now adjusted
much more quickly.
Liquidity and financing
The Group’s external financing is secured
entirely through the banking system.
Bilateral credit agreements are in place
with a number of banks in the countries
where the Stena Metall Group is established
and has a need for banking services.
For financing purposes, the principal rule
CFO and Vice President
Stena Metall AB
John Lindqvist
is that no assets belonging to the Group’s
core businesses may be used as collateral.
We have reached agreement with our
banks on certain key financial indicators
and periodic information updates as a
condition for financing. These so-called
covenants are used by all our financial
sources.
Due to the highly volatile prices of our
basic assets such as scrap, ferrous and
non-ferrous metals and bunker oil, which
is immediately reflected in tied-up working
capital, we ensure that we have the
liquidity needed to manage organic and
acquisition-based growth.
Environmental insurance
Through environmental insurance, the
Group has as in previous years allocated
the necessary provisions to cover future
remediation costs of previously contaminated
soil.
Exchange rate, USD/SEK Key commodities Stockholm Stock Exchange OMX index
USD
12
10
8
6
4
2
Price index
300
250
200
150
100
50
1,600
1,400
1,200
1,000
800
600
400
200
0
2001 2002 2003 2004 2005
0
2001 2002 2003 2004 2005
0
2001 2002 2003 2004 2005
Copper, LME
Steel index
Oil, Nymex
Corrugated
Scrap, class 11
52

The Stena Sphere
The Stena Sphere consists of three parent companies wholly owned by the Sten A. Olsson family - Stena AB (publ), Stena Sessan
AB and Stena Metall AB – in addition to their wholly or partly owned subsidiaries. The partly owned company Concordia Maritime
AB, which is listed on the Stockholm Stock Exchange, is 52% owned by Stena Sessan AB.
Organization
Stena Metall AB Stena AB Stena Sessan AB
52%
Concordia
Maritime AB
Business areas
Ferry Lines
Net Sales SEK 9,035 million
Income SEK 115 million
Offshore Drilling
Net Sales SEK 1,430 million
Income SEK –249 million
Shipping
Net Sales SEK 5,218 million
Income SEK 1,862 million
Real Estate
Net Sales SEK 1,500 million
Income SEK 557 million
Finance
Net Sales SEK 1,110 million
Income SEK 668 million
Recycling, Environmental
Services and Trading
Net Sales SEK 20,879
million
Income SEK 686 million
Stena Sphere 2004: Net sales SEK 38,082 million. Income after financial items SEK 3,640 million. After minority interests
SEK 3,284 million.
The figures for Recycling, Environmental Services and Trading cover the period September 1, 2004 – August 31, 2005. For other business areas,
the period is January 1, 2004 – December 31, 2004.
Net sales, SEK million*
20,000
Income after financial items, SEK million*
2,500
No. of employees in Stena Sphere
15,000
16,000
2,000
12,000
12,000
1,500
9,000
8,000
1,000
6,000
4,000
500
3,000
Stena
AB
Stena
Metall
AB
Stena
Sessan
AB
Concordia
Maritime
AB
Stena
AB
Stena
Metall
AB
*Stena Metall’s figures cover the period September 1, 2004 – August 31, 2005.
For other companies, the period is January 1, 2004 – December 31, 2004.
Stena
Sessan
AB
Concordia
Maritime
AB
2001 2002 2003 2004
53

Financial review
Directors’ report
▲
The Board of Directors and the President
of Stena Metall Aktiebolag, with
its registered office in Göteborg, herewith
present their report for the fiscal
year September 1, 2004 to August 31,
2005.
About Stena Metall
The Stena Metall Group is the Nordic
leader in recycling and environmental
services. The Group has nine business
areas: Ferrous and Non-Ferrous Metals,
Aluminium, Recovered Paper, Environmental
Services, Electronics Recycling,
Oil, Steel, Trading and Finance.
Extensive recycling operations are conducted
in the Scandinavian countries
and Poland.
Market
The U.S. dollar started and finished the
fiscal year at about the same exchange
rate with the Swedish krona, but fluctuated
greatly in between. A volatile trend
with major price swings in the ferrous
and non-ferrous scrap market continued
during the fiscal year. Volume trends
were positive in the business areas.
Recycling operations in Sweden
The Swedish recycling operations
continue to shift their emphasis toward
total waste management solutions, industry-specific
solutions and hazardous
waste services. Through acquisitions,
the business areas have expanded to
new locations and strengthened their
branch networks. Volume rose in all
business areas despite tighter competition.
Recycling operations in Denmark
Operations have grown substantially
thanks to new services, expanded locations
and acquisitions. This makes it
possible to offer services in more re-
Phuc Duyen Nguyen, a production employee
at Stena Miljø in Ausenfjellet, Norway.
gions of the country. The volume trend
is positive in all business areas. In a recovered
paper market stifled by price
pressures, Averhoff & Co A/S has
gained market share by increasing its
collections of existing volumes in the
market. Scanfors A/S and Nicha
Miljøteknik A/S were merged to form
Stena Miljø A/S. New smelting furnace
technology was placed in operation by
Stena Aluminium A/S at its facility in
Kolding.
Recycling operations in Finland
During the fiscal year Stena Metalliyhtymä
Oy signed an ELV agreement
with the Finnish association of automakers
to collect and process end-oflife
vehicles. A cooperation has been
established with a network of auto dismantlers
whereby Stena will receive
their scrapped vehicles. A cooperation
was also established with the publicly
listed company Lassila & Tikanoja Oy,
one of Finland’s leading environmental
service providers. In August 2005 the
WEEE directive was introduced, regulating
the collection and processing of
electrical and electronic equipment. The
volume of WEEE waste is expected to
rise in years ahead.
Recycling operations in Norway
Recycling operations in Norway continued
to develop total waste management
solutions and hazardous waste
services during the year. Demand for
total waste management solutions is
rising. Stena is well prepared for Norway’s
harmonization with the EU’s
new directives on electronic scrap and
end-of-life vehicles. In Mongstad, north
of Bergen, a new hazardous waste treatment
plant was opened – the first of its
kind in the world. Ferrous and non-ferrous
metal operations are developing
positively, as are recovered paper services.
Recycling operations in Poland
Stena consolidated its position as a
leader in the Polish recycling and waste
management market. It continued to
improve its range of services, collection
systems and local presence. In the Recovered
Paper business area, Stena has
become the market leader after expanding
to three new locations during the
fiscal year. In the Ferrous and Non-
Ferrous Metals business area, Stena has
retained its position despite market
pressures.
Trading
Development for Stena Oil AB was
favorable during the fiscal year, as it
expanded to Denmark’s Great Belt
area. The bunker fleet is being updated,
and two new bunker vessels offer a
number of benefits in terms of safety
and the environment, making it possible
to further enhance service.
Stena Stål AB reported satisfactory
income and enhanced its services for
customers in several ways. The shuttle
delivery system and customization
services were improved, and the product
range was broadened.
Trading operations were distinguished
by good demand for raw materials
from the steel industry; this applies
to both scrap and pig iron. Stena Metal
Inc. raised its volumes across the board
and boosted income compared to the
previous year. The cooperation with
other companies in the Ferrous and
Non-Ferrous Metals business area
developed positively.
Finance
During the fiscal year funding was
secured for acquisitions primarily in
Denmark. Equity trading increased in
scope compared to the previous year.
Some oil trading was conducted as well.
The Group continuously monitors
the key financial indicators it agreed
upon with its banks to ensure access to
liquid funds.
55

Financial review
56
With regard to leases, refer to Note 32
on page 71.
Changes in the Group’s composition
During the fiscal year the following
major acquisitions were made within
Stena Metall. In Sweden, the Group
acquired the assets and liabilities of
Boxholms Aluminiumåtervinning AB,
the shares in B & N Förvaltning AB
(along with its subsidiary Rörsanering i
Luleå AB), and B & N Fastighets AB.
Åmåls Miljöhantering AB was merged
with Stena Miljö AB.
In Denmark, Roskilde Jernverk A/S
was acquired on December 16, 2004
and Herning Produktforretning A/S on
July 1, 2005.
In Austria, Stena acquired the electronics
recycling company Ecotronics
Eco-efficient Electronics and Services
GmbH with operations in Vienna. In
Germany, it acquired Griag Glasrecycling
AG, a specialist in picture tube
recycling.
In Poland, Stena acquired the assets
of the recovered paper companies
Zlotomet and Red-Box, which will be
integrated with the other recovered
paper operations in the country. Stena
also acquired the assets of Bialkor, a
ferrous and non-ferrous metal recycler.
Also in Poland, Stena ISMR, Stena
Alcopper Scrap and Stena Surowce
Wtórne were merged with the parent
company, Stena Sp. z o.o.
No companies or operations were
divested during the year.
The Group’s composition and ownership
structure are explained on pages
80–81.
Environmental information
Ten of the Group’s Swedish companies
are engaged in sensitive activities that
require environmental notification or
permits from the government in accordance
with chap. 9 § 6 of the Environmental
Code (1999:808). In total,
the companies have 100 facilities subject
to notification or permit requirements.
These companies are engaged in the recycling
of ferrous and non-ferrous
scrap, paper, electronics and the production
of aluminium alloys. Operations
also include the collection, storage
and treatment of hazardous waste as
well as steel pre-treatment. The majority
of the Group’s operations in Sweden
have permit requirements.
Five of the ten companies are currently
revising or renewing their permits
due to increased production volumes.
The largest environmental impact
from their operations is from noise as
well as soil, air and water emissions
from the handling and processing of incoming
wastes.
To protect the environment, Group
companies comply with an environmental
policy and utilize established
control systems. All recycling companies
and steel operations are ISO 14001
certified. Umeå Tank & Miljö AB,
which was acquired in the previous
year, is planning for certification in
2006.
As in previous years, the Group has
allocated the necessary provisions to
cover future costs for remediation of
previously contaminated soil.
Change in accounting principles
As of September 1, 2004 the Swedish
Financial Accounting Standards Council’s
recommendations are applied. The
effect of the change is indicated under
the heading “Accounting and valuation
principles” on page 61.
Future outlook
Competition in Stena’s home markets is
increasing, but the Group’s growth in
the Nordic region, Poland and Russia is
expected to continue in the years ahead.
Sales and income
The Group’s consolidated sales
amounted to SEK 20,879.0 million
(17,207.4), an increase of 21.3 percent
compared to the previous fiscal year.
The Parent Company’s sales were SEK
61.1 million (57.6), of which intra-
Group transactions accounted for SEK
54.1 million (51.2). The Group’s income
after tax amounted to SEK 436.2
million (432.1). The Parent Company
reported a loss of SEK 32.4 million,
against a loss of SEK 36.2 million in the
previous year.
Events after the balance sheet date
Electronics recycling within Stena EK
Oy in Finland has been conducted by
the new company Stena Technoworld
Oy since September 1, 2005. The operations
of Stena Metalliyhtymä Oy in
Finland are conducted by the new company
Stena Metalli Oy as of September
1, 2005. Stena Offlex and Stena Ekofix
have been merged with Stena Metalli
Oy.
Parent Company
The Parent Company’s operations consist
primarily of property leasing and
the provision of shared Group services.
Personnel
The Group’s investments in competence
development are more extensive
than ever. Stena Gotthard AB’s trainee
program has continued. Around 160
employees have participated in the
leadership program since its inception
in 2001. Environmental and IT training
is arranged periodically for employees,
as are practical training programs. Six
Sigma, a methodology used to improve
operational performance by reducing
defects, is being implemented by the
Group. One of the objectives is to provide
Six Sigma training to 300 employees
by fiscal year 2005/2006.
Systematic efforts to reduce absenteeism
in Sweden have produced results,
and the trend is positive. Routines
for absenteeism reporting and rehabilitation
were refined and improved during
the year. For information on the
number of employees, salaries, etc. within
the Parent Company and the Group,
refer to Note 1 on pages 64 and 76.

Financial review | The Group
Income statements | The Group
September 1–August 31
SEK million Note 2004/2005 2003/2004
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 20,879.0 17,207.4
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 –19,468.1 –15,929.4
Gross income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,410.9 1,278.0
Sales expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 –309.7 –305.8
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2, 4 –438.0 –368.8
Other operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 77.3 40.2
Other operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –1.6 –6.0
Income from investments in associated companies . . . . . . . . . . . . . . 6, 19 6.0 6.3
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 744.9 643.9
Income from other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 — 1 .2
Interest income and similar credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 89.6 36.8
Interest expenses and similar charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 –148.4 –72.3
Income before tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686.1 609.6
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 –249.8 –177.5
Minority interest in income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –0.1 —
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436.2 432.1
Changes in shareholders’ equity | The Group
Share Restricted Unrestricted Net
capital reserves reserves income
Closing balance according to previous year’s balance sheet. . . . 13.0 455.5 1,640.7 432.1
Effect of change in accounting principle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –16.0
Opening balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.0 455.5 1,624.7 432.2
Reversal of previous year’s income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432.1 –432.1
Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –65.0
Transfer between restricted and unrestricted equity . . . . . . . . . . . . . . . 148.7 –148.7
Translation differences, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –4.3 4.2
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436.2
Closing balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.0 599.9 1,847.3 436.2
Specification of restricted reserves Aug. 31, 2005 Aug. 31, 2004
Equity portion of untaxed reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380.0 334.5
Other restricted reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208.7 111.6
Share of equity in associated companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2 9.4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 599.9 455.5
57

Financial review | The Group
Balance sheets | The Group
August 31
SEK million Note 2005 2004
ASSETS
Fixed assets
Intangible fixed assets
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 243.4 102.1
Other intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 15.8 0.2
Total intangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259.2 102.3
Tangible fixed assets
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 681.4 592.9
Land and other real estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 366.3 265.5
Plant and machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 1,112.2 913.9
Vessels, lessor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16, 32 606.4 644.4
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17, 32 101.6 94.6
Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 119.5 68.7
Total tangible fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,987.4 2,580.0
Financial fixed assets
Shares and participations in associated companies . . . . . . . . . . . . . 19 25.5 22.5
Other long-term securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 0.6
Other long-term receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 42.8 44.5
Total financial fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69.3 67.6
Total fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,315.9 2,749.9
Current assets
Inventories, etc.
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 3,753.7 3,385.7
Advances to suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.7 16.9
Total inventories, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,781.4 3,402.6
Current receivables
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,236.2 1,261.4
Prepaid tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.1 1 .7
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 171.4 193.0
Prepaid expenses and accrued income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 140.3 152.4
Total current receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,597.0 1,608.5
Cash and bank balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309.1 535.3
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,687.5 5,546.4
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,003.4 8,296.3
58

Financial review | The Group
August 31
SEK million Note 2005 2004
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity
Restricted equity
Share capital, 130,000 shares, par SEK 100. . . . . . . . . . . . . . . . . . . . . . . . 13.0 13.0
Restricted reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 599.9 455.5
Total restricted equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 612.9 468.5
Unrestricted equity
Unrestricted reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,847.3 1,640.7
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436.2 432.1
Total unrestricted equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,283.5 2,072.8
Total shareholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,896.4 2,541.3
Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 –1.4 —
Provisions
Provisions for deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 245.8 204.1
Provisions for pensions PRI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 87.8 76.9
Provisions for pensions, other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 41.0 29.7
Other provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 209.3 149.9
Total provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 583.9 460.6
Long-term liabilities
Loans from credit institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 1,381.6 993.5
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.6 20.5
Total long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,411.2 1,014.0
Current liabilities
Loans from credit institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 2,549.5 2,780.3
Advances from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.5 82.5
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 730.4 684.4
Tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81.0 52.5
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 208.8 242.3
Accrued expenses and prepaid income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 491.1 438.4
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,113.3 4,280.4
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES . . . . . . . . . . . . . . . 9,003.4 8,296.3
Assets pledged . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 1,347.6 1,284.4
Contingent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 50.4 26.3
59

Financial review | The Group
Statements of cash flow | The Group
September 1–August 31
SEK million Note 2004/2005 2003/2004
Operating activities
Income before tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686.1 609.6
Adjustments for non-cash items, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385.7 269.1
1,071.8 878.7
Taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –230.2 –24.9
Cash flow from operating activities
before changes in working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 841.6 853.8
Cash flow from changes in working capital
Increase (–)/decrease (+) in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . –362.8 –1,096.1
Increase (–)/decrease (+) in current receivables. . . . . . . . . . . . . . . 89.4 –319.0
Increase (+)/decrease (–) in current liabilities . . . . . . . . . . . . . . . . . . –30.8 205.8
Cash flow from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537.4 –355.5
Investing activities
Acquisition of subsidiaries and assets/liabilities . . . . . . . . . . . . . . –279.3 –90.6
Acquisition of intangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –5.5 –0.2
Acquisition of tangible fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –569.9 –1,091.4
Disposal of tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4 26.3
Acquisition of financial assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –0.6 –1.5
Disposal of financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5 42.5
Cash flow from investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –830.4 –1,114.9
Financing activities
Increase (+)/decrease (–) in loans from credit institutions . 122.7 1,510.1
Increase (+)/decrease (–) in other liabilities. . . . . . . . . . . . . . . . . . . . . 9.1 10.2
Dividend paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –65.0 –25.0
Cash flow from financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66.8 1,495.3
Cash flow for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –226.2 24.9
Cash and cash equivalents, September 1 . . . . . . . . . . . . . . . . . . . . . . . 535.3 510.4
Cash and cash equivalents, August 31 . . . . . . . . . . . . . . . . . . . . . . . . . . 309.1 535.3
Supplemental disclosure to statement of cash flow 31
Adjustments for non-cash items, etc.
Income from investments in associated companies . . . . . . . . . . –4.7 –5.9
Depreciation and writedown of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382.9 282.7
Translation differences, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –56.4 –8.4
Capital gain/loss on sale of fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . 10.3 –9.9
Provision for/dissolution of deferred tax . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 –7.3
Provision for/dissolution of other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . — –16.3
Provision for/dissolution of pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 –0.4
Other provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.6 34.6
Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –1.4 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385.7 269.1
60

Financial review | The Group
Accounting and valuation principles
Amounts stated in the annual report are
in millions of Swedish kronor (SEK million)
unless indicated otherwise.
General accounting principles
The annual report has been prepared in
accordance with the Annual Accounts
Act and the recommendations and pronouncements
of the Swedish Financial
Accounting Standards Council.
Changes in accounting principles
As of September 1, 2004 the accounts
are prepared according to the recommendations
and pronouncements of the
Swedish Financial Accounting Stand ards
Council. Guidance has previously been
obtained from a number of these recommendations.
The recommendations
applied for the first time are RR 6:99
Leases, RR 11 Revenue, RR 22 Preparation
of Financial Statements, RR 23 Related
Party Disclosures, RR 27 Financial
Instruments: Recognition and
Measurement, and RR 29 Employee
Benefits. The application of RR 6:99 increases
equipment by 30.7 (32.1) and
current liabilities by the same amount.
The application of RR 29 increases the
pension liability by 22.1, while reducing
the deferred tax liability by 6.1 and
unrestricted equity by 16.0.
The company’s shares are not publicly
traded. For this reason, it does not
apply RR 18 Earnings per Share and
RR 25 Segment Reporting.
Consolidated accounts
The consolidated accounts have been
prepared in accordance with the Swedish
Financial Accounting Standards Council’s
recommendation RR 1:00 Consolidated
Financial Statements.
The consolidated financial statements
comprise Stena Metall AB and all com-
panies in which the Parent Company at
the end of the fiscal year directly or indirectly
owns more than 50 percent of
the voting rights or other wise exercises
a decisive influence. Companies acquired
during the year have been included
in the consolidated income
statement as of their date of acquisition.
The consolidated accounts have been
prepared according to the purchase
method of accounting. The accounts of
foreign subsidiaries have been translated
to Swedish kronor according to the
Swedish Financial Accounting Standards
Council’s recommendation RR 8, which
calls for use of the current method. According
to this method, all assets, provisions
and liabilities are translated at
closing day exchange rates, while all income
statement items are translated at
the average exchange rates for the year.
Translation differences are posted directly
to shareholders’ equity.
Associated companies
Shareholdings in associated companies,
in which the Group owns at least 20
percent but not more than 50 percent of
the voting rights or otherwise exercises
a decisive influence over operational
and financial management, are normally
reported according to the equity method
in accordance with the Swedish Finan cial
Accounting Standards Council’s recommendation
RR 13.
The equity method means that the
book value of shares in associated companies
is carried by the Group as its
share of these companies’ equity plus
any residual surplus or deficit value.
In the consolidated income statement,
the Group’s share of the income
before tax of associated companies is
reported as “Income from investments
in associated companies.” The Group’s
share of the reported taxes of associated
companies is included in the Group’s
tax expenses. Profit shares earned after
the acquisition of associated companies
but which have not yet been realized
through dividends or distributions are
included in the Group’s restricted
equity.
Merger
Mergers are reported in accordance
with BFNAR 1999:1 Merger of wholly
owned subsidiaries. The consolidated
value method has been applied, whereby
the acquiring company reports the assets
and liabilities of the merged subsidiary
at the values reported in the
consolidated accounts.
Valuation principles, etc.
Assets, provisions and liabilities have
been valued at acquisition value unless
indicated otherwise.
Foreign currencies
Receivables and liabilities in foreign
currency are valued at closing day rates
in accordance with the Swedish Finan cial
Accounting Standards Council’s recommendation
RR 8. Where forward
contracts have been used as a currency
hedge, the forward rate is applied.
Financial instruments
The Group uses several different financial
instruments to minimize currency
risks from cash flows as well as assets
and liabilities. Moreover, various fixed
income instruments are used to ensure
an appropriate interest rate level.
To apply hedge accounting and accrual
of unrealized results from financial
instruments, they must be classified
as hedges of financial risks and at the
same time match the underlying asset
61

Financial review | The Group
or liability or the anticipated payment
flow. Financial instruments that do
not meet the requirements for hedge
accounting are valued at market rates
and reported in the income statement.
Unrealized gains are reported when
realized, while unrealized losses are
reported in income for the period.
Results from all financial derivatives,
with the exception of contracts related
to financial trading, are reported either
as an adjustment in the value of the underlying
asset or liability or as an adjustment
in the revenue or expense for
the period and transaction the contract
is designed to hedge.
Management periodically reviews the
effectiveness of financial instruments
and their correlation with the underlying
exposure.
Refer also Note 33 to the consolidated
financial statements.
Derivatives
Derivatives include forward contracts,
options and swaps used to cover the
risk of changes in exchange rates and
exposure to interest rate risks. Derivatives
are classified either as hedging instruments
or as holdings for trading
purposes.
Derivatives held for trading purposes
are valued at the lower of cost and fair
value. The valuation is made at the
portfolio level for similar instruments.
This means that positive changes in value
are reported when the instrument is
realized and that unrealized negative
changes in value are reported when the
instrument is realized to the extent it is
not offset by unrealized positive changes
in value.
Currency risks
Translation differences from the exposure
of net assets in foreign subsidiaries
are posted directly to the Group’s
shareholders’ equity. Exchange rate differences
from the revaluation of foreign
exchange contracts or funding in foreign
currency designed to hedge foreign
assets are also posted directly to the
Group’s shareholders’ equity and
matched against the translation differences
in such foreign net assets.
The Group hedges anticipated payment
flows based on open transactions.
Realized results from foreign exchange
contracts or currency option contracts,
including paid or received premiums
from option contracts, are accrued and
reported as an adjustment in the underlying
transaction when it occurs.
Interest rate risks
Interest rate swaps are used to hedge
future interest payments. Interest income
or expenses according to these
contracts is accrued and reported as an
adjustment in the interest expense from
the underlying liability.
Fixed assets and depreciation
The branch network is considered part
of production and its costs are included
in their entirety in the cost of goods
sold. As a result, all depreciation of
fixed assets in the branch network is
classified as cost of goods sold.
Other equipment relates to sales and
administrative expenses, and goodwill
to sales expenses.
Depreciation/amortization according
to plan is booked on buildings and land
improvements, machinery and equipment,
and goodwill, and is based on
original acquisition values less estimated
residual value. Depreciation/amortization
schedules are based on the estimated
useful lives of the assets.
Plant, machinery and equipment are
generally depreciated over 3–20 years,
ships over 16-20 years and buildings
over 25–50 years, while the depreciation
schedule for land improvements is
20 years. Goodwill of less than SEK 5
million is amortized directly in the income
statement. Any goodwill items
exceeding SEK 5 million are amortized
over 10 years, since they are considered
to be of long-term strategic importance.
The difference between the abovementioned
depreciation and tax depreciation
is reported by the individual
companies as accelerated depreciation,
which is included in untaxed reserves.
If there is an indication that a writedown
is needed, the recoverable value
of the assets in question is estimated as
the higher of value in use and net realizable
value. Writedowns are made if the
recoverable value is less than the reported
value.
Other long-term securities and
investments
Securities held by companies that are
engaged in trading in securities are
reported as inventory. The securities
have been valued at the lower of cost
and market value on the closing day.
Securities trades are reported in net
sales and cost of goods sold.
In other companies, shareholdings
are reported as fixed assets at acquisition
value, where appropriate after
writedowns.
62

Financial review | The Group
Inventories
Inventories, valued according to RR
2:02, have been reported at the lower
of cost and net realizable value, with
the risk of obsolescence taken into
consideration.
Receivables
Accounts receivable and other receivables
have been reported at the amounts
that are expected to be received after an
individual valuation.
Provisions
A provision is reported in the balance
sheet when there is a formal or informal
commitment resulting from an incident
that occurred and it is likely that an
outflow of resources will be needed to
settle the commitment and a reliable
estimate of the amount can be made.
Employee benefits
The Swedish Financial Accounting
Standards Council’s recommendation
29 Employee Benefits is applied as of
September 1, 2004. For defined benefit
commitments, the pension liability is
calculated taking into account each
country’s expectations with regard to
discount rate, inflation, salary increases,
etc.
Revenue recognition
Revenue is recognized when performance
is rendered and the economic
bene fits and risks associated with
owner ship are transferred to the buyer.
In cases where the Group has performed
a service and payment has been
received before the material has been
processed as agreed to with the customer,
the revenue is reported as a liability
until the service is completed.
Leasing
Lessee
In the consolidated financial statements,
leases are reported where appropriate as
financial leases according to the Swedish
Financial Accounting Standards Council’s
recommendation RR 6:99, Leases.
The Group’s policy is not to enter into
leasing agreements for other than company
cars, ships and premises.
Lessor
The Group owns two vessels which are
leased out for ten years. Lease income is
reported on a straight-line basis over
the lease term. Information on acquisition
values and depreciation is pro vided
in Note 32.
Loan expenses
Loan expenses have been charged
against income in the period to which
they refer regardless of how the borrowed
funds have been used.
Taxes
The Group reports taxes according to
the Swedish Financial Accounting
Standards Council’s recommendation
RR 9 Income Taxes. Total tax consists
of current tax and deferred tax. Current
tax is tax that will be paid or credited
for the current year. This includes any
adjustments in current tax attributable
to earlier periods. Deferred tax is calculated
according to the balance sheet
method on the basis of temporary differences
between the reported value of
assets and liabilities and their value for
tax purposes. Temporary differences
are not taken into account in consolidated
goodwill or in any differences attributable
to participations in subsidiaries
and associated companies that are
not expected to be taxed in the foreseeable
future. In legal entities, untaxed reserves
are reported inclusive of deferred
tax liabilities. In the consolidated accounts,
on the other hand, untaxed reserves
are divided between deferred tax
liabilities and restricted equity. Deferred
tax claims in deductible temporary
differences and tax loss carryforwards
are reported only to the extent it
is likely that they will result in lower
tax payments in the future.
Group contributions and
shareholders’ contributions
Stena Metall reports Group contributions
and shareholders’ contributions in
accordance with pronouncement URA7
of the Swedish Financial Accounting
Standards Council’s Emerging Issues
Task Force.
Group contributions are reported
based on their financial implication, i.e.,
to minimize the Group’s total tax. Since
Group contributions therefore do not
constitute consideration for services
rendered, they are reported directly
against retained earnings after deducting
their tax effect.
Shareholders’ contributions are
posted directly to the shareholders’
equity of the recipient and capitalized
in the shares and participations of the
contributor, to the extent writedowns
are not required.
Statement of cash flow
The statements of cash flow have been
prepared according to the Swedish
Financial Accounting Standards
Council’s recommendation RR 7
Cash Flow Statements.
63

Financial review | The Group
Notes to the financial statements | The Group
1 Personnel
Average number of employees 2004/2005 2003/2004
Total Of whom men Total Of whom men
Parent Company
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 36 55 33
Subsidiaries and representative offices
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,250 1,035 1,188 969
Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292 249 235 197
Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 80 87 80
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 77 70 68
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 30 — —
Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 — —
Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532 364 351 239
Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 185 138 119
USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 5 4
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 2 1
Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 4 2
Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1
Group total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,561 2,071 2,136 1,713
The average number of employees has been calculated based on the company’s paid working hours during the year in relation to
the normal number of annual working hours in the company.
The Board of Directors consists exclusively of men. Of Stena Metall’s senior executives, 14 percent are women.
Salaries, remuneration and 2004/2005 2003/2004
social insurance contributions Social Social
Salaries insurance Salaries insurance
and other contributions and other contributions
remuneration (of which pensions) remuneration (of which pensions)
Parent Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.6 31.8 41.9 29.0
(15.1) (14.7)
Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 708.4 245.3 617.7 230.8
(65.7) (65.2)
Group total 757.0 277.1 659.6 259.8
(80.8) (79.9)
Salaries and other 2004/2005 2003/2004
remuneration by country Board and Of which Other Board and Of which Other
President bonuses employees President bonuses employees
Parent Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9 3.4 37.7 9.3 2.1 32.6
Subsidiaries and representative offices
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4 4.7 431.1 10.7 2.5 401.6
Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0 — 118.7 6.1 — 99.5
Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 0.2 41.5 1.6 0.2 35.9
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 0.3 26.2 2.0 0.2 21.3
Germany. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 — 1.8 — — —
Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 — 0.1 — — —
Poland. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 0.2 34.6 2.2 0.4 18.6
Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 — 10.0 0.3 — 6.8
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 1.8 1.9 0.9 0.9 2.2
USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 1.6 4.5 3.1 1.3 3.5
Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1.3 — — 1.3
Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 0.1 — — 0.1
Group total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.5 12.2 709.5 36.2 7.6 623.4
64
Salaries and other remuneration paid to the President of the Parent Company and the Board of Directors amounted to 10.9 (9.3)
during the year.
Corresponding pension costs amounted to 7.3 (3.1), while outstanding pension commitments totaled 18.5 (18.6).
An agreement has been reached with the President entitling him to 24 months’ severance pay.
Pension commitments to the company’s founder amount to 5.0 (5.4).
The Stena Metall Group is covered by the collectively negotiated ITP plan (a Swedish pension plan), including an alternative ITP
pension for salaried employees with salaries exceeding ten times the income base amount. Alternative ITP applies the alternative
Alecta premium, with the exception of senior executives in Executive Management positions, where the premium is 30 percent of
pensionable salary.

Financial review | The Group
2 Fees to auditors
2004/2005 2003/2004
Audit fees
KPMG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 5.7
Revisionstjänst i Falkenberg AB 0.1 0.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.5
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 7.3
Other services
KPMG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 1.9
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 0.6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 2.5
Audit assignments refer to the review of the annual report and
accounts and the administration by the Board of Directors and the
President. Also included are other duties that are the responsibility
of the company’s auditors as well as consulting or other assistance
resulting from observations during such reviews or the implementation
of such other duties. All other work is considered other services.
3 Net sales per business area
and geographic market
Net sales per
business area 2004/2005 2003/2004
Ferrous and Non-Ferrous Metals 6,011.9 5,002.4
Aluminium . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897.1 773.3
Recovered Paper . . . . . . . . . . . . . . . . . . . 954.3 963.3
Environmental Services . . . . . . . . . . 368.0 423.8
Electronics Recycling . . . . . . . . . . . . . . 206.5 190.5
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,450.1 1,809.4
Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 844.3 601.1
Trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,146.7 5,613.6
Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963.2 1,771.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.9 58.5
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,879.0 17,207.4
Net sales per
geographic market 2004/2005 2003/2004
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,407.4 5,671.8
Rest of Nordic region . . . . . . . . . . . . . 1,817.0 1,627.3
Europe, excl. Nordic region . . . . . 6,403.9 4,500.2
Rest of world . . . . . . . . . . . . . . . . . . . . . . . . 6,250.7 5,408.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,879.0 17,207.4
Excise duties of 0.7 (4.3) are included in sales.
4 Operating expenses
2004/2005 2003/2004
Amortization/depreciation
according to plan by item
Cost of goods sold . . . . . . . . . . . . . . . . . –298.6 –229.8
Sales expenses . . . . . . . . . . . . . . . . . . . . . –55.0 –37.0
Administrative expenses . . . . . . . . . –29.3 –23.0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –382.9 –289.8
Amortization/depreciation
according to plan by asset
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –43.3 –28.6
Other intangible assets . . . . . . . . . . –0.5 –0.5
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –38.5 –31.9
Land improvements . . . . . . . . . . . . . . . –4.3 –3.9
Plant and machinery . . . . . . . . . . . . . . –221.3 –182.2
Vessels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –38.0 –14.8
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –37.0 –27.9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –382.9 –289.8
Operating expenses include a provision of 16.4 (23.6) to cover
future expenses for soil remediation. The provision, which was allocated
in accordance with the requirements of the Environmental
Code, was made to an environmental insurance policy.
5 Other operating income
2004/2005 2003/2004
Lease income from vessels . . . . 63.0 24.6
Gain on sale
of tangible fixed assets . . . . . . . 0.4 10.1
Rental income . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.8
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6 4.7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.3 40.2
6 Income from investments
in associated companies
2004/2005 2003/2004
Stena E Automotive Services AB 1.6 1.7
Svensk Freonåtervinning AB . . . . 3.0 1.9
Returpapperscentralen i
Uppsala HB . . . . . . . . . . . . . . . . . . . . . . . 1.5 2.7
Recodan Papirsortering A/S . . . . –0.1 0.0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 6.3
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Financial review | The Group
7 Income from other securities
The year-earlier figure refers to the gain on the sale of
the shares in Boliden Ltd.
8 Interest income and similar credits
2004/2005 2003/2004
Interest income . . . . . . . . . . . . . . . . . . . . . . 58.3 36.8
Exchange rate differences . . . . . . . 31.3 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89.6 36.8
9 Interest expenses and similar charges
2004/2005 2003/2004
Interest expenses . . . . . . . . . . . . . . . . . . –124.5 –69.8
Exchange rate differences . . . . . . . –22.0 –2.5
Writedown of receivable. . . . . . . . . . . –1.1 —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –0.8 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –148.4 –72.3
Note 10 Taxes, continued
2004/2005 2003/2004
Reconciliation of reported tax charge
Income before tax. . . . . . . . . . . . . . . . . . . 686.1 609.6
Tax according to Parent Company’s
current tax rate (28%) . . . . . . . . . . –192.1 –170.7
Effect of other tax rates
for foreign subsidiaries . . . . . . . . –12.6 –14.8
Amortization of
consolidated goodwill. . . . . . . . . . . –5.7 –3.2
Other non-deductible expenses –27.2 –60.0
Tax-exempt revenue . . . . . . . . . . . . . . . . 4.6 61.4
Tax loss carryforwards utilized . 1.6 1.0
Tax attributable to previous years –8.0 1.6
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –10.4 7.2
Reported tax charge . . . . . . . . . . . . . . –249.8 –177.5
Tax items posted directly
against shareholders’ equity
Deferred tax attributable to
changes in accounting principles 6.1 —
10 Taxes
2004/2005 2003/2004
Current tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . –211.4 –124.9
Deferred tax. . . . . . . . . . . . . . . . . . . . . . . . . . . –38.4 –52.6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –249.8 –177.5
Current tax is distributed as follows:
Current tax
Current tax for the period . . . . . . . . –210.8 –128.1
Adjustment of tax for previous years –0.6 3.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –211.4 –124.9
Deferred tax
Deferred tax on
temporary differences . . . . . . . . . –31.9 –60.7
Deferred tax claim related
to tax loss carryforwards . . . . . . –6.8 8.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –38.4 –52.6
11 Goodwill
Aug. 31, Aug. 31,
2005 2004
Acquisition value,
opening balance . . . . . . . . . . . . . . . . . . . . . 176.7 290.7
Acquisitions during the year . . . . . . . . 179.6 58.7
Disposal of fully amortized
goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –9.5 –173.5
Translation differences, etc. . . . . . . . . 6.9 0.8
Acquisition value,
closing balance . . . . . . . . . . . . . . . . . . . . . 353.7 176.7
Accumulated amortization,
opening balance. . . . . . . . . . . . . . . . . . . . . –74.6 –219.4
Amortization for the year . . . . . . . . . . . . –43.3 –28.6
Disposal of fully amortized
goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5 173.5
Translation differences . . . . . . . . . . . . . . . –1.9 –0.1
Accumulated amortization,
closing balance . . . . . . . . . . . . . . . . . . . . . –110.3 –74.6
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 243.4 102.1
66

Financial review | The Group
12 Other intangible assets
Aug. 31, Aug. 31,
2005 2004
Acquisition value, opening balance 2.3 3.8
Acquisitions during the year . . . . . . . . 15.6 0.2
Disposals during the year . . . . . . . . . . . — –0.4
Disposal of fully amortized
assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — –1.1
Translation differences, etc. . . . . . . . . 1.0 –0.2
Acquisition value, closing balance 18.9 2.3
Accumulated amortization,
opening balance. . . . . . . . . . . . . . . . . . . . . –2.1 –3.1
Amortization for the year . . . . . . . . . . . . –0.5 –0.5
Disposals during the year . . . . . . . . . . . — 0.3
Disposal of fully
amortized assets . . . . . . . . . . . . . . . . . . . — 1.1
Translation differences . . . . . . . . . . . . . . . –0.5 0.1
Accumulated amortization,
closing balance . . . . . . . . . . . . . . . . . . . . . –3.1 –2.1
Reported value. . . . . . . . . . . . . . . . . . . . . . . . . . 15.8 0.2
Consists primarily of know-how in acquired operations.
13 Buildings
Aug. 31, Aug. 31,
2005 2004
Acquisition value, opening balance 876.7 790.4
Acquired or merged companies . . . 58.1 14.2
Acquisitions during the year . . . . . . . . 59.8 55.0
Reclassification . . . . . . . . . . . . . . . . . . . . . . . . 21.5 24.6
Sales and disposals . . . . . . . . . . . . . . . . . . –18.1 –4.0
Translation differences, etc. . . . . . . . . 17.7 –3.5
Acquisition value,
closing balance . . . . . . . . . . . . . . . . . . . . . 1,015.7 876.7
Accumulated depreciation,
opening balance. . . . . . . . . . . . . . . . . . . . . –289.7 –259.8
Accumulated depreciation in
acquired or merged
companies, opening balance. . . . –13.4 –2.8
Reclassifications . . . . . . . . . . . . . . . . . . . . . . . –1.3 0.1
Sales and disposals . . . . . . . . . . . . . . . . . . 6.3 3.1
Depreciation for the year . . . . . . . . . . . . –37.6 –31.0
Translation differences, etc. . . . . . . . . –3.6 0.7
Accumulated depreciation,
closing balance . . . . . . . . . . . . . . . . . . . . . –339.3 –289.7
Revaluations, opening balance . . . . 23.0 23.0
Depreciation of revaluations,
opening balance. . . . . . . . . . . . . . . . . . . . . –17.1 –16.2
Depreciation of revaluated
amount for the year . . . . . . . . . . . . . . . . –0.9 –0.9
Accumulated revaluations,
net, closing balance. . . . . . . . . . . . . . . 5.0 5.9
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 681.4 592.9
Tax assessment value
of buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . 250.9 256.1
14 Land and other real estate
Aug. 31, Aug. 31,
2005 2004
Acquisition value, opening balance 295.0 278.9
Acquired or merged companies . . . 20.3 2.9
Acquisitions during the year. . . . . . . . 79.7 15.8
Reclassifications . . . . . . . . . . . . . . . . . . . . . . . 4.6 5.8
Sales and disposals . . . . . . . . . . . . . . . . . . –16.1 –5.9
Translation differences, etc.. . . . . . . . 12.0 –2.5
Acquisition value, closing balance 395.5 295.0
Accumulated depreciation,
opening balance . . . . . . . . . . . . . . . . . . . . –39.5 –36.3
Accumulated depreciation in
acquired or merged
companies, opening balance . . . — –0.7
Sales and disposals . . . . . . . . . . . . . . . . . . 4.8 1.3
Depreciation for the year . . . . . . . . . . . . –3.9 –3.6
Reclassifications . . . . . . . . . . . . . . . . . . . . . . . –0.2 –0.2
Accumulated depreciation,
closing balance . . . . . . . . . . . . . . . . . . . . . –38.8 –39.5
Revaluations, opening balance. . . . 17.5 17.5
Depreciation of revaluations,
opening balance . . . . . . . . . . . . . . . . . . . . –7.5 –7.2
Depreciation of revaluated
amount for the year . . . . . . . . . . . . . . . . –0.4 –0.3
Accumulated revaluations,
net, closing balance . . . . . . . . . . . . . . 9.6 10.0
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 366.3 265.5
Tax assessment value of land . . . . . 162.7 173.1
67

Financial review | The Group
15 Plant and machinery
Aug. 31, Aug. 31,
2005 2004
Acquisition value, opening balance 2,206.9 1,950.6
Acquired companies . . . . . . . . . . . . . . . . . . 141.3 6.9
Acquisitions during the year. . . . . . . . 280.8 269.3
Reclassification . . . . . . . . . . . . . . . . . . . . . . . 68.2 28.2
Sales and disposals . . . . . . . . . . . . . . . . . . –127.0 –41.4
Translation differences, etc.. . . . . . . . 38.8 –6.7
Acquisition value,
closing balance . . . . . . . . . . . . . . . . . . . . . 2,609.0 2,206.9
Accumulated depreciation,
opening balance . . . . . . . . . . . . . . . . . . . . –1,293.0 –1,129.1
Accumulated depreciation in
acquired companies,
opening balance . . . . . . . . . . . . . . . . . . . . –93.9 –3.3
Reclassification . . . . . . . . . . . . . . . . . . . . . . . . 4.1 –10.8
Sales and disposals . . . . . . . . . . . . . . . . . . 122.7 29.8
Depreciation for the year . . . . . . . . . . . . –221.3 –182.2
Translation differences, etc.. . . . . . . . –15.4 2.6
Accumulated depreciation,
closing balance . . . . . . . . . . . . . . . . . . . . . –1,496.8 –1,293.0
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 1,112.2 913.9
17 Equipment
Aug. 31, Aug. 31,
2005 2004
Acquisition value, opening balance 218.4 172.7
Acquired companies . . . . . . . . . . . . . . . . . . 4.2 38.6
Acquisitions during the year. . . . . . . . 41.1 36.8
Reclassification . . . . . . . . . . . . . . . . . . . . . . . . 7.5 –18.3
Sales and disposals . . . . . . . . . . . . . . . . . . –34.7 –10.8
Translation differences, etc.. . . . . . . . 0.9 –0.6
Acquisition value, closing balance 237.4 218.4
Accumulated depreciation,
opening balance . . . . . . . . . . . . . . . . . . . . –123.8 –87.7
Accumulated depreciation in
acquired or merged
companies, opening balance . . . –1.0 –29.1
Reclassification . . . . . . . . . . . . . . . . . . . . . . . . –2.8 10.9
Sales and disposals . . . . . . . . . . . . . . . . . . 29.4 9.7
Depreciation for the year . . . . . . . . . . . . –37.0 –27.9
Translation differences, etc.. . . . . . . . –0.6 0.3
Accumulated depreciation,
closing balance . . . . . . . . . . . . . . . . . . . . . –135.8 –123.8
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 101.6 94.6
16 Vessels
Aug. 31, Aug. 31,
2005 2004
Acquisition value, opening balance 659.2 —
Acquisitions during the year. . . . . . . . — 659.2
Acquisition value, closing balance 659.2 659.2
Accumulated depreciation,
opening balance . . . . . . . . . . . . . . . . . . . . –14.8 —
Depreciation for the year . . . . . . . . . . . . –38.0 –14.8
Accumulated depreciation,
closing balance . . . . . . . . . . . . . . . . . . . . . –52.8 –14.8
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 606.4 644.4
Vessels are leased out as part of operational leases.
Refer also to Note 32 Leasing.
18 Construction in progress
Aug. 31, Aug. 31,
2005 2004
Acquisition value,
opening balance . . . . . . . . . . . . . . . . . . . . 68.7 12.6
Acquired companies . . . . . . . . . . . . . . . . . 1.5 0.5
Acquisitions during the year. . . . . . . . 146.6 95.4
Reclassification . . . . . . . . . . . . . . . . . . . . . . . . –101.8 –40.3
Translation differences, etc.. . . . . . . . 4.5 0.5
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 119.5 68.7
19 Shares and participations in associated companies
68
Equity Book
Indirectly owned Voting rights, % interest, % value
Stena E Automotive Services AB, reg. no. 556589-8904, Göteborg . . . . . . . . . . . . . . . . . . . . . . . 50.0 50.0 2.2
Svensk Freonåtervinning AB, reg. no. 556072-5946, Stockholm . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.0 50.0 12.9
Returpapperscentralen i Uppsala HB, Uppsala . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.0 50.0 3.3
Recodan Papirsortering A/S, Trige, Denmark. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.3 33.3 5.3
Dansk Genbrug aps., Esbjerg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.0 36.0 0.8
Nordic Sea Service aps., Esbjerg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.0 36.0 0.9
EARN Electroaltgeräte Service GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.0 40.0 0.1
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.5
Accumulated acquisition values Aug. 31, 2005 Aug 31, 2004
Reported value, opening balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.5 21.1
Acquired holding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 —
Share of net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 5.9
Dividend/withdrawals from partnerships. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –3.5 –4.5
Translation differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 —
Reported value, closing balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.5 22.5

Financial review | The Group
20 Other long-term receivables
Accumulated Aug. 31, Aug. 31,
acquisition values 2005 2004
Client company funds, Alecta . . . . . . 1.1 1.1
Other receivables from
insurance companies. . . . . . . . . . . . . . 23.9 23.9
Interest-bearing receivables . . . . . . . . 13.1 13.7
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 5.8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42.8 44.5
Accumulated acquisition values
Reported value, opening balance 44.5 43.0
Additional receivables . . . . . . . . . . . . . . . 28.5 15.1
Settled receivables . . . . . . . . . . . . . . . . . . . . –31.5 –13.6
Translation differences . . . . . . . . . . . . . . . 1.3 —
Reported value, closing balance 42.8 44.5
21 Inventories
Aug. 31, Aug. 31,
2005 2004
Goods for resale, raw material . . . . 1,283.8 1,266.4
Goods for resale, finished
products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,070.9 1,869.6
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399.0 249.7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,753.7 3,385.7
22 Other current receivables
Aug. 31, Aug. 31,
2005 2004
Value-added tax . . . . . . . . . . . . . . . . . . . . . . . . . 123.7 140.0
Receivable from supplier . . . . . . . . . . . . — 30.6
Advance payments to suppliers . . . 5.7 1.9
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42.0 20.5
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171.4 193.0
23 Prepaid expenses and accrued income
This year’s reported amount consists primarily of accrued
income, as in the previous year.
24 Minority interest in equity
Refers to minority owners’ share of the recently acquired
companies Griag Glasrecycling AG (25.1%), 0.1, and
Ecotronics Eco-efficient Electronics and Services GmbH
(24%), –1.5.
25 Provisions
Deferred Provisions Other
Taxes pensions Provisions Total
Reported value, opening balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204.1 106.6 149.9 460.6
Provisions during the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.4 4.1 59.7 122,2
Withdrawals during the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –11.4 –4,8 –6.4 –22,6
Reversal of unutilized amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.8 7.2 8.0
Change in accounting principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –6.1 22.1 — 16,0
Exchange rate differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 — –1.1 –0,3
Reported value, closing balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245.8 128.8 209.3 583.9
Provisions for pensions have increased in connection with the introduction of RR 29, Employee Benefits; see following page.
Other provisions refer primarily to future soil remediation costs.
Provisions for deferred taxes
Temporary differences arise when the reported values of
assets and liabilities and their values for tax purposes
differ. The Group’s temporary differences have resulted in
deferred tax liabilities/tax claims for the following items:
Aug. 31, Aug. 31,
2005 2004
Intangible assets . . . . . . . . . . . . . . . . . . . . . –2.9 –3.5
Tangible assets . . . . . . . . . . . . . . . . . . . . . . . . 203.8 161.0
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –13.7 –9.3
Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.8 —
Tax allocation reserve . . . . . . . . . . . . . . . . 56.6 67.1
Pension provisions . . . . . . . . . . . . . . . . . . . –7.8 –1.5
Tax loss carryforwards . . . . . . . . . . . . . . –4.0 –9.7
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245.8 204.1
69

Financial review | The Group
Note 25 Provisions, continued
Provisions for pensions and similar commitments
Post-employment compensation such as pensions is
disbursed in large part through periodic payments to
independent authorities or bodies, which thereby assume
the commitment to employees, i.e., through defined
contribution plans. The remainder is fulfilled through
defined benefit plans, where the commitments remain
with the Stena Metall Group. Defined benefit plans exist
in Sweden and Norway. For defined benefit plans, the
company’s costs and the value of the outstanding commitments
as of the closing day are estimated with the
help of actuarial calculations, the purpose of which is to
determine the present value of outstanding commitments.
As of September 1, 2004 recommendation RR 29
Employee Benefits is applied, according to which defined
benefit plans are reported consistent with shared principles.
In the consolidated accounts as per August 31,
2004, such plans were reported according to the local
rules and regulations in each country. In accordance with
the transitional rules, an opening liability according to RR
29 has been calculated as per September 1, 2004. Pension
liabilities thereby rose by 22.1, deferred tax liabilities
decreased by 6.1, and unrestricted shareholders’
equity decreased by 16.0.
For actuarial calculations, a discount rate of 3.5% has
been used in Sweden and 5.5% in Norway. The anticipated
salary increase in both countries has been estimated
at 3%.
Pension costs for the year
Defined contribution plans . . . . . . . . . . . . . . . . . . . . . . . . . . 63.2
Defined benefit plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9
Total pension costs for the year . . . . . . . . . . . . . . . . . . 70.1
Provisions for pensions
Opening reported value in the balance sheet . 106.6
Effect of change to RR 29 as
per September 1, 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.1
Adjusted value, opening balance . . . . . . . . . . . . . . . . . 128.7
Cost of pensions earned during the year . . . . . . . 3.0
Interest expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1
Payment of fees by the company . . . . . . . . . . . . . . . . . . –2.5
Compensation disbursements . . . . . . . . . . . . . . . . . . . . –4.8
Other changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3
Reported value, closing balance . . . . . . . . . . . . . . . . 128.8
26 Long-term loans
from credit institutions
The loans fall due for payment within five years. With
respect to assets pledged, refer to Note 30.
27 Short-term loans
from credit institutions
Aug. 31, Aug. 31,
2005 2004
Utilized bank overdraft facilities . . 82.8 276.5
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,466.7 2,503.8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,549.5 2,780.3
The Group has obtained credit commitments of SEK 6.7 billion, of which
SEK 3.8 billion has not been utilized. Agreements are based on key
financial indicators such as debt/equity and interest coverage ratios.
28 Other current liabilities
Aug. 31, Aug. 31,
2005 2004
Owed to limited partnership . . . . . . . — 75.9
Capitalized leasing commitments 30.7 32.1
Advance from agent . . . . . . . . . . . . . . . . . . . 12.0 12.5
Value-added tax . . . . . . . . . . . . . . . . . . . . . . . . 39.2 53.7
Employee withholding taxes . . . . . . . . 16.9 14.2
Property tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 4.0
Excise duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 6.4
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106.9 43.5
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208.8 242.3
29 Accrued expenses and prepaid income
Aug. 31, Aug. 31,
2005 2004
Accrued salaries and
payroll overhead . . . . . . . . . . . . . . . . . . . . 157.2 140.6
Restructuring expenses . . . . . . . . . . . . . — 11.4
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.5 4.6
Prepaid income . . . . . . . . . . . . . . . . . . . . . . . . . 164.9 132.7
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158.5 149.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491.1 438.4
Unreported actuarial gains (–)
and losses (+) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2
70

Financial review | The Group
30 Assets pledged and
contingent liabilities
Aug. 31, Aug. 31,
2005 2004
Assets pledged to credit institutions
Ship mortgages . . . . . . . . . . . . . . . . . . . . . . . . 462.0 462.0
(of which for liability 431.2)
Real estate mortgages . . . . . . . . . . . . . . 116.4 53.8
Leasehold mortgages . . . . . . . . . . . . . . . . — 1.5
Chattel mortgages . . . . . . . . . . . . . . . . . . . . 11.6 5.5
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742.7 714.3
Liquid assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 30.8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,335.0 1,267.9
Assets pledged for other liabilities, etc.
Liquid assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 2.2
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 14.3
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 16.5
Total assets pledged . . . . . . . . . . . . . . . . . 1,347.6 1,284.4
Contingent liabilities
Sureties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.0 —
Guarantees and
contingent liabilities . . . . . . . . . . . . . . . 31.4 23.1
Obligations for partnerships . . . . . . . 4.0 3.2
Total contingent liabilities . . . . . . . . . 50.4 26.3
31 Cash flow
In the statements of cash flow, the effects of acquired
subsidiaries and business units have been excluded
from other changes in the balance sheet. The sum of
payments for these acquisitions after deducting liquid
assets in the acquired units is reported on a separate
line in the statements of cash flow.
Liquid assets consist of cash and bank balances.
Interest paid during the year amounted to –116.9
(–63.2) and interest received to 60.0 (44.7). Dividends
received amounted to 7.1 (4.8).
During the fiscal year companies and business units
were acquired for an aggregate of 308.0. For these
companies, the total value of the acquired assets and
liabilities, purchase prices and the effect on the Group’s
liquid assets were as follows:
32 Leasing
Group as lessee
Operational leases relate primarily to time-chartered vessels.
Properties are leased as well. The cost of operational
leases for the year amounted to 45.4 (29.1)
The Group’s financial leases cover company cars.
Their acquisition value as of the closing day was 49.8
(46.6), while their reported value, net, was 30.7 (32.1).
Future minimum lease fees as of the closing day
amounted to:
Operational Financial
leases leases
Within one year . . . . . . . . . . . . . . . . . . . . . . . . 60.1 9.6
Later than one year
but within five years . . . . . . . . . . . . . . . 196.8 7.7
Later than five years . . . . . . . . . . . . . . . . . 39.6 —
Total minimum lease fees . . . . . . . . . 296.5 17.3
Group as lessor
The Group leases two vessels as part of operational
leases. The acquisition value and reported value, net, of
these vessels as of the closing day was 659.2 (659.2)
and 606.4 (644.4), respectively.
Future minimum lease fees as of the closing day
amounted to:
Total
Within one year . . . . . . . . . . . . . . . . . . . . . . . 63.0
Later than one year
but within five years . . . . . . . . . . . . . . 314.8
Later than five years . . . . . . . . . . . . . . . . . 227.2
Total minimum lease fees . . . . . . . . . 605.0
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192.6
Tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141.6
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.0
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.4
Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –13.4
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –90.9
Assets and liabilities, net . . . . . . . . . . . . . . . . . . . . . . . . . . 279.3
Purchase price paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –308.0
Cash and bank balances in
acquired companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.7
Effect on the Group’s liquid assets . . . . . . . . . . . . . –279.3
71

Financial review | The Group
33 Financial instruments
The Stena Metall Group’s operations are exposed to various
types of financial risks. The Group uses financial
instruments in accordance with the rules of its financial
policy to reduce the risk of a major impact on income
from these risks.
Fixed assets are financed in local currency. Working
capital is financed in local currency or in the currency in
which the sales proceeds are expected to be paid. To the
extent assets and liabilities in each currency cannot be
matched, the net position is adjusted with the help of
financial instruments.
Currency risks arise in part through the translation of
income and balance sheet items in foreign currency to
Swedish kronor and in part through the translation of
cash flows in foreign currency. These currency risks are
reduced by hedging exchange rates with forward
exchange contracts or currency option contracts.
These financial risks are managed in accordance with
the authorization limits stated in the Group’s financial
policy of the finance department through the units in
Sweden and Switzerland, as well as through operating
units with regard to inventory risks. All financial instruments
are traded with counterparties that are considered
to have satisfactory creditworthiness and where
the terms and settlement routines are well documented.
Normally no collateral is pledged by either party for any
credit risks in financial instruments.
Currency risks
Currency risks in Stena Metall’s operations are related to
changes in the value of contracted and anticipated future
payment flows, changes in the value of loans and investments,
and changes in the value of assets and liabilities
in foreign subsidiaries.
The Group’s policy is to hedge a large part of anticipated
future payment flows based on the transactions it
enters into. Shareholders’ equity in foreign subsidiaries
is hedged on a case-to-case basis. The same applies to
income in local currency.
The following table shows the Group’s forward contracts
as per the closing day.
Forward contracts, value in SEK million Bought Sold
EUR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.8
USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285.2
DKK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8
SEK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321.2
Trading
As a minor part of its operations, the Finance business
area trades in currency and fixed income instruments. All
trades take place within the guidelines of the Group’s
authorization limits. All trading positions are valued at
market in the closing accounts, and the change in value
is posted against income for the period.
Interest rate risks
Interest rate risks refer to risks that changes in interest
rate levels will affect the Group’s income and cash flow
or the fair value of financial assets and liabilities. The
goal is to minimize interest rate risks in the form of
imbalances between interest-bearing items in the balance
sheet with variable and fixed interest rates and the
fixed interest rates on a significant share of net cash
(cash and bank balances less interest-bearing liabilities).
By matching the fixed interest period of financial assets
and liabilities, the exposure to interest rate risks is
reduced. Interest swaps are used to change the fixed
interest period of the Group’s financial assets and liabilities.
The following table summarizes the contracts entered
into to hedge interest rate levels for the Group’s loan
portfolio:
Interest rate swaps
Nominal
Currency amount To receive To pay Maturity
SEK 240 3m STIBOR fixed 4.190% Mar 2009
SEK 400 3m STIBOR fixed 2.975% Nov 2006
SEK 400 3m STIBOR fixed 3.620% Nov 2008
SEK 400 3m STIBOR fixed 4.070% Nov 2010
Credit risks
The Group’s receivables from counterparties are managed
according to established routines. Each counterparty is
assigned a limit based on its anticipated solvency and
profit margins.
Liquidity risks
To meet the Group’s need for liquid assets, agreements
have been entered into with several major banks on
credit facilities amounting to SEK 6.7 billion, of which
SEK 3.8 billion has not been utilized. The agreements
contain covenants requiring the Group to maintain specific
key financial indicators such as debt/equity and interest
coverage ratios.
Nominal
amount
Currency option contracts . . . . . . . . . . . . . . . . 186.0
72

Financial review | The Group
Inventory risks
To minimize the risk of a price drop for inventory assets,
the financial policy specifies the lowest and highest
allowable inventory levels. Any price drops are reported
over time against income.
Oil risks
Stena Oil has contracts that require it to maintain forward
contracts on the sale of bunker oil to customers.
These sales have been hedged against suppliers with
corresponding forward contracts on purchases. The forward
contracts cover the period 2005–2007 with a total
value of USD 278 million.
Financial instruments – market valuation
The table below indicates the market value of financial
instruments in the balance sheet and financial derivatives
outside the balance sheet. When determining market
value, listed prices as of August 31 have primarily
been used when available. For certain instruments with
short terms, such as liquid assets, accounts receivable,
accounts payable and short-term loan liabilities, book
value has been used instead. The calculation of the estimated
market value of listed financial instruments has
been based on closing values, i.e., the market values
that would be obtained or paid for the instrument in
question.
The following table shows the market value of financial
instruments:
34 Related party information
Stena AB
Stena Metall’s subsidiary Stena Oil AB sells bunker oil
for ships to the Stena AB Group. The value of these
sales amounted to 945.9 (723.8).
Stena Metall leases out two ships to Stena Line Scandinavia
AB as part of operational leases. Leasing revenue
amounted to 63.0 (24.6).
The Stena Group also performs certain services for
Stena Metall, for which 1.8 (1.2) has been paid.
Stena Line IT Services AB has been paid 2.4 (–) for
the Stena Metall Group’s portion of shared IT costs. In
addition, 0.4 (0.4) has been paid to Stena Fastigheter
for rents and property management.
Olsson family
Stena Metall rents offices from the family. Rents paid
amounted to 7.1 (6.4). Stena Metall has pledged to pay
a lifetime, index-regulated pension to Sten A. Olsson.
Market valuation Book Market
value value
Assets
Listed securities . . . . . . . . . . . . . . . . . . . . . . . 399.0 434.0
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,407.6 1,407.6
Liabilities
Owed to credit institutions . . . . . . . . . 3,931.0 3,931.0
Accounts payable . . . . . . . . . . . . . . . . . . . . . . 730.4 730.4
Holdings for hedging purposes
Interest risk management . . . . . . . . . –56.7
Currency risk management . . . . . . . . . 0.5
Oil risk management . . . . . . . . . . . . . . . . . 0.0
73

Financial Review | Parent Company
Parent Company | Stena Metall
Income statements
September 1–August 31
SEK million Note 04/05 03/04
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.1 57.6
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . 4 –26.8 –24.3
Gross income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.3 33.3
Administrative expenses . . . . . . . . . . . . . . . . . . . 1, 2, 3, 4 –102.7 –113.5
Other operating income . . . . . . . . . . . . . . . . . . . . . 0.2 —
Operating loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –68.2 –80.2
Income from other securities . . . . . . . . . . . . . — 1.2
Interest income and similar credits . . . . . 5 135.9 138.5
Interest expenses and similar charges 6 –132.1 –92.2
Loss after financial items . . . . . . . . . . . . . . . . . –64.4 –32.7
Appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 19.7 –16.6
Loss before tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –44.7 –49.3
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 12.3 13.1
NET LOSS FOR THE YEAR . . . . . . . . . . . . . . . . . –32.4 –36.2
Statements of cash flow
September 1–August 31
SEK million Note 04/05 03/04
Operating activities
Loss before tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –64.4 –32.7
Adjustments for non-cash items, etc. . . . . . 26.5 22.0
–37.9 –10.7
Taxes paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –18.3 40.7
Cash flow from operating activities
before changes in working capital . . . . –56.2 30.0
Cash flow from changes in working capital
Increase (–)/decrease (+) in current receivables 500.3 25.8
Increase (+)/decrease (–) in current liabilities 220.6 –58.3
Cash flow from operating activities . . . . . . 664.7 –2.5
Investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition of subsidiaries . . . . . . . . . . . . . . . . . . –260.7 –54.9
Acquisition of tangible fixed assets . . . . . . . –54.8 –58.9
Disposal of tangible fixed assets . . . . . . . . . . 23.6 16.4
Acquisition of financial assets . . . . . . . . . . . . . . — –5.6
Disposal of financial assets . . . . . . . . . . . . . . . . . 337.5 38.0
Cash flow from investing activities. . . . . . . . . 45.6 –65.0
Financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase (+)/decrease (–) in loans
from credit institutions . . . . . . . . . . . . . . . . . . . . . –135.3 –112.0
Increase (+)/decrease (–) in other liabilities –631.9 147.4
Dividend paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –65.0 –25.0
Group contributions received . . . . . . . . . . . . . . . . 117.8 32.3
Cash flow from financing activities. . . . . . . –714.4 42.7
Cash flow for the year . . . . . . . . . . . . . . . . . . . . . . . . –4.1 –24.8
Cash and cash equivalents, September 1 22.0 46.8
Cash and cash equivalents, August 31 . 17.9 22.0
Supplemental disclosure to statements
of cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Adjustments for non-cash items, etc
Depreciation and writedown of assets. . . . 26.5 23.8
Capital gain on sale of fixed assets . . . . . . . — –1.2
Dissolution of pensions . . . . . . . . . . . . . . . . . . . . . . . — –0.6
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.5 22.0
Share Restricted Unrestricted Net
Changes in shareholders’ equity capital reserves reserves income
Opening balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.0 2.6 687.0 –36.2
Reversal of previous year’s income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –36.2 36.2
Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –65.0
Group contributions, Swedish Group companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204.3
Tax effect of Group contributions, Swedish Group companies . . . . . . . . . . . –57.2
Group contributions to Polish Group companies in Poland . . . . . . . . . . . . . . . . –61.0
Tax effect of Group contributions to Polish Group companies in Poland 17.1
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –32.4
Closing balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.0 2.6 689.0 –32.4
74

Financial Review | Parent Company
Balance sheets
August 31
SEK million Note 2005 2004
ASSETS
Fixed assets
Tangible fixed assets
Buildings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 228.3 225.1
Land and other real estate. . . . . . . . . . . . . . . . . 10 79.3 71.2
Plant and machinery . . . . . . . . . . . . . . . . . . . . . . . . 11 10.4 11.9
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 19.7 20.8
Construction in progress. . . . . . . . . . . . . . . . . . . . 13 7.6 10.6
Total tangible fixed assets . . . . . . . . . . . . . . . . 345.3 339.6
Financial fixed assets
Receivables from Group companies. . . . . 449.1 761.1
Shares and participations in
Group companies . . . . . . . . . . . . . . . . . . . . . . . . . . 14 885.5 624.8
Other long-term receivables. . . . . . . . . . . . . . . . 15 24.9 26.0
Total financial fixed assets . . . . . . . . . . . . . . . 1,359.5 1,411.9
Total fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,704.8 1,751.5
Current assets
Current receivables
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 0.7
Receivables from Group companies. . . . . 453.3 952.2
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 4.3
Prepaid expenses and accrued income 4.2 5.6
Total current receivables . . . . . . . . . . . . . . . . . . 462.5 962.8
Cash and bank balances . . . . . . . . . . . . . . . . . . 17.9 22.0
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . 480.4 984.8
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,185.2 2,736.3
SEK million Note 2005 2004
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity
Restricted equity
Share capital, 130,000 shares, par SEK 100 13.0 13.0
Restricted reserves . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 2.6
Total restricted equity . . . . . . . . . . . . . . . . . . . . . . 15.6 15.6
Unrestricted equity
Unrestricted reserves. . . . . . . . . . . . . . . . . . . . . . . . 689.0 687.0
Net loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –32.4 –36.2
Total unrestricted equity. . . . . . . . . . . . . . . . . . . 656.6 650.8
Total shareholders’ equity . . . . . . . . . . . . . . . . . 672.2 666.4
Untaxed reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 120.5 140.2
Provisions
Provisions for pensions . . . . . . . . . . . . . . . . . . . . . 23.9 23.9
Total provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.9 23.9
Long-term liabilities
Loans from Group companies . . . . . . . . . . . . . 773.4 1,405.3
Loans from credit institutions . . . . . . . . . . . . . 250.9 0.1
Total long-term liabilities . . . . . . . . . . . . . . . . . . 1,024.3 1,405.4
Current liabilities
Loans from credit institutions . . . . . . . . . . . . 1.1 387.2
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1 13.7
Loans from Group companies . . . . . . . . . . . . . 269.8 55.6
Tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1 9.2
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 4.6
Accrued expenses and
prepaid income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 33.0 30.1
Total current liabilities . . . . . . . . . . . . . . . . . . . . . 344.3 500.4
TOTAL SHAREHOLDERS’
EQUITY AND LIABILITIES . . . . . . . . . . . . . . . 2,185.2 2,736.3
Assets pledged. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Contingent liabilities . . . . . . . . . . . . . . . . . . . . . . . . 18 3,247.9 2,480.0
75

Financial review | Parent Company
Notes to the financial statements | Parent Company
1 Personnel
Sick leave absences 2004/2005 2003/2004
Total sick leave as a percent
of normal working hours. . . . . . . . . . . . . 4.8 2.4
Of which consecutive absences
of 60 days or more . . . . . . . . . . . . . . . . . . . 69.9 .3
Sick leave by gender
Men . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 2.5
Women . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9 2.2
Sick leave by age group:
29 years or younger . . . . . . . . . . . . . . . . . . . . . . 2.5 1.3
30–49 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 1.4
50 years or older . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8 5.6
For information on the number of employees, salaries, other compensation
and social insurance contributions for employees, refer
to Note 1 to the Group’s financial statements.
2 Fees to auditors
2004/2005 2003/2004
Audit fees
KPMG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.5
Revisionstjänst i Falkenberg AB . . . . . 0.1 0.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 1.6
Other services
KPMG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.2
Audit assignments refer to the review of the annual report and
accounts and the administration by the Board of Directors and the
President. Also included are other duties that are the responsibility
of the company’s auditors as well as consulting or other assistance
resulting from observations during such reviews or the implementation
of such other duties. All other work is considered other
services.
4 Operating expenses
2004/2005 2003/2004
Amortization/depreciation
according to plan by item
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . –14.6 –13.7
Administrative expenses. . . . . . . . . . . . . . . –10.9 –10.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –25.5 –23.8
Amortization/depreciation
according to plan by asset
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –11.7 –10.5
Land improvements . . . . . . . . . . . . . . . . . . . . . –1.5 –1.5
Plant and machinery . . . . . . . . . . . . . . . . . . . . –1.5 –1.7
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –10.8 –10.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –25.5 –23.8
5 Interest income and similar credits
2004/2005 2003/2004
Interest income, external . . . . . . . . . . . . . . 26.1 36.4
Interest income, Group companies 106.6 101.2
Exchange rate gains. . . . . . . . . . . . . . . . . . . . . 3.2 0.9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135.9 138.5
6 Interest expenses and similar charges
2004/2005 2003/2004
Interest expenses, external. . . . . . . . . . . –11.6 –20.9
Interest expenses, Group companies –117.3 –65.6
Exchange rate losses . . . . . . . . . . . . . . . . . . –2.1 –5.7
Writedown of receivable . . . . . . . . . . . . . . . –1.1 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –132.1 –92.2
3 Leasing
The year’s leasing expense for assets owned via operational
leases, including leases on premises, amounted
to 8.9 (7.9).
7 Appropriations
2004/2005 2003/2004
Allocation to tax allocation reserve — –23.3
Dissolution from tax allocation
reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.6 3.1
Reversal of accumulated
accelerated depreciation . . . . . . . . . . 4.1 3.6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.7 –16.6
76

Financial review | Parent Company
8 Taxes
2004/2005 2003/2004
Current tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3 13.1
Deferred tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3 13.1
Current tax is distributed as follows:
Current tax
Current tax for the period. . . . . . . . . . . . . . 12.6 13.1
Adjustment of tax for previous years –0.3 0.0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3 13.1
Reconciliation of reported
tax charge/tax claim
Loss before tax . . . . . . . . . . . . . . . . . . . . . . . . . . . –44.7 –49.3
Tax according to current tax rate
(28%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.5 13.8
Non-deductible expenses. . . . . . . . . . . . . . –1.2 –1.3
Tax-exempt revenue . . . . . . . . . . . . . . . . . . . . . 1.3 0.6
Tax attributable to previous years . . –0.3 0.0
Reported tax claim . . . . . . . . . . . . . . . . . . . . . 12.3 13.1
Tax items reported directly
against shareholders’ equity
Current tax in Group contributions
received/paid . . . . . . . . . . . . . . . . . . . . . . . . . –40.1 –33.0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –40.1 –33.0
9 Buildings
Aug. 31, 2005 Aug. 31, 2004
Acquisition value, opening balance 323.2 299.1
Acquisitions during the year . . . . . . . . . 11.0 8.4
Reclassification . . . . . . . . . . . . . . . . . . . . . . . . . 6.2 15.7
Sales and disposals . . . . . . . . . . . . . . . . . . . –3.5 —
Acquisition value, closing balance 336.9 323.2
Accumulated depreciation,
opening balance. . . . . . . . . . . . . . . . . . . . . . –98.1 –87.6
Sales and disposals . . . . . . . . . . . . . . . . . . . 1.2 —
Depreciation for the year . . . . . . . . . . . . . –11.7 –10.5
Accumulated depreciation,
closing balance . . . . . . . . . . . . . . . . . . . . . . –108.6 –98.1
Residual value according to plan 228.3 225.1
Accelerated depreciation . . . . . . . . . . . . . –7.1 –7.6
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . . 221.2 217.5
Tax assessment value of buildings
in Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146.5 145.9
10 Land and other real estate
Aug. 31, 2005 Aug. 31, 2004
Acquisition value, opening balance 87.8 82.8
Acquisitions during the year . . . . . . . . 9.7 5.0
Sales and disposals . . . . . . . . . . . . . . . . . . –0.3 —
Acquisition value, closing balance 97.2 87.8
Accumulated depreciation,
opening balance. . . . . . . . . . . . . . . . . . . . . –16.6 –15.1
Sales and disposals . . . . . . . . . . . . . . . . . . 0.2 —
Depreciation for the year . . . . . . . . . . . . –1.5 –1.5
Accumulated depreciation,
closing balance . . . . . . . . . . . . . . . . . . . . . –17.9 –16.6
Residual value according to plan 79.3 71.2
Accelerated depreciation . . . . . . . . . . . . –0.6 –0.7
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 78.7 70.5
Tax assessment value
of land in Sweden. . . . . . . . . . . . . . . . . . . 85.8 88.9
11 Plant and machinery
Aug. 31, 2005 Aug. 31, 2004
Acquisition value, opening balance 44.3 44.3
Sales and disposals . . . . . . . . . . . . . . . . . . –0.6 —
Acquisition value, closing balance 43.7 44.3
Accumulated depreciation,
opening balance . . . . . . . . . . . . . . . . . . . . –32.4 –30.7
Sales and disposals . . . . . . . . . . . . . . . . . . 0.6 —
Depreciation for the year . . . . . . . . . . . . –1.5 –1.7
Accumulated depreciation,
closing balance . . . . . . . . . . . . . . . . . . . . . –33.3 –32.4
Residual value according to plan 10.4 11.9
Accelerated depreciation . . . . . . . . . . . . –9.2 –10.2
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 1.7
77

Financial review | Parent Company
12 Equipment
Aug. 31, 2005 Aug. 31, 2004
Acquisition value, opening balance 56.7 50.4
Acquisitions during the year. . . . . . 9.8 6.9
Sales and disposals . . . . . . . . . . . . . . . . –16.1 –0.6
Acquisition value, closing balance 50.4 56.7
Accumulated depreciation,
opening balance . . . . . . . . . . . . . . . . . –35.9 –26.4
Sales and disposals . . . . . . . . . . . . . . . . 16.0 0.6
Depreciation for the year . . . . . . . . . . –10.8 –10.1
Accumulated depreciation,
closing balance . . . . . . . . . . . . . . . . . . –30.7 –35.9
Residual value according to plan 19.7 20.8
Accelerated depreciation . . . . . . . . . . –0.1 –2.6
Reported value . . . . . . . . . . . . . . . . . . . . . . . 19.6 18.2
13 Construction in progress
Aug. 31, 2005 Aug. 31, 2004
Acquisition value, opening balance 10.6 4.1
Acquisitions during the year. . . . . . 24.3 38.6
Reclassification . . . . . . . . . . . . . . . . . . . . . . –6.2 –15.7
Transferred new construction . . . . –21.1 –16.4
Reported value . . . . . . . . . . . . . . . . . . . . . . . 7.6 10.6
14 Shares and participations
in Group companies
Holdings of shares and participations are specified in
Stena Metall AB’s holdings on pages 80–81.
During the year the following major acquisitions and
changes affected companies in the Group.
In Sweden, Stena Metall acquired the assets of Boxholms
Aluminiumåtervinning on August 1, 2005 for 12.0.
Its operations will be coordinated with those of Stena
Aluminium. On May 1, 2005 Stena Miljö acquired the
shares in B & N Förvaltnings AB with its subsidiary Rörsanering
i Luleå AB, along with the shares in B & N Fastighets
AB, for a total of 22.2. These companies are
mainly active in cleaning and renovating pipes and mains
as well as mechanical work for the engineering sector.
Åmåls Miljöhantering AB has been merged with Stena
Miljö AB.
In Denmark, the shares in Roskilde Jernverk A/S were
acquired for 125.0 (DKK 100 million) on December 16,
2004 and the shares in Herning Produktforretning A/S
were acquired for 66.1 (DKK 52.9 million) on July 1,
2005. Both companies are active in ferrous and non-ferrous
metal recycling and complement the Group’s established
operations geographically.
In Poland, the subsidiaries Stena ISMR, Stena Alcopper
Scrap and Stena Surowce Wtórne were merged with
the parent company, Stena Sp. z o.o. The assets and
liabilities of the recovered paper company Zlotomet
were acquired on July 1 for 37.3 (PLN 16.2 million).
The company, located in Poznan, will be integrated
with the existing recovered paper operations in the
country. In addition, the operations of the recovered
paper company Red-Box was acquired on February 7
for 1.4 (PLN 0.6 million). To further strengthen ferrous
and non-ferrous metal operations, the assets of the
company Bialkor were acquired for 24.2 (PLN 10.5
million) on August 1, 2005. The company is located
in Białystok, in northeast Poland.
On April 1, 2005 operations were established in Germany
through Stena Technoworld’s acquisition of 74.9%
of Griag Glasrecycling AG for 3.3 (EUR 360 thousand).
The company specializes in the recycling of glass from
computer monitors and televisions in an economic and
en vironmentally correct manner. On August 30, 2005
Stena Technoworld also acquired the Austrian company
Ecotronics Eco-efficient Electronics and Services GmbH,
which is today primarily active in the recycling of mobile
phones. The purchase price amounted to 2 (EUR 240
thousand). In both cases, the acquisition agreements
contain terms whereby the remaining shares can be
acquired according to predetermined formulas.
All acquired companies have become wholly owned
subsidiaries unless indicated otherwise.
15 Other long-term receivables
Refers primarily to receivables from insurance companies.
78

Financial review | Parent Company
16 Untaxed reserves
Opening Allocation/dissolution Reported
balance for the year value
Accelerated depreciation:
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 –0.5 7.1
Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 –0.1 0.6
Plant and machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2 –1.0 9.2
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 –2.5 0.1
Tax allocation reserve:
Allocation 1998/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.6 –15.6 —
Allocation 1999/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 — 0.2
Allocation 2000/2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.5 — 72.5
Allocation 2001/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 — 2.0
Allocation 2002/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 — 5.5
Allocation 2003/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.3 — 23.3
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140.2 –19.7 120.5
Of the untaxed reserves. 33.7 (39.3) refers to deferred tax.
17 Accrued expenses and
prepaid income
Aug. 31, 2005 Aug. 31, 2004
Accrued salaries . . . . . . . . . . . . . . . . . . . 11.4 8.1
Accrued social insurance
contributions . . . . . . . . . . . . . . . . . . . . . . . 10.9 9.2
Accrued interest expenses . . . . . . . 2.1 1.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6 11.7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.0 30.1
19 Cash flow
External interest received and paid amounted to 1.0
(2.0) and 1.5 (7.1), respectively.
18 Contingent liabilities
Aug. 31, 2005 Aug. 31, 2004
Sureties for subsidiaries . . . . . . . . . . 3,227.2 2,474.6
Other sureties . . . . . . . . . . . . . . . . . . . . . . . . 15.0 —
Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 —
Pension commitments . . . . . . . . . . . . . 5.1 5.4
Total contingent liabilities . . . . . . . 3,247.9 2,480.0
79

Financial review | Parent Company
Stena Metall AB’s holdings of
shares and participations
Registration Registered Total value at Book value,
Subsidiary number office Holding, % Currency par, 000 SEK 000
Stena Fragmentering AB . . . . . . . 556012-5691 Göteborg 100 SEK 40,950 250,528
Stena Aluminium AB . . . . . . . . . . . . 556039-3075 Älmhult 100 SEK 2,300 71,400
Stena Gotthard AB . . . . . . . . . . . . . . . 556132-1752 Halmstad 100 SEK 2,500 42,225
Stena Metall Återvinning AB. . 556142-3251 Göteborg 100 SEK 100 30,363
Stena Regalia AB. . . . . . . . . . . . . . . . . 556236-0841 Göteborg 100 SEK 100 30,050
Stena Trading AB . . . . . . . . . . . . . . . . . 556047-9395 Göteborg 100 SEK 15,000 18,062
Wedea AB . . . . . . . . . . . . . . . . . . . . . . . . . . . 556470-0515 Göteborg 100 SEK 100 15,332
Stena Miljöteknik AB . . . . . . . . . . . . 556139-0922 Göteborg 100 SEK 10,000 12,200
Stena Plast AB . . . . . . . . . . . . . . . . . . . 556119-6030 Halmstad 100 SEK 10,000 8,527
Förmasten AB . . . . . . . . . . . . . . . . . . . . . 556308-1396 Göteborg 100 SEK 100 7,570
Adactum AB . . . . . . . . . . . . . . . . . . . . . . . . 556628-8246 Göteborg 100 SEK 5,000 5,000
Stena Recycling AB . . . . . . . . . . . . . . 556103-6517 Göteborg 100 SEK 500 2,638
Hisingehus AB. . . . . . . . . . . . . . . . . . . . . 556074-6967 Göteborg 100 SEK 500 3,000
Stena Miljö AB . . . . . . . . . . . . . . . . . . . . 556058-5662 Göteborg 100 SEK 2,800 2,800
AB Stena Metall Finans . . . . . . . . 556008-2561 Göteborg 100 SEK 1,200 1,200
Stena Oil AB . . . . . . . . . . . . . . . . . . . . . . . 556236-0288 Göteborg 100 SEK 1,000 1,000
Stena Stål AB . . . . . . . . . . . . . . . . . . . . . 556077-5925 Göteborg 100 SEK 500 500
Agema AB. . . . . . . . . . . . . . . . . . . . . . . . . . . 556506-8110 Göteborg 100 SEK 100 90
Stena Scanpaper AB . . . . . . . . . . . 556047-8066 Göteborg 100 SEK 100 50
Stena Stål HB . . . . . . . . . . . . . . . . . . . . . 916557-4246 Göteborg 50 SEK — 18
Stena Technoworld AB. . . . . . . . . . 556443-2184 Bräkne-Hoby 100 SEK 771 5
KB Pinnen i Göteborg . . . . . . . . . . 916835-1493 Göteborg 50 SEK — 0
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502,558
Shares in foreign Group companies
Stena Metall A/S. . . . . . . . . . . . . . . . . Denmark 100 DKK 200,000 280,178
Stena Metalliyhtymä Oy . . . . . . . . Finland 100 EUR 2,977 37,000
000 Chermet Invest . . . . . . . . . . . . Russia 100 RUR 143,013 33,597
Stena Metall AS . . . . . . . . . . . . . . . . . Norway 100 NOK 10,000 11,415
Stena Sp. z o.o. . . . . . . . . . . . . . . . . . . Poland 100 PLN 4,000 10,415
Stena Metal Inc. . . . . . . . . . . . . . . . . . . USA 100 USD 1,338 10,315
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382,920
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 885,478
Group companies’ holdings of shares and participations
Stena Gotthard AB
S. Wennbergs Åkeri AB . . . . . . . . . 556132-2842 Värnamo 100 SEK 300
VLR Återvinning AB . . . . . . . . . . . . . 556507-2450 Vetlanda 100 SEK 300
Stena Regalia AB
Stena Stål HB . . . . . . . . . . . . . . . . . . . . . 916557-4246 Göteborg 50 SEK —
Wockatz & Co i Göteborg AB 556155-3974 Göteborg 100 SEK 100
Safe Regalias
Intressenter HB. . . . . . . . . . . . . . . . 916835-0727 Göteborg 50 SEK —
Wockatz & Co i Göteborg AB
Safe Regalias
Intressenter HB. . . . . . . . . . . . . . . . 916835-0727 Göteborg 50 SEK —
Förmasten AB
KB Pinnen i Göteborg . . . . . . . . . . 916835-1493 Göteborg 50 SEK —
80

Financial review | Parent Company
Stena Metall AB’s holdings of shares and participations
Registration Registered Total value at
Subsidiary number office Holding, % Currency par, 000
Stena Miljö AB
B & N Förvaltning AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556453-7719 Luleå 100 SEK 100
Michael Gruffman Miljö
i Umeå AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556639-1503 Umeå 100 SEK 100
Franssons Olje AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556495-3767 Nybro 100 SEK 100
B & N Fastighet AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556409-3028 Luleå 100 SEK 100
Stena Offlex OY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Finland 100 EUR 34
Howgraphic AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556494-7512 Göteborg 100 SEK 1,000
AB I. Franssons Tankservice. . . . . . . . . . . . . . . . . . . . 556176-8515 Nybro 100 SEK 100
Stena Graphic AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556288-0590 Göteborg 100 SEK 100
Stena Ekofix OY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Finland 100 EUR 17
B & N Förvaltings AB
Rörsanering i Luleå AB . . . . . . . . . . . . . . . . . . . . . . . . . . . 556288-2216 Luleå 100 SEK 400
Michael Gruffman Miljö
i Umeå AB
Umeå Tank & Miljö AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556249-3048 Umeå 100 SEK 100
Umeå Tank och Miljö AB
GH Miljö AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556588-9077 Umeå 100 SEK 100
AB Stena Metall Finans
Stena Metall AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Switzerland 100 CHF 21,000
Stena Nordica AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556422-0894 Göteborg 100 SEK 5,080
Stena Freighter AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556121-9105 Göteborg 100 SEK 5,000
Stena Metall AG
Sten Met Insurance AG . . . . . . . . . . . . . . . . . . . . . . . . . . Switzerland 100 CHF 12,255
Transpacific AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Switzerland 100 CHF 100
Yalta Trading AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Switzerland 100 CHF 50
Stena Scanpaper AB
Stena Scanpaper GmbH . . . . . . . . . . . . . . . . . . . . . . . . . Germany 100 EUR 76
Stena Technoworld AB
Griag Glasrecycling AG . . . . . . . . . . . . . . . . . . . . . . . . . . . Germany 75 EUR 80
Ecotronics Eco-efficient
Electronics and Services GmbH . . . . . . . . . . . Austria 76 EUR 100
Stena Metalliyhtymä Oy
Parmiini Oy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Finland 100 EUR 74
Stena Metall A/S
Herning Produktforretning A/S. . . . . . . . . . . . . . . . . Denmark 100 DKK 500
Roskilde Jernverk A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . Denmark 100 DKK 500
Averhoff & Co A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Denmark 100 DKK 14,200
Stena Jern & Metal A/S . . . . . . . . . . . . . . . . . . . . . . . . . Denmark 100 DKK 2,000
Scanpaper A/S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Denmark 100 DKK 2,300
Stena Aluminium A/S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Denmark 100 DKK 5,500
Stena Miljø A/S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Denmark 100 DKK 1,000
Stena International A/S
(fd Stena Technoworld A/S) . . . . . . . . . . . . . . . . . Denmark 100 DKK 500
Ejendomsselskabet Støberigade A/S . . . . . . . Denmark 100 DKK 500
Stena Technoworld A/S
(fd Scanfors A/S) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Denmark 100 DKK 4,286
Stena Metall AS
Stena Miljø AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Norway 100 NOK 250
Stena Scanpaper AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Norway 100 NOK 100
Stena Jern & Metal AS . . . . . . . . . . . . . . . . . . . . . . . . . . . Norway 100 NOK 750
Stena Sp. z o.o.
Stena-Zlomet Sp. z o.o. . . . . . . . . . . . . . . . . . . . . . . . . . . Poland 100 PLN 16,300
Stena-Alcopper Sp. z o.o.. . . . . . . . . . . . . . . . . . . . . . . . Poland 100 PLN 1,624
Stena-Organizacja Odzysku S.A.. . . . . . . . . . . . . . . Poland 100 PLN 1,000
81

Proposed distribution of earnings
Group
According to the consolidated balance sheet as of August 31,
2005, the Group’s unrestricted earnings amounted to SEK 2,283.5
million, of which SEK 436.2 million was net income for the year.
SEK thousands
Retained earnings 688,992
Net loss for the year –32,386
656,606
Parent Company
The Board of Directors and the President propose that the unappropriated
earnings in the Parent Company at the disposal of the
Annual General Meeting:
be distributed as follows:
To the shareholders, a dividend of
SEK 538.46 per share 70,000
To the Sten A. Olsson
Foundation for Research and Culture 5,000
To be carried forward 581,606
Göteborg, October 24, 2005
Dan Sten Olsson Sten A. Olsson Lennart Jeansson
Chairman
Stefan Lindskog Peter Jarl Jan Carlstein
Svante Carlsson Sten Jakobsson Anders Jansson
President and CEO
Christer Lindqvist
Employee representative
Stig-Göran Svensson
Employee representative
Our auditors’ report was submitted on October 24, 2005
Thord Elmersson
Authorized Public Accountant
Ulf Andrésen
Authorized Public Accountant
82

Auditors’ report
To the Annual General Meeting of Stena Metall AB
Registration number 556138-8371
We have audited the annual accounts, the consolidated accounts,
the accounting records and the administration of Stena Metall AB
by the Board of Directors and the President for the fiscal year
September 1, 2004 - August 31, 2005. These accounts and the
administration of the company and the application of the Annual
Accounts Act when preparing the annual accounts and the consolidated
accounts are the responsibility of the Board of Directors
and the President. Our responsibility is to express an opinion of
the annual accounts, the consolidated accounts and the administration
based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards in Sweden. Those standards require that we
plan and perform the audit to obtain reasonable assurance that
the annual accounts and the consolidated accounts are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the accounts.
An audit also includes assessing the accounting principles
and their application by the Board of Directors and the President
and significant estimates made by the Board of Directors and the
President when preparing the annual accounts and the consolidated
accounts as well as evaluating the overall presentation of
information in the annual accounts and the consolidated accounts.
As a basis for our opinion concerning discharge from liability, we
have examined significant decisions, actions taken and the circumstances
of the company in order to determine the liability, if any,
to the company of any Board member or the President. We have
also examined whether any Board member or the President has in
any other way acted in contravention of the Swedish Companies
Act, the Annual Accounts Act or the articles of association. We
believe that our audit provides a reasonable basis for our opinion
set out below.
The annual accounts and the consolidated accounts have
been prepared in accordance with the Annual Accounts Act
and thereby provide a true and fair view of the company’s and
the Group’s results and financial position in accordance with
generally accepted auditing standards in Sweden. The statutory
Directors’ Report is consistent with the other parts of the annual
accounts and the consolidated accounts.
We recommend that the Annual General Meeting adopt the
income statements and the balance sheets of the Parent Company
and the Group, deal with the profit of the Parent Company in
accordance with the proposal in the Directors’ Report, and discharge
the members of the Board of Directors and the President
from liability for the fiscal year.
Göteborg, October 24, 2005
Thord Elmersson
Authorized Public Accountant
Ulf Andrésen
Authorized Public Accountant
83

Board of Directors
Sten A. Olsson
Shipowner, Göteborg
Dan Sten Olsson
Executive, Göteborg, Chairman
Lennart Jeansson
Executive, Göteborg
Stefan Lindskog
Attorney, Stockholm
Anders Jansson
President and CEO, Göteborg
Svante Carlsson
Executive, Göteborg
Peter Jarl
Vice President, Göteborg
Jan Carlstein
Executive, Switzerland
Sten Jakobsson
Executive, Västerås
John Lindqvist
CFO, Vice President, Göteborg
Employee representatives
Auditors
Stig-Göran Svensson
Göteborg
Peter Ernström
Deputy, Göteborg
Thord Elmersson
Authorized Public Accountant
Christer Lindqvist
Eskilstuna
Harry Jacobsen
Deputy, Karlstad
Ulf Andrésen
Authorized Public Accountant
84

Addresses
Sweden
Stena Metall AB
Fiskhamnsgatan 8
Box 4088
SE-400 40 Göteborg
Phone +46 31 775 20 00
Fax +46 31 14 59 56
AB Stena Metall Finans
Fiskhamnsgatan 8
Box 4088
SE-400 40 Göteborg
Phone +46 31 775 20 00
Fax +46 31 14 59 56
Stena Gotthard AB
Fiskhamnsgatan 8
Box 4088
SE-400 40 Göteborg
Phone +46 31 775 20 00
Fax +46 31 14 48 26
Stena Aluminium AB
Gotthards Gata 5
Box 44
SE-343 21 Älmhult
Phone +46 476 534 00
Fax +46 476 534 01
Stena Scanpaper AB
Fiskhamnsgatan 8
Box 4088
SE-400 40 Göteborg
Phone +46 31 775 20 00
Fax +46 31 24 11 41
Stena Miljö AB
Fiskhamnsgatan 8
Box 4054
SE-400 40 Göteborg
Phone +46 31 775 20 00
Fax +46 31 42 45 10
Stena Technoworld AB
Svenstorpsvägen
Box 80
SE-370 10 Bräkne-Hoby
Phone +46 457 817 00
Fax +46 457 811 25
Stena Oil AB
Fiskhamnsgatan 8
Box 4088
SE-400 40 Göteborg
Phone +46 31 775 20 00
Telex 27255
Fax +46 31 12 93 68
Stena Stål AB
Fiskhamnsgatan 8
Box 4088
SE-400 40 Göteborg
Phone +46 31 775 20 00
Fax +46 31 775 22 84
Stena Miljöteknik AB
Fiskhamnsgatan 8
Box 4088
SE-400 40 Göteborg
Phone +46 31 775 20 00
Fax +46 31 14 59 56
Denmark
Stena Metall A/S
Naverland 24
DK-2600 Glostrup
Denmark
Phone +45 43 96 42 33
Fax +45 43 63 10 55
Stena Jern & Metal A/S
Nordhavnsvej 16
DK-4600 Køge
Denmark
Phone +45 56 67 50 10
Fax +45 56 67 50 11
Stena Aluminium A/S
Metalvej 10
DK-6000 Kolding
Denmark
Phone +45 76 30 56 00
Fax +45 76 30 56 01
Stena Miljø A/S
Damsbovej 20
DK-5492 Vissenbjerg
Denmark
Phone +45 64 47 12 77
Fax +45 64 47 30 11
Averhoff & Co A/S
Naverland 24
DK-2600 Glostrup
Denmark
Phone +45 43 96 42 33
Fax +45 43 63 10 55
Stena Technoworld A/S
Literbuen 17
DK-2740 Skovlunde
Denmark
Phone +45 44 91 44 00
Fax +45 44 91 44 65
Norway
Stena Metall AS
Tretjerndalsveien 70
Postboks 63
N-2016 Frogner
Norway
Phone +47 63 86 86 00
Fax +47 63 86 86 01
Stena Scanpaper AS
Tretjerndalsveien 70
Postboks 63
N-2016 Frogner
Norway
Phone +47 63 86 86 10
Fax +47 63 86 86 11
Stena Miljø AS
Tretjerndalsveien 70
Postboks 63
N-2016 Frogner
Norway
Phone +47 63 86 86 00
Fax +47 63 86 86 01
Stena Jern & Metall AS
Postboks 63
N-2016 Frogner
Norway
Phone +47 23 17 37 40
Fax +47 22 65 96 44
Finland
Stena Metalli Oy
Elannontie 5
FIN-01510 Vantaa
Finland
Phone +358 10 802 323
Fax +358 9 827 54 61
Stena Technoworld Oy
Kirstintie 12
FIN-28760 Pori
Finland
Phone +358 2 634 08 00
Fax +358 2 634 08 01
Poland
Stena Sp. z o.o.
Ferrous and Non-Ferrous Metals
Recovered Paper
WEEE
City Gate, pietro 13
Ul. Ogrodowa 58
PL-00-876 Warsaw
Poland
Phone +48 22 520 27 00
Fax +48 22 520 27 01
USA
Stena Metal Inc.
One Landmark Square
Suite 720
Stamford CT 06901
USA
Phone +1 203-357-0111
Fax +1 203-964-8443
Switzerland
Stena Metall AG
Banhofplatz
CH-6300 Zug
Switzerland
Phone +41 417 28 81 21
Fax +41 417 28 81 39
Russia
OOO Chermet Invest
Ul. 39 Radisheva
St. Petersburg
Russia 191123
Phone +7 812 329 44 17
Fax +7 812 329 55 15
Germany
GRIAG Glasrecycling AB
Temnitz-Park-Chaussee 41
D-168 18 Werder
Germany
Phone +49 33 92 05 08 0
Fax +49 33 92 05 08 18
Austria
Ecotronics Eco-efficient
Electronics and Services GmbH
Albert Schweitzer-Gasse 11
A-1140 Vienna
Austria
Phone +43 1 78 64 60 3
Fax +43 1 78 64 60 3-99
Thanks to all our customers, partners and employees for your assistance with the annual report.
Produced by Solberg. Photography: Conny Wickberg, Nicklas Rudfell, Tore H. Røyneland, Atle J. Johnsen, Cissi Jonson, Jan Lindmark, Henrik Andersson, Lars J Løtvedt, Truls
Løtvedt, Piotr Klosek, Magnus Gotander, Teemu Töyrylä, Janne Lehtinen, Keep Sweden Tidy, Hans Fredriksson, Timo Johansson, Bo Stalfors, Pontus Almén, Bjarne Darwall,
Katarina Carlstein-Carlsson. Printing: SG Zetterqvist tryckeri. Paper/ink: Printed on environmentally friendly paper with vegetable-based ink. Cover photo: Conny Wickberg.

Stena Metall AB • Fiskhamnsgatan 8 • P.O. Box 4088 • SE-400 40 Göteborg • Sweden • Telephone +46 31 775 20 00
www.stenametall.com