BROSTRÖM AB (publ) Reg No

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1 Broström is one of the leading logistics companies for the oil and chemical industry, focusing on industrial product and chemical tanker shipping and marine services. Broström is based all over the world and operates within two areas: Shipping and Marine & Logistics Services. Broström s head office is located in Göteborg, Sweden. Press Release BROSTRÖM AB (publ) Reg No INTERIM REPORT 1 JANUARY 30 SEPTEMBER 2002 Profit for nine months MSEK 111 in a weak freight market. Loss on sale of older tonnage is included with MSEK 15. Exchange losses had a negative impact of MSEK 77 on the result (last year s exchange losses MSEK 21) - Net sales MSEK 1,877 (1,940) - Operating profit (EBIT) MSEK 260 (455) - Profit after financial items MSEK 111 (345) - Profit before tax per share SEK 3.84 (11.98) - Net profit per share SEK 2.67 (7.97) - Return on capital employed 7.6% (19.6) Profit for the third quarter MSEK 20 including capital loss of MSEK 15. The freight market very weak. Exchange profits had a positive impact of MSEK 1 on the result (last year s exchange losses MSEK 38) - Net sales MSEK 583 (626) - Operating profit (EBIT) MSEK 46 (136) - Profit after financial items MSEK 20 (79) Disposable liquidity MSEK Cash flow from current activities during third quarter SEK 4.02 per share (3.98) Continued fleet renewal improves competitive position - The Newbuilding BRO ELLEN, 37,000 dwt product and chemical tanker, was delivered to Broström at the beginning of August - The 20-year-old vessel BRO STAR was sold and delivered in August Broström s contracts of affreightment, covering more than 50% of the transport capacity, have continued to develop positively. Whether the spot market will recover during the fourth quarter 2002 is difficult to predict in the prevailing world market situation. 1 (10)

2 Activities Broström is one of the leading logistics companies for the oil and chemical industry, focusing on industrial product tanker shipping and marine services. SHIPPING Third quarter 2002 Market development - development for Broström The third quarter was characterised by a very weak spot market with decreased transport volumes and a strong downward pressure on rates. For Broström s contractual trade the development has, however, continued positively even if we this year have seen a return to a more normal seasonal pattern with lower transport volumes during the summer period for the European business. For our Asian business the development has been the opposite with better utilisation and satisfactory earnings. During this period additional contracts have been entered into and a few existing contracts have been renewed. This means that the portfolio of contracts of affreightment has developed positively and in line with Broström s long-term strategy. Renewal of the fleet Broström continued to renew its fleet during the third quarter when the new product and chemical tanker BRO ELLEN, 37,000 dwt, built in Croatia, was delivered in August. The vessel is included in Broström s European trade. The 20-year-old vessel BRO STAR was sold and delivered during August. The replacement for BRO STAR was acquired earlier in the year when the vessels BRO JUNO and BRO JUPITER were added to the fleet. All these transactions are of major strategic value and the average age of the fleet is now less than seven years. The average age of the world fleet within Broström s segment is 16 years. Result third quarter Shipping during the third quarter recorded lower net sales compared to the same period last year and a lower operating profit. The result was affected by a very weak spot market, but a capital loss of MSEK 15 at the sale of BRO STAR also had a negative impact on the result. Due to the Broström contract of affreightment portfolio the company can show a positive result for the period, despite the weak freight market. The operating profit, adjusted for extraordinary items, was MSEK 45.7 (145.0). Result January - September 2002 During the first nine-month period 2002 Shipping decreased in net sales to MSEK 1,293 from MSEK 1,320 during the corresponding period last year. The operating profit, adjusted for extraordinary items, decreased from MSEK to MSEK The total result for Shipping is satisfactory considering the prevailing market situation. 2 (10)

3 MARINE & LOGISTICS SERVICES Market development The overall development within Marine & Logistics Services has been better compared to the same period last year. The business travel has recovered gradually after the drastic drop following 11 September last year. However, the total net sales and the result for Broströms Resebyrå have not yet reached the levels of last year. As to the result this development has been outbalanced by the improvements in Nordic Bulkers and the Broström Ship Agency Network. In September Nordic Bulkers AB, the leading logistics provider for distribution of liquid and dry bulk products in intermodal transport systems in Scandinavia, was awarded the prestigious prize Carrier of the Year for Outstanding Performance in Safety and Service Quality by the chemical company Dow Europe. Result Net sales for Marine & Logistics Services recorded during the first nine months a decrease from MSEK to MSEK compared to the corresponding period last year. The operating profit, adjusted for extraordinary items, was MSEK 16.6 (14.8). The combined result for Marine & Logistics Services is satisfactory. Major developments after the end of the period After the end of the period the sale of the 21-year-old product tanker BRO POLARIS was completed. The divestment of BRO POLARIS will result in a loss of MSEK 10 in the profit and loss account for the fourth quarter this year, a loss that is entirely due to currency exchange differentials on outstanding loans. Outlook Broström s contracts of affreightment, covering more than 50% of the transport capacity, have continued to develop positively in line with Broström s strategy. Whether the spot market will recover during the fourth quarter 2002 is difficult to predict in the present world market situation. The spot market will most likely remain at a low level until a strengthening of the world economy and an increase in global oil consumption are seen. The political unrest in the world might, however, imply fast changes in the spot market in certain geographical areas. Net sales and result Net sales of the Group during the period January - September were MSEK 1,876.6 (1,939.5). Profit before allocations and taxes was MSEK (345.2). Exchange losses (including associated companies) had a negative impact on the result with MSEK 77 (last year minus MSEK 21). 3 (10)

4 Net sales of the Group during the period July - September were MSEK (625.9). Profit before allocations and taxes was MSEK 20.4 (79.4) Exchange losses (including associated companies) had a positive impact on the result with MSEK 1 (last year minus MSEK 38). Divided into operational areas MSEK Q Q m m m Net sales Shipping , , ,800.2 Marine & Logistics Services Others , , ,642.0 Extraordinary items Shipping Marine & Logistics Services Others Adjusted operating profit Shipping Marine & Logistics Services Others and joint expenses for the Group Quarterly earnings trend (9 quarters) Adjusted result after net financial items per quarter and rolling 12 months result excluding extraordinary items and capital gain/loss. Adjusted result after financial items MSEK Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q2 Q3 Profit/loss after financial items Adjustments: Extraordinary items Capital gain/loss Profit/loss after adjustment Rolling 12 months (R12) (10)

5 Chart: Quarterly earnings trend and rolling 12 months result 140,0 500,0 120,0 400,0 Quarterly result (MSEK) 100,0 80,0 60,0 40,0 20,0 300,0 200,0 100,0 0,0 R12 result (MSEK) 0,0 Q2-00 Q3-00 Q4-00 Q1-01 Q2-01 Q3-01 Q4-01 Q1-02 Q2-02 Q ,0 Investments and divestments Total investments within the Group amounted to MSEK 751. Divestments amounted to MSEK 33. At present Broström is engaged in the construction of seven newbuildings. Four product tankers, each of 7,600 dwt, 8,000 m 3, are under construction at the Dutch shipyard Ferus Smit B.V. The vessels are included in the co-operation with Erik Thun AB, which together with Broström will have the vessels on long-term charter. Broström will own 25% of the vessels. One product tanker of 18,000 dwt is under construction at the Chinese yard Edward Shipyard in Shanghai. Broström will own 50% of the vessel and Donsötank the remaining 50%. Two product tankers of 37,300 dwt, 45,500 m 3, have been ordered at the Chinese yard Jinling. The vessels are to be financed under the French tax lease system and Broström intends to have ownership of at least 25% in the two vessels. The vessels are included in the extended co-operation with Rigel Schiffahrts GmbH, which has also ordered two vessels from the same yard. Liquidity Disposable liquidity, including unutilised overdraft facilities (MSEK 52.3), amounted to MSEK (803.9 as at 30 June 2002 and as at 31 December 2001). Financing During this period purchase of two vessels and sale of one vessel changed the loans net with MUSD 30.5 or MSEK 299. Furthermore, one newbuilding has been financed through finance lease with MUSD 21.7 or MSEK (10)

6 The six-month USD-Libor interest has during the period dropped from 2.0% at the year-end to 1.7% on the closing day. Contingent liabilities Contingent liabilities have since the end of last year decreased by MSEK 96.3 and are primarily due to the amortisation of underlying loans and fluctuations in the exchange rates of USD and EUR, in which currencies the contingent liabilities are denominated. Personnel The average number of employees has not changed significantly since the year-end. The parent company The activities in the parent company Broström AB consist mainly of Group management and administration of joint activities for the Group. The company owns one vessel that has been chartered to the subsidiary Broström Tankers AB. Other assets consist of shares in subsidiaries and short-term financial investments. Net sales amounted to MSEK 31.8 (35.2). Profit before allocation and taxes amounted to MSEK (177.5) including dividends from subsidiaries and associated companies with MSEK (203.1). Investments amounted to MSEK 6.2 and divestments to MSEK Disposable liquid assets, including unutilised overdraft facilities (MSEK 37.3), amounted to MSEK (869.5 as at 31 December 2001). After the end of the period the vessel BRO POLARIS has been sold. The sale implies a capital gain in the parent company of MSEK 8.8 including an exchange loss of MSEK 8.0 on outstanding loans. Accounting principles This interim report has been drawn up in accordance with standards from Redovisningsrådet (the Swedish Financial Accounting Standards Council) RR20 concerning interim reporting. Broström AB adheres in its reports also to the other standards from Redovisningsrådet. Otherwise the same accounting principles and methods of calculation as in the latest annual report have been used. Next report The preliminary report for 2002 is scheduled for 26 February (10)

7 CONSOLIDATED INCOME STATEMENT MSEK Q Q m m m Net sales , , ,642.0 Other income Total income , , ,650.4 Share in associated companies profit/loss before tax Operating expenses External expenses , , ,568.3 Staff costs Depreciation and write-downs Items affecting comparability Total operating expenses , , ,128.4 Operating profit (EBIT) Financial items Interest income Currency exchange rate difference on assets Interest expenses Currency exchange rate difference, on liabilities Net financial items Profit after financial items Tax on profit for the period Minority shares in profit/loss for the period Profit for the period Average SEK/USD exchange rate Average SEK/EUR exchange rate VALUES PER SHARE SEK Q Q m m m Profit for the period Profit for the period after dilution Net cash flow Cash flow from current activities Shareholders equity Shareholders equity after dilution Closing price at end of accounting period Number of shares (closing date) 29,027,988 28,815,988 28,815,988 Number of outstanding options 212, , ,000 Number of shares after full dilution 29,239,988 29,239,988 29,239,988 Number of shares (average during 28,946,488 28,815,988 28,859,488 28,815,988 28,815,988 the period) 7 (10)

8 CONSOLIDATED BALANCE SHEET MSEK ASSETS Fixed assets Goodwill Other intangible fixed assets Tangible fixed assets 3, ,235.0 Financial fixed assets, interest-bearing Financial fixed assets, non interest-bearing Total fixed assets 4, ,611.0 Current assets Inventories Receivables Short-term financial investments Cash and bank balances Total current assets 1, ,752.7 Total assets 5, ,363.7 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity 1) 1, ,456.0 Minority interests Debenture loan, interest-bearing Equalisation reserve Deferred tax Provisions Long-term liabilities, interest-bearing 2) 2, ,324.5 Current liabilities, interest-bearing 2) Current liabilities, non interest-bearing Total shareholders equity and liabilities 5, ,363.7 Contingent liabilities Closing day SEK/USD exchange rate Closing day SEK/EUR exchange rate ) 2) Of which non-restricted equity Of which finance lease (10)

9 Changes in the Group s equity MSEK 9 m m m According to annual accounts 1, , ,097.7 Adjustment due to changed accounting principles for taxes Issue Translation difference Dividend Profit/loss for the period Amount at the end of the period 1, , ,456.0 The translation difference of the period is mainly due to fluctuations in the EUR and USD exchange rates in which currencies the subsidiary Broström Holding BV (owner of Broström Tankers SAS) and the associated company Iver Ships Ltd are recorded. GROUP CASH FLOW STATEMENTS MSEK 9 m m m Current activities Operating profit/loss Adjustments for items not included in the cash flow etc Financial items and taxes Dividend to the shareholders Movement in the working capital Cash flow from current activities Investment activities Investments in fixed assets Sale of fixed assets/deconsolidation Increase/decrease in financial fixed assets Cash flow from investment activities Financing activities New share issue Changes in loans Cash flow from financing activities Translation difference Cash flow for the period Liquid funds, opening balance 1, Currency exchange rate difference in liquid funds Liquid funds, closing balance 1, , , (10)

10 KEY RATIOS % Equity/assets ratio 1) Adjusted equity/assets ratio 2) Share of risk-bearing capital 3) Return on shareholders equity 4) Return on capital employed 5) ) Shareholders equity plus minority interests, in relation to total assets. 2) Shareholders equity plus minority interests, debenture loan and equalization reserve after tax, in relation to total assets. 3) Shareholders equity plus minority interests, debenture loan, equalization reserve and deferred tax, in relation to total assets. 4) Profit/loss for the year, in relation to average shareholders equity. 5) Operating profit plus financial income in relation to average capital employed, defined as total assets after deductions for non interest-bearing liabilities. Göteborg, 29 October 2002 BROSTRÖM AB (publ) On behalf of the Board Lennart Simonsson Managing Director This report has not been reviewed by Broström s auditors. More information about Broström and press releases can be found on 10 (10)

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