##### Table of Contents





UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
  FORM 20-F
  (Mark One)o

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR
    (g) OF THE SECURITIES EXCHANGE ACT OF 1934ORx

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,
    2010ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934ORo

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
    THE SECURITIES EXCHANGE ACT OF 1934
    Date of event requiring this shell company report
    For the transition period
    from          to   Commission file number
    33-99284
  STENA AB (publ)
 (Exact name of Registrant as
    specified in its charter and translation of Registrants
    name into English)
  Kingdom of Sweden
 (Jurisdiction of incorporation or
    organization)
  Masthuggskajen, SE-405 19
    Gothenburg, Sweden
 (Address of principal executive
    offices)
  Securities
    registered or to be registered pursuant to Section 12(b) of
    the Act.
  Marica Derenstrand,
    Group Chief Accountant, +46 31 85 50 00,
    e-mail:
    marica.derenstrand@stena.com,
    (Name, Telephone,
    E-mail
    and/or Facsimilie number and address of Company Contact Person)
   None
    (Title of Class)
   None
   Securities for which
    there is a reporting obligation pursuant to Section 15(d)
    of the Act.
   (Title of Class)
    50,000 ordinary
    shares, par value SEK 100 per share
    Yes o     No x
 Yes o     No x
  Yes x     No o
  Regulation S-T Yes x     No o
  Rule 12b-2
  Large
    accelerated
    filer  o
    Accelerated
    filer  o
    Non-accelerated
    filerx    U.S. GAAPo

International Financial Reporting
    Standards as issued by the International
    Accounting Standards Boardx

Othero   Item 17 o Item 18 o
  Rule 12b-2 Yes o     No x




---



##### 





TABLE OF
    CONTENTS
    
 PagePART IItem 1.

Identity of Directors, Senior Management and
    Advisors


3Item 2.

Offer Statistics and Expected Timetable


3Item 3.

Key Information


3Item 4.

Information on the Company


23Item 4A.

Unresolved Staff Comments


47Item 5.

Operating and Financial Review and Prospects


47Item 6.

Directors, Senior Management and Employees


69Item 7.

Major Shareholders and Related Party
    Transactions


72Item 8.

Financial Information


74Item 9.

The Offer and Listing


75Item 10.

Additional Information


75Item 11.

Quantitative and Qualitative Disclosures about
    Market Risk


78Item 12.

Description of Securities Other than Equity
    Securities


80PART IIItem 13.

Defaults, Dividend Arrearages and
    Delinquencies


80Item 14.

Material Modifications to the Rights of Security
    Holders and Use of Proceeds


80Item 15.

Controls and Procedures


80Item 16.

[Reserved]Item 16A.

Audit Committee Financial Expert


81Item 16B.

Code of Ethics


81Item 16C.

Principal Accountant Fees and Services


81Item 16D.

Exemptions from the Listing Standards for Audit
    Committees


82Item 16E.

Purchases of Equity Securities by the Issuer and
    Affiliated Purchasers


82Item 16F.

Change in Registrants Certifying
    Accountant


82Item 16G.

Corporate Governance


82PART IIIItem 17.

Financial Statements


83Item 18.

Financial Statements


83Item 19.

Exhibits


84EX-8EX-12.1EX-12.2EX-13.1




---



##### Table of Contents



Introduction
    Forward-looking
    Information
      
    changes in general economic and business conditions;
    changes in laws and regulations;
    changes in International Financial Reporting Standards (IFRS);
    changes in currency exchange rates and interest rates;
    risks incident to vessel and drilling rig operations, including
    discharge of pollutants;
    introduction of competing services or products by other
    companies;
    changes in trading or travel patterns;
    increases in costs of operations or the inability to meet
    efficiency or cost reduction objectives;
    changes in our business strategy; and
    other risk factors listed in this Annual Report and in our
    reports filed with or submitted to the U.S. Securities and
    Exchange Commission (the SEC) from time to time.   2




---



##### Table of Contents



PART I  Item 1.
    Identity
    of Directors, Senior Management and Advisors    Item 2.
    Offer
    Statistics and Expected Timetable    Item 3.
    Key
    Information    Currency of
    Presentation
   3




---



##### Table of Contents



GLOSSARY
    Aframax tanker.
  American Bureau.
  Annual survey.
  Bareboat charter.
  Charter.
  Classification society.
  Contract of affreightment (CoA).
  Conventional, day and night ferries.
  DNV.
  DrillMAX.
  DrillMAX ICE.
  Drillship.
  Drydock.
  Dwt.
  Dynamic positioning (DP).
  Freight unit.
  Gross ton.
 4




---



##### Table of Contents



High speed vessel (HSS
  Hull.
  IFRS.
  IMO.
  Lane meter.
  Lightering.
  Linkspan.
  Lloyds Register.
  Newbuilding.
  Offhire.
  Protection and Indemnity (P&I)
    Insurance.
  Panamax tanker.
  Pool.
  Product tankers.
  Roll-on/Roll-off vessels.
  RoRo vessels.
  RoPax vessels.
  Semi-submersible rig.
 5




---



##### Table of Contents



Senior Notes.
  Senior Notes due 2013.
  Senior Notes due 2016.
  Senior Notes due 2017.
  Senior Notes due 2019.
  Senior Notes due 2020.
  Service speed.
  Shuttle tankers.
  Special purpose entities (SPEs).
  Spot market.
  Suezmax tanker.
  Superferry.
  Tanker.
  Time charter.
  Utilization rate.
  VLCC.
 6




---



##### Table of Contents



SELECTED
    FINANCIAL DATA
  YEAR ENDED DECEMBER 31,2007


2008


2009


2010


2010SEK


SEK


SEK


SEK


USD(1)(in millions)CONSOLIDATED
    GROUP(2)INCOME STATEMENT DATA:Total income


22,402



26,472



27,812



27,150



4,002Direct operating expenses


(14,085
)


(16,679
)


(17,188
)


(16,784
)


(2,473
)Selling and administrative expenses


(2,177
)


(2,920
)


(3,207
)


(3,104
)


(458
)Depreciation and amortization


(1,680
)


(2,501
)


(3,415
)


(3,704
)


(546
)Total operating expenses


(17,942
)


(22,100
)


(23,810
)


(23,592
)


(3,477
)Income from operations


4,460



4,372



4,002



3,558



526Share of associated companies result


(61
)


(80
)


24



131



19Interest income


919



957



685



477



66Interest expense


(1,739
)


(2,260
)


(1,864
)


(1,798
)


(265
)Other financial
    items(3)


882



(1,611
)


(503
)


312



47Income before taxes


4,461



1,378



2,344



2,680



396Net income


3,829



1,745



2,364



2,566



379BALANCE SHEET DATACash and marketable
    securities(4)


11,562



9,174



7,088



9,922



1,463Investments in
    SPEs(5)


9,251



9,973



8,174



6,175



910Total assets


81,524



97,369



92,205



94,938



13,995Debt in
    SPEs(5)


8,021



9,492



8,249



5,140



758Other
    debt(6)


32,731



45,490



41,898



47,964



7,070Shareholders equity


26,386



27,454



29,183



29,448



4,341OTHER FINANCIAL DATACapital expenditures


(8,368
)


(9,696
)


(9,230
)


(10,189
)


(1,501
)Cash dividends paid


(550
)


(390
)


(190
)


(316
)


(47
)Cash flow from operating activities


4,586



5,381



7,084



5,065



748Cash flow used in investing activities


(12,862
)


(7,397
)


(6,456
)


(9,681
)


(1,427
)Cash flow used in/provided from financing activities


8,064



(2,714
)


(907
)


5,151



759     (1)
    
    Amounts in U.S. dollars have been translated, solely for the
    convenience of the reader, at an exchange rate of $1.00 = SEK
    6.7835, the Noon Buying Rate on December 31, 2010.(2)
    
    The Group adopted IFRS as from January 1, 2007.(3)
    
    Other financial items refer to financial income (expense),
    including dividends received, gain (loss) on securities, foreign
    exchange gains (losses) and other financial income (expense).(4)
    
    Cash and marketable securities consist of cash and cash
    equivalents, short-term investments and marketable securities.(5)
    
    As of December 31, 2010, we had invested in four SPEs.(6)
    
    Other debt includes Senior Notes, short-term interest bearing
    debt, long-term interest bearing debt and capitalized lease
    obligations, current and non-current. 7




---



##### Table of Contents



Restricted Group
    Data as of December 31, 2010
           8




---



##### Table of Contents



SELECTED
    RESTRICTED GROUP FINANCIAL DATA
    YEAR ENDED DECEMBER 31,2007


2008


2009


2010


2010SEK


SEK


SEK


SEK


USD(1)(in millions)RESTRICTED GROUPINCOME STATEMENT DATA :Revenues from operations


17,550



20,617



20,810



19,533



2,878Net gain on sale of vessel


253



203



149



2



0Total revenues


17,803



20,820



20,959



19,535



2,878Direct operating expenses


(11,547
)


(13,083
)


(12,912
)


(12,597
)


(1,857
)Selling and administrative expenses


(1,773
)


(2,109
)


(2,068
)


(1,985
)


(293
)Depreciation and amortization


(1,645
)


(2,376
)


(3,195
)


(3,487
)


(514
)Total operating expenses


(14,966
)


(17,568
)


(18,175
)


(18,069
)


((2,664
)Income from operations


2,838



3,252



2,784



1,466



214Interest income


543



474



265



229



34Interest expense


(643
)


(887
)


(1,032
)


(1,128
)


(166
)Other financial
    items(2)


(237
)


206



20



101



14Total financial income and expense


(337
)


(207
)


(747
)


(798
)


(118
)Minority interest


(2
)


(3
)


0



(1
)


0Income before taxes


2,499



3,042



2,037



667



96Net income


2,077



3,010



2,151



962



142     (1)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 6.7835, the Noon Buying Rate
    on December 31, 2010.(2)
    
    Other financial items refer to
    financial income (expense) including dividends received, gain
    (loss) on securities, foreign exchange gains (losses) and other
    financial income (expense).  YEAR ENDED DECEMBER 31,2007


2008


2009


2010


2010SEK


SEK


SEK


SEK


USD(1)(in millions)RESTRICTED GROUPBALANCE SHEET DATA:Intangible fixed assets


177



398



300



262



39Tangible fixed assets


22,744



33,541



35,619



38,150



5,624Marketable securities


610



885



548



789



116Other noncurrent assets


13,936



13,654



11,635



13,268



1,956Total noncurrent assets


37,467



48,478



48,102



52,469



7,735Short-term investments


2,559



3,618



2,487



3,613



533Cash and cash equivalents


505



917



568



727



107Other current assets


7,200



9,716



6,380



5,039



742Total current assets


10,264



14,251



9,435



9,379



1,382Total assets


47,731



62,729



57,537



61,848



9,117Total shareholders equity


19,599



23,672



23,331



22,405



3,303Deferred income taxes


1,400



778



857



943



139Other provisions


4,149



3,140



2,934



2,445



360Long-term debt


17,003



27,225



24,283



30,761



4,535Other noncurrent liabilities


828



2,591



1,097



874



129Total noncurrent liabilities


17,831



29,816



25,380



31,635



4,664Short-term debt


1,115



972



1,989



1,599



236Other current liabilities


3,637



4,350



3,046



2,821



415Total current liabilities


4,752



5,322



5,035



4,420



651Total shareholders equity and liabilities


47,731



62,729



57,537



61,848



9,117     (1)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 6.7835, the Noon Buying Rate
    on December 31, 2010. 9




---



##### Table of Contents



YEAR ENDED DECEMBER 31,2007


2008


2009


2010


2010SEK


SEK


SEK


SEK


USD(1)(in millions)RESTRICTED GROUPCONSOLIDATED STATEMENT OF CASH FLOW:Net income


2,077



3,010



2,151



962



142Adjustments to reconcile net income to net cash provided by
    operating activities:Depreciation and amortization


1,645



2,376



3,195



3,487



514(Gain) on sale of assets


(253
)


(203
)


(148
)


(2
)


0(Gain)/loss on securities, net


58



(180
)


(380
)


(95
)


(14
)Unrealized foreign exchange (gains) losses


(149
)


(125
)


352



(28
)


(4
)Deferred income taxes


335



(164
)


(218
)


(426
)


(63
)Minority interest


3



3











Other non cash items


65



(165
)


346



(86
)


(13
)Provision for pensions


(221
)


(235
)


(198
)


(445
)


(65
)Net cash flows from trading securities


(699
)


994



(107
)


(27
)


(4
)Changes in working capital


1,377



(185
)


571



625



92Net cash provided byoperating activities


4,238



5,126



5,564



3,965



585Net cash flows from investing activities:Purchase of intangible assets


(37
)


(44
)


(38
)


(21
)


(3
)Cash proceeds from sale of property, vessels and equipment


821



692



249



82



12Capital expenditure on property, vessels and equipment


(7,299
)


(7,878
)


(7,764
)


(9,073
)


(1,338
)Purchase of subsidiary net of cash acquired






(53
)






(127
)


(19
)Proceeds from sale of securities


95



691



704



100



15Purchase of securities


(233
)


(1,448
)


(70
)


(296
)


(44
)Increase of non-current assets


(38
)


(589
)


(14
)


(336
)


(49
)Decrease of non-current assets


10



424



177



35



5Other investing activities


(18
)


(990
)


(44
)


(13
)


(2
)Net cash used in investing activities


(6,699
)


(9,195
)


(6,800
)


(9,649
)


(1,423
)Net cash flows from financing activities:Proceeds from issuance of debt


6,915



6,418



4,079



6,024



888Principal payments on debt


(2,352
)


(1,093
)


(721
)


(2,816
)


(415
)Net change in borrowings on
    line-of-credit
    agreements


440



120



(3,888
)


5,118



755Proceeds from new capitalized lease obligations






46



1



618



91Principal payments capital lease obligations


(38
)


(686
)


(184
)


(136
)


(20
)Net change in restricted cash accounts


(692
)


(1,922
)


1,003



(1,425
)


(210
)Intercompany accounts


(1,123
)


1,353



532



(1,286
)


(190
)Dividends paid


(550
)


(390
)


(190
)


(316
)


(47
)Other financing activities


(313
)


618



235



66



10Net cash provided by financing activities


2,287



4,464



867



5,847



862Effect of exchange rate changes on cash and cash equivalents


22



17



20



(4
)


(1
)Net change in cash and cash equivalents


(152
)


412



(349
)


159



23Cash and cash equivalents at beginning of year


657



505



917



568



84Cash and cash equivalents at end of year


505



917



568



727



107     (1)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 6.7835, the Noon Buying Rate
    on December 31, 2010. 10




---



##### Table of Contents



Exchange Rate
    Information
    PeriodYear

Average(1)


High


Low


end2006


7.3098



7.9656



6.7674



6.83422007


6.7575



7.1060



6.2356



6.45682008


6.5935



8.4858



5.8346



7.87702009


7.6520



9.3294



6.7491



7.18902010


7.2038



8.1131



6.5244



6.7835     PeriodMonth

Average(2)


High


Low


endOctober, 2010


6.6790



6.8064



6.5493



6.6702November, 2010


6.8279



7.0287



6.5244



7.0287December, 2010


6.8455



6.9679



6.7114



6.7835January, 2011


6.6694



6.9374



6.4338



6.4474February, 2011


6.4299



6.4845



6.3249



6.3249March, 2011   (1)
    
    Represents the average of the Noon
    Buying Rates on the last business day of each full month during
    the relevant period.(2)
    
    Represents the average of the daily
    Noon Buying Rates during the relevant period.   11




---



##### Table of Contents



Risk
    Factors
    Our level of
    indebtedness could limit cash flow available for our operations
    and could adversely affect our operations and
    flexibility.
      
    limit our ability to obtain additional financing for working
    capital, capital expenditures, acquisitions of vessels or other
    strategic acquisitions and general corporate purposes;
    require us to dedicate all or a substantial portion of our cash
    flow to service our debt, which will reduce funds available for
    other business purposes, such as capital expenditures and
    acquisitions;
    limit our flexibility in planning for or reacting to changes in
    the markets in which we compete;
    place us at a competitive disadvantage relative to our
    competitors with less indebtedness;
    render us more vulnerable to general adverse economic and
    industry conditions; and
    make it more difficult for us to satisfy our financial
    obligations, including those relating to the notes, or be able
    to refinance maturing indebtedness.  DrillMAX ICE
     12




---



##### Table of Contents



Our ability to
    service our debt and meet our cash requirements depends on many
    factors, some of which are beyond our control.
    
    refinance all or a portion of our debt;
    obtain additional financing;
    sell certain of our assets or operations;
    reduce or delay capital expenditures; or
    revise or delay our strategic plans.    The covenants
    in our revolving credit facilities, the agreements governing our
    other indebtedness and the indentures governing our Senior Notes
    impose restrictions on our business.
      
    incur liens and debt or provide guarantees in respect of
    obligations of any other person;
    issue preferred stock;
    pay dividends or make distributions;
    make redemptions and repurchases of capital stock;
    make loans, investments and capital expenditures;
    prepay, redeem or repurchase debt;
    engage in mergers, consolidations and asset dispositions;
    engage in sale-leaseback transactions and affiliate transactions;
    change our business and issue and sell capital stock of
    subsidiaries; and
    restrict distributions from subsidiaries.   13




---



##### Table of Contents



Since Stena AB
    is a holding company, repayment of our indebtedness is dependent
    on cash flow generated by our subsidiaries.
    We conduct our
    real estate operations and certain investment activities through
    subsidiaries that are not subject to certain restrictive
    provisions in our indentures.
     14




---



##### Table of Contents



The ferry
    industry is highly competitive in areas where we
    operate.
  and/or
  Rising fuel
    prices will adversely affect the profitability of our ferry
    operations.
        Our operating
    results are subject to seasonal fluctuations.
   15




---



##### Table of Contents



The offshore
    drilling rig market is competitive, and the future demand for
    our drilling units is unpredictable.
  Stena DrillMAX ICE
    Charter rates,
    utilization levels and values for our vessels and drilling rigs
    may decrease.
         16




---



##### Table of Contents



Conversions of
    our vessels and drilling rigs, upgrades or newbuildings may be
    subject to delays and cost overruns.
    
    shortages of equipment, materials or skilled labor;
    unscheduled delays in the delivery of ordered materials and
    equipment;
    unanticipated cost increases;
    weather interferences;
    difficulties in obtaining necessary permits or in meeting permit
    conditions;
    design and engineering problems;
    failure to meet
    agreed-upon
    specifications; and
    bankruptcy or other failures of the shipyard.  The shipping
    industry is cyclical and subject to a variety of external
    factors.
   17




---



##### Table of Contents



Our financial
    results may be affected by general changes in the global
    financial markets and economies.
    Our
    international operations expose us to risks and uncertainties
    arising from international political conflicts, economic
    conditions and other events that could negatively impact our
    results of operations.
          Terrorist
    attacks or acts of war may adversely affect the markets in which
    we operate, our operations and our profitability.
    Acts of piracy
    on ocean-going vessels have recently increased in frequency,
    which could adversely affect our business.
   18




---



##### Table of Contents



We have
    potential conflicts of interest with our owners that may
    adversely affect us.
    An inability
    to attract or retain qualified crew members, or a loss of key
    members of our management team, could materially adversely
    affect our revenues, results of operations and
    prospects.
      Most of our
    onboard staff and onshore shipping staff are unionized. Strikes
    by them may disrupt our services and adversely affect our
    operations.
      Currency
    fluctuations may have a material adverse effect on our financial
    position and/or our operating margins.
   19




---



##### Table of Contents



and/or
  We utilize
    various financial instruments, including hedging arrangements,
    to manage financial risks, that may not be
    successful.
  and/or
      We maintain an
    investment portfolio of equity and debt securities, and market
    fluctuations may have a material effect on our financial
    position and our financial results.
   20




---



##### Table of Contents



We have less
    experience in evaluating and managing new investments Adactum
    may make, than investments in our traditional lines of
    business.
    Compliance
    with safety, environmental and other governmental requirements
    may adversely affect the cost of our operations.
    
    the United States Oil Pollution Act of 1990 (OPA
    90) with respect to strict liability for the
    discharge of oil and other materials into the environment, the
    issuance of certificates of financial responsibility for vessels
    trading in United States waters and requiring that newly
    constructed tankers that trade in United States waters be
    constructed with double hulls;
    the United States Comprehensive Environmental Response,
    Compensation, and Liability Act of 1980 (CERCLA)
    which applies to discharge of hazardous substances (other than
    oil), whether on land or at sea. CERCLA applies to owners and
    operators of vessels and provides for cleanup, removal and
    natural resource damages. CERCLAs liability regime is
    similar to that of OPA 90;
    the International Convention on Civil Liability for Oil
    Pollution Damage of 1969 and the protocol of 1992
    (CLC) entered into by certain countries (other than
    the United States) relating to strict liability and limitation
    of liability of the shipowner for pollution damage caused by the
    discharge of persistent oil;
    International Convention for the Prevention of Pollution from
    Ships of 1973 and Protocol 1978 (MARPOL 73/78) with
    respect to strict technical and operational requirements for
    tankers, including an enhanced inspection regime and the
    requirement that all new tankers have to be built with double
    hulls;
    Annex VI of MARPOL entered into force in May 2005 and
    revised in October 2008 regarding the reduction of harmful
    emissions from ships;
    International Convention for the Control and Management of Ships
    Ballast Water and Sediments (IMO 2004); 21




---



##### Table of Contents




    the International Maritime Organization International Convention
    for the Safety of Life at Sea (SOLAS) of 1974 with
    respect to crew and passenger safety, certain safety regulations
    concerning car/passenger ferry and RoPax vessels and a
    subsequent chapter, as revised in 2000, with respect to the
    construction and operation of high speed craft, such as the HSS
    ferries, as well as recently adopted mandatory security
    provisions for ships engaged in international voyages and
    mandatory compliance with the new International Ship and Port
    Facility Security Code (ISPS code) and the International Safety
    Management (ISM) Code, which sets out guidelines for the safe
    operation of ships;
    the International Convention on Load Lines of 1966
    (ICLL) with respect to the safeguarding of life and
    property through limitations on load capability for vessels on
    international voyages;
    the International Convention Relating to the Carriage of
    Passengers and their Luggage by Sea (the Athens
    Convention), relating to the limits of liability of
    carriers, which has introduced a strict liability regime with
    limited defenses; and
    the United States Maritime Transportation Security Act of 2002
    (MTSA) with respect to vessel security.        Catastrophic
    loss and other events in our business could adversely affect our
    results of operations.
     22




---



##### Table of Contents



We cannot
    assure you that a judgment of a United States court for
    liabilities under United States securities laws would be
    enforceable in Sweden, or that an original action can be brought
    in Sweden against us for liabilities under United States
    securities laws.
    
    effect service of process within the United States upon us or
    our directors and officers, or
    enforce judgments obtained in United States courts against us or
    our directors and officers based upon the civil liability
    provisions of the United States federal securities laws.    
    a judgment of a United States court would not be enforceable in
    Sweden against us or our directors and officers, but would be
    accepted on an evidential basis in a Swedish legal
    action, and
    there is doubt whether an original action could be brought in
    Sweden against us or our directors and officers to enforce
    liabilities based solely upon the United States federal
    securities laws.  Item 4.
    Information
    on the Company  History and
    Development of the Company
     23




---



##### Table of Contents



Business
    Overview
  Ferry
    Operations
     24




---



##### Table of Contents



Business
    Activities
    Year Ended December 31(SEK in millions)

2008


2009


2010Travel


3,661



3,726



3,536Onboard sales


1,837



1,830



1,698Freight/other


4,810



4,043



3,856Net gain sale of assets










2Total revenues


10,308



9,599



9,092     Year Ended December 31Volumes (in thousands)

2008


2009


2010Number of passengers


11,173



11,349



10,519Private Cars


2,204



2,526



2,228Freight units


1,575



1,360



1,321   Route
    Network
    Sweden-Denmark.
    Passengers


Private cars


Freight units(In Thousands)

2008


2009


2010


2008


2009


2010


2008


2009


2010Gothenburg-Fredrikshavn


1,405



1,285



1,253



290



261



254



178



145



151Varberg-Grena


172



163



163



43



42



42



42



38



36Helsingborg-
    Helsingör(1)


3,958



3,668



4,202



677



716



887



147



142



179HH-Ferries(2)


346



1,224







130



436







25



64



   (1)
    
    Represents only 50% of volume on
    this route. This route is operated in partnership with
    Scandlines Danmark A/S.(2)
    
    2008 volumes as from acquisition
    date of October 2, 2008. 2009 volumes until August 31,
    2009, when the HH-Ferries vessels were chartered out to
    Scandlines and is now part of the partnership with Scandlines
    AB. Volumes are thereafter included in the numbers of
    Helsingborg-Helsingör.  Sweden-Germany.
 25




---



##### Table of Contents



Passengers


Private cars


Freight units(In Thousands)

2008


2009


2010


2008


2009


2010


2008


2009


2010Gothenburg-Kiel


468



427



431



89



85



79



36



28



52Gothenburg-Travemunde(1)


5



4



3















80



46



39Trelleborg-Sassnitz(2)


343



294



270



85



75



69



19



11



11Trelleborg-Rostock(2)


152



131



146



21



21



21



74



63



78Trelleborg-Travemunde(3)


27



28



















43



49



   (1)
    
    The route
    Gothenburg-Travemünde was closed at August 31, 2010,
    concentrating the operations to the Gothenburg-Kiel route.(2)
    
    Represents only 50% of the volumes
    on these routes. These routes are operated under a pooling
    arrangement with Scandlines Deutschland GmbH.(3)
    
    The Trelleborg-Travemünde
    route was closed in January 2010.  Norway-Denmark/Germany.
    Passengers

Private cars

Freight units(In Thousands)

2008

2009

2010

2008

2009

2010

2008

2009

2010Oslo-Fredrikshavn


564



552



491



61



68



65



17



14



15   Sweden-Poland.
    Passengers

Private cars

Freight units(In Thousands)

2008

2009

2010

2008

2009

2010

2008

2009

2010Karlskrona-Gdynia


375



351



377



70



65



72



87



66



76   Wales/England-Republic of Ireland.
    Passengers


Private cars


Freight units(In Thousands)

2008


2009


2010


2008


2009


2010


2008


2009


2010Fishguard-Rosslare


554



501



419



143



138



120



50



34



34Holyhead-Dun Laoghaire


627



343



252



152



97



72



14



4



1Holyhead-Dublin


445



673



804



84



161



193



162



149



155  26




---



##### Table of Contents



Scotland/England-Northern Ireland.
    Passengers

Private cars

Freight units(In Thousands)

2008

2009

2010

2008

2009

2010

2008

2009

2010Stranraer-Belfast


1,104



1,109



1,084



244



244



244



108



102



94Fleetwood-Larne(1)


58



54



51



8



8



9



138



117



98   (1)
    
    On December 23, 2010, the
    route Fleetwood-Larne was closed.    England-The Netherlands.
    Passengers


Private cars


Freight units(In Thousands)

2008


2009


2010


2008


2009


2010


2008


2009


2010Harwich-Hook van Holland


473



469



510



96



100



100



160



138



139Killingholme-Hook van Holland


63



51



50















87



78



80Harwich-Rotterdam


35



21



15















107



72



81     Ferry
    Fleet
  Number of


Average ageType of vessel

vessels


(years)HSS Vessels


3



14Conventional Fast Ferry


1



14Day Ferries


4



20Night Ferries


2



27RoRo Vessels


5



10RoPax Vessels


23



18Total


38



17   Newbuildings.
 27




---



##### Table of Contents



Vessel changes. Stena Transporter
  Stena Navigator
  Götaland
  Stena Hollandica Stena Britannica. Stena
    Hollandica Stena Germanica III Stena Britannica Stena
    Scandinavica IV
  Stena Germanica Stena Vision Stena Scandinavia Stena Spirit
  Stena Carrier Stena Freighter Stena
    Transfer Stena Partner
  Stena Trader Stena Traveller
  Stena
    Seafarer Stena Leader Stena Pioneer
  Recent
    acquisitions and sales
  Stena
    Transporter,
  Seafrance Manet Stena Navigator
  Skåne
  Götaland
  Stena Transfer Stena Partner
     28




---



##### Table of Contents



Stena Transporter Stena
    Transporter
  Sales and
    Marketing
  Passengers and cars.
  e-mail,
  Freight.
  Other
    Properties
  Ports.
      Hotels.
  Offshore
    Drilling
  Stena DrillMAX
    ICE
 29




---



##### Table of Contents



Drilling Rig
    Fleet
 MaximumWaterDrilling Rig/Drillship

Generation


Year Built


Depth (Ft.)


ClassStena Clyde


3rd
(1)


1976



1,640



DNVStena Spey


3rd



1983



1,500



DNVStena Tay


5th



1999



8,100



DNVStena Don


5th



2001



1,640



DNVStena DrillMAX


6th



2007



10,000



DNVStena Carron


6th



2008



10,000



DNVStena Forth


6th



2009



10,000



DNV   (1)
    
    Upgraded 2nd generation
    semi-submersible.      Drilling Unit
    Utilization
 2006


2007


2008


2009


2010Total vessel days available


1,825



1,825



2,328



2,405



2,555Vessel days utilized


1,683



1,714



2,171



2,106



2,207Vessel utilization (percentage)


92.2



93.9



93.3



87.6



86.4Offhire days planned


102



47



104



224



196Offhire days planned (percentage)


5.6



2.6



4.5



9.3



7.7Unutilized days


40



64



53



75



152Unutilized days (percentage)


2.2



3.5



2.2



3.1



5.9Average daily rates in

$
241,000



329,000



404,000



470,000



406,035    30




---



##### Table of Contents



Rig/Drillship

Customer

Expected Contract Expiration DateStena Clyde

Apache

April 2011Stena Clyde

Santos

October 2011 (plus one option well)Stena Don

Statoil

November 2013Stena Tay

Total

August 2011Stena Spey

Chevron

June 2011 (plus two option wells)Stena DrillMAX

Repsol

December 2011 (plus a one-year option)Stena Carron

Chevron

November 2013 (plus one three-year option)Stena Forth

Hess

August 2014   Stena Clyde Stena Spey Stena Tay Stena Don Stena DrillMAX Stena Carron Stena Forth:
  Newbuildings. Stena DrillMAX ICE Stena DrillMAX ICE
    Recent developments. Stena Tay
  Competition.
  Shipping
   31




---



##### Table of Contents



Crude oil and
    petroleum product transportation
            Owned and finance
    leased tankers
  Year







Type of

Current charterTankers

Built


Type

DWT


charter

expiration dateStena
    Conquest(1)


2003


Product


47,400


Spot

n/aStena
    Conqueror(1)


2003


Product


47,400


Spot

n/aStena
    Concert(1)


2004


Product


47,400


Spot

n/aStena
    Caribbean(2)


2002


Product


9,996


Time

July 2011Stena
    Calypso(2)


2002


Product


9,996


Time

January 2013Stena
    Arctica(3)


2005


Ice Aframax


117,099


Time

December 2016Nordic
    Rio(4)


2004


Shuttle


152,000


Bareboat

July 2017Stena
    Alexita(4)


1998


Shuttle


127,535


Time

November 2011Stena
    Natalita(4)


2001


Shuttle


108,073


Time

February 2012Navion
    Gothenburg(4)


2007


Shuttle


152,000


Bareboat

July 2020   (1)
    
    Owned tankers(2)
    
    Tankers held pursuant to a
    long-term finance lease.(3)
    
    Our interest is through a 50/50
    joint venture with Neste Oil Oyj.(4)
    
    Our interest in these tankers is
    through two 50/50 joint ventures with TeeKay.  Stena Atlantica Stena Antarctica
   32




---



##### Table of Contents



Tankers sales and
    purchases
 2006


2007


2008


2009


2010Fleet as of January 1


8
(1)


6
(3)


8
(4)


12
(4)


10
(4)Newbuildings delivered/vessels bought


2



3
(2)


6







Vessels sold


4
(2)


1



2



2



Fleet as of December 31


6
(3)


8
(4)


12
(4)


10
(4)


10
(4)   (1)
    
    Includes three vessels in which we
    have a 50% interest.(2)
    
    Includes one vessel in which we
    have a 50% interest.(3)
    
    Includes four vessels in which we
    have a 50% interest.(4)
    
    Includes five vessels in which we
    have a 50% interest.  Recent
    acquisitions and sales.
      Chartering activities.
      Pooling arrangements.
     33




---



##### Table of Contents



Tanker
    utilization
 Year ended December 31,2006


2007


2008


2009


2010Total tanker days
    available(1)


15,851



15,550



15,826



11,054



11,065Tanker days utilized


15,520



15,389



15,537



10,907



10,943Tanker utilization (percentage)


97.9



99.0



98.1



98.7



98.9Offhire days
    planned(2)


228



97



229



116



75Offhire days planned (percentage)


1.5



0.6



1.4



1.0



0.7Unutilized days


103



64



60



31



47Unutilized days (percentage)


0.6



0.4



0.4



0.3



0.4   (1)
    
    Total tanker days are determined by
    aggregating the number of days in each year we owned, chartered
    in or leased such tankers.(2)
    
    Due to planned dry-dockings.  Commercial management services.
  Competition.
  Roll-on/Roll-off
    Vessel Operations
        Roll-on/Roll-off
    Vessel Utilization
 Year ended December 31,2006


2007


2008


2009


2010Total vessel days
    available(1)


3,135



3,152



2,641



2,920



2,929Vessel days
    utilized(2)


3,070



3,101



2,593



2,905



2,849Vessel utilization
    (percentage)(2)


97.9



98.4



98.2



99.5



97.25Offhire
    days(3)


50



41



23



13



59Offhire days (percentage)


1.6



1.3



0.9



0.4



2.0Unutilized days


15



10



25



2



16Unutilized days (percentage)


0.5



0.3



0.9



0.1



0.5  34




---



##### Table of Contents



(1)
    
    Total vessel days are determined by
    aggregating the number of days in each year we owned, chartered
    in or leased such vessels (hence variation in fleet size affects
    total number of days available).(2)
    
    In the case of bareboat charters,
    the vessel is deemed to be utilized during the entire time the
    vessel is on charter.(3)
    
    Due to planned dry-dockings.    Chartering activities.
    RoRo
    Vessels
 Current charterVessel

Type of charter

expiration dateMont Ventoux

Time

November 2011Stena Foreteller

Time

December 2011Ark Forwarder

Time

February 2012Stena Forecaster

Time

September 2012Stena Forerunner

Time

October 2012   RoPax
    Vessels
 Current charterVessel

Type of charter

expiration dateBaltic Amber

Time

May 2011Stena
    Challenger(1)

Bareboat

June 2013Blue Puttees(formerly Stena Trader)

Bareboat

December 2015Highlanders(formerly Stena Traveller)

Bareboat

February 2016Seatrade(formerly Stena Seatrader)

Bareboat

September 2013   (1)
    
    Chartered in vessel.  Blue Puttees Stena Trader Highlanders Stena Traveller Blue
    Puttees Highlanders Blue Puttees Highlanders
  Dublin Seaways
  Fleet management.
 35




---



##### Table of Contents



Vessel Sales and
    Purchases Roll-on/Roll-off Operations
 2006


2007


2008


2009


2010Fleet as of January 1


8



7



8



9



8Newbuildings delivered


















Vessels purchased






1



1







Vessels sold


1



1



1



1



1Transfer from Ferry Operations






1



1







2Fleet as of December 31


7



8



9



8



9Net gain on sale of vessels (SEK in millions)


219



100



33



148



   Recent acquisitions and sales. Stena Discovery. Stena Shipper Crowley Shipper
  Stena
    Trader Blue Puttes Stena Traveller Highlanders
  Competition.
  Ship
    management
      Technical
    developments and patents
   36




---



##### Table of Contents



Real
    estate
  General.
    Swedish properties.
        International.
   37




---



##### Table of Contents



Property management.
  New Businesses
    Adactum
  General.
  Investments in private companies.
     38




---



##### Table of Contents



Investments in listed companies.
    Investment
    activities
     39




---



##### Table of Contents



day-to-day
    Classification of
    vessels
      Risk of loss and
    insurance
  General.
    Hull and machinery insurance.
 40




---



##### Table of Contents



Loss of hire insurance.
  Protection and indemnity (P&I)
    insurance.
        Claims experience.
 41




---



##### Table of Contents



Adequacy of insurance.
  Significant
    Subsidiaries
   Name of Company

Domicile

Percentage OwnedStena Fastigheter AB

Sweden

100%Stena Line Scandinavia AB

Sweden

100%Stena Adactum AB

Sweden

100%Stena Bulk AB

Sweden

100%Stena Rederi AB

Sweden

100%Stena International S.ár.l.

Luxembourg

100%Stena Holland BV

The Netherlands

100%Stena Realty BV

The Netherlands

100%Stena Line Holding BV

The Netherlands

100%Stena Maritime AG

Switzerland

100%   Regulation
  General     Environmental
    OPA 90.
 42




---



##### Table of Contents



clean-up
  
    Single-hull vessels (including a single-hull vessel fitted with
    double sides only or a double bottom only)  ο
    a vessel of 3,000 gross tons or smaller: the greater amount
    of $3,200 per gross ton or $6,408,000; andο
    a vessel greater than 3,000 gross tons: the greater amount
    of $3,200 per gross ton or $23,496,000.  
    Other vessels than single-hull vessels  ο
    a vessel of 3,000 gross tons or smaller: the greater amount
    of $2,000 per gross ton or $4,272,000; andο
    a vessel greater than 3,000 gross tons: the greater amount
    of $2,000 per gross ton or $17,080,000.  
    Any other vessel  ο
    the greater amount of $1,000 per gross ton or $854,400.         43




---



##### Table of Contents



25-year (1990-2015),
    CERCLA.
  National Pollutant Discharge Elimination System
  MTSA.
  The International Maritime Organization
  Convention on Civil Liability
  MARPOL 73/78.
 44




---



##### Table of Contents



EU Directive 2005/33/EC 2011-2012.
      ICLL.
  SOLAS.
 45




---



##### Table of Contents




    provide for safe practices in ship operation in a safe working
    environment;
    establish safeguards against all identified risks; and
    continuously improve safety management skills of personnel,
    including preparing for emergencies. 46




---



##### Table of Contents



Athens Convention.
    HNS Convention.
  Item 4A.
    Unresolved
    Staff Comments    Item 5.
    Operating
    and Financial Review and Prospects  General
   47




---



##### Table of Contents



Significant
    events
  Ferry
    operations
    Stena Hollandica Stena Britannica, Stena
    Germanica III Stena Scandinavica IV Stena Vision Stena Spirit.
        Stena Götaland Stena Transfer Stena Partner
  Offshore
    Drilling
  Stena Don, Stena Clyde Stena Spey
      Shipping
  Crude oil and
    petroleum product transportation
   48




---



##### Table of Contents



Roll-on/Roll-off
    Vessel Operations
  Stena Trader Stena Traveller Blue
    Puttees Stena Trader Highlanders Stena Traveller
    Borja Baltic Amber
  Real
    Estate
    New Businesses
    Adactum
      Financial
    activities
       49




---



##### Table of Contents



Results of
    Operations
  Year ended December 31,2008


2009


2010(SEK in millions)CONSOLIDATED GROUPIncome Statement Data:Total revenues


26,472



27,812



27,150Direct operating expenses


(16,679
)


(17,188
)


(16,784
)Selling and administrative expenses


(2,920
)


(3,207
)


(3,104
)Depreciation and amortization


(2,501
)


(3,415
)


(3,704
)Income from operations


4,372



4,002



3,558BUSINESS SEGMENT DATARevenues:Ferry operations


10,309



9,599



9,092Drilling operations


6,087



8,112



7,777Shipping Roll-on/Roll-off vessels


426



473



396Crude Oil tankers


3,547



2,401



2,055Other Shipping


198



214



200Total Shipping


4,171



3,088



2,651Property operations


2,085



2,335



2,380New Businesses operations


3,694



4,797



4,630Other


48



3



7Total revenues


26,394



27,934



26,537Other income:Net gain on sale of assets


372



179



189Net valuation on investment properties


(294
)


(301
)


424Total other income


78



(122
)


613Total income


26,472



27,812



27,150Income (Loss) from Operations:Ferry operations


781



445



(79
)Impairment charges


(63
)






Net gain on sale of vessels










2Total Ferry operations


718



445



(77
)Drilling operations


2,388



3,250



2,279Net gain on sale of vessels










Total Drilling operations


2,388



3,250



2,279Shipping: Roll-on/Roll-off vessels


104



102



35Net gain on sale of vessels


33



148



Total Roll-on/Roll-off vessels


137



250



35Crude oil tankers


135



(736
)


(461
)Impairment charges


(85
)


(150
)


Net gain on sale of vessels


170







Total crude oil tankers


220



(886
)


(461
)Other shipping


16



7



1Total Shipping


373



(629
)


(425
)Property operations


1,163



1,338



1,307Net valuations on investment properties


(294
)


(301
)


424Net gain on sale of properties


169



31



187Total Property


1,038



1,068



1,918New Businesses operations


107



178



210Other


(252
)


(310
)


(347
)Total


4,372



4,002



3,558Depreciation & Amortization:Ferry operations


1,064



1,119



1,173Drilling


1,016



1,665



2,076Shipping: Roll-on/Roll-off vessels


107



141



126Crude oil tankers


167



247



86Other shipping


13



12



9Total Shipping


287



400



221Property






2



2New Businesses operations


125



219



215Other


9



10



17Total


2,501



3,415



3,704  50




---



##### Table of Contents



Comparison of the
    year ended December 31, 2010 to the year ended
    December 31, 2009
  Currency
    effects
      January-December


January-DecemberAverage rates:

2009


2010


ChangeU.S.$


7.6457



7.2049



(6
)%British pound


11.9260



11.1256



(7
)%Euro


10.6213



9.5413



(10
)%   As of December 31,


As of December 31,Closing rates:

2009


2010


ChangeU.S.$


7.1553



6.7273



(6
)%British pound


11.5704



10.4942



(9
)%Euro


10.2506



9.0089



(12
)%   Revenues
    Ferry operations.
  Drilling. Stena Don Stena Clyde
  Shipping.
 51




---



##### Table of Contents



Baltic Amber Mont Ventoux
    Property.
  New Businesses Adactum.
  Other
    Income
  Net valuation on investment properties.
  Net Gain on Sale of Vessels. Götaland, Stena
    Transfer Stena Partner Stena Discovery Stena Transporter
  Net Gain on Sale of Properties.
 52




---



##### Table of Contents



Direct
    operating expenses
    Ferry operations.
  Drilling. Stena Forth, Stena Don Stena
    Clyde Songa Dee
  Shipping.
    Blue Puttees Stena Trader Highlanders Stena
    Traveller
   53




---



##### Table of Contents



Property.
  New Businesses Adactum.
  Selling and
    administrative expenses
    Depreciation
    and amortization
  Stena Forth Stena
    Hollandica
  Financial
    income and expense, net
     54




---



##### Table of Contents



Stena Carron Stena Carron
          Income
    taxes
    Comparison of the
    year ended December 31, 2009 to the year ended
    December 31, 2008
  Currency
    effects
     55




---



##### Table of Contents



January-December


January-DecemberAverage rates:

2008


2009


ChangeU.S.$


6.5808



7.6457



16
%British pound


12.0912



11.9260



(1
)%Euro


9.6055



10.6213



11
%   As of December 31,


As of December 31,Closing rates:

2008


2009


ChangeU.S.$


7.8212



7.1553



(9
)%British pound


11.4303



11.5704



1
%Euro


10.9500



10.2506



(6
)%   Revenues
    Ferry operations.
  Drilling. Stena Carron Stena Forth, Stena Clyde Stena Spey Stena Tay Songa Dee
  Shipping.
   56




---



##### Table of Contents



Stena Shipper
    Property.
  New Businesses Adactum.
  Other
    income
  Net valuation on investment property.
  Net Gain on
    Sale of Assets
  Net Gain on Sale of Vessels, Shipping. Stena Discovery Stena
    Transporter Stena Confidence Stena Shipper.
  Net Gain on Sale of Properties.
  Direct
    operating expenses
   57




---



##### Table of Contents



Ferry operations.
  Drilling. Stena Carron Stena Forth, re-delivery Songa Dee Stena Tay
  Shipping.
    Mount
    Ventoux Stena Shipper
   58




---



##### Table of Contents



Property.
  New Businesses Adactum.
  Selling and
    administrative expenses
    Depreciation
    and amortization
  Stena Carron Stena Forth,
  Financial
    income and expense, net
     59




---



##### Table of Contents



Stena Carron Stena DrillMAX Stena Trader Stena
    Traveller
    Stena Carron Stena Forth
      Income
    taxes
    Liquidity and
    capital resources
   60




---



##### Table of Contents



Financial
    Contracts
  Revolving credit facility.
   61




---



##### Table of Contents



Stena Baltica Stena
    Carisma Stena Clyde Stena
    Don Stena Danica Stena Europe Stena
    Forecaster Stena Forerunner Stena
    Foreteller Stena Forwarder Stena Germanica Stena Nautica Stena Saga Stena
    Scandinavica Stena Scanrail Stena Spey Stena Tay
      Adactum secured bank facility.
  Stena Royal secured bank facility.
  Debt in SPEs.
 62




---



##### Table of Contents



Senior Notes due 2016. pari passu
  Senior Notes due 2017, Senior Notes due 2019 and Senior Notes
    due 2020. pari passu
  SEK 6,660 million EKN revolving credit
    facility.
 63




---



##### Table of Contents



Change of
    control
      Other
  Property-related debt.
  Other interest bearing debt.
  Construction in
    Progress
   64




---



##### Table of Contents



Long-Term
    Financial Obligations and Other Contractual
    Obligations
   Payments due by periodLess than








More than


NotTotal


one year


1-2 years


3-5 years


5 years


specified(SEK million)Property loans


12,611



192



488



970



10,961Other bank loans


19,816



1,106



3,756



3,394



11,560Revolving credit facility


6,666



















6,666Other credit facilities


746



351















395Senior Notes


6,256















6,256Capital leases


1,869



225



450



408



786Operating leases


5,992



1,537



1,358



1,140



1,957Trade accounts payable


1,313



1,313Total


55,269



4,724



6,052



5,912



31,520



7,061   page F-43,
  Off Balance Sheet
    Arrangements
    Trend
    information
     65




---



##### Table of Contents



Application of
    Critical Accounting Policies
        Vessels useful lives.
 66




---



##### Table of Contents



Investment properties.
  Impairment of Goodwill.
  Impairment of non-financial assets.
  Derivative instruments and hedging
    measures.
    Impairment of financial assets. available-for-sale available-for-sale
  Accounting
    policies
      
    IAS 27 (revised), Consolidated and separate financial
    statements, (effective from July 1, 2009). The
    revised standard requires the effects of all transactions with
    non controlling 67




---



##### Table of Contents



interests to be recorded in equity if there is no change in
    control and these transactions will no longer result in goodwill
    or gains and losses. This has been applied in the acquisition of
    additional shares of Ballingslöv. The standard also
    specifies the accounting when control is lost. Any remaining
    interest in the entity is remeasured to fair value, and a gain
    or loss is recognised in the Income Statement. The Group has
    applied IAS 27 (revised) prospectively to transactions with
    non-controlling interests from January 1, 2010. 
    IFRS 3 (revised), Business combinations (effective
    from July 1, 2009). The revised standard continues to apply
    the acquisition method to business combinations, with some
    significant changes. For example, all payments to purchase a
    business are to be recorded at fair value at the acquisition
    date, with contingent payments classified as debt subsequently
    re-measured through the income statement. There is a choice on
    an
    acquisition-by-acquisition
    basis to measure the non-controlling interest in the acquiree at
    fair value or at the non-controlling interests
    proportionate share of the acquirees net assets. All
    acquisition-related costs should be expensed. The Group has
    applied IFRS 3 (revised) prospectively to all business
    combinations as from January 1, 2010.
    IFRIC 16, Hedges of a net investment in a foreign
    operation effective July 1, 2009. This amendment
    states that, in a hedge of a net investment in a foreign
    operation, qualifying hedging instruments may be held by any
    entity or entities within the group, including the foreign
    operation itself, as long as the designation, documentation and
    effectiveness requirements of IAS 39 that relate to a net
    investment hedge are satisfied. In particular, the Group should
    clearly document its hedging strategy because of the possibility
    of different designations at different levels of the Group.
    Other new and amended IFRSs have not had any significant impact
    on the consolidated Financial Statements.  IFRS standards
    that have been issued but are not yet effective
    
    IFRS 9, Financial instruments, issued in November
    2009. This standard is the first step in the process to replace
    IAS 39, Financial instruments: recognition and
    measurement. IFRS 9 introduces new requirements for
    classifying and measuring financial assets and is likely to
    affect the groups accounting for its financial assets. The
    standard is not applicable until January 1, 2013, but is
    available for early adoption. However, the standard has not yet
    been endorsed by the EU. The group is yet to assess IFRS
    9s full impact.
    IFRIC 19, Extinguishing financial liabilities with equity
    instruments, effective July 1, 2010. The
    interpretation clarifies the accounting by an entity when the
    terms of a financial liability are renegotiated and result in
    the entity issuing equity instruments to a creditor of the
    entity to extinguish all or part of the financial liability
    (debt for equity swap). It requires a gain or loss to be
    recognised in profit or loss, which is measured as the
    difference between the carrying amount of the financial
    liability and the fair value of the equity instruments issued.
    If the fair value of the equity instruments issued cannot be
    reliably measured, the equity instruments should be measured to
    reflect the fair value of the financial liability extinguished.
    The group will apply the interpretation from 1 January
    2011, subject to endorsement by the EU. It is not expected to
    have any impact on the groups financial statements.
    Prepayments of a minimum funding requirement (amendments
    to IFRIC 14). The amendments correct an unintended consequence
    of IFRIC 14, IAS 19  The limit on a defined
    benefit asset, minimum funding requirements and their
    interaction. Without the amendments, entities are not
    permitted to recognise as an asset some voluntary prepayments
    for minimum funding contributions. This was not intended when
    IFRIC 14 was issued, and the amendments correct this. The
    amendments are effective for annual periods beginning
    January 1, 2011. Earlier application is permitted. The
    amendments should be 68




---



##### Table of Contents



applied retrospectively to the earlies comparative period
    presented. The group will apply these amendments for the
    financial reporting period commencing on January 1, 2011.
    This is not expected to have a material impact on the
    groups financial statements.  Item 6.
    Directors,
    Senior Management and Employees      Name

Year born

TitleLennart Jeansson


1941


Chairman of the Board of DirectorsDan Sten Olsson


1947


Chief Executive Officer and
    Director(1)Sune Carlsson


1941


DirectorÅke Plyhm


1951


DirectorChristian Caspar


1951


DirectorAnne-Marie Pouteaux


1951


DirectorJörgen Lorén


1961


Director (Employee Representative)Jens Ole Hansen


1951


Director (Employee Representative)Pia Carlsson


1969


Deputy Director (Employee Representative)   (1)
    
    For details of Mr. Dan Sten
    Olssons share ownership, see section Principal
    Shareholders.    Lennart Jeansson
  Dan Sten Olsson
  Sune Carlsson
  Åke Plyhm
 69




---



##### Table of Contents



Anne-Marie Pouteaux
  Christian Caspar
  Jörgen Lorén
  Jens Ole Hansen
  Pia Carlsson
  Other Key
    Employees
  Christel Armstrong Darvik
  Gunnar Blomdahl
  Peter Claesson
  Claes Davidsson
  Staffan Hultgren
  Hugh Ferguson
  Harry Robertsson
  Ulf Ryder
 70




---



##### Table of Contents



Bo Severed
  Martin Svalstedt
  Tom Welo
  Compensation of
    Directors
          Audit
    Committee
         71




---



##### Table of Contents



Employees
    2008


2009


2010Ferry operations


5,778



5,798



5,558Drilling


968



1,002



902Shipping


842



817



809Property operations


279



286



276New businesses Adactum


1,791



2,253



2,213Other


84



80



89Total


9,742



10,236



9,847-       Options
    Item 7.
    Major
    Shareholders and Related Party Transactions  Major
    Shareholders
   Name of beneficial owner

Number of shares

Percentage ownershipDan Sten Olsson


25,500



51.0
%Madeleine Olsson Eriksson


12,250



24.5
%Stefan Sten Olsson


12,250



24.5
%        72




---



##### Table of Contents



Related Party
    Transactions
    Concordia
      Sessan
  Stena Sirita 10-year Stena Spirit 10-year
    Stena Jutlandica
  Sessan has invested in shares in Meda.
 73




---



##### Table of Contents



Stena
    Metall
        Stena Nordica Stena Freighter Stena Carrier Mont Ventoux
  Olsson
    Family
        Item 8.
    Financial
    Information  Consolidated
    Financial Statements
    Legal
    Proceedings
  and/or
   74




---



##### Table of Contents



and/or and/or inter alia,
  9502391-7
      Dividends
    Item 9.
    The
    Offer and Listing    Item 10.
    Additional
    Information  Organization
  556001-0802.
 75




---



##### Table of Contents



Articles of
    Association
    Directors
      Shareholder
    Rights
     76




---



##### Table of Contents



General
    Meetings
    Ownership and
    Transfer Restrictions
    Change in
    Control
    Disclosure of
    Shareholdings
    Exchange
    Controls
    Taxation
    Documents on
    Display
   77




---



##### Table of Contents



http://www.sec.gov. 202-551-8090.
  Item 11.
    Quantitative
    and Qualitative Disclosures about Market Risk    Foreign Exchange
    Risks
    Transaction Exposure.
    Translation Exposure.
      Equity Exposure.
 78




---



##### Table of Contents



Bunker Fuel
    Exposure
      Financial Trading
    Activities
      Interest Rate
    Risks
     79




---



##### Table of Contents



Equity Securities
    Rate Risks
    Item 12.
    Description
    of Securities Other than Equity Securities   PART II  Item 13.
    Defaults,
    Dividend Arrearages and Delinquencies    Item 14.
    Material
    Modifications to the Rights of Security Holders and Use of
    Proceeds    Item 15.
    Controls
    and Procedures  Evaluation of Controls and Procedures.
  Limitations on Effectiveness of Controls.
  Effectiveness of Disclosure Controls.
  Changes in Internal Controls.
  Effectiveness of Internal Control Over Financial
    Reporting.
 80




---



##### Table of Contents



Item 16A.
    Audit
    Committee Financial Expert    Item 16B.
    Code
    of Ethics    Item 16C.
    Principal
    Accountant Fees and Services  Audit,
    Audit-Related, Tax and Other Fees
    SEK in million

2009


2010KPMG:Audit services


24



21Other audit related services


2



1Tax services


32



25Other services


5



2Total KPMG


63



49Other auditorsAudit services


2



2Other audit related services






1Total


65



52      81




---



##### Table of Contents



Pre-Approval
    Policies
    Rule 2-01 Regulation S-X.
  Item 16D.
    Exemptions
    from the Listing Standards for Audit Committees    Item 16E.
    Purchases
    of Equity Securities by the Issuer and Affiliated
    Purchasers    Item 16F.
    Change
    in Registrants Certifying Accountant    Item 16G.
    Corporate
    Governance   82




---



##### Table of Contents



PART III  Item 17.
    Financial
    Statements    Item 18.
    Financial
    Statements     
 PageConsolidated Financial Statements  Stena AB
    (publ)Index to the Consolidated Financial Statements


F-1Report of Independent Registered Public Accounting Firm


F-2Consolidated Income Statements for each of the years in the
    three-year period ended December 31, 2010


F-3Consolidated Statements of Comprehensive Income for each of the
    years in the three-year period ended December 31, 2010


F-4Consolidated Balance Sheets as of December 31, 2009 and 2010


F-5Consolidated Statements of Changes in Shareholders Equity
    for each of the years in the three-year period ended
    December 31, 2010


F-7Consolidated Statements of Cash Flows for each of the years in
    the three-year period ended December 31, 2010


F-8Notes to the Consolidated Financial Statements


F-9Schedules to Stena AB Consolidated Financial StatementsReport of Independent Registered Public Accounting Firm on
    Schedules


S-1Schedule II  Valuation and Qualifying Accounts


S-2Schedule III  Property and Accumulated
    Depreciation


S-3    83




---



##### Table of Contents



Item 19.
    Exhibits    ExhibitNumber1
.1

Articles of Association of the Company in Swedish, together with
    an English translation (incorporated by reference to
    Exhibit 3.1 to the Companys Registration Statement on
    Form F-4
    (file number
    333-102110)
    filed with the SEC on December 20, 2002).8


List of Subsidiaries of the Company.*11
.1

Amended Code of Ethics relating to the Chief Executive Officer,
    Principal Financial Officer and Chief Accounting Officer of
    Stena AB (publ) (incorporated by reference to Exhibit 11 to
    the Companys Annual Report on
    Form 20-F
    for the year ended December 31, 2007).12
.1

Certification of Dan Sten Olsson, Chief Executive Officer of
    Stena AB, dated April 29, 2011.*12
.2

Certification of Staffan Hultgren, Principal Financial Officer
    of Stena AB, dated April 29, 2011.*13
.1

Certification of Chief Executive Officer and Principal Financial
    Officer of the Company pursuant to U.S.C. Section 1350, as
    adopted pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002.*     *
    
    Filed herewith. 84




---



##### Table of Contents



SIGNATURES
  Form 20-F
  Date: April 27, 2011

STENA AB (publ)   By:
    /s/  Dan
    Sten Olsson     By:
    /s/Staffan
    Hultgren    85




---



##### Table of Contents



FINAL
  Consolidated
    Financial Statements
  Stena AB
    (publ)
  INDEX

PageReport of Independent Registered Public
    Accounting Firm


F-2Consolidated Income Statements for each of the
    years in the three-year period ended December 31, 2010


F-3Consolidated Statements of Comprehensive Income
    for each of the years in the three-year period ended
    December 31, 2010


F-4Consolidated Balance Sheets as of
    December 31, 2009 and 2010


F-5Consolidated Statements of Changes in
    Shareholders Equity for each of the years in the
    three-year period ended December 31, 2010


F-7Consolidated Statements of Cash Flows for each of
    the years in the three-year period ended December 31,
    2010


F-8Notes to Consolidated Financial Statements


F-9   F-1




---



##### Table of Contents



Report of
    Independent Registered Public Accounting Firm                 F-2




---



##### Table of Contents



Stena AB
    (publ)



Consolidated
    Income Statements  Years ended 31 December2008


2009


2010


2010In million

Note


SEK


SEK


SEK


USD1)RevenuesFerry operations






10,309



9,599



9,092



1,340Drilling






6,087



8,112



7,777



1,146Shipping






4,171



3,088



2,651



391Investment properties






2,085



2,335



2,380



351New Businesses  Adactum






3,694



4,797



4,630



683Other






48



3



7



1Total revenues






26,394



27,934



26,537



3,912Net gain on sales of assets


4



372



179



189



28Total other income






372



179



189



28Net valuation on investment properties


14



(294
)


(301
)


424



62Total income


3



26,472



27,812



27,150



4,002Direct operating expensesFerry operations






(7,483
)


(7,033
)


(7,117
)


(1,049
)Drilling






(2,258
)


(2,722
)


(2,959
)


(436
)Shipping






(3,329
)


(3,124
)


(2,517
)


(371
)Investment properties






(739
)


(804
)


(885
)


(130
)New Businesses  Adactum






(2,858
)


(3,476
)


(3,306
)


(487
)Other






(12
)


(29
)Total direct operating expenses






(16,679
)


(17,188
)


(16,784
)


(2,473
)Gross profit






9,793



10,624



10,366



1,529Selling expenses


19



(1,131
)


(1,305
)


(1,202
)


(178
)Administrative expenses


5



(1,789
)


(1,902
)


(1,902
)


(280
)Depreciation and amortization


3



(2,501
)


(3,415
)


(3,704
)


(546
)Income from operations


3, 34



4,372



4,002



3,558



525Share of associated companies results


6



(80
)


24



131



19Result from securities and receivables accounted for as fixed
    assets


7



(1,990
)


(265
)


595



88Other interest income and similar profit/loss items


8



1,383



836



502



74Interest expense and similar profit/loss items


9



(2,307
)


(2,253
)


(2,106
)


(310
)Finance net






(2,994
)


(1,658
)


(878
)


(129
)Income before taxes






1,378



2,344



2,680



396Income taxes


10



367



20



(114
)


(17
)Profit for the year






1,745



2,364



2,566



379Earnings attributable to:Equity holders of the Parent Company






1,752



2,401



2,568



379Non-controlling interests






(7
)


(37
)


(2
)Net income






1,745



2,364



2,566



379   1)
    
    Unaudited-Note 1 F-3




---



##### Table of Contents



Stena AB
    (publ)



Consolidated
    Statements of Comprehensive Income  Years ended 31 December2008


2009


2010


2010In million

SEK


SEK


SEK


USD1)Profit for the year


1,745



2,364



2,566



379Other comprehensive incomeChange in fair value reserve, net of tax


(2,077
)


939



159



23Change in Cash flow hedges, net of tax


(1,328
)


626



216



31Change in currency translation differences


3,192



(2,097
)


(2,450
)


(361
)Change in equity hedge, net of tax


(201
)


107



191



28Equity method, net of tax










(50
)


(7
)Other comprehensive income for the year


1,331



1,939



632



93Other comprehensive income attributable to:owners of the company


1,302



1,995



642



94non-controlling interest


29



(56
)


(10
)


(1
)Total comprehensive income for the year


1,331



1,939



632



93   1)
    
    Unaudited-Note 1  See also Note 22 and
    Note 23
 F-4




---



##### Table of Contents



Stena
    AB (publ)



Consolidated
    Balance Sheets  Years ended 31 December2009


2010


2010In million

Note


SEK


SEK


USD1)ASSETSNon-current assetsIntangible assets


11Goodwill






1,376



1,286



189Trademarks






807



772



114Distribution agreements






425



358



53Other intangible assets






181



150



22Total intangible assets






2,789



2,566



378Tangible fixed assetsVessels


12



27,257



28,753



4,239Construction in progress


12



5,649



6,541



964Equipment


12



2,182



2,462



363Buildings and land


13



901



841



124Ports


13



915



1,042



154Total tangible fixed assets






36,904



39,639



5,844Investment properties


14



24,040



24,148



3,560Financial fixed assetsInvestment in associated companies


6



1,115



1,205



178Investment included in SPEs


15



8,174



6,175



910Marketable securities


16



2,211



4,130



609Other non-current assets


17, 23



4,655



4,880



719Total financial fixed assets






16,155



16,390



2,416Total non-current assets






79,888



82,743



12,198Current assetsInventories


18



615



645



95Trade debtors


19



3,284



2,754



406Other current receivables


19



1,721



1,116



164Prepaid expenses and accrued income


19



1,820



1,888



278Short-term investments


20



3,694



4,127



608Cash and cash equivalents


21



1,183



1,665



246Total current assets






12,317



12,195



1,797Total assets


3



92,205



94,938



13,995   1)
    
    Unaudited-Note 1 F-5




---



##### Table of Contents



Years ended 31 December2009


2010


2010In million

Note


SEK


SEK


USD1)SHAREHOLDERS EQUITY AND LIABILITIESEquity attributable to shareholders of the company


22Share capital






5



5



1Reserves






780



(1,096
)


(162
)Retained earnings






25,723



27,709



4,084Net income






2,364



2,566



379Equity attributable to shareholders of the company






28,872



29,184



4,302Non-controlling interest






311



264



39Total equity






29,183



29,448



4,341Non-current liabilitiesDeferred income taxes


23



3,646



4,057



598Pension liabilities


24



1,122



1,088



160Other provisions


25



1,920



1,492



220Long-term debt


26



31,485



38,190



5,630Debt included in SPEs


15



8,249



5,140



758Senior Notes


27



6,147



6,256



922Capitalized lease obligations


28



1,908



1,644



242Other non-current liabilities


29



1,163



946



140Total non-current liabilities






55,640



58,813



8,670Current liabilitiesShort-term debt


26



1,541



1,649



243Capitalized lease obligations


28



135



225



33Trade accounts payable






1,311



1,313



194Income tax payable






150



130



19Other current liabilities






2,011



1,024



151Accrued costs and prepaid income


30



2,234



2,336



344Total current liabilities






7,382



6,677



984Total equity and liabilities






92,205



94,938



13,995Pledged assets


31



59,846



60,439



8,910Commitments and contingent liabilities


31



3,780



2,510



370   1)
    
    Unaudited-Note 1 F-6




---



##### Table of Contents



Stena AB
    (publ)



Consolidated
    Statements of Changes in Shareholders Equity  Attributable to equity holders of the companyRetainedearningsFair








including





Non-Share-


value


Hedging


Translation


Net





controlling


TotalSEK million

capital


reserve1)


reserve1)


reserve1)


income


Total


interest


equityClosing balance as per 31 December 2007


5



835



847



(46
)


24,574



26,215



171



26,386Acquired subsidiary


























167



167Exchange differences arising on the translation of foreign
    operations














3,156







3,156



36



3,192Change in Hedgings reserve, net of tax- bunker hedge










(1,189
)










(1,189
)






(1,189
)- interest swap hedge










(139
)










(139
)






(139
)Change in fair value reserve, net of tax






(2,077
)














(2,077
)






(2,077
)Change in net investment hedge, net of tax










(201
)










(201
)






(201
)(2,077
)


(1,529
)


3,156







(450
)


36



(414
)Net income


















1,752



1,752



(7
)


1,745Total Comprehensive income






(2,077
)


(1,529
)


3,156



1,752



1,302



29



1,331Dividend


















(390
)


(390
)






(390
)(40
)


(40
)






(40
)Closing balance as per 31 December 2008


5



(1,242
)


(682
)


3,110



25,896



27,087



367



27,454Exchange differences arising on the translation of foreign
    operations














(2,079
)






(2,079
)


(19
)


(2,098
)Change in Hedgings reserve, net of tax- bunker hedge










585











585







585- interest swap hedge










42











42







42Change in fair value reserve, net of tax






939















939







939Change in net investment hedge, net of tax










107











107







107939



734



(2,079
)






(406
)


(19
)


(425
)Net income


















2,401



2,401



(37
)


2,364Total comprehensive income






939



734



(2,079
)


2,401



1,995



(56
)


1,939Dividend


















(190
)


(190
)






(190
)Transfer to charitable trust


















(20
)


(20
)






(20
)Closing balance as per 31 December 2009


5



(303
)


52



1,031



28,087



28,872



311



29,183Acquired non-controlling interest


























96



96Acquisition of subsidiary


























(133
)


(133
)Exchange differences arising on the translation of foreign
    operations














(2,442
)






(2,442
)


(8
)


(2,450
)Change in Hedgings reserve, net of tax- bunker hedge










153











153







153- interest swap hedge










63











63







63Change in fair value reserve, net of tax






159















159







159Change in net investment hedge, net of tax










191











191







191Equity method


















(50
)


(50
)






(50
)159



407



(2,442
)


(50
)


(1,926
)


(8
)


(1,934
)Net income


















2,568



2,568



(2
)


2,566Total comprehensive income






159



407



(2,442
)


2,518



642



(10
)


632Dividend


















(316
)


(316
)






(316
)Transfer to charitable trust


















(14
)


(14
)






(14
)Closing balance as per 31 December 2010


5



(144
)


459



(1,411
)


30,275



29,184



264



29,448   1)
    
    See also Note 22 F-7




---



##### Table of Contents



Stena AB
    (publ)



Consolidated
    Statements of Cash Flows  Years ended 31 December2008


2009


2010


2010In million

Note


SEK


SEK


SEK


USD1)Net cash flows from operating activitiesNet income






1,745



2,364



2,566



379Adjustments to reconcile net income to net cash provided by
    operating activities:Depreciation and amortization


3



2,501



3,415



3,704



546Net valuation of investment properties






294



301



(424
)


(63
)Share of affiliated companies results






80



(24
)


(131
)


(19
)Dividend from associated companies






38Gain on sale of assets


4



(372
)


(179
)


(189
)


(28
)Loss/gains on securities, net






1,785



81



(445
)


(66
)Unrealized foreign exchange losses/gains






79



148



(159
)


(23
)Deferred income taxes


10



(620
)


(230
)


(77
)


(11
)Provision for pensions






(233
)


(190
)


(449
)


(66
)Other non cash items






(74
)


311



(62
)


(9
)Net cash flows from trading securities






565



(35
)


(58
)


(9
)Cash flow from operations before changes in working
    capital






5,788



5,962



4,276



631Changes in working capitalReceivables






(80
)


2,829



784



116Prepaid expenses and accrued income






(514
)


(294
)


(78
)


(12
)Inventories






(355
)


467



(62
)


(9
)Trade accounts payable






(155
)


127



59



9Accrued costs and prepaid income






26



(855
)


162



24Income tax payable






(55
)


76



(13
)


(2
)Other current liabilities






726



(1,228
)


(63
)


(9
)Net cash provided by operating activities






5,381



7,084



5,065



748Net cash flows from investing activitiesPurchase of intangible assets






(54
)


(61
)


(30
)


(4
)Cash proceeds from sale of tangible fixed assets


4



1,560



469



895



132Capital expenditure on tangible fixed assets






(9,642
)


(9,169
)


(10,159
)


(1,497
)Purchase of subsidiary, net of cash acquired


32



(605
)






(127
)


(19
)Investments in affiliated companies






(402
)


(162
)Proceeds from sale of securities






7,353



5,040



5,883



867Purchase of securities






(4,744
)


(2,709
)


(5,987
)


(883
)Increase of noncurrent assets






(1,272
)


(119
)


(405
)


(60
)Decrease of noncurrent assets






424



341



251



37Other investing activities






(15
)


(86
)


(2
)Net cash used in investing activities






(7,397
)


(6,456
)


(9,681
)


(1,427
)Net cash flows from financing activitiesProceeds from issuance of debt






9,827



4,795



6,250



921Principal payments on debt






(3,631
)


(2,006
)


(6,491
)


(957
)Net change in borrowings on
    line-of-credit
    agreements






(188
)


(4,483
)


6,245



921Proceeds from new capitalized lease obligations






46



1



618



91Principal payments on capitalized lease obligations






(687
)


(184
)


(136
)


(20
)Net change in restricted cash accounts






(2,896
)


1,100



(688
)


(101
)Dividends paid






(390
)


(190
)


(316
)


(47
)Other financing activities


32



633



60



(331
)


(49
)Net cash provided by/used in financing activities






(2,714
)


(907
)


5,151



759Effect of exchange rate changes on cash and cash equivalents






25



31



(53
)


(8
)Net change in cash and cash equivalents






723



(248
)


482



72Cash and cash equivalents at beginning of year


21



708



1,431



1,183



174Cash and cash equivalents at end of year


21



1,431



1,183



1,665



246   1)
    
    Unaudited-Note 1 F-8




---



##### Table of Contents



Notes
    Amounts are shown in SEK millions unless otherwise
    stated.  1 
    Summary of Significant Accounting Principles
  Basis of
    preparation
          available-for-sale
    The Group has
    adopted the following new and amended IFRSs as of 1 January
    2010:
  
    IAS 27 (revised), Consolidated and separate financial
    statements, (effective from 1 July 2009). The revised
    standard requires the effects of all transactions with non
    controlling interests to be recorded in equity if there is no
    change in control and these transactions will no longer result
    in goodwill or gains and losses. This has been applied in the
    acquisition of additional shares of Ballingslöv. The
    standard also specifies the accounting when control is lost. Any
    remaining interest in the entity is remeasured to fair value,
    and a gain or loss is recognised in the Income Statement. The
    group will apply IAS 27 (revised) prospectively to transactions
    with non-controlling interests from 1 January 2010.
    IFRS 3 (revised), Business combinations (effective
    from 1 July 2009). The revised standard continues to apply
    the acquisition method to business combinations, with some
    significant changes. For example, all payments to purchase a
    business are to be recorded at fair value at the acquisition
    date, with contingent payments classified as debt subsequently
    re-measured through the income statement. There is a choice on
    an
    acquisition-by-acquisition
    basis to measure the non-controlling interest in the acquiree at
    fair value or at the non-controlling F-9




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  interests proportionate share of the acquirees net
    assets. All acquisition-related costs should be expensed. The
    group has applied IFRS 3 (revised) prospectively to all business
    combinations as from 1 January 2010.  
    IFRIC 16, Hedges of a net investment in a foreign
    operation effective 1 July 2009. This amendment
    states that, in a hedge of a net investment in a foreign
    operation, qualifying hedging instruments may be held by any
    entity or entities within the group, including the foreign
    operation itself, as long as the designation, documentation and
    effectiveness requirements of IAS 39 that relate to a net
    investment hedge are satisfied. In particular, the group should
    clearly document its hedging strategy because of the possibility
    of different designations at different levels of the group.    Basis of
    consolidation
      
    Companies acquired during the year have been included in the
    consolidated financial statement as of the date upon which
    control was gained.
    Companies divested during the year are included in the
    consolidated Financial statements until the date upon which
    Stenas control ceased.    
    elimination of inter-company transactions and
    amortisation of acquired surplus values.      Business
    combinations and goodwill
     F-10




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
              Associated
    companies
  and/or
    Special purposed
    entities (SPE)
    Acquisition with
    non-controlling interest
     F-11




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    Translation of
    foreign operations
    Transaction in
    foreign currency
    Segment
    reporting
      
    Ferry operations
    Drilling operations
    Shipping operations
    Property operations
    New businesses  Adactum  Revenue
    recognition
   F-12




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
                      Tangible fixed
    assets
     F-13




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
            Vessels:Drilling rigs


15-20 yearsDrilling rig vessels


15-20 yearsCrude oil tankers


20 yearsRoRo vessels


20 yearsRoPax vessels


20 yearsHSS vessels and other fast ferries


10-20 yearsOther tangible fixed assets:Other ferries


25 yearsBuildings


50 yearsPort terminals


50 yearsEquipment


3-10 years   Investment
    property
       F-14




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
            Intangible
    assets
  Goodwill
      Trademarks
     F-15




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    Kvik

40 yearsBallingslöv

40 yearsSembo

10 years   IT
    investments
    Distribution
    agreements
    Customer
    relations
    Maintenance of
    intangible assets
    Impairment of
    non-financial assets
      Financial
    expenses
   F-16




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  Accounting for
    subsidies
    Fixed assets held
    for sale
    Financial assets
    and liabilities
  General
    Accounting
      Classification of
    financial assets
    
    Financial assets at fair value through the income statement   F-17




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  
    Assets classified as financial assets at the acquisition date at
    fair value through the income statement  
    Assets held to maturity
    Loans receivable and trade debtors
    Available-for-sale
    financial assets    Financial assets at fair value through the income
    statement
              Assets held to
    maturity
  Held-to-maturity held-to-maturity
  Held-to-maturity Held-to-maturity
  Loan receivables
    and trade debtors
   F-18




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    Available-for-sale
    financial assets
  available-for-sale
  Receivables and
    liabilities in foreign currency
      available-for-sale
    Average rates


Change in2009


2010


%USD


7.6457



7.2049



(6
)GBP


11.9260



11.1256



(7
)EUR


10.6213



9.5413



(10
)   Closing rates


Change in2009


2010


%USD


7.1553



6.7273



(6
)GBP


11.5704



10.4942



(9
)EUR


10.2506



9.0089



(12
)  F-19




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  Financial
    liabilities
    
    Financial liabilities at fair value through the income
    statement, held for trading
    Other financial liabilities    Financial
    liabilities at fair value through the income statement
      Other financial
    liabilities
            Derecognition
    Derivative
    instruments and hedging measures
     F-20




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    
    Cash flow hedging and
    Hedging of foreign net investments    Cash flow
    hedging
               F-21




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  Hedging of net
    investments
      Fair value
    determination of financial instruments valued at fair value in
    the balance sheet
  (i)
    Financial
    instruments listed on an active market (level 1
    measurement)    (ii)
    Valuation
    techniques using observable market data (level 2
    measurement)    (iii)
    Valuation
    techniques using significant unobservable data (level 3
    measurement)    Derivatives and
    hedge accounting
     F-22




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
        Impairment of
    financial assets
  available-for-sale
    Financial risk
    management
  Translation
    differences from net investments
      Translation
    differences from translation exposure
   F-23




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    Transaction
    exposure
    Interest rate
    risk
    Oil price
    risk
    Income
    taxes
  General
       F-24




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  Current
    tax
    Deferred
    taxes
    Leasing
          Inventories
  first-in,
  Trade
    debtors
   F-25




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  Cash and cash
    equivalents
    Employee
    benefits
        Accounts
    payable
      Provisions
   F-26




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
      IFRS that have
    been issued but are not yet effective
    
    IFRS 9, Financial instruments, issued in November
    2009. This standard is the first step in the process to replace
    IAS 39, Financial instruments: recognition and
    measurement. IFRS 9 introduces new requirements for
    classifying and measuring financial assets and is likely to
    affect the Groups accounting for its financial assets. The
    standard is not applicable until 1 January 2013 but is
    available for early adoption. However, the standard has not yet
    been endorsed by the EU. The group is yet to assess IFRS
    9s full impact.
    Prepayments of a minimum funding requirement (amendments
    to IFRIC 14). The amendments correct an unintended consequence
    of IFRIC 14, IAS 19  The limit on a defined
    benefit asset, minimum funding requirements and their
    interaction. Without the amendments, entities are not
    permitted to recognize as an asset some voluntary prepayments
    for minimum funding contributions. This was not intended when
    IFRIC 14 was issued, and the amendments correct this. The
    amendments are effective for annual periods beginning
    1 January 2011. Earlier application is permitted. The
    amendments should be applied retrospectively to the earliest
    comparative period presented. The Group will apply these
    amendments for the financial reporting period commencing on
    1 January 2011.    2 
    Critical accounting estimates and judgements
      a)
    Impairment
    testing for intangible assets   F-27




---



##### Table of Contents



2 
    Critical accounting estimates and
    judgements  continued
    Assets with
    indefinite useful lives
    Assets with
    definite lives
    
    Significant decline in the economic environment.
    Decline of the operating result compared to historic and
    budgeted operating results.      b)
    Impairment
    testing of vessels      c)
    Retirement
    benefits    d)
    Deferred
    taxes     F-28




---



##### Table of Contents



2 
    Critical accounting estimates and
    judgements  continued
  e)
    Provisions      f)
    Fair value of
    derivative instruments or other financial instruments  available-for-sale
  g)
    Valuation of
    investment properties    3 
    Segment Information
    Ferry operations
    Offshore drilling Stena DrillMAX ICE
 F-29




---



##### Table of Contents



3 
    Segment Information  continued
    Shipping operations
            Property
      New Businesses Adactum
    
    Blomsterlandet through which the Company is creating
    a chain of retailers with one of Swedens most extensive
    range of indoor and outdoor plants. F-30




---



##### Table of Contents



3 
    Segment Information  continued
   
    Envac which operates automated household and
    municipal waste collection systems with activities in 30
    countries.
    Stena Renewable through which the Company commence
    successful operations of one of Swedens largest land-based
    wind power generating plant, near Ludvika, Sweden. In total 22
    wind power systems (windmills) have been installed and are in
    operation at this location.
    Ballingslöv which is an international group in
    the field of kitchens, bathrooms and storage products with an
    ambition to become one of the leading players in the European
    market. Ballingslöv has one manufacturing site in Sweden,
    one in Great Britain and five in Denmark.  Other operations
       F-31




---



##### Table of Contents



3 
    Segment Information  continued
  Income from
    operations by segment
  Years ended 31 DecemberSEK million

2008


2009


2010Ferry operationsOperations


781



445



(79
)Impairment charges


(63
)






2Total Ferry operations


718



445



(77
)DrillingOperations


2,388



3,250



2,279Total Drilling


2,388



3,250



2,279ShippingRoRo operations


104



102



35Net gain on sale of vessels


33



148Total RoRo


137



250



35Tanker operations


135



(736
)


(461
)Impairment charges


(85
)


(150
)Net gain on sale of assets


170Total Tanker


220



(886
)


(461
)Other shipping operations


16



7



1Total shipping


373



(629
)


(425
)PropertyOperations


1,163



1,338



1,307Net valuation on investment properties


(294
)


(301
)


424Net gain on sale of investment properties


169



31



187Total Property


1,038



1,068



1,918New Businesses  AdactumOperations


107



178



210Total New Businesses  Adactum


107



178



210Other


(252
)


(310
)


(347
)Income from operations


4,372



4,002



3,558    F-32




---



##### Table of Contents



3 
    Segment Information  continued
  Reconciliation
    between EBITDA and Income from operations by segment
  Years ended 31 DecemberSEK million



2008


2009


2010Ferry operations

EBITDA


1,782



1,564



1,096Depreciation and amortization


(1,064
)


(1,119
)


(1,173
)Income from operation


718



445



(77
)Drilling

EBITDA


3,404



4,915



4,355Depreciation and amortization


(1,016
)


(1,665
)


(2,076
)Income from operation


2,388



3,250



2,279Shipping

EBITDA


660



(229
)


(204
)Depreciation and amortization


(287
)


(400
)


(221
)Income from operation


373



(629
)


(425
)Property

EBITDA


1,038



1,371



1,496Net valuation of investment properties






(301
)


424Depreciation and amortization






(2
)


(2
)Income from operation


1,038



1,068



1,918New Businesses 

EBITDA


232



397



425Adactum

Depreciation and amortization


(125
)


(219
)


(215
)Income from operation


107



178



210Other

EBITDA


(243
)


(300
)


(330
)Depreciation and amortization


(9
)


(10
)


(17
)Income from operation


(252
)


(310
)


(347
)Total

EBITDA


6,873



7,718



6,838Net valuation of investment properties






(301
)


424Depreciation and amortization


(2,501
)


(3,415
)


(3,704
)Income from operation


4,372



4,002



3,558   Depreciation and
    amortization by segment
  Years ended 31 DecemberSEK million



2008


2009


2010Ferry operations


1,064



1,119



1,173Drilling


1,016



1,665



2,076Shipping:

RoRo vessels


107



141



126Tanker operations


167



247



86Other shipping


13



12



9Total shipping


287



400



221Property






2



2Adactum


125



219



215Other


9



10



17Total


2,501



3,415



3,704  F-33




---



##### Table of Contents



3 
    Segment Information  continued
  Depreciation and
    amortization expense consists of the following
    components
  Years ended 31 DecemberSEK million

2008


2009


2010Vessels


2,096



2,790



3,007Equipment


232



396



481Buildings, land and ports


67



78



82Total tangible fixed assets


2,395



3,264



3,570Intangible assets


106



151



134Total


2,501



3,415



3,704     Investments in
    tangible fixed assets by segment
  Years ended 31 DecemberSEK million



2008


2009


2010Ferry operations


2,880



2,217



4,058Drilling


4,777



5,393



4,030Shipping:

RoRo vessels


257



12



200Tanker operations


1,353



115



336Other shipping


1



2



6Total shipping


1,611



129



542Property


1,357



1,281



800New Businesses  Adactum


408



127



357Other


9



22



7Total


11,042



9,169



9,794     Total assets by
    segment
  Years ended 31 DecemberSEK million



2008


2009


2010Ferry operations


12,974



13,017



14,837Drilling


23,237



25,342



25,819Shipping:

RoRo vessels


1,875



2,184



2,343Tanker operations


2,807



2,143



2,379Other shipping


170



188



189Total shipping


4,852



4,515



4,911Property


25,767



26,043



26,351New Businesses  Adactum


6,911



6,606



6,708Other


23,628



16,682



16,312Total


97,369



92,205



94,938  F-34




---



##### Table of Contents



3 
    Segment Information  continued
  Geographic
    information
    Total
    revenue
  Years ended 31 DecemberSEK million

2008


2009


2010Scandinavia


11,129



11,386



10,873Europe, other


7,169



7,726



7,370Other markets


4,003



5,464



6,256Shipping


4,171



3,236



2,651Total


26,472



27,812



27,150   Total
    assets
  Years ended 31 DecemberSEK million

2008


2009


2010Scandinavia


35,431



32,896



34,316Europe, other


22,511



20,658



29,448Other markets


34,764



35,370



27,476Shipping


4,663



3,281



3,698Total


97,369



92,205



94,938   4 
    Sale of tangible fixed assets
  Years ended 31 DecemberSEK million



2008


2009


2010Vessels

Cash proceeds from sale of vessels


686



183



65Net book value of vessels sold


(483
)


(35
)


(63
)Net gain on sale of vessels


203



148



2Investment properties

Cash proceeds from sale of properties


868



214



784Net book value of properties sold


(699
)


(183
)


(597
)Net gain on sale of properties


169



31



187Total

Cash proceeds from sale of vessels and property


1,554



397



849Net book value of assets sold


(1,182
)


(218
)


(660
)Total gain




372



179



189    F-35




---



##### Table of Contents



5 
    Administrative expenses
      Years ended 31 DecemberSEK million

2008


2009


2010KPMGAudit services


20



24



21Other audit related services


2



2



1Tax services


20



32



25Other services


4



5



2Other auditorsAudit services


2



2



2Other audit related services










1Total


48



65



52   6 
    Investment in associated companies
           F-36




---



##### Table of Contents



6 
    Investment in associated
    companies  continued
  Investments in
    associated companies
  Years ended 31 DecemberSEK million

2008


2009


2010Opening balance


1,403



932



1,115Investments


406



162Revaluation


(141
)






100Dividend


(38
)Share of profit


60



24



31Exchange differences


(28
)


(3
)


(2
)Other changes










(39
)Reclassifications to subsidiaries


(730
)Closing balance


932



1,115



1,205       The Groups share of the results of its associates and
    its share of the assets (including goodwill) and liabilities are
    as follows:
  Country of  











Profit/


%


ShareName

incorporation


Assets


Liabilities


Revenues


(loss)


Interest held


of
    result1)2009Midsona AB (publ)


Sweden



1,338



631



1,354



54



23



12Gunnebo AB (publ)


Sweden



4,336



2,923



6,788



(205
)


26



10MPP Mediatec Group AB


Sweden



922



643



811



(21
)


43



2   1)

    The share of the result in associated companies were reported
    with a three month time lag. The share of result is for the
    period 1 October 2008 to 30 September 2009.  Country of  











Profit/


%


Share ofName

incorporation


Assets


Liabilities


Revenues


(loss)


Interest held


result2)2010Midsona AB (publ)


Sweden



1,176



556



1,134



(67
)


23
%


(15
)Gunnebo AB (publ)


Sweden



3,735



2,129



6,384



178



26
%


46MPP Mediatec Group AB


Sweden



884



619



889



(2
)


43
%


(1
)   2)

    As from 2010 the share of the result in associated companies are
    reported for a full calendar year, the share of results is for
    the period 1 January 2010 to 31 December 2010. F-37




---



##### Table of Contents



7 
    Result from securities and receivables accounted for as
    financial fixed assets
  Years ended 31 DecemberSEK million

2008


2009


2010Dividends


109



18



12Realised result from sale of available for sale shares


(34
)


(713
)


121Realised result from sale of financial instruments measured at
    fair value through the income statement


(746
)


128



31Unrealized result from financial
    instruments1)


(1,372
)


438



217Interest income


175



123



120Exchange differences


(122
)


(259
)


94Total


(1,990
)


(265
)


595   1)
    8 
    Other interest and similar profit/loss items
  Years ended 31 DecemberSEK million

2008


2009


2010Dividends


177



43



26Realized result from sale of trading shares


(35
)


(117
)


(28
)Unrealized result from financial
    instruments1)


(848
)


244



57Interest income from investments in SPEs


667



477



331Gain on termination of leases


1,025



110



91Other interest income


115



84



25Exchange differences


282



(5
)Total


1,383



836



502   1)
  Years ended 31 DecemberSEK million

2008


2009


2010Trading shares


(623
)


71



13Bunker hedges


(225
)


173



44(848
)


244



57     Stena Carron
   F-38




---



##### Table of Contents



9 
    Interest expense and similar profit/loss items
  Years ended 31 DecemberSEK million

2008


2009


2010Interest expenses from investments in SPEs


(365
)


(214
)


(102
)Other interest expenses


(1,815
)


(1,843
)


(1,803
)Unrealized result of valuation of interest swaps


(81
)


194



102Amortization of deferred financing costs


(83
)


(67
)


(63
)Bank charges


(20
)


(33
)


(30
)Realized losses on bunker oil derivatives held for trading


(299
)


(162
)


(35
)Exchange differences


421



(18
)


(46
)Other financial items


(65
)


(110
)


(129
)Total


(2,307
)


(2,253
)


(2, 106
)     10 
    Income taxes
    Years ended 31 DecemberSEK million

2008


2009


2010Sweden


733



(180
)


531rest of the world


645



2,524



2,151Total income before taxes


1,378



2,344



2,682Current taxFor the period, Sweden


(29
)


(29
)


(22
)Adjustments previous years, Sweden


(1
)






16For the period, rest of the world


(249
)


(209
)


(198
)Adjustments previous years, rest of the world


26



28



13Total current tax


(253
)


(210
)


(191
)Deferred taxFor the period, Sweden


86



129



26Adjustments previous years, Sweden


265







(2
)For the period, rest of the world


323



(5
)


41Adjustments previous years, rest of the world


(54
)


106



12Total deferred tax


620



230



77Total income taxes


367



20



(114
)    F-39




---



##### Table of Contents



10 
    Income taxes  continued
  The reconciliation of the difference between the statutory
    tax rate in Sweden and the effective tax rate is explained
    below:
  Years ended 31 DecemberPercentage

2008


2009


2010Statutory income tax rate


28



26



26Differences in foreign tax rates


(22
)


(9
)


(14
)Taxes related to previous years






3Losses not currently utilized


26Expenses not deductible


5



1



2Nontaxable income


(29
)


(16
)


(3
)Utilization of tax loss carry forwards






(2
)Restructuring


(30
)


(1
)


(6
)Other


(5
)


(3
)


(1
)Effective income tax rate


(27
)


(1
)


4    F-40




---



##### Table of Contents



11 
    Intangible fixed assets
    OtherDistribution


Customer


IT


intangibleSEK million

Goodwill


Trademarks


agreements


relations


investments


assets


TotalAcquisition costsOpening balance as per 1 January 2009


1,565



860



560



10



522



51



3 568Additions


7















53







60Disposals


(88
)


(6
)














(21
)


(115
)Transfers


















2







2Translation differences


(20
)


(7
)


(20
)






(2
)


(4
)


(53
)Closing balance as per 31 December 2009


1,464



847



540



10



575



26



3,462Additions


















29







29Disposals


(35
)














(1
)






(36
)Transfers










9







9







18Translation differences


(93
)


(13
)


(39
)






(11
)


(6
)


(162
)Closing balance as per 31 December 2010


1,336



834



510



10



601



20



3,311Accumulated amortizationOpening balance as per 1 January 2009


(53
)


(18
)


(71
)


(2
)


(338
)


(48
)


(530
)Translation differences


(1
)






3







1



4



7Disposals


(21
)


















21



0Transfers


















1







1Current year amortization


(13
)


(22
)


(47
)


(2
)


(65
)


(2
)


(151
)Closing balance as per 31 December 2009


(88
)


(40
)


(115
)


(4
)


(401
)


(25
)


(673
)Translation differences


3







10







8



5



26Disposals


35















1







36Current year amortization






(22
)


(47
)


(2
)


(63
)






(134
)Closing balance as per 31 December 2010


(50
)


(62
)


(152
)


(6
)


(455
)


(20
)


(745
)Net book value as per 31 December 2009


1,376



807



425



6



174



1



2,789Net book value as per 31 December 2010


1,286



772



358



4



146



0



2,566     New businesses  Adactum


1,160Ferry operations


126Total


1,286    F-41




---



##### Table of Contents



11 
    Intangible fixed assets  continued
        Trademarks
   F-42




---



##### Table of Contents



12 
    Vessels, Construction in progress and Equipment
    ConstructionSEK million

Vessels


in progress


Equipment


TotalAcquisition costsOpening balance as per 1 January 2009


38,717



7,555



3,286



49,558Additions


4,351



3,267



664



8,282Disposals


(1,578
)


(4
)


(87
)


(1,669
)Transfers


3,281



(4,714
)


657



(776
)Translation differences


(2,655
)


(455
)


(166
)


(3,276
)Closing balance as per 31 December 2009


42,116



5,649



4,354



52,119Additions


2,256



5,987



874



9,117Disposals


(585
)






(189
)


(774
)Transfers


4,076



(4,251
)


34



(141
)Translation differences


(2,862
)


(844
)


(280
)


(3,986
)Closing balance as per 31 December 2010


45,001



6,541



4,793



56,335Accumulated depreciationOpening balance as per 1 January 2009


(14,326
)






(1,913
)


(16,239
)Disposals


1,547







60



1,607Translation differences


615







79



694Transfers


95







(2
)


93Current year depreciation


(2,790
)






(396
)


(3,186
)Closing balance as per 31 December 2009


(14,859
)






(2,172
)


(17,031
)Disposals


522







158



680Additions










(4
)


(4
)Translation differences


1,087







153



1,240Transfers


9







15



24Current year depreciation


(3,007
)






(481
)


(3,488
)Closing balance as per 31 December 2010


(16,248
)






(2,331
)


(18,579
)Net book value as per 31 December 2009


27,257



5,649



2,182



35,088Closing balance as per 31 December 2010


28,753



6,541



2,462



37,756          F-43




---



##### Table of Contents



12 
    Vessels, Construction in progress and
    Equipment  continued
      Equipment is
    specified as follows:
  OtherSEK million

Windmills


equipment


TotalAcquisition costsOpening balance as per 1 January 2009


140



3,146



3,286Additions


8



656



664Disposals






(87
)


(87
)Transfers


358



299



657Translation differences






(166
)


(166
)Closing balance as per 31 December 2009


506



3,848



4,354Additions


187



687



874Disposals






(189
)


(189
)Transfers






34



34Translation differences






(280
)


(280
)Closing balance as per 31 December 2010


693



4,100



4,793Accumulated depreciationOpening balance as per 1 January 2009


(14
)


(1,899
)


(1,913
)Disposals






60



60Translation differences






79



79Transfers






(2
)


(2
)Current year depreciation


(26
)


(370
)


(396
)Closing balance as per 31 December 2009


(40
)


(2,132
)


(2,172
)Disposals






158



158Additions






(4
)


(4
)Translation differences






153



153Transfers


6



9



15Current year depreciation


(34
)


(447
)


(481
)Closing balance as per 31 December 2010


(68
)


(2,263
)


(2,331
)Net book value as per 31 December 2009


466



1,716



2,182Net book value as per 31 December 2010


625



1,837



2,462   F-44




---



##### Table of Contents



13 
    Buildings and land together with Ports
    BuildingsSEK million

and land


PortsAcquisition costsOpening balance as per 1 January 2009


1,471



1,689Additions


62Translation differences


(55
)


23Closing balance as per 31 December 2009


1,478



1,712Additions


39



7Purchase of company (Note 32)






252Translation differences


(116
)


(161
)Closing balance as per 31 December 2010


1,401



1,810Accumulated depreciationOpening balance as per 1 January 2009


(573
)


(743
)Purchase of company (Note 32)


29



(9
)Current year depreciation


(33
)


(45
)Closing balance as per 31 December 2009


(577
)


(797
)Translation differences


52



77Current year depreciation


(35
)


(48
)Closing balance as per 31 December 2010


(560
)


(768
)Net book value as per 31 December 2009


901



915Net book value as per 31 December 2010


841



1,042           14 
    Investment properties
  As of 31 DecemberSEK million

2009


2010Opening balance as of 1 January


23,320



24,040Additions


857



635Reclassification construction in progress


655



134Disposals


(183
)


(597
)Unrealized fair value adjustments


(301
)


424Exchange differences


(308
)


(488
)Closing balance as of 31 December


24,040



24,148  F-45




---



##### Table of Contents



14 
    Investment properties  continued
  Investment
    Property  impact on the result
  For the Years ended 31 DecemberSEK million

2009


2010Rental Income


2,335



2,380Direct cost


(804
)


(885
)Valuation of investment properties


(301
)


424Total


1,230



1,919         Rate of return, %Location

Residential


CommercialSweden


3.006.00



5.258.25Eurozon


n/a



6.0012.00           15 
    Investment in SPEs
     F-46




---



##### Table of Contents



15 
    Investment in SPEs  continued
      Years ended 31 DecemberSEK million

2009


2010Financial income and expense


(351
)


5Non-controlling interest


41



3Net income


(310
)


8Investments in
    SPEs1)


8,174



6,175Short-term
    investments2)


1,091



405Other assets


333



168Total assets


9,598



6,748Retained earnings


518



225Net income


(310
)


8Shareholders equity


208



233Non-controlling interest


128



117Total equity


336



350Debt of
    SPEs3)


8,249



5,140Other debt


1,013



1,258Total liabilities


9,262



6,398Total shareholders equity and liabilities


9,598



6,748   As of 31 DecemberSEK million

2009


2010The investments in SPEs are classified as follows:Corporate Fixed Income Securities classified as available
    for sale and revalued in other comprehensive income:


1,347



1,027Senior Bank Debt classified as held to maturity and
    kept at cost in the balance sheet


6,827



5,148Total


8,174



6,175   1)
    
    Investments in SPEs are recorded at
    market value with gains and losses recorded to profit and loss.
    Investments in other securities are recorded to market value
    with gains and losses recorded to shareholders equity. The
    corporate loans are recorded at cost in the balance sheet and
    tested for impairment at each reporting date. The market value
    of the corporate loans is SEK 87 million lower than cost.2)
    
    Refers to cash and cash equivalents
    in the SPEs. This cash is not available to the Company and is
    therefore included as restricted cash.3)
    
    Debt of SPEs refers to secured
    notes issued by the SPEs and secured bank loans borrowed by the
    SPEs. These obligations are secured by pledges of the assets of
    the SPEs and are not guaranteed by the Stena AB Group. F-47




---



##### Table of Contents



16 
    Marketable securities
  As of 31 DecemberSEK million

2009


2010Opening balance


2,650



2,211Additions


961



4,360Disposals


(2,138
)


(2,368
)Reclassification






(64
)Revaluation of financial assets through the income statement


363



152Revaluation of financial assets through other comprehensive
    income


497



152Translation differences


(122
)


(313
)Investment at the end of year


2,211



4,130SEK million


2009



2010Marketable securities are classified as:Financial assets at fair value through the income statement


1,398



2,127Available-for-sale
    financial assets


813



2,003Total


2,211



4,130      F-48




---



##### Table of Contents



16 
    Marketable securities  continued
  Marketable
    securities as of 31 December 2010 are as follows
  SEK million

Number of shares


Book valueHeld by parent company:Vitrolife


110,000



4Total






4Canyon Balanced Fund


60,000



423Corral Petroleum Holdings


43,290,900



366Schlumberger


420,000



236Sberbank


9,100,000



209Maersk Group


2,600



159Outotec


326,000



133Alfa Laval


762,000



108General Electric


830,000



102Brightside Group


29,789,473



97Vallourec


134,000



95Technip


150,000



93SKF


480,000



92EOS Russia


1,799,884



91Hexagon


556,006



80Novo Nordisk


101,700



77Remora


11,705,121



71Comba Telecom


8,853,834



67Evraz


174,000



66Synthes


69,500



63Golden Close Marit


90,000



62Google


15,400



61Want Want Holdings


9,434,000



56Bank of St Petersburg


1,336,000



54Lukoil


140,000



53Baker Hughes


136,000



52Hengdeli Holdings


12,675,000



51Other






1,1091
)Total listed shares






4 130   1)
    Comprises a total of 45 classes of marketable securities with a
    market value lower than SEK 50 million. F-49




---



##### Table of Contents



17 
    Other noncurrent assets
  Deferred


Other-


Available for


Other


DeferredSEK million

tax assets


receivables


sale shares


shares


costs


TotalOpening balance as per 1 January 2009


451



1,527



2,531



686



576



5,771Additions


437



190



128



1



544



1,300Disposals


(568
)


(804
)


(283
)


(7
)


(568
)


(2,230
)Revaluation through the income statement


(88
)


(6
)














(94
)Revaluation through other comprehensive income










(195
)










(195
)Share of profit (loss)














14







14Dividend received














(24
)






(24
)Reclassification


287



(36
)














251Translation differences


13



20



(81
)


(65
)


(24
)


(138
)Closing balance as per 31 December 2009


532



891



2,099



605



528



4,655Additions


192



432



146



258



55



1,083Disposals


(29
)


(155
)


(330
)


(12
)


(104
)


(630
)Revaluation through the income statement






94















94Revaluation through other comprehensive income










9











9Share of profit (loss)














16







16Dividend received














(14
)






(14
)Reclassification


10



(10
)


(3
)










(3
)Translation differences


(141
)


45



(176
)


(61
)


3



(330
)Closing balance as per 31 December 2010


564



1,297



1,745



792



482



4,880          F-50




---



##### Table of Contents



17 
    Other noncurrent assets  continued
  Available for
    sale shares:
  SEK million



No. of shares or % held


Book valueHeld by parent company:Alligator




2,054,588



15Ram one




148,632



155170Held by subsidiaries:ING DUTCH OFFICE FUNDS C.V.

The Netherlands


4,8
%


791Airport Real Estate Basis Fonds C.V.

The Netherlands


20.8
%


262ICE Canyon emerging market CLO

Cayman Islands


10
%


117ING China Opportunity Fund Lp

China


11,3
%


101EQT Greater China II Limited Partnership

China


4,67
%


68Norske Skog

Norway


50,000,000



59Southern Rock

Gibraltar


5,000,000



52REC ASA

Norway


5,000,000



39Partners Group Direct Investment

Luxembourg


2,424



21Chase Private Equity Fund

Cayman Islands


3,860,614



14Other








51Total available for sale shares








1,745   Other
    shares
  SEK million



No. of shares or % held


Book valueÖrgryte Bostads AB & Co KB

Sweden






3Austen Maritime Services Pte Ltd

Singapore


50
%


0Partrederiet SUST I DA

Norway


50
%


36Partrederiet SUST III DA

Norway


50
%


49Stena Ugland Shuttle Tankers

Norway






0Nordic Rio LLC

Marshall Islands


50
%


36Stena Sonangol Suezmax pool LLC

Marshall Islands


50
%


0Navion Gothenburg LLC

Marshall Islands


50
%


15Paradise

Libya


35
%


331Glacia Limited

Bermuda


50
%


79RoRo Partners Ltd

Bermuda


49
%


0Stena Line Irish Sea
    Ltd1)

United Kingdom


100
%


243Total other shares








792   1)
    
    Stena Line has of 1 December
    2010 acquired from DFDS two routes on the Irish sea:
    Liverpool-Belfast and Heysham-Belfast. Since the acquisition is
    subject to a formal approval from the British competition
    authority, they are being held separated from our other business
    until clearance is given. The acquired company will be
    consolidated after approval and only the acquisition value is
    reported above.  F-51




---



##### Table of Contents



18 
    Inventories
  As of 31 DecemberSEK million

2009


2010Bunker and lubricating oil


120



177Inventories of goods for sale


168



175Raw materials and consumables


177



173Products in progress


50



32Finished products


100



88Total


615



645   19 
    Short-term receivables
  As of 31 DecemberSEK million

2009


2010Trade debtorsAccounts receivable are classified on the basis of their due
    date:Outstanding but not due


2,790



2,021Due up to 30 days


206



262Due more than 30 days


288



471Total


3,284



2,754Other current receivablesRelated parties (Note 35)


1



1Other short-term receivables


1,720



1,115Total


1,721



1,116Prepaid expenses and accrued incomePrepaid expenses


510



453Accrued income


1,310



1,435Total


1,820



1,888Total short-term receivables


6,825



5,758       20 
    Short-term investments
  As of 31 DecemberSEK million

2009


2010Marketable debt and equity securities, trading


355



403Restricted cash


3,339



3,724Total


3,694



4,127    F-52




---



##### Table of Contents



20 
    Short-term investments  continued
      21 
    Cash and cash equivalents
  As of 31 DecemberSEK million

2009


2010Cash


1,106



1,509Short term deposits


77



156Total


1,183



1,665     22 
    Equity
  Dividends paid per share (SEK):2009


3,8002010


6,320  F-53




---



##### Table of Contents



22 
    Equity  continued
  Specification of
    the reserves:
  Fair value


Hedging


TranslationSEK million

reserve


reserve


reserve


TotalOpening balance as per 1 January 2009


(1,242
)


(682
)


3,110



1,186Exchange differences arising on the translation of foreign
    operationsChange in Hedging reserve, net of tax










(2,079
)


(2,079
)- valuation of bunker hedges






585







585- valuation of interest swap hedge






42







42Change in fair value reserve, net of tax- valuation available for sale shares


939











939Change in net investment hedge, net of tax






107







107Closing balance as per 31 December 2009


(303
)


52



1,031



780Exchange differences arising on the translation of foreign
    operations










(2,442
)


(2,442
)Change in Hedging reserve, net of tax- valuation of bunker hedges






153







153- valuation of interest swap hedge






63







63Change in fair value reserve, net of tax- valuation available for sale shares


159











159Change in net investment hedge, net of tax






191







191Closing balance as per 31 December 2010


(144
)


459



(1,411
)


(1,096
)   Fair value
    reserve
  available-for-sale available-for-sale available-for-sale
  Hedging
    reserve
    Translation
    reserve
   F-54




---



##### Table of Contents



23 
    Deferred Income Taxes
  The net deferred tax
    liability of the Company consists of the following:
  As of 31 DecemberSEK million

2009


2010Deferred tax liabilitiesTangible fixed assets


3,767



4,336Financial fixed assets


95



128Provisions


442



268Other


463



301Total deferred tax liabilities


4,767



5,033Deferred tax assetsTangible fixed assets


36



96Tax loss carryforwards


2,447



2,291Financial fixed assets


51Provisions


255



169Other


21Less deferred tax assets not recognized


(1,157
)


(1,017
)Total deferred tax assets recognized


1,653



1,539Net deferred tax liability


3,114



3,493Out of which:Deferred tax assets (Note 17)


532



564Deferred tax liabilities


3,646



4,057     20102009





TaxesTaxes charged to





Taxes


charged toTaxes charged to


comprehensive


Total


charged to


comprehensive


TotalSEK million

income statement


income


taxes


income statement


income


taxesCurrent taxes


(210
)






(210
)


(191
)






(191
)Deferred taxes


230



(116
)


114



77



493



57020



(116
)


(96
)


(114
)


493



379     As of 31 DecemberSEK million

2009


2010Sweden


3,196



3,759Rest of the world


6,107



5,646Total


9,303



9,405    F-55




---



##### Table of Contents



24 
    Employee benefits
  Provisions for
    pensions and other provisions
          Sweden


Great Britain


Other EuropeAssumptions applied for actuarial calculations, %

2009


2010


2009


2010


2009


2010Discount rate


4.00



4.25



5.75



5.50



5.20



5.20Expected return on plan assets


5.00



5.00



7.50



7.50



5.10



4.30Expected salary increases


3.00



3.00



3.50



3.50



3.50



3.50   F-56




---



##### Table of Contents



24 
    Employee benefits  continued
  Pension costsSEK million

2009


2010Current service costs


40



49Interest costs


633



661Expected return on plan assets


(578
)


(560
)Actuarial gains and losses


10



54Past service cost






(2
)Total pension costs for defined benefit plans


105



202Pension costs for defined contribution plans


394



450Total pension costs


499



652   Obligations for pensions, netSEK million

Sweden


Great Britain


Other Europe


TotalObligations for pensions, net, 1 January 2009


102



1,021



(2
)


1,121Current service costs


10



26



4



40Interest costs


16



609



8



633Expected return on plan assets


(8
)


(562
)


(8
)


(578
)Actuarial gains and losses


10











10Exchange differences






12







12Payment of pension fees from the company


(9
)


(271
)


(10
)


(290
)Benefits paid


(5
)










(5
)Other provisions


3



(3
)Obligations for pensions, net, 31 December 2009


119



832



(8
)


943Current service costs


9



35



5



49Interest costs


17



636



8



661Expected return on plan assets


(9
)


(542
)


(9
)


(560
)Actuarial gains and losses


9



45







54Exchange differences






(87
)


1



(86
)Payment of pension fees from the company


(15
)


(572
)


(8
)


(595
)Benefits paid


(5
)










(5
)Other provisions


3







2



5Obligations for pensions, net, 31 December 2010


128



347



(9
)


466   F-57




---



##### Table of Contents



24 
    Employee benefits  continued
  Provision for pensions, netSEK million

Sweden


Great Britain


Other Europe


TotalNet provisions for pensions, 1 January 2009


102



1,021



(2
)


1,121Current value of funded obligations


417



11,306



164



11,887Fair value of plan assets


(182
)


(8,810
)


(177
)


(9,169
)Provisions, net


235



2,496



(13
)


2,718Unrecognized actuarial gains and losses


(116
)


(1,664
)


5



(1,775
)Net provisions for pensions, 31 December 2009


119



832



(8
)


943Current value of funded obligations


418



11,047



154



11,619Fair value of plan assets


(195
)


(8,847
)


(169
)


(9,211
)Provisions, net


223



2,200



(15
)


2,408Unrecognized acturial gains and losses


(95
)


(1,853
)


6



(1,942
)Net provisions for pensions, 31 December 2010


128



347



(9
)


466whereof reported as:Other non-current assets


(127
)


(485
)


(10
)


(622
)Provisions for pensions


255



832



1



1,088   Historical Information

2007


2008


2009


2010Current value of funded obligations


11,474



9,414



11,887



11,619Fair Value of Plan assets


(10,505
)


(8,324
)


(9,169
)


(9,211
)Pensions, net


969



1,090



2,718



2,408Unrecognized actuarial gains and losses


436



31



(1,775
)


(1,942
)Net provisions for pensions


1,405



1,121



943



466   25 
    Other Provisions
  As of 31 DecemberSEK million

2009


2010Opening balance


2,029



1,920Additions


922



26Disposals


(953
)


(241
)Exchange differences


(78
)


(213
)Closing balance


1,920



1,492   Stena
    Carron Stena Forth.
 F-58




---



##### Table of Contents



26 
    Bank debt
  2009


2010SEK million

Current


Non-current


Total


Current


Non-current


TotalProperty loans


298



13,443



13,741



192



12,419



12,611Other loans


939



16,874



17,813



1,106



18,710



19,816Revolving credit facilities






1,033



1,033







6,666



6,666Other utilized bank credit lines


304



135



439



351



395



746Total


1,541



31,485



33,026



1,649



38,190



39,839     The carrying
    amounts of the Groups borrowings are denominated in the
    following currencies
  As of 31 DecemberSEK million

2009


2010SEK


12,636



12,500GBP


643



292USD


12,863



18,231EUR


6,295



8,279Other currencies


589



537Total


33,026



39,839     27 
    Senior notes
          Carrying amountFair value


(SEK million)Issued-Maturity










As of 31 December


As of 31 December(million)

Nominal


Outstanding


Interest


2009


2010


2009


20102003-2013


MUSD 175







7.50
%


MUSD 155







1,100



2004-2016


MUSD 250



MUSD 128.8



7.00
%


MUSD 121



MUSD 121



926



8742007-2017


MEUR 300



MEUR 300



6.125
%


MEUR 260



MEUR 287



3,075



2,6922007-2019


MEUR 102



MEUR 102



5.875
%


MEUR 84



MEUR 93



1,046



9152010-2020


MEUR 200



MEUR 200



7.875
%






MEUR 191







1,775Total






















6,147



6,256  F-59




---



##### Table of Contents



28 
    Leases
  Company as
    lessee
      Years ended 31 DecemberSEK million

2009


2010Rental expense


2,510



1,905         SEK million

Operating leases


Capital leases2010


1,751



1352011


956



932012


585



882013


530



872014


506



1182015 and thereafter


2,709



1,522Total minimum lease commitments


7,037



2,043     SEK million

Operating leases


Capital leases2011


1,537



2252012


719



2272013


639



2232014


607



2152015


533



1932016 and thereafter


1,957



786Total minimum lease commitments


5,992



1,869   Company as
    lessor
      F-60




---



##### Table of Contents



28 
    Leases  continued
  2009


2010Accumulated


Net book





Accumulated


Net bookSEK million

Cost


depreciation


value


Cost


depreciation


valueVessels


28,609



(7,853
)


20,756



29,031



(9,213
)


19,818Real estate


24,040







24,040



24,148







24,148Total


52,649



(7,853
)


44,796



53,179



(9,213
)


43,966     SEK million

Vessels


Real estate


Total2010


5,503



725



6,2282011


3,527



597



4,1242012


1,559



418



1,9772013


1,441



210



1,6512014


950



128



1,0782015 and thereafter


227



222



449Total minimum lease rentals


13,207



2,300



15,507     SEK million

Vessels


Real estate


Total2011


3,427



709



4,1362012


1,492



590



2,0822013


1,386



359



1,7452014


917



214



1,1312015


162



132



2942016 and thereafter


67



223



290Total minimum lease rentals


7,451



2,227



9,678   Stena DrillMax ICE
  29 
    Other non-current liabilities
  As of 31 DecemberSEK million

2009


2010Prepaid income


88



65Other liabilities


1,075



881Total


1,163



946  F-61




---



##### Table of Contents



29 
    Other non-current
    liabilities  continued
    More thanSEK million

1-3 years


3-5 years


5 years


TotalPrepaid income


12



8



45



65Other liabilities


9



100



772



881Total


21



108



817



946   30 
    Accrued costs and prepaid income
  As of 31 DecemberSEK million

2009


2010Accrued costsCharter hire/running costs


350



241Interest costs


368



401Accrued personnel costs


331



362Other accrued costs


701



7311,750



1,735Prepaid incomePrepaid charter hire


37



207Other prepaid income


447



394484



601Total accrued costs and prepaid income


2,234



2,336   31 
    Pledged assets, commitments and contingent liabilities
  Pledged
    assets
   F-62




---



##### Table of Contents



31 
    Pledged assets, commitments and contingent
    liabilities  continued
    As of 31 DecemberSEK million

2009


2010Shares in subsidiaries


2,904



4,272Mortgages on vessels


28,113



30,092Mortgages on properties


15,890



14,853Chattel mortgages


487



642Investment in affiliated companies


914



1,015Marketable securities


1,236



1,053Trade debtors


358



336Short term investments


979



961Reservation of title


52



52Assets pledged, other


739



988Total assets pledged for normal bank debt


51,672



54,264Investment in SPEs


8,174



6,175Total assets pledged for bank debt


59,846



60,439Long-term and short-term debt and capitalized lease obligations


35,069



41,708Debt in SPEs


8,249



5,140Total debt and capitalized lease obligations


43,318



46,848     Commitments
      Contingent
    liabilities
 As of 31 DecemberSEK million

2009


2010Guarantees


1,879



1,818Other contingent liabilities


1,901



692Total


3,780



2,510     32 
    Consolidated statements of cash flows
  Purchase of
    subsidiaries
   F-63




---



##### Table of Contents



32 
    Consolidated statements of cash
    flows  continued
      Adjustment to


AdjustedSEK million

Book value


fair value


fair valueAssets and liabilities acquiredTangible fixed assets


158



94



252Current receivables


2







2Cash and cash equivalents


1







1Current liabilities


(4
)






(4
)Deferred tax






(25
)


(25
)Acquired net assets


157



69



226Non-controlling interest










(98
)Purchase price, cash payment










(128
)Cash and cash equivalents in the acquired businesses










1Effect on the Groups cash and cash equivalents










(127
)     Interest
    payments
  Year ended 31 DecemberSEK million

2009


2010Interest, paid


(2,341
)


(2,045
)Interest, received


684



476   Financing
    activities
    33 
    Financial instruments and risk management
  Financial risk
    factors
     F-64




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
                    Credit
    risks
       F-65




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
          The following table summarizes the notional volume and credit
    risks of financial derivative instruments
  31 December 2009


31 December 2010Notional


Credit


Notional


CreditSEK million

amount


risk


amount


riskCurrency forward contracts and swaps


17,285



103



19,706



265Currency options










45Interest rate forward contracts and swaps


7,748







13,195Interest rate options


3,910







4,135Commodity fixed price swaps  oil


1,334







3,096



235Commodity options  oil










274Total


30,277



103



40,451



500   Interest rate
    risk management
   F-66




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
  The following tables summarize the interest rate contracts
    for hedging of the interest rate exposure of the Companys
    debt portfolio in various currencies
  As of 31 December 2009
  Type of-

Notional amounts








Option


Length ofinstrument

Currency


SEK million


Receive rate, %


Pay rate, %


bought/sold


contractswap


SEK



2,400



3m Stibor



3.11-3.63
%






April 2018swap


USD



3,363



3m Libor



2.77-3.72
%






July 2014cap


SEK



3,500



3m Stibor



4.00
%


bought



November 2011swap


EUR



179



3m Stibor



4.38
%






October 2012swap


SEK



80



3m Stibor



4.65
%






October 2012swap


EUR



99



5.52
%


6m Euribor+1.19
%






December 2012swap


EUR



629



6m Euribor



2.74-4.12
%






March 2017cap


EUR



308



3.25
%


6m Euribor



bought



October 2010cap


EUR



103



6m Euribor



3.25
%


bought



March 2010swap


GBP



466



3m Libor



6.03
%






January 2011swap


EUR



531



3m Libor+0.86
%


3m Libor-0.14
%






May 2028Total






11,658   As of
    31 December 2010
  Type of-

Notional amounts








Option


Length ofinstrument

Currency


SEK million


Receive rate, %


Pay rate, %


bought/sold


contractswap


SEK



3,200



3m Stibor



2.70-3.63
%






August 2020swap


SEK



80



Stibor



4.65
%






October 2012swap


USD



4,709



6m Libor



1.62-2.19
%






September 2016swap


USD



3,162



3m Libor



2.77-3.72
%






July 2014swap


EUR



158



Euribor



4.38
%






October 2020swap


EUR



910



6m Euribor



2.71-4.12
%






September 2020swap


EUR



86



5.52
%


6m Eurobor+1.19
%






December 2012swap


EUR



467



3m Libor+0.86
%


3m Libor-0.14
%






May 2028swap


GBP



423



3m GBP Libor



Annuity 790/quarter til
    2028







January 2028cap


EUR



135



2.75
%


6m Euribor



bought



April 2015cap


SEK



3,500



3m Stibor



4.00
%


bought



November 2012cap


SEK



500



3m Stibor



3.00
%


bought



August 2015Total






17,330    F-67




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
  The following table summarizes interest rate swaps entered
    into for this purpose
  As of 31 December 2010
  AmountType of instrument

Currency


(SEK in millions)


Receive rate %


Pay rate %


Length of contractcap


USD



394







Strike 10.00



November 2012swap


USD



673



3m Libor



5.03



October 2015cap


USD



249







Strike 7.00



December 2015Total






1,316   Foreign currency
    risk management
          Outstanding currency hedge contracts for translation and
    equity exposure  net positions
  2009


2010SEK million

bought


sold


bought


soldUSD






3,559







2,636EUR


4,591







6,953GBP






1,032







1,384DKK






170







389NOK






251







346SEK


608











1,910Other






187







288Total


5,199



5,199



6,953



6,953    F-68




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
  Outstanding currency hedge contracts for transaction
    exposure  net positions
  2009


2010SEK million

bought


sold


bought


soldUSD


453











134EUR






156



505GBP






117







159NOK






243



981SEK


21











333CAD


0











832Other


42











28Total


516



516



1,486



1,486   Bunker fuel risk
    management
    Outstanding hedge contracts for bunker fuel exposure
  2009


2010SEK million

Notional amount


Notional amountFixed price swaps (Bought fixed, sold floating)


1,396



3,096Bought call options


547



701Bought put options


75Sold call options


209Sold put options


220



520   Trading
    activities
   F-69




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
    2009


2010Net gain/


Notional


Net gain/


NotionalSEK million

(loss)


amount


(loss)


amountForeign exchange spot and forwards


14



493



7



551Currency
    options1)


20



47



9



39Interest rate instruments


24







(17
)


112Commodity
    options1)


87



116



(11
)Total trading


145



656



(12
)


702     Financial
    instruments per category
  Financialinstrumentsmeasured atfair value throughprofit or lossDerivatives











Other


Total


TotalSEK million

Fair value


Held for


used for


Held to


Available


Loans and


financial


carrying


fair31 December 2009

option


trading


hedging


maturity


for sale


receivables


liabilities


value


valueAssetsMarketable securities


1,398















813











2,211



2,211Other noncurrent assets


364















1,749











2,113



2,113Trade debtors






















3,284







3,284



3,284Short-term investments






112















3,583







3,695



3,695Investments in SPEs














6,827



1,347











8,174



7,518Other receivables






9



103



















112



112Total


1,762



121



103



6,827



3,909



6,867







19,589



18,933LiabilitiesSenior notes


























6,147



6,147



5,498Other Long-term interest bearing debt


























34,075



34,075



34,075Short-term interest bearing debt


























1,676



1,676



1,676Trade accounts payable


























1,311



1,311



1,311Debt in SPEs


























8,249



8,249



8,249Other liabilities


73



246























319



319Total


73



246



















51,458



51,777



51,128AssetsMarketable securities


2,127















2,003











4,130



4,130Other noncurrent assets


365















1,380











1,745



1,745Trade debtors






















2,754







2,754



2,754Short-term investments






151















3,976







4,127



4,127Investments in SPEs














5,148



1,027











6,175



6,088Other receivables






3



431



















434



434Total


2,492



154



431



5,148



4,410



6,730







19,365



19,278LiabilitiesSenior notes


























6,256



6,256



5,950Other Long-term interest bearing debt


























39,834



39,834



39,834Short-term interest bearing debt


























1,874



1,874



1,874Trade accounts payable


























1,313



1,313



1,313Debt in SPEs


























5,140



5,140



5,140Other liabilities






19



149



















168



168Total






19



149















54,417



54,585



54,279  F-70




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
  Equity price
    risk
        The table below
    shows the Groups assets and liabilities measured at fair
    value as of 31 December 2010.
  Financial
    instruments at fair value
  SEK million31 December 2009

Level 1


Level 2


Level 3


TotalAssetsFinancial assets at fair value through profit or loss- Trading derivatives


(1
)


10







9- Trading securities


1,664



53



157



1,874Derivatives used for hedging






103







103Available-for-sale
    financial assets- Equity securities


766



47



1,749



2 562- Debt investments


1,347











1,347Total assets


3,776



213



1,906



5,895LiabilitiesFinancial liabilities at fair value through profit or loss- Trading derivatives






73







73Derivatives used for hedging






246







246Total liabilities






319







319Specification of financial instruments in Level 3Opening balance 1 January 2009










2,373Total gains/losses- recognized in profit or loss










(9
)- recognized in other comprehensive income










(229
)Proceeds from sales










(143
)Translation differences










(86
)Closing balance 31 December 2009










1,906    F-71




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
  Financial
    instruments per category
  SEK million31 December 2010

Level 1


Level 2


Level 3


TotalAssetsFinancial assets at fair value through profit or loss- Trading derivatives






3







3- Trading securities


2,278



157



208



2,643Derivatives used for hedging






431







431Available-for-sale
    financial assets- Equity securities


1,122



423



1,321



2,866- Debt investments


458







59



517Total assets


3,858



1,014



1,588



6,460LiabilitiesFinancial liabilities at fair value through profit or loss- Trading derivatives






19







19Derivatives used for hedging






149







149Total liabilities






168







168Specification of financial instruments in Level 3Opening balance 1 January 2010










1,906Total unrealized gains/losses- recognized in profit or loss










42- recognized in other comprehensive income










(33
)Proceeds from acquisitions and sales, net










8- Whereof realised result










(20
)Reclassification from level 3










(157
)Translation differences










(158
)Closing balance 31 December 2010










1,588        F-72




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
    2009


2010Carrying


Fair


Carrying


FairSEK million

value


value


value


valueAssetsInvestments in SPEs


8,174



7,518



6,175



6,088LiabilitiesSenior notes


6,147



5,498



6,256



5,950   Liquidity
    risks
        Less than


Between 1 and 2


Between 2 and 5


More than


NotAs per 31 December 2010

Total


1 year


years


years


5 years


specifiedProperty loans


12,611



192



488



970



10,961Other bank loans


19,816



1,106



3,756



3,394



11,560Revolving credit facility


6,666



















6,666Other credit facilities


746



351















395Senior Notes


6,256















6,256Capitalized leasing debt


1,869



225



450



408



786Operational leasing debt


5,992



1,537



1,358



1,140



1,957Trade accounts payable


1,313



1,313Total


55,269



4,724



6,052



5,912



31,520



7,061    F-73




---



##### Table of Contents



33 
    Financial instruments and risk
    management  continued
           F-74




---



##### Table of Contents



34 
    Personnel
  The following
    table presents the average number of employees of the
    Company:
  2009


2010Total


No. of females


Total


No. of femalesParent Company:Board, CEO, Executive vice president


4







3Other employees


24



14



25



15Subsidiaries in Sweden


4,578



1,819



4,347



1,720Total Sweden


4,606



1,833



4,375



1,735Subsidiaries outside of SwedenGreat Britain


1,899



515



1,951



509The Netherlands


749



112



732



111Denmark


827



301



773



270Ireland


74



29



66



30Norway


83



53



63



33Finland










5



1Poland


55



35



54



35Switzerland


8



1



6



1Spain


152



23



155



23Portugal


12



3



12



3France


8



3



8



1Luxembourg


19



2



13



3Greenland










4



1Russia


2



1China


102



18



92



15Singapore


41



11



43



12Korea


81



9



85



10United States


34



9



25



7Brazil










7



1India


91



37



90



37United Arab Erimates


55



7



59



4Other


4







3Shipborne employees


1,334



7



1,226



7Total outside of Sweden


5,630



1,176



5,472



1,114Total group


10,236



3,009



9,847



2,849    F-75




---



##### Table of Contents



34 
    Personnel  continued
  The following tables presents the wages, salaries and other
    remuneration of the employees of the Company
  2009


2010Board


Other





Board


OtherSEK million

and CEO


employees


Total


and CEO


employees


TotalParent company


8



30



38



12



35



47Subsidiaries in Sweden


52



1,461



1,513



57



1,447



1,504Total Sweden


60



1,491



1,551



69



1,482



1551Subsidiaries outside of Sweden:Great Britain


39



750



789



32



757



789The Netherlands


5



283



288



5



272



277Denmark


13



401



414



9



362



371Ireland






38



38







28



28Norway


1



55



56



1



32



33Finland


















4



4Poland


1



11



12



1



10



11Switzerland


7



4



11



5



5



10Spain


2



52



54



2



47



49Portugal






3



3







3



3France






4



4







4



4Luxembourg


9



27



36



10



20



30Greenland


















8



8China


5



21



26



6



16



22Singapore


1



28



29



1



30



31Korea


4



19



23



4



24



28United States


5



42



47



2



17



19Brazil


















5



5India


1



6



7



1



6



7United Arab Erimates


5



21



26



2



20



22Other






2



2







3



3Shipborne employees






926



926







839



839Total outside of Sweden


98



2,693



2,791



81



2,512



2,593Total group


158



4,184



4,342



150



3,994



4,144   2009


2010Total personnel costs

Parent








ParentSEK million

company


Subsidiaries


Total


company


Subsidiaries


TotalWages, salaries and other remuneration


38



4,304



4,342



47



4,097



4,144Pension costs


11



383



394



13



437



450Other social charges


16



475



491



16



445



461Total


65



5,162



5,227



76



4,979



5,055    F-76




---



##### Table of Contents



34 
    Personnel  continued
    Remuneration of
    Chief Executives
            35 
    Related party transactions
    Concordia
     F-77




---



##### Table of Contents



35 
    Related party transactions  continued
  Sessan
  Stena Sirita 10-year Stena Spirit 10-year
    Stena Jutlandica
      Stena
    Metall
        Stena Nordica Stena Freighter Stena Carrier Mont Ventoux
  Olsson
    Family
   F-78




---



##### Table of Contents



35 
    Related party transactions  continued
      36 
    Subsequent events
        Dublin Seaways
  Stena Transporter Stena Transporter
  Highlanders Highlanders Blue Puttees Stena Trader Highlanders Blue Puttees
      Stena Tay
    37 
    Acquisition in 2011
       F-79




---



##### Table of Contents



37 
    Acquisition in 2011  continued
      MarketDTF-Group, MSEK

valueAssets and liabilities acquiredIntangible fixed assets


13Tangible fixed assets


7Financial fixed assets


3Current receivables


56Cash and cash equivalents


7Non-current liabilities


(39
)Current liabilities


(114
)(67
)Surplus value


189Total purchase price, cash payment


(122
)Transaction expenses


(3
)Cash and cash equivalents in the acquired businesses


7Effect on the Groups cash and cash equivalents


(118
)  F-80




---



##### Table of Contents



Report of
    Independent Registered Public Accounting Firm on
    Schedules
     Form 20-F
           S-1




---



##### Table of Contents



Schedule II
  Stena AB and
    Consolidated Subsidiaries
    Valuation and Qualifying Accounts
    Years ended December 31, 2009 and 2010
  Balance at











Balance atBeginning





Companies





EndDescription

of Year


Additions


acquired


Deductions


of Year(SEK in thousands)Allowance for Doubtful Accounts:December 31, 2009


91,173



30,225







(27,190
)


94,208December 31, 2010


94,208



5,830







(6,233
)


93,805      S-2




---



##### Table of Contents



2010-12-31
  Market


Initial cost


Additions/





Accumulated


Net bookDescription

Encumbrances


Value


to company


Disposals


Total


Depreciation


valueProperty data

(Mortgages)TSEK


TSEK


TSEK


TSEK


TSEK


TSEK


TSEKSFAB, enclosure no 1


2,639,964



5,383,800SFNAB, enclosure no 2


716,211



1,164,000SFSAB, enclosure no 3


1,081,666



2,635,200SFHKB, enclosure no 4


329,500



909,600SFFAB group, enclosure no 5


5,426,492



10,647,700Total Stena Fastigheter group


10,193,833



20,740,300SRBV, enclosure no 6


1,889,674



2,098,924SPBV, enclosure no 7


1,402,289



1,515,008Total Stena Realty group


3,291,963



3,613,932Assets under construction






−206,365Total real estate


13,485,796



24,147,867Stena Line, enclosure no 8


1,060,240







738,642



(69,446
)


676,196



(391,493
)


277,703Adactum, enclosure no 9


307,081







603,583



(7,254
)


596,329



(139,755
)


456,574NMM, Glasgow










52,484



(3,937
)


48,547



(12,991
)


35,556Stena Drilling, Aberdeen










65,514



5,432



70,946



(15,506
)


55,440Stena UK, London










851



(57
)


794



(451
)


343Scan-Port, Germany










17,057



(2,066
)


14,991



0



14,991Total buildings and land


1,367,321







1,478,131



(77,328
)


1,400,803



(560,196
)


840,607Total


14,853,117



24,147,867



1,478,131



(77,328
)


1,400,803



(560,196
)


840,607




---



##### Table of Contents



2010-12-31


Market


Date of


DateDescription

Encumbrances


value


construction


acquiredProperty data

(Mortgages)TSEK


TSEKJärnbrott 126:4


34,200



64,600



1961



01/01/81Kallebäck 7:8


10,505



11,600



1964



01/01/81Kallebäck 12:4


9,000



27,700



1960



31/12/83P-huset på Masthugget 712:30


0



25,100Stampen 26:2


112,500



155,100



1988



01/01/94Järnbrott 164:22


39,000



57,300



1966



01/02/94Sannegården 15:4


9,759



67,800



1973



01/01/83Sannegården 15:5


18,750



54,900



1973



01/01/83Sannegården 22:19


0



29,600



1973



01/01/83Partille 3:234-5


0



200







01/01/83Askim 229:2


120,000



259,100



1968/98



01/01/00Askim 70:1


0



300



1968/98



01/01/00Askim 59:38


0



1,100



1968/98



01/01/00Järnbrott 144:5


8,625



25,800



1963



01/08/83Kallebäck 4:1


36,950



66,400



1963



01/08/83Kobbegården 257:3


45,000



73,100



1970



01/08/81Kobbegården 257:1


60,000



92,800



1970



01/08/81Kobbegården 257:2


45,000



62,000



1970



01/08/81Kobbegården 151:2


0



300Lerum Hallegården 1:246


0



1,500Askim 70:2-3


75,375



165,000



1968



01/08/81Kobbegården 6:139


0



23,600



1974



01/03/86Gullbergsvass 5:11


78,000



119,100



1988



01/04/94Kobbegården 6:3


0



304,600



1970



12/97Helsingör 10


39,500



83,500



1964



01/05/81Kockum 20


0



45,400



1960



01/05/81Kockum 21/22


23,700



54,700



1962



01/01/82Bilden 10


21,000



23,800



1963



04/84Almen 20


24,375



43,900



1966



05/81Frans Suell 14


0



262,100



1906/36



02/91Solbacken 22


10,475



9,300



1964



05/92Pilåkern 1


83,700



212,400



1959



05/81Pilåkern 2


0



400



1960/70



05/81Almen 16


5,400



21,300



1961



05/81Leonard 1


194,000



292,400



1970



11/00Abel 14


80,000



215,500



1973



11/00Abel 15


45,000



0



1973



11/00Korpen 39


0



16,900



1960/70



01/99Laboratorn 4


16,800



38,200



1960/70



01/99Professorn 12


11,900



22,300



1960/70



01/99Hilleröd 12


5,250



36,300



1962



01/81Solbacken 13


0



14,100



1965



06/86Hymnen 1


22,400



43,500



1960/70



05/94




---



##### Table of Contents



2010-12-31
  Market


Date of


DateDescription

Encumbrances


value


construction


acquiredProperty data

(Mortgages)TSEK


TSEKKantaten 1


42,000



79,100



1960/70



05/94Kantaten 2


33,600



74,900



1960/70



05/94Kantaten 3


37,800



84,700



1960/70



05/94Kantaten 6


27,300



55,200



1960/70



05/94Monbijou 18


50,000



88,400







2008Bjärred 40:22


11,900



13,100







2008Bjärred 9:6, 9:9-10


55,700



61,400







2008Karstorp 22:19


0



2,900







2008Karstorp 22:31


0



2,900







2008Lomma 28:46


23,000



30,800







2008Lomma 30:55


5,200



11,900







2008Lomma 35:61


5,300



7,500







2008Vinstorp 26:50-52


24,500



30,100







2008Vinstorp 28:29, 33:1


24,400



32,100







2008Docenten 6


13,500



27,600



1960/70



01/97Laboratorn 2


20,700



42,200



1960/70



01/97Professorn 9


19,400



36,700



1960/70



01/97Professorn 11


21,800



41,400



1960/70



01/97Laboratorn 3


21,800



42,200



1960/70



01/97Altona 20 & 21


113,000



162,200



1966



09/98Pontus 20


97,225



182,600



1935



04/01Luggude 8


20,000



40,600



1967



04/01Hämplingen 15


12,750



26,600



1964



04/01Utanverket 13


48,750



72,200



1958



04/01Kolga 6


55,000



94,900



1935



04/01Ryttmästaren 17


0



57,600



1970



02/04Fältspaten 1


60,000



79,800



1982



02/04Gårdsten 58:1


284,175



303,800







2006Tynnered 13:2


225,000



300,600







2006Gårda 18:21


0



58,200







2009Gårda 19:7


0



115,000







2007Total SFAB


2,639,964



5,383,800




---



##### Table of Contents



2010-12-31
  Market


Date of


DateDescription

Encumbrances


value


construction


acquiredProperty data

(Mortgages)TSEK


TSEKErstavik 26: 8


20,800



35,600



1971-75



12/96Erstavik 26: 9


21,078



29,700



1971-75



12/96Erstavik 26: 10


20,500



28,800



1971-75



12/96Erstavik 26: 11


47,500



77,400



1971-75



12/96Erstavik 26: 12


44,900



73,700



1971-75



12/96Erstavik 26: 13


42,100



68,300



1971-75



12/96Erstavik 26: 14


37,200



60,600



1971-75



12/96Erstavik 26: 15


36,208



58,500



1971-75



12/96Erstavik 26: 16


36,700



59,600



1971-75



12/96Erstavik 26: 17


36,800



59,100



1971-75



12/96Erstavik 26: 18


41,200



65,700



1971-75



12/96Erstavik 26: 20


7,000



11,400



1971-75



12/96Erstavik 26: 28


14,700



26,100



1971-75



12/96Erstavik 26: 29


15,225



25,300



1971-75



12/96Erstavik 26: 30


14,800



22,700



1971-75



12/96Erstavik 26:109


40,600



65,900



1971-75



12/96Erstavik 26:110


40,800



68,900



1971-75



12/96Erstavik 26:111


37,600



60,500



1971-75



12/96Erstavik 26:113


38,900



61,800



1971-75



12/96Erstavik 26:115


38,900



63,300



1971-75



12/96Erstavik 26:117


41,500



65,500



1971-75



12/96Erstavik 26:118


41,200



66,800



1971-75



12/96Erstavik 26:434


0



8,800



1971-75



12/96TOTAL SFNAB


716,211



1,164,000




---



##### Table of Contents



2010-12-31
  Market


Date of


DateDescription

Encumbrances


value


construction


acquiredProperty data

(Mortgages)TSEK


TSEKBlackebergs Gård 1


0



36,600



1902



04/00Hägern Större 16


250,000



488,800



1990



04/00Tempelriddareorden 1


17,500



39,500



1964



12/01Tempelriddareorden 2


12,110



30,800



1964



12/01Tempelriddareorden 3


32,900



83,800



1964



12/01Tempelriddareorden 4


26,600



66,100



1964



12/01Tempelriddareorden 6


12,950



29,800



1964



12/01Tempelriddareorden 7


32,900



85,700



1964



12/01Tempelriddareorden 8


16,450



37,800



1964



12/01Tempelriddareorden 9


19,950



54,200



1964



12/01Söderbymalm 3:468


177,910



237,900







12/02Gröna rutan 1


1,750



1,100



1964



12/01Skansen 18


0



661,000



1970



09/05Ekebo 8:2


53,500



88,600







2008Ekebo 8:3


0



(3,700
)






2008Ekebo 8:4


6,946



(3,300
)






2008Ekebo 8:5


39,700



67,300







2008Ekebo 8:8


97,100



177,300







2008Vilunda 6:39


103,400



172,900







2008Eksätra 1


40,697



68,900







2008Eksätra 2


26,250



41,600







2008Högsätra 9


30,750



51,600







2008Jungruholmen 2


69,179



98,900







2008Björksätra 1


13,125



22,000







2008TOTAL SFSAB


1,081,666



2,635,200




---



##### Table of Contents



2010-12-31
  Market


Date of


DateDescription

Encumbrances


value


construction


acquiredProperty data

(Mortgages)TSEK


TSEKHaninge Söderbymalm 6:9


15,000



40,000



1955



07/01Haninge Söderbymalm 6:10


28,000



63,200



1956



07/01Haninge Söderbymalm 3:328


9,000



25,200



1956



07/01Haninge Söderbymalm 3:329


10,000



28,100



1956



07/01Haninge Söderbymalm 3:333


9,000



23,200



1957



07/01Haninge Söderbymalm 3:372


9,000



29,300



1964



07/01Haninge Söderbymalm 3:337


49,250



124,100



1964



07/01Haninge Söderbymalm 9:1


29,000



79,000



1964



07/01Haninge Söderbymalm 9:2


26,000



72,300



1964



07/01Haninge Söderbymalm 6:13


10,500



33,600



1964



07/01Haninge Söderbymalm 6:14


0



71,400



1964



07/01Haninge Söderbymalm 6:15


18,250



40,500



1962



07/01Haninge Söderbymalm 6:16


0



20,700



1962



07/01Haninge Söderbymalm 7:16


56,500



125,500



1963



07/01Haninge Söderbymalm 3:395


14,750



34,100



1967



07/01Haninge Söderbymalm 3:476


45,250



99,400



1985



07/01Totalt SFHKB


329,500



909,600




---



##### Table of Contents



2010-12-31
  Market


Date of


DateDescription

Encumbrances


value


construction


acquiredProperty data

(Mortgages)TSEK


TSEKHöken 56, 57, Malmö


78,370



143,000



1984



2004Jerusalem 69, 70 Malmö


38,250



61,100



1966



2004Möllebacken 23, Malmö


81,106



184,000



1983



2004Stralsund 33, Malmö


90,102



217,000



1974



2004Björnen 4, Malmö


25,715



42,700



1986



2004Gabriel 9, Malmö


74,573



154,100



1985



2004Mården 3, Malmö


56,361



114,800



1988



2004Axel 33, Malmö


163,307



411,300



1988



2004Bornholm 6, Malmö


77,337



146,000



1975



2004Granen 14, Malmö


28,293



61,800



1979



2004Fretten 11, 13 Malmö


88,167



191,900



1979



2004Nötskrikan 17, Malmö


43,669



86,500



1900



2004Jägaren 1, Nöbb. 2:15


0



14,400



1980



2004Jägaren 2-3


250,000



155,600



1973



2004Villebrådet 1


0



69,600



1973



2004Kilen 18, Lund


0



178,900



1990



2004Kilen 19, Lund


66,385



101,600



1992



2004Cedern 17


0



73,600



1970



2004Danzig 22


15,975



27,100



1961



2004Elefanten 41


91,948



138,200



1989



2004Hermodsdal 2


21,675



39,400



1963



2004Lars 4


14,790



25,500



1958



2004Mjödet 11


75,225



110,700



1968



2004Stacken 11


21,420



43,400



1960



2004Vårdkasen 2


0



16,700



1968



2004Hörby Häggenäs 9:62


0



500



Other



2004Tolered 129:25-26,
    35-36,
    122:2-3


80,750



315,500



1960



2004Gårdsten 62:17


196,000



252,300Järnbrott 117:5-6


280,000



437,500



1962



2004Kortedala 92:5, 92:8, 93:2


70,550



128,400



1958



2004Kortedala 105:5


41,752



60,900



1957



2004Kortedala 105:3 mfl


157,998



245,300



1956



2004Johanneberg 39:15


140,269



242,400



1981



2004Backa 7:12 mfl


136,000



227,300



1965



2004Backa 886:694-695


0



8,900



Other



2004Tynnered 27:9


557,600



855,200



1967



2004Prästhult 1:6


0



300



Land



2004Tolered 157:2, 158:9, 162:2, 163:2


183,600



317,600



1960



2004Jursta 3:5 och Jursta 3:6


0



80,500



Other



2004Jursta 3:6


0



0



Other



2004




---



##### Table of Contents



2010-12-31
  Market


Date of


DateDescription

Encumbrances


value


construction


acquiredProperty data

(Mortgages)TSEK


TSEKKungsängen 7:6, Uppsala


32,400



62,800



1961



2004Luthagen 80:1, Uppsala


125,600



259,600



1991



2004Kvarngärdet 15:1, Uppsala


204,000



32,200



1963



2004Kvarngärdet 16:1, Uppsala


0



123,200



1963



2004Kvarngärdet 16:2, Uppsala


0



0



1963



2004Kvarngärdet 17:1, Uppsala


0



106,200



1963



2004Kvarngärdet 17:2, Uppsala


0



(1,300
)


1963



2004Kvarngärdet 18:1, Uppsala


0



44,700



1963



2004Kvarngärdet 18:2, Uppsala


0



71,000



1963



2004Kvarngärdet 19:1, Uppsala


0



47,700



1963



2004Kvarngärdet 19:2, Uppsala


0



(900
)


1963



2004Kvarngärdet 19:3, Uppsala


0



(900
)


1963



2004Brahehus 1, Malmö


59,450



134,600



1957



2004Holmen 1, Malmö


116,564



185,300



1982



2004Martallen 25, Sthlm


0



12,600



1931



2004Martallen 26, Sthlm


0



9,800



1932



2005Källsmora 1:92 (ryttarfastighet)


0



500



1929



2004Wahrenberg 11


155,200



279,900



1939



2004Sjukhuset 3


222,510



256,300



1950



2004Tornet 10


81,280



75,400



1969



2004Tornet 11


0



18,300



1969



2004Tornet 12


0



50,600



1969



2004Vale 9


12,000



29,900



1961



2004Odinslund 6


70,000



103,600



1925



2004Dalkarlshugget 2


127,500



289,200



1967



2004Rosenbrödet 1


0



50,300



1963



2004Smörrutan 1


0



75,500



1964



2004Wienerbrödet 1


79,500



151,100



1907



2004Wienerkransen 3, 4


52,105



145,000



1889



2004Wienerkransen 1


0



46,200



1888



2004Stativet 4


138,000



274,700



1942



2004Jakobsberg 2:1164


0



53,100



1989



2004Järvakrogen 2


9,500



12,900



Other



2004Sikreno 8


0



6,300



1924



2004Stockshem 10


0



85,700



1903



2004Täckeråker 1:8, 1:9, 2:11


0



0



1991



2004Täckeråker 2:11, 2:14


0



3,700



Other



2004Pylonen 1


0



41,800



1972



2004Tornet 1


0



41,800



1972



2004Sfären 1-9, Solna


235,000



373,600



1938



2004




---



##### Table of Contents



2010-12-31
  Market


Date of


DateDescription

Encumbrances


value


construction


acquiredProperty data

(Mortgages)TSEK


TSEKTvålflingan 5


0



76,400



1973



2004Tvålflingan 9


182,500



340,800Autopiloten 5,9, Stockholm


21,996



29,900



Other



2004Stockhem 11


0



85,900



Other



2004Wahrenberg 9


83,500



153,600



Other



2004Wahrenberg 10


49,200



86,200



Other



2004Sicklaön 360:7


121,500



222,600Kålltorp 77:6


0



85,000Briggen 1


0



16,700Briggen 2


0



3,300Blackebergs Gård 4


0



13,800Total SFFAB


5,426,492



10,647,700




---



##### Table of Contents



2010-12-31
  Market


Date of


DateDescription

Encumbrances


value


construction


acquiredProperty data

(Mortgages)TSEK


TSEKArchimedeslaan


97,449



90,702



1996



03/06Atoomweg


76,381



68,972



1979



07/02Brain Park 30


54,512



50,594



1988



05/04Brain Park 80


16,109



23,450



1989



11/89Brain Park 120


25,800



36,558



1989



11/89Breguetlaan


35,625



32,846



1992



04/06Cessnalaan


46,054



41,963



1997



01/006Eisenhowerlaan


28,059



33,702



1979



01/02Euclideslaan


0



62,423



1992



09/09Haspelslaan


64,768



60,810



1986



07/01Hogehilweg 6


48,452



44,252



1986



07/06Keizersgracht


31,352



53,531



1750



10/88Kiotoweg


49,794



50,279



2002



08/02Koninginnegracht 10


22,487



44,783



1984



06/98Koninginnegracht 12


39,196



36,810



1984



06/98Koninginnegracht 13


24,542



34,135



1990



12/97Koninginnegracht 14


42,811



42,135



1994



09/01Koninginnegracht 23


30,206



31,937



1971



01/02Lichtenauerlaan


48,287



44,387



1997



03/04Max Euwelaan


56,604



51,900



1988



05/04Markthalle


47,450



47,072



1987



12/87Nacap


22,014



31,531



1989



07/89Nacap01


98,903



84,882



1989



11/05New York 3, Lijnden


35,234



36,261



2001



12/01New York 9, Lijnden


31,906



32,306



2001



12/01Nieuwezijds Kolk


66,278



61,378



1996



04/05Parkstraat


70,432



67,296



1880



10/09Park Voorn


37,847



52,603



1989



10/89Park Voorn 9


28,866



34,585



1989



02/06Paviljoensgracht


60,189



60,125



1981



12/99San Francisco, Lijnden


1,749



2,568



2002



03/02Scheveningseweg


42,340



45,810



1988



04/04Schipolweg


61,496



68,945



1986



12/02Stadhouderskade


85,914



204,916



1928



10/96Rooseveltweg


37,838



47,008



1995



06/03Rooseveltweg 11


55,846



52,999



2002



08/06Veraartlaan


26,089



23,639



1978



08/99Volmerlaan


23,423



25,000



1978



02/90Westblaak


107,064



98,089



1976



12/06Wilhelminalaan


47,622



78,675



1979



05/97Zeestraat


42,686



45,648



1982



10/00Elim


20,000



(38,582
)Total SRBV


1,889,674



2,098,924




---



##### Table of Contents



2010-12-31
  Market


Date of


DateDescription

Encumbrances


value


Construction


AcquiredProperty data

(Mortgages)TSEK


TSEKHogehilweg


69,603



61,315



1986



09/05Rue Brasseur, Luxemburg


146,174



225,835



1992



04/92Sophia Antipolis, Nice


15,495



23,932



1989



03/90Schiessstrasse, Duesseldorf


61,652



58,720



1990



06/89WTC Sophia Antipolis


188,846



199,412



1990



12/00Font del orme


35,117



45,752



1989



09/03Les Deux Arcs


117,523



137,683



2003



12/04Marco Polo


228,656



250,970



2003



12/06Ecolucioles


129,320



119,359



2008



06/09Pin Montard


140,728



145,575



1999



12/09Weslayan


42,669



39,914



1979



04/09Woodbranch 1+2


157,354



151,660



1979/1983



04/09Hungary


69,152



54,882



1912



10/08Total SPBV


1,402,289



1,515,008




---



##### Table of Contents



2010-12-31
  Initial cost


Additions/





Accumulated


Net bookDescription

Encumbrances


to company


Disposals


Total


Depreciation


valueProperty data

(Mortgages)TSEK


Buildings and landTSEK


ImprovementsTSEK


TSEK


TSEK


TSEKHotel Fredrikshavn


1,060,240



312,728



(32,530
)


280,198



(202,960
)


77,238Hotel Grenå






0







0



0



0Other buildings, Denmark






91,231



(11,227
)


80,004



(72,343
)


7,661Hook of Holland






126,072



(15,073
)


110,999



(44,657
)


66,342Port of Helsingborg






57,579







57,579



(55,152
)


2,427Port of Gothenburg






36,608







36,608



(23,650
)


12,958Port of Loch Ryan






112,742



(10,486
)


102,256







102,256Other






1,682



(130
)


1,552



7,269



8,821Total Stena Line


1,0602,40



738,642



(69,446
)


669,196



(391,493
)


277,703




---



##### Table of Contents



2010-12-31
  Initial cost


Additions/





Accumulated


Net book


Date of


DateDescription

Encumbrances


to company


Disposals


Total


Depreciation


value


construction


acquiredProperty data

(Mortgages)TSEK














TSEKBuildings and


ImprovementslandGöteborg Backa 170:2


29,400



27,725



0



27,725



(4,583
)


23,142







2001-06Strand Norum 33:4


8,250



12,503



99



12,602



(1,760
)


10,842







2004-01Borås Ryda 9:13


600



2,540



0



2,540



(458
)


2,082Vänersborg Galeasen 1


4,000



6,665



0



6,665



(1,776
)


4,889







1995-01Umeå Tolvmansgården 4


5,250



7,580



0



7,580



(956
)


6,624







2006-09Stockholm Bromma Hjässan 18


18,900



27,556



670



28,226



(1,230
)


26,996



2008-12



2007-11Stockholm Nacka Sicklaön 349:5


12,600



20,428



250



20,678



(1,117
)


19,561



2009-01Mölnlycke Solsten 1:153


21,000



36,153



682



36,835



(1,705
)


35,130



2009-08Linköping Glaset 2


0



10,536



19,990



30,526



(76
)


30,450



2010-11



2008-12Hässleholm Björken 4


0



0



2,708



2,708



0



2,708







2010-10Stockholm Lidingö 3:


0



6,934



304



7,238



(635
)


6,603







2008-09Arendal Rud 2:


0



8,688



57



8,745



(1,910
)


6,835







1999-01Uppsala Valsätra 1:12


0



16,303



1,336



17,639



(2,578
)


15,061







2005-06Investment in rented property


0



19,604



587



20,191



(4,790
)


15,401Total S-Invest


100,000



203,215



26,683



229,898



(23,574
)


206,324Envac


0



693







693



(417
)


276Ballingslöv


207,081



399,675



(33,937
)


365,738



(115,764
)


249,974Total Other


207,081



400,368



(33,937
)


366,431



(116,181
)


250,250Total Adactum


307,081



603,583



(7,254
)


596,329



(139,755
)


456,574