##### 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,
    2009ORo

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.
   None
    (Title of Class)
  Securities
    registered or to be registered pursuant to Section 12(g) of
    the Act.
   None
    (Title of Class)
  Securities for which
    there is a reporting obligation pursuant to Section 15(d)
    of the Act.
    7.5% Senior Notes due 2013 and 7% Senior Notes due 2016
  (Title of Class)
     50,000 ordinary
    shares, par value SEK 100 per share
    (as of December 31, 2009)
  Yes o     No x
 Yes o     No x
  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




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##### 





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


67Item 7.

Major Shareholders and Related Party
    Transactions


70Item 8.

Financial Information


72Item 9.

The Offer and Listing


73Item 10.

Additional Information


73Item 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


81Item 14.

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


81Item 15.

Controls and Procedures


81Item 16A.

Audit Committee Financial Expert


81Item 16B.

Code of Ethics


82Item 16C.

Principal Accountant Fees and Services


82Item 16D.

Exemptions from the Listing Standards for Audit
    Committees


83Item 16E.

Purchases of Equity Securities by the Issuer and
    Affiliated Purchasers


83Item 16F.

Change in Registrants Certifying
    Accountant


83Item 16G.

Corporate Governance


83PART IIIItem 17.

Financial Statements


84Item 18.

Financial Statements


84Item 19.

Exhibits


84EX-2.4EX-8EX-12.1EX-12.2EX-13.1




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Introduction
    Forward-looking
    Information
      
    changes in general economic and business conditions;
    changes in laws and regulations;
    changes in currency exchange rates and interest rates;
    risks incident to vessel 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




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##### 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




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




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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.
  Scrapping.
  Semi-submersible rig.
 5




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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




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SELECTED
    FINANCIAL DATA
  YEAR ENDED DECEMBER 31,2007


2008


2009


2009SEK


SEK


SEK


USD(1)(in millions)CONSOLIDATED GROUPINCOME STATEMENT DATA:Total income


22,402



26,472



27,812



3,868Direct operating expenses


(14,085
)


(16,679
)


(17,188
)


(2,390
)Selling and administrative expenses


(2,177
)


(2,920
)


(3,207
)


(446
)Depreciation and amortization


(1,680
)


(2,501
)


(3,415
)


(475
)Total operating expenses


(17,942
)


(22,100
)


(23,810
)


(3,311
)Income from operations


4,460



4,372



4,002



557Share of associated companies result


(61
)


(80
)


24



3Interest income


919



957



685



95Interest expense


(1,739
)


(2,260
)


(1,864
)


(259
)Other financial
    items(2)


882



(1,611
)


(503
)


(70
)Income before taxes


4,461



1,378



2,344



326Net income


3,829



1,745



2,364



329BALANCE SHEET DATACash and marketable
    securities(3)


11,562



9,174



7,088



987Investments in
    SPEs(4)


9,251



9,973



8,174



1,137Total assets


81,524



97,369



92,205



12,826Debt in
    SPEs(4)


8,021



9,492



8,249



1,147Other
    debt(5)


32,731



45,490



41,898



5,828Shareholders equity


26,386



27,454



29,183



4,059OTHER FINANCIAL DATACapital expenditures


(8,368
)


(9,696
)


(9,230
)


(1,283
)Cash dividends paid


(550
)


(390
)


(190
)


(26
)Cash flow from operating activities


4,586



5,381



7,084



986Cash flow used in investing activities


(12,862
)


(7,397
)


(6,456
)


(898
)Cash flow from financing activities


8,064



2,714



(907
)


(126
)     (1)
    
    Amounts in U.S. dollars have been translated, solely for the
    convenience of the reader, at an exchange rate of $1.00 =
    SEK 7.1890, the Noon Buying Rate on December 31, 2009.(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).(3)
    
    Cash and marketable securities consist of cash and cash
    equivalents, short-term investments and marketable securities.(4)
    
    As of December 31, 2009, we had invested in four SPEs.(5)
    
    Other debt includes Senior Notes, short-term interest bearing
    debt, long-term interest bearing debt and capitalized lease
    obligations, current and non-current. 7




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Restricted Group
    Data as of December 31, 2009
           8




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SELECTED
    RESTRICTED GROUP FINANCIAL DATA
    YEAR ENDED DECEMBER 31,2007


2008


2009


2009SEK


SEK


SEK


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


17,550



20,617



20,810



2,894Net gain on sale of vessel


253



203



149



21Total revenues


17,803



20,820



20,959



2,915Direct operating expenses


(11,547
)


(13,083
)


(12,912
)


(1,797
)Selling and administrative expenses


(1,773
)


(2,109
)


(2,068
)


(288
)Depreciation and amortization


(1,645
)


(2,376
)


(3,195
)


(444
)Total operating expenses


(14,966
)


(17,568
)


(18,175
)


(2,529
)Income from operations


2,838



3,252



2,784



386Interest income


543



474



265



37Interest expense


(643
)


(887
)


(1,032
)


(144
)Other financial
    items(2)


(237
)


206



20



3Total financial income and expense


(337
)


(207
)


(747
)


(104
)Minority interest


(2
)


(3
)


0



0Income before taxes


2,499



3,042



2,037



282Net income


2,077



3,010



2,151



298     (1)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 7.1890, the Noon Buying Rate
    on December 31, 2009.(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).  AS OF DECEMBER 31,2007


2008


2009


2009SEK


SEK


SEK


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


177



398



300



42Tangible fixed assets


22,744



33,541



35,619



4,954Marketable securities


610



885



548



76Other noncurrent assets


13,936



13,654



11,635



1,619Total noncurrent assets


37,467



48,478



48,102



6,691Short-term investments


2,559



3,618



2,487



346Cash and cash equivalents


505



917



568



79Other current assets


7,200



9,716



6,380



888Total current assets


10,264



14,251



9,435



1,313Total assets


47,731



62,729



57,537



8,004Total shareholders equity


19,599



23,672



23,331



3,245Deferred income taxes


1,400



778



857



119Other provisions


4,149



3,140



2,934



408Long-term debt


17,003



27,225



25,380



3,531Other noncurrent liabilities


828



2,591







Total noncurrent liabilities


17,831



29,816



29,171



4,058Short-term debt


1,115



972



1,989



277Other current liabilities


3,637



4,350



3,046



424Total current liabilities


4,752



5,322



5,035



701Total shareholders equity and liabilities


47,731



62,729



57,537



8,004     (1)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 7.1890, the Noon Buying Rate
    on December 31, 2009. 9




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YEAR ENDED DECEMBER 31,2007


2008


2009


2009SEK


SEK


SEK


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


2,077



3,010



2,151



298Adjustments to reconcile net income to net cash provided by
    operating activities:Depreciation and amortization


1,645



2,376



3,195



444Loss on sale of property, vessels and equipment


(253
)


(203
)


(148
)


(21
)(Gain)/loss on securities, net


58



(180
)


(380
)


(53
)Unrealized foreign exchange (gains) losses


(149
)


(125
)


352



49Deferred income taxes


335



(164
)


(218
)


(30
)Minority interest


3



3







Other non cash items


65



(165
)


346



48Provision for pensions


(221
)


(235
)


(198
)


(28
)Net cash flows from trading securities


(699
)


994



(107
)


(15
)Changes in working capital


1,377



(185
)


571



80Net cash provided by operating activities


4,238



5,126



5,564



772Net cash flows from investing activities:Purchase of intangible assets


(37
)


(44
)


(38
)


(5
)Cash proceeds from sale of property, vessels and equipment


821



692



249



35Capital expenditure on property, vessels and equipment


(7,299
)


(7,878
)


(7,764
)


(1,080
)Purchase of subsidiary net of cash acquired






(53
)






Proceeds from sale of securities


95



691



704



98Purchase of securities


(233
)


(1,448
)


(70
)


(10
)Increase of non-current assets


(38
)


(589
)


(14
)


(2
)Decrease of non-current assets


10



424



177



25Other investing activities


(18
)


(990
)


(44
)


(6
)Net cash used in investing activities


(6,699
)


(9,195
)


(6,800
)


(945
)Net cash flows from financing activities:Proceeds from issuance of debt


6,915



6,418



4,079



567Principal payments on debt


(2,352
)


(1,093
)


(721
)


(100
)Net change in borrowings on
    line-of-credit
    agreements


440



120



(3,888
)


(541
)Proceeds from new capitalized lease obligations






46



1



0Principal payments capital lease obligations


(38
)


(686
)


(184
)


(26
)Net change in restricted cash accounts


(692
)


(1,922
)


1,003



140Intercompany accounts


(1,123
)


1,353



532



74Dividends paid


(550
)


(390
)


(190
)


(26
)Other financing activities


(313
)


618



235



33Net cash provided by financing activities


2,287



4,464



867



121Effect of exchange rate changes on cash and cash equivalents


22



17



20



3Net change in cash and cash equivalents


(152
)


412



(349
)


(49
)Cash and cash equivalents at beginning of year


657



505



917



128Cash and cash equivalents at end of year


505



917



568



79     (1)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 7.1890, the Noon Buying Rate on
    December 31, 2009. 10




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Exchange Rate
    Information
    PeriodYear

Average(1)


High


Low


end2005


7.5200



8.2434



6.6855



7.93702006


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



7.1890   PeriodMonth

Average(2)


High


Low


endOctober, 2009


6.9576



7.0988



6.7491



7.0352November, 2009


6.9372



7.1843



6.7655



6.9513December, 2009


7.1415



7.361



6.7786



7.1890January, 2010


7.1534



7.3852



7.0217



7.3852February, 2010


7.2823



7.5200



7.0835



7.1079March, 2010


7.1607



7.2980



7.0262



7.2613   (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.    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; 11




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
    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.        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. 12




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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.    Since Stena AB
    is a holding company, repayment of our indebtedness is dependent
    on cash flow generated by our subsidiaries.
   13




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We conduct our
    real estate operations and certain investment activities through
    subsidiaries that are not subject to certain restrictive
    provisions in our indentures.
        The ferry
    industry is highly competitive in areas where we
    operate.
  and/or
 14




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Rising fuel
    prices will adversely affect the profitability of our ferry
    operations.
        Our operating
    results are subject to seasonal fluctuations.
    The offshore
    drilling rig market is competitive, and the future demand for
    our drilling units is unpredictable.
  Stena DrillMAX ICE
   15




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Charter rates,
    utilization levels and values for our vessels and drilling rigs
    may decrease.
           16




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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.
    Our financial
    results may be affected by general changes in the global
    financial markets and economies.
   17




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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.
    We have
    potential conflicts of interest with our owners that may
    adversely affect us.
   18




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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.
  and/or
 19




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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.
      We have less
    experience in evaluating and managing new investments Adactum
    may make than investments in our traditional lines of
    business.
   20




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Compliance
    with safety, environmental and other governmental requirements
    may adversely affect 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);
    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 21




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
    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




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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




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Business
    Overview
  Ferry
    Operations
      Business
    Activities
    Year Ended December 31(SEK in millions)

2007


2008


2009Travel


3,372



3,661



3,726Onboard sales


1,849



1,837



1,830Freight/other


4,647



4,810



4,043Net gain sale of assets


146







Total revenues


10,014



10,308



9,599  24




---



##### Table of Contents



Year Ended December 31Volumes (in thousands)

2007


2008


2009Number of passengers


11,374



11,173



11,349Private Cars


2,204



2,204



2,526Freight units


1,621



1,575



1,360   Route
    Network
    Sweden-Denmark.
    Passengers


Private cars


Freight units(In Thousands)

2007


2008


2009


2007


2008


2009


2007


2008


2009Gothenburg-Fredrikshavn


1,565



1,405



1,285



331



290



261



184



178



145Varberg-Grena


168



172



163



43



43



42



39



42



38Helsingborg-Helsingör(1)


4,059



3,958



3,668



705



677



716



152



147



142HH-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.  Sweden-Germany.
    Passengers


Private cars


Freight units(In Thousands)

2007


2008


2009


2007


2008


2009


2007


2008


2009Gothenburg-Kiel


500



468



427



98



89



85



39



36



28Gothenburg-Travemunde


5



5



4















98



80



46Trelleborg-Sassnitz(1)


352



343



294



88



85



75



21



19



11Trelleborg-Rostock(1)


169



152



131



25



21



21



80



74



63Trelleborg-Travemunde


31



27



28















53



43



49   (1)
    
    Represents only 50% of the volumes
    on these routes. These routes are operated under a pooling
    arrangement with Scandlines Deutschland GmbH.  Norway-Denmark/Germany.
 25




---



##### Table of Contents



Denmark/Germany
    Passengers

Private cars

Freight units(In Thousands)

2007

2008

2009

2007

2008

2009

2007

2008

2009Oslo-Fredrikshavn


572



564



552



62



61



68



18



17



14   Sweden-Poland.
    Passengers

Private cars

Freight units(In Thousands)

2007

2008

2009

2007

2008

2009

2007

2008

2009Karlskrona-
    Gdynia(1)


429



375



351



80



70



65



94



87



66   (1)
    
    In the second quarter of 2007, the
    RoPax vessel Finnarrowwas chartered in. In the fourth
    quarter of 2008, the RoPax vessel Stena Nordicawas taken
    out of service on this route.  Wales/England-Republic of Ireland.
    Passengers


Private cars


Freight units(In Thousands)

2007


2008


2009


2007


2008


2009


2007


2008


2009Fishguard-Rosslare


597



554



501



152



143



138



54



50



34Holyhead-Dun Laoghaire


735



627



343



180



152



97



17



14



4Holyhead-Dublin(1)


410



445



673



76



84



161



155



162



149   (1)
    
    A second vessel was added to the
    Holyhead-Dublin route in October 2006. In November 2008,
    Stena Seatraderwas taken out of service and replaced by
    Stena Nordicawith higher capacity both for freight and
    passengers.  Scotland/England-Northern Ireland.
    Passengers


Private cars


Freight units(In Thousands)

2007


2008


2009


2007


2008


2009


2007


2008


2009Stranraer-Belfast(1)


1,217



1,104



1,109



269



244



244



115



108



102Fleetwood-Larne


61



58



54



9



8



8



143



138



117   (1)
    
    On November 13, 2009, a newly
    acquired RoPax vessel, Stena Navigator, was put into
    operation on the route, increasing the capacity. 26




---



##### Table of Contents



England-The Netherlands.
    Passengers


Private cars


Freight units(In Thousands)

2007


2008


2009


2007


2008


2009


2007


2008


2009Harwich-Hook of
    Holland(1)


428



473



469



88



96



100



173



160



138Killingholme-Hook of
    Holland(2)


44



63



51















76



87



78Harwich-Rotterdam


33



35



21















110



107



72   (1)
    
    In January 2007, one HSS vessel was
    taken out of service and during the first half year 2007 two
    RoPax vessels operating on the route were extended to
    4,100 lane meters each.(2)
    
    In August 2006, a newly built RoPax
    vessel replaced one of the existing vessels on the route and, in
    June 2007, a second newly built RoPax vessel replaced the
    remaining existing vessel on this route.  Ferry
    Fleet
    Ferry
    Fleet
  Number of


Average ageType of vessel

vessels


(years)HSS Vessels


3



13Conventional Fast Ferry


1



13Day Ferries


5



19Night Ferries


2



26RoRo Vessels


2



5RoPax Vessels


23



21Total


36



19   Newbuildings.
  Vessel changes. Stena Transporter Stena Navigator Götaland
  HSS vessels.
 27




---



##### Table of Contents



Recent
    acquisitions and sales
  Stena
    Transporter,
  Seafrance Manet Stena
    Navigator
  Skåne
  Götaland
  Sales and
    Marketing
  Passengers and cars.
  e-mail,
  Freight.
  Other
    Properties
  Ports.
    Hotels.
 28




---



##### Table of Contents



Offshore
    Drilling
  Stena DrillMAX
    ICE
    Drilling Rig
    Fleet
 MaximumWaterDrilling Rig/Drillship

Generation


Year Built


Depth (Ft.)


ClassStena Clyde


3rd
(1)


1976



1,650



DnVStena Spey


3rd



1983



1,500



DnVStena Tay


5th



1999



7,500



DnVStena Don


5th



2001



1,600



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
 2005


2006


2007


2008


2009Total vessel days available


1,825



1,825



1,825



2,328



2,405Vessel days utilized


1,591



1,683



1,714



2,171



2,106Vessel utilization (percentage)


87.2



92.2



93.9



93.3



87.6Offhire days planned


126



102



47



104



224Offhire days planned (percentage)


6.9



5.6



2.6



4.5



9.3Unutilized days


108



40



64



53



75Unutilized days (percentage)


5.9



2.2



3.5



2.2



3.1Average daily rates in $


154,000



241,000



329,000



404,000



470,000  29




---



##### Table of Contents



Rig/Drillship

Customer

Expected Contract Expiration DateStena Clyde

Apache

February 2011Stena Don

Cairn

Mid November 2010Stena Tay

Total

August 2011Stena Spey

TAQA

November 2010 (plus one two-well option)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 5-year Stena DrillMAX Stena Carron Stena Forth:
  Newbuildings. Stena DrillMAX ICE Stena DrillMAX ICE
    Competition.
  Shipping
   30




---



##### 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 2010Stena
    Natalita(4)


2001


Shuttle


108,073


Time

February 2011Navion
    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
 31




---



##### Table of Contents



Tankers sales and
    purchases
 2005


2006


2007


2008


2009Fleet as of January 1


5
(1)


8
(1)


6
(3)


8
(4)


12
(4)Newbuildings delivered/vessels bought


4



2



3
(2)


6



0Vessels sold


1



4
(2)


1



2



2Fleet as of December 31


8
(1)


6
(3)


8
(4)


12
(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.
     32




---



##### Table of Contents



Tanker
    utilization
 Year ended December 31,2005


2006


2007


2008


2009Total tanker days
    available(1)


14,083



15,851



15,550



15,826



11,054Tanker days utilized


13,853



15,520



15,389



15,537



10,907Tanker utilization (percentage)


98.4



97.9



99.0



98.1



98.7Offhire days
    planned(2)


143



228



97



229



116Offhire days planned (percentage)


1.0



1.5



0.6



1.4



1.0Unutilized days


87



103



64



60



31Unutilized days (percentage)


0.6



0.6



0.4



0.4



0.3   (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.
  General Maritime. stock-for-stock
  Roll-on/Roll-off
    Vessel Operations
       33




---



##### Table of Contents



Roll-on/Roll-off
    Vessel Utilization
 Year ended December 31,2005


2006


2007


2008


2009Total vessel days
    available(1)


3,886



3,135



3,152



2,641



2,920Vessel days
    utilized(2)


3,758



3,070



3,101



2,593



2,905Vessel utilization
    (percentage)(2)


96.7



97.9



98.4



98.2



99.5Offhire
    days(3)


109



50



41



23



13Offhire days (percentage)


2.8



1.6



1.3



0.9



0.4Unutilized days


19



15



10



25



2Unutilized days (percentage)


0.5



0.5



0.3



0.9



0.1   (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 dateCrowley
    Shipper(1)

Time

March 2013Mont
    Ventoux(2)

Time

November 2010Stena Foreteller

Time

December 2011Ark Forwarder

Time

February 2012Stena Forecaster

Time

September 2012Stena Forerunner

Time

October 2012   (1)
    
    In March 2008, Stena Shipperwas sold to a company in which Stena holds 50% of the shares
    and renamed Crowley Shipper.(2)
    
    In December 2008, we acquired the
    company that owned Mont Ventouxfrom Stena Metall. 34




---



##### Table of Contents



RoPax
    Vessels
 Current charterVessel

Type of charter

expiration dateBorja(1)

Time

April 2011Stena
    Challenger(2)

Bareboat

June 2013Seatrade(ex Stena Seatrader)

Bareboat

December 2012   (1)
    
    Finance leased vessel. Option
    exercised to acquire the vessel at the end of the three year
    charter in June 2010.(2)
    
    Chartered in vessel.  Fleet management.
    Vessel Sales and
    Purchases Roll-on/Roll-off Operations
 2005


2006


2007


2008


2009Fleet as of January 1


8



8



7



8



9Newbuildings delivered


















Vessels purchased


1







1



1



Vessels sold


1



1



1



1



1Transfer from Ferry Operations










1



1



Fleet as of December 31


8



7



8



9



8Net gain on sale of vessels (SEK in millions)


191



219



100



33



148   Recent acquisitions and sales. Stena Discovery
  Competition.
  Ship
    management
     35




---



##### Table of Contents



Technical
    developments and patents
    Real
    estate
  General.
    Swedish properties.
      International.
 36




---



##### Table of Contents



Property management.
  New Businesses
    Adactum
  General.
  Investments in private companies.
     37




---



##### Table of Contents



Investments in listed companies.
    Investment
    activities
     38




---



##### Table of Contents



day-to-day
    Classification of
    vessels
      Risk of loss and
    insurance
  General.
    Hull and machinery insurance.
 39




---



##### Table of Contents



Loss of hire insurance.
  Protection and indemnity (P&I)
    insurance.
    Stena Clyde
   40




---



##### Table of Contents



Claims experience.
  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 (Switzerland) AG

Switzerland

100%Stena Maritime AG

Switzerland

100%Stena DrillMax I (Hungary) Kft

Hungary

100%Stena DrillMax II Ltd Lux Branch

Luxembourg

100%Stena Carron Cyprus Ltd

Cyprus

100%Stena Cyprus Holding Ltd

Cyprus

100%Stena Carron (Hungary) Kft

Hungary

100%   Regulation
  General    41




---



##### Table of Contents



Environmental
    OPA 90.
  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.       42




---



##### Table of Contents



25-year (1990-2015),
    CERCLA.
  National Pollutant Discharge Elimination System
  MTSA.
  The International Maritime Organization
  Convention on Civil Liability
 43




---



##### Table of Contents



MARPOL 73/78.
     44




---



##### Table of Contents



EU Directive 2005/33/EC
    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.    Athens Convention.
   46




---



##### Table of Contents



HNS Convention.
  Item 4A.
    Unresolved
    Staff Comments    Item 5.
    Operating
    and Financial Review and Prospects  General
      Significant
    events
  Ferry
    operations
  Stena Britannica Stena
    Hollandica
  Stena
    Traveller
    Stena Carrier
 47




---



##### Table of Contents



Stena Searider
    Stena Aurora
    Stena Carrier Stena Freighter
    Seafrance
    Manet Stena Navigator
  Skåne
  Offshore
    Drilling
  Stena DrillMAX
  Stena DrillMAX
    ICE
  Stena Carron
  Stena Forth
  Shipping
  Crude oil and
    petroleum product transportation
    Navion Gothenburg
  Stena Italica Stena Concert Stena Conqueror Stena
    Conquest
  Stena
    Confidence
 48




---



##### Table of Contents



Roll-on/Roll-off
    Vessel Operations
  Stena
    Ausonia Borja
  Mont Ventoux
  Stena Shipper Crowley Shipper
  Mont Ventoux
  Stena Seatrader Seatrade
  Stena Discovery
  Real
    Estate
              New Businesses
    Adactum
     49




---



##### Table of Contents



Financial
    activities
            Stena DrillMAX Stena Trader Stena
    Traveller
  stock-for-stock
 50




---



##### Table of Contents



Stena Forth
  Results of
    Operations
  Year ended December 31,2007


2008


2009(SEK in millions)CONSOLIDATED GROUPIncome Statement Data:Total revenues


22,402



26,472



27,812Direct operating expenses


(14,085
)


(16,679
)


(17,188
)Selling and administrative expenses


(2,177
)


(2,920
)


(3,207
)Depreciation and amortization


(1,680
)


(2,501
)


(3,415
)Income from operations


4,460



4,372



4,002BUSINESS SEGMENT DATARevenues:Ferry operations


9,868



10,309



9,599Drilling operations


3,842



6,087



8,112Shipping Roll-on/Roll-off vessels


412



426



473Crude Oil tankers


3,264



3,547



2,401Other Shipping


154



198



214Total Shipping


3,830



4,171



3,088Property operations


1,989



2,085



2,335New Businesses operations


2,118



3,694



4,797Other


8



48



3Total revenues


21,655



26,394



27,934Other income:Net gain on sale of assets


350



372



179Net valuation on investment properties


397



(294
)


(301
)Total other income


747



78



(122
)Total income


22,402



26,472



27,812Income (Loss) from Operations:Ferry operations


1,267



781



445Impairment charges






(63
)


Net gain (loss) on sale of vessels


146







Total Ferry operations


1,413



718



445Drilling operations


1,389



2,388



3,250Net gain on sale of vessels










Total Drilling operations


1,389



2,388



3,250Shipping: Roll-on/Roll-off vessels


86



104



102Net gain on sale of vessels


100



33



148Total Roll-on/Roll-off vessels


186



137



250Crude oil tankers


109



135



(736
)Impairment charges






(85
)


(150
)Net gain on sale of vessels


7



170



Total crude oil tankers


116



220



(886
)Other shipping


(13
)


16



7Total Shipping


289



373



(629
) 51




---



##### Table of Contents



Year ended December 31,2007


2008


2009(SEK in millions)Property operations


1,041



1,163



1,338Net valuations on investment properties


397



(294
)


(301
)Net gain on sale of properties


97



169



31Total Property


1,535



1,038



1,068New Businesses operations


108



107



178Other


(274
)


(252
)


(310
)Total


4,460



4,372



4,002Depreciation & Amortization:Ferry operations


1,007



1,064



1,119Drilling


493



1,016



1,665Shipping: Roll-on/Roll-off vessels


105



107



141Crude oil tankers


18



167



247Other shipping


14



13



12Total Shipping


137



287



400Property










2New Businesses operations


39



125



219Other


4



9



10Total


1,680



2,501



3,415   Comparison of the
    year ended December 31, 2009 to the year ended
    December 31, 2008
  Currency
    effects
     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
   52




---



##### Table of Contents



Ferry operations.
  Drilling. Stena Carron Stena Forth, Stena Clyde Stena Spey Stena Tay Songa Dee
  Shipping.
    Stena Shipper
    Property.
  New Businesses Adactum.
 53




---



##### Table of Contents



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
    Ferry operations.
  Drilling. Stena Carron Stena Forth, Songa Dee Stena Tay
 54




---



##### Table of Contents



Shipping.
    Mount Ventoux Stena Shipper
    Property.
  New Businesses Adactum.
  Selling and
    administrative expenses
   55




---



##### Table of Contents



Depreciation
    and amortization
  Stena Carron Stena Forth,
  Financial
    income and expense, net
      Stena Carron Stena DrillMAX Stena Trader Stena
    Traveller
     56




---



##### Table of Contents



Stena Carron Stena Forth
      Income
    taxes
    Comparison of the
    year ended December 31, 2008 to the year ended
    December 31, 2007
  Currency
    effects
   January-December


January-DecemberAverage rates

2007


2008


ChangeU.S. $


6.7607



6.5808



(3
)%British pounds


13.5281



12.0912



(11
)%Euro


9.2481



9.6055



4
%   Closing rates

December 31, 2007


December 31, 2008


ChangeU.S. $


6.4342



7.8212



22
%British pounds


12.8146



11.4303



(11
)%Euro


9.4508



10.9500



16
%  57




---



##### Table of Contents



Revenues
    Ferry operations.
  Offshore Drilling. Stena DrillMAX Stena Carron, Stena Spey Stena Spey
  Shipping.
    Borja Stena Shipper
  Property.
  New Businesses Adactum.
 58




---



##### Table of Contents



Other
    income
  Net valuation on investment property.
  Net gain/loss
    on sale of assets
  Net Gain on Sale of Vessels, Ferry
    Operations. Stena Carrier Stena Searider
  Net Gain on Sale of Vessels, Shipping. Stena Confidence Stena
    Shipper. Mont Ventoux
  Net Gain on Sale of Properties.
  Direct
    operating expenses
    Ferry operations.
  Offshore Drilling. Stena DrillMAX Stena Carron,
  Shipping.
 59




---



##### Table of Contents



Stena Shipper BORJA Mont Ventoux
  Property.
  New Businesses Adactum.
  Selling and
    administrative expenses
    Depreciation
    and amortization
  Stena DrillMAX Stena Carron
 60




---



##### Table of Contents



Financial
    income and expense, net
      Stena DrillMAX Stena Trader Stena
    Traveller.
         61




---



##### Table of Contents



Income
    taxes
    Liquidity and
    capital resources
            Construction in
    Progress
   62




---



##### 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


13,741



298



1,031



889



11,523Other bank loans


17,813



939



3,424



2,109



11,341Revolving credit facility


1,033



















1,033Other credit facilities


439



304















135Senior Notes


6,147











1,100



5,047Capital leases


2,043



135



181



204



1,523Other interest bearing debt


682



682Operating leases


7,037



1,751



1,541



1,036



2,709Trade accounts payable


1,311



1,311Total


50,246



5,420



6,177



5,338



32,143



1,168   Off Balance Sheet
    Arrangements
    Trend
    information
   63




---



##### Table of Contents



Application of
    Critical Accounting Policies
        Vessels lives.
  Investment properties.
 64




---



##### Table of Contents



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
     65




---



##### Table of Contents




    IAS 1 (revised), Presentation of financial
    statements. The revised standard prohibits the
    presentation of items of income and expenses (that is
    non-owner changes in equity) in the statement of
    changes in equity, requiring non-owner changes in
    equity to be presented separately from owner changes in
    equity. All non-owner changes in equity are required
    to be shown in a performance statement.      IFRS that have
    been issued but are not yet effective
    
    IFRIC 17, Distribution of non-cash assets to owners
    (effective on or after July 1, 2009). The interpretation is
    part of the IASBs annual improvements project published in
    April 2009. This interpretation provides guidance on accounting
    for arrangements whereby an entity distributes non-cash assets
    to shareholders either as a distribution of reserves or as
    dividends. IFRS 5 has also been amended to require that assets
    are classified as held for distribution only when they are
    available for distribution in their present condition and the
    distribution is highly probable. The group and Company will
    apply IFRIC 17 from January 1, 2010. It is not expected to
    have a material impact on the groups or the Companys
    financial statements.
    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 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. 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 recognized in profit or loss. The group will apply
    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 will
    apply IFRS 3 (revised) prospectively to all business
    combinations from January 1, 2010.
    IAS 38 (amendment), Intangible Assets. The amendment
    is part of the IASBs annual improvements project published
    in April 2009 and the group and Company will apply IAS 38
    (amendment) from the date IFRS 3 (revised) is adopted. The
    amendment clarifies guidance in measuring the fair value of an
    intangible asset acquired in a business combination and it
    permits the grouping of intangible assets as a single asset if
    each asset has similar useful economic lives. The amendment will
    not result in a material impact on the groups or the
    Companys financial statements.
    IFRS 5 (amendment), Measurement of non-current assets (or
    disposal groups) classified as
    held-for-sale.
    The amendment is part of the IASBs annual improvements
    project published in April 2009. The amendment provides
    clarification that IFRS 5 specifies the disclosures 66




---



##### Table of Contents



required in respect of non-current assets (or disposal groups)
    classified as held for sale or discontinued operations. It also
    clarifies that the general requirements of IAS 1 still apply,
    particularly paragraph 15 (to achieve a fair presentation)
    and paragraph 125 (sources of estimation uncertainty) of
    IAS 1. The group and Company will apply IFRS 5 (amendment) from
    January 1, 2010. It is not expected to have a material
    impact on the groups or the Companys financial
    statements. 
    IAS 1 (amendment), Presentation of financial
    statements. The amendment is part of the IASBs
    annual improvements project published in April 2009. The
    amendment provides clarification that the potential settlement
    of a liability by the issue of equity is not relevant to its
    classification as current or non-current. By amending the
    definition of current liability, the amendment permits a
    liability to be classified as non-current (provided that the
    entity has an unconditional right to defer settlement by
    transfer of cash or other assets for at least 12 months
    after the accounting period) notwithstanding the fact that the
    entity could be required by the counterparty to settle in shares
    at any time. The group and Company will apply IAS 1 (amendment)
    from January 1, 2010. It is not expected to have a material
    impact on the groups or the Company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


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
 67




---



##### Table of Contents



Dan Sten Olsson
  Sune Carlsson
  Åke Plyhm
  Anne-Marie Pouteaux
  Jörgen Lorén
  Jens Ole Hansen
  Pia Carlsson
  Other Key
    Employees
  Christel Armstrong Darvik
  Gunnar Blomdahl
  Peter Claesson
  Claes Davidsson
  Staffan Hultgren
 68




---



##### Table of Contents



Hugh Ferguson
  Harry Robertsson
  Ulf Ryder
  Bo Severed
  Martin Svalstedt
  Tom Welo
  Compensation of
    Directors
    Audit
    Committee
         69




---



##### Table of Contents



Employees
   2007


2008


2009Ferry operations


5,710



5,778



5,798Drilling


755



968



1,002Shipping


738



842



817Property operations


261



279



286New businesses Adactum


968



1,791



2,253Other


87



84



80Total


8,519



9,742



10,236       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 Holding Ltd


12,250



24.5
%        70




---



##### Table of Contents



Related Party
    Transactions
    Concordia
      Sessan
  10-year 10-year
    Stena Jutlandica
   71




---



##### Table of Contents



Stena
    Metall
        Stena Carrier Mont
    Ventoux
  Stena Nordica Stena Freighter Stena Carrier Mont Ventoux
  Olsson
    Family
        Item 8.
    Financial
    Information  Consolidated
    Financial Statements
    Legal
    Proceedings
  and/or
   72




---



##### Table of Contents



and/or and/or
      Dividends
    Item 9.
    The
    Offer and Listing    Item 10.
    Additional
    Information  Organization
  556001-0802.
  Articles of
    Association
   73




---



##### Table of Contents



Directors
      Shareholder
    Rights
      General
    Meetings
   74




---



##### Table of Contents



Ownership and
    Transfer Restrictions
    Change in
    Control
    Disclosure of
    Shareholdings
    Material
    Financial Contracts
  Revolving credit facility.
    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
 75




---



##### Table of Contents



Adactum secured bank facility.
  Stena Royal S.à r.l. secured bank
    facility.
  Debt in SPEs.
       76




---



##### Table of Contents



Senior Notes due 2013 and Senior Notes due
    2016. pari
    passu
  Senior Notes due 2017, Senior Notes due 2019 and Senior Notes
    due 2020. pari passu
  Change of
    control
  and/or
 77




---



##### Table of Contents



Other
  Property-related debt.
  Other interest bearing debt.
  Exchange Controls
    and Other Limitations Affecting Security Holders
    Taxation
    Documents on
    Display
  http://www.sec.gov. 202-551-8090.
  Item 11.
    Quantitative
    and Qualitative Disclosures about Market Risk    Foreign Exchange
    Risks
   78




---



##### Table of Contents



Transaction
    Exposure
      Translation
    Exposure
        Equity
    Exposure
     79




---



##### Table of Contents



Bunker Fuel
    Exposure
      Financial Trading
    Activities
      Interest Rate
    Risks
      Equity Securities
    Rate Risks
    Item 12.
    Description
    of Securities Other than Equity Securities   80




---



##### Table of Contents



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.
  Item 16A.
    Audit
    Committee Financial Expert   81




---



##### Table of Contents



Item 16B.
    Code
    of Ethics    Item 16C.
    Principal
    Accountant Fees and Services  Fees and
    Services
    SEK in million

2008


2009KPMG:Audit fees


20



24Tax service fees


20



32Other audit related service fees


6



8Total KPMG


46



64Other auditorsAudit fees


2



3Tax service fees


11



11Other service fees


5



12Grand total


64



90         Pre-Approval
    Policies
   82




---



##### Table of Contents



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   83




---



##### 



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, 2009


F-3Consolidated Statements of Comprehensive Income
    for each of the years in the three-year period ended
    December 31, 2009


F-4Consolidated Balance Sheets as of
    December 31, 2008 and 2009


F-5Consolidated Statements of Changes in
    Shareholders Equity for each of the years in the
    three-year period ended December 31, 2009


F-7Consolidated Statements of Cash Flows for each of
    the years in the three-year period ended December 31,
    2009


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      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 (the 2002
    Registration Statement)).*2
.1

Indenture dated as of November 23, 2004, between the
    Company and JPMorgan Chase Bank, N.A., as trustee, relating to
    the Companys 7% Senior Notes due 2016 (incorporated
    by reference to Exhibit 4.1 to the Companys
    Registration Statement on
    Form F-4
    (file number
    333-121464)
    filed with the SEC on December 20, 2004 (the 2004
    Registration Statement)).*2
.2

Indenture dated as of February 8, 2007, between the Company
    and Deutsche Bank AG, as trustee, relating to the Companys
    6.125% Senior Notes due 2017* 84




---



##### Table of Contents



ExhibitNumber2
.3

Indenture dated as of February 14, 2007, between the
    Company and Deutsche Bank AG, as trustee, relating to the
    Companys 5.875% Senior Notes due 2019*2
.4

Indenture dated as of March 16, 2010, between the Company
    and Deutsche Bank AG, as trustee, relating to the Companys
    7.875% Senior Notes due 2020.**4
.1

Facility Agreement dated December 8, 2004, between Stena
    International BV and Stena (Switzerland) AG as Borrowers and
    Citigroup Global Markets Ltd., DnB NOR Bank ASA, HSBC Bank Plc,
    J.P. Morgan Plc, Nordea Bank Sverige AB publ, and Svenska
    Handelsbanken AB (publ).*4
.2

Registration Rights Agreement, dated November 27, 2002,
    between the Company, J.P. Morgan Securities Inc., ABN AMRO
    Incorporated, Deutsche Bank Securities Inc. and Salomon Smith
    Barney Inc. (incorporated by reference to Exhibit 4.3 to
    the 2002 Registration Statement).*4
.3

Registration Rights Agreement, dated December 2, 2003,
    between the Company, J.P. Morgan Securities Inc., ABN AMRO
    Bank N.V., Citigroup Global Markets Inc. and Deutsche Bank
    Securities Inc. (incorporated by reference to Exhibit 4.3
    to the 2003 Registration Statement).*4
.4

Registration Rights Agreement, dated November 23, 2004,
    between the Company and J.P.Morgan Securities Inc. and Citigroup
    Global Markets Inc. (incorporated by reference to
    Exhibit 4.3 to the 2004 Registration Statement).*4
.5

Multi Currency Revolving Credit Facility, dated
    September 28, 2007, between Stena Royal S.ar.l. and Svenska
    Handelsbanken AB (publ).*4
.6

Amendment No. 1 to Multi Currency Revolving Credit
    Facility, dated December 17, 2007, between Stena Royal
    S.ar.l. and Svenska Handelsbanken AB (publ).*8


List of Subsidiaries of the Company.**11
.

Code of Ethics relating to the Chief Executive Officer, Chief
    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
    filed with the SEC on June 14, 2004.)*11
.1

Amended Code of Ethics relating to the Chief Executive Officer,
    Principal Financial Officer and Chief Accounting Officer of
    Stena AB (publ).*12
.1

Certification of Dan Sten Olsson, Chief Executive Officer of
    Stena AB, dated April 30, 2010.**12
.2

Certification of Staffan Hultgren, Principal Financial Officer
    of Stena AB, dated April 30, 2010.**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.**     *
    
    Previously filed with the SEC and incorporated herein by
    reference.**
    
    Filed herewith. 85




---



##### Table of Contents



SIGNATURES
  Form 20-F
  Date: April 30, 2010

STENA AB (publ)   By:
    /s/  Dan
    Sten Olsson     By:
    /s/  Staffan
    Hultgren    86




---



##### 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, 2009


F-3Consolidated Statements of Comprehensive Income
    for each of the years in the three-year period ended
    December 31, 2009


F-4Consolidated Balance Sheets as of
    December 31, 2008 and 2009


F-5Consolidated Statements of Changes in
    Shareholders Equity for each of the years in the
    three-year period ended December 31, 2009


F-7Consolidated Statements of Cash Flows for each of
    the years in the three-year period ended December 31,
    2009


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 Group



Consolidated
    Income Statements  Years ended 31 December2007


2008


2009


2009In million

Note


SEK


SEK


SEK


USD1)RevenuesFerry operations






9,868



10,309



9,599



1,335Drilling






3,842



6,087



8,112



1,129Shipping






3,830



4,171



3,088



429Investment properties






1,989



2,085



2,335



325New Businesses  Adactum






2,118



3,694



4,797



667Other






8



48



3Total revenues






21,665



26,394



27,934



3,885Net gain on sales of assets


4



350



372



179



25Total other income






350



372



179



25Net valuation on investment properties


14



397



(294
)


(301
)


(42
)Total income


3



22,402



26,472



27,812



3,868Direct operating expensesFerry operations






(6,623
)


(7,483
)


(7,033
)


(978
)Drilling






(1,729
)


(2,258
)


(2,722
)


(379
)Shipping






(3,174
)


(3,329
)


(3,124
)


(434
)Investment properties






(784
)


(739
)


(804
)


(112
)New Businesses  Adactum






(1,756
)


(2,858
)


(3,476
)


(483
)Other






(19
)


(12
)


(29
)


(4
)Total direct operating expenses






(14,085
)


(16,679
)


(17,188
)


(2,390
)Gross profit






8,317



9,793



10,624



1,478Selling expenses


19



(764
)


(1,131
)


(1,305
)


(181
)Administrative expenses


5



(1,413
)


(1,789
)


(1,902
)


(264
)Depreciation and amortization


3



(1,680
)


(2,501
)


(3,415
)


(475
)Income from operations


3, 35



4,460



4,372



4,002



558Share of associated companies results


6



(61
)


(80
)


24



3Result from securities and receivables accounted for as fixed
    assets


7



1,064



(1,990
)


(265
)


(37
)Other interest income and similar profit/loss items


8



944



1,383



836



116Interest expense and similar profit/loss items


9



(1,946
)


(2,307
)


(2,253
)


(313
)Finance net






1



(2,994
)


(1,658
)


(231
)Income before taxes






4,461



1,378



2,344



327Income taxes


10



(632
)


367



20



3Profit for the year from continuing operations






3,829



1,745



2,364



330Earnings attributable to:Equity holders of the Parent Company






3,808



1,752



2,401



334Minority interests






21



(7
)


(37
)


(4
)Net income






3,829



1,745



2,364



330   1)
    
    Unaudited-Note 1   F-3




---



##### Table of Contents



Stena AB Group



Consolidated
    Statements of Comprehensive Income  Years ended 31 December2007


2008


2009In million

SEK


SEK


SEKProfit for the year


3,829



1,745



2,364Other comprehensive incomeChange in fair value reserve, net of tax


(66
)


(2,077
)


939Change in Cash flow hedges, net of tax


3



(1,328
)


626Change in currency translation differences


(58
)


3,192



(2,097
)Change in equity hedge, net of tax


265



(201
)


107Other comprehensive income for the year, net of tax


3,973



1,331



1,939Other comprehensive income attributable to:owners of the company


3,964



1,302



1,995minority interest


9



29



(56
)Total comprehensive income for the year


3,973



1,331



1,939   See also note 23
   F-4




---



##### Table of Contents



Stena AB Group



Consolidated
    Balance Sheets  Year ended 31 December2008


2009


2009In million

Note


SEK


SEK


USD1)ASSETSNoncurrent assetsIntangible assets


11Goodwill






1,512



1,376



192Trademarks






842



807



112Distribution agreements






489



425



59Other intangible assets






195



181



25Total intangible assets






3,038



2,789



388Tangible fixed assetVessels


12



24,391



27,257



3,791Construction in progress


12



7,555



5,649



786Equipment


12



1,373



2,182



303Buildings and land


13



898



901



127Ports


13



946



915



126Total tangible fixed assets






35,163



36,904



5,133Investment properties


14



23,320



24,040



3,344Financial fixed assetsInvestment in associated companies


6



932



1,115



155Investment in SPEs


15



9,973



8,174



1,137Marketable securities


16



2,650



2,211



308Other noncurrent assets


17, 24



5,771



4,655



648Total financial fixed assets






19,326



16,155



2,248Total noncurrent assets






80,847



79,888



11,113Current assetsInventories


18



675



615



85Trade debtors


19



3,649



3,284



457Other current receivables


19



3,532



1,721



239Prepaid expenses and accrued income


19



1,694



1,820



253Short-term investments


20



5,093



3,694



514Cash and cash equivalents


21



1,431



1,183



165Fixed assets held for sale


22



448Total current assets






16,522



12,317



1,713Total assets


3



97,369



92,205



12,826   1)
    
    Unaudited-Note 1   F-5




---



##### Table of Contents



Year ended 31 December2008


2009


2009In million

Note


SEK


SEK


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


23Share capital






5



5



1Reserves






1,186



780



108Retained earnings






24,151



25,723



3,577Net income






1,745



2,364



330Equity attributable to equity holders of the company






27,087



28,872



4,016Minority interest






367



311



43Total equity






27,454



29,183



4,059Noncurrent liabilitiesDeferred income taxes


24



3,571



3,646



507Pension liabilities


25



1,267



1,122



156Other provisions


26



2,029



1,920



267Long-term debt


27



34,671



31,485



4,380Debt in SPEs


15



9,492



8,249



1,147Senior Notes


28



6,622



6,147



855Capitalized lease obligations


29



1,991



1,908



265Other noncurrent liabilities


30



2,654



1,163



163Total noncurrent liabilities






62,297



55,640



7,740Current liabilitiesShort-term debt


27



1,389



1,541



214Capitalized lease obligations


29



135



135



19Trade accounts payable






1,220



1,311



182Income tax payable






79



150



21Other current liabilities






1,951



2,011



280Accrued costs and prepaid income


31



2,844



2,234



311Total current liabilities






7,618



7,382



1,027Total equity and liabilities






97,369



92,205



12,826Pledged assets


32



53,464



58,610



8,153Commitments and contingent liabilities


32



3,058



3,780



526   1)
    
    Unaudited-Note 1   F-6




---



##### Table of Contents



Stena AB Group



Consolidated
    statement of changes in shareholders equity  Attributable to equity holders of the companyRetainedearningsFair








includingShare-


value


Hedging


Translation


Net





Minority


TotalSEK million

capital


reserve*)


reserve*)


reserve*)


income


Total


interest


equityClosing balance as per 31 December 2006


5



901



579







21,460



22,945



162



23,107Exchange differences arising on the translation of foreign
    operations, net of tax














(46
)






(46
)


(12
)


(58
)Share of associated company


















(89
)


(89
)






(89
)Change in Hedgings reserve, net of tax- bunker hedge valuation










3











3







3Change in fair value reserve, net of tax






(66
)














(66
)






(66
)Change in net investment hedge, net of tax










265











265







265(66
)


268



(46
)


(89
)


67



(12
)


55Net income


















3,808



3,808



21



3,829Total comprehensive income






(66
)


268



(46
)


3,719



3,875



9



3,884Dividend


















(550
)


(550
)






(550
)Transfer to charitable trust


















(55
)


(55
)






(55
)Closing 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, net of tax














3,156







3,156



36



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










(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
)Transfer to charitable trust


















(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, net of tax














(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



29,183   *
    
    ) See also note 23   F-7




---



##### Table of Contents



Stena AB Group



Consolidated
    Statements of Cash Flows  Years ended 31 December2007


2008


2009


2009In million

Note


SEK


SEK


SEK


USD1)Net cash flows from operating activitiesNet income






3,829



1,745



2,364



330Adjustments to reconcile net income to net cash provided by
    operating activities:Depreciation and amortization


3



1,680



2,501



3,415



475Net valuation of investment properties






(397
)


294



301



42Share of affiliated companies results






61



80



(24
)


(3
)Dividend from affiliated companies






12



38Gain on sale of assets


4



(350
)


(372
)


(179
)


(25
)Loss on securities, net






(950
)


1,785



81



11Unrealized foreign exchange losses






(79
)


79



148



21Deferred income taxes


10



482



(620
)


(230
)


(32
)Provision for pensions






(221
)


(233
)


(190
)


(27
)Other non cash items






(113
)


(74
)


311



43Net cash flows from trading securities






(425
)


565



(35
)


(5
)Cash flow from operations before changes in working
    capital






3,529



5,788



5,962



830Changes in working capitalReceivables






(1,094
)


(80
)


2,829



393Prepaid expenses and accrued income






(251
)


(514
)


(294
)


(41
)Inventories






(104
)


(355
)


467



65Trade accounts payable






87



(155
)


127



18Accrued costs and prepaid income






1,547



26



(855
)


(119
)Income tax payable






(44
)


(55
)


76



11Other current liabilities






916



726



(1,228
)


(171
)Net cash provided by operating activities






4,586



5,381



7,084



986Net cash flows from investing activitiesPurchase of intangible assets






(53
)


(54
)


(61
)


(8
)Cash proceeds from sale of tangible fixed assets


4



1,211



1,560



469



65Capital expenditure on tangible fixed assets






(8,315
)


(9,642
)


(9,169
)


(1,275
)Purchase of subsidiary, net of cash acquired


33







(605
)Investments in affiliated companies






(697
)


(402
)


(162
)


(22
)Proceeds from sale of securities






5,439



7,353



5,040



701Purchase of securities






(9,245
)


(4,744
)


(2,709
)


(377
)Increase of noncurrent assets






(1,172
)


(1,272
)


(119
)


(17
)Decrease of noncurrent assets






10



424



341



47Other investing activities






(41
)


(15
)


(86
)


(12
)Net cash used in investing activities






(12,862
)


(7,397
)


(6,456
)


(898
)Net cash flows from financing activitiesProceeds from issuance of debt






9,868



9,827



4,795



667Principal payments on debt






(2,688
)


(3,631
)


(2,006
)


(279
)Net change in borrowings on
    line-of-credit
    agreements






2,193



(188
)


(4,483
)


(623
)Proceeds from new capitalized lease obligations










46



1Principal payments on capitalized lease obligations






(38
)


(687
)


(184
)


(26
)Net change in restricted cash accounts






(420
)


(2,896
)


1,100



153Dividends paid






(550
)


(390
)


(190
)


(26
)Other financing activities






(301
)


633



60



8Net cash provided by/used in financing activities






8,064



2,714



(907
)


(126
)Effect of exchange rate changes on cash and cash equivalents






36



25



31



4Net change in cash and cash equivalents






(176
)


723



(248
)


(34
)Cash and cash equivalents at beginning of year


21



884



708



1,431



199Cash and cash equivalents at end of year


21



708



1,431



1,183



165   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
    2009:
  
    IFRS 7 Financial instruments  Disclosures
    (amendment)  effective 1 January 2009. The
    amendment requires enhanced disclosures about fair value
    measurement and liquidity risk. In particular, the amendment
    requires disclosure of fair value measurements by level of a
    fair value measurement hierarchy. The change in accounting
    policy only results in additional disclosures.
    IAS 1 (revised).  Presentation of financial
    statements  effective 1 January 2009. The
    revised standard prohibits the presentation of items of income
    and expenses (that is, non-owner changes in equity)
    in the statement of changes in equity, requiring non-owner
    changes in equity to be presented separately from owner
    changes in equity in a statement of comprehensive income. As a
    result the Group presents in the consolidated statement of
    changes in equity all owner changes in equity, whereas all
    non-owner changes in equity are presented in the consolidated
    statement of comprehensive income. Comparative information F-9




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  has been represented so that it also is in conformity with the
    revised standard. The change in accounting policy only impacts
    presentation aspects.    Basis of
    consolidation
      
    Companies acquired during the year have been included in the
    consolidated income statement as of the date upon which control
    was gained.
    Companies divested during the year are included in the
    consolidated income statement until the date upon which
    Stenas control ceased.    
    elimination of inter-company transactions and      Business
    combinations and goodwill
           F-10




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    Associated
    companies
  and/or
  Translation of
    foreign operations
    Segment
    reporting
  IFRS 8 Operating segment,
      
    Ferry operations
    Drilling operations
    Shipping operations
    Property operations
    New businesses  Adactum F-11




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
   Revenue
    recognition
                        Tangible fixed
    assets
     F-12




---



##### 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 years   Other tangible fixed assets:Other ferries


25 yearsBuildings


50 yearsPort terminals


50 yearsEquipment


3-10 years   Investment
    property
     F-13




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
              Intangible fixed
    assets
  Goodwill
     F-14




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  Trademarks
      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-15




---



##### 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    
    Assets classified as financial assets at the acquisition date at
    fair value through the income statement F-16




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
   
    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-17




---



##### 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 in2008


2009


%USD


6.5808



7.6457



16GBP


12.0912



11.9260



(1
)EUR


9.6055



10.6213



11   Closing rates


Change in2008


2009


%USD


7.8212



7.1553



(9
)GBP


11.4303



11.5704



1EUR


10.9500



10.2506



(6
)   Financial
    liabilities
    
    Financial liabilities at fair value through the income
    statement, held for trading
    Other financial liabilities F-18




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
     Financial
    liabilities at fair value through the income statement
      Other financial
    liabilities
            Derecognition
    Derivative
    instruments and hedging measures
      
    Cash flow hedging and
    Hedging of foreign net investments  80-125%.
 F-19




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    Cash flow
    hedging
          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)   F-20




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    (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-21




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  Impairment of
    financial assets
  available-for-sale available-for-sale
  Financial risk
    management
  Translation
    differences from net investments:
      Translation
    differences from translation exposure:
    Transaction
    exposure
    Interest rate
    risk
   F-22




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    Oil price
    risk
    Income
    taxes
  General
      Current
    tax
    Deferred
    taxes
    Leasing
   F-23




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
      Inventories
  first-in,
  Trade
    debtors
    Cash and cash
    equivalents
    Employee
    benefits
     F-24




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
    Accounts
    payable
      Provisions
      IFRS that have
    been issued but are not yet effective
      
    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. 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 recognized in profit or loss. 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- F-25




---



##### Table of Contents



1 
    Summary of Significant Accounting
    Principles  continued
  controlling interests proportionate share of the
    acquirees net assets. All acquisition-related costs should
    be expensed. The group will apply IFRS 3 (revised) prospectively
    to all business combinations from 1 January 2010.  
    IAS 38 (amendment), Intangible
    Assets.  The amendment is part of the
    IASBs annual improvements project published in April 2009
    and the group will apply IAS 38 (amendment) from the date IFRS 3
    (revised) is adopted. The amendment clarifies guidance in
    measuring the fair value of an intangible asset acquired in a
    business combination and it permits the grouping of intangible
    assets as a single asset if each asset has a similar useful
    economic life. The amendment will not result in a material
    impact on the group or companys financial statements.    
    IFRS 5 (amendment), Measurement of non-current assets (or
    disposal groups) classified as
    held-for-sale.
    The amendment is part of the IASBs annual improvements
    project published in April 2009. The amendment provides
    clarification that IFRS 5 specifies the disclosures required in
    respect of non-current assets (or disposal groups) classified as
    held for sale or discontinued operations. It also clarifies that
    the general requirement of IAS 1 still applies, particularly
    paragraph 15 (to achieve a fair presentation) and
    paragraph 125 (sources of estimation uncertainty) of IAS 1.
    The group will apply IFRS 5 (amendment) from 1 January
    2010. It is not expected to have a material impact on the group
    or companys financial statements.
    IAS 1 (amendment), Presentation of financial
    statements. The amendment is part of the IASBs
    annual improvements project published in April 2009. The
    amendment provides clarification that the potential settlement
    of a liability by the issue of equity is not relevant to its
    classification as current or non-current. By amending the
    definition of current liability, the amendment permits a
    liability to be classified as non-current (provided that the
    entity has an unconditional right to defer settlement by
    transfer of cash or other assets for at least 12 months
    after the accounting period) notwithstanding the fact that the
    entity could be required by the counterparty to settle in shares
    at any time. The Group will apply IAS 1 (amendment) from
    1 January 2010. It is not expected to have a material
    impact on the financial statements of the Group.
    IFRS 9 Financial instruments have been published in three parts:
    Classification and Measurement , Impairment and Hedge
    accounting, which will replace IAS 39 with effective date
    1 January, 2013. Earlier adoption is permitted given
    endorsement. Other new, amended and interpretations will not
    have any material effect on the financial statements of the
    Group.  2 
    Critical accounting estimates and judgements
     F-26




---



##### Table of Contents



2 
    Critical accounting estimates and
    judgements  continued
  a)
    Impairment
    testing for intangible assets    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-27




---



##### 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
 F-28




---



##### Table of Contents



3 
    Segment Information  continued
  Stena DrillMAX
    ICE
    Shipping operations
            Property
      New Businesses Adactum
 F-29




---



##### Table of Contents



3 
    Segment Information  continued
    
    Blomsterlandet through which the Company is creating
    a chain of retailers with one of Swedens most extensive
    range of indoor and outdoor plants.
    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 Swedens largest land-based wind
    power generating plant, near Ludvika, Sweden. In total 17 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.    Income from
    operations by segment
   Years ended 31 DecemberSEK million

2007


2008


2009Ferry operationsOperations


1,267



781



445Impairment charges






(63
)Net gain on sale of vessels


146Total ferry operations


1,413



718



445DrillingOperations


1,389



2,388



3,250Total Drilling


1,389



2,388



3,250ShippingRoRo vessels


86



104



102Net gain on sale of vessels


100



33



148Total RoRo


186



137



250Tanker operations


109



135



(736
)Impairment charges






(85
)


(150
)Net gain on sale of vessels


7



170Total Tanker


116



220



(886
)Other shipping


(13
)


16



7Total shipping


289



373



(629
)PropertyOperations


1,041



1,163



1,338Net valuation on investment properties


397



(294
)


(301
)Net gain on sale of investment properties


97



169



31Total property


1,535



1,038



1,068New Businesses  AdactumOperations


108



107



178Total New Businesses  Adactum


108



107



178Other


(274
)


(252
)


(310
)Income from operations


4,460



4,372



4,002  F-30




---



##### Table of Contents



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



2007


2008


2009Ferry operations

EBITDA


2,420



1,782



1,564Depreciation and amortization


(1,007
)


(1,064
)


(1,119
)Income from operation


1,413



718



445Drilling

EBITDA


1,882



3,404



4,915Depreciation and amortization


(493
)


(1,016
)


(1,665
)Income from operation


1,389



2,388



3,250Shipping

EBITDA


426



660



(229
)Depreciation and amortization


(137
)


(287
)


(400
)Income from operation


289



373



(629
)Property

EBITDA


1,535



1,038



1,070Depreciation and amortization










(2
)Income from operation


1,535



1,038



1,068New Businesses 

EBITDA


147



232



397Adactum

Depreciation and amortization


(39
)


(125
)


(219
)Income from operation


108



107



178Other

EBITDA


(270
)


(243
)


(300
)Depreciation and amortization


(4
)


(9
)


(10
)Income from operation


(274
)


(252
)


(310
)Total

EBITDA


6,140



6,873



7,417Depreciation and amortization


(1,680
)


(2,501
)


(3,415
)Income from operation


4,460



4,372



4,002   *
    
    EBITDA equals herein Income from
    operations before depreciation and amortization. EBITDA is not a
    measure in accordance with IFRS and should not be used as an
    alternative to cash flows or as a measure of liquidity and
    should be read in conjunction with the consolidated statements
    of cash flows contained in our consolidated financial statements. F-31




---



##### Table of Contents



3 
    Segment Information  continued
   Depreciation and
    amortization by segment
  Years ended 31 DecemberSEK million



2007


2008


2009Ferry operations


1,007



1,064



1,119Drilling


493



1,016



1,665Shipping:

RoRo vessels


105



107



141Tanker operations


18



167



247Other shipping


14



13



12Total shipping


137



287



400Property










2New Businesses  Adactum


39



125



219Other


4



9



10Total


1,680



2,501



3,415   Depreciation and
    amortization expense consists of the following
    components
  Years ended 31 DecemberSEK million

2007


2008


2009Vessels


1,389



2,096



2,790Equipment


157



232



396Buildings, land and ports


49



67



78Total tangible fixed assets


1,595



2,395



3,264Intangible assets


85



106



151Total


1,680



2,501



3,415     Investments in
    tangible fixed assets by segment
  Years ended 31 DecemberSEK million



2007


2008


2009Ferry operations


1,240



2,880



2,217Drilling


5,179



4,777



5,393Shipping:

RoRo vessels


1,111



257



12Tanker operations


275



1,353



115Other shipping


6



1



2Total shipping


1,392



1,611



129Property


941



1,357



1,281New Businesses  Adactum


176



408



127Other


15



9



22Total




8,943



11,042



9,169    F-32




---



##### Table of Contents



3 
    Segment Information  continued
  Total assets by
    segment
  Years ended 31 DecemberSEK million



2008


2009Ferry operations


12,974



13,017Drilling


23,237



25,342Shipping:

RoRo vessels


1,875



2,184Tanker operations


2,807



2,143Other shipping


170



188Total shipping


4,852



4,515Property


25,767



26,043New Businesses  Adactum


6,911



6,606Other


23,628



16,682Total


97,369



92,205   Geographic
    information
    Total
    revenue
  Years ended 31 DecemberSEK million

2007


2008


2009Scandinavia


9,975



11,129



11,386Europe, other


6,405



7,169



7,726Other markets


2,192



4,003



5,464Shipping


3,830



4,171



3,236Total


22,402



26,472



27,812   Total
    assets
  Years ended 31 DecemberSEK million

2008


2009Scandinavia


35,431



32,896Europe, other


22,511



20,658Other markets


34,764



35,370Shipping


4,663



3,281Total


97,369



92,205   F-33




---



##### Table of Contents



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



2007


2008


2009Vessels

Cash proceeds from sale of vessels


793



686



183Net book value of vessels sold


(540
)


(483
)


(35
)Net gain on sale of vessels


253



203



148Investment properties

Cash proceeds from sale of properties


364



868



214Net book value of properties sold


(267
)


(699
)


(183
)Net gain on sale of properties


97



169



31Total

Cash proceeds from sale of vessels and property


1,157



1,554



397Net book value of assets sold


(807
)


(1,182
)


(218
)Total gain




350



372



179     5 
    Administrative expenses
      Years ended 31 DecemberSEK million

2007


2008


2009KPMGAudit fees


21



20



24Tax services


25



20



32Other audit related services


7



6



8Other auditorsAudit fees






2



3Tax services


14



11



11Other services


9



5



12Total


76



64



90    6 
    Investment in associated companies
     F-34




---



##### Table of Contents



6 
    Investment in associated
    companies  continued
        2006-2007
    Investments in
    associated companies
  As of 31 DecemberSEK million

2007


2008


2009Opening balance


397



1,403



932Increase  reclassification to associated company


501Investments


738



406



162Revaluation


(61
)


(141
)Dividend


(12
)


(38
)Share of profit


(60
)


60



24Exchange differences


(11
)


(28
)


(3
)Other movements


(89
)Reclassifications to subsidiaries






(730
)Closing balance


1,403



932



1,115    F-35




---



##### Table of Contents



6 
    Investment in associated
    companies  continued
  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/


%


Share ofName

incorporation


Assets


Liabilities


Revenues


(loss)


Interest held


result2007Midelfart Sonesson AB (publ)


Sweden



1,538



1,039



1,659



(322
)


22



(107
)Gunnebo AB (publ)


Sweden



4,837



3,695



7,025



128



25



5MPP Mediatec Group AB


Sweden



845



577



316



(17
)


45



(2
)Ballingslöv International AB (publ)


Sweden



2,388



1,532



2,892



211



29



432008Midelfart Sonesson AB (publ)


Sweden



1,427



922



1,458



17



23



4Gunnebo AB (publ)


Sweden



5,262



4,189



6,903



115



25



(116
)MPP Mediatec Group AB


Sweden



1,061



765



905



12



43



72009Midelfart Sonesson 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   7 
    Result from securities and receivables accounted for as
    financial fixed assets
  Years ended 31 DecemberSEK million

2007


2008


2009Dividends


112



109



18Realized result from sale of available for sale shares






(34
)


(713
)Realized result from sale of financial instruments measured at
    fair value through the income statement


550



(746
)


128Unrealized result from financial
    instruments1)


423



(1,372
)


438Interest income


173



175



123Exchange differences


(194
)


(122
)


(259
)Total


1,064



(1,990
)


(265
)   1)
   F-36




---



##### Table of Contents



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

2007


2008


2009Dividends


98



177



43Realized result from sale of trading shares


106



(35
)


(117
)Unrealized result from financial
    instruments1)


(128
)


(848
)


244Interest income from investments in SPEs


661



667



477Gain on termination of leases






1,025



110Other interest income


85



115



84Exchange differences


122



282



(5
)Total


944



1,383



836   Stena Carron Stena DrillMAX I Stena Traveller Stena Trader
      Years ended 31 DecemberSEK million

2007


2008


2009Trading shares


(128
)


(623
)


71Bunker hedges






(225
)


173(128
)


(848
)


244    9 
    Interest expense and similar profit/loss items
  Years ended 31 DecemberSEK million

2007


2008


2009Interest expenses from investments in SPEs


(416
)


(365
)


(214
)Other interest expenses


(1,271
)


(1,815
)


(1,843
)Unrealized result of valuation of interest swaps


(52
)


(81
)


194Amortization of deferred financing costs


(59
)


(83
)


(67
)Bank charges


(20
)


(20
)


(33
)Realized losses on bunker oil derivatives held for trading






(299
)


(162
)Exchange differences


23



421



(18
)Other financial items


(151
)


(65
)


(110
)Total


(1,946
)


(2,307
)


(2,253
)     F-37




---



##### Table of Contents



10 
    Income taxes
    Years ended 31 DecemberSEK million

2007


2008


2009Sweden


897



733



(180
)Rest of the world


3,564



645



2,524Total income before taxes


4,461



1,378



2,344Current taxFor the period, Sweden


(10
)


(29
)


(29
)Adjustments previous years, Sweden


(1
)


(1
)For the period, Rest of the world


(277
)


(249
)


(208
)Adjustments previous years, Rest of the world


137



26



28Total current tax


(151
)


(253
)


(210
)Deferred taxFor the period, Sweden


(116
)


86



129Adjustments previous years, Sweden






265For the period, Rest of the world


(294
)


323



(5
)Adjustments previous years, Rest of the world


(71
)


(54
)


106Total deferred tax


(481
)


620



230Total income taxes


(632
)


367



20     The
    reconciliation of the difference between the statutory tax rate
    in Sweden and the effective tax rate are set forth
    below:
  Years ended 31 DecemberPercentage

2007


2008


2009Statutory income tax rate


28



28



26Differences in foreign tax rates


(8
)


(22
)


(9
)Taxes related to previous years


(1
)






3Losses not currently utilized


1



26Expenses not deductible


3



5



1Nontaxable income


(6
)


(29
)


(16
)Utilization of tax loss carry forwards


(1
)






(2
)Restructuring


(5
)


(30
)


(1
)Other


3



(5
)


(3
)Effective income tax rate


14



(27
)


(1
)    F-38




---



##### 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 2008


602















403



41



1,046Purchase of company (Note 33)


986



860



560



10



67



2



2,485Additions


2















53



1



56Translation differences


(25
)














(1
)


7



(19
)Closing balance as per 31 December 2008


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



3,462Accumulated amortizationOpening balance as per 1 January 2008


(71
)














(251
)


(34
)


(356
)Purchase of company (Note 33)






(4
)


(47
)






(34
)






(86
)Translation differences


18























18Current year amortization






(14
)


(24
)


(2
)


(53
)


(13
)


(106
)Closing balance as per 31 December 2008


(53
)


(18
)


(71
)


(2
)


(338
)


(48
)


(530
)Translation differences


(1
)






3







1



4



7Disposals


(21
)


















21Transfers


















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
)Net book value as per 31 December 2008


1,512



842



489



8



184



3



3,038Net book value as per 31 December 2009


1,376



807



425



6



174



1



2,789     New businesses  Adactum


1,238Ferry operations


138Total


1,376    F-39




---



##### Table of Contents



11 
    Intangible fixed assets  continued
        Trademarks
   F-40




---



##### Table of Contents



12 
    Vessels, Construction in Progress and Equipment
    ConstructionSEK million

Vessels


in progress


Equipment


TotalAcquisition costsOpening balance as per 1 January 2008


26,690



5,821



1,816



34,327Additions


6,089



3,473



428



9,990Purchase of company (Note 33)


173



1



803



977Disposals


(978
)






(71
)


(1,049
)Transfers


3,003



(3,365
)


99



(263
)Translation differences


3,740



1,625



211



5,576Closing balance as per 31 December 2008


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



52,119Accumulated depreciationOpening balance as per 1 January 2008


(11,347
)






(1,084
)


(12,341
)Disposals


495







64



559Purchase of company (Note 33)


(120
)






(560
)


(680
)Additions


(232
)










(232
)Translation differences


(1,099
)






(108
)


(1,207
)Transfers


73







7



80Current year depreciation


(2 096
)






(232
)


(2,328
)Closing balance as per 31 December 2008


(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
)Net book value as per 31 December 2008


24,391



7,555



1,373



33,319Closing balance as per 31 December 2009


27,257



5,649



2,182



35,088        F-41




---



##### 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 2008


140



1,676



1,816Additions






428



428Purchase of company (Note 33)






803



803Disposals






(71
)


(71
)Transfers






99



99Translation differences






211



211Closing balance as per 31 December 2008


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



4,354Accumulated depreciationOpening balance as per 1 January 2008


(7
)


(1,077
)


(1,084
)Disposals






64



64Purchase of company (Note 33)






(560
)


(560
)Translation differences






(108
)


(108
)Transfers






7



7Current year depreciation


(7
)


(225
)


(232
)Closing balance as per 31 December 2008


(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
)Net book value as per 31 December 2008


126



1,247



1,373Net book value as per 31 December 2009


466



1,716



2,182   F-42




---



##### Table of Contents



13 
    Buildings and land together with Ports
    BuildingsSEK million

and land


PortsAcquisition costsOpening balance as per 1 January 2008


753



1,876Additions


203



16Disposals


405Transfers


47Translation differences


63



(203
)Closing balance as per 31 December 2008


1,471



1,689Additions


62Purchase of company (Note 33)TransfersTranslation differences


(55
)


23Closing balance as per 31 December 2009


1,478



1,712Accumulated depreciationOpening balance as per 1 January 2008


(394
)


(784
)Purchase of company (Note 33)


(102
)Translation differences


(51
)


87Transfers


(5
)Current year depreciation


(21
)


(46
)Closing balance as per 31 December 2008


(573
)


(743
)Translation differences


29



(9
)TransfersCurrent year depreciation


(33
)


(45
)Closing balance as per 31 December 2009


(577
)


(797
)Net book value as per 31 December 2008


898



946Net book value as per 31 December 2009


901



915          F-43




---



##### Table of Contents



14 
    Investment properties
  As of 31 DecemberSEK million

2008


2009Opening balance as of 1 January


22,555



23,320Additions


1,065



857Reclassification construction in progress


141



655Disposals


(699
)


(183
)Unrealized fair value adjustments


(294
)


(301
)Exchange differences


552



(308
)Closing


23,320



24,040   Investment
    Property  impact on the result
  As of 31 DecemberSEK million

2008


2009Rental Income


2,085



2,335Direct cost


(739
)


(804
)Total


1,346



1,531         Rate of return, %Location

Residential


CommercialSweden


3.006.00



5.258.25Eurozon


n/a



6.0012.00        F-44




---



##### Table of Contents



14 
    Investment properties  continued
    15 
    Investment in SPES
        Years ended 31 DecemberSEK million

2008


2009Financial income and expense


(43
)


(351
)Minority interest


8



41Net income


(35
)


(310
)Investments1)


9,973



8,174Short-term
    investments2)


1,290



1,091Other assets


240



333Total assets


11,503



9,598Retained earnings


574



518Net income


(35
)


(310
)Shareholders equity


539



208Minority interest


181



128Total Equity


720



336Debt of
    SPEs3)


9,492



8,249Other debt


1,291



1,013Total liabilities


10,783



9,262Total shareholders equity and liabilities


11,503



9,598The investment in SPEs are classified as follows:Corporate Fixed Income Securities classified as available
    for sale and revalued in other comprehensive income:


1,268



1,347Senior Bank Debt classified as held to maturity and
    kept at cost in the balance sheet.


8,705



6,827Total


9,973



8,174   1)
    
    Investment in SPEs are recorded at
    market value with gains and losses recorded to income statement.
    Investments in other securities are recorded to market value
    with gains and losses recorded to other comprehensive income.
    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 656 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-45




---



##### Table of Contents



16 
    Marketable securities
  Years ended 31 DecemberSEK million

2008


2009Opening balance


7,674



2,650Additions


2,732



961Disposals


(5,807
)


(2,138
)Reclassification


192Revaluation of financial assets through the income statement


(1,474
)


363Revaluation of financial assets through other comprehensive
    income


(1,146
)


497Translation differences


479



(122
)Investment at the end of year


2,650



2,211Marketable securities are classified as:Financial assets at fair value through the income statement


1,923



1,398Available-for-sale
    financial assets


727



813Total


2,650



2,211         SEK million

No. of shares


Book valueHeld by parent company:Vitrolife


110,000



4Total






4Corral Finans FRN


50,616,400



374Sberbank


10,150,000



200Schlumberger


420,000



196Telenor


831,000



83Technip


150,000



76Novo Nordisk


162,000



74Brightside


25,789,473



73Eos Russia BTA


1,799,884



70HYP Renaissance


10,000,000



69Comstar


1,695,102



66Alfa Laval


650,000



64Outotec


247,000



62Carlsberg


99,456



53   F-46




---



##### Table of Contents



16 
    Marketable securities  continued
  BookSEK million

No. of shares


valueAlstom


104,000



52Comba Telecom


5,935,400



50Esprit Holdings


1,050,000



50Q-cells


407,000



48Explorer Financial Fund


33,999



47Procter & Gamble


102,900



45Sistema


290,000



44Ebay


245,900



41Iofina


5,195,000



32SAP


90,000



31East Capital Explorer


450,000



30Hexagon


275,005



29Geely Automobile


6,500,000



26Xinyu Hengdeli


9,591,000



26China Highspeed Transmission


1,265,000



22Vestas


47,868



21Remora


2,379,670



21Renewable Energy


329,482



18Want Want Holding


3,500,000



18Black Earth Farming


700,000



16Other






80Total listed shares






2,211   F-47




---



##### 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 2008


641



2,341



1,757



139



557



5,435Additions


2



821



711



352



635



2,521Disposals


(2
)


(113
)


(119
)






(648
)


(882
)Revaluation through the income statement


337



(12
)


(31
)










294Share of profit (loss)














109







109Dividend received














(20
)






(20
)Reclassification


(527
)


(730
)














(1,257
)Translation differences






(780
)


212



107



32



(429
)Closing balance as per 31 December 2008


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
)


(195
)










(289
)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



4,655          F-48




---



##### 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:SentoClone

Sweden


19
%


120Remora

Norway


2,379,670



29REC ASA

Norway


5,000,000



53ING DUTCH OFFICE FUNDS

Netherlands


7
%


926Schiphol Real Estate CV

Netherlands


540



311China Opportunity Fund

China


6
%


270EQT China

China


5
%


43Chase Private Equity Fund

Cayman Islands


3,729,232



17ICE Canyon emerging market CLO

Cayman Islands


10
%


70Southern Rock

Gibraltar


5,000,000



58Other








32Total available for sale shares








2,099   Other
    shares
  SEK million



No. of shares or % held


Book valueÖrgryte Bostads AB & Co KB

Sweden






3Austen Maritime Services Pte Ltd

Singapore


50
%Partrederiet SUST I DA

Norway


50
%


45Partrederiet SUST III DA

Norway


50
%


36Stena Ugland Shuttle Tankers

NorwayNordic Rio LLC

Marshall Islands


50
%


27Stena Sonangol Suezmax pool LLC

Marshall Islands


50
%Navion Gothenburg LLC

Marshall Islands


50
%


19Paradise

Liberia


35
%


391Glacia Limited

Bermuda


50
%


72RoRo Partners Ltd

Bermuda


49
%


1Caribbean partners

Bermuda






11Total other shares








605   18 
    Inventory
  As of 31 DecemberSEK million

2008


2009Bunker and lubricating oil


110



120Inventories of goods for sale


187



168Raw materials and consumables


226



177Products in progress


57



50Finished products


95



100Total


675



615   F-49




---



##### Table of Contents



19 
    Short-term receivables
  As of 31 DecemberSEK million

2008


2009Trade debtorsAccounts receivable are classified on the basis of their due
    date:Outstanding but not due


3,148



2,790Due up to 30 days


257



206Due more than 30 days


244



288Total


3,649



3,284Other receivablesRelated parties (Note 36)


144



1Other short-term receivables


3,388



1,720Total


3,532



1,721Prepaid expenses and accrued incomePrepaid expenses


769



510Accrued income


925



1,310Total


1,694



1,820Total short-term receivables


8,875



6,825       20 
    Short-term investments
  As of 31 DecemberSEK million

2008


2009Marketable debt and equity securities, trading


380



355Restricted cash


4,713



3,339Total


5,093



3,694        F-50




---



##### Table of Contents



21 
    Cash and cash equivalents
  As of 31 DecemberSEK million

2008


2009Cash


1,206



1,106Short term deposits


225



77Total


1,431



1,183     22 
    Fixed assets held for sale
  Stena Discovery
  23 
    Equity
  Dividend paid per share (SEK):2008


7,8002009


3,800   Specification of
    the reserves:
  Fair value


Hedging


TranslationSEK million

reserve


reserve


reserve


TotalClosing balance as per December 31, 2007


835



847



(46
)


1,636Exchange differences arising on the translation of foreign
    operations, net of tax










3,156



3,156Change in Hedging reserve, net of tax- valuation of bunker hedges






(607
)






(607
)- taken to income statement, operating expenses






(582
)






(582
)- valuation of interest swap hedge






(139
)






(139
)Change in fair value reserve, net of tax- valuation available for sale shares


(2,077
)










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






(201
)






(201
)Closing balance as per December 31, 2008


(1,242
)


(682
)


3,110



1,186Exchange differences arising on the translation of foreign
    operations, net of tax










(2,079
)


(2,079
)Change in Hedging reserve, net of tax- 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 December 31, 2009


(303
)


52



1,031



780  F-51




---



##### Table of Contents



23 
    Equity  continued
  Fair value
    reserve
  available-for-sale available-for-sale available-for-sale
  Hedging
    reserve
    Translation
    reserve
    24 
    Deferred income taxes
    As of 31 DecemberSEK million

2008


2009Deferred tax liabilitiesTangible fixed assets


3,943



3,767Financial fixed assets


89



95Provisions


275



442Other


414



463Total deferred tax liabilities


4,721



4,767Deferred tax assetsTangible fixed assets


123



36Tax loss carryforwards


1,956



2,447Financial fixed assets


276



51Provisions


288



255Other






21Less deferred tax assets not recognized


(1,042
)


(1,157
)Total deferred tax assets recognized


1,601



1,653Net deferred tax liability


3,120



3,114Out of which:Deferred tax assets (Note 17)


451



532Deferred tax liabilities


3,571



3,646     F-52




---



##### Table of Contents



24 
    Deferred income taxes  continued
  2008


2009Taxes charged to








Taxes charged toTaxes charged to


comprehensive


Total


Taxes charged to


comprehensive


TotalSEK million

income statement


income


taxes


income statement


income


taxesCurrent taxes


(253
)






(253
)


(210
)






(210
)Deferred taxes


620



(254
)


366



230



(116
)


114367



(254
)


113



20



(116
)


(96
)     As of 31 DecemberSEK million

2008


2009Sweden


2,724



3,196Rest of the world


8,457



6,107Total


11,181



9,303       25 
    Employee benefits
  Provisions for
    pensions and other provisions:
     F-53




---



##### Table of Contents



25 
    Employee Benefits  continued
    Sweden


Great Britian


Other EuropeAssumptions applied for actuarial calculations, %

2008


2009


2008


2009


2008


2009Discount rate


4.00



4.00



6.50



5.75



5.80



5.20Expected return on plan assets






5.00



7.50



7.50



5.10



5.10Expected salary increases


3.00



3.00



3.75



3.50



3.50



3.50   Pension costs

As of 31 DecemberSEK million

2008


2009Current service costs


57



40Interest costs


673



633Expected return on plan assets


(690
)


(578
)Actuarial gains and losses


(1
)


10Total pension costs for defined benefit plans


39



105Pension costs for defined contribution plans


322



394Total pension costs


361



499   Obligations for pensions, netSEK million

Sweden


Great Britain


Other Europe


TotalObligations for pensions, net, 1 January 2008


55



1,350







1,405Current service costs


8



44



5



57Interest costs


14



651



8



673Expected return on plan assets


(12
)


(670
)


(8
)


(690
)Actuarial gains and losses


(1
)










(1
)Exchange differences






(151
)


1



(150
)Payment of pension fees from the company


(13
)


(250
)


(8
)


(271
)Benefits paid


(4
)










(4
)Business combination


55



36







91Other provisions






11







11Obligations for pensions, net, 31 December 2008


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
)


943   F-54




---



##### Table of Contents



25 
    Employee Benefits  continued
  Provision for pensions, netSEK million

Sweden


Great Britain


Other Europe


TotalNet provisions for pensions, 1 January 2008


54



1,351







1,405Current value of funded obligations


390



8,880



144



9,414Fair value of plan assets


(155
)


(8,009
)


(160
)


(8,324
)Provisions, net


235



871



(16
)


1,090Unrecognized actuarial gains and losses


(133
)


150



14



31Net provisions for pensions, 31 December 2008


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 acturial gains and losses


(116
)


(1,664
)


5



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


119



832



(8
)


943whereof reported asOther non-current assets


(113
)


(57
)


(9
)


(179
)Provisions for pensions


232



889



1



1,122   Historical Information

2007


2008


2009Current value of funded obligations


11,474



9,414



11,887Fair Value of Plan assets


(10,505
)


(8,324
)


(9,169
)Pensions, net


969



1.090



2,718Unrecognized actuarial gains and losses


436



31



(1,775
)Net provisions for pensions


1,405



1,121



943   26 
    Other provisions
  As of 31 DecemberSEK million

2008


2009Opening balance


2,713



2,029Additions


387



922Disposals


(1,284
)


(953
)Exchange differences


213



(78
)Closing balance


2,029



1,920   Stena
    Carron Stena Forth
  27 
    Bank debt
  2008


2009SEK million

Current


Noncurrent


Total


Current


Noncurrent


TotalProperty loans


327



13,159



13,486



298



13,443



13,741Other loans


660



15,383



16,043



939



16,874



17,813Revolving credit facilities






5,843



5,843







1,033



1,033Other utilized bank credit lines


402



286



688



304



135



439Total


1,389



34,671



36,060



1,541



31,485



33,026  F-55




---



##### Table of Contents



27 
    Bank debt  continued
    The carrying amounts of the groups borrowings are
    denominated in the following currencies:
  As of 31 DecemberSEK million

2008


2009SEK


12,534



12,636GBP


771



643USD


15,784



12,863EUR


6,016



6,295Other currencies


955



589Total


36,060



33,026     28 
    Senior notes
              Carrying amountFair value


(SEK million)Issued-Maturity







As of 31 December


As of 31 DecemberSEK million

Nominal


Interest


2008


2009


2008


20092003-2013


USD 175



7.50
%


USD 101



USD 155



1,206



1,1002004-2016


USD 250



7.00
%


USD 82



USD 121



1,014



9262007-2017


EUR 300



6.125
%


EUR 124



EUR 260



3,285



3,0752007-2019


EUR 102



5.875
%


EUR 36



EUR 84



1,117



1,046Total


















6,622



6,147  F-56




---



##### Table of Contents



28 
    Senior notes  continued
   29 
    Leases
  Company as
    lessee:
      Years ended 31 DecemberSEK million

2007


2008


2009Rental expense


2,991



2,863



2,510       SEK million

Operating leases


Capital leases2009


2,733



1352010


1,674



6152011


868



882012


577



802013


549



2422014 and thereafter


2,881



966Total minimum lease commitments


9,282



2,126     SEK million

Operating leases


Capital leases2010


1,751



1352011


956



932012


585



882013


530



862014


506



1182015 and thereafter


2,709



1,523Total minimum lease commitments


7,037



2,043  F-57




---



##### Table of Contents



29 
    Leases  continued
  Company as
    lessor:
    2008


2009Accumulated








AccumulatedSEK million

Cost


depreciation


Net book value


Cost


depreciation


Net book valueVessels


24,151



(6,552
)


17,599



28,609



(7,853
)


20,756Real estate


23,320







23,320



24,040







24,040Total


47,471



(6,552
)


40,919



52,649



(7,853
)


44,796     SEK million

Vessels


Real estate


Total2009


7,518



713



8,2312010


5,781



639



6,4202011


1,854



467



2,3212012


2,068



298



2,3662013


817



165



9822014 and thereafter






253



253Total minimum lease rentals


18,038



2,535



20,573     SEK million

Vessels


Real estate


Total2010


5,503



1,759



7,2622011


3,527



1,631



5,1582012


1,559



653



2,2122013


1,441



210



1,6512014


950



128



1,0782015 and thereafter


227



222



449Total minimum lease rentals


13,207



4,603



17,810   Stena DrillMax ICE
   F-58




---



##### Table of Contents



30 
    Other noncurrent liabilities
  As of 31 DecemberSEK million

2008


2009Prepaid income


103



88Other liabilities


2,551



1,075Total


2,654



1,163      More thanSEK million

1-3 years


3-5 years


5 years


TotalPrepaid income


26



8



54



88Other liabilities


1,007



19



49



1,075Total


1,033



27



103



1,163   31 
    Accrued costs and prepaid income
  As of 31 DecemberSEK million

2008


2009Accrued costsCharter hire/running costs


399



350Interest costs


605



368Accrued personnel costs


252



331Other accrued costs


819



7012,075



1,750Prepaid incomePrepaid charter hire


184



37Other prepaid income


585



447769



484Total accrued costs and prepaid income


2,844



2,234    32 
    Pledged assets, commitments and contingent liabilities
  Pledged
    assets
   F-59




---



##### Table of Contents



32 
    Pledged assets, commitments and contingent
    liabilities  continued
    As of 31 DecemberSEK million

2008


2009Shares in subsidiaries


1,897



2,904Mortgages on vessels


21,722



28,113Mortgages on properties


15,376



15,890Chattel mortgages


463



487Investment in affiliated companies


752



914Marketable securities


700Trade debtors


391



358Short term investments


1,343



979Reservation of title


52



52Assets pledged, other


795



739Total assets pledged for normal bank debt


43,491



50,436Investment in SPEs


9,973



8,174Total assets pledged for bank debt


53,464



58,610Long-term and short-term debt and capitalized lease obligations


38,186



35,069Debt in SPEs


9,492



8,249Total debt and capitalized lease obligations


47,678



43,318     Commitments
        Contingent
    liabilities
  As of 31 DecemberSEK million

2008


2009Guarantees


752



1,879Other contingent liabilities


2,306



1,901Total


3,058



3,780      F-60




---



##### Table of Contents



33 
    Consolidated statements of cash flows
  Purchase of
    subsidiaries
    Ballingslöv:
          Sembo:
      Steneo AB (HH
    Ferries) :
   F-61




---



##### Table of Contents



33 
    Consolidated statements of cash
    flows  continued
        AdjustedSEK million

Book value


Adjustment to fair value


fair valueAssets and liabilities acquired:Intangible assets


370



990



1,360Tangible fixed assets


505



24



529Financial fixed assets


128







128Inventories


280







280Current receivables


541







541Cash and cash equivalents


165







165Provisions


(207
)






(207
)Long-term debt


(1,266
)






(1,266
)Current liabilities


(510
)






(510
)Deferred tax






(283
)


(283
)Acquired net assets


6



731



737Minority interest










(167
)Goodwill










872Purchase price










(765
)Costs directly linked to the acquisitions










(5
)Cash and cash equivalents in the acquired businesses










165Effect on the Groups cash and cash equivalents










(605
)   Cash
    payments
  Year ended 31 DecemberSEK million

2007


2008


2009Interest


2,327



2,594



2,341   34 
    Financial instruments and risk management
     F-62




---



##### Table of Contents



34 
    Financial instruments and risk
    management  continued
                  Credit
    risks
         F-63




---



##### Table of Contents



34 
    Financial instruments and risk
    management  continued
        The following table summarizes the notional volume and credit
    risks of financial derivative instruments:
  31 December 2008


31 December 2009Notional


Credit


Notional


CreditSEK million

amount


risk


amount


riskCurrency forward contracts


29,472



536



17,285



103Interest rate swaps


8,722







6,748Interest rate options


4,048



5



3,910Commodity fixed price swaps  oil


1,764







1,334Forward freight agreements


45Total


44,051



541



29,277



103   Interest rate
    risk management
   F-64




---



##### Table of Contents



34 
    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 2008
  Type of

Notional amounts








Option


Length ofinstrument

Currency


SEK million


Receive rate, %


Pay rate, %


bought/sold


contractSwap


SEK



1,400



3m Stibor



3.23-3.63







November 2015Swap


GBP



1,829



6m Libor



GBP real
    rate2
)






June 2013Cap


SEK



3,500



3m Stibor



4.00



bought



November 2011Swap


EUR



438



3m Euribor



6m Euribor







November 2009Swap


USD



1,564



3m Libor



3.66-3.72







June 2011Swap


EUR



108



5.52



6m Euribor+1.19







December 2012Swap


EUR



400



6m Euribor



3.83-4.12







March 2017Cap


EUR



438



3.25



6m Euribor



bought



October 2010Cap


EUR



110



6m Euribor



3.25



bought



March 2010Swap


GBP



460



3m Libor



6.03







January 2011Swap


EUR



567



3m Libor +0.86



3m Libor -0.14







May 2028Swap


USD



1,955



7.00



4.75+(BMA
)1)






December 2016Total






12,769   As of
    31 December 2009
  Type of

Notional amounts








Option


Length ofinstrument

Currency


SEK million


Receive rate, %


Pay rate, %


bought/sold


contractSwap


SEK



1,400



3m Stibor



3.23-3.63







November 2015Swap


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






10,658   1)
    BMA= Index return based on the interest rate differential
    between USD Libor and US Municipality bonds.2)
    Consists of two swaps which results in net transaction whereby
    Stena pays a fixed real rate in GBP.   F-65




---



##### Table of Contents



34 
    Financial instruments and risk
    management  continued
  The following
    table summarizes interest rate swaps entered into for this
    purpose:
  AmountAs of 31 December 2009:

Currency


(SEK in millions)


Receive rate %


Pay rate %


Length of contractSwap


USD



498



6m Libor



4.85



November 2010Cap


USD



419







Strike 10.00



November 2012Swap


USD



716



3m Libor



5.03



October 2015Cap


USD



265







Strike 7.00



December 2015   Foreign currency
    risk management
          Outstanding
    currency hedge contracts for translation and equity
    exposure  net positions
  2008


2009SEK million

Purchased


Sold


Purchased


SoldUSD






3,000







3,559EUR


8,062







4,591GBP






1,554







1,032DKK






171







170NOK






294







251SEK






2,962



608Other






81







187Total


8,062



8,062



5,199



5,199    F-66




---



##### Table of Contents



34 
    Financial instruments and risk
    management  continued
  Outstanding
    currency hedge contracts for transaction exposure 
    net positions
  2008


2009SEK million

Purchased


Sold


Purchased


SoldUSD


2,323







453EUR






957







156GBP






979







117NOK


70











243SEK






336



21Other






121



42Total


2,393



2,393



516



516   Bunker fuel risk
    management
    Outstanding hedge
    contracts for bunker fuel exposure
  2008


2009SEK million

Notional amount


Notional amountFixed price swaps (Bought fixed, sold floating)


1,833



1,396Bought call options


2,631



547Bought put options


141



75Sold call options


1,245



209Sold put options


1,019



220   Freight rate
    management
    2008


2009Notional


Credit


Notional


CreditSEK million

amount


risk


amount


riskOTC traded swaps


45   Trading
    activities
   F-67




---



##### Table of Contents



34 
    Financial instruments and risk
    management  continued
    2008


2009Net gain/


Notional


Net gain/


NotionalSEK million

(loss)


amount


(loss)


amountForeign exchange spot and forwards


83



319



14



493Currency options
    1)


10



(56
)


20



47Interest rate instruments


(1
)






24Commodity swapsCommodity options










87



116Total trading


92



263



145



656     Financial
    instruments per category
  Financialinstrumentsmeasured atfair value throughprofit or lossDerivatives used








Loans


Other


Total


TotalSEK million







for hedge








and


financial


carrying


fair31 December 2009

Fair value option


Held for trading


accounting


Held to maturity


Available for sale


receivables


liabilities


value


valueAssetsMarketable securities


1,398















813











813



813Other noncurrent assets


364















1,749











2,113



2,113Trade debtors






















3,284







3,284



3,284Short-term investments






112















3,583







3,694



3,694Investments 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







18,190



17,534LiabilitiesSenior 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



246Total






73



246















51,458



51,458



50,809   Equity price
    risk
     F-68




---



##### Table of Contents



34 
    Financial instruments and risk
    management  continued
      Financial
    instruments per category
  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



1,847Derivatives 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














−229Acquisition valueProceeds from sales














−143Movements from level 3Movements to level 3Translation differences














−86Closing balance 31 December 2009














1,906Profit or loss recognized in 2009 for assets recognized in the
    closing balance 31 December 2009














−23        F-69




---



##### Table of Contents



34 
    Financial instruments and risk
    management  continued
    2008


2009Carrying


Fair


Carrying


FairSEK million

value


value


value


valueLiabilitiesSenior notes


6,622



3,183



6,147



5,498Derivative financial instrumentsHeld for trading purposesCurrency derivatives


5



5



10



10Commodity derivatives


(222
)


(222
)


(73
)


(73
)Held for purposes other than trading:Interest rate risk management


(403
)


(403
)


(221
)


(221
)Foreign currency risk management


752



752



103



103Bunker fuel risk management


(668
)


(668
)


(25
)


(25
)   Liquidity
    risks
          F-70




---



##### Table of Contents



34 
    Financial instruments and risk
    management  continued
  Less than


Between 1 and 2


Between 2 and 5


More than


NotAs per 31 December 2009

Total


1 year


years


years


5 years


specifiedProperty loans


13,741



298



1,031



889



11,523Other bankloans


17,813



939



3,424



2,109



11,341Revolving Credit Facility


1,033



















1,033Other credit facilities


439



304















135Debt in SPEs


6,147











1,100



5,047Other interest bearing debt


682



682Financial leasing debt


2,043



135



181



204



1,523Operational leasing debt


7,037



1,751



1,541



1,036



2,709Trade accounts payable


1,311



1,311Total


50,246



5,420



6,177



5,338



32,143



1,168            F-71




---



##### Table of Contents



35 
    Personnel
  The following table presents the average number of employees
    of the Company:
  2008


2009Total


No. of females


Total


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


3







4Other employees


24



13



24



14Subsidiaries in Sweden


4,460



1,879



4,578



1,819Total Sweden


4,487



1,892



4,606



1,833Subsidiaries outside of Sweden:Great Britain


1,764



502



1,899



515The Netherlands


759



118



749



112Denmark


585



237



827



301Ireland


82



31



74



29Norway


92



41



83



53Poland


62



41



55



35Switzerland


7



1



8



1Spain


150



25



152



23Portugal


12



3



12



3France


8



3



8



3Luxembourg


13



2



19



2Russia


2



1



2



1China


86



17



102



18Singapore


40



12



41



11Korea


75



8



81



9United States


29



7



34



9India


89



35



91



37United Arab Emirates


48



8



55



7Other


6



3



4Ship borne employees


1,345



3



1,334



7Total outside of Sweden


5,254



1,098



5,630



1,176Total group


9,741



2,990



10,236



3,009    F-72




---



##### Table of Contents



35 
    Personnel  continued
  The following tables present the wages, salaries and other
    remuneration of the employees of the Company:
  2007


2008


2009Board


Other





Board


Other





Board


OtherSEK million

and CEO


employees


Total


and CEO


employees


Total


and CEO


employees


TotalParent company


8



29



37



8



35



43



8



30



38Subsidiaries in Sweden


41



1,145



1,186



49



1,315



1,364



52



1,461



1,513Total Sweden


49



1,174



1,223



57



1,350



1,407



60



1,491



1,551Subsidiaries outside of Sweden:Great Britain


17



650



667



28



724



752



39



750



789The Netherlands


5



262



267



5



269



274



5



283



288Denmark


2



78



80



7



229



236



13



401



414Ireland






36



36







37



37







38



38Norway


1



56



57



1



53



54



1



55



56Poland


1



10



11



1



12



13



1



11



12Switzerland


6



2



8



7



2



9



7



4



11Spain


2



45



47



2



48



50



2



52



54Portugal






2



2







3



3







3



3France






3



3







4



4







4



4Luxembourg


4



8



12



4



18



22



9



27



36Russia






1



1







3



3China


2



12



14



3



14



17



5



21



26Singapore


1



3



4



4



14



18



1



28



29Korea


1



11



12



2



22



24



4



19



23United States


3



22



25



6



31



37



5



42



47India






5



5



1



4



5



1



6



7United Arab Emirates


7







7



3



19



22



5



21



26Other






5



5







3



3







2



2Ship borne employees






672



672







784



784







926



926Total outside of Sweden


52



1,883



1,935



74



2,293



2,367



98



2,693



2,791Total group


101



3,057



3,158



131



3,643



3,774



158



4,184



4,342   2007


2008


2009Total personnel costsParent








Parent








ParentSEK million

company


Subsidiaries


Total


company


Subsidiaries


Total


company


Subsidiaries


TotalWages, salaries and other remuneration


37



3,121



3,158



43



3,731



3,774



38



4,304



4,342Pension costs


12



307



319



13



309



322



11



383



394Other social charges


14



402



416



16



455



471



16



475



491Total


63



3,830



3,893



72



4,495



4,567



65



5,162



5,227    F-73




---



##### Table of Contents



35 
    Personnel  continued
  Remuneration of
    Chief Executives
          36 
    Related party transactions
    Concordia
      Sessan
  Stena Sirita 10-year
 F-74




---



##### Table of Contents



36 
    Related party transactions  continued
  Stena Spirit 10-year
    Stena Jutlandica
      Stena
    Metall
    Stena Carrier Mont Ventoux Stena Nordica Stena
    Freighter Stena Carrier Mont Ventoux
  Olsson
    Family
         F-75




---



##### Table of Contents



37 
    Significants events after the end of the year
    Götaland
      38 
    Reporting in accordance with IFRS as from 2008
          Restatements and
    transition effects, First-time adoption of International
    Financial Reporting Standards (IFRS 1)
    
    Non-amortization
    of intangible assets with indefinite useful lives
    Post Employee benefits
    Cumulative translation differences F-76




---



##### Table of Contents



38 
    Reporting in accordance with IFRS as from
    2008  continued
   Significant
    changes in accounting principles, which has an impact on the
    Groups financial reports
  Minority
    interests
    Non-amortization
    of intangible assets with indefinite useful lives
    Post Employee
    benefits
    Financial
    Instruments
      Properties
    Net gain sale of
    assets
   F-77




---



##### Table of Contents



38 
    Reporting in accordance with IFRS as from
    2008  continued
  Cumulative
    translation differences
    Definition of
    liquid funds in the consolidated cash flow statements
    Restated
    Consolidated Balance Sheets
  Swedish








SwedishGAAP


IFRS


IFRS


GAAP


IFRS


IFRSSEK million

Note


1 January 2007


adjustments


1 Jan. 2007


31 Dec. 2007


adjustments


31 Dec. 2007Intangible assets


a



688



41



729



620



70



690Vessels, buildings and equipment


b



18,058



95



18,153



23,245



102



23,347Property


c, k



16,453



4,872



21,325



16,995



5,560



22,555Investments in affiliated companies






397







397



1,403







1,403Investments in SPEs






7,341







7,341



9,251







9,251Marketable securities






5,802







5,802



7,674







7,674Other non current assets


d, g, h



3,520



815



4,335



5,474



(39
)


5,435Total fixed assets






52,259



5,823



58,082



64,662



5,693



70,355Inventories






317







317



418







418Trade debtors






2,007







2,007



2,670







2,670Other receivables


d, g



1,617



(72
)


1,545



2,444



753



3,197Prepaid expenses and accrued income


b



871



(95
)


776



1,098



(102
)


996Total short-term receivables






4,812



(167
)


4,645



6,630



651



7,281Short-term investments






2,462







2,462



3,180







3,180Cash and cash equivalents






884







884



708







708Total assets






60,417



5,656



66,073



75,180



6,344



81,524Shareholders Equity and LiabilitiesShare Capital






5







5



5







5Reserves






1,743



(263
)


1,480



2,457



(842
)


1,615Retained earnings






12,500



4,621



17,121



15,455



5,311



20,766Net income






4,339







4,339



3,389



440



3,829Minority interest


f



162







162



171







171Total shareholders equity


e



18,749



4,358



23,107



21,477



4,909



26,386Non-current liabilitiesLong-term debt


g



18,427







18,427



23,335



(23
)


23,312Debt in SPEs






6,302







6,302



8,021







8,021Senior Notes


g



2,905



(17
)


2,888



6,012



(39
)


5,973Capitalized lease obligations






1,246







1,246



2,307







2,307Other noncurrent liabilities






932







932



886







886Provisions for Pension


h



2,205



(411
)


1,794



1,886



(411
)


1,475Other provisions






1,668







1,668



2,713







2,713Deferred income taxes


i



1,709



1,737



3,446



2,219



1,908



4,127Total noncurrent liabilities






35,394



1,309



36,703



47,379



1,435



48,814Short-term debt






642







642



985







985 F-78




---



##### Table of Contents



38 
    Reporting in accordance with IFRS as from
    2008  continued
  Swedish








SwedishGAAP


IFRS


IFRS


GAAP


IFRS


IFRSSEK million

Note


1 January 2007


adjustments


1 Jan. 2007


31 Dec. 2007


adjustments


31 Dec. 2007Senior Notes






1,211



(12
)


1,199Capitalized lease obligations






38







38



154







154Trade accounts payable






1,036







1,036



1,113







1,113Income tax payable






166







166



116







116Other






424







424



599







599Accrued costs and prepaid income






2,757







2,757



3,357







3,357Total current liabilities






6,274



(12
)


6,262



6,324







6,324Total liabilities






41,668



1,285



42,953



53,703



1,435



55,138Total shareholders equity and liabilities






60,417



5,656



66,072



75,180



6,344



81,524   Restated
    Consolidated Income statements
  Swedish





IFRSSEK million

Note


31 December 2007


Adjustments


2007Revenues


j



22,005



(350
)


21,655Other income


c, j



48



747



795Total direct operating expenses


k



(15,820
)


93



(15,727
)Selling and administration expenses


a, l



(2,363
)


216



(2,147
)Other operating expenses






(117
)






(117
)Share of affiliated companies results






(61
)






(61
)Income from operations






3,692



706



4,398Gain (loss) on securities, net






1,141







1,141Interest income






945







945Interest expense


m



(1,878
)


(145
)


(2,023
)Total financial income and expenses






208



(145
)


63Minority interest






(21
)


21Income before taxes






3,879



582



4,461Income taxes






(490
)


(142
)


(632
)Net income






3,389



440



3,829Minority Interests










(21
)


(21
)Net income after minority interest






3,389



419



3,808   Notes:
  a
    
    In accordance with IFRS 3, Business
    Combinations, intangible assets are divided in two categories;
    those with definite useful life and those with indefinite useful
    life. Goodwill is in accordance with IAS 38, Intangible assets,
    an asset with indefinite useful life so amortizations should not
    be applied. Goodwill is tested annually for impairment. The
    restatements and transition effects attributable to this
    accounting change therefore result in reversal of goodwill
    amortization charged to the income statement for the period
    1 January, 2007 to 31 December, 2007. Amortization of
    goodwill was as of 1 January, 2007, SEK 41 million and
    for 31 December, 2007, SEK 70 million which has been
    reversed and therefore increased the carrying amount.b
    
    Adjustments of capitalized expenses
    related to periodic repair and maintenance of vessels and rigs
    i.e. dry-docking. These expenses have been capitalized during
    different periods and therefore there is an adjustment between
    prepaid expenses and fixed assets, vessels.c
    
    Properties are reported at fair
    value from date of transition 1 January, 2008. In
    accordance with current accounting principles, properties have
    been reported at net book value and the effects attributable to
    this accounting change is as of 1 January, 2007, SEK
    4,872 million and for 31 December, 2007, SEK
    5,560 million. The changes in fair value are reported as
    other income and the impact during 2007 is SEK 397 million.d
    
    At date of transition into IFRS,
    the bunker fuel hedges have been reported at fair value and the
    total impact is SEK 771 million as of 1 January, 2007
    and SEK 776 million for 31 December, 2007. F-79




---



##### Table of Contents



38 
    Reporting in accordance with IFRS as from
    2008  continued
   e
    
    Reconciliation of
    shareholders equitySpecification of changes in equity,
    net after tax, according to IFRS:  Group

1 January 2007


31 December 2007Goodwill


41



70Pensions


288



288Bunker fuel hedge


579



582Property at fair value


3,450



4,005Translation reserve


(842
)


(842
)Retained earnings


842



842Interest hedges






(36
)Total adjustments on shareholders equity


4,358



4,909   f
    
    In accordance with Swedish GAAP,
    the minority interests are reported after shareholders
    equity but in accordance with IFRS the minority is a component
    of the shareholders equity.g
    
    Adjustment regarding capitalized
    borrowing costs which, in accordance with IAS 23, Borrowing
    Costs, should be reported together with the loan to which it
    relates.h
    
    Adjustment of defined benefit
    plans, which means that actuarial gains and losses could be set
    to zero in the opening balance as of 1 January, 2007. This
    principle is applied on all defined benefit plans.i
    
    Specification of deferred taxesThe impact on deferred taxes
    according to IFRS. The effective tax rate is on average 28%.  Group

1 January, 2007


31 December, 2007Pensions


123



123Bunker fuel hedge


193



194Property at fair value


1,421



1,555Interest hedges






361,737



1,908   j
    
    Adjustment regarding sale of fixed
    assets between revenues and other income as of 31 December,
    2007. The sale of fixed assets were vessels SEK 253 million
    and properties SEK 97 million.k
    
    Adjustment in accordance with IAS
    40 regarding capitalization of repair and maintenance in
    according to plan.l
    
    Reversal of amortization and
    depreciation related to goodwill and properties.m
    
    Hedge accounting is not applied for
    foreign exchange hedges which is why these are reported through
    the income statement. F-80




---



##### Table of Contents



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




---



##### Table of Contents



Schedule II  Stena AB and
    Consolidated Subsidiaries
    Valuation and Qualifying Accounts
    Years ended December 31, 2008 and 2009
  Balance at







Balance atBeginning



Companies



EndDescription

of Year

Additions

acquired

Deductions

of Year(SEK in thousands)Allowance for Doubtful Accounts:December 31, 2008


38,617



41,681



17,839



(6,964
)


91,173December 31, 2009


91,173



30,225







(27,190
)


94,208      S-2




---



##### Table of Contents



Stena AB and
    Consolidated Subsidiaries
    Property and Accumulated Depreciation
    December 31, 2009  Market

Initial cost

Costs



Accumulated

Net bookDescription

Encumbrances

Value

to company

capitalised

Total

Depreciation

valueProperty data

(Mortgages)TSEKTSEK

TSEK

TSEK

TSEK

TSEK

TSEKSFAB, enclosure no 1


3,284,575



5,436,300SFNAB, enclosure no 2


716,211



1,184,800SFSAB, enclosure no 3


1,134,945



2,390,700SFHKB, enclosure no 4


369,250



810,600SFFAB group, enclosure no 5


5,699,965



10,196,100Total Stena Fastigheter group


11,204,946



20,018,500SRBV, enclosure no 6


1,508,699



2,489,103SPBV, enclosure no 7


1,067,935



1,706,831Total Stena Realty group


2,576,634



4,195,934Assets under construction






−174,848Total real estate


13,781,580



24,039,586Stena Line, enclosure no 8


80,449







764,227



−26,084



738,143



(420,829
)


317,314Adactum, enclosure no 9


163,626







605,572



−1,989



603,583



(132,939
)


470,644NMM, Glasgow


5,369







52,465



19



52,484



(12,495
)


39,989Stena Drilling, Aberdeen










36,235



29,279



65,514



(10,168
)


55,346Stena UK, London










782



70



852



(351
)


501Scan-Port, Germany










18,221



−1,164



17,057



0



17,057Total buildings and land


249,444







1,477,502



131



1,477,633



(576,782
)


900,851Total


14,031,024



24,039,586



1,477,502



131



1,477,633



−576,782



900,851




---



##### Table of Contents



Property and
    Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKJärnbrott 126:4


34,200



66,000



1961



01/01/81Kallebäck 7:8


10,505



12,100



1964



01/01/81Kallebäck 12:4


9,000



24,700



1960



31/12/83P-huset på Masthugget 712:30


0



24,900Stampen 26:2


112,500



147,200



1988



01/01/94Järnbrott 164:22


39,000



54,500



1966



01/02/94Sannegården 15:4


9,759



17,700



1973



01/01/83Sannegården 15:5


18,750



90,400



1973



01/01/83Sannegården 22:19


3,115



24,300



1973



01/01/83Partille 3:234-5


0



200







01/01/83Askim 229:2


120,000



256,500



1968/98



01/01/00Askim 70:1


0



200



1968/98



01/01/00Askim 59:38


0



1,000



1968/98



01/01/00Järnbrott 144:5


8,625



28,000



1963



01/08/83Kallebäck 4:1


36,950



60,800



1963



01/08/83Kobbegården 257:3


45,000



75,100



1970



01/08/81Kobbegården 257:1


60,000



19,100



1970



01/08/81Kobbegården 257:2


45,000



112,600



1970



01/08/81Kobbegården 151:2


0Lerum Hallegården 1:246


0



700Askim 70:2-3


75,375



156,100



1968



01/08/81Kobbegården 6:139


0



20,300



1974



01/03/86Gullbergsvass 5:11


78,000



98,400



1988



01/04/94Kobbegården 6:3


195,000



288,200



1970



12/97Helsingör 10


39,500



77,000



1964



01/05/81Kockum 20


8,996



34,600



1960



01/05/81Kockum 21/22


23,700



45,900



1962



01/01/82Bilden 10


21,000



22,100



1963



04/84Almen 20


24,375



39,900



1966



05/81Frans Suell 14


135,000



261,800



1906/36



02/91Solbacken 22


10,475



9,100



1964



05/92Pilåkern 1


83,700



210,000



1959



05/81Pilåkern 2


0



400



1960/70



05/81Almen 16


5,400



20,800



1961



05/81Leonard 1


194,000



280,100



1970



11/00Abel 14


80,000



203,900



1973



11/00Abel 15


45,000



0



1973



11/00Korpen 39


0



16,600



1960/70



01/99Laboratorn 4


16,800



33,900



1960/70



01/99Professorn 12


11,900



19,400



1960/70



01/99Hilleröd 12


5,250



35,000



1962



01/81Solbacken 13


0



12,900



1965



06/86Hymnen 1


22,400



41,200



1960/70



05/94




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKKantaten 1


42,000



72,100



1960/70



05/94Kantaten 2


33,600



68,100



1960/70



05/94Kantaten 3


37,800



75,800



1960/70



05/94Kantaten 6


27,300



50,400



1960/70



05/94Monbijou 18


50,000



86,400







2008Bjärred 40:22


11,900



11,900







2008Bjärred 9:6, 9:9-10


55,700



68,100







2008Karstorp 22:19


0



2,800







2008Karstorp 22:31


0



2,800







2008Lomma 28:46


23,000



26,800







2008Lomma 30:55


5,200



11,600







2008Lomma 35:61


5,300



5,900







2008Vinstorp 26:50-52


24,500



29,600







2008Vinstorp 28:29, 33:1


24,400



24,500







2008Docenten 6


13,500



23,900



1960/70



01/97Laboratorn 2


20,700



37,000



1960/70



01/97Professorn 9


19,400



31,500



1960/70



01/97Professorn 11


21,800



38,100



1960/70



01/97Laboratorn 3


21,800



40,500



1960/70



01/97Altona 20 & 21


113,000



150,000



1966



09/98Pontus 20


97,225



180,100



1935



04/01Luggude 8


20,000



40,100



1967



04/01Hämplingen 15


12,750



25,500



1964



04/01Utanverket 13


48,750



72,700



1958



04/01Kolga 6


55,000



92,700



1935



04/01Ryttmästaren 17


0



57,300



1970



02/04Fältspaten 1


60,000



101,100



1982



02/04Hjälten 3


124,000



142,800







2005Hjälmen 3


81,200



87,500







2005Gropen 2


26,400



47,000







2005Grottan 16


14,400



29,700







2005Gnistan 13


12,800



26,300







2005Gästgivaren 3


11,200



22,800







2005Gårdsten 58:1


284,175



268,800







2006Tynnered 13:2


225,000



271,700







2006Gårda 18:21


32,500



55,600







2009Gårda 19:7


0



113,200







2007Total SFAB


3,284,575



5,436,300




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKErstavik 26: 8


20,800



38,900



1971-75



12/96Erstavik 26: 9


21,078



29,200



1971-75



12/96Erstavik 26: 10


20,500



26,400



1971-75



12/96Erstavik 26: 11


47,500



80,300



1971-75



12/96Erstavik 26: 12


44,900



77,400



1971-75



12/96Erstavik 26: 13


42,100



70,900



1971-75



12/96Erstavik 26: 14


37,200



62,200



1971-75



12/96Erstavik 26: 15


36,208



61,100



1971-75



12/96Erstavik 26: 16


36,700



62,500



1971-75



12/96Erstavik 26: 17


36,800



61,800



1971-75



12/96Erstavik 26: 18


41,200



67,400



1971-75



12/96Erstavik 26: 20


7,000



10,000



1971-75



12/96Erstavik 26: 28


14,700



22,900



1971-75



12/96Erstavik 26: 29


15,225



23,400



1971-75



12/96Erstavik 26: 30


14,800



12,200



1971-75



12/96Erstavik 26:109


40,600



68,600



1971-75



12/96Erstavik 26:110


40,800



65,400



1971-75



12/96Erstavik 26:111


37,600



63,900



1971-75



12/96Erstavik 26:113


38,900



63,200



1971-75



12/96Erstavik 26:115


38,900



66,100



1971-75



12/96Erstavik 26:117


41,500



71,500



1971-75



12/96Erstavik 26:118


41,200



72,300



1971-75



12/96Erstavik 26:434


0



7,200



1971-75



12/96TOTAL SFNAB


716,211



1,184,800




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKBlackebergs Gård 1


41,475



49,600



1902



04/00Hägern Större 16


245,000



454,600



1990



04/00Tempelriddareorden 1


17,500



36,100



1964



12/01Tempelriddareorden 2


12,110



25,300



1964



12/01Tempelriddareorden 3


32,900



66,100



1964



12/01Tempelriddareorden 4


26,600



55,900



1964



12/01Tempelriddareorden 6


12,950



23,900



1964



12/01Tempelriddareorden 7


32,900



69,700



1964



12/01Tempelriddareorden 8


16,450



31,900



1964



12/01Tempelriddareorden 9


19,950



41,500



1964



12/01Söderbymalm 3:468


177,910



226,100







12/02Gröna rutan 1


1,750



500



1964



12/01Skansen 18


23,750



665,800



1970



09/05Ekebo 8:2


53,500



52,800







2008Ekebo 8:3


0



(5,500
)






2008Ekebo 8:4


0



(30,700
)






2008Ekebo 8:5


39,700



65,700







2008Ekebo 8:8


97,100



155,700







2008Vilunda 6:39


103,400



154,400







2008Eksätra 1


40,697



56,900







2008Eksätra 2


26,250



35,700







2008Högsätra 9


30,750



49,500







2008Jungruholmen 2


69,179



87,400







2008Björksätra 1


13,125



21,800







2008TOTAL SFSAB


1,134,945



2,390,700




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKHaninge Söderbymalm 6:9


15,000



34,300



1955



07/01Haninge Söderbymalm 6:10


28,000



51,900



1956



07/01Haninge Söderbymalm 3:328


9,000



21,300



1956



07/01Haninge Söderbymalm 3:329


10,000



24,100



1956



07/01Haninge Söderbymalm 3:333


9,000



20,300



1957



07/01Haninge Söderbymalm 3:372


9,000



25,000



1964



07/01Haninge Söderbymalm 3:337


49,250



113,900



1964



07/01Haninge Söderbymalm 9:1


29,000



73,800



1964



07/01Haninge Söderbymalm 9:2


26,000



67,700



1964



07/01Haninge Söderbymalm 6:13


10,500



28,600



1964



07/01Haninge Söderbymalm 6:14


33,750



59,600



1964



07/01Haninge Söderbymalm 6:15


18,250



28,200



1962



07/01Haninge Söderbymalm 6:16


6,000



18,100



1962



07/01Haninge Söderbymalm 7:16


56,500



118,900



1963



07/01Haninge Söderbymalm 3:395


14,750



31,200



1967



07/01Haninge Söderbymalm 3:476


45,250



93,700



1985



07/01Totalt SFHKB


369,250



810,600




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKHöken 56, 57, Malmö


78,370



136,300



1984



2004Jerusalem 69, 70 Malmö


38,250



60,200



1966



2004Möllebacken 23, Malmö


81,106



172,000



1983



2004Stralsund 33, Malmö


90,102



211,500



1974



2004Björnen 4, Malmö


25,715



41,400



1986



2004Gabriel 9, Malmö


74,573



144,500



1985



2004Mården 3, Malmö


56,361



113,200



1988



2004Axel 33, Malmö


163,307



389,400



1988



2004Bornholm 6, Malmö


77,337



139,900



1975



2004Granen 14, Malmö


28,293



60,500



1979



2004Fretten 11, 13 Malmö


88,167



167,500



1979



2004Nötskrikan 17, Malmö


43,669



77,200



1900



2004Jägaren 1, Nöbb. 2:15


0



14,300



1980



2004Jägaren 2-3


250,000



148,000



1973



2004Villebrådet 1


0



66,500



1973



2004Kilen 18, Lund


0



173,600



1990



2004Kilen 19, Lund


66,385



103,600



1992



2004Cedern 17


92,240



69,600



1970



2004Danzig 22


15,975



24,600



1961



2004Elefanten 41


91,948



137,600



1989



2004Hermodsdal 2


21,675



35,500



1963



2004Lars 4


14,790



23,500



1958



2004Mjödet 11


75,225



113,800



1968



2004Stacken 11


21,420



38,100



1960



2004Vårdkasen 2


11,050



15,600



1968



2004Hörby Häggenäs 9:62


0



200



Other



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


80,750



299,400



1960



2004Gårdsten 62:17


196,000



232,900Järnbrott 117:5-6


282,200



430,700



1962



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


70,550



106,900



1958



2004Kortedala 105:5


41,752



57,700



1957



2004Kortedala 105:3 mfl


157,998



217,400



1956



2004Johanneberg 39:15


140,269



202,700



1981



2004Backa 7:12 mfl


142,450



204,500



1965



2004Backa 886:694-695


0



7,500



Other



2004Tynnered 27:9


557,600



815,700



1967



2004Prästhult 1:6


0



200



Land



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


183,600



288,300



1960



2004Jursta 3:5 och Jursta 3:6


0



30,800



Other



2004




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKJursta 3:6


0



0



Other



2004Kungsängen 7:6, Uppsala


32,400



65,100



1961



2004Luthagen 80:1, Uppsala


125,600



259,400



1991



2004Kvarngärdet 15:1, Uppsala


204,000



32,700



1963



2,004Kvarngärdet 16:1, Uppsala


0



123,800



1963



2,004Kvarngärdet 16:2, Uppsala


0



0



1963



2,004Kvarngärdet 17:1, Uppsala


0



112,600



1963



2,004Kvarngärdet 17:2, Uppsala


0



0



1963



2,004Kvarngärdet 18:1, Uppsala


0



33,200



1963



2,004Kvarngärdet 18:2, Uppsala


0



76,300



1963



2,004Kvarngärdet 19:1, Uppsala


0



50,300



1963



2,004Kvarngärdet 19:2, Uppsala


0



(800
)


1963



2,004Kvarngärdet 19:3, Uppsala


0



(700
)


1963



2,004Brahehus 1, Malmö


59,450



128,500



1957



2004Holmen 1, Malmö


116,564



179,500



1982



2004Martallen 25, Sthlm


8,466



12,900



1931



2004Martallen 26, Sthlm


7,826



9,700



1932



2005Källsmora 1:92 (ryttarfastighet)


0



400



1929



2004Wahrenberg 11


155,200



275,500



1939



2004Sjukhuset 3


222,510



371,300



1950



2004Tornet 10


81,280



67,000



1969



2004Tornet 11


0



13,100



1969



2004Tornet 12


0



60,100



1969



2004Vale 9


12,000



25,800



1961



2004Odinslund 6


70,000



97,900



1925



2004Dalkarlshugget 2


127,500



266,900



1967



2004Rosenbrödet 1


0



49,600



1963



2004Smörrutan 1


26,500



78,700



1964



2004Wienerbrödet 1


79,500



136,400



1907



2004Wienerkransen 3, 4


52,105



150,000



1889



2004Wienerkransen 1


0



45,700



1888



2004Stativet 4


138,000



274,400



1942



2004Jakobsberg 2:1164


36,000



46,500



1989



2004Järvakrogen 2


9,500



11,900



Other



2004Sikreno 8


6,205



6,100



1924



2004Stockshem 10


0



76,500



1903



2004Täckeråker 1:8, 1:9, 2:11


85



0



1991



2004Täckeråker 2:11, 2:14


36



2,600



Other



2004Pylonen 1


0



38,400



1972



2004




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKTornet 1


0



38,300



1972



2004Sfären 1-9, Solna


235,000



387,700



1938



2004Tvålflingan 5


0



142,700



1973



2004Tvålflingan 9


182,500



330,700Autopiloten 5,9, Stockholm


21,996



27,200



Other



2004Stockhem 11


76,415



93,900



Other



2004Wahrenberg 9


83,500



125,000



Other



2004Wahrenberg 10


49,200



84,600



Other



2004Sicklaön 360:7


121,500



215,900Total SFFAB


5,699,965



10,196,100




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKArchimedeslaan


71,797



107,858



1996



03/06Atoomweg


76,949



89,307



1979



07/02Brain Park 30


41,442



63,019



1988



05/04Brain Park 80


13,505



28,336



1989



11/89Brain Park 120


18,689



41,846



1989



11/89Breguetlaan


27,996



38,417



1992



04/06Cessnalaan


34,663



52,012



1997



01/006Eisenhowerlaan


26,477



36,490



1979



01/02Euclideslaan


0



64,959



1992



09/09Haspelslaan


53,816



67,053



1986



07/01Hogehilweg 6


42,766



54,506



1986



07/06Keizersgracht


16,047



72,954



1750



10/88Kiotoweg


48,522



67,637



2002



08/02Koninginnegracht 10


29,811



50,353



1984



06/98Koninginnegracht 12


40,770



44,302



1984



06/98Koninginnegracht 13


18,555



41,376



1990



12/97Koninginnegracht 14


35,877



47,729



1994



09/01Koninginnegracht 23


28,876



40,315



1971



01/02Lichtenauerlaan


36,105



53,311



1997



03/04Max Euwelaan


42,279



55,968



1988



05/04Markthalle


17,221



53,485



1987



12/87Nacap


27,534



37,008



1989



07/89Nacap01


91,963



98,615



1989



11/05New York 3, Lijnden


35,292



43,824



2001



12/01New York 9, Lijnden


31,895



39,625



2001



12/01Nieuwezijds Kolk


52,098



68,277



1996



04/05Parkstraat


0



76,386



1880



10/09Park Voorn


51,806



75,867



1989



10/89Park Voorn 9


17,573



38,793



1989



02/06Paviljoensgracht


59,580



73,179



1981



12/99San Francisco, Lijnden


1,978



2,885



2002



03/02Scheveningseweg


33,717



52,893



1988



04/04Schipolweg


47,834



80,449



1986



12/02Stadhouderskade


67,908



212,714



1928



10/96Rooseveltweg


30,813



54,749



1995



06/03Rooseveltweg 11


44,249



62,108



2002



08/06Veraartlaan


21,451



26,046



1978



08/99Volmerlaan


41,884



33,140



1978



02/90Westblaak


43,196



117,817



1976



12/06Wilhelminalaan


38,321



108,596



1979



05/97Zeestraat


47,442



53,665



1982



10/00Eliminering






(38,763
)Total SRBV


1,508,699



2,489,103




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2009
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEKTSEKHogehilweg


51,253



67,118



1986



09/05Rue Brasseur, Luxemburg


176,054



260,276



1992



04/92Sophia Antipolis, Nice


14,064



29,552



1989



03/90Schiessstrasse, Duesseldorf


45,933



71,790



1990



06/89WTC Sophia Antipolis


105,725



227,049



1990



12/00Font del orme


33,263



56,496



1989



09/03Les Deux Arcs


105,581



149,787



2003



12/04Marco Polo


193,890



295,926



2003



12/06Ecolucioles


105,479



131,840



2008



06/09Pin Montard


112,757



161,375



1999



12/09Weslayan


10,017



44,602



1979



04/09Woodbranch 1+2


60,104



145,314



1979/1983



04/09Hungary


53,816



65,704



1912



10/08Total SPBV


1,067,935



1,706,831




---



##### Table of Contents






Property and
    Accumulated Depreciation
 December 31, 2009
  Initial cost

Costs



Accumulated

Net book

Date of

DateDescription

Encumbrances

to company

capitalised

Total

Depreciation

value

construction

acquiredProperty data

(Mortgages)

Buildings and land

ImprovementsTSEK

TSEK

TSEK

TSEK

TSEK

TSEKHotel Fredrikshavn


80,449



335,526



(29,297
)


306,229



(218,041
)


88,188Hotel GrenåOther buildings, Denmark






97,156



(5,924
)


91,232



(80,639
)


10,593Hook of Holland






118,829



7,243



126,072



(47,788
)


78,284Port of Helsingborg






57,579







57,579



(54,228
)


3,351Port of Gothenburg






36,608







36,608



(22,675
)


13,933Port of Loch Ryan






109,925



2,817



112,742







112,742Other






2,604



(923
)


1,681



7,543



9,224Justering






6,000







6,000



(5,000
)


1,000Total Stena Line


80,449



764,227



(26,084
)


738,143



(420,829
)


317,314




---



##### Table of Contents





Property and
    Accumulated Depreciation
    December 31, 2009
  Initial cost

Costs



Accumulated

Net book

Date of

DateDescription

Encumbrances

to company

capitalised

Total

Depreciation

value

construction

acquiredProperty data

(Mortgages)

Buildings and

ImprovementslandTSEKTSEKGöteborg Backa 170:2


29,400



27,349



376



27,725



(4,148
)


23,577







2001-06Strand Norum 33:4


8,250



12,503



0



12,503



(1,496
)


11,007







2004-01Borås Ryda 9:13


600



2,540



0



2,540



(404
)


2,136Vänersborg Galeasen 1


4,000



6,665



0



6,665



(1,654
)


5,011







1995-01Umeå Tolvmansgården 4


5,250



7,580



0



7,580



(707
)


6,873







2006-09Stockholm Bromma Hjässan 18


18,900



27,556



0



27,556



(828
)


26,728



2008-12



2007-11Stockholm Nacka Sicklaön 349:5


12,600



20,402



26



20,428



(732
)


19,696



2009-01Mölnlycke Solsten 1:153


21,000



35,627



526



36,153



(964
)


35,189



2009-08Linköping Glaset 2


0



10,191



345



10,536



0



10,536







2008-12Stockholm Lidingö 3:390 (ofri grund)


0



2,720



4,214



6,934



(339
)


6,595







2008-09Arendal Rud 2:6 (ofri grund, pantsatt arrendekontrakt)


0



8,688



0



8,688



(1,735
)


6,953







1999-01Uppsala Valsätra 1:12 (ofri grund, pantsatt arrendekontrakt)


0



16,303



0



16,303



(2,001
)


14,302







2005-06Investment in rented property


0



18,716



888



19,604



(2,633
)


16,971Total S-Invest


100,000



196,840



6,375



203,215



(17,641
)


185,574Envac


0



693







693



(411
)


282Balingslöv


63,626



408,039



(8,364
)


399,675



(114,887
)


284,788Total Other


63,626



408,732



(8,364
)


400,368



(115,298
)


285,070Total Adactum


163,626



605,572



(1,989
)


603,583



(132,939
)


470,644Arendal Rud 2:6 (ofri grund, pantsatt arrendekontrakt)


5,000Uppsala Valsätra 1:12 (ofri grund, pantsatt
    arrendekontrakt)


10,50015,500