##### 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 1934
    For the fiscal year ended December 31, 2008ORo

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.
    9.625% Senior Notes due 2012, 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, 2008)
  Yes o     No x
 Yes o     No x
  Yes x     No o
  Rule 12b-2
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer x    U.S.
    GAAP o

International Financial Reporting
    Standards as issued by the International
    Accounting Standards
    Board x

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




---



##### 





TABLE OF
    CONTENTS
   
 PagePART IItem 1.

Identity of Directors, Senior Management and
    Advisors


2Item 2.

Offer Statistics and Expected Timetable


2Item 3.

Key Information


2Item 4.

Information on the Company


23Item 4A.

Unresolved Staff Comments


48Item 5.

Operating and Financial Review and Prospects


48Item 6.

Directors, Senior Management and Employees


62Item 7.

Major Shareholders and Related Party
    Transactions


65Item 8.

Financial Information


67Item 9.

The Offer and Listing


69Item 10.

Additional Information


69Item 11.

Quantitative and Qualitative Disclosures about
    Market Risk


74Item 12.

Description of Securities Other than Equity
    Securities


76PART IIItem 13.

Defaults, Dividend Arrearages and
    Delinquencies


77Item 14.

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


77Item 15.

Controls and Procedures


77Item 16.

[Reserved]


77Item 16A.

Audit Committee Financial Expert


77Item 16B.

Code of Ethics


78Item 16C.

Principal Accountant Fees and Services


78Item 16D.

Exemptions from the Listing Standards for Audit
    Committees


79Item 16E.

Purchases of Equity Securities by the Issuer and
    Affiliated Purchasers


79Item 16F.

Change in Registrants Certifying
    Accountant


79Item 16G.

Corporate Governance


79PART IIIItem 17.

Financial Statements


80Item 18.

Financial Statements


80Item 19.

Exhibits


80EX-4.5EX-4.6EX-8EX-12.1EX-12.2EX-13.1




---



##### Table of Contents



Introduction
    Forward-looking
    Information
     PART I  Item 1.
    Identity
    of Directors, Senior Management and Advisors    Item 2.
    Offer
    Statistics and Expected Timetable    Item 3.
    Key
    Information   2




---



##### Table of Contents



Currency of
    Presentation
    GLOSSARY
    Aframax tanker.
  American Bureau.
  Annual survey.
  Bareboat charter.
  Charter.
  Classification society.
  Contract of affreightment.
  Conventional, day and night ferries.
  DnV.
  DrillMAX.
  Drillship.
 3




---



##### Table of Contents



Drydock.
  Dwt.
  Dynamic positioning (DP).
  Freight unit.
  Gross ton.
  High speed vessel (HSS
  Hull.
  IFRS.
  IMO.
  Lane meter.
  Lightering.
  Linkspan.
  Lloyds Register.
  Newbuilding.
  Offhire.
  Protection and Indemnity (P&I)
    Insurance.
  Panamax tanker.
  Pool.
  Product tanker.
  Roll-on/Roll-off (RoRo) vessels.
 4




---



##### Table of Contents



RoPax vessels.
  Scrapping.
  Semi-submersible rig.
    Senior Notes.
  Senior Notes due 2012.
  Senior Notes due 2013.
  Senior Notes due 2016.
  Senior Notes due 2017.
  Senior Notes due 2019.
  Service speed.
  Shuttle tankers.
  Special purpose entities (SPEs).
  Spot market.
  Suezmax tanker.
  Super Ferry.
  Tanker.
  Time charter.
  Utilization rate.
  VLCC.
 5




---



##### Table of Contents



SELECTED
    FINANCIAL DATA
  YEAR ENDED DECEMBER 31,2004(1)


2005(1)


2006(1)


2007(2)


2008(2)


2008(2)SEK


SEK


SEK


SEK


SEK


USD(3)(in millions)CONSOLIDATED GROUPINCOME STATEMENT DATA:Total revenues


16,721



19,619



22,895



22,402



26,472



3,362Direct operating expenses


(10,943
)


(12,631
)


(13,547
)


(14,085
)


(16,679
)


(2,118
)Selling and administrative expenses


(1,761
)


(1,861
)


(2,127
)


(2,177
)


(2,920
)


(371
)Depreciation and amortization


(1,790
)


(2,734
)


(2,634
)


(1,680
)


(2,501
)


(318
)Total operating expenses


(14,494
)


(17,226
)


(18,308
)


(17,942
)


(22,100
)


(2,807
)Income from operations


2,227



2,393



4,587



4,460



4,372



555Share of associated companies result


17



21



27



(61
)


(80
)


(10
)Interest income


382



567



737



919



957



121Interest expense


(1,135
)


(1,395
)


(1,649
)


(1,739
)


(2,260
)


(287
)Other financial
    items(4)


965



876



1,027



882



(1,611
)


(205
)Minority interest


(77
)


(21
)


(23
)


(21
)


7



1Income before taxes


2,379



2,441



4,707



4,440



1,385



174Net income


2,359



2,268



4,339



3,808



1,752



225BALANCE SHEET DATACash and marketable
    securities(5)


5,088



9,252



9,148



11,562



9,174



1,165Investments in
    SPEs(6)


4,440



5,753



7,341



9,251



9,973



1,266Total assets


46,311



54,812



60,417



81,524



97,369



12,361Debt in
    SPEs(6)


3,925



4,844



6,302



8,021



9,492



1,205Other
    debt(7)


23,024



26,793



24,469



32,731



45,490



5,775Shareholders equity


13,419



15,132



18,587



26,215



27,087



3,439OTHER FINANCIAL DATACapital expenditures


(3,343
)


(5,152
)


(8,148
)


(8,368
)


9,696



1,231Cash dividends paid


(70
)


(195
)


(215
)


(550
)


(390
)


(50
)Cash flow from operating activities


1,456



2,405



3,579



4,586



5,381



686Cash flow used in investing activities


(5,331
)


(2,950
)


(7,299
)


(12,862
)


(7,397
)


(939
)Cash flow from financing activities


4,536



1,850



1,092



8,064



2,714



342CONSOLIDATED AMOUNTS (US GAAP)Income from operations


2,340



2,165



3,635Net income


1,852



1,990



2,979Total assets


45,319



55,229



60,196Shareholders equity


11,982



14,913



17,465     (1)
    
    According to Swedish GAAP.(2)
    
    According to IFRS.(3)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 7.8770, the Noon Buying
    Rate on December 31, 2008.(4)
    
    Other financial items refer to
    financial income (expense), including dividends received, gain
    (loss) on securities, foreign exchange gains (losses) and other
    financial income (expense).(5)
    
    Cash and marketable securities
    consist of cash and cash equivalents, short-term investments and
    marketable securities.(6)
    
    As of December 2008, we had
    invested in four SPEs.(7)
    
    Other debt includes short-term
    interest bearing debt, long-term interest bearing debt and
    capitalized lease obligations, current and non-current. 6




---



##### Table of Contents



Restricted Group
    Data as of December 31, 2008
         7




---



##### Table of Contents



SELECTED
    RESTRICTED GROUP FINANCIAL DATA
    YEAR ENDED DECEMBER 31,2006(1)


2007(2)


2008(2)


2008(2)SEK


SEK


SEK


USD(3)(in millions)RESTRICTED GROUPINCOME STATEMENT DATA :Revenues from operations


16,731



17,550



20,617



2,617Net gain on sale of vessel


2,313



253



203



26Net gain on sale of properties


63











Total revenues


19,107



17,803



20,820



2,643Direct operating expenses


(11,289
)


(11,547
)


(13,083
)


(1,661
)Selling and administrative expenses


(1,776
)


(1,773
)


(2,109
)


(268
)Depreciation and amortization


(2,401
)


(1,645
)


(2,376
)


(302
)Total operating expenses


(15,455
)


(14,966
)


(17,568
)


(2,231
)Income from operations


3,641



2,838



3,252



412Interest income


292



543



474



60Interest expense


(753
)


(643
)


(887
)


(113
)Other financial
    items(4)


371



(237
)


206



26Total financial income and expense


(90
)


(337
)


(207
)


(27
)Minority interest


(2
)


(2
)


(3
)


0Income before taxes


3,549



2,499



3,042



385Net income


3,332



2,077



3,010



381     (1)
    
    According to Swedish GAAP.(2)
    
    According to IFRS.(3)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 7.8770, the Noon Buying
    Rate on December 31, 2008.(4)
    
    Other financial items refer to
    financial income (expense) including dividends received, gain
    (loss) on securities, foreign exchange gains (losses) and other
    financial income (expense).  8




---



##### Table of Contents



YEAR ENDED DECEMBER 31,2007(1)


2008(1)


2008(1)SEK


SEK


USD(2)(in millions)RESTRICTED GROUPBALANCE SHEET DATA:Intangible fixed assets


177



398



51Tangible fixed assets


22,744



33,541



4,259Marketable securities


610



885



112Other noncurrent assets


13,936



13,654



1,734Total noncurrent assets


37,467



48,478



6,156Short-term investments


2,559



3,618



458Cash and cash equivalents


505



917



116Other current assets


7,200



9,716



1,234Total current assets


10,264



14,251



1,808Total assets


47,731



62,729



7,964Total shareholders equity


19,599



23,672



3,006Deferred income taxes


1,400



778



99Other provisions


4,149



3,140



399Long-term debt


17,003



27,225



3,456Other noncurrent liabilities


828



2,591



329Total noncurrent liabilities


17,831



29,816



3,785Short-term debt


1,115



972



123Other current liabilities


3,637



4,350



552Total current liabilities


4,752



5,322



675Total shareholders equity and liabilities


47,731



62,729



7,964     (1)
    
    According to IFRS.(2)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 7.8770, the Noon Buying
    Rate on December 31, 2008.  9




---



##### Table of Contents



YEAR ENDED DECEMBER 31,2007(1)


2008(1)


2008(1)SEK


SEK


USD(2)(in millions)RESTRICTED GROUPCONSOLIDATED STATEMENT OF CASH FLOW:Net income


2,077



3,010



381Adjustments to reconcile net income to net cash 
    provided by operating activities:Depreciation and amortization


1,645



2,376



302(Gain)/loss on sale of property, vessels and equipment


(253
)


(203
)


(26
)(Gain)/loss on securities, net


58



(180
)


(23
)Unrealized foreign exchange (gains) losses


(149
)


(125
)


(16
)Deferred income taxes


335



(164
)


(21
)Minority interest


3



3



0Other non cash items


65



(165
)


(21
)Provision for pensions


(221
)


(235
)


(29
)Net cash flows from trading securities


(699
)


994



126Changes in working capital


1,377



(185
)


(22
)Net cash provided by/(used in) operating activities


4,238



5,126



651Net cash flows from investing activities:Purchase of intangible assets


(37
)


(44
)


(6
)Cash proceeds from sale of property, vessels and equipment


821



692



88Capital expenditure on property, vessels and equipment


(7,299
)


(7,878
)


(1,000
)Purchase of subsidiary net of cash acquired






(53
)


(7
)Proceeds from sale of securities


95



691



88Purchase of securities


(233
)


(1,448
)


(184
)Increase of non-current assets


(38
)


(589
)


(75
)Decrease of non-current assets


10



424



54Other investing activities


(18
)


(990
)


(126
)Net cash used in investing activities


(6,699
)


(9,195
)


(1,168
)Net cash flows from financing activities:Proceeds from issuance of debt


6,915



6,418



815Principal payments on debt


(2,352
)


(1,093
)


(139
)Net change in borrowings on
    line-of-credit
    agreements


440



120



15Proceeds from new capitalized lease obligations






46



6Principal payments capital lease obligations


(38
)


(686
)


(87
)Net change in restricted cash accounts


(692
)


(1,922
)


(244
)Intercompany accounts


(1,123
)


1,353



172Dividends paid


(550
)


(390
)


(49
)Other financing activities


(313
)


618



78Net cash provided by financing activities


2,287



4,464



567Effect of exchange rate changes on cash and cash equivalents


22



17



2Net change in cash and cash equivalents


(152
)


412



52Cash and cash equivalents at beginning of year


657



505



64Cash and cash equivalents at end of year


505



917



116     (1)
    
    According to IFRS.(2)
    
    Amounts in U.S. dollars have been
    translated, solely for the convenience of the reader, at an
    exchange rate of $1.00 = SEK 7.8770, the Noon Buying
    Rate on December 31, 2008. 10




---



##### Table of Contents



Exchange Rate
    Information
    YEAR ENDED DECEMBER 31,

AVERAGE(1)


HIGH


LOW2004


7.3320



7.7725



6.59392005


7.5200



8.2434



6.68552006


7.3098



7.9656



6.76742007


6.7575



7.1060



6.23562008


6.5935



8.4858



5.8346October 2008






8.0805



6.9107November 2008






8.4380



7.5957December 2008






8.4858



7.6754January 2009






8.5146



7.5740February 2009






9.0981



7.9613March 2009






9.3294



7.9144   (1)
    
    Represents the average of the Noon
    Buying Rates on the last business day of each full month 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;
    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 our Senior Notes, or be
    able to refinance maturing indebtedness. 11




---



##### Table of Contents



Our ability to
    service our debt and meet our cash requirements depends on many
    factors, some of which are beyond our control.
    
    refinance all or a portion of our debt;
    obtain additional financing;
    sell certain of our assets or operations;
    reduce or delay capital expenditures; or
    revise or delay our strategic plans.    The covenants
    in our revolving credit facilities, the agreements governing our
    other indebtedness and the indentures governing our Senior Notes
    impose restrictions on our business.
   12




---



##### Table of Contents




    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




---



##### Table of Contents



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




---



##### Table of Contents



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.
     15




---



##### Table of Contents



Charter rates,
    utilization levels and values for our vessels and drilling rigs
    may decrease.
    Stena Discovery
        Conversions of
    our vessels and drilling rigs, upgrades or newbuildings may be
    subject to delays and cost overruns.
   16




---



##### Table of Contents




    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.
    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.
       17




---



##### Table of Contents



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




---



##### Table of Contents



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




---



##### Table of Contents



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.
      Compliance
    with safety, environmental and other governmental requirements
    may adversely affect our operations.
   20




---



##### Table of Contents




    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 Comprehensive Environmental Response Compensation and
    Liability Act (CERCLA 90) which applies to
    discharges 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;
    the International Maritime Organization International Convention
    for the Safety of Life at Sea (SOLAS) of 1974 with
    respect to crew and passenger safety, certain safety regulations
    concerning car/passenger ferry and RoPax vessels and a
    subsequent chapter, as revised in 2000, with respect to the
    construction and operation of high speed craft, such as the HSS
    ferries, as well as recently adopted mandatory security
    provisions for ships engaged in international voyages and
    mandatory compliance with the new International Ship and Port
    Facility Security Code (ISPS code) and the International Safety
    Management (ISM) Code, which sets out guidelines for the safe
    operation of ships;
    the International Convention on Load Lines of 1966
    (ICLL) with respect to the safeguarding of life and
    property through limitations on load capability for vessels on
    international voyages;
    the International Convention Relating to the Carriage of
    Passengers and their Luggage by Sea (the Athens
    Convention), relating to the limits of liability of
    carriers, which has introduced a strict liability regime with
    limited defenses; and
    the U.S. Maritime Transportation Security Act of 2002
    (MTSA) with respect to vessel security.     21




---



##### Table of Contents



Catastrophic
    loss and other events in our business could adversely affect our
    results of operations.
          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. 22




---



##### Table of Contents




    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
  46-31-855000.
         23




---



##### Table of Contents



Business
    Overview
  Ferry
    Operations
  HH-Ferries
    Business
    Activities
   Year Ended December 31,(SEK in millions)

2006


2007


2008Travel


3,248



3,372



3,661Onboard sales


1,795



1,849



1,837Freight/other


4,370



4,647



4,810Net gain sale of assets






146Total revenues


9,413



10,014



10,308    Year Ended December 31,Volumes (in thousands)

2006


2007


2008Number of passengers


11,432



11,374



11,173Private Cars


2,194



2,204



2,204Freight units


1,558



1,621



1,575   Route
    Network
    Sweden-Denmark.
 24




---



##### Table of Contents



Passengers


Private cars


Freight units(In Thousands)

2006


2007


2008


2006


2007


2008


2006


2007


2008Gothenburg-Fredrikshavn


1,569



1,565



1,405



330



331



290



166



184



178Varberg-Grena


170



168



172



42



43



43



39



39



42Helsingborg-Helsingör(1)


3,933



4,059



3,958



693



705



677



142



152



147HH-Ferries(2)










346











130











25   (1)
    
    Represents only 50% of volume on
    this route. This route is operated in partnership with
    Scandlines Danmark A/S.(2)
    
    Volumes as from acquisition date of
    October 2, 2008.  Sweden-Germany.
   Passengers


Private cars


Freight units(In Thousands)

2006


2007


2008


2006


2007


2008


2006


2007


2008Gothenburg-Kiel


487



500



468



93



98



89



35



39



36Gothenburg-Travemunde


4



5



5















89



98



80Trelleborg-Sassnitz(1)


331



352



343



79



88



85



18



21



19Trelleborg-Rostock(1)


164



169



152



25



25



21



70



80



74Trelleborg-Travemunde


28



31



27















44



53



43   (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.
   Passengers


Private cars


Freight units(In Thousands)

2006


2007


2008


2006


2007


2008


2006


2007


2008Oslo-Fredrikshavn


488



572



564



49



62



61



16



18



17   Sweden-Poland.
  25




---



##### Table of Contents



Passengers


Private cars


Freight units(In Thousands)

2006


2007


2008


2006


2007


2008


2006


2007


2008Karlskrona-
    Gdynia(1)


413



429



375



74



80



70



87



94



87   (1)
    
    Stena Nordicawas taken out of service
    on this route as of October 20, 2008.  Finnarrow Stena Nordica
  Wales/England-Republic of Ireland.
   Passengers


Private cars


Freight units(In Thousands)

2006


2007


2008


2006


2007


2008


2006


2007


2008Fishguard-Rosslare


584



597



554



139



152



143



57



54



50Holyhead-Dun Laoghaire


760



735



627



170



180



152



24



17



14Holyhead-Dublin(1)


426



410



445



78



76



84



152



155



162   (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)

2006


2007


2008


2006


2007


2008


2006


2007


2008Stranraer-Belfast


1,212



1,217



1,104



261



269



244



125



115



108Fleetwood-Larne


58



61



58



8



9



8



138



143



138   England-The Netherlands.
 26




---



##### Table of Contents



Passengers


Private cars


Freight units(In Thousands)

2006


2007


2008


2006


2007


2008


2006


2007


2008Harwich-Hook of
    Holland(1)


736



428



473



153



88



95



165



173



160Killingholme-Hook of
    Holland(2)


32



44



63















61



76



87Harwich-Rotterdam


37



33



35















130



110



107   (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



12Conventional Fast Ferry


1



12Day Ferries


5



18Night Ferries


2



25RoRo Vessels


2



4RoPax Vessels


22



20Total


35



18   Newbuildings.
  Vessel changes.
  HSS vessels.
  Recent
    acquisitions and sales
   27




---



##### Table of Contents



Aurora
    Stena
    Carrier Stena Freighter Stena Nordica
  Sales and
    Marketing
  Passengers and cars.
  e-mail,
  Freight.
  Other
    Properties
  Ports.
  Hotels.
  Offshore
    Drilling
  Stena Dee Songa Dee
 28




---



##### Table of Contents



Drilling Rig
    Fleet
 MaximumWaterDrilling Rig/Drillship

Generation


Year Built


Depth (Ft.)


ClassStena Clyde


3rd



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



DnV       Rig
    Utilization
 2004


2005


2006


2007


2008Total vessel days available


1,830



1,825



1,825



1,825



2,328Vessel days utilized


1,457



1,591



1,683



1,714



2,171Vessel utilization (percentage)


79.6



87.2



92.2



93.9



93.3Offhire days planned


83



126



102



47



104Offhire days planned (percentage)


4.5



6.9



5.6



2.6



4.5Unutilized days


290



108



40



64



53Unutilized days (percentage)


15.9



5.9



2.2



3.5



2.2Average daily rates in USD


131,000



154,000



241,000



329,000



404,000    Rig

Customer

Expected Contract Expiration DateStena Clyde

Apache

February 2011Stena Don

StatoilHydro

December 2009 (plus one-year option)Stena Tay

Total

January 2011Stena Spey

Chevron

August 2010Stena DrillMAX

Repsol

December 2011 (plus one-year option)Stena Carron

Chevron

June 2014 (plus 1 x 3 year option)   Stena Clyde Stena Spey Stena Tay Stena Don Stena DrillMAX
 29




---



##### Table of Contents



Stena Carron
  Newbuildings.
    Stena Forth Stena DrillMAX
    ICE
  Competition.
  Shipping
    Crude Oil and
    Petroleum Product Transportation
       30




---



##### Table of Contents



Owned and finance
    leased tankers
 Tankers

Year Built


Type

DWTStena
    Conquest(1)


2003


Product


47,400Stena
    Conqueror(1)


2003


Product


47,400Stena
    Concert(1)


2004


Product


47,400Stena
    Caribbean(2)


2002


Product


9,996Stena
    Calypso(2)


2002


Product


9,996Stena
    Arctica(3)


2005


Ice Aframax


117,099Nordic
    Rio(4)


2004


Shuttle


152,000Stena
    Alexita(4)


1998


Shuttle


127,535Stena
    Natalita(4)


2001


Shuttle


108,073Navion
    Gothenburg(4)


2007


Shuttle


152,000   (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.    Tankers sales and
    purchases
 2004


2005


2006


2007


2008Fleet as of January 1


4
(1)


5
(2)


8
(2)


6
(3)


8
(4)Newbuildings delivered/vessels bought


5
(5)


4



2



3



4Vessels sold


4



1



4
(5)


1



2Fleet as of December 31


5
(2)


8
(2)


6
(3)


8
(4)


10
(4)   (1)
    
    Includes two vessels in which we
    have a 50% interest.(2)
    
    Includes three vessels 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.(5)
    
    Includes one vessel in which we
    have a 50% interest. 31




---



##### Table of Contents



Charters for
    owned and finance leased tankers
 Tanker

Type of charter

Current charter expiration dateStena Conquest

Spot

n/aStena Conqueror

Spot

n/aStena Concert

Spot

n/aStena Alexita

Time

November 2010Stena Natalita

Time

February 2011Stena Caribbean

Time

July 2011Stena Calypso

Time

January 2013Stena Arctica

Time

December 2016Nordic Rio

Bareboat

July 2017Navion Gothenburg

Bareboat

July 2020   Stena Atlantica Stena Antarctica
  Recent acquisitions and sales.
  Navion Gothenburg
  Stena Italica Stena Concert Stena Conqueror Stena Conquest
    Stena Confidence
    Chartering activities.
 32




---



##### Table of Contents



Tanker
    utilization
 Year ended December 31,2004


2005


2006


2007


2008Total tanker days
    available(1)


10,026



14,083



15,851



15,550



15,826Tanker days utilized


9,666



13,853



15,520



15,389



15,537Tanker utilization (percentage)


96.4



98.4



97.9



99.0



98.1Offhire days
    planned(2)


270



143



228



97



229Offhire days planned (percentage)


2.7



1.0



1.5



0.6



1.4Unutilized days


90



87



103



64



60Unutilized days (percentage)


0.9



0.6



0.6



0.4



0.4   (1)
    
    Total tanker days are determined by
    aggregating the number of days in each year we owned, chartered
    in or leased such tankers.(2)
    
    Due to planned dry-dockings.  Commercial management services.
  Competition.
  Arlington Tankers Ltd (Arlington Tankers) and
    General Maritime Corporation.
 33




---



##### Table of Contents



stock-for-stock
  agreed-upon
    Roll-on/Roll-off
    Vessel Operations
    Stena Discovery
  Stena Discovery
  Roll-on/Roll-off
    Vessel Utilization
 Year ended December 31,2004


2005


2006


2007


2008Total vessel days
    available(1)


3,250



3,886



3,135



3,152



2,641Vessel days
    utilized(2)


3,188



3,758



3,070



3,101



2,593Vessel utilization
    (percentage)(2)


98.1



96.7



97.9



98.4



98.2Offhire
    days(3)


47



109



50



41



23Offhire days (percentage)


1.4



2.8



1.6



1.3



0.9Unutilized days


15



19



15



10



25Unutilized days (percentage)


0.5



0.5



0.5



0.3



0.9   (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. 34




---



##### Table of Contents



Chartering activities.
  Stena
    Discovery
  RoRo
    Vessels
 Vessel

Type of charter

Current charter expiration dateCrowley Shipper (ex Stena
    Shipper)(1)

Time

December 2012Mont
    Ventoux(2)

Time

November 2009Stena Foreteller

Time

May 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.  RoPax
    Vessels
 Vessel

Type of charter

Current charter expiration dateBorja(1)

Time

February 2010Stena
    Challenger(2)

Bareboat

June 2010Seatrade (ex Stena Seatrader)

Bareboat

December 2012   (1)
    
    Finance leased vessel.(2)
    
    Chartered in vessel.  Fleet management.
 35




---



##### Table of Contents



Vessel Sales and
    Purchases Roll-on/Roll-off Operations
 2004


2005


2006


2007


2008Fleet as of January 1


8



8



8



7



8Newbuildings delivered


















Vessels purchased


2



1







1



1Vessels sold


3



1



1



1



1Transfer from Ferry Operations


1











1



1Fleet as of December 31,


8



8



7



8



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


273



191



219



100



33   Recent acquisitions and sales. Stena Ausonia BORJA
  Mont Ventoux Mont
    Ventoux
  Stena Shipper Crowley
    Shipper
  Stena Seatrader Seatrade
  Stena Discovery
  Competition.
  Ship
    management
     36




---



##### Table of Contents



Technical
    developments & patents
    Real
    estate
  General.
    Swedish properties.
      International.
   37




---



##### Table of Contents



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




---



##### Table of Contents



Investments in listed companies.
    Investment
    activities
     39




---



##### Table of Contents



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




---



##### Table of Contents



Loss of hire insurance.
  Protection and indemnity (P&I)
    insurance.
    Stena Clyde
   41




---



##### Table of Contents



Claims experience.
  Adequacy of insurance.
  Significant
    Subsidiaries
   Name of Company

Domicile

Percentage OwnedAB Stena Finans

Sweden

100%Stena Fastigheter AB

Sweden

100%Stena Line Scandinavia AB

Sweden

100%Stena Adactum AB

Sweden

100%Envac AB

Sweden

100%Stena Roro AB

Sweden

100%Stena Bulk AB

Sweden

100%Stena Don AB

Sweden

100%Stena International S.á.r.l.

Luxembourg

100%Stena Investment Lux S.á.r.l.

Luxembourg

100%Stena Holland BV

The Netherlands

100%Stena Realty BV

The Netherlands

100%Stena (UK) Ltd

United Kingdom

100%Stena Line Ltd

United Kingdom

100%Stena (Switzerland) AG

Switzerland

100%Stena Maritime AG

Switzerland

100%Stena Spey Drilling Ltd

Cyprus

100%Stena Tay (Hungary) Kft

Hungary

100%Stena DrillMax I Kft

Hungary

100%Stena DrillMax II Ltd

Hungary

100%Stena DrillMax III Ltd

Bermuda

100%   Regulation
  General
   42




---



##### 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 3000 gross tons or smaller: the greater amount
    of $3000 per gross ton or $6,000,000; andο
    a vessel greater than 3000 gross tons: the greater amount
    of $3,000 per gross ton or $22,000,000.  
    Other vessels than single-hull vessels  ο
    a vessel of 3000 gross tons or smaller: the greater amount
    of $1,900 per gross ton or $4,000,000; andο
    a vessel greater than 3000 gross tons: the greater amount
    of $1,900 per gross ton or $6,000,000.       43




---



##### Table of Contents



25-year (1990-2015),
    CERCLA.
  MTSA.
  IMO.
  CLC.
 44




---



##### Table of Contents



MARPOL 73/78.
      EU Directive 2005/33/EC
  ICLL.
 45




---



##### Table of Contents



SOLAS.
             46




---



##### Table of Contents



Stena Don Stena Don Stena Don
    
    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.
   47




---



##### Table of Contents



HNS Convention.
  Item 4A.
    Unresolved
    Staff Comments    Item 5.
    Operating
    and Financial Review and Prospects  General
  Form 20-F
    Significant
    events
  Ferry
    Operations
  Stena Britannica Stena Hollandica
    Stena Carrier
  Stena Searider
    Stena Aurora
 48




---



##### Table of Contents



Stena
    Carrier and Stena Freighter Stena Nordica
  Shipping
  Crude oil and petroleum product
    transportation.
  Stena Italica Stena Concert Stena Conqueror Stena Conquest
    Stena Confidence
    Roll-on/Roll-off vessel operations. Mont Ventoux
  Stena Shipper.
  Stena Seatrader Seatrade
  Stena Discovery
  Offshore
    drilling
  Stena Forth
  Stena DrillMAX ICE
 49




---



##### Table of Contents



Real
    estate
              New
    businesses: Adactum
  land-based
           50




---



##### Table of Contents



Financial
    activities
            Stena DrillMAX Stena Trader Stena
    Traveller
  stock-for-stock
       51




---



##### Table of Contents



Results of
    Operations
  Year ended December 31,2007


2008(SEK in millions)CONSOLIDATED GROUPIncome Statement Data (IFRS):Total revenues


22,402



26,472Direct operating expenses


(14,085
)


(16,679
)Selling and administrative expenses


(2,177
)


(2,920
)Depreciation and amortization


(1,680
)


(2,501
)Income from operations


4,460



4,372BUSINESS SEGMENT DATARevenues:Ferry operations


9,868



10,309Drilling operations


3,842



6,087Shipping Roll-on/Roll-off vessels


412



426Crude Oil tankers


3,264



3,547Other Shipping


154



198Total Shipping


3,830



4,171Property operations


1,989



2,085New Businesses operations


2,118



3,694Other


8



48Total revenues


21,655



26,394Other income:Net gain on sale of assets


350



372Net valuation on investment properties


397



(294
)Total other income


747



78Total income


22,402



26,472Income (Loss) from Operations:Ferry operations


1,267



781Impairment charges






(63
)Net gain (loss) on sale of vessels


146Total Ferry operations


1,413



718Drilling operations


1,389



2,388Net gain on sale of vessels






Total Drilling operations


1,389



2,388Shipping: Roll-on/Roll-off vessels


86



104Net gain on sale of vessels


100



33Total Roll-on/Roll-off vessels


186



137Crude oil tankers


109



135Impairment charges






(85
)Net gain on sale of vessels


7



170Total crude oil tankers


116



220Other shipping


(13
)


16Total Shipping


289



373Property operations


1,041



1,163Net valuations on investment properties


397



(294
)Net gain on sale of properties


97



169Total Property


1,535



1,038New Businesses operations


108



107Other


(274
)


(252
)Total


4,460



4,372Depreciation & Amortization:Ferry operations


1,007



1,064Drilling


493



1,016Shipping: Roll-on/Roll-off vessels


105



107Crude oil tankers


18



167Other shipping


14



13Total Shipping


137



287New Businesses operations


39



125Other


4



9Total


1,680



2,501  52




---



##### Table of Contents



Comparison of the
    year ended December 31, 2008 to the year ended
    December 31, 2007
  Currency
    effects
   January-December


January-DecemberAverage rates

2007


2008


ChangeUS $


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


ChangeUS $


6.4342



7.8212



22
%British pounds


12.8146



11.4303



(11
)%Euro


9.4508



10.9500



16
%   Revenues
    Ferry operations.
  Offshore Drilling. Stena DrillMAX Stena Carron, Stena Spey Stena Spey
  Shipping.
   53




---



##### Table of Contents



Borja Stena Shipper
  Property.
  New Businesses Adactum.
  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
   54




---



##### Table of Contents



Ferry operations.
  Offshore Drilling. Stena DrillMAX Stena Carron,
  Shipping.
    BORJA Mont Ventoux Stena Shipper
  Property.
  New Businesses Adactum.
 55




---



##### Table of Contents



Selling and
    administrative expenses
    Depreciation
    and amortization
  Stena DrillMAX Stena
    Carron
  Share of
    associated companies results
      Financial
    income and expense, net
    Stena DrillMAX Stena Trader Stena
    Traveller.
 56




---



##### Table of Contents



Income
    taxes
    Liquidity and
    capital resources
       57




---



##### Table of Contents



Trend
    information
     58




---



##### 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


13,486



327



568



1,548



11,043Other bank loans


16,329



660



2,272



3,107



10,003



287Revolving credit facility


5,843



















5,843Other credit facilities


402



402Capital leases


2,126



135



703



322



966Operating leases


9,282



2,733



2,542



1,126



2,881Trade accounts payable


1,220



1,220Total


48,688



5,477



6,085



6,103



24,893



6,130     Off-Balance Sheet
    Arrangements
   59




---



##### Table of Contents



Application of
    Critical Accounting Policies
  Reporting in
    accordance with IFRS as of 2008
        Vessels lives.
  Investment properties.
  Impairment of Goodwill.
  Impairment of non-financial assets.
 60




---



##### Table of Contents



Derivative instruments and hedging
    measures.
    Impairment of financial assets. available-for-sale available-for-sale
  IFRS that have
    been issued but are not yet effective
    
    Amendments to IFRS 2 Share-based Payment 
    Vesting Conditions and Cancellations. Effective date
    January 1, 2009.
    Revised IAS 1 Presentation of Financial Statements. Effective
    date January 1, 2009.
    Revised IAS 23 Borrowing Cost. Effective date January 1,
    2009.
    Amendments to IAS 27 Cost of an Investment in a subsidiary,
    jointly controlled entity or associate. Effective date
    January 1, 2009.
    Amendments to IAS 32 Financial Instruments: Presentation and IAS
    1 Presentation of Financial Statements  Puttable
    Financial Instruments and Obligations Arising on Liquidation.
    Effective date January 1, 2009.
    Amendments to IAS 39 Financial instruments: Recognition and
    Measurement . Effective date January 1, 2009.
    IFRIC 15 Agreements for the Construction of Real Estate.
    Effective date January 1, 2009.
    IFRIC 16 Hedges of a Net Investment in a Foreign Operation.
    Becomes mandatory for Stena 2009.    
    Revised IFRS 3 Business Combinations and IAS 27 Consolidated and
    Separate Financial Statements. Becomes mandatory for Stena 2010.
    IFRIC 17 Distribution of Non-cash Assets to Owners, Becomes
    mandatory for Stena 2010.
    IFRIC 18 Transfers of Assets from Customers. Becomes mandatory
    for Stena 2010.
    The effects of the revised IFRS 3 and the revised IAS 27 has not
    yet been evaluated. The other above described new standards,
    revised standards and intepretations will not have a material
    affect on the Financial Statements. 61




---



##### Table of Contents



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)Svante Carlsson


1948


Executive Vice President and DirectorSune 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 Item 7. Major
    Shareholders and Related Party Transactions.    Lennart Jeansson
  Dan Sten Olsson
  Svante Carlsson
  Sune Carlsson
 62




---



##### Table of Contents



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
  Kenneth MacLeod
  Harry Robertsson
 63




---



##### Table of Contents



Ulf Ryder
  Bo Severed
  Martin Svalstedt
  Tom Welo
  Compensation of
    Directors
    Audit
    Committee
         64




---



##### Table of Contents



Employees
   2006


2007


2008Ferry operations


5,564



5,710



5,778Drilling


665



755



968Shipping


626



738



842Property operations


283



261



262New businesses Adactum


833



968



1,791Other


74



87



101Total


8,045



8,519



9,742       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
%        65




---



##### Table of Contents



Related Party
    Transactions
    Concordia
      Sessan
  Stena Sirita 10-year Stena Spirit 15-year
    Stena Jutlandica
   66




---



##### Table of Contents



Stena
    Metall
        Stena Carrier Mont
    Ventoux
  Stena Nordica, Stena Freighter, Stena Carrier Stena Mont Ventoux
  Olsson
    Family
        Item 8.
    Financial
    Information  Consolidated
    Financial Statements
    Legal
    Proceedings
  and/or
 67




---



##### Table of Contents



and/or and/or
          Dividends
   68




---



##### Table of Contents



Item 9.
    The
    Offer and Listing    Item 10.
    Additional
    Information  Organization
  556001-0802.
  Articles of
    Association
    Directors
      Shareholder
    Rights
   69




---



##### Table of Contents



General
    Meetings
    Ownership and
    Transfer Restrictions
    Change in
    Control
    Disclosure of
    Shareholdings
    Material
    Financial Contracts
  Revolving credit facility.
 70




---



##### Table of Contents



Stena
    Spey Stena Clyde Stena Tay Stena
    Saga Stena Nautica Stena Don Stena
    Forwarder Stena Baltica Stena Carisma Stena Danica Stena Discovery Stena Europe Stena Forecaster Stena
    Forerunner Stena Foreteller Stena Germanica Stena Scandinavica Stena Scanrail Seatrade
      Adactum secured bank facility.
  Stena Royal secured bank facility.
 71




---



##### Table of Contents



Debt in SPEs.
        Senior Notes due 2013 and Senior Notes due
    2016.
 72




---



##### Table of Contents



pari passu
  Senior Notes due 2017 and Senior Notes due
    2019. pari passu
  Change of
    control
  and/or
    Other
  Property-related debt.
  Other interest bearing debt.
  Exchange Controls
    and Other Limitations Affecting Security Holders
   73




---



##### Table of Contents



Taxation
    Documents on
    Display
  http://www.sec.gov. 202-551-8090.
  Item 11.
    Quantitative
    and Qualitative Disclosures about Market Risk    Foreign Exchange
    Risks
    Transaction
    Exposure
     74




---



##### Table of Contents



Translation
    Exposure
        Equity
    Exposure
      Bunker Fuel
    Exposure
      Financial Trading
    Activities
   75




---



##### Table of Contents



Interest Rate
    Risks
    Equity Securities
    Price Risk
    Item 12.
    Description
    of Securities Other than Equity Securities   76




---



##### 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 16.
    [Reserved]  Item 16A.
    Audit
    Committee Financial Expert   77




---



##### Table of Contents



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

2007


2008KPMG:Audit fees


21



20Tax service fees


25



20Other audit related service fees


7



6Total KPMG


53



46Other auditorsAudit fees






2Tax service fees


14



11Other service fees


9



5Grand total


76



64         Pre-Approval
    Policies
   78




---



##### 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   79




---



##### 



PART III  Item 17.
    Financial
    Statements    Item 18.
    Financial
    Statements     
 PageConsolidated Financial Statements  Stena ABIndex to the Consolidated Financial Statements


F-1Report of Independent Registered Public
    Accounting Firm


F-2Consolidated Income Statements for each of the
    years in the two-year period ended December 31, 2008


F-3Consolidated Balance Sheets as of
    December 31, 2007 and 2008


F-4Consolidated Statements of Cash Flows for each of
    the years in the two-year period ended December 31, 2008


F-6Consolidated Statements of Changes in
    Shareholders Equity for each of the years in the two-year
    period ended December 31, 2008


F-7Notes 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 27, 2002 between the Registrant
    and JPMorgan Chase Bank, as trustee, relating to the
    Companys 9.625% Senior Notes due 2012 (incorporated
    by reference to Exhibit 4.1 to the 2002 Registration Statement).*2
.2

Indenture dated as of December 2, 2003 between the Company and
    JPMorgan Chase Bank, as trustee, relating to the Companys
    7.5% Senior Notes due 2013 (incorporated by reference to
    Exhibit 4.1 to the Companys Registration Statement on Form
    F-4 (file number 333-111353) filed with the SEC on December 19,
    2003 (the 2003 Registration Statement)).* 80




---



##### Table of Contents



ExhibitNumber2
.3

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
.4

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*2
.5

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*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.A.R.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.A.R.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, 2009.**12
.2

Certification of Staffan Hultgren, Principal Financial Officer
    of Stena AB, dated April 30, 2009.**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. 81




---



##### Table of Contents



SIGNATURES
  Form 20-F
  Date: April 30, 2009

STENA AB (publ)   By:
    /s/  Dan
    Sten Olsson     By:
    /s/  Staffan
    Hultgren    82




---



##### 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 two-year period ended December 31, 2008


F-3Consolidated balance sheets as of
    December 31, 2007 and 2008


F-4Consolidated statements of cash flows for each of
    the years in the two-year period ended December 31, 2008


F-6Consolidated statements of changes in
    shareholders equity for each of the years in the two-year
    period ended December 31, 2008


F-7Notes 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


2008In millions

Note


SEK


SEK


USD1)RevenuesFerry






9,868



10,309



1,309Drilling






3,842



6,087



773Shipping






3,830



4,171



530Property






1,989



2,085



265New Businesses






2,118



3,694



469Other






8



48



6Total revenues






21,655



26,394



3,352Net gain on sales of assets


4



350



372



47Total other income






350



372



47Net valuation on investment properties


14



397



(294
)


(37
)Total income


3



22,402



26,472



3,362Direct operating expensesFerry






(6,623
)


(7,483
)


(950
)Drilling






(1,729
)


(2,258
)


(287
)Shipping






(3,174
)


(3,329
)


(422
)Property






(784
)


(739
)


(94
)New Businesses






(1,756
)


(2,858
)


(363
)Other






(19
)


(12
)


(2
)Total direct operating expenses






(14,085
)


(16,679
)


(2,118
)Gross profit






8,317



9,793



1,244Selling expenses


19



(764
)


(1,131
)


(144
)Administrative expenses


5



(1,413
)


(1,789
)


(227
)Depreciation and amortization


3



(1,680
)


(2,501
)


(318
)Income from operations


3,34



4,460



4,372



555Share of associated companies results


6



(61
)


(80
)


(10
)Result from securities and receivables accounted for as fixed
    assets


7



1,064



(1,990
)


(253
)Other interest income and similar profit/loss items


8



944



1,383



176Interest expense and similar profit/loss items


9



(1,946
)


(2,307
)


(293
)Finance net






1



(2,994
)


(380
)Income before taxes






4,461



1,378



175Income taxes


10



(632
)


367



49Net income






3,829



1,745



224Earnings attributable to:Equity holders of the Parent Company






3,808



1,752



225Minority interests


15



21



(7
)


(1
)Net Income






3,829



1,745



224   1)
    
    Unaudited-Note 1   F-3




---



##### Table of Contents



Stena AB
    ►Group
  Consolidated
    Balance Sheets  31 December2007


2008


2008In millions

Note


SEK


SEK


USD(1)ASSETSNoncurrent assets:Intangible assets:


11Goodwill






531



1,512



192Trademarks










842



107Distribution agreements










489



62Other intangible assets






159



195



25Total intangible assets






690



3,038



386Tangible fixed assets:Vessels


12



15,343



24,391



3,096Construction in progress


12



5,821



7,555



959Equipment


12



732



1,373



174Buildings and land


13



359



898



100Ports


13



1,092



946



120Total tangible fixed assets






23,347



35,163



4,449Property


14



22,555



23,320



2,975Financial fixed assets:Investment in associated companies


6



1,403



932



118Investment in SPEs


15



9,251



9,973



1,266Marketable securities


16



7,674



2,650



336Other noncurrent assets


17,23



5,435



5,771



733Total financial fixed assets






23,763



19,326



2,453Total noncurrent assets






70,355



80,847



10,263Current assets:Inventories


18



418



675



86Trade debts


19



2,670



3,649



463Other current receivables


19



3,197



3,532



448Prepaid expenses and accrued income


19



996



1,694



215Short-term investments


20



3,180



5,093



647Cash and cash equivalents


21



708



1,431



182Fixed assets held for sale


22







448



57Total current assets






11,169



16,522



2,098Total assets


3



81,524



97,369



12,361   1)
    
    Unaudited-Note 1   F-4




---



##### Table of Contents



31 December2007


2008


2008In millions

Note


SEK


SEK


USD(1)SHAREHOLDERS EQUITY AND LIABILITIESShareholders equity:Share capital






5



5



1Reserves






1,615



1,172



131Retained earnings






20,766



24,165



3,083Net income






3,829



1,745



224Equity attributable to equity holders of the company






26,215



27,087



3,439Minority interest


15



171



367



47Total shareholders equity






26,386



27,454



3,486Noncurrent liabilities:Deferred income taxes


23



4,127



3,571



453Pension liabilities


24



1,475



1,267



161Other provisions


25



2,713



2,029



257Long-term debt


26



23,312



34,671



4,402Debt in SPEs


15



8,021



9,492



1,205Senior Notes


27



5,973



6,622



841Capitalized lease obligations


28



2,307



1,991



253Other noncurrent liabilities


29



886



2,654



336Total noncurrent liabilities






48,814



62,297



7,908Current liabilities:Short-term debt


26



985



1,389



176Capitalized lease obligations


28



154



135



17Trade accounts payable






1,113



1,220



155Income tax payable






116



79



10Other current liabilities






599



1,951



248Accrued costs and prepaid income


30



3,357



2,844



361Total current liabilities






6,324



7,618



967Total shareholders equity and liabilities






81,524



97,369



12,361Pledged assets


31Commitments and contingent liabilities


31   1)
    
    Unaudited-Note 1   F-5




---



##### Table of Contents



Consolidated
    Statements of Cash Flows  Years ended 31 December2007


2008


2008In millions

Note


SEK


SEK


USD1)Net cash flows from operating activitiesNet income






3,829



1,745



224Depreciation and amortization


3



1,680



2,501



318Net valuation of investment properties






(397
)


294



37Share of affiliated companies results






61



80



10Dividend from affiliated companies






12



38



5(Gain) on sale of tangible fixed assets


4



(350
)


(372
)


(47
)(Gain)/loss on securities, net






(950
)


1,785



227Unrealized foreign exchange (gains)/losses






(79
)


79



10Deferred income taxes


10



482



(620
)


(79
)Provision for pensions






(221
)


(233
)


(30
)Other non cash items






(113
)


(74
)


(9
)Net cash flows from trading securities






(425
)


565



72Cash flow from operations before changes in working capital






3,529



5,788



738Changes in working capital:Receivables






(1,094
)


(80
)


(10
)Prepaid expenses and accrued income






(251
)


(514
)


(65
)Inventories






(104
)


(355
)


(45
)Trade accounts payable






87



(155
)


(20
)Accrued costs and prepaid income






1,547



26



3Income tax payable






(44
)


(55
)


(7
)Other current liabilities






916



726



92Net cash provided by operating activities






4,586



5,381



686Net cash flows from investing activities:Purchase of intangible assets






(53
)


(54
)


(7
)Cash proceeds from sale of tangible fixed assets


4



1,211



1,560



198Capital expenditure on tangible fixed assets






(8,315
)


(9,642
)


(1,224
)Purchase of subsidiary, net of cash acquired


32







(605
)


(77
)Investments in affiliated companies






(697
)


(402
)


(51
)Proceeds from sale of securities






5,439



7,353



933Purchase of securities






(9,245
)


(4,744
)


(602
)Increase of noncurrent assets






(1,171
)


(1,272
)


(161
)Decrease of noncurrent assets






10



424



54Other investing activities






(41
)


(15
)


(2
)Net cash used in investing activities






(12,862
)


(7,397
)


(939
)Net cash flows from financing activities:Proceeds from issuance of debt






9,868



9,827



1,247Principal payments on debt






(2,688
)


(3,631
)


(461
)Net change in borrowings on line-of-credit agreements






2,193



(188
)


(24
)Proceeds from new capitalized lease obligations










46



6Principal payments on capitalized lease obligations






(38
)


(687
)


(87
)Net change in restricted cash accounts






(420
)


(2,896
)


(368
)Dividends paid






(550
)


(390
)


(50
)Other financing activities






(301
)


633



79Net cash provided by financing activities






8,064



2,714



342Effect of exchange rate changes on cash and cash equivalents






36



25



3Net change in cash and cash equivalents






(176
)


723



92Cash and cash equivalents at beginning of year






884



708



90Cash and cash equivalents at end of year






708



1,431



182   1)
    
    Unaudited-Note 1   F-6




---



##### Table of Contents



Stena AB
    ►Group
  Consolidated
    statements of changes
    in shareholders equity  Attributable to equity holders of the companyRetainedearningsShare


Fair value


Hedging


Translation


including





Minority


TotalSEK million

capital


reserve


reserve


reserve


Net income


Total


interest


equityClosing balance as per 31 December, 2006 according
    to previous accounting principles


5



901







842



16,839



18,587



162



18,749Effect on transition to IFRS










579



(842
)


4,621



4,358







4,358Closing 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 Hedging 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







265Net income recognised directly in equity






(66
)


268



(46
)


(89
)


67



(12
)


55Net income


















3,808



3,808



21



3,829Total recognised income and expense






(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



26,386Exchange differences arising on the translation of foreign
    operations, net of tax














3,156







3,156



36



3,192Acquisition of subsidiaries


























167



167Change in Hedging 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
)Net income recognised directly in equity






(2,077
)


(1,529
)


3,156







(450
)


203



(247
)Net income


















1,752



1,752



(7
)


1,745Total recognised income and expense






(2,077
)


(1,529
)


3,156



1,752



1,302



196



1,498Dividend


















(390
)


(390
)






(390
)Transfer to charitable trust


















(40
)


(40
)






(40
)Closing balance as per 31 December, 2008


5



(1,242
)


(682
)


3,156



25,917



27,087



367



27,454Dividend per share (SEK):2007


11,0002008


7,800     F-7




---



##### Table of Contents



Fair value


Hedging


TranslationSEK million

reserve


reserve


reserveSpecification of the reserves:Closing balance as per 31 December, 2006


901



579Exchange differences arising on the translation of foreign
    operations, net of tax










(67
)Change in Hedging reserve, net of tax valuation of bunker hedges






635taken to profit and loss, operating expenses






(632
)Change in fair value reserve, net of tax valuation available for
    sale shares


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






265Closing balance as per 31 December, 2007


835



847



(67
)Exchange differences arising on the translation of foreign
    operations, net of tax










3,163Change in Hedging reserve, net of tax valuation of bunker hedges






(607
)taken to profit and loss, operating expenses






(582
)valuation of interest swap hedge






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


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






(201
)Closing balance as per 31 December, 2008


(1,242
)


(682
)


3,096   Fair value
    reserve
    Hedging
    reserve
    Translation
    reserve
     F-8




---



##### Table of Contents



Notes
    Amounts are shown in SEK millions unless otherwise
    stated  1  Summary
    of Significant Accounting Principles
  Basis of
    preparation
                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. F-9




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
     
    elimination of inter-company transactions and
    amortisation of acquired surplus values      Business
    combinations and goodwill
          Associated
    companies
  and/or
 F-10




---



##### Table of Contents



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




---



##### Table of Contents



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




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
          Vessels and other tangible fixed
    assets:Drilling rigs


15-20 yearsDrilling rig vessels


15-20 yearsCrude oil tankers


20 yearsRoRo vessels


20 yearsRoPax vessels


20 yearsHSS vessels and other fast ferries


10-20 yearsOther 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
      Trademarks
      Kvik

40 yearsBallingslöv

40 yearsJKE

20 years3BO

20 yearsMultiform

20 yearsSwenova

20 yearsDrömekjökkenet

20 yearsPaula Rosa

20 yearsSembo

40 years  F-14




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
  Computer
    software
    Distribution
    agreements
    Customer
    relations
    Maintenance of
    intangible assets
    Impairment of
    non-financial assets
    Borrowing
    costs
    Accounting for
    subsidies
     F-15




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
    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,  
    Assets held to maturity
    Loans receivable and trade debts
    Available-for-sale financial assets   F-16




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
  Financial assets
    at fair value through the income statement
            Assets held to
    maturity
      Loan receivables
    and trade debts
    Available-for-sale
    financial assets
   F-17




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
    Receivables and
    liabilities in foreign currency
            Average rates


Change in2007


2008


%USD


6.7607



6.5808



(3
)GBP


13.5281



12.0912



(11
)EUR


9.2481



9.6055



4   Closing rates


Change in2007


2008


%USD


6.4342



7.8212



22GBP


12.8146



11.4303



(11
)EUR


9.4508



10.9500



16   Financial
    liabilities
    
    Financial liabilities at fair value through the income
    statement, held for sale,
    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    Cash flow
    hedging
   F-19




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
            Hedging of net
    investments
      Fair value
    determination of financial instruments valued at fair value in
    the balance sheet
  (i)
    Financial
    instruments listed on an active market    (ii)
    Financial
    instruments not listed on an active market   F-20




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
    (iii)
    Financial
    instruments not listed    Derivatives and
    hedge accounting
        Impairment of
    financial assets
   F-21




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
  Financial risk
    management
  Financial risk
    factors
      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
    debts
    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:
    
    Amendments to IFRS 2 Share-based Payment 
    Vestings Conditions and Cancellations. Effective date
    1 January 2009.
    Revised IAS 1 Presentation of Financial Statements.
    Effective date 1 January 2009.
    Revised IAS 23 Borrowing Cost. Effective date
    1 January 2009.
    Amendments to IAS 27 Cost of an Investment in a subsidiary,
    jointly controlled entity or associate. Effective date
    1 January 2009.
    Amendments to IAS 32 Financial Instruments: Presentation and
    IAS 1 Presentation of Financial Statements  Puttable
    Financial Instruments and Obligations Arising on Liquidation.Effective date 1 January 2009 F-25




---



##### Table of Contents



1  Summary
    of Significant Accounting
    Principles  continued
   
    Amendments to IAS 39 Financial instruments: Recognition and
    Measurement . Effective date 1 January 2009.
    IFRIC 15 Agreements for the Construction of Real Estate.Effective date 1 January 2009.
    IFRIC 16 Hedges of a Net Investment in a Foreign Operation.Becomes mandatory for Stena 2009.    
    Revised IFRS 3 Business Combinationsand IAS 27
    Consolidated and Separate Financial Statements. Becomes
    mandatory for Stena 2010.
    IFRIC 17 Distribution of Non-cash Assets to Owners,Becomes mandatory for Stena 2010.
    IFRIC 18 Transfers of Assets from Customers.Becomes
    mandatory for Stena 2010.    2  Critical
    accounting estimates and judgements
      a)
    Impairment
    testing for goodwill  20-40 years.
 F-26




---



##### Table of Contents



2  Critical
    accounting estimates and
    judgements  continued
  b)
    Impairment
    testing of vessels      c)
    Retirement
    benefits    d)
    Deferred
    taxes    e)
    Provisions      f)
    Fair value of
    derivative instruments or other financial instruments    g)
    Valuation of
    properties   F-27




---



##### Table of Contents



2  Critical
    accounting estimates and
    judgements  continued
    3  Segment
    Information
    Ferry operations
    Drilling
    Shipping
         F-28




---



##### Table of Contents



3  Segment
    Information  continued
    Property
        New Businesses
    
    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 commenced successful
    operations of Swedens largest land-based wind power
    generating plan, 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. The
    Company has one manufacturing site in Ballingslöv, one in
    Great Britain and five in Denmark.  Other
   F-29




---



##### Table of Contents



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

2007


2008Ferry operationsOperations


1,267



781Impairment charges






(63
)Net gain on sale of vessels


146Total ferry operations


1,413



718DrillingOperations


1,389



2,388Total Drilling


1,389



2,388ShippingRoRo vessels


86



104Net gain on sale of vessels


100



33Total


186



137Crude oil tankers


109



135Impairment charges






(85
)Net gain on sale of vessels


7



170Total


116



220Other shipping


(13
)


16Total shipping


289



373PropertyOperations


1,041



1,163Net valuation on investment properties


397



(294
)Net gain on sale of properties


97



169Total property


1,535



1,038New BusinessesOperations


108



107Total New Businesses


108



107Other


(274
)


(252
)Income from operations


4,460



4,372      F-30




---



##### Table of Contents



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



2007


2008Ferry operations

EBITDA


2,420



1,782Depreciation and amortization


(1,007
)


(1,064
)Income from operations


1,413



718Drilling

EBITDA


1,882



3,404Depreciation and amortization


(493
)


(1,016
)Income from operations


1,389



2,388Shipping

EBITDA


426



660Depreciation and amortization


(137
)


(287
)Income from operations


289



373Property

EBITDA


1,535



1,038Depreciation and amortizationIncome from operations


1,535



1,038New Businesses

EBITDA


147



232Depreciation and amortization


(39
)


(125
)Income from operations


108



107Other

EBITDA


(270
)


(243
)Depreciation and amortization


(4
)


(9
)Income from operations


(274
)


(252
)Total

EBITDA


6,140



6,873Depreciation and amortization


(1,680
)


(2,501
)Income from operations


4,460



4,372   *
    
    EBITDA equals herein Income from
    operations before depreciation and amortization.  Depreciation and
    amortization by segment
  Year ended 31 DecemberSEK million



2007


2008Ferry operations


1,007



1,064Drilling


493



1,016Shipping:

RoRo vessels


105



107Crude oil tankers


18



167Other shipping


14



13Total shipping


137



287New Businesses


39



125Other


4



9Total


1,680



2,501  F-31




---



##### Table of Contents



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

2007


2008Vessels


1,389



2,096Equipment


157



232Buildings, land and ports


49



67Total tangible fixed assets


1,595



2,395Intangible assets


85



106Total


1,680



2,501     Investments in
    tangible fixed assets by segment
  Year ended 31 DecemberSEK million



2007


2008Ferry operations


1,240



2,880Drilling


5,179



4,777Shipping:

RoRo vessels


1,111



257Crude oil tankers


275



1,353Other shipping


6



1Total shipping


1,392



1.611Property


941



1,357New Businesses


176



408Other


15



9Total


8,943



11,042     Total assets by
    segment
  Year ended 31 DecemberSEK million



2007


2008Ferry operations


9,417



12,974Drilling


14,078



23,237Shipping

RoRo vessels


2,765



1,875Crude oil tankers


1,128



2,807Other shipping


234



170Total shipping


4,127



4,852Property


24,447



25,767New Businesses


3,682



6,911Other


25,773



23,628Total


81,524



97,369  F-32




---



##### Table of Contents



3  Segment
    Information  continued
  Geographic
    information
    Total
    income
  Year ended 31 DecemberSEK million

2007


2008Scandinavia


9,975



11,129Europe, other


6,405



7,169Other markets


2,192



4,003Shipping


3,830



4,171Total


22,402



26,472   Total
    assets
  As of 31 DecemberSEK million

2007


2008Scandinavia


31,580



35,431Europe, other


20,066



22,511Other markets


26,323



34,764Shipping operations


3,555



4,663Total


81,524



97,369    4  Sale
    of tangible fixed assets
  Year ended 31 DecemberSEK million



2007


2008Vessels

Cash proceeds from sale of vessels


793



686Net book value of vessels sold


(540
)


(483
)Net gain on sale of vessels


253



203Property

Cash proceeds from sale of properties


364



868Net book value of properties sold


(267
)


(699
)Net gain on sale of properties


97



169Total

Cash proceeds from sale of vessels, equipment and property


1,157



1,554Net book value of assets sold


(807
)


(1,182
)Total gain




350



372    F-33




---



##### Table of Contents



5  Administrative
    expenses
      Year ended 31 DecemberSEK million

2007


2008KPMGAudit fees


21



20Tax services


25



20Other audit related services


7



6Other auditorsAudit fees






2Tax services


14



11Other services


9



5Total


76



64    6  Investment
    in associated companies
             F-34




---



##### Table of Contents



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

2007


2008Opening balance


397



1,403Increase  reclassification to associated company


501Investments


738



406Revaluation


(61
)


(141
)Dividend


(12
)


(38
)Share of profit


(60
)


60Exchange differences


(11
)


(28
)Other movements


(89
)Reclassifications to subsidiaries






(730
)Closing balance


1,403



932       Country of














% InterestName

incorporation


Assets


Liabilities


Revenues


Profit /(loss)


held2007Midelfart Sonesson AB (publ)


Sweden



1,538



1,039



1,659



(322
)


22
%Gunnebo AB (publ)


Sweden



4,837



3,695



7,025



128



25
%MPP Mediatec Group
    AB1)


Sweden



845



577



316



(17
)


45
%Ballingslöv International AB (publ


Sweden



2,388



1,532



2,892



211



29
%   1)
  2008Midelfart Sonesson AB (publ)


Sweden



1,427



922



1,458



17



23
%Gunnebo AB (publ)


Sweden



5,262



4,189



6,903



115



25
%MPP Mediatec Group AB


Sweden



1,061



765



905



12



43
%    7  Result
    from securities and receivables accounted for as financial fixed
    assets
  Year ended 31 DecemberSEK million

2007


2008Dividends


112



109Realised result from sale of available for sale shares


550



(780
)Unrealized result from financial instruments


423



(1,372
)Interest income


173



175Exchange differences


(194
)


(122
)Total


1,064



(1,990
)    F-35




---



##### Table of Contents



7  Result
    from securities and receivables accounted for as financial fixed
    assets continued
    8  Other
    interest and similar profit/loss items
  Year ended 31 DecemberSEK million

2007


2008Dividends


98



177Realized result from sale of trading shares


106



(35
)Unrealized result from financial
    instruments1)


(128
)


(848
)Interest income from investments in SPEs


661



667Gain on termination of leases






1,025Other interest income


85



115Exchange differences


122



282Total


944



1,383   Stena DrillMAX Stena Traveller Stena Trader
    Year ended 31 DecemberSEK million

2007


2008Trading shares


(128
)


(623
)Ineffective share of bunker hedges






(225
)(128
)


(848
)    9  Interest
    expense and similar profit/loss items
  Year ended 31 DecemberSEK million

2007


2008Interest expenses from investments in SPEs


(416
)


(365
)Other interest expenses


(1,271
)


(1,815
)Unrealized result of valuation of interest swaps


(52
)


(81
)Amortization of deferred financing costs


(59
)


(83
)Bank charges


(20
)


(20
)Realized bunker costs, trading






(299
)Exchange differences


23



421Other financial items


(151
)


(65
)Total


(1,946
)


(2,307
)      F-36




---



##### Table of Contents



10  Income
    taxes
    Year ended 31 DecemberSEK million

2007


2008Sweden


897



733Rest of the world


3,564



645Total income before taxes


4,461



1,378Current:For the period, Sweden


(10
)


(29
)Adjustments previous years, Sweden


(1
)


(1
)For the period, Rest of the world


(277
)


(249
)Adjustments previous years, Rest of the world


137



26Total current tax


(151
)


(253
)Deferred:For the period, Sweden


(116
)


351For the period, Rest of the world


(294
)


323Adjustments previous years, Rest of the world


(71
)


(54
)Total deferred tax


(481
)


620Total income taxes


(632
)


367        Year ended 31 DecemberPercentage

2007


2008Statutory income tax rate


28



28Differences in foreign tax rates


(8
)


(22
)Taxes related to previous years


(1
)Losses not currently utilized


1



26Expenses not deductible


3



5Nontaxable income


(6
)


(29
)Utilization of tax loss carry forwards


(1
)Restructuring


(5
)


(30
)Other


3



(5
)Effective income tax rate


14



(27
)    F-37




---



##### Table of Contents



11  Intangible
    fixed assets
    OtherDistribution


Customer


IT


intangibleSEK million

Goodwill


Brands


agreements


relations


investments


assets


TotalAcquisition costsOpening balance as per 1 January, 2007


589















377



41



1,007Purchase of company


14























14Additions


















39







39Disposals


















(14
)






(14
)Translation differences


(1
)














1Closing balance as per 31 December, 2007


602















403



41



1,046Purchase of company (Note 32)


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



3,568Accumulated amortizationOpening balance as per 1 January, 2007


(71
)














(193
)


(21
)


(285
)Disposals


















14







14Current year amortization


















(72
)


(13
)


(85
)Closing balance as per 31 December, 2007


(71
)














(251
)


(34
)


(356
)Purchase of company (Note 32)






(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
)Net book value as per 31 December, 2007


531















152



7



690Net book value as per 31 December, 2008


1,512



842



489



8



184



3



3,038       SEK million

2007


2008New Businesses


511



1,273Ferry operations


20



239Total


531



1,512   F-38




---



##### Table of Contents



12  Vessels,
    Construction in progress and Equipment
    ConstructionSEK million

Vessels


in progress


Equipment


TotalAcquisition costsOpening balance as per 1 January, 2007


21,118



5,658



1,587



28,363Additions


1,461



6,329



252



8,042Disposals


(833
)






(126
)


(959
)Transfers


5,510



(5,636
)


140



14Translation differences


(566
)


(530
)


(37
)


(1,133
)Closing balance as per 31 December, 2007


26,690



5,821



1,816



34,327Additions


6,089



3,473



428



9,990Purchase of company (Note 32)


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



49,558Accumulated depreciationOpening balance as per 1 January, 2007


(10,746
)






(1,094
)


(11,840
)Disposals


293







117



410Translation differences


330







27



357Transfers


(23
)






23Current year depreciation


(1,201
)






(157
)


(1,358
)Closing balance as per 31 December, 2007


(11,347
)






(1,084
)


(12,431
)Disposals


495







64



559Purchase of company (Note 32)


(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
)Net book value as per 31 December, 2007


15,343



5,821



732



21,896Closing balance as per 31 December, 2008


24,391



7,555



1,373



33,319        F-39




---



##### 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, 2007






1,587



1,587Additions


22



230



252Disposals






(126
)


(126
)Transfers


118



22



140Translation differences






(37
)


(37
)Closing balance as per 31 December, 2007


140



1,676



1,816Additions






428



428Purchase of company (Note 32)






803



803Disposals






(71
)


(71
)Transfers






99



99Translation differences






211



211Closing balance as per 31 December, 2008


140



3,146



3,286Accumulated depreciationOpening balance as per 1 January, 2007






(1,094
)


(1,094
)Disposals






117



117Translation differences






27



27Transfers






23



23Current year depreciation


(7
)


(150
)


(157
)Closing balance as per 31 December, 2007


(7
)


(1,077
)


(1,084
)Disposals






64



64Purchase of company (Note 32)






(560
)


(560
)Transfers






7



7Translation differences






(108
)


(108
)Current year depreciation


(7
)


(225
)


(232
)Closing balance as per 31 December, 2008


(14
)


(1,899
)


(1,913
)Net book value as per 31 December, 2007


133



599



732Net book value as per 31 December, 2008


126



1,247



1,373   F-40




---



##### Table of Contents



13  Buildings
    and land together with Ports
  The movements during
    the year ended 31 December, 2007 and 2008 are as follows:
  BuildingsSEK million

and land


PortsAcquisition costsOpening balance as per 1 January, 2007


853



1,933Additions


49Disposals


(11
)Transfers


(118
)Translation differences


(20
)


(57
)Closing balance as per 31 December, 2007


753



1,876Additions


203



16Purchase of company (Note 32)


405Transfers


47Translation differences


63



(203
)Closing balance as per 31 December, 2008


1,471



1,689Accumulated depreciationOpening balance as per 1 January, 2007


(378
)


(778
)Disposals


2Translation differences


8



17Current year depreciation


(26
)


(23
)Closing balance as per 31 December, 2007


(394
)


(784
)Purchase of company (Note 32)


(102
)Translation differences


(51
)


87Transfers


(5
)Current year depreciation


(21
)


(46
)Closing balance as per 31 December, 2008


(573
)


(743
)Net book value as per 31 December, 2007


359



1,092Net book value as per 31 December, 2008


898



946        F-41




---



##### Table of Contents



14  Property
  As of 31 December,SEK million

2007


2008Opening balance at Fair value


21,325



22,555Additions


852



1,065Reclassification construction in progress


103



141Disposals


(267
)


(699
)Unrealized fair value adjustments


397



(294
)Exchange differences


145



552Closing balance at fair value


22,555



23,320   Investment
    Property  impact on the result
  As of 31 December,SEK million

2007


2008Rental Income


1,989



2,085Direct cost


(784
)


(739
)Total


1,205



1,346         Rate of return %Location

Residential


CommercialSweden


3.006.00



5.258.25Eurozon


n/a



6.0012.00          F-42




---



##### Table of Contents



15  Investment
    in SPEs
      The consolidation of
    the SPEs has had the following impact:
  Year ended 31 December,SEK million

2007


2008Financial income and expense


150



(43
)Minority interest


(16
)


8Net income


134



(35
)Investment in
    SPEs1)


9,251



9,973Short-term
    investments2)


178



1,290Other assets


360



240Total assets


9,789



11,503Retained earnings


1,113



574Net income


134



(35
)Total shareholders equity


1,247



539Minority interest


158



181Debt of
    SPEs3)


8,021



9,492Other debt


363



1,291Total liabilities


8,384



10,783Total shareholders equity and liabilities


9,789



11,503   As of 31 December,SEK million

2007


2008The investment in SPEs are classified as follows:Corporate Fixed Income Securities classified as available
    for sale and revalued in equity:


1,992



1,268Senior Bank Debt classified as held to maturity and
    kept at cost in the balance sheet


7,259



8,705Total


9,251



9,973   1)
    
    Investment in SPEs are recorded at
    market value with gains and losses recorded to profit and loss.
    Investments in other securities are recorded to market value
    with gains and losses recorded to shareholders equity. The
    corporate loans are recorded at cost in the balance sheet and
    tested for impairment at each reporting date. The market value
    of the corporate loans is SEK 3,488 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-43




---



##### Table of Contents



16  Marketable
    securities
  As of 31 December,SEK million

2007


2008Opening balance


5,802



7,674Additions


3,383



2,732Disposals


(1,746
)


(5,807
)Reclassification


(557
)


192Revaluation of financial assets through profit or loss


66



(1,474
)Revaluation of financial assets through shareholders equity


558



(1,146
)Translation differences


168



479Investment at the end of year


7,674



2,650   SEK million

2007


2008Marketable securities are classified as:Financial assets at fair value through the income statement


4,463



1,923Available-for-sale
    financial assets


3,211



727Total


7,674



2,650         SEK million

No. of shares


Book valueHeld by parent company:Bioinvent


2,240,000



33Vitrolife


110,000



3Total






36   F-44




---



##### Table of Contents



16  Marketable
    securities  continued
  SEK million

No. of shares


Book valueGeneral
    Maritime1)


1,252,988



217Meda


11,191,939



431Corral Finans AB FRN


488,594



281Statoil


1,301,151



166Schlumberger


420,000



139Sistema 28.01.11


200,000



110Outotec


1,025,247



122Q-cells


407,000



112Alfa Laval


1,415,000



96X5 Retail


1,395,486



94Songa 24.03.11


136,000



90Brightside GRP


25,789,473



63Vestas


136,300



61HSBC Growth Fund


834,388



60Sandvik


1,172,100



57Explorer Financial Fund


33,999



56Sberbank


10,150,000



55Comstar


1,695,102



41Technip


150,000



36SBM Offshore


307,317



31Jardine Strategic


470,000



30Eos Russia BTA


1,799,884



29Citigroup


500,000



27Remora


1,437,383



24Hexagon


561,813



21Carlsberg


80,000



20East Capital Explorer


450,000



18Renewable Energy


245,000



18Iofina


5,195,000



15Hafslund


160,000



13Black Earth Farming


700,000



13Dockwise


3,112,500



13Sistema


290,000



13Petrobas


34,000



7Alpcot


425,000



5M Video


540,000



4Other






26Total listed shares






2,650   1)
    
    At the end of 2008, there was
    limited trading in Arlington Tankers. Arlington Tankers was
    acquired by General Maritime in december 2008. This entailed
    that the holding has been valued, using the alternative method,
    on the basis of anticipated future cash flows. Previously
    recognised accumulated profit or loss is redistributed from
    equity to the income statement at the point in time at which the
    investments are removed from the balance sheet. F-45




---



##### Table of Contents



17  Other
    noncurrent assets
  Deferred


Other


Available for


DeferredSEK million

tax assets


receivables


sale shares


costs


TotalOpening balance as per 1 January, 2007


379



2,854



754



348



4,335Additions






928



1,165



225



2,318Disposals


(36
)


(203
)


(8
)


(13
)


(260
)Revaluation through the income statement






(206
)


(40
)






(246
)Reclassification


298



(1,184
)










(886
)Translation differences






152



25



(3
)


174Closing balance as per 31 December, 2007


641



2,341



1,896



557



5,435Additions


2



821



1,152



635



2,610Disposals


(2
)


(113
)


(119
)


(648
)


(882
)Revaluation through the income statement


337



(12
)


(31
)






294Reclassification


(527
)


(730
)










(1,257
)Translation differences






(780
)


319



32



(429
)Closing balance as per 31 December, 2008


451



1,527



3,217



576



5,771           Shares are specified
    as follows:
  SEK million

No. of shares or % held


Book valueHeld by parent company:Alligator


1,643,670



32Ram one


126,149



110Health Invest


504,510



36Total






178  F-46




---



##### Table of Contents



17  Other
    noncurrent assets  continued
  Shares are specified
    as follows:
  SEK million






No. of shares or % held

Book valueHeld by subsidiaries:SentoClone

Sweden





10%


120Örgryte Bostads AB & Co KB

Sweden








3Austen Maritime Services Pte Ltd

Singapore





50%Partrederiet SUST I DA

Norway





50%


48Partrederiet SUST III DA

Norway





50%


50Ugland Stena Storage A/S (USS)

Norway





50%Stena Ugland Shuttle Tankers

NorwayNordic Rio LLC

Marshall Islands





50%


21Stena Sonangol Suezmax pool LLC

Marshall Islands





50%Navion

Marshall Islands





50%


39ING DUTCH OFFICE FUNDS

Netherlands





5%


1,144Schiphol Real Estate CV

Netherlands





540


413China Opportunity Fund

China





11%


408EQT China

China





5%


45Tanker Ltd (SUST)

Cayman Islands





50%Chase Private Equity Fund

Cayman Islands





3,729,232


23ICE Canyon emerging market CLO

Cayman Islands





10%


37Southern Rock

Gibraltar





59,021


57Paradise

Liberia





35%


435Weavering Macro fixed income fund

Cayman Islands


nom


USD 10 million


85Glacia Limited

Bermuda





50%


68RoRo Partners Ltd

Bermuda





49%


9Caribbean partners

Bermuda








13Other










21Total non listed shares










3,217    18  Inventory
  As of 31 DecemberSEK million

2007


2008Bunker and lubricating oil


156



110Inventories of goods for sale


155



187Raw materials and consumables


99



226Products in progress


7



57Finished products


1



95Total


418



675   F-47




---



##### Table of Contents



19  Short-term
    receivables
  As of 31 DecemberSEK million

2007


2008Trade debtsOutstanding but not due


2,130



3,148Due up to 30 days


374



257Due more than 30 days


166



244Total


2,670



3,649Other receivablesRelated parties (Note 35)


279



144Other short-term receivables


2,918



3,388Total


3,197



3,532Prepaid expenses and accrued incomePrepaid expenses


240



769Accrued income


756



925Total


996



1,694Total short-term receivables


6,863



8,875       20  Short-term
    investments
  As of 31 DecemberSEK million

2007


2008Marketable debt and equity securities, trading


1,945



380Restricted cash


1,235



4,713Total


3,180



5,093         21  Cash
    and cash equivalents
  As of 31 DecemberSEK million

2007


2008Cash


604



1,206Short term deposits


104



225Total


708



1,431  F-48




---



##### Table of Contents



21  Cash
    and cash equivalents  continued
    22  Fixed
    assets held for sale
  Stena Discovery
  23  Deferred
    Tax Liabilities
    As of 31 DecemberSEK million

2007


2008Deferred tax liabilities:Tangible fixed assets


3,972



3,943Financial fixed assets


332



89Provisions


234



275Other


396



414Total deferred tax liabilities


4,934



4,721Deferred tax assets:Tangible fixed assets


626



123Tax loss carryforwards


817



1,956Financial fixed assets


73



276Provisions


484



288Less deferred tax assets not recognized


(552
)


(1,042
)Total deferred tax assets recognized


1,448



1,601Net deferred tax liability


3,486



3,120Out of which:Deferred tax assets (Note 17)


641



451Deferred tax liabilities


4,127



3,571      F-49




---



##### Table of Contents



23  Deferred
    Tax Liabilities  continued
    2007


2008Taxes on Profit before tax

Taxes charged to


Taxes charged


Total


Taxes charged to


Taxes charged


TotalSEK million

income statement


to equity


taxes


income statement


to equity


taxesCurrent taxes


(151
)






(151
)


(253
)






(253
)Deferred taxes


(481
)


63



(418
)


620



(254
)


366(632
)


63



(569
)


367



(254
)


113     As of 31 DecemberSEK million

2007


2008Sweden


1,290



2,724Rest of the world


1,847



8,457Total


3,137



11,181Most tax loss carryforwards can be carried forward indefinitely.Tax loss carryforwards of SEK 5,079 million expire between
    2009 and 2016.   24  Employee
    benefits
  Provisions for
    pensions and other provisions:
     F-50




---



##### Table of Contents



24  Employee
    benefits  continued
    Sweden


Great Britain


Other EuropeAssumptions applied for actuarial calculations %

2007


2008


2007


2008


2007


2008Discount rate


4.40



4.00



5.80



6.50



5.20



5.80Expected return on plan assets










7.50



7.50



5.80



5.10Expected salary increases


3.00



3.00



4.30



3.75



3.50



3.50   Pension costsSEK million

2007


2008Current service costs


62



57Interest costs


719



673Expected return on plan assets


(719
)


(690
)Actuarial gains and losses


(1
)


(1
)Total pension costs for defined benefit plans


61



39Pension costs for defined contribution plans


319



322Total pension costs


380



361   Obligations for pensions, netSEK million

Sweden


Great Britain


Other Europe


TotalObligations, 31 December 2006


88



2,083



(22
)


2,149Impact of Transition to IFRS


(24
)


(408
)


21



(411
)Obligations, 1 January 2007


64



1,675



(1
)


1,738Current service costs


7



49



6



62Interest costs


12



701



6



719Expected return on plan assets


(12
)


(700
)


(7
)


(719
)Actuarial gains and losses


(1
)










(1
)Exchange differences






(106
)


(2
)


(108
)Payment of pension fees from the company


(11
)


(269
)


2



(278
)Benefits payed


(4
)






(5
)


(9
)Other provisions










1



1Obligations for pensions, net, 31 December, 2007


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 payed


(4
)










(4
)Business combinations


55



36







91Other provisions






11







11Obligations for pensions, net, 31 December, 2008


102



1,021



(2
)


1,121   F-51




---



##### Table of Contents



24  Employee
    benefits  continued
  Provision for pensions, netSEK million

Sweden


Great Britain


Other Europe


TotalNet provisions for pensions, 1 January, 2007


64



1,675



(1
)


1,738Current value of funded obligations


307



11,020



147



11,474Fair value of plan assets


(227
)


(10,144
)


(134
)


(10,505
)Provisions, net


80



876



13



969Unrecognized actuarial gains and losses


(26
)


475



(13
)


436Net provisions for pensions, 31 December, 2007


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 for pensions


235



871



(16
)


1,090Unrecognized acturial gains and losses


(133
)


150



14



31Net provisions for pensions, 31 December, 2008


102



1,021



(2
)


1,121whereof reported asOther non-current assets


(116
)


(28
)


(2
)


(146
)Provisions for pensions


218



1,049







1,267   25  Other
    Provisions
   As of 31 DecemberSEK million

2007


2008Opening balance


1,668



2,713Additions


964



387Disposals






(1,284
)Exchange differences


81



213Closing balance


2,713



2,029   Stena Carron Stena Forth
  Stena DrillMAX Stena Traveller Stena Trader
  26  Bank
    debt
  2007


2007


2007


2008


2008


2008SEK million

Current


Noncurrent


Total


Current


Noncurrent


TotalProperty loans


150



12,855



13,005



327



13,159



13,486Other loans


614



5,840



6,454



660



15,383



16,043Revolving credit facilities






4,400



4,400







5,843



5,843Other utilized bank credit lines


221



217



438



402



286



688Total


985



23,312



24,297



1,389



34,671



36,060       F-52




---



##### Table of Contents



26  Bank
    debt  continued
  As of 31 DecemberSEK million

2007


2008SEK


11,474



12,534GBP


952



771USD


7,997



15,784EUR


3,874



6,016Other currencies






955Total


24,297



36,060     27  Senior
    notes
              Carrying amountFair value


SEK millionIssued-Maturity







As of 31 December


As of 31 December(million)

Nominal


Interest


2007


2008


2007


20082003  2013


USD 175



7,50
%


USD 168



USD 101



1,103



1,2062004  2016


USD 250



7,00
%


USD 165



USD 82



1,108



1,0142007  2017


EUR 300



6,125
%


EUR 257



EUR 124



2,807



3,2852007  2019


EUR 102



5,875
%


EUR 82



EUR 36



955



1,117Total


















5,973



6,622    28  Leases
  Company as
    lessee:
   F-53




---



##### Table of Contents



28  Leases  continued
    Year ended 31 DecemberSEK million

2007


2008Rental expense


2,991



2,863       Operating


CapitalSEK million

leases


leases2008


2,616



1542009


1,584



1552010


1,046



5562011


743



1162012


710



2782013 and thereafter


2,969



1,202Total minimum lease commitments


9,668



2,461     Operating


CapitalSEK million

leases


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   Company as
    lessor:
    2007


2008Accumulated


Net book





Accumulated


Net bookSEK million

Cost


depreciation


value


Cost


depreciation


valueVessels


13,800



(4,312
)


9,488



24,151



(6,552
)


17,599Real estate


22,555







22,555



23,320







23,320Total


36,355



(4,312
)


32,043



47,471



(6,552
)


40,919  F-54




---



##### Table of Contents



28  Leases  continued
    SEK million

Vessels


Real estate


Total2008


4,421



623



5,0442009


3,289



550



3,8392010


898



403



1,3012011


365



268



6332012


308



169



4772013 and thereafter


253



190



443Total minimum lease rentals


9,534



2,203



11,737     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   Stena Forth
    29  Other
    noncurrent liabilities
  As of 31 DecemberSEK million

2007


2008Prepaid income


93



103Other liabilities


793



2,551Total


886



2,654   Stena Forth Stena Carron Stena
    Forth
    1-3


3-5


More thanSEK million

years


years


5 years


TotalPrepaid income


8



35



60



103Other liabilities


2,492



8



51



2,551Total


2,500



43



111



2,654  F-55




---



##### Table of Contents



30  Accrued
    costs and prepaid income
  As of 31 DecemberSEK million

2007


2008Accrued costsCharter hire/running costs


9



7Interest costs


821



605Accrued personnel costs


342



252Other accrued costs


1,647



1,2112,819



2,075Prepaid incomePrepaid charter hire


(4
)


184Other prepaid income


542



585538



769Total accrued costs and prepaid income


3,357



2,844    31  Pledged
    assets, commitments and contingent liabilities
  Pledged
    assets
    As of 31 DecemberSEK million

2007


2008Shares in subsidiaries


576



1,897Mortgages on vessels


13,839



21,722Mortgages on properties


14,336



15,376Chattel mortgages


210



463Investment in affiliated companies


1,188



752Marketable securities


173



700Trade debtors


322



391Short term investments


2,063



1,343Reservation of title


52



52Assets pledged, other






795Total assets pledged for normal bank debt


32,759



43,391Investment in SPEs


9,251



9,973Total assets pledged for bank debt


42,010



53,464Normal bank debt and capitalized lease obligations


26,781



38,186Debt in SPEs


8,021



9,492Total bank debt and capitalized lease obligations


34,802



47,678     Commitments
     F-56




---



##### Table of Contents



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

2007


2008Guarantees


1,361



752Other contingent liabilities


332



2,306Total


1,693



3,058     32  Consolidated
    statements of cash flows
  Purchase of
    subsidiaries
  Ballingslöv:
        Sembo:
   F-57




---



##### Table of Contents



32  Consolidated
    statements of cash flows  continued
  Steneo AB (HH
    Ferries):
        Adjustment to


AdjustedSEK million

Book value


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


2008Interest


2,327



2,594   33  Financial
    instruments and risk management
     F-58




---



##### Table of Contents



33  Financial
    instruments and risk
    management  continued
              Credit
    risks
        31 December 2007


31 December 2008Notional


Credit


Notional


CreditSEK million

amount


risk


amount


riskCurrency forward contracts


15,221



184



29,472



536Currency options






59Interest rate swaps


9,146







8,722Interest rate options


4,239



103



4,048



5Commodity fixed price swaps  oil


895



420



1,764Commodity options  oil






356Forward freight agreements


19



2



45Total


29,520



1,124



44,050



541   Interest rate
    risk management
   F-59




---



##### Table of Contents



33  Financial
    instruments and risk
    management  continued
    As of
    31 December, 2007
  Type of

Notional amounts






Option

Length ofinstrument

Currency

SEK million


Receive rate, %

Pay rate, %

bought/sold

contractswap

SEK


1,400


4.45  4.48

3.23  3.63



November 2015cap

SEK


3,500


3m Stibor

4

bought

November 2011swap

EUR


267


6m Euribor

6m Euribor+1.68



September 2008swap

EUR


98


5.52

6m Euribor+1.19



December 2012swap

EUR


348


6m Euribor

3.83  3.92



January 2013cap

EUR


267


6m Euribor

strike 5.50

bought

September 2008cap

EUR


378


3.25

6m Euribor

bought

October 2010cap

EUR


95


6m Euribor

3.25

bought

March 2010swap

GBP


563


3m Libor

6.03



January 2011swap

GBP


418


3m Libor

3m Libor (0.14)



May 2028swap

EUR


2,835


6.13

3.5+(index)(1)



February 2023swap

USD


1,609


7

4.75+(BMA)(2)



December 2016swap

USD


1,609


3m Libor

2.83-3.09



September 2008Total




13,387   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
    rate(3)



june 2013cap

SEK


3,500


3m Stibor

4

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

4,75+(BMA)(2)



December 2016Total




12,769    (1)
    
    index= Index return based on
    i) 12 versus 15m forward of 3 months USD Libor
    interest rate ii) 2 year vs 5 y EUR swap rate
    differential and iii) 10y GBP vs 6 months CHF interest
    rate differential. This swap was closed in March 2008.(2)
    
    BMA= Index return based on the
    interest rate differential between USD Libor and US Municipality
    bonds.(3)
    
    Consists of two swaps which results
    in net transaction whereby Stena pays a fixed real rate in GBP.
    The swap was closed in January 2009. F-60




---



##### Table of Contents



33  Financial
    instruments and risk
    management  continued
       As of
    31 December, 2008:
  Amount






Length ofCurrency

(SEK in millions)


Receive rate %

Pay rate %

contractswap

USD


859


6m Libor

4.85

November 2010cap

USD


457




Strike 10

November 2012swap

USD


312


3m Libor

5.03

October 2015cap

USD


289




Strike 7

December 2015   Foreign currency
    risk management
          Outstanding
    currency hedge contracts for translation exposure 
    net positions
  2007


2007


2008


2008SEK million

bought


sold


bought


soldUSD






226







3,000EUR


7,409







8,062GBP






1,078







1,554DKK






961







171NOK






1,518







294SEK






3,476







2,962JPY














15Other






150







66Total


7,409



7,409



8,062



8,062  F-61




---



##### Table of Contents



33  Financial
    instruments and risk
    management  continued
  Outstanding
    currency hedge contracts for transaction exposure 
    net positions
  2007


2007


2008


2008SEK million

bought


sold


bought


soldUSD






161



2,323EUR






38







957GBP






57







979NOK


162







70SEK


118











336Other






24







121Total


280



280



2,393



2,393   Bunker fuel risk
    management
    Outstanding hedge
    contracts for bunker fuel exposure
  2007


2008SEK million

Notional amount


Notional amountFixed price swaps (Bought fixed, sold floating)


895



1,833Bought call options


3,783



2,631Bought put options


232



141Sold call options


1,928



1,245Sold put options


3,514



1,019   Freight rate
    management
      2007


2007


2008


2008Notional


Credit


Notional


CreditSEK million

amount


risk


amount


riskOTC traded swaps


19



2



45   Trading
    activities
   F-62




---



##### Table of Contents



33  Financial
    instruments and risk
    management  continued
    2007


2007


2008


2008Net


Notional


Net


NotionalSEK million

gain/(loss)


amount


gain/(loss)


amountForeign exchange spot and forwards


11



1,083



83



319Currency options (net of bought and sold)


8



615



10



(56
)Interest rate instruments


(5
)






(1
)Total trading


14



1,698



92



263   Fair value of
    financial instruments
    2007


2008Carrying


Fair


Carrying


FairSEK million

value


value


value


valueLiabilitiesSenior notes


6,012



5,354



6,622



3,183Derivative financial instrumentsHeld for trading purposesInterest rate derivativesCurrency derivatives










5



5Commodity derivatives










(222
)


(222
)Held for purposes other than trading:Interest rate risk management


44



44



(403
)


(403
)Foreign currency risk management


242



242



752



752Bunker fuel risk management






776



(668
)


(668
)   Share price
    risk
    Liquidity
    risks
   F-63




---



##### Table of Contents



33  Financial
    instruments and risk
    management  continued
      Less than


Between 1


Between 2


More thanAs per 31 december 2008

1 year


and 2 years


and 5 years


5 years


Not specifiedProperty loans


327



568



1,548



11,043Other bankloans


660



2,272



3,107



10,003



287Revolving Credit Facility


















5,843Other credit facilities


402Financial leasing debt


135



615



410



966Trade accounts payable


1,220        F-64




---



##### Table of Contents



34  Personnel
    2007


2008No. of





No. ofTotal


females


Total


femalesParent Company:Board, CEO, Executive vice president


2







2Other employees


22



11



25



13Subsidiaries in Sweden


4,106



1,762



4,460



1,879Total Sweden


4,130



1,773



4,487



1,892Subsidiaries outside of Sweden:Great Britain


1,684



474



1,764



502The Netherlands


732



117



759



118Denmark


182



112



585



237Ireland


90



33



82



31Norway


91



57



92



41Poland


59



39



62



41Switzerland


6



1



7



1Spain


152



34



150



25Portugal


12



3



12



3France


4



1



8



3Luxembourg


7



1



13



2Russia


3



1



2



1China


71



16



86



17Singapore


18



4



40



12Korea


43



10



75



8United States


26



7



29



7India


81



47



89



35United Arab Emirates


26



5



48



8Other


8



1



6



3Ship borne employees


1,094



11



1,345



3Total outside of Sweden


4,389



974



5,254



1,098Total group


8,519



2,747



9,741



2,990    F-65




---



##### Table of Contents



34  Personnel  continued
    2007


2008Board


Other





Board


OtherSEK million

and CEO


employees


Total


and CEO


employees


TotalParent company


8



29



37



8



35



43Subsidiaries in Sweden


41



1,145



1,186



49



1,315



1,364Total Sweden


49



1,174



1,223



57



1,350



1,407Subsidiaries outside of Sweden:Great Britain


17



650



667



28



724



752The Netherlands


5



262



267



5



269



274Denmark


2



78



80



7



229



236Ireland






36



36







37



37Norway


1



56



57



1



53



54Poland


1



10



11



1



12



13Switzerland


6



2



8



7



2



9Spain


2



45



47



2



48



50Portugal






2



2







3



3France






3



3







4



4Luxembourg


4



8



12



4



18



22Russia






1



1







3



3China


2



12



14



3



14



17Singapore


1



3



4



4



14



18Korea


1



11



12



2



22



24United States


3



22



25



6



31



37India






5



5



1



4



5United Arab Emirates


7







7



3



19



22Other






5



5







3



3Ship borne employees






672



672







784



784Total outside of Sweden


52



1,883



1,935



74



2,293



2,367Total group


101



3,057



3,158



131



3,643



3,774   2007


2008Total personnel costs

Parent








ParentSEK million

company


Subsidiaries


Total


company


Subsidiaries


TotalWages, salaries and other remuneration


37



3,121



3,158



43



3,731



3,774Pension costs


12



307



319



13



309



322Other social charges


14



402



416



16



455



471Total


63



3,830



3,893



72



4,495



4,567    F-66




---



##### Table of Contents



34  Personnel  continued
  Remuneration of
    Chief Executives
          35  Related
    Party Transactions
    Concordia
      Sessan
  Stena Sirita 10-year Stena Spirit
 F-67




---



##### Table of Contents



35  Related
    Party Transactions  continued
  15-year
    Stena Jutlandica
    Stena
    Metall
    Stena Carrier Mont
    Ventoux
  Stena Nordica, Stena Carrier, Stena Freighter Stena Mont Venoux
      Olsson
    Family
        36  Reporting
    in accordance with IFRS as from 2008
   F-68




---



##### Table of Contents



36  Reporting
    in accordance with IFRS as from
    2008  continued
          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  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
   F-69




---



##### Table of Contents



36  Reporting
    in accordance with IFRS as from
    2008  continued
    Properties
    Net gain sale of
    assets
    Cumulative
    translation differences
    Definition of
    liquid funds in the consolidated cash flow statements
   F-70




---



##### Table of Contents



36  Reporting
    in accordance with IFRS as from
    2008  continued
  Restated
    Consolidated Balance sheets
  Swedish








SwedishGAAP





IFRS


GAAP





IFRS1 January,


IFRS


1 January,


31 December,


IFRS


31 December,SEK million

Note


2007


adjustments


2007


2007


adjustments


2007AssetsIntangible 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



48,814   F-71




---



##### Table of Contents



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








SwedishGAAP





IFRS


GAAP





IFRS1 January,


IFRS


1 January,


31 December,


IFRS


31 December,SEK million

Note


2007


adjustments


2007


2007


adjustments


2007Short-term debt






642







642



985







985Senior 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
  Swedish31 December,





IFRSSEK million

Note


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
)


21



0Income 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. F-72




---



##### Table of Contents



36  Reporting
    in accordance with IFRS as from
    2008  continued
   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.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-73




---



##### Table of Contents



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




---



##### Table of Contents



Schedule II
  Stena AB and
    Consolidated Subsidiaries
    Valuation and Qualifying Accounts
    Years ended December 31, 2007 and 2008
  Balance at







Balance atBeginning



Companies



EndDescription

of Year

Additions

acquired

Deductions

of Year(SEK in thousands)Allowance for Doubtful Accounts:December 31, 2007


46,418



2,760







(10,561
)


38,617December 31, 2008


38,617



41,681



17,839



(6,964
)


91,173      S-2




---



##### Table of Contents



Schedule III
  Stena AB and
    Consolidated Subsidiaries
    Property Cost and Accumulated Depreciation
    December 31, 2008
 (SEK in millions)
  Note:
    As of 31 DecemberSEK million

2007


2008Opening balance at fair value


21,325



22,555Additions


852



1,065Reclassification construction in progress


103



141Disposals


(267
)


(699
)Unrealized fair value adjustments


397



(294
)Exchange differences


145



552Closing balance at fair value


22,555



23,320  S-3




---



##### Table of Contents



Stena AB and
    Consolidated Subsidiaries
    Property and Accumulated Depreciation
    December 31, 2008
  Market

Initial cost

Costs



Accumulated

Net bookDescription

Encumbrances

Value

to company

capitalised

Total

Depreciation

valueProperty data

(Mortgages)TSEK

(1)TSEK

TSEK

TSEK

TSEK

TSEK

TSEKSFAB, enclosure no 1


3,273,860



5,469,500SFNAB, enclosure no 2


716,211



1,135,700SFSAB, enclosure no 3


1,114,085



2,580,700SFHKB, enclosure no 4


369,250



793,800SFFAB group, enclosure no 5


5,442,297



9,723,200Total Stena Fastigheter group


10,915,703



19,702,900SRBV, enclosure no 6


2,666,506



2,562,058SPBV, enclosure no 7


872,173



1,452,005Total Stena Realty group


3,538,679



4,014,064Assets under construction






(397,000
)Total real estate


14,454,381



23,319,964Stena Line, enclosure no 8


83,121







596,682



161,545



758,227



(432,148
)


326,079Adactum, enclosure no 9


201,351







152,043



453,529



605,572



(119,826
)


485,746NMM, Glasgow


8,996







46,718



5,746



52,464



(10,914
)


41,550Stena Drilling, Aberdeen










6,460



29,775



36,235



(10,011
)


26,224Stena UK, London










598



184



782



(180
)


602Scan-Port, Germany










15,726



2,495



18,221



0



18,221Total buildings and land


293,468







818,227



653,274



1,471,501



(573,079
)


898,422Total


14,747,849



23,319,964



818,227



653,274



1,471,501



(573,079
)


898,422




---



##### Table of Contents



Property and
    Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEKTSEKJärnbrott 126:4


33,699



62,200



1961



01/01/81Kallebäck 7:8


10,505



13,000



1964



01/01/81Kallebäck 12:4


9,000



23,100



1960



31/12/83P-huset på Masthugget 712:30


0



25,200Stampen 26:2


97,500



150,900



1988



01/01/94Järnbrott 164:22


39,000



51,300



1966



01/02/94Sannegården 15:4


9,759



59,100



1973



01/01/83Sannegården 15:5


18,750



42,300



1973



01/01/83Sannegården 22:19


3,115



25,000



1973



01/01/83Partille 3:234-5


0



200







01/01/83Askim 229:2


120,000



247,700



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



24,600



1963



01/08/83Kallebäck 4:1


36,950



57,100



1963



01/08/83Kobbegården 257:3


45,000



64,600



1970



01/08/81Kobbegården 257:1


60,000



84,500



1970



01/08/81Kobbegården 257:2


45,000



57,400



1970



01/08/81Kobbegården 151:2


60Lerum Hallegården 1:246


0



700Askim 70:2


27,181



165,200



1968



01/08/81Askim 70:3


48,195



3,100



1968



01/08/81Kobbegården 6:139


0



22,700



1974



01/03/86Gullbergsvass 5:121


78,000



106,700



1988



01/04/94Kobbegården 6:3


195,000



273,200



1970



12/97Helsingör 10


39,500



79,100



1964



01/05/81Kockum 20


8,996



35,600



1960



01/05/81Kockum 21/22


23,700



41,800



1962



01/01/82Bilden 10


21,000



21,800



1963



04/84Almen 20


24,375



41,200



1966



05/81Frans Suell 14


135,000



252,900



1906/36



02/91Solbacken 22


10,475



8,500



1964



05/92Pilåkern 1


83,700



195,500



1959



05/81Pilåkern 2


0



400



1960/70



05/81Almen 16


5,400



20,900



1961



05/81Leonard 1


194,000



285,100



1970



11/00Abel 14


80,000



188,100



1973



11/00Abel 15


45,000



0



1973



11/00Korpen 39


0



17,600



1960/70



01/99




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEKTSEKLaboratorn 4


16,800



37,600



1960/70



01/99Professorn 12


11,900



20,900



1960/70



01/99Hilleröd 12


5,250



35,800



1962



01/81Nyborg 22


32,000



79,300



1968



08/82Solbacken 13


0



11,900



1965



06/86Hymnen 1


22,400



46,400



1960/70



05/94Kantaten 1


42,000



81,700



1960/70



05/94Kantaten 2


33,600



75,800



1960/70



05/94Kantaten 3


37,800



86,100



1960/70



05/94Kantaten 6


27,300



52,800



1960/70



05/94Monbijou 18


50,000



87,800Bjärred 40:22


11,900



14,000Bjärred 9:6, 9:9-10


55,700



63,900Karstorp 22:19


0



2,700Karstorp 22:31


0



2,700Lomma 28:46


23,000



28,900Lomma 30:55


5,200



7,200Lomma 35:61


5,300



7,100Vinstorp 26:50-52


24,500



30,100Vinstorp 28:29, 33:1


24,400



31,500Docenten 6


13,500



28,300



1960/70



01/97Laboratorn 2


20,700



43,100



1960/70



01/97Professorn 9


19,400



39,000



1960/70



01/97Professorn 11


21,800



41,200



1960/70



01/97Laboratorn 3


21,800



46,400



1960/70



01/97Altona 20 & 21


113,000



153,500



1966



09/98Pontus 20


97,225



159,500



1935



04/01Luggude 8


20,000



36,800



1967



04/01Hämplingen 15


12,750



24,700



1964



04/01Utanverket 13


48,750



77,100



1958



04/01Kolga 6


55,000



85,400



1935



04/01Ryttmästaren 17


0



55,500



1970



02/04Fältspaten 1


60,000



113,500



1982



02/04Hjälten 3


124,000



150,100







2005Hjälmen 3


81,200



79,600







2005Gropen 2


26,400



40,700







2005Grottan 16


14,400



25,500







2005Gnistan 13


12,800



24,900







2005




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEKTSEKGästgivaren 3


11,200



19,300







2005Gårdsten 58:1


246,400



287,400







2006Tynnered 13:2


225,000



289,200







2006Gårda 19:7


0



101,300Property general


43,000Total SFAB


3,273,860



5,469,500




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Property and
    Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEKTSEKErstavik 26: 8


20,800



31,600



1971-75



12/96Erstavik 26: 9


21,078



28,700



1971-75



12/96Erstavik 26: 10


20,500



28,200



1971-75



12/96Erstavik 26: 11


47,500



77,300



1971-75



12/96Erstavik 26: 12


44,900



74,400



1971-75



12/96Erstavik 26: 13


42,100



67,900



1971-75



12/96Erstavik 26: 14


37,200



60,200



1971-75



12/96Erstavik 26: 15


36,208



58,100



1971-75



12/96Erstavik 26: 16


36,700



59,600



1971-75



12/96Erstavik 26: 17


36,800



58,700



1971-75



12/96Erstavik 26: 18


41,200



65,900



1971-75



12/96Erstavik 26: 20


7,000



11,400



1971-75



12/96Erstavik 26: 28


14,700



15,200



1971-75



12/96Erstavik 26: 29


15,225



27,400



1971-75



12/96Erstavik 26: 30


14,800



22,100



1971-75



12/96Erstavik 26:109


40,600



65,800



1971-75



12/96Erstavik 26:110


40,800



61,700



1971-75



12/96Erstavik 26:111


37,600



59,700



1971-75



12/96Erstavik 26:113


38,900



60,900



1971-75



12/96Erstavik 26:115


38,900



63,400



1971-75



12/96Erstavik 26:117


41,500



64,800



1971-75



12/96Erstavik 26:118


41,200



65,800



1971-75



12/96Erstavik 26:434


0



6,900



1971-75



12/96TOTAL SFNAB


716,211



1,135,700




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEKTSEKBlackebergs Gård 1


41,475



43,300



1902



04/00Ruddammen 30


0



97,400Ruddammen 31 (projekt)


0



1,000Hägern Större 16


244,140



511,000



1990



04/00Tempelriddareorden 1


17,500



40,000



1964



12/01Tempelriddareorden 2


12,110



27,600



1964



12/01Tempelriddareorden 3


32,900



76,100



1964



12/01Tempelriddareorden 4


26,600



61,400



1964



12/01Tempelriddareorden 6


12,950



26,100



1964



12/01Tempelriddareorden 7


32,900



77,500



1964



12/01Tempelriddareorden 8


16,450



33,900



1964



12/01Tempelriddareorden 9


19,950



52,100



1964



12/01Söderbymalm 3:468


177,910



252,000







12/02Gröna rutan 1


1,750



300



1964



12/01Skansen 18


0



685,700



1970



09/05Ekebo 8:2-5, 8:8, Vilunda 6:39


293,700



352,100Eksätra 1


43,125



55,400Eksätra 2


26,250



35,100Högsätra 9


30,750



45,500Jungruholmen 2


70,500



88,900Björksätra 1


13,125



18,300TOTAL SFSAB


1,114,085



2,580,700




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEKTSEKHaninge Söderbymalm 6:9


15,000



29,800



1955



07/01Haninge Söderbymalm 6:10


28,000



54,300



1956



07/01Haninge Söderbymalm 3:328


9,000



22,300



1956



07/01Haninge Söderbymalm 3:329


10,000



24,000



1956



07/01Haninge Söderbymalm 3:333


9,000



17,600



1957



07/01Haninge Söderbymalm 3:372


9,000



25,900



1964



07/01Haninge Söderbymalm 3:337


49,250



113,000



1964



07/01Haninge Söderbymalm 9:1


29,000



64,200



1964



07/01Haninge Söderbymalm 9:2


26,000



63,100



1964



07/01Haninge Söderbymalm 6:13


10,500



28,300



1964



07/01Haninge Söderbymalm 6:14


33,750



62,100



1964



07/01Haninge Söderbymalm 6:15


18,250



35,900



1962



07/01Haninge Söderbymalm 6:16


6,000



17,100



1962



07/01Haninge Söderbymalm 7:16


56,500



111,600



1963



07/01Haninge Söderbymalm 3:395


14,750



29,600



1967



07/01Haninge Söderbymalm 3:476


45,250



95,000



1985



07/01Totalt SFHKB


369,250



793,800




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEK

TSEKHöken 56, 57, Malmö


78,370



145,100



1984



2004Jerusalem 69, 70 Malmö


38,250



60,300



1966



2004Möllebacken 23, Malmö


81,106



174,200



1983



2004Stralsund 33, Malmö


90,102



217,400



1974



2004Björnen 4, Malmö


25,715



42,000



1986



2004Gabriel 9, Malmö


74,573



145,500



1985



2004Mården 3, Malmö


56,361



116,300



1988



2004Axel 33, Malmö


163,307



400,100



1988



2004Bornholm 6, Malmö


77,337



151,600



1975



2004Granen 14, Malmö


28,293



50,600



1979



2004Fretten 11, 13 Malmö


88,167



178,700



1979



2004Nötskrikan 17, Malmö


43,669



83,600



1900



2004Jägaren 1, Nöbb. 2:15


0



15,900



1980



2004Jägaren 2-3


250,000



174,500



1973



2004Villebrådet 1


0



79,100



1973



2,004Kilen 18, Lund


0



177,000



1990



2004Kilen 19, Lund


66,385



90,300



1992



2004Cedern 17


92,240



68,300



1970



2004Danzig 22


15,975



25,500



1961



2004Elefanten 41


91,948



133,000



1989



2004Hermodsdal 2


21,675



42,500



1963



2004Lars 4


14,790



22,800



1958



2004Mjödet 11


75,225



111,600



1968



2004Stacken 11


21,420



40,400



1960



2004Vårdkasen 2


11,050



17,400



1968



2004Hörby Häggenäs 9:62


0



200



Other



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


80,750



261,400



1960



2004Gårdsten 62:17


153,800



226,700Järnbrott 117:5-6


282,200



423,400



1962



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


70,550



118,100



1958



2004Kortedala 105:5


41,752



47,900



1957



2004Kortedala 105:3 mfl


157,998



226,600



1956



2004Johanneberg 39:15


140,269



205,500



1981



2004Backa 7:12 mfl


142,450



211,000



1965



2004Backa 886:694-695


0



0



Other



2004Tynnered 27:9


557,600



813,300



1967



2004Prästhult 1:6


87,872



200



Land



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


183,600



292,000



1960



2004Jursta 3:5 och Jursta 3:6


0



30,800



Other



2004




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEK

TSEKJursta 3:6


0



0



Other



2004Kungsängen 7:6, Uppsala


32,400



61,700



1961



2004Luthagen 80:1, Uppsala


125,600



252,100



1991



2004Kvarngärdet 15:1, Uppsala


204,000



33,600



1963



2,004Kvarngärdet 16:1, Uppsala


0



122,200



1963



2,004Kvarngärdet 16:2, Uppsala


0



0



1963



2,004Kvarngärdet 17:1, Uppsala


0



108,700



1963



2,004Kvarngärdet 17:2, Uppsala


0



0



1963



2,004Kvarngärdet 18:1, Uppsala


0



44,600



1963



2,004Kvarngärdet 18:2, Uppsala


0



73,200



1963



2,004Kvarngärdet 19:1, Uppsala


0



48,300



1963



2,004Kvarngärdet 19:2, Uppsala


0



0



1963



2,004Kvarngärdet 19:3, Uppsala


0



0



1963



2,004Brahehus 1, Malmö


59,450



127,100



1957



2004Holmen 1, Malmö


116,564



198,300



1982



2004Martallen 25, Sthlm


8,466



13,400



1931



2004Martallen 26, Sthlm


7,826



10,200



1932



2005Källsmora 1:92 (ryttarfastighet)


0



400



1929



2004Wahrenberg 11


155,200



283,800



1939



2004Sjukhuset 3


222,510



366,600



1950



2004Tornet 10


81,940



81,600



1969



2004Tornet 11


0



19,200



1969



2004Tornet 12


0



50,200



1969



2004Vale 9


12,000



25,500



1961



2004Odinslund 6


70,000



102,000



1925



2004Dalkarlshugget 2


127,500



283,500



1967



2004Rosenbrödet 1


0



50,400



1963



2004Smörrutan 1


26,500



75,100



1964



2004Wienerbrödet 1


79,500



142,500



1907



2004Wienerkransen 3, 4


52,105



140,500



1889



2004Wienerkransen 1


0



40,300



1888



2004Stativet 4


138,000



232,800



1942



2004Jakobsberg 2:1164


36,000



44,400



1989



2004Järvakrogen 2


9,500



13,300



Other



2004Sikreno 8


6,205



6,600



1924



2004Stockshem 10


0



89,500



1903



2004Täckeråker 1:8, 1:9, 2:11


85



0



1991



2004Täckeråker 2:11, 2:14


36



2,600



Other



2004




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEK

TSEKPylonen 1


0



38,100



1972



2004Tornet 1


0



37,100



1972



2004Sfären 1-9, Solna


235,000



340,800



1938



2004Tvålflingan 5


0



72,000



1973



2004Tvålflingan 9


0



147,000Autopiloten 5,9, Stockholm


21,996



20,800



Other



2004Stockhem 11


76,415



77,800



Other



2004Wahrenberg 9


83,500



133,600



Other



2004Wahrenberg 10


49,200



81,000



Other



2004Sicklaön 360:7


0



10,000Total SFFAB


5,442,297



9,723,200




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEK

TSEKArchimedeslaan


77,966



122,235



1996



03/06Atoomweg


78,416



101,405



1979



07/02Brain Park 30


45,489



64,618



1988



05/04Brain Park 80


13,756



30,740



1989



11/89Brain Park 120


19,036



41,728



1989



11/89Breguetlaan


30,706



41,034



1992



04/06Cessnalaan


37,641



55,581



1997



01/006Eisenhowerlaan


28,284



41,293



1979



01/02Haspelslaan


57,488



74,225



1986



07/01Ottho Heldringstraat


0



0



1990



01/90Hogehilweg 6


46,906



60,081



1986



07/06Keizersgracht


16,641



88,658



1750



10/88Kiotoweg


49,451



69,760



2002



08/02Koninginnegracht 10


30,315



53,432



1984



06/98Koninginnegracht 12


41,466



47,305



1984



06/98Koninginnegracht 13


18,381



43,907



1990



12/97Koninginnegracht 14


38,325



55,287



1994



09/01Koninginnegracht 23


30,846



43,361



1971



01/02Lichtenauerlaan


39,649



60,380



1997



03/04Max Euwelaan


46,408



61,621



1988



05/04Markthalle


55,987



56,357



1987



12/87Nacap


27,861



42,961



1989



07/89Nacap01


91,098



106,167



1989



11/05New York, Lijnden


68,468



84,935



2001



12/01Nieuwezijds Kolk


57,156



75,732



1996



04/05Park Voorn


52,422



75,365



1989



10/89Park Voorn 9


19,078



34,324



1989



02/06Paviljoensgracht


60,715



82,034



1981



12/99San Francisco, Lijnden


0



3,079



2002



03/02Scheveningseweg


36,990



56,604



1988



04/04Schipolweg


52,528



85,993



1986



12/02Stadhouderskade


69,202



235,907



1928



10/96Rooseveltweg


33,805



57,686



1995



06/03Rooseveltweg 11


48,533



65,653



2002



08/06Veraartlaan


23,381



28,866



1978



08/99




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

value

construction

acquiredProperty data

(Mortgages)TSEK

TSEKVolmerlaan


44,742



38,718



1978



02/90Westblaak


46,143



102,332



1976



12/06Wilhelminalaan


39,583



119,271



1979



05/97Zeestraat


46,996



53,424



1982



10/00Prop general


1,044,648Total SRBV


2,666,506



2,562,058




---



##### Table of Contents



Property and Accumulated Depreciation
 December 31, 2008
  Market

Date of

DateDescription

Encumbrances

Value

construction

acquiredProperty data

(Mortgages)TSEKTSEKHogehilweg


54,750



77,273



1986



09/05Rue Brasseur, Luxemburg


192,271



290,070



1992



04/92Sophia Antipolis, Nice


17,374



31,503



1989



03/90Subbelratherstrasse, Köln






0Mundelheimerw, Duesseldorf






0Schiessstrasse, Duesseldorf


72,502



74,046



1990



06/89WTC Sophia Antipolis


112,934



195,787



1990



12/00Font del orme


35,807



61,292



1989



09/03Les Deux Arcs


112,785



170,802



2003



12/04Marco Polo


213,525



322,689



2003



12/06Ecolucioles


114,975



146,419Hungary






82,125Total SPBV


872,173



1,452,005EURHogehilweg


5,000,000



7,056,889



1986



09/05Rue Brasseur, Luxemburg


17,559,025



26,490,455



1992



12/94Sophia Antipolis, Nice


1,586,643



2,877,000



1989



12/94Schiessstrasse, Duesseldorf


6,621,198



6,762,205



1984



12/94WTC Sophia Antipolis


10,313,596



17,880,070



1990



12/00Font del orme


3,270,000



5,597,429



1989



09/03Les Deux Arcs


10,300,000



15,598,358



2003



12/04Marco Polo


19,500,000



29,469,279



2003



12/06Ecolucioles


10,500,000



13,371,557Hungary






7,500,000Total SPBV, EUR


84,650,462



132,603,242




---



##### Table of Contents





Property and
    Accumulation Depreciation
 December 31, 2008
  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


83121



336,379







336,379



(224,423
)


111,956Hotel Grenå






0







0



0



0Other buildings, Denmark






96,596



295



96,301



(83,971
)


12,330Old House Point






572



109,925



110,497



0



110,4970Hook of Holland






66,915



51,915



118,830



(48,180
)


70,650Port of Helsingborg






57,579







57,579



(51,842
)


5,737Port of Gothenburg






36,608







36,608



(21,700
)


14,908Re-classification






2,033







2,033



(2,033
)


0Total Stena Line


83,121



596,682



161,545



758,227



(432,148
)


326,079




---



##### Table of Contents








Property and
    Accumulated Depreciation
    December 31, 2008
  Initial cost

Costs



Accumulated

Net book

Date of

DateDescription

Encumbrances

to company

capitalised

Total

Depreciation

value

construction

acquiredBuildings andProperty data

(Mortgages)

land

ImprovementsTSEKTSEKGöteborg Backa 170:2


29,400



27,193



156



27,349



(3,723
)


23,626







2001-06Strand Norum 33:4


8,250



12,503



0



12,503



(1,232
)


11,271







2004-01Borås Ryda 9:13


600



2,540



0



2,540



(350
)


2,190Vänersborg Galeasen 1


4,000



6,665



0



6,665



(1,533
)


5,132







1995-01Umeå Tolvmansgården 4


5,250



7,417



163



7,580



(456
)


7,124







2006-09Stockholm Bromma Hjässan 18


18,900



26,784



772



27,556



(436
)


27,120



2008-12



2007-11Stockholm Nacka Sicklaön 349:5


12,600



18,497



1,905



20,402



(352
)


20,050



2009-01Mölnlycke Solsten 1:153


21,000



5,303



30,324



35,627



(235
)


35,392



2009-08Linköping Glaset 2


0



0



10,191



10,191



0



10,191







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


0



1,455



1,265



2,720



(139
)


2,581







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


0



8,688



0



8,688



(1,561
)


7,127







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


0



16,303



0



16,303



(1,446
)


14,857







2005-06Investment in rented property


0



18,002



714



18,716



(562
)


18,154Total S-Invest


100,000



151,350



45,490



196,840



(12,025
)


184,815Envac


0



693







693



(404
)


289Balingslöv


101,351



0



408,039



408,039



(107,397
)


300,642Total Other


101,351



693



408,039



408,732



(107,801
)


300,931Total Adactum


201,351



152,043



453,529



605,572



(119,826
)


485,746