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ANNUAL FINANCIAL STATEMENTS 2008, TRANSFORMATION TO AS AND NEW BOARD OF DIRECTORS
13.3.2009

The board of STX Europe ASA (ticker AKY03, AKY04, AKY05) has approved the annual financial statements for the company and the group and the annual report for 2008.

The financial statements show operating revenues of NOK 31 496 million, an increase of 16.7 percent from 2007. The EBITDA result ended on NOK -400 million (2007: NOK -84 million) giving an EBITDA margin of -1.3 percent (2007: -0.3 percent). Discontinued operations gave a profit of NOK 624 million (2007: NOK -87 million). The STX Europe Group's 2008 profit was NOK 40 million (2007: NOK 92 million). At year-end 2008, STX Europe had an equity ratio of 20.6 percent, up from 16.9 percent in 2007. STX Europe delivered a total of 37 vessels in 2008.
 
STX Europe ASA immediately after the board meeting held its annual general meeting where the annual financial statements were approved and in addition the following was resolved:
 
- The company shall be transformed from a public limited company (allmennaksjeselskap - ASA) to a limited liability company (aksjeselskap - AS ). The transformation will take effect upon registration in the Norwegian Register of Business Enterprises, which is expected to take place within 26 March 2009. The transformation is not expected to negatively affect the bondholders in the company's outstanding bond loans.
 
- Certain amendments to the articles of association of the company were approved as a result of the transformation.
 
- A new board was elected. The company's board now consists of:
 
Kyung-Jin Hong, chairman
Torstein Dale Sjøtveit, vice chairman
Sang-Ho Shin, board member
Byung-Ryoon Woo, board member
Jun-Pyo Chung, board member
Terje Nerås, employee-elected board member
Arne Otto Rogne, employee-elected board member
Karl Johan Breivik, employee-elected board member
 
Attachments:
 
STX Europe consolidated annual accounts and notes 2008
STX Europe parent company annual accounts and notes 2008
Board of Directors' report 2008
Audit report 2008
 
- END -
 
For further information, please contact:
 
STX Europe ASA:
 
Elise Heidenreich
VP Investor Relations
Tel: +47 95 14 11 47
Email: elise.heidenreich@stxeurope.com
 

 
   
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