6

Employees

2

Places

The Stena Metall Group’s external financing is conducted through the bond market and banking system. During the financial year, an unused syndicated revolving credit facility of 1,000 MSEK was extended. The maturity date is September 2022, with an extension option of one year.

During the financial year, a number of efficiency projects were carried out in cash management. The common feature of all these projects is that they both increase security and reduce costs. A great deal of work has also been carried out in credit management. Today, a very large proportion of the Group’s sales are either credit insured or secured by other means, for example through letter of credit or prepayment.

CURRENCY RISK MANAGEMENT

The Stena Metall Group always aims to finance its operations in the corresponding currency. Trade receivables and trade payables, which involve currency risks over time, are hedged continuously through forward foreign exchanges, and the highest possible balance is always sought between assets and liabilities, as well as between revenue and expenses in foreign currencies.

INVESTMENTS

The financial portfolio consists of four individual parts. The base portfolio – predominantly companies with relatively stable earning capacity and low sensitivity to business cycle changes. Non-correlated assets – hedge funds with different strategies and no, or very low, correlation to the stock market. Private Equity – holdings in various PE funds. These funds have different orientation and are exposed to different geographic markets. Trading – primarily opportunistic trading, as well as certain holdings that cannot be categorized into any of the other three portfolios.

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