Table of Contents

Table of Contents

Table of Contents

Table of Contents

~~Table~~UNITED ofSTATES ~~Contents~~

~~UNITED~~SECURITIES ~~STATES~~AND EXCHANGE COMMISSION

~~SECURITIES~~WASHINGTON, ~~AND~~DC ~~EXCHANGE~~20549 ~~COMMISSION~~

~~WASHINGTON,~~FORM ~~DC 20549~~ 6-K

~~FORM~~REPORT ~~6-K~~ OF FOREIGN PRIVATE ISSUER

~~REPORT~~PURSUANT OFTO ~~FOREIGN~~RULE ~~PRIVATE~~13a-16 ~~ISSUER~~OR 15d-16 UNDER

~~PURSUANT~~THE TOSECURITIES ~~RULE~~EXCHANGE ~~13a-16~~ACT OROF 1934 ~~15d-16 UNDER~~

~~THE~~Commission ~~SECURITIES~~File ~~EXCHANGE~~Number: ~~ACT~~33-99284 ~~OF 1934~~

~~Commission~~STENA ~~File~~AB ~~Number:~~(PUBL) ~~33-99284~~

~~STENA~~(Translation ABof ~~(PUBL~~registrant’s name into English)

~~(Translation~~MASTHUGGSKAJEN, ofSE-405 ~~registrant’s~~19 ~~name~~GOTHENBURG, ~~into~~SWEDEN ~~English)~~

~~MASTHUGGSKAJEN,~~(Address ~~SE-405~~of 19principal ~~GOTHENBURG,~~executive ~~SWEDEN~~offices)

~~(Address~~Indicate by check mark whether the registrant files or will file annual reports under cover of ~~principal~~Form ~~executive~~20-F ~~offices)~~or Form 40-F.

~~Indicate by check mark whether the registrant files or will file annual reports under cover of~~ Form 20-F or x Form 40-F. ¨

Indicate by check mark if the registrant is submitting the Form 206-~~F x Form~~K 40in paper as permitted by Regulation S-~~F ¨~~T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(17):~~_____~~

~~Indicate~~SIGNATURES ~~by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):______~~

~~SIGNATURES~~Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 30, 2012	STENA AB (PUBL.)
	By:	/s/ Staffan Hultgren
	Name:	Staffan Hultgren
	Title:	Vice President & Deputy CEO and Principal Financial Officer

Stena AB and Consolidated Subsidiaries

~~Table~~Forward-looking ofstatements ~~Contents~~

~~Stena~~This ABForm 6-K includes statements that are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and ~~Consolidated~~the ~~Subsidiaries~~Private Securities Litigation Reform Act of 1995. Some of these statements can be identified as “forward-looking statements” by terms and phrases such as “anticipate,” “should,” “likely,” “foresee,” “believe,” “estimate,” “expect,” “intend,” “continue,” “could,” “may,” “project,” “plan,” “predict,” “will” and similar expressions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which we operate and include references to assumptions that relate to the future prospects, developments and business strategies. Such statements reflect our current views and assumptions with respect to future events and are subject to risks and uncertainties.

~~Forward~~Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Factors that could cause the actual results to differ materially from those expressed or implied in such forward-looking statements, include, but are not limited to:

~~This Form 6~~-K ~~includes~~changes statements that are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Some of these statements can be identified as “forward-looking statements” by terms and phrases such as “anticipate,” “should,” “likely,” “foresee,” “believe,” “estimate,” “expect,” “intend,” “continue,” “could,” “may,” “project,” “plan,” “predict,” “will” and similar expressions. These forward-looking statements include all matters that are not historical facts. They appear in ageneral ~~number~~economic ~~of places throughout this report~~ and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which we operate and include references to assumptions that relate to the future prospects, developments and business ~~strategies.~~conditions ~~Such statements reflect our current views~~ and ~~assumptions with respect to future events and are subject to risks and uncertainties.~~ markets;

Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-~~looking~~ ~~statements.~~changes ~~Factors that could cause the actual results to differ materially from those expressed or implied~~ in ~~such~~laws ~~forward-looking~~and ~~statements, include, but are not limited to:~~ regulations;

- changes in ~~general~~International ~~economic~~Financial ~~and~~Reporting ~~business~~Standards, ~~conditions and markets~~(“IFRS”);

- changes in ~~laws~~currency exchange rates and ~~regulations~~interest rates;

- ~~changes~~risks inincident ~~International~~to ~~Financial~~vessel ~~Reporting~~and ~~Standards~~drilling rig operations, ~~(“IFRS”)~~including discharge of pollutants;

- ~~changes~~introduction inof ~~currency~~competing ~~exchange~~products ~~rates~~ and ~~interest~~services ~~rates~~by other companies;

- ~~risks~~changes ~~incident~~in totrading ~~vessel~~or ~~and~~travel ~~drilling rig operations, including discharge of pollutants~~patterns;

- ~~introduction~~increases in costs of ~~competing~~operations ~~products~~or ~~and~~the ~~services~~inability byto ~~other~~meet ~~companies~~efficiency or cost reduction objectives;

- changes in ~~trading~~our orbusiness ~~travel patterns~~strategy; and

- ~~increases~~other risk factors listed in ~~costs~~the ofreports ~~operations~~we furnish to or file with the ~~inability~~Securities toand ~~meet~~Exchange ~~efficiency~~Commission orfrom ~~cost~~time ~~reduction~~to ~~objectives;~~time.

We do not intend, and undertake no obligation, to revise the forward-looking ~~changes~~statements included in ~~our~~this ~~business~~Form ~~strategy;~~6-K ~~and~~to reflect any future events or circumstances. Our actual results, performance or achievements could differ materially from the results expressed or implied by these forward-looking statements.

- other risk factors listed in the reports we furnish to or file with the Securities and Exchange Commission from time to time.


Table of Contents	Page

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Condensed Consolidated Income Statements for the three month periods ended September 30, 2011, and September 30, 2012		3

Condensed Consolidated Income Statements for the nine month periods ended September 30, 2011, and September 30, 2012		4

Consolidated Statements of Comprehensive Income for the nine month periods ended September 30, 2011 and September 30, 2012		5

Condensed Consolidated Balance Sheets as of December 31, 2011 and September 30, 2012		6

Consolidated Statements of Changes in Shareholders’ Equity for the nine month periods ended September 30, 2011 and September 30, 2012		7

Condensed Consolidated Statements of Cash Flow for the nine month periods ended September 30, 2011, and September 30, 2012		8

Notes to Condensed Consolidated Financial Statements		9 - 11

OPERATING AND FINANCIAL REVIEW		12 - 23

OTHER FINANCIAL INFORMATION – RESTRICTED GROUP		24 - 27

We2 do not intend, and undertake no obligation, to revise the forward-looking statements included in this Form 6-K to reflect any future events or circumstances. Our actual results, performance or achievements could differ materially from the results expressed or implied by these forward-looking statements.

Table of Contents			Page
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Condensed Consolidated Income Statements for the three month periods ended June 30, 2011, and June 30, 2012			3
Condensed Consolidated Income Statements for the six month periods ended June 30, 2011, and June 30, 2012			4
Consolidated Statements of Comprehensive Income for the six month periods ended June 30, 2011 and June 30, 2012			5
Condensed Consolidated Balance Sheets as of December 31, 2011 and June 30, 2012			6
Consolidated Statements of Changes in Shareholders’ Equity for the six month periods ended June 30, 2011 and June 30, 2012			7
Condensed Consolidated Statements of Cash Flow for the six month periods ended June 30, 2011, and June 30, 2012			8
Notes to Condensed Consolidated Financial Statements			9-10
OPERATING AND FINANCIAL REVIEW			11-21
OTHER FINANCIAL INFORMATION – RESTRICTED GROUP			22-26

Stena AB and Consolidated Subsidiaries

2Condensed Consolidated Income Statements (unaudited)


	Three month period ended
	September 30, 2011			September 30, 2012
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		3,390			3,316			505
Drilling		1,466			1,799			274
Shipping		613			585			89
Property		594			607			92
New Businesses, Adactum		1,029			1,053			160
Other		4			2			0

Total revenues		7,096			7,362			1,120

Net valuation on investment properties		147			0			0
Net gain on sales of assets		2			22			3

Total other income		149			22			3

Direct operating expenses:
Ferry operations		(2,396	)		(2,195	)		(334	)
Drilling		(586	)		(827	)		(126	)
Shipping		(426	)		(242	)		(37	)
Property		(151	)		(167	)		(25	)
New Businesses, Adactum		(753	)		(797	)		(121	)
Other		(3	)		3			0

Total direct operating expenses		(4,315	)		(4,225	)		(643	)

Selling and administrative expenses		(805	)		(770	)		(117	)
Depreciation and amortization		(953	)		(959	)		(146	)

Total operating expenses		(6,073	)		(5,954	)		(906	)

Income from operations		1,172			1,430			217

Financial income and expense:
Share of associated companies’ results		15			11			2
Dividends received		13			15			2
Gain (loss) on securities, net		(434	)		204			31
Interest income		94			138			21
Interest expense		(505	)		(563	)		(86	)
Foreign exchange gains/(losses), net		23			39			6
Other financial income/(expense), net		25			(66	)		(10	)

Total financial income and expense		(769	)		(222	)		(34	)

Income before taxes		403			1,208			183

Income taxes		(175	)		(55	)		(8	)

Net income		228			1,153			176

Earnings attributable to:
Equity holders of the Parent Company		223			1,153			176
Non-controlling interest		5			0			0

Net Income		228			1,153			176

~~Stena~~3 ~~AB and Consolidated Subsidiaries~~

~~Condensed~~Stena ~~Consolidated~~AB ~~Income~~and ~~Statements~~Consolidated ~~(unaudited)~~Subsidiaries

	Three month period ended
	June 30, 2011			June 30, 2012
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		2,456			2,708			389
Drilling		1,751			1,990			286
Shipping		660			618			89
Property		594			619			89
New Businesses, Adactum		1,398			1,487			214
Other		0			1			0
Total revenues		6,859			7,423			1,067
Net valuation on investment properties		(3	)		0			0
Net gain on sales of assets		24			44			6
Total other income		21			44			6
Direct operating expenses:
Ferry operations		(1,792	)		(2,014	)		(289	)
Drilling		(742	)		(853	)		(123	)
Shipping		(519	)		(338	)		(49	)
Property		(192	)		(196	)		(28	)
New Businesses, Adactum		(984	)		(1,062	)		(153	)
Other		(1	)		(4	)		(1	)
Total direct operating expenses		(4,230	)		(4,467	)		(643	)
Selling and administrative expenses		(806	)		(858	)		(123	)
Depreciation and amortization		(861	)		(915	)		(131	)
Total operating expenses		(5,897	)		(6,240	)		(897	)
Income from operations		983			1,227			176
Financial income and expense:
Share of affiliated companies’ results		16			8			1
Dividends received		34			34			5
Gain (loss) on securities, net		(5	)		(143	)		(21	)
Interest income		93			92			13
Interest expense		(471	)		(586	)		(84	)
Foreign exchange gains/(losses), net		(16	)		(16	)		(2	)
Other financial expense, net		(123	)		(67	)		(10	)
Total financial income and expense		(472	)		(678	)		(98	)
Income before taxes		511			549			78
Income taxes		(66	)		(109	)		(16	)
Net income		445			440			62
Earnings attributable to:
Equity holders of the Parent Company		429			440			62
Non-controlling interest		16			0			0
Net Income		445			440			62

Condensed Consolidated Income Statements (unaudited)


	Nine month period ended
	September 30, 2011			September 30, 2012
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		7,558			7,971			1,214
Drilling		5,115			5,115			779
Shipping		2,115			1,759			268
Property		1,767			1,821			277
New Businesses, Adactum		3,423			3,642			555
Other		8			8			1

Total revenues		19,986			20,316			3,094

Net valuation on investment properties		194			1			0
Net gain on sales of assets		26			81			12

Total other income		220			82			12

Direct operating expenses:
Ferry operations		(5,694	)		(5,924	)		(902	)
Drilling		(2,047	)		(2,324	)		(354	)
Shipping		(1,621	)		(885	)		(135	)
Property		(596	)		(606	)		(92	)
New Businesses, Adactum		(2,458	)		(2,675	)		(407	)
Other		(4	)		0			0

Total direct operating expenses		(12,420	)		(12,414	)		(1,889	)

Selling and administrative expenses		(2,457	)		(2,405	)		(367	)
Depreciation and amortization		(2,668	)		(2,771	)		(422	)

Total operating expenses		(17,545	)		(17,590	)		(2,678	)

Income from operations		2,661			2,808			428

Financial income and expense:
Share of associated companies’ results		30			17			3
Dividends received		50			59			9
Gain (loss) on securities, net		(242	)		191			29
Interest income		332			368			56
Interest expense		(1,415	)		(1,721	)		(262	)
Foreign exchange gains, net		23			12			2
Other financial expense, net		(164	)		(167	)		(25	)

Total financial income and expense		(1,386	)		(1,241	)		(188	)

Income before taxes		1,275			1,567			240

Income taxes		(246	)		(88	)		(13	)

Net income		1,029			1,479			227

Earnings attributable to:

Equity holders of the Parent Company		1,005			1,475			226
Non-controlling interest		24			4			1

Net Income		1,029			1,479			227

~~Table~~The accompanying notes form an integral part of ~~Contents~~these Condensed Consolidated Financial Statements.

~~Stena~~4 ~~AB and Consolidated Subsidiaries~~

~~Condensed~~Stena ~~Consolidated~~AB ~~Income~~and ~~Statements~~Consolidated ~~(unaudited)~~Subsidiaries

	Six month period ended
	June 30, 2011			June 30, 2012
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		4,168			4,655			669
Drilling		3,649			3,316			476
Shipping		1,502			1,174			169
Property		1,173			1,214			174
New Businesses, Adactum		2,394			2,589			372
Other		4			6			1
Total revenues		12,890			12,954			1,861
Net valuation on investment properties		47			1			0
Net gain on sales of assets		24			59			8
Total other income		71			60			8
Direct operating expenses:
Ferry operations		(3,298	)		(3,729	)		(536	)
Drilling		(1,461	)		(1,497	)		(215	)
Shipping		(1,195	)		(643	)		(92	)
Property		(445	)		(439	)		(63	)
New Businesses		(1,705	)		(1,878	)		(270	)
Other		(1	)		(3	)		0
Total direct operating expenses		(8,105	)		(8,189	)		(1,176	)
Selling and administrative expenses		(1,652	)		(1,635	)		(235	)
Depreciation and amortization		(1,715	)		(1,812	)		(260	)
Total operating expenses		(11,472	)		(11,636	)		(1,671	)
Income from operations		1,489			1,378			198
Financial income and expense:
Share of affiliated companies’ results		15			6			1
Dividends received		37			44			6
Gain (loss) on securities, net		192			(13	)		(2	)
Interest income		238			230			33
Interest expense		(910	)		(1,158	)		(166	)
Foreign exchange gains, net		0			(27	)		(4	)
Other financial expense, net		(189	)		(101	)		(14	)
Total financial income and expense		(617	)		(1,019	)		(146	)
Income before taxes		872			359			52
Income taxes		(71	)		(33	)		(5	)
Net income		801			326			47
Earnings attributable to:
Equity holders of the Parent Company		782			322			46
Non-controlling interest		19			4			1
Net Income		801			326			47

Consolidated Statements of Comprehensive Income (unaudited)

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.


	Nine months period ended September 30,
	2011			2012			2012
	SEK			SEK			$
	(in millions)
Result for the period		1,029			1,479			228

Other comprehensive income
Fair value (losses)/gains on available-for-sale financial assets, net of tax		(226	)		287			44
Cash flow hedges, net of tax		(748	)		(296	)		(45	)
Currency translation differences		99			(1,021	)		(156	)
Equity hedge, net of tax		(118	)		125			19

Total comprehensive income for the period		7			574			90

Total comprehensive income attributable to:
- Equity holders of the Parent company		7			574			87
- Non-controlling interest		0			0			0

		7			574			87

4The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

~~Table~~5 ~~of Contents~~

Stena AB and Consolidated Subsidiaries

Condensed Consolidated ~~Statements~~Balance ofSheets ~~Comprehensive Income~~ (unaudited)

	Six months period ended June 30,
	December 31, 2011			September 30, 2012
	2011			2012			2012
	SEK			SEK			$
	(in millions)
Result for the period		801			326			47
ASSETS
Other comprehensive income
Noncurrent assets:
Fair value gains on available-for-sale financial assets, net of tax		171			75			11
Intangible assets		3,049			3,026			461
Cash flow hedges, net of tax		100			190			27
Tangible fixed assets:
Currency translation differences		(657	)		(610	)		(88	)
Vessels		34,185			40,575			6,181
Equity hedge, net of tax		59			17			2
Construction in progress		5,290			1,207			184
Total comprehensive income for the period		474			(6	)		(1	)
Equipment		2,303			2,855			435
Total comprehensive income attributable to:
Buildings and land		939			1,150			175
- owners of the Parent company		461			(10	)		(2	)
Ports		1,795			1,832			279
- Non-controlling interest		13			4			1
Total tangible fixed assets		44,512			47,619			7,254
		474			(6	)		(1	)
Investment properties		25,753			26,111			3,977
Financial fixed assets:
Investment in associated companies		1,374			1,415			216
Investment in SPEs		4,548			3,848			586
Marketable securities		3,465			4,395			669
Other non-current assets		4,731			4,438			676
Total financial fixed assets		14,118			14,096			2,147
Total noncurrent assets		87,432			90,852			13,839
Current assets:
Inventories		632			692			105
Trade debtors		3,218			2,560			390
Other current receivables		1,611			2,872			437
Prepaid expenses and accrued income		1,448			2,361			360
Short-term investments		2,668			2,862			436
Cash and cash equivalents		1,587			1,980			302
Total current assets		11,164			13,327			2,030
Total assets		98,596			104,179			15,869
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Share Capital		5			5			1
Reserves		(2,366	)		(3,268	)		(498	)
Retained earnings		30,071			32,275			4,916
Net Income		2,476			1,475			225
Non-controlling interests		211			171			26
Total shareholders’ equity		30,397			30,658			4,670
Noncurrent liabilities:
Deferred income taxes		4,248			4,008			611
Pension liabilities		962			744			113
Other provisions		1,370			871			133
Long-term debt		38,720			44,519			6,781
Debt in SPEs		4,143			3,908			595
Senior notes		6,236			5,913			901
Capitalized lease obligations		1,481			826			126
Other noncurrent liabilities		1,802			1,818			277
Total noncurrent liabilities		58,962			62,607			9,537
Current liabilities:
Short-term debt		2,842			2,977			453
Capitalized lease obligations		222			644			98
Trade accounts payable		1,281			1,263			192
Income tax payable		92			43			7
Other current liabilities		2,175			3,328			507
Accrued costs and prepaid income		2,625			2,659			405
Total current liabilities		9,237			10,914			1,662
Total shareholders’ equity and liabilities		98,596			104,179			15,869

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

~~Table~~Stena ofAB ~~Contents~~and Consolidated Subsidiaries

~~Stena~~Consolidated ABStatements ~~and~~of ~~Consolidated~~Changes ~~Subsidiaries~~in Shareholders’ Equity (unaudited)

Condensed Consolidated Balance Sheets (unaudited)


	Attributable to equity holders of the company
(SEK in millions)	Share Capital		Reserves			Retained earnings incl. Net Income/ (loss)			Total			Non- controlling interest			Total Equity
Closing balance as of December 31, 2010		5		(1,096	)		30,275			29,184			264			29,448

Acquisition of subsidiary													(33	)		(33	)

Subsidiary’s distribution													(30	)		(30	)

Exchange differences arising on the translation of foreign operations, net of tax				95						95			(24	)		71

Change in hedging reserve, net of tax

- bunker hedge				24						24						24

- interest swap hedge				(773	)					(773	)					(773	)

Change in fair value reserve, net of tax				(226	)					(226	)					(226	)

Change in net investment hedge, net of tax				(118	)					(118	)					(118	)

Net income recognized directly in equity				(998	)					(998	)		(24	)		(1,022	)

Net income							1,005			1,005			24			1,029

Total recognized income and expense				(998	)		1,005			7			0			7

Dividend							(240	)		(240	)					(240	)

Transfer to charity trust							(14	)		(14	)					(14	)

Closing balance as of September 30, 2011		5		(2,094	)		31,026			28.937			201			29,138

Closing balance as of December 31, 2011		5		(2,366	)		32,548			30,186			211			30,397

Acquisition of minority													(40	)		(40	)

Exchange differences arising on the translation of foreign operations, net of tax				(1,017	)					(1,017	)		(4	)		(1,021	)
Change in hedging reserve, net of tax
- bunker hedge				15						15						15
- interest swap hedge				(311	)					(311	)					(311	)
Change in fair value reserve, net of tax				287						287						287
Change in net investment hedge, net of tax				125						125						125

Net income/(loss) recognized directly in equity				(902	)					(902	)		(4	)		(906	)

Net income/(loss)							1,475			1,475			4			1,479

Total recognized income and expense				(902	)		1,475			574			0			574
Dividend							(260	)		(260	)					(260	)
Transfer to charity trust							(14	)		(14	)					(14	)

Closing balance as of September 30, 2012		5		(3,268	)		33,749			30,486			171			30,658

	December 31, 2011			June 30, 2012
	SEK			SEK			$
	(in millions)
ASSETS
Noncurrent assets:
Intangible assets		3,049			3,007			432
Tangible fixed assets:
Vessels		34,185			43,069			6,185
Construction in progress		5,290			879			126
Equipment		2,303			2,914			419
Buildings and land		939			1,377			198
Ports		1,795			1,889			271
Total tangible fixed assets		44,512			50,128			7,199
Investment properties		25,753			25,857			3,713
Financial fixed assets:
Investment in associated companies		1,374			1,419			204
Investment in SPEs		4,548			4,396			631
Marketable securities		3,465			4,390			630
Other non-current assets		4,731			4,976			715
Total financial fixed assets		14,118			15,181			2,180
Total noncurrent assets		87,432			94,173			13,524
Current assets:
Inventories		632			700			101
Trade debtors		3,218			3,184			457
Other current receivables		1,611			2,189			314
Prepaid expenses and accrued income		1,448			3,086			444
Short-term investments		2,668			2,954			424
Cash and cash equivalents		1,587			2,057			295
Total current assets		11,164			14,170			2,035
Total assets		98,596			108,343			15,559
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Share Capital		5			5			1
Reserves		(2,366	)		(2,702	)		(388	)
Retained earnings		30,071			32,277			4,636
Net Income		2,476			322			46
Non-controlling interests		211			215			31
Total shareholders’ equity		30,397			30,118			4,326
Noncurrent liabilities:
Deferred income taxes		4,248			4,279			613
Pension liabilities		962			808			116
Other provisions		1,370			1,111			160
Long-term debt		38,720			47,593			6,835
Debt in SPEs		4,143			4,116			591
Senior notes		6,236			6,162			885
Capitalized lease obligations		1,481			1,344			193
Other noncurrent liabilities		1,802			1,614			232
Total noncurrent liabilities		58,962			67,027			9,625
Current liabilities:
Short-term debt		2,842			2,780			399
Capitalized lease obligations		222			216			31
Trade accounts payable		1,281			1,691			243
Income tax payable		92			94			13
Other current liabilities		2,175			2,798			402
Accrued costs and prepaid income		2,625			3,619			520
Total current liabilities		9,237			11,198			1,608
Total shareholders’ equity and liabilities		98,596			108,343			15,559

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

~~The~~7 ~~accompanying notes form an integral part of these Condensed Consolidated Financial Statements.~~

6Stena AB and Consolidated Subsidiaries

~~Table~~Condensed Consolidated Statements of ~~Contents~~Cash Flow (unaudited)

Stena AB and Consolidated Subsidiaries


	Nine month period ended
	September 30, 2011			September 30, 2012
	SEK			SEK			$
	(in millions)
*Net cash flows from operating activities:*
Net income		1,029			1,479			227
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,668			2,771			422
Net valuation of investment properties		(194	)		(1	)		0
Gain on sale assets		(26	)		(81	)		(12	)
(Gain)/loss on securities, net		242			(191	)		(29	)
Unrealized foreign exchange (gains) losses		(96	)		178			27
Deferred income taxes		90			(129	)		(20	)
Provision for pensions		(163	)		(254	)		(39	)
Net cash flows from trading securities		156			(75	)		(11	)
Share of affiliated companies results		(30	)		(17	)		(3	)
Dividend from affiliated companies		10			20			3
Other non-cash items		65			187			28
Receivables		(53	)		(140	)		(22	)
Prepaid expenses and accrued income		447			(292	)		(45	)
Inventories		28			(62	)		(9	)
Trade accounts payable		327			13			2
Accrued costs and prepaid income		(67	)		(104	)		(16	)
Income tax payable		(3	)		(46	)		(7	)
Other current liabilities		232			(1,071	)		(163	)

Net cash provided by operating activities		4,662			2,185			333

*Net cash flows from investing activities:*
Purchase of intangible assets		(31	)		(55	)		(8	)
Cash proceeds from sale of property, vessels and equipment		134			518			79
Capital expenditure on property, vessels and equipment		(8,883	)		(8,613	)		(1,312	)
Purchase of subsidiaries, net of cash acquired		(164	)		—			—
Investment in affiliated companies		(12	)		(73	)		(11	)
Proceeds from sale of securities		4,776			2,853			435
Purchase of securities		(2,580	)		(2,950	)		(450	)
Other investing activities		(114	)		(47	)		(8	)

Net cash used in investing activities		(6,874	)		(8,367	)		(1,275	)

*Net cash flows from financing activities:*
Proceeds from issuance of debt		323			6,877			1,048
Principal payments on debt		(2,087	)		(1,242	)		(189	)
Net change in borrowings on line-of-credit agreements		3,353			1,700			259
Principal payments on capital lease obligations		(100	)		(188	)		(29	)
Net change in restricted cash accounts		919			(289	)		(44	)
Dividend paid		(240	)		(260	)		(40	)
Other financing activities		(152	)		(37	)		(6	)

Net cash provided by financing activities		2,016			6,561			999

Effect of exchange rate changes on cash and cash equivalents		94			14			2

Net change in cash and cash equivalents		(102	)		393			60

Cash and cash equivalents at beginning of period		1,665			1,587			242

Cash and cash equivalents at end of period		1,563			1,980			302

~~Consolidated~~The ~~Statements~~accompanying notes form an integral part of ~~Changes~~these inCondensed ~~Shareholders’~~Consolidated ~~Equity~~Financial ~~(unaudited)~~Statements.

	Attributable to equity holders of the company
(SEK in millions)	ShareCapital		Reserves			Retainedearningsincl. NetIncome/(loss)			Total			Non-controllinginterest			TotalEquity
Closing balance as of December 31, 2010		5		(1,096	)		30,275			29,184			264			29,448
Acquisition of subsidiary													(25	)		(25	)
Subsidiary’s distribution													(54	)		(54	)
Exchange differences arising on the translation of foreign operations, net of tax				(751	)					(751	)		(6	)		(757	)
Change in hedging reserve, net of tax
– bunker hedge				189						189						189
– interest swap hedge				(89	)					(89	)					(89	)
Change in fair value reserve, net of tax				171						171						171
Change in net investment hedge, net of tax				59						59						59
Net income recognized directly in equity				(421	)					(421	)		(6	)		(427	)
Net income							782			782			19			801
Total recognized income and expense				(421	)		782			361			13			374
Dividend							(240	)		(240	)					(240	)
Transfer to charity trust							(14	)		(14	)					(14	)
Closing balance as of June 30, 2011		5		(1,517	)		30,803			29,291			198			29,489
Closing balance as of December 31, 2011		5		(2,366	)		32,547			30,186			211			30,397
Exchange differences arising on the translation of foreign operations, net of tax				(618	)					(618	)		8			(610	)
Change in hedging reserve, net of tax
– bunker hedge				(141	)					(141	)					(141	)
– interest swap hedge				331						331						331
Change in fair value reserve, net of tax				75						75						75
Change in net investment hedge, net of tax				17						17						17
Net income/(loss) recognized directly in equity				(336	)					(336	)		8			(328	)
Net income/(loss)							326			326			(4	)		322
Total recognized income and expense				(336	)		326			(10	)		4			(6	)
Dividend							(260	)		(260	)					(260	)
Transfer to charity trust							(14	)		(14	)					(14	)
Closing balance as of June 30, 2012		5		(2,702	)		32,599			29,903			215			30,118

~~The~~Stena ~~accompanying~~AB ~~notes~~and ~~form an integral part of these Condensed~~ Consolidated ~~Financial~~Subsidiaries ~~Statements.~~

7Notes to Condensed Consolidated Financial Statements (unaudited)

~~Table~~Note 1 Basis of ~~Contents~~presentation

The accompanying condensed consolidated financial statements present the financial position and results of operations of Stena AB (publ) and ~~Consolidated~~its ~~Subsidiaries~~subsidiaries (the “Company”) and have been prepared in accordance with IAS 34, “Interim financial reporting”. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended December 31, 2011, which have been prepared in accordance with IFRS.

~~Condensed~~The ~~Consolidated~~interim ~~Statements~~financial ofinformation ~~Cash~~included ~~Flow~~in (the condensed consolidated financial statements is unaudited, but reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Interim results for the nine months ended September 30, 2012 are not necessarily indicative of the results to be expected for the full year.

	Six month period ended
	June 30, 2011			June 30, 2012
	SEK			SEK			$
	(in millions)
Net cash flows from operating activities:
Net income		801			326			47
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,715			1,812			260
Net valuation of investment properties		(47	)		(1	)		0
Gain on sale assets		(24	)		(59	)		(8	)
(Gain)/loss on securities, net		(192	)		13			2
Unrealized foreign exchange (gains) losses		304			(327	)		(47	)
Deferred income taxes		(33	)		(90	)		(13	)
Provision for pensions		(201	)		(178	)		(26	)
Net cash flows from trading securities		45			(66	)		(9	)
Share of affiliated companies results		(15	)		(6	)		(1	)
Dividend from affiliated companies		10			20			3
Other non-cash items		154			188			26
Receivables		(1,019	)		(894	)		(128	)
Prepaid expenses and accrued income		213			(869	)		(125	)
Inventories		(2	)		(68	)		(10	)
Trade accounts payable		(134	)		411			59
Accrued costs and prepaid income		605			805			116
Income tax payable		37			6			1
Other current liabilities		(56	)		(425	)		(61	)
Net cash provided by operating activities		2,161			598			86
Net cash flows from investing activities:
Purchase of intangible assets		(20	)		(37	)		(5	)
Cash proceeds from sale of property, vessels and equipment		167			274			39
Capital expenditure on property, vessels and equipment		(6,857	)		(7,715	)		(1,109	)
Purchase of subsidiaries, net of cash acquired		(143	)		—			—
Investment in affiliated companies		(4	)		(75	)		(11	)
Proceeds from sale of securities		3,588			1,632			234
Purchase of securities		(1,483	)		(2,164	)		(310	)
Other investing activities		(206	)		(117	)		(17	)
Net cash used in investing activities		(4,958	)		(8,202	)		(1,179	)
Net cash flows from financing activities:
Proceeds from issuance of debt		121			6,704			963
Principal payments on debt		(1,543	)		(822	)		(118	)
Net change in borrowings on line-of-credit agreements		3,980			2,896			415
Principal payments on capital lease obligations		(44	)		(148	)		(21	)
Net change in restricted cash accounts		627			(251	)		(36	)
Dividend paid		(240	)		(260	)		(37	)
Other financing activities		(97	)		(37	)		(5	)
Net cash provided by financing activities		2,804			8,082			1,161
Effect of exchange rate changes on cash and cash equivalents		13			(8	)		(1	)
Net change in cash and cash equivalents		20			470			67
Cash and cash equivalents at beginning of period		1,665			1,587			228
Cash and cash equivalents at end of period		1,685			2,057			295

Solely for the convenience of the reader, the condensed financial statements for the most recent period have been translated into U.S. dollars (“$”) using thenoon buying rate on September 28 2012, of $1 = SEK 6.5649.

~~The~~Note ~~accompanying~~2 ~~notes~~Accounting ~~form~~policies ~~an integral part of these Condensed Consolidated Financial Statements.~~

8The accounting policies applied are consistent with those of the annual financial statements for the year ended December 31, 2011, as described in those annual financial statements.

~~Table~~Taxes ofon ~~Contents~~income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

~~Stena~~9 ~~AB and Consolidated Subsidiaries~~

~~Notes~~Stena toAB ~~Condensed~~and Consolidated ~~Financial~~Subsidiaries ~~Statements (unaudited)~~

~~Note~~Notes 1to ~~Basis~~Condensed ofConsolidated ~~presentation~~Financial Statements (unaudited)

~~The~~Note ~~accompanying~~3 ~~condensed~~Segment consolidated financial statements present the financial position and results of operations of Stena AB (publ) and its subsidiaries (the “Company”) and have been prepared in accordance with IAS 34, “Interim financial reporting”. The condensed consolidated interim financial information ~~should be read in conjunction with the annual financial statements for the year ended December 31, 2011, which have been prepared in accordance with IFRS.~~

The interim financial information included in the condensed consolidated financial statements is unaudited, but reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Interim results for the six months ended June 30, 2012 are not necessarily indicative of the results to be expected for the full year.


(SEK in millions)	Three month period						Nine month period
	ended September 30,						ended September 30,
	2011			2012			2011			2012
Income from operations:
Ferry operations		404			587			173			382
Drilling		343			396			1,439			1,223
Shipping: Roll-on/Roll-off vessels		46			9			112			(16	)
Crude oil tankers		(125	)		21			(258	)		(43	)
LNG¹⁾		60			86			63			230
Other shipping		2			(18	)		64			(20	)

Total shipping		(17	)		98			(19	)		151
Property:		392			392			1,026			1,067
Net gain on sale of properties		(1	)		24			(1	)		53
Net valuations on investment properties		147			0			194			1

Total property Total property		538			416			1,219			1,121
New Businesses, Adactum		18			4			168			163
Other		(114	)		(71	)		(319	)		(232	)

Total		1,172			1,430			2,661			2,808


(SEK in millions)	Three month period						Nine month period
	ended September 30,						ended September 30,
	2011			2012			2011			2012
Depreciation and amortization:
Ferry operations		331			299			949			913
Drilling		438			449			1,286			1,200
Shipping: Roll-on/Roll-off vessels		46			57			134			194
Crude oil tankers		20			30			57			89
LNG¹⁾		62			66			68			198
Other shipping		2			3			6			8

Total shipping		130			156			265			489
Property		1			1			3			3
New Businesses, Adactum		49			51			152			157
Other		4			3			13			9

Total		953			959			2,668			2,771


(SEK in millions)							Nine month period ended September 30,
							2011			2012
Capital expenditures:
Ferry operations								1,699			975
Drilling								874			5,007
Shipping: Roll-on/Roll-off vessels								420			623
Crude oil tankers								1,978			173
LNG¹⁾								2,734			51
Other shipping								40			23

Total shipping								5,172			870
Property								962			1,110
New Businesses, Adactum								173			650
Other								3			1

Total								8,883			8,613

~~Solely~~1) ~~for~~As ~~the convenience~~ of ~~the~~January ~~reader~~1, ~~the condensed~~2012, ~~financial~~LNG ~~statements~~is ~~for~~a ~~the~~new ~~most~~business ~~recent~~area ~~period~~within ~~have~~shipping ~~been~~in ~~translated into U.S. dollars (“$”) using~~ the ~~noon~~Stena ~~buying~~AB ~~rate~~Group. onThe ~~June 30,~~figures ~~2012,~~for of2011 $1have =been ~~SEK 6~~restated.~~9632.~~

~~Note~~10 ~~2 Accounting policies~~

~~The~~Stena ~~accounting~~AB ~~policies~~and ~~applied~~Consolidated ~~are~~Subsidiaries ~~consistent with those of the annual financial statements for the year ended December 31, 2011, as described in those annual financial statements.~~

~~Taxes~~Note on4 ~~income~~Subsequent inevent ~~the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.~~

9A new contract on Stena Don was signed in November 2012 with Statoil in direct continuation of the current contract, which ends in the fourth quarter of 2013. The new contract is firm for three years with a one year option.

~~Table~~As of ~~Contents~~December 1, 2012, Mr. Erik Hånell will replace Mr. Ulf Ryder as Managing Director of Stena Bulk. Mr. Ryder will become senior advisor to Mr. Dan Sten Olsson, our Chief Executive Officer, and Mr. Carl-Johan Hagman.

As of January 1, 2013, Mr. Hagman will replace Mr. Gunnar Blomdahl as Managing Director of Stena ABLine Holding B.V. Mr. Hagman will retain his current positions as Shipping Director of the Group and ~~Consolidated~~Managing ~~Subsidiaries~~Director of Stena Rederi AB. Mr. Blomdahl will have other responsibilities within the Stena Sphere.

~~Notes~~11 ~~to Condensed Consolidated Financial Statements (unaudited)~~

~~Note~~Stena 3AB ~~Segment~~and ~~information~~Consolidated Subsidiaries

(SEK in millions)	Three month periodended June 31,						Six month periodended June 30,
	2011			2012			2011			2012
Income from operations:
Ferry operations		117			117			(231	)		(205	)
Drilling		471			643			1,096			827
Shipping: Roll-on/Roll-off vessels		36			5			66			(25	)
Crude oil tankers		(64	)		(36	)		(133	)		(64	)
LNG1)		3			60			3			144
Other shipping		2			(2	)		62			(2	)
Total shipping		(23	)		27			(2	)		53
Property:		356			400			634			704
Net valuations on investment properties		(3	)		0			47			1
Total property		353			400			681			705
New Businesses, Adactum		140			139			150			159
Other		(75	)		(99	)		(205	)		(161	)
Total		983			1,227			1,489			1,378
(SEK in millions)	Three month periodended June 30,						Six month periodended June 30,
	2011			2012			2011			2012
Depreciation and amortization:
Ferry operations		307			307			618			614
Drilling		419			380			848			751
Shipping: Roll-on/Roll-off vessels		52			71			88			137
Crude oil tankers		18			29			37			59
LNG1)		6			67			6			132
Other shipping		2			2			4			5
Total shipping		78			168			135			333
Property		1			1			2			2
New Businesses, Adactum		51			55			103			106
Other		5			3			9			6
Total		861			915			1,715			1,812

OPERATING AND FINANCIAL REVIEW

(SEK in millions)	Six month periodended June 30,
	2011		2012
Capital expenditures:
Ferry operations		1,103		939
Drilling		401		4,727
Shipping: Roll-on/Roll-off vessels		394		625
Crude oil tankers		4,381		63
LNG1)		—		32
Other shipping		16		7
Total shipping		4,791		727
Property		411		841
New Businesses, Adactum		150		478
Other		1		3
Total		6,857		7,715

The Company generates revenue primarily from ferry operations, chartering out its owned, chartered-in and leased Roll-on/Roll-off vessels, tankers, LNG carriers and drilling rigs, managing tankers, sales of vessels, income from New Businesses and real estate rents. The period from June through September is the peak travel season for passengers of the ferry operations. Chartering activities are not generally significantly affected by seasonal fluctuations, but variations over the year may occur as a consequence of, among other things, vessel utilization rates, dry-docking and charter rates. Any sale or acquisition of vessels, drilling rigs and real estate may also have an impact on the results of each period.

1)Highlights Asof ~~from January 1, 2012, LNG is a new business area within shipping in~~ the ~~Stena~~first ABnine ~~Group.~~months ~~The~~of 2012 ~~figures for 2011 have been restated.~~

10As of January 1, 2012, LNG is a new business area within shipping in the Stena AB Group.

~~Table~~In January 2012, we acquired a commercial property, with a total size of ~~Contents~~approximately 5,000 square meters, in London, United Kingdom for a total investment of GBP 22 million.

In February 2012, we sold Stena ABNavigator, in March 2012, we sold Stena Caribbean, and ~~Consolidated~~in ~~Subsidiaries~~May 2012, we sold Stena Caledonia, for a total net gain of SEK 28 million.

~~OPERATING~~In ~~AND~~March 2012, we ~~FINANCIAL~~signed ~~REVIEW~~a time charter contract with LNG Shipping S.p.A. The time charter is for our LNG carrier, Stena Crystal Sky and the contract period is 40 months. LNG Shipping S.p.A, is fully owned by ENI, an Italian energy group.

~~The~~New ~~Company~~contracts ~~generates~~have ~~revenue~~been ~~primarily~~signed ~~from~~for ~~ferry~~the ~~operations, chartering out its owned, chartered-in and leased Roll-on/Roll-off vessels, tankers, LNG carriers and~~ drilling ~~rigs,~~units ~~managing~~Stena ~~tankers,~~Clyde ~~sales of vessels, income from New Businesses~~ and ~~real~~Stena ~~estate~~Spey ~~rents.~~with ~~The~~firm ~~period~~duration ~~from~~until ~~June through September is~~ the ~~peak travel season for passengers of the ferry operations. Chartering activities are not generally significantly affected by seasonal~~ ~~fluctuations,~~first ~~but~~quarter ~~variations over the year may occur as a consequence~~ of, ~~among~~2013 ~~other things, vessel utilization rates, dry-docking~~ and ~~charter~~the ~~rates.~~first ~~Any~~quarter ~~sale or acquisition~~ of ~~vessels~~2015, ~~drilling rigs and real estate also may have an impact on the results of each period~~respectively.

~~Highlights~~The offourth DrillMAX vessel, the ~~first~~enhanced ~~six~~ice-classed ultra-deepwater ~~months~~drillship ofStena IceMAX, was delivered in April 2012. In December 2011, a five-year contract was signed with Shell for drilling services to be provided by Stena IceMAX, which commenced operations on June 15, 2012.

AsIn ~~from~~April ~~January 1~~2012, ~~2012~~we acquired four modern RoPax vessels, ~~LNG~~Stena isMersey, aStena ~~new~~Lagan, ~~business~~Norman ~~area~~Voyager ~~within~~and ~~shipping~~Watling Street. inThe ~~the~~first two vessels were already on bare-boat charter to Stena ABLine ~~Group~~and the latter two vessels were on charter to LD Lines and Scandlines A.G., respectively.

In ~~January~~May 2012, we ~~acquired~~signed a ~~commercial~~contract ~~property,~~ with aScandlines ~~total~~where ~~size~~Stena acquired five routes in the Baltic Sea. Two of ~~approximately~~the ~~5,000~~routes ~~square~~were ~~meters,~~already operated in ~~London,~~a ~~United~~cooperation ~~Kingdom~~between ~~for a~~Scandlines ~~total~~and ~~investment~~Stena. ofThe ~~GBP~~final closing 22took ~~million~~place in October, 2012.

In ~~February~~June 2012, we ~~sold~~signed ~~Stena~~four ~~Navigator~~newbuilding ~~and~~contracts inwith ~~March~~Guangzhou ~~2012~~Shipyard International, ~~we sold Stena Caribbean~~China, for athe ~~total~~construction ~~gain~~ of ~~SEK~~four 16Product tankers to be delivered in 2014-2015. The contract price is USD 35 million per vessel.

In ~~March~~June 2012, we ~~signed~~formed a ~~time~~joint ~~charter~~venture ~~contract~~company ~~with~~between ~~LNG~~Golden ~~Shipping S.p.A.~~Agri ~~The~~and ~~time charter is for our LNG carrier,~~ Stena ~~Crystal~~Weco ~~Sky~~to ~~and~~do ~~the~~short ~~contract~~sea ~~period~~shipments ~~is 40~~of ~~months.~~palm ~~LNG~~oils ~~Shipping~~within ~~S.p.A,~~South-East isAsia ~~fully~~and ~~owned~~the byIndian ~~ENI,~~Ocean ~~an Italian energy group~~basin.

~~New~~On ~~contracts~~August 27, ~~have~~2012, ~~been~~two ~~successfully~~fatalities ~~agreed~~occurred ~~for~~on ~~the drilling units~~ Stena Clyde ~~and~~due ~~Stena~~to ~~Spey~~a ~~with~~machinery ~~firm~~breakdown. ~~duration~~The ~~until~~results ~~the first quarter~~ of ~~2013~~the investigations and the ~~first~~consequences ~~quarter~~have ofyet ~~2015,~~to ~~respectively~~be established.

~~The~~For ~~fourth DrillMAX vessel,~~ the ~~enhanced~~nine ~~ice-classed ultra-deepwater~~month ~~drillship~~period ~~Stena~~we ~~IceMAX,~~sold ~~was~~properties ~~delivered~~for inan ~~April~~amount ~~2012.~~of InSEK 283 million ~~December~~with ~~2011,~~ a ~~five~~profit ~~year~~of ~~contract~~SEK ~~was~~53 ~~signed with Shell for drilling services to be provided by Stena IceMAX with operation commenced June 15, 2012~~million.

In12 April 2012, we acquired four modern RoPax vessels, Stena Mersey, Stena Lagan, Norman Voyager and Watling Street. The first two vessels were already on bare-boat charter to Stena Line and the latter two vessels were on charter to LD Lines and Scandlines A.G., respectively.

~~In May 2012, we sold~~ Stena ~~Caledonia~~AB ~~for~~and aConsolidated ~~gain~~Subsidiaries ~~of SEK 15 million.~~

~~In May,~~SUBSEQUENT weEVENTS signed a purchase contract with Scandlines where Stena acquired five routes in the Baltic Sea. Two of the routes were already operated in a cooperation between Scandlines and Stena. Final closing is planned in October.

~~Four~~A new~~-building~~ ~~contracts~~contract on ~~Product~~Stena ~~tankers~~Don ~~were~~was signed in November 2012 with ~~Guangzhou~~Statoil ~~Shipyard~~in ~~International~~direct continuation of the current contract, which ends in ~~June~~the fourth quarter of 2013. ~~Contract~~The ~~price~~new contract is ~~USD~~firm for three ~~35 million~~years ~~per~~with ~~vessel~~a one year option.

InAs ~~June~~of December 1, 2012, Mr. Erik Hånell will replace Mr. Ulf Ryder as Managing Director of Stena ~~acquired~~Bulk. ~~42%~~Mr. Ryder inwill abecome ~~freight~~senior ~~route~~advisor ~~over~~to ~~the~~Mr. Dan ~~Black~~Sten ~~Sea~~Olsson, onour ~~the~~Chief ~~route Istanbul~~Executive Officer, and Mr. Carl-~~Illtjivsk~~Johan Hagman.

11As of January 1, 2013, Mr. Hagman will replace Mr. Gunnar Blomdahl as Managing Director of Stena Line Holding B.V. Mr. Hagman will retain his current positions as Shipping Director of the Group and Managing Director of Stena Rederi AB. Mr. Blomdahl will have other responsibilities within the Stena Sphere.

~~Table~~13 ~~of Contents~~

Stena AB and Consolidated Subsidiaries

Currency effects

Our revenues and expenses, reported in Swedish kronor, are significantly affected by fluctuations in currency exchange rates, primarily relative to the U.S. dollar, the British pound and the euro. We seek to mitigate the impact of potential adverse foreign currency exchange fluctuations by matching, to the extent possible, revenues and expenses in the same currency. In addition, we enter into certain derivative financial instruments. In the ~~six~~ nine month period ended ~~June~~September 30, 2012, approximately 3029% of our total revenues were generated in USD, approximately 1617% were generated in EUR, approximately 1112% were generated in GBP and approximately 29% were generated in SEK.

In the ~~six~~nine month period ended ~~June~~September 30, 2012, approximately 26% of our total expenses were incurred in USD, approximately 1213% ~~were~~ were incurred in EUR, 1415% were incurred in GBP and approximately 3433% were incurred in SEK. The reported gross revenues and expenses were influenced by changes in the currency rates. The exchange rates as used for consolidation purposes are as follows:

Average rates:	~~Jan~~July-~~June~~September2011		~~Jan~~July-~~June~~September2012		Change			Jan-September2011		Jan-September2012		Change
	2011		2012
US $		6.45		6.78		5	%		6.41		6.81		6	%
US $		6.38		6.84		7	%
British pound		10.39		10.70		3	%		10.35		10.75		4	%
British pound		10.30		10.79		5	%
Euro		9.09		8.58		(6	)%		9.01		8.73		(3	)%
Euro		8.94		8.88		—
Closing rates:								As ofDec 31,2011		As ofSeptember 28,2012		Change
Closing rates:	As of		As of		Change
US $									6.8748		6.5676		(5	)%
	Dec 31,2011		June 30,2012
British pound									10.6803		10.5955		(1	)%
US $		6.8748		6.9131		1	%
Euro									8.9177		8.4433		(6	)%
British pound		10.6803		10.8428		2	%
Euro		8.9177		8.7572		(2	)%

1214

~~Table~~Stena ofAB ~~Contents~~and Consolidated Subsidiaries

~~Stena~~THREE ABMONTHS ~~and~~ENDED ~~Consolidated~~SEPTEMBER ~~Subsidiaries~~30, 2012, COMPARED TO THREE MONTHS ENDED

~~THREE~~SEPTEMBER ~~MONTHS ENDED JUNE~~ 30, ~~2012,~~2011 ~~COMPARED TO THREE MONTHS ENDED~~

~~JUNE~~Revenues ~~30, 2011~~

~~Revenues~~Total revenues increased SEK 266 million, or 4%, to SEK 7,362 million in the three months ended September 30, 2012, from SEK 7,096 million in the three months ended September 30, 2011, as a result of increased revenues in the Drilling, Property and New Businesses, “Adactum” segments, together with the strengthening of the U.S. dollar and GBP against the SEK.

~~Total~~ Ferry operations. Ferry revenues ~~increased~~are primarily generated from ticket sales, freight haulage and on board sales. Revenues from ferry operations decreased SEK ~~564~~74 million, or 82%, to SEK 73,~~423~~316 million in the three months ended ~~June~~September 30, 2012, from SEK 63,~~859~~390 million in the three months ended ~~June~~September 30, 2011, mainly as aan ~~result~~effect of ~~increased~~a ~~revenues~~slow intravel market ~~all~~within ~~segments except~~Scandinavia, ~~the~~offset ~~shipping~~by ~~segment,~~higher ~~together~~freight ~~with~~haulage ~~the~~revenues ~~strengthening~~as a consequence of ~~the~~increased ~~U.S.~~freight ~~dollar~~volumes, ~~and~~particularly ~~GBP~~generated ~~against~~from the ~~SEK~~new routes in the Irish Sea acquired in 2011.

~~Ferry operations~~Drilling. ~~Ferry~~Drilling revenues ~~are~~consist ~~primarily~~of ~~generated~~charter ~~from~~hires ~~ticket~~for ~~sales,~~our ~~freight~~drilling ~~haulage and on board sales~~rigs. Revenues from ~~ferry~~drilling operations increased SEK ~~252~~ 333 million, or 1023%, to SEK 21,~~708~~799 million in the three months ended ~~June~~September 30, 2012, from SEK 21,~~456~~466 million in the three months ended ~~June~~September 30, 2011, mainly asreflecting anthe ~~effect~~delivery of ~~higher~~the ~~freight~~newbuilding ~~haulage~~Stena IceMAX ~~revenues~~on asJune 15, a2012, ~~consequence~~and that the rig Stena Spey was out of ~~increased~~contract ~~freight~~from ~~volumes~~end of August 2011 until February 2012, ~~particularly~~together ~~generated~~with ~~from~~the strengthening of the ~~new~~U.S. ~~routes~~dollar inagainst the ~~Irish~~SEK. ~~Sea acquired~~In local currency, revenues increased 18% in ~~2011~~the three months ended September 30, 2012, compared to the same period last year for the drilling operations.

~~Drilling~~Shipping. Shipping ~~Drilling~~ revenues ~~consist~~primarily ofrepresent charter hires for our ~~drilling~~owned ~~rigs~~and chartered in vessels and management fees for vessels managed by us. Revenues from ~~drilling~~ shipping operations ~~increased~~decreased SEK ~~239~~28 million, or 145%, to SEK ~~1,990~~585 million in the three months ended ~~June~~September 30, 2012, from SEK ~~1,751~~613 million in the three months ended ~~June~~September 30, 2011~~, mainly reflecting the new contract for Stena DrillMAX Ice that started to operate June 15, 2012, together with the strengthening of the U~~.S. dollar against the SEK, offset by the sale of the rig Stena Tay in the fourth quarter of 2011, together with contracts at lower day rates for Stena DrillMAX and Stena Forth. In local currency, revenues increased 3% in the three months ended June 30, 2012, compared to the same period last year for the drilling operations.

~~Shipping. Shipping revenues primarily represent charter hires for our owned and chartered in vessels and management fees for vessels managed by us.~~ Revenues from ~~shipping~~crude ~~operations~~oil tankers decreased SEK 42111 million, or 640%, to SEK ~~618~~166 million in the three months ended ~~June~~September 30, 2012, from SEK ~~660~~277 million in the three months ended ~~June~~September 30, 2011, mainly as an effect of reduced fleet, offset by the strengthening of the U.S. dollar against the SEK.

~~Revenues~~As ~~from~~of January 1, 2012, LNG is reported as a new business area within shipping in the Stena AB Group. During 2011, the LNG business area was reported within the crude oil ~~tankers~~tanker ~~decreased~~segment. Operating Revenues from LNG operation increased SEK ~~220~~78 million, or 4858%, to SEK ~~239~~213 million in the three months ended ~~June~~September 30, 2012, from SEK ~~459 million~~135 in the three months ended ~~June~~September 30, 2011, mainly asdue anto ~~effect~~higher ofday ~~reduced~~rates ~~fleet,~~on ~~offset~~all bythree ~~the~~vessels ~~strengthening~~and because Stena Blue Sky was out of ~~the~~operation Udue to dry dock for 50 days in July to August 2011.S. ~~dollar~~The ~~against~~first of our LNG carriers was put into operation in May 2011, and the ~~SEK~~other two were both put into operation in mid July 2011.

AsRevenues from ~~January 1,~~chartering ~~2012,~~out ~~LNG~~Roll-on/Roll-off isvessels ~~reported~~decreased ~~as a new business area within shipping in the Stena AB Group. During 2011, the LNG business area was reported within the crude oil tanker segment. Operating Revenues from LNG operation increased~~ SEK ~~173~~18 million, or 12%, in the three months ended ~~June~~September 30, 2012, to SEK 128 million from SEK 10146 million in the three months ended ~~June~~September 30, 2011, ~~including~~mainly ~~the negative~~due ~~impact~~to ~~of Stena Blue Sky being out of operation for 14 days in April 2012 because of~~ a ~~broken~~weakening ~~mooring,~~market ~~waiting~~with ~~time~~renegotiated ~~in-between~~charter ~~charters~~contracts ~~for~~at ~~Stena~~lower ~~Crystal~~day ~~Sky~~rates, ~~resulting~~offset inby 10revenues ~~days~~generated ~~loss~~by ~~of hire in May 2012, and a propulsion failure for Stena Crystal Sky resulting in 14 days off hire in June 2012. The first of our LNG carriers was put into operation in May 2011, and the other~~ two ~~were~~new ~~both~~vessels put into operation in ~~July~~April ~~2011~~2012.

Revenues from ~~chartering~~Other ~~out~~Shipping ~~Roll-on/Roll-off~~increased ~~vessels decreased~~ SEK 1023 million, or 742%, to SEK 78 million in the three months ended ~~June~~September 30, 2012, to ~~SEK 134 million~~ from SEK ~~144~~55 million in the three months ended ~~June~~September 30, 2011, mainly due to arevenues ~~weakening~~generated ~~market~~from ~~with~~shipping ~~renegotiated~~projects. ~~charter contracts at lower day rates~~

Property. Property revenues consist of rents for properties owned and management fees for properties managed by the Company. Revenues from ~~Other~~property ~~Shipping~~operations increased SEK 1513 million, or 322%, to SEK 62607 million in the three months ended ~~June~~September 30, 2012, from SEK 47594 million in the three months ended ~~June~~September 30, 2011, mainly due to ~~the~~higher ~~set~~rental upincome as an effect of aincreased rental levels in Sweden together with rental income from two new ~~training~~commercial ~~division~~properties ~~within~~in ~~Northern~~London, ~~Marine~~purchased ~~Manning~~in ~~Services~~January 2012, offset by increased vacancy rates in ~~the~~our ~~fourth~~property ~~quarter~~portfolio ofin ~~2011~~the Netherlands.

~~Property.~~New ~~Property~~Businesses ~~revenues~~Adactum. Revenues consist of ~~rents~~revenues ~~for~~from ~~properties~~Adactum’s ~~owned and management fees for properties managed by the Company~~subsidiaries. Revenues from ~~property~~Adactum ~~operations~~ increased SEK 25 24 million, or 42%, to SEK ~~619~~1,053 million in the three months ended ~~June~~September 30, 2012, from SEK ~~594~~1,029 million in the three months ended ~~June~~September 30, 2011, mainly due to ~~higher rental~~increased ~~income~~revenues asfrom anBlomsterlandet, ~~effect~~which has increased its number of ~~decreased~~shops. ~~vacancy~~Revenues ~~rates~~also ~~for~~increased ~~our~~as ~~commercial~~an ~~properties~~effect inof ~~Sweden~~Ballingslöv’s ~~together~~acquisition ~~with~~of ~~rental~~the ~~income~~Swedish ~~for~~company ~~two~~Macro, ~~new~~a ~~commercial~~manufacturer ~~properties~~of inshower ~~London~~systems, ~~purchased~~ in ~~July~~the fourth quarter of 2011. ~~and~~Of ~~January~~the ~~2012,~~total ~~respectively,~~revenues ~~offset~~in bythe ~~increased~~three ~~vacancy~~months ended ~~rates~~September 30, in2012, ~~our~~SEK ~~property~~542 million ~~portfolio~~related into ~~the~~Ballingslöv, ~~Netherlands.~~SEK

~~New~~15 Businesses Adactum. Revenues consist of revenues from Adactum’s subsidiaries. Revenues from Adactum increased SEK 89 million, or 6%, to SEK 1,487 million in the three months ended June 30, 2012, from SEK 1,398 million in the three months ended June 30, 2011, mainly due to increased revenues from Blomsterlandet, which has increased its market share and also increased its number of shops. Revenues also increased as an effect of Ballingslöv’s acquisition of the Swedish company Macro, a manufacturer of shower systems, in the fourth quarter of 2011. Of the total revenues in the three months ended June 30, 2012, SEK 665 million related to Ballingslöv, SEK 505 million related to Blomsterlandet, SEK 291 million related to Envac and

13Stena AB and Consolidated Subsidiaries

~~Table~~ 223 million ofrelated ~~Contents~~to Blomsterlandet, SEK 265 million related to Envac and SEK 23 million related to Stena Renewable, as compared to SEK 538 million related to Ballingslöv, SEK 211 million related to Blomsterlandet, SEK 261 million related to Envac and SEK 19 million related to Stena Renewable in the three months ended September 30, 2011.

~~Stena~~Other ABincome ~~and Consolidated Subsidiaries~~

~~SEK~~Net ~~26 million~~valuation ~~related~~on toinvestment ~~Stena~~property. ~~Renewable,~~As asa ~~compared~~result of revaluation to ~~SEK~~fair ~~604 million~~value ~~related~~according to ~~Ballingslöv~~IAS 40 “Investment properties”, ~~SEK~~the ~~498 million~~Company ~~related~~recorded tono ~~Blomsterlandet,~~net ~~SEK~~change ~~274 million~~in ~~related~~valuation ~~to Envac~~for ~~and~~the ~~SEK~~three months 22ended September ~~million~~30, ~~related~~2012, as compared to ~~Stena~~gains ~~Renewable~~of inSEK 147 million for the three months ended ~~June~~September 30, 2011.

~~Other~~Net ~~income~~gain on sale of vessels, Shipping. In the three months ended September 30, 2012 losses of SEK 2 million were recorded. In the three months ended September 30, 2011, net gains of SEK 2 million were recorded on the sale of the vessels Stena Leader, Stena Pioneer and Stena Seafarer.

Net ~~valuation~~gain on ~~investment~~sale ~~property. As a result~~ of ~~revaluation to fair value according to IAS 40 “Investment~~ properties”,. ~~the~~In ~~Company recorded no net change in valuation for~~ the three months ended ~~June~~September 30, 2012, asnet ~~compared~~gains ~~to losses~~ of SEK 324 million ~~for~~were recorded on sales of investment properties. In the three months ended ~~June~~September 30, 2011, no sales of properties were made.

~~Net Gain on Sale of Vessels, Shipping. In the three months ended June 30, 2012 net gains of SEK 15 million were recorded~~Direct onoperating ~~the~~expenses ~~sale of Stena Caledonia. In the three months ended June 30, 2011, gains of SEK 24 million were recorded on the sale of the vessels Stena Leader, Stena Pioneer and Stena Seafarer.~~

~~Net~~Total ~~Gain~~direct onoperating ~~Sale~~expenses ofdecreased ~~Properties.~~SEK In90 million, or 2%, to SEK 4,225 million in the three months ended ~~June~~September 30, 2012, ~~net~~from ~~gains of~~ SEK 294,315 million ~~were~~in ~~recorded~~the ~~on sales~~three months ended September 30, 2011, as a result of ~~investment~~decreased ~~properties.~~operating Inexpenses in the ~~three~~Ferry ~~months~~operations ~~ended~~and ~~June 30~~Shipping operation segments, ~~2011~~offset by increased expenses within the Property, noDrilling ~~sales~~and New Businesses “Adactum” operations, together with the strengthening of ~~properties~~the ~~were~~U.S. ~~made~~dollar and GBP against the SEK.

Ferry operations. Direct operating expenses for ferry operations consist principally of personnel costs, costs of goods sold on the vessels, bunker fuel costs, vessel charter costs, commissions, package tour costs and other related costs. A significant portion of these costs do not vary as a result of changes in our seasonal requirements. Direct operating expenses for ferry operations decreased SEK 201 million, or 8%, to SEK 2,195 million in the three months ended September 30, 2012, from SEK 2,396 million in the three months ended September 30, 2011, mainly due to cost saving program implemented within all markets, offset by higher expenses for bunker fuel together with increased product and operating costs generated from new routes in the Irish Sea. Direct operating expenses for ferry operations for the three months ended September 30, 2012, were 66% of revenues, as compared to 71% for the three months ended September 30, 2011.

~~Total~~Drilling. ~~direct~~Direct operating expenses for drilling consist primarily of personnel costs, fuel costs, insurance, maintenance and catering costs. Direct operating expenses for drilling operations increased SEK ~~237~~241 million, or 641%, to SEK ~~4,467~~827 million in the three months ended ~~June~~September 30, 2012, from SEK ~~4,230~~ 586 million in the three months ended ~~June~~September 30, 2011,. asThe aincrease ~~result~~mainly reflects the commencement of ~~increased~~operations ~~operating~~for ~~expenses~~Stena inIceMAX ~~all~~on ~~segments~~June 15, ~~except~~2012. ~~for~~Operating ~~shipping~~expenses ~~operations,~~were ~~together~~also ~~with~~increased as a result of the strengthening of the U.S. dollar ~~and~~ ~~GBP~~ against the SEK. Direct operating expenses from drilling operations for the three months ended September 30, 2012, were 46% of drilling revenues, as compared to 40% for the three months ended September 30, 2011.

~~Ferry operations~~Shipping. Direct operating expenses for ~~ferry~~shipping ~~operations~~ consist ~~principally~~primarily of ~~personnel~~ ~~costs,~~vessel ~~costs~~charter ~~of goods sold on the vessels~~costs, ~~bunker~~ fuel costs, ~~vessel~~personnel ~~charter~~ costs, ~~commissions, package tour costs~~ insurance and other related ~~costs.~~vessel ~~A significant portion of these~~ costs ~~do not vary as a result of changes in our seasonal requirements~~. Direct operating expenses for ~~ferry~~shipping operations ~~increased~~decreased SEK ~~222~~184 million, or 1243%, ~~to SEK 2,014 million~~ in the three months ended ~~June~~September 30, 2012, ~~from~~to SEK ~~1,792~~242 million infrom ~~the~~SEK ~~three months ended June~~426 ~~30,~~million ~~2011, mainly due to higher expenses for bunker fuel together with increased product and operating costs generated from new routes~~ in the ~~Irish Sea. Direct operating expenses for ferry operations for the~~ three months ended ~~June 30, 2012, were 74% of~~ ~~revenues, as compared to 73% for the three months ended June~~September 30, 2011.

~~Drilling.~~ Direct operating expenses ~~for drilling~~associated ~~consist~~with ~~primarily~~crude ofoil ~~personnel~~tankers ~~costs,~~decreased ~~fuel costs, insurance, maintenance and catering costs. Direct operating expenses for drilling operations increased~~ SEK ~~111~~253 million, or 1572%, to SEK ~~853~~100 million in the three months ended ~~June~~ September 30, 2012, from SEK ~~742~~353 million in the three months ended ~~June~~September 30, 2011., ~~The~~reflecting ~~increase~~a ~~mainly~~decreased ~~reflects~~number ~~that~~of ~~the~~vessels ~~rig Stena DrillMAX Ice started to operate 15 June 2012~~operated, offset by the ~~reduction of operating expenses reflecting the sale of the rig Stena Tay in the end of 2011. Operating expenses were also increased as a result of the~~ strengthening of the U.S. dollar against the SEK. Direct operating expenses ~~from~~for ~~drilling~~crude oil operations for the three months ended ~~June~~September 30, 2012, were 4360% of ~~drilling~~ revenues, as compared to 42127% for the three months ended ~~June~~September 30, 2011. Direct operating expenses for crude oil tankers include time-charter costs, which normally are fixed for periods between 6 months and 5 years in advance, while revenues in the spot market vary with each voyage.

~~Shipping.~~During ~~Direct~~2011, ~~operating~~the ~~expenses~~LNG ~~for~~business ~~shipping~~was ~~consist~~reported ~~primarily~~within ofthe ~~vessel~~crude ~~charter~~oil ~~costs,~~tanker ~~fuel costs, personnel costs, insurance and other related vessel costs~~segment. ~~Direct~~Operating ~~operating~~ expenses ~~for~~from ~~shipping~~LNG operations ~~decreased~~increased SEK ~~181~~ 44 million, orto ~~35%,~~SEK 52 million in the three months ended ~~June~~September 30, 2012, tofrom SEK ~~338~~8 million ~~from~~in ~~SEK~~the ~~519~~three months ended September ~~million~~30, in2011. Direct operating expenses from LNG operations for the three months ended ~~June~~September 30, 2012, were 24% of LNG revenues. The first of our LNG carriers was put into operation in May 2011, with the two remaining carriers put into operation in mid July 2011.

~~Direct~~16 operating expenses associated with crude oil tankers decreased SEK 259 million, or 55%, to SEK 211 million in the three months ended June 30, 2012, from SEK 470 million in the three months ended June 30, 2011, reflecting a decreased number of vessels operated, offset by the strengthening of the U.S. dollar against the SEK. Direct operating expenses for crude oil operations for the three months ended June 30, 2012, were 88% of revenues, as compared to 103% for the three months ended June 30, 2011. Direct operating expenses for crude oil tankers include time-charter costs, which normally are fixed for periods between 6 months and 5 years in advance, while revenues in the spot market vary with each voyage.

During 2011 the LNG business area was reported within the crude oil tanker segment. Operating expenses from LNG operations increased SEK 52 million, to SEK 52 million in the three months ended June 30, 2012, from SEK 0 million in the three months ended June 30, 2011. The expenses include costs for the broken mooring on Stena ~~Blue~~AB ~~Sky in April 2012~~ and ~~propulsion~~Consolidated ~~failure~~Subsidiaries on Stena Crystal Sky in June 2012. Direct operating expenses from LNG operations for the three months ended June 30, 2012, were 28% of LNG revenues. The first of our LNG carriers was put into operation in May 2011, with the two remaining carriers put into operation in July 2011.

14Direct operating expenses with respect to Roll-on/Roll-off vessels increased by SEK 8 million, or 17%, to SEK 54 million in the three months ended September 30, 2012, from SEK 46 million in the three months ended September 30, 2011, mainly due to increased costs of new vessels operated. Direct operating expenses for Roll-on/Roll-off vessels for the three months ended September 30, 2012, were 42% of revenues, as compared to 32% for the three months ended September 30, 2011.

~~Table~~Direct operating expenses with respect to Other Shipping increased SEK 17 million or 89 %, to SEK 36 million in the three months ended September 30, 2012 from SEK 19 million in the three months ended September 30, 2011, mainly due to expenses generated from shipping projects. Direct operating expenses for Other Shipping for the three months ended September 30, 2012 were 46% of ~~Contents~~revenues, as compared to 35% for the three months ended September 30, 2011.

~~Stena~~Property. ABProperty expenses consist primarily of maintenance, heating and ~~Consolidated~~personnel ~~Subsidiaries~~costs. Direct operating expenses for property operations increased SEK 16 million, or 11%, to SEK 167 million in the three months ended September 30, 2012, from SEK 151 million in the three months ended September 30, 2011, mainly due to the new commercial properties in London. Direct operating expenses for property operations for the three months ended September 30, 2012 were 28% of property revenues, as compared to 25% for the three months ended September 30, 2011.

New Businesses, Adactum. Direct operating expenses ~~with~~for ~~respect~~Adactum toconsist ~~Roll-on/Roll-off~~of ~~vessels~~expenses ~~increased~~from byAdactum’s ~~SEK~~subsidiaries. Direct 16operating expenses for Adactum operations increased SEK 44 million, or 336%, to SEK 64797 million in the three months ended ~~June~~September 30, 2012, from SEK 48753 million in ~~the~~ three months ended ~~June~~September 30, 2011, mainly ~~due~~as toan effect of Ballingslöv’s acquisition of the Swedish company Macro, a manufacturer of shower systems, in the fourth quarter of 2011. Operating expenses also increased ~~costs~~regarding cost for goods sold in Blomsterlandet, which has increased its number of ~~new~~shops. ~~vessels~~Of ~~operated~~the total operating expenses SEK 371 million related to Ballingslöv, SEK 215 million related to Blomsterlandet, SEK 205 million related to Envac and SEK 6 million related to Stena Renewable in the three months ended September 30, 2012, as compared to SEK 357 million related to Ballingslöv, SEK 202 million related to Blomsterlandet, SEK 190 million related to Envac and SEK 4 million related to Stena Renewable in the three months ended September 30, 2011. Direct operating expenses for ~~Roll-on/Roll-off~~ ~~vessels~~Adactum operations for the three months ended ~~June~~September 30, 2012, were 4876% of revenues, as compared to 3373% for the three months ended ~~June~~September 30, 2011.

~~Direct~~Selling ~~operating~~and ~~expenses~~administrative with respect to Other Shipping increased SEK 10 million or 1000 %, to SEK 11 million in the three months ended June 30, 2012 from SEK 1 million in the three months ended June 30, 2011, mainly relating to the expansion of the new Training Division within Northern Marine Manning Services in the fourth quarter of 2011. Direct operating expenses ~~for Other Shipping for the three months ended June 30, 2012 were 18% of revenues, as compared to 2% for the three months ended June 30, 2011.~~

~~Property. Property~~Selling ~~expenses consist primarily of maintenance, heating~~ and ~~personnel~~administrative ~~costs. Direct operating~~ expenses ~~for~~decreased ~~property operations increased~~ SEK 435 million, or 24%, to SEK ~~196~~770 million in the three months ended ~~June~~September 30, 2012, from SEK ~~192~~ 805 million in the three months ended ~~June~~ September 30, 2011, ~~mainly~~ due to ~~the~~a ~~two~~timing ~~new~~difference ~~commercial properties~~ in ~~London~~pension expense. ~~Direct~~Total ~~operating~~selling ~~expenses~~and ~~for~~administrative ~~property~~expenses ~~operations~~in ~~for~~ the three months ended ~~June~~September 30, 2012, were 3210% of ~~property~~total revenues, ~~same~~ as compared to 11% for the three months ended ~~June~~ September 30, 2011.

~~New~~Depreciation Businesses Adactum. Direct operating expenses for Adactum consist of expenses from Adactum’s subsidiaries. Direct operating expenses for Adactum operations increased SEK 78 million, or 8%, to SEK 1,062 million in the three months ended June 30, 2012, from SEK 984 million in three months ended June 30, 2011, mainly as an effect of Ballingslöv’s acquisition of the Swedish company Macro, a manufacturer of shower systems, in the fourth quarter of 2011. Operating expenses also increased regarding cost for goods sold in Blomsterlandet, which has increased its market share and ~~also~~amortization increased its number of shops. Of the total operating expenses SEK 436 million related to Ballingslöv, SEK 405 million related to Blomsterlandet, SEK 216 million related to Envac and SEK 5 million related to Stena Renewable in the three months ended June 30, 2012, as compared to SEK 386 million related to Ballingslöv, SEK 392 million related to Blomsterlandet, SEK 200 million related to Envac and SEK 6 million related to Stena Renewable in the three months ended June 30, 2011. Direct operating expenses for Adactum operations for the three months ended June 30, 2012, were 71% of revenues, as compared to 70% for the three months ended June 30, 2011.

~~Selling~~Depreciation and ~~administrative~~amortization ~~expenses~~charges increased SEK 6 million, or 1%, to SEK 959 million in the three months ended September 30, 2012, from SEK 953 million in the three months ended September 30, 2011, mainly as a result of increased depreciation charges of new vessels delivered, offset by reduced depreciation charges as an effect of the sale of the drilling rig Stena Tay in the fourth quarter of 2011. The strengthening of the U.S. dollar with respect to the SEK, which primarily impacted depreciation charges on drilling rigs, which are denominated in U.S. dollars, contributed to the increase in depreciation and amortization charges.

~~Selling~~Financial ~~and~~income administrative expenses increased SEK 52 million, or 6%, to SEK 858 million in the three months ended June 30, 2012, from SEK 806 million in the three months ended June 30, 2011, mainly due to increased personnel costs for more people employed and ~~external~~expense ~~bought services. Total selling and administrative expenses in the three months ended June 30, 2012, were 12% of total revenues, same as for the three months ended June 30, 2011.~~

~~Depreciation~~Total financial income and ~~amortization~~expense increased by SEK 547 million to SEK (222) million in the three months ended September 30, 2012, from SEK (769) million in the three months ended September 30, 2011.

~~Depreciation~~Share ~~and~~of ~~amortization~~affiliated ~~charges~~companies’ ~~increased~~results ~~SEK 54 million, or 6%, to SEK 915 million~~ in the three months ended ~~June~~September 30, 2012, refers ~~from~~to ~~SEK~~the ~~861 million~~Company’s inportion of the ~~three~~results ~~months~~of ~~ended~~Midsona ~~June 30~~AB (publ), ~~2011~~Gunnebo AB (publ), ~~mainly~~MPP asMediaTec aGroup ~~result~~AB ofand ~~increased~~Wisent ~~depreciation~~Oil ~~charges~~and ofGas ~~new~~Plc ~~vessels~~(renamed ~~delivered~~from Silurian Hallwood Plc), ~~offset~~in bywhich ~~reduced~~Stena ~~depreciation~~made ~~charges~~its ~~for~~initial investment in the ~~drilling segment~~fourth asquarter anof 2011. ~~effect~~As of September 30, 2012, the ~~sale~~Company’s ofinterest in the ~~drilling~~capital ~~rig~~of ~~Stena~~Midsona ~~Tay~~was 23.5%, its interest in the ~~fourth~~capital ~~quarter~~ of ~~2011~~Gunnebo was 26.1%, ~~The~~its ~~strengthening~~interest ofin the Ucapital of MediaTec was 42.S.8% ~~dollar~~and ~~with~~its ~~respect~~interest toin the ~~SEK,~~capital ~~which~~of ~~primarily~~Wisent ~~impacted~~Oil and ~~depreciation~~Gas ~~charges~~was on29%. ~~drilling~~As ~~rigs~~of September 30, ~~which~~2011, ~~are~~the ~~denominated~~ Company’s interest in ~~U.S.~~the ~~dollars~~capital of Midsona was 23.1%, ~~contributed~~its tointerest in the ~~increase~~capital inof ~~depreciation~~Gunnebo was 25.7% and ~~amortization~~its ~~charges~~interest in the capital of MediaTec was 42.8%.

~~Financial~~Net ~~income~~gain (loss) on securities in the three months ended September 30, 2012, was SEK 204 million, of which SEK (5) million related to net realized losses on marketable securities and ~~expense~~equity securities and investments in

~~Financial~~17 ~~income and expense decreased by SEK (206) million to SEK (678) million in the three months ended June 30, 2012, from SEK (472) million in the three months ended June 30, 2011.~~

~~Share~~Stena ~~of affiliated companies’ results in the three months ended June 30, 2012, refers to the Company’s portion of the results of Midsona~~ AB ~~(publ), Gunnebo AB (publ), MPP MediaTec Group AB~~ and ~~Silurian~~Consolidated ~~Hallwood~~Subsidiaries Plc. As of June 30, 2012, the Company’s interest in the capital of Midsona was 23.1%, its interest in the capital of Gunnebo was 26.1%, its interest in the capital of MediaTec was 42.8% and its interest in the capital of Silurian Hallwood was 29%. As of June 30, 2011, the Company’s interest in the capital of Midsona was 23.1%, its interest in the capital of Gunnebo was 26.1% and its interest in the capital of MediaTec was 42.8%.

~~Net gain (loss) on securities in the three months ended June 30, 2012, was SEK (143) million, of which SEK 8 million related to net realized gains on marketable securities and equity~~ ~~securities and investments in~~ Special Purpose Entities (“SPEs”), SEK ~~(178)~~183 million related to net unrealized ~~losses~~gains on marketable securities and SEK 26 million related to the termination of the financial lease of Stena Carron. Net gain (loss) on securities in the three months ended ~~June~~September 30, 2011, was SEK (5434) million, of which SEK 3960 million related to net realized gains on marketable securities and equity securities and investments in SPEs, SEK (65515) million related to net unrealized ~~gains~~losses on marketable securities and SEK 21 million related to the termination of the financial lease of Stena Carron.

15Interest income decreased by SEK 44 million to SEK 138 million in the three months ended September 30, 2012 from SEK 94 million in the three months ended September 30, 2011, due to decreased interest income related to investments in SPEs offset by increased interest income mainly from interest in fixed interest instruments. Interest income related to investments in SPEs, included in total interest income increased SEK 20 million to SEK 61 million in the three months ended September 30, 2012, from SEK 41 million in the three months ended September 30, 2011.

~~Table~~Interest ofexpense ~~Contents~~increased by SEK (58) million to SEK (563) million in the three months ended September 30, 2012 from SEK (505) million in the three months ended September 30, 2011 reflecting higher debt outstanding. Interest expense for investments in SPEs in the three months ended September 30, 2012, decreased SEK 1 million to SEK (12) million from SEK (13) million in the three months ended September 30, 2011.

~~Stena~~During ABthe ~~and~~three ~~Consolidated~~months ~~Subsidiaries~~ended September 30, 2012, the Company had foreign exchange gains, net of SEK 39 million. During the three months ended September 30, 2011, the Company had foreign exchange losses, net of SEK 23 million.

~~Interest~~Other ~~income~~financial ~~decreased~~expense, bynet ~~SEK~~of ~~1 million to~~ SEK 92(66) million infor the three months ended ~~June~~September 30, 2012, ~~from~~includes SEK 93(15) million related ~~in the three months ended June 30, 2011, due~~ to ~~increased~~amortization ~~interest~~of ~~income~~the ~~mainly~~deferred ~~from~~financing ~~interest~~charges infor ~~fixed~~senior ~~interest~~notes, ~~instruments~~revolving ~~offset~~credit byfacilities, ~~decreased~~bank ~~interest~~loans, ~~income~~capital ~~related~~lease toobligations and investments in SPEs. ~~Interest~~and ~~income~~SEK (51) million related to ~~investments~~bunker inhedges. ~~SPEs,~~Other ~~included~~financial ~~in total interest~~ income, ~~decreased~~net, of SEK 1725 million tofor ~~SEK 33 million in~~ the three months ended ~~June~~September 30, ~~2012~~2011, ~~from~~includes SEK 5066 million inrelated ~~the~~to ~~three~~bunker ~~months~~hedges ~~ended June 30,~~offset ~~2011~~by ~~due~~SEK (41) million related to amortization of the ~~CDO~~deferred ~~2002~~financing ~~investment~~charges ~~being~~for ~~unwound~~senior ~~during~~notes, ~~2011~~revolving credit facilities, bank loans, capital lease obligations and investments in SPEs.

~~Interest~~Income ~~expense~~taxes increased by SEK (115) million to SEK (586) million in the three months ended June 30, 2012 from SEK (471) million in the three months ended June 30, 2011 reflecting higher debt outstanding. Interest expense for investments in SPEs in the three months ended June 30, 2012, decreased SEK 3 million to SEK (16) million from SEK (19) million in the three months ended June 30, 2011.

~~During~~Income taxes for the three months ended ~~June~~September 30, 2012, ~~the~~were ~~Company~~SEK ~~had~~(55) million, ~~foreign~~representing ~~exchange~~an ~~losses~~effective tax rate of 5%, consisting ~~net~~of current taxes of SEK (1694) million and deferred taxes of SEK 39 million. ~~During~~Income taxes for the three months ended ~~June~~September 30, 2011, ~~the~~were ~~Company~~SEK ~~had~~(175) million, ~~foreign~~representing ~~exchange losses~~an effective tax rate of 44%, ~~net~~consisting of current taxes of SEK (1654) million and deferred taxes of SEK (121) million. The lower effective tax rate in the three months ended September 30, 2012 compared to the three months ended September 30, 2011 is mainly due to the increase in the proportion of Income before taxes derived from areas that are exempt from tax or taxed to a lower tax rate than the nominal Swedish tax rate (international shipping etc). The provision for taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated.

~~Other~~18 financial income/(expense), net of SEK (67) million for the three months ended June 30, 2012, includes above all SEK (67) million related to amortization of the deferred financing charges for senior notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and SEK 0 million related to bunker hedges. Other financial income (expense) of SEK (123) million for the three months ended June 30, 2011 includes SEK (66) million related to amortization of the deferred financing charges for senior notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and SEK (57) million related to bunker hedges.

~~Income~~Stena ~~taxes~~AB and Consolidated Subsidiaries

~~Income~~NINE ~~taxes~~MONTHS ~~for~~ENDED ~~the~~SEPTEMBER ~~three months ended June~~ 30, 2012, ~~were~~COMPARED ~~SEK~~TO ~~(109) million,~~NINE ~~representing~~MONTHS anENDED effective tax rate of 20%, consisting of current taxes of SEK (159) million and deferred taxes of SEK 50 million. Income taxes for the three months ended June 30, 2011, were SEK (66) million representing an effective tax rate of 13%, consisting of current taxes of SEK (76) million and deferred taxes of SEK 10 million. The provision for taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated.

16SEPTEMBER 30, 2011

~~Table~~Revenues ~~of Contents~~

~~Stena~~Total ABrevenues increased SEK 330 million to SEK 20,316 million in the nine months ended September 30, 2012 from SEK 19,986 million in the nine months ended September 30, 2011, as a result of increased revenues in all segments except the shipping segment and ~~Consolidated~~to ~~Subsidiaries~~a lesser extent the strengthening of the U.S. dollar and GBP against the SEK.

~~SIX~~Ferry operations. ~~MONTHS~~Ferry ~~ENDED~~revenues ~~JUNE~~are 30primarily generated from ticket sales, freight haulage and on board sales. Revenues from ferry operations increased SEK 413 million, or 5%, to SEK 7,971 million in the nine months ended September 30, 2012, ~~COMPARED~~from TOSEK ~~SIX~~7,558 million ~~MONTHS~~in ~~ENDED~~the nine months ended September 30, 2011, mainly as an effect of higher freight haulage revenues as a consequence of increased freight volumes, particularly generated from the new routes in the Irish Sea acquired in 2011.

~~JUNE~~Drilling. Drilling revenues consist of charter hires for our drilling rigs. Revenues from drilling operations were SEK 5,115 million in the nine months ended September 30, 2012, same as in the nine months ended September 30, 2011. In local currency, revenues decreased 6% in the nine months ended September 30, 2012, compared to the same period last year for the drilling operations. Revenues decreased mainly due to that the rigs Stena Clyde and Stena Spey, both were unutilized the first two months of 2012, and as an effect of the sale of the rig Stena Tay in the fourth quarter of 2011, offset by the operation of the new DrillMAX vessel Stena IceMAX, which commenced operations on June 15, 2012, together with the strengthening of the U.S. dollar against the SEK.

Shipping. Shipping revenues primarily represent charter hires for our owned and chartered in vessels and management fees for vessels managed by us. Revenues from shipping operations decreased SEK 356 million, or 17%, to SEK 1,759 million in the nine months ended September 30, 2012, from SEK 2,115 million in the nine months ended September 30, 2011.

~~Total revenues~~Revenues ~~increased~~from crude oil tankers decreased SEK 64732 million, or 54%, to SEK ~~12,954~~614 million in the ~~six~~nine months ended ~~June~~September 30, 2012, from SEK 121,~~890~~346 million in the ~~six~~nine months ended ~~June~~September 30, 2011, asmainly areflecting ~~result~~the operation of ~~increased~~our ~~revenues~~MR (Medium range) vessels, beginning in ~~all~~April ~~segments~~2011, ~~except~~in the joint venture Stena Weco A/S in which the ~~drilling~~operating ~~and~~results ~~shipping~~are ~~segments~~reported as a net revenue. The operating results from these vessels were previously reported gross, with revenues and tooperating expenses. Revenues have also been reduced as an effect of a ~~lesser~~reduced ~~extent~~fleet, ~~the~~offset by the strengthening of the U.S. dollar ~~and GBP~~ against the SEK.

~~Ferry~~As of January 1, 2012, LNG is reported as a new business area within ~~operations~~Shipping in the Stena AB Group. ~~Ferry~~During ~~revenues~~2011, ~~are~~the ~~primarily~~LNG ~~generated~~business ~~from~~area ~~ticket~~was ~~sales,~~reported ~~freight~~within ~~haulage~~the ~~and~~crude onoil ~~board~~tanker ~~sales~~segment. Revenues from ~~ferry~~LNG ~~operations~~operation increased SEK ~~487~~434 million, or 12299%, to SEK ~~4,655~~579 million in the ~~six~~nine months ended ~~June~~ September 30, 2012, from SEK ~~4,168~~145 million in the ~~six~~nine months ended ~~June~~September 30, 2011, ~~mainly~~because asof anthat ~~effect~~the first of ~~higher~~our ~~freight~~LNG ~~haulage~~carriers ~~revenues~~was asput ainto ~~consequence~~operation in May 2011, and the other two were both put into operation in July 2011. Revenue was negatively impacted by Stena Blue Sky being out of ~~increased~~operation ~~freight~~for ~~volumes~~14 days in April 2012 because of a broken mooring, ~~particularly~~waiting ~~generated~~time ~~from~~in-between ~~the~~charters ~~new~~for ~~routes~~Stena Crystal Sky, resulting in ~~the~~10 ~~Irish~~days ~~Sea~~loss ~~acquired~~of revenue in May 2012, and a propulsion failure for Stena Crystal Sky resulting in ~~2011~~14 days off hire in June 2012.

~~Drilling. Drilling revenues consist of charter hires for our drilling rigs.~~ Revenues from ~~drilling operations~~chartering out Roll-on/Roll-off vessels decreased SEK ~~333~~35 million, or 9%, ~~to SEK 3,316 million~~ in the ~~six~~nine months ended ~~June~~September 30, 2012, to SEK 374 million from SEK ~~3,649~~409 million in the ~~six~~nine months ended ~~June~~September 30, 2011, mainly due to ~~the~~a ~~rigs~~weakening ~~Stena Clyde and Stena Spey,~~market ~~which~~with ~~both~~renegotiated ~~were~~charter ~~unutilized~~contracts ~~the first two months of 2012. Revenues also decreased as an effect of the sale of the rig Stena Tay in the fourth quarter of 2011 and a contract~~ at lower day rates ~~for Stena DrillMAX~~, offset by ~~the~~revenues ~~operation of~~generated ~~the~~by new ~~DrillMAX~~vessels ~~vessel~~put ~~Stena~~into ~~DrillMAX Ice, which started to operate June 15, 2012, together with the strengthening of the U~~operation.S. ~~dollar against the SEK. In local currency, revenues decreased 15% in the six months ended June 30, 2012, compared to the same period last year for the drilling operations.~~

~~Shipping. Shipping revenues primarily represent charter hires for our owned and chartered in vessels and management fees for vessels managed by us.~~ Revenues from ~~shipping~~Other ~~operations~~Shipping decreased SEK ~~328~~23 million, or 2211%, to SEK ~~1,174~~192 million in the ~~six~~nine months ended ~~June~~September 30, 2012, from SEK ~~1,502~~215 million in the ~~six~~nine months ended ~~June~~September 30, 2011, mainly reflecting the receipt for a patent infringement in the first quarter of 2011, offset by revenues generated from shipping projects.

Property. Property revenues consist of rents for properties owned and management fees for properties managed by the Company. Revenues from ~~crude~~property ~~oil~~operations ~~tankers~~increased ~~decreased~~ SEK ~~621~~ 54 million, or 583%, to SEK ~~448~~1,821 million in the ~~six~~nine months ended ~~June~~September 30, 2012, from SEK 1,~~069~~767 million in the ~~six~~nine months ended ~~June~~September 30, 2011, mainly ~~reflecting~~due ~~the~~to ~~operation~~higher rental ofincome ~~our MR vessels~~ as ~~from~~an ~~April~~effect ~~2011~~of indecreased ~~the~~vacancy ~~joint venture~~rates ~~Stena~~for ~~Weco~~our ~~A/S~~commercial properties in ~~which~~Sweden ~~the~~together ~~operating~~with ~~results~~rental ~~are~~income ~~reported as a net revenue. The operating results~~ from ~~these~~two ~~vessels~~new ~~were~~commercial ~~previously~~properties ~~reported~~in ~~gross~~London, ~~with~~purchased ~~revenues~~in ~~and~~July ~~operating~~2011 ~~expenses.~~and ~~Revenues~~January ~~have~~2012, ~~also been reduced as an effect of a reduced fleet~~respectively, offset by ~~the~~increased vacancy ~~strengthening~~rates ofin ~~the~~our ~~U.S.~~property ~~dollar~~portfolio ~~against~~in the ~~SEK~~Netherlands.

As19 from January 1, 2012, LNG is reported as a new business area within shipping in the Stena AB Group. During 2011, the LNG business area was reported within the crude oil tanker segment. Revenues from LNG operation increased SEK 356 million, or 3560%, to SEK 366 million in the six months ended June 30, 2012, from SEK 10 million in the six months ended June 30, 2011, because of that the first of our LNG carriers was put into operation in May 2011, and the other two were both put into operation in July 2011. Revenue was negatively impacted by Stena Blue Sky being out of operation for 14 days in April 2012 because of a broken mooring, waiting time in-between charters for Stena Crystal Sky, resulting in 10 days loss of revenue in May 2012, and a propulsion failure for Stena Crystal Sky resulting in 14 days off hire in June 2012.

~~Revenues~~Stena ~~from~~AB chartering out Roll-on/Roll-off vessels decreased SEK 17 million, or 6%, in the six months ended June 30, 2012, to SEK 246 million from SEK 263 million in the six months ended June 30, 2011, mainly due to a weakening market with renegotiated charter contracts at lower day rates, offset by revenues generated by Highlanders from February 2011 and ~~Stena~~Consolidated ~~Feronia~~Subsidiaries ~~from April 2011, respectively.~~

New Businesses Adactum. Revenues consist of revenues from ~~Other~~Adactum’s ~~Shipping~~subsidiaries. ~~decreased~~Revenues from Adactum increased SEK 46219 million, or 296%, to SEK ~~114~~3,642 million in the ~~six~~nine months ended ~~June~~September 30, 2012, from SEK ~~160~~3,423 million in the ~~six~~nine months ended ~~June~~September 30, 2011, mainly ~~reflecting~~due to increased revenues from Blomsterlandet, due to organic growth and increased number of shops. Revenues also increased as an effect of Ballingslöv’s acquisition of the ~~receipt~~Swedish company Macro, a manufacturer of ~~USD~~shower 10systems, in the fourth quarter of 2011. Of the total revenues in the nine months ended September 30, 2012, SEK 1,771 million (related to Ballingslöv, SEK ~~64.8~~974 million related to Blomsterlandet, SEK 814 million) ~~for~~related ato ~~patent~~Envac ~~infringement~~and SEK 82 million related to Stena Renewable, as compared to SEK 1,667 million related to Ballingslöv, SEK 910 million related to Blomsterlandet, SEK 768 million related to Envac and SEK 77 million related to Stena Renewable in the ~~first~~nine ~~quarter~~months ofended September 30, 2011.

~~Property.~~Other Property revenues consist of rents for properties owned and management fees for properties managed by the Company. Revenues from property operations increased SEK 41 million, or 3%, to SEK 1,214 million in the six months ended June 30, 2012, from SEK 1,173 million in the six months ended June 30, 2011, mainly due to higher rental income as an effect of decreased vacancy rates for our commercial properties in Sweden together with rental income for two new commercial properties in London, purchased in July 2011 and January 2012, respectively, offset by increased vacancy rates in our property portfolio in the Netherlands.

17Net valuation on investment property. As a result of revaluation to fair value according to IAS 40 “Investment properties”, the Company had net gains of SEK 1 million for the nine months ended September 30, 2012, as compared to gains of SEK 194 million for the nine months ended September 30, 2011.

~~Table~~Net gain on sale of ~~Contents~~vessels, Shipping. In the nine months ended September 30, 2012 net gains of SEK 28 million were recorded on the sale of Stena Navigator, Stena Caledonia and Stena Caribbean. In the nine months ended September 30, 2011, net gains of SEK 26 million were recorded on the sale of the vessels Stena Leader, Stena Pioneer and Stena Seafarer.

~~Stena~~Net ABgain ~~and~~on ~~Consolidated~~sale ~~Subsidiaries~~of properties. In the nine months ended September 30, 2012 net gains of SEK 53 million were recorded. In the nine months ended September 30, 2011, no gain on sale of properties was recorded.

~~New~~Direct ~~Businesses~~operating ~~Adactum.~~expenses Revenues consist of revenues from Adactum’s subsidiaries. Revenues from Adactum increased SEK 195 million, or 8%, to SEK 2,589 million in the six months ended June 30, 2012, from SEK 2,394 million in the six months ended June 30, 2011, mainly due to increased revenues from Blomsterlandet, which has increased its market share and also increased its number of shops together with favorable weather conditions in the early spring in Sweden. Revenues also increased as an effect of Ballingslöv’s acquisition of the Swedish company Macro, a manufacturer of shower systems, in the fourth quarter of 2011. Of the total revenues in the six months ended June 30, 2012, SEK 1,230 million related to Ballingslöv, SEK 751 million related to Blomsterlandet, SEK 549 million related to Envac and SEK 59 million related to Stena Renewable, as compared to SEK 1,129 million related to Ballingslöv, SEK 699 million related to Blomsterlandet, SEK 507 million related to Envac and SEK 58 million related to Stena Renewable in the six months ended June 30, 2011.

~~Other~~Total ~~income~~direct operating expenses decreased SEK 6 million, or 0%, to SEK 12,414 million in the nine months ended September 30, 2012, from SEK 12,420 million in the nine months ended September 30, 2011, mainly as a result of decreased operating expenses in the shipping segment, offset by the strengthening of the U.S. dollar and GBP against the SEK.

~~Net~~Ferry operations. ~~valuation~~Direct operating expenses for ferry operations consist principally of personnel costs, costs of goods sold on ~~investment~~the ~~property~~vessels, bunker fuel costs, vessel charter costs, commissions, package tour costs and other related costs. AsA significant portion of these costs do not vary as a result of ~~revaluation~~changes toin ~~fair~~our ~~value~~seasonal ~~according~~requirements. toDirect ~~IAS~~operating 40expenses ~~“Investment~~for ~~properties”~~ferry operations increased SEK 230 million, or 4%, to SEK 5,924 million in the ~~Company~~nine ~~had~~months ~~net~~ended September 30, ~~gains~~2012, offrom SEK 15,694 million ~~for~~in the ~~six~~nine months ended ~~June~~September 30, ~~2012~~2011, asmainly ~~compared~~due to ~~gains~~higher ofexpenses ~~SEK~~for 47bunker fuel, together with increased product and operating costs generated from new routes in the Irish Sea. Direct operating expenses for ferry operations for the nine months ended September ~~million~~30, 2012, were 74% of revenues, as compared to 75% for the ~~six~~nine months ended ~~June~~September 30, 2011.

~~Net~~Drilling. ~~Gain~~Direct onoperating ~~Sale~~expenses for drilling consist primarily of ~~Vessels~~personnel costs, ~~Shipping~~fuel costs, insurance, maintenance and catering costs. InDirect operating expenses for drilling operations increased SEK 277 million, or 14%, to SEK 2,324 million in the ~~six~~nine months ended ~~June~~September 30, 2012, ~~net~~from ~~gains of~~ SEK 302,047 million ~~were~~in ~~recorded~~the onnine ~~the~~months ~~sale~~ended September 30, 2011. The increase mainly reflects commencement of operations for the rig Stena ~~Navigator~~IceMAX on June 15, 2012 and extra costs during off hire period in January – February 2012 for Stena ~~Caledonia~~Clyde and Stena Spey, ~~Caribbean.~~offset Inby the ~~six~~reduction ~~months~~of ~~ended~~operating ~~June 30,~~expenses ~~2011,~~reflecting ~~net~~the ~~gains~~sale of ~~SEK~~the ~~24 million~~rig Stena Tay in the fourth quarter of 2011. Operating expenses were ~~recorded~~also onincreased as a result of the ~~sale~~strengthening of the ~~vessels~~U.S. dollar against the SEK. Direct ~~Stena~~operating ~~Leader~~expenses from drilling operations for the nine months ended September 30, ~~Stena~~2012, ~~Pioneer~~were ~~and~~45% ~~Stena~~of ~~Seafarer~~drilling revenues, as compared to 40% for the nine months ended September 30, 2011.

~~Net~~Shipping. ~~Gain~~Direct onoperating ~~Sale~~expenses for shipping consist primarily of ~~Properties.~~vessel Incharter ~~the~~costs, ~~six~~fuel ~~months~~costs, ~~ended June 30~~personnel costs, ~~2012~~insurance and ~~net~~other ~~gains~~related ofvessel costs. Direct operating expenses for shipping operations decreased SEK 29736 million, ~~were~~or ~~recorded.~~45%, Inin the ~~six~~nine months ended ~~June~~September 30, ~~2011~~2012, noto ~~properties~~SEK ~~were~~885 million ~~sold~~from SEK 1,621 million in the nine months ended September 30, 2011.

Direct operating expenses associated with crude oil tankers decreased SEK 929 million, or 64%, to SEK 518 million in the nine months ended September 30, 2012, from SEK 1,447 million in the nine months ended September 30, 2011, principally because our MR vessels, beginning in April 2011, operate in the joint venture Stena Weco A/S, in which the operating results are reported as net revenue. The revenues and operating expenses of these vessels were previously reported gross. Operating expenses were also reduced as a result of the decreased number of vessels operated, offset by the strengthening of the U.S. dollar against the SEK. Direct operating expenses for crude oil operations for the nine months ended September 30, 2012, were 84% of revenues, as compared to 108% for the nine months ended September 30, 2011. Direct operating expenses for crude oil tankers include time-charter costs, which normally are fixed for periods between 6 months and 5 years in advance, while revenues in the spot market vary with each voyage.

~~Total~~20 direct operating expenses increased SEK 84 million, or 1%, to SEK 8,189 million in the six months ended June 30, 2012, from SEK 8,105 million in the six months ended June 30, 2011, mainly as a result of increased operating expenses in all segments except for the shipping and property segments together with the strengthening of the U.S. dollar and GBP against the SEK.

~~Ferry~~Stena ~~operations.~~AB ~~Direct operating expenses for ferry operations consist principally of personnel costs, costs of goods sold on the vessels, bunker fuel costs, vessel charter costs, commissions, package tour costs~~ and ~~other~~Consolidated ~~related~~Subsidiaries costs. A significant portion of these costs do not vary as a result of changes in our seasonal requirements. Direct operating expenses for ferry operations increased SEK 431 million, or 13%, to SEK 3,729 million in the six months ended June 30, 2012, from SEK 3,298 million in the six months ended June 30, 2011, mainly due to higher expenses for bunker fuel together with increased product and operating costs generated from new routes in the Irish Sea. Direct operating expenses for ferry operations for the six months ended June 30, 2012, were 80% of revenues, as compared to 79% for the six months ended June 30, 2011.

~~Drilling.~~During ~~Direct~~2011, ~~operating~~the ~~expenses~~LNG ~~for~~business ~~drilling~~area ~~consist~~was ~~primarily~~reported ofwithin ~~personnel~~the ~~costs,~~crude ~~fuel~~oil ~~costs, insurance,~~tanker ~~maintenance and catering costs~~segment. Operating ~~Direct operating~~ expenses ~~for~~from ~~drilling~~LNG operations increased SEK 36124 million, ~~or 2%,~~ to SEK ~~1,497~~132 million in the ~~six~~nine months ended ~~June~~September 30, 2012, from SEK ~~1,461~~8 million in the ~~six~~nine months ended ~~June~~September 30, 2011. The ~~increase~~expenses ~~mainly~~include ~~reflects~~repair costs ~~that~~related ~~the rig Stena DrillMAX Ice started~~ to ~~operate~~downtime onof ~~June 15, 2012 and extra costs during off hire period for~~ Stena ~~Clyde,~~Blue ~~offset~~Sky byin ~~that~~April ~~the rig Stena Spey, which were unutilized for the first two months of~~ 2012, ~~together~~and ~~with the reduction~~ of ~~operating expenses reflecting the sale of the rig~~ Stena ~~Tay~~Crystal Sky in ~~the~~June ~~end of 2011~~2012. ~~Operating expenses were also increased as a result of the strengthening of the U.S. dollar against the SEK.~~ Direct operating expenses from ~~drilling~~the LNG operations for the ~~six~~nine months ended ~~June~~September 30, 2012, were 4523% of ~~drilling~~LNG revenues,. asThe ~~compared~~first of toour ~~40%~~LNG ~~for~~carriers ~~the~~was ~~six~~put ~~months~~into ~~ended~~operation ~~June 30~~in May 2011, with the two remaining carriers put into operation in July 2011.

~~Shipping.~~ Direct operating expenses ~~for~~with ~~shipping~~respect ~~consist~~to ~~primarily~~Roll-on/Roll-off ofvessels ~~vessel~~increased ~~charter~~by ~~costs~~SEK 46 million, ~~fuel~~or ~~costs~~34%, ~~personnel~~to ~~costs,~~SEK ~~insurance~~181 million in ~~and~~the ~~other~~nine ~~related~~months ~~vessel~~ended ~~costs.~~September 30, ~~Direct~~2012, ~~operating~~from ~~expenses~~SEK ~~for~~135 million ~~shipping~~in ~~operations~~the ~~decreased~~nine ~~SEK~~months ~~552~~ended September ~~million~~30, ~~or 46%~~2011, inmainly ~~the~~due ~~six~~to increased costs for new vessels operated. Direct operating expenses for Roll-on/Roll-off vessels for the nine months ended ~~June~~September 30, 2012, towere ~~SEK~~48% ~~643 million~~of ~~from~~revenues, ~~SEK~~as ~~1,195 million~~compared into 33% for the ~~six~~nine months ended ~~June~~ September 30, 2011.

Direct operating expenses ~~associated~~ with ~~crude~~respect ~~oil~~to ~~tankers~~Other ~~decreased~~Shipping increased SEK ~~676~~23 million, or 62 74 %, to SEK ~~418~~54 million in the ~~six~~nine months ended ~~June~~September 30, 2012, from SEK ~~1,094~~31 million in the nine ~~six~~ months ended ~~June~~September 30, 2011, ~~principally~~mainly ~~because~~due ~~our~~to MRexpenses ~~vessels,~~generated as from ~~April~~shipping ~~2011, were operating in the joint venture Stena Weco A/S, in which the operating results are reported as net revenue~~projects. The revenues and operating expenses of these vessels were previously reported gross. Operating expenses were also reduced as a result of the decreased number of vessels operated, offset by the strengthening of the U.S. dollar against the SEK. Direct operating expenses for ~~crude~~Other ~~oil~~Shipping ~~operations~~ for the ~~six~~nine months ended ~~June~~September 30, 2012, were 9328% of revenues, as compared to ~~103~~14% for the ~~six~~ nine months ended ~~June~~September 30, 2011. ~~Direct~~ operating expenses for crude oil tankers include time-charter costs, which normally are fixed for periods between 6 months and 5 years in advance, while revenues in the spot market vary with each voyage.

18Property. Property expenses consist primarily of maintenance, heating and personnel costs. Direct operating expenses for property operations increased SEK 10 million, or 2%, to SEK 606 million in the nine months ended September 30, 2012, from SEK 596 million in the nine months ended September 30, 2011, mainly due to increased operating expenses for the two new commercial properties in London. Direct operating expenses for property operations for the nine months ended September 30, 2012 were 33% of property revenues, as compared to 34% for the nine months ended September 30, 2011.

~~Table~~New Businesses, Adactum. Direct operating expenses for Adactum consist of ~~Contents~~expenses from Adactum’s subsidiaries. Direct operating expenses for Adactum operations increased SEK 217 million, or 9%, to SEK 2,675 million in the nine months ended September 30, 2012, from SEK 2,458 million in nine months ended September 30, 2011, mainly as an effect of Ballingslöv’s acquisition of the Swedish company Macro, a manufacturer of shower systems, in the fourth quarter of 2011. Operating expenses also increased due to raised cost for goods sold in Blomsterlandet. Of the total operating expenses SEK 1,182 million related to Ballingslöv, SEK 863 million related to Blomsterlandet, SEK 613 million related to Envac and SEK 17 million related to Stena Renewable in the nine months ended September 30, 2012, as compared to SEK 1,086 million related to Ballingslöv, SEK 801 million related to Blomsterlandet, SEK 558 million related to Envac and SEK 13 million related to Stena Renewable in the nine months ended September 30, 2011. Direct operating expenses for Adactum operations for the nine months ended September 30, 2012, were 73% of revenues, as compared to 72% for the nine months ended September 30, 2011.

~~Stena~~Selling AB and ~~Consolidated~~administrative ~~Subsidiaries~~expenses

~~During~~Selling ~~2011~~and ~~the~~administrative ~~LNG business area was reported within the crude oil tanker segment. Operating~~ expenses ~~from~~decreased ~~LNG operations increased~~ SEK 8052 million, or 2%, to SEK 802,405 million in the ~~six~~nine months ended ~~June~~ September 30, 2012, from SEK 0 2,457 million in the ~~six~~nine months ended ~~June~~September 30, 2011., ~~The~~due ~~expenses~~to ~~include~~a ~~costs~~timing ~~for~~difference ~~the~~in ~~broken~~pension ~~mooring on~~expense. ~~Stena~~Total ~~Blue~~selling ~~Sky in April 2012~~ and ~~propulsion~~administrative ~~failure~~expenses ~~on Stena Crystal Sky~~ in ~~June 2012. Direct operating expenses from~~ the ~~LNG~~nine ~~operations for the six~~ months ended ~~June~~September 30, 2012, were 22 12% of ~~LNG~~total revenues., ~~The~~same ~~first~~as offor ~~our~~the ~~LNG carriers~~nine ~~was~~months ~~put~~ended ~~into operation in May 2011~~September 30, ~~with the two remaining carriers put into operation in July~~ 2011.

~~Direct operating~~Depreciation ~~expenses~~and with respect to Roll-on/Roll-off vessels increased by SEK 38 million, or 43%, to SEK 127 million in the six months ended June 30, 2012, from SEK 89 million in the six months ended June 30, 2011, mainly dueamortization to increased costs of new vessels operated. Direct operating expenses for Roll-on/Roll-off vessels for the six months ended June 30, 2012, were 52% of revenues, as compared to 34% for the six months ended June 30, 2011.

~~Direct~~Depreciation ~~operating~~and ~~expenses~~amortization ~~with~~charges ~~respect to Other Shipping~~ increased SEK 6103 million, or 50 4%, to SEK 182,771 million in the ~~six months~~nine months ended ~~June~~September 30, 2012, from SEK 122,668 million in the ~~six~~nine months ended ~~June~~September 30, 2011., ~~Direct~~mainly ~~operating~~as ~~expenses~~a ~~for~~result ~~Other~~of ~~Shipping~~increased ~~for~~depreciation ~~the~~charges ~~six~~of ~~months~~new ~~ended~~vessels ~~June 30~~delivered, ~~2012~~offset ~~were~~by ~~16%~~reduced ofdepreciation ~~revenues,~~charges as ~~compared~~an toeffect 8%of the ~~for~~sale of the ~~six~~drilling ~~months ended~~rig ~~June 30,~~Stena Tay in the fourth quarter of 2011. The strengthening of the U.S. dollar with respect to the SEK, which primarily impacted depreciation charges on drilling rigs, which are denominated in U.S. dollars, contributed to the increase in depreciation and amortization charges.

~~Property.~~Financial ~~Property~~income ~~expenses consist primarily of maintenance, heating~~ and ~~personnel~~expense costs. Direct operating expenses for property operations decreased SEK 6 million, or 1%, to SEK 439 million in the six months ended June 30, 2012, from SEK 445 million in the six months ended June 30, 2011, mainly due to reduced operating expenses as a consequence of lower cost for heating due to a warmer spring in 2012, offset by operating expenses for the two new commercial properties in London and by increased vacancy rates in our property portfolio in the Netherlands. Direct operating expenses for property operations for the six months ended June 30, 2012 were 36% of property revenues, as compared to 38% for the six months ended June 30, 2011.

~~New~~Total ~~Businesses~~financial ~~Adactum.~~income ~~Direct~~and ~~operating~~expense ~~expenses for Adactum consist of expenses from Adactum’s subsidiaries. Direct operating expenses for Adactum operations~~ increased by SEK ~~173~~145 million, ~~or 10%,~~ to SEK (1,~~878~~241) million in the ~~six~~nine months ended ~~June~~ September 30, 2012, from SEK (1,~~705~~386) million in ~~six months ended June 30, 2011, mainly as an effect of Ballingslöv’s acquisition of~~ the ~~Swedish~~nine company Macro, a manufacturer of shower systems, in the fourth quarter of 2011. Operating expenses also increased due to raised cost for goods sold in Blomsterlandet, which has increased its market share and also increased its number of shops. Of the total operating expenses SEK 811 million related to Ballingslöv, SEK 648 million related to Blomsterlandet, SEK 408 million related to Envac and SEK 11 million related to Stena Renewable in the six months ended ~~June~~September 30, 2012, as compared to SEK 728 million related to Ballingslöv, SEK 599 million related to Blomsterlandet, SEK 368 million related to Envac and SEK 10 million related to Stena Renewable in the six months ended June 30, 2011. ~~Direct operating expenses for Adactum operations for the six months ended June 30, 2012, were 73% of revenues, as compared to 71% for the six months ended June 30, 2011.~~

~~Selling~~21 ~~and administrative expenses~~

~~Selling~~Stena ~~and~~AB ~~administrative expenses decreased SEK 17 million, or 1%, to SEK 1,635 million in the six months ended June 30, 2012, from SEK 1,652 million in the six months ended June 30, 2011. Total selling~~ and ~~administrative~~Consolidated ~~expenses~~Subsidiaries ~~in the six months ended June 30, 2012, were 13% of total revenues, same as for the six months ended June 30, 2011.~~

~~Depreciation~~Share of affiliated companies’ results in the nine months ended September 30, 2012, refers to the Company’s portion of the results of Midsona AB (publ), Gunnebo AB (publ), MPP MediaTec Group AB and ~~amortization~~Wisent Oil and Gas. As of September 30, 2012, the Company’s interest in the capital of Midsona was 23.5%, its interest in the capital of Gunnebo was 26.1%, its interest in the capital of MediaTec was 42.8% and its interest in the capital of Wisent Oil and Gas was 29%. As of September 30, 2011, the Company’s interest in the capital of Midsona was 23.1%, its interest in the capital of Gunnebo was 25.7% and its interest in the capital of MediaTec was 42.8%.

~~Depreciation~~Net ~~and amortization charges~~gain ~~increased~~(loss) ~~SEK~~on ~~97 million,~~securities ~~or 6%, to SEK 1,812 million~~ in the ~~six~~nine months ended ~~June~~September 30, 2012, ~~from~~was SEK ~~1,715~~191 million, inof ~~the~~which ~~six~~SEK ~~months~~(34) million ~~ended~~related ~~June 30,~~to ~~2011,~~net ~~mainly~~realized aslosses aon ~~result~~marketable ofsecurities ~~increased~~and ~~depreciation~~equity ~~charges~~securities ofand ~~new~~investments ~~vessels delivered~~in SPEs, ~~offset~~SEK 151 million byrelated ~~reduced~~to ~~depreciation~~net ~~charges~~unrealized ~~for~~gains ~~the~~on ~~drilling~~marketable ~~segment~~securities asand anSEK ~~effect~~74 million ofrelated to the ~~sale~~termination of the ~~drilling~~financial ~~rig~~lease of Stena ~~Tay~~Carron. Net gain (loss) on securities in the ~~fourth~~nine ~~quarter~~months ofended September 30, 2011., ~~The~~was ~~strengthening~~SEK (242) million, of ~~the~~which ~~U.S.~~SEK ~~dollar~~155 million ~~with~~related ~~respect~~ to ~~the~~net ~~SEK,~~realized ~~which primarily~~gains ~~impacted~~on ~~depreciation~~marketable ~~charges~~securities onand ~~drilling~~equity ~~rigs~~securities and investments in SPEs, ~~which~~SEK ~~are~~(460) million ~~denominated~~related into ~~U.S.~~net ~~dollars,~~unrealized ~~contributed~~losses on marketable securities and SEK 63 million related to the ~~increase~~termination inof ~~depreciation~~the ~~and~~financial ~~amortization~~lease ~~charges~~of Stena Carron.

~~Financial~~Interest income ~~and~~increased by ~~expense~~SEK 36 million to SEK 368 million in the nine months ended September 30, 2012 from SEK 332 million in the nine months ended September 30, 2011, due to decreased interest income related to investments in SPEs offset by increased interest income mainly from fixed interest instruments. Interest income related to investments in SPEs, included in total interest income decreased SEK 19 million to SEK 151 million in the nine months ended September 30, 2012, from SEK 170 million in the nine months ended September 30, 2011, due to the Group’s CDO 2002 investment being unwound during 2011.

~~Financial~~Interest ~~income and~~ expense ~~decreased~~ increased by SEK (~~402~~306) million to SEK (1,~~019~~721) million in the ~~six~~nine months ended ~~June~~September 30, 2012, from SEK (~~617~~1,415) million in the ~~six~~nine months ended ~~June~~September 30, 2011 reflecting higher debt outstanding. Interest expense for investments in SPEs in the nine months ended September 30, 2012, increased SEK (5) million to SEK (43) million from SEK (38) million in the nine months ended September 30, 2011.

~~Share~~During ~~of affiliated companies’ results in~~ the ~~six~~nine months ended ~~June~~September 30, 2012, ~~refers to~~ the Company’s ~~portion~~had foreign exchange gains, net of SEK 12 million. During the ~~results~~nine ofmonths ~~Midsona~~ended ABSeptember 30, ~~(publ)~~2011, ~~Gunnebo~~the ABCompany ~~(publ),~~had ~~MPP~~foreign ~~MediaTec~~exchange ~~Group~~gains, ~~AB and~~net ~~Silurian~~of ~~Hallwood~~SEK ~~Plc~~23 million.

19Other financial income/(expense), net of SEK (167) million for the nine months ended September 30, 2012, includes SEK (134) million related to amortization of the deferred financing charges for senior notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and offset by SEK (33) million related to bunker hedges. Other financial income/(expense) of SEK (164) million for the nine months ended September 30, 2011, includes SEK (106) million related to amortization of the deferred financing charges for senior notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and SEK (78) million related to bunker hedges.

~~Table~~Income oftaxes ~~Contents~~

~~Stena~~Income ABtaxes for the nine months ended September 30, 2012, were SEK (88) million, representing an effective tax rate of 6%, consisting of current taxes of SEK (217) million and ~~Consolidated~~deferred ~~Subsidiaries~~taxes of SEK 129 million. Income taxes for the nine months ended September 30, 2011, were SEK (246) million, representing an effective tax rate of 19%, consisting of current taxes of SEK (156) million and deferred taxes of SEK (90) million. The lower effective tax rate in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011 is mainly due to the increase in the proportion of Income before taxes derived from areas that are exempt from tax or taxed to a lower tax rate than the nominal Swedish tax rate (international shipping etc). The provision for taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated.

As22 of June 30, 2012, the Company’s interest in the capital of Midsona was 23.1%, its interest in the capital of Gunnebo was 26.1%, its interest in the capital of MediaTec was 42.8% and its interest in the capital of Silurian Hallwood was 29%. As of June 30, 2011, the Company’s interest in the capital of Midsona was 23.1%, its interest in the capital of Gunnebo was 26.1% and its interest in the capital of MediaTec was 42.8%.

Net gain (loss) on securities in the six months ended June 30, 2012, was SEK (13) million, of which SEK (29) million related to net realized losses on marketable securities and equity securities and investments in Special Purpose Entities (“SPEs”), SEK (32) million related to net unrealized losses on marketable securities and SEK 47 million related to the termination of the financial lease of Stena ~~Carron.~~AB ~~Net gain (loss) on securities in the six months ended June 30, 2011 was SEK 192 million, of which SEK 95 million related to net realized gains on marketable securities~~ and ~~equity~~Consolidated ~~securities~~Subsidiaries ~~and investments in SPEs, SEK 55 million related to net unrealized gains on marketable securities and SEK 42 million related to the termination of the financial lease of Stena Carron.~~

~~Interest~~Liquidity ~~income~~and ~~decreased~~Capital byResources SEK 8 million to SEK 230 million in the six months ended June 30, 2012 from SEK 238 million in the six months ended June 30, 2011, due to increased interest income mainly from fixed interest instruments offset by decreased interest income related to investments in SPEs. Interest income related to investments in SPEs, included in total interest income decreased SEK 40 million to SEK 89 million in the six months ended June 30, 2012, from SEK 129 million in the six months ended June 30, 2011, due to the CDO 2002 investment being unwound during 2011.

~~Interest~~Our ~~expense~~liquidity ~~increased~~requirements byprincipally ~~SEK~~relate ~~(248) million~~ to ~~SEK~~servicing ~~(1,158) million~~of ~~in the six months ended June 30~~debt, ~~2012~~financing ~~from SEK (910) million in~~ the ~~six~~purchase ~~months~~of ~~ended~~vessels ~~June 30,~~and ~~2011~~other ~~reflecting~~assets ~~higher~~and ~~debt~~funding ~~outstanding~~of working capital. ~~Interest~~We ~~expense~~meet ~~for~~our ~~investments~~liquidity inrequirements ~~SPEs~~with incash ~~the~~on ~~six~~hand, ~~months~~cash ~~ended~~flows ~~June 30,~~from ~~2012~~operations, ~~increased~~borrowings ~~SEK~~under ~~(6) million~~various tocredit ~~SEK (31) million~~facilities ~~from~~and ~~SEK~~other ~~(25) million~~financing inand ~~the~~refinancing ~~six months ended June 30, 2011~~arrangements.

~~During~~As ~~the~~of ~~six months ended June~~September 30, 2012, ~~the~~we ~~Company~~ had ~~foreign~~total ~~exchange~~cash ~~losses,~~and ~~net~~marketable securities of SEK ~~(27)~~9,237 million. ~~During~~as ~~the~~compared ~~six~~with ~~months ended June 30~~SEK 7,720 million ~~2011,~~as ~~the~~of ~~Company had foreign exchange losses~~December 31, ~~net of SEK 0 million~~2011.

~~Other~~For ~~financial income/(expense), net of SEK (101) million for~~ the ~~six~~nine months ended ~~June~~September 30, 2012, ~~includes~~cash ~~above~~flows ~~all~~provided ~~SEK~~by ~~(119)~~operating activities amounted to SEK 2,185 million, ~~related~~as compared to ~~amortization~~SEK of4,662 million in the ~~deferred~~first ~~financing~~nine ~~charges~~months ~~for~~ended ~~senior notes~~September 30, ~~revolving~~2011. ~~credit~~For ~~facilities,~~the ~~bank~~nine ~~loans,~~months ~~capital~~ended ~~lease~~September 30, ~~obligations~~2012, ~~and~~cash ~~investments~~flows used in ~~SPEs~~investing ~~and~~activities amounted to SEK 18(8,367) million, including SEK (8,613) million related to ~~bunker~~capital ~~hedges.~~expenditures, ~~Other financial~~as ~~income~~compared to SEK (~~expense~~6,874) million, ofincluding SEK (~~189~~8,883) million ~~for~~related to capital expenditures, in the ~~six~~nine months ended ~~June~~ September 30, 2011. ~~includes~~Cash ~~SEK~~flows ~~(111) million~~provided ~~related~~by tofinancing ~~amortization~~activities offor the ~~deferred~~nine ~~financing~~months ~~charges~~ended ~~for senior notes~~September 30, ~~revolving~~2012 ~~credit~~amounted ~~facilities,~~to ~~bank~~SEK ~~loans~~6, ~~capital~~561 million, ~~lease~~as ~~obligations~~compared ~~and~~to ~~investments in SPEs and~~ SEK ~~(78)~~2,016 million ~~related~~in tothe ~~bunker~~nine ~~hedges.~~months ended September 30, 2011.

~~Income~~As ~~taxes~~of September 30, 2012, total construction in progress was SEK 1,207 million, as compared to SEK 5,290 million as of December 31, 2011. The remaining capital expenditure commitment for newbuildings on order as of September 30, 2012, was SEK 1,087 million none of which is due during 2012, SEK 322 million is due 2013, SEK 440 million is due 2014 and SEK 325 is due 2015. The financing remains to be arranged. The Company plans to finance the remainder of this unpaid balance, together with additional expenses and financing costs, through cash from operations, existing revolving credit facilities, new capital lease agreements, new bank loans and other financing arrangements.

~~Income~~As ~~taxes for the six months ended June~~of September 30, 2012, ~~were~~total interest bearing debt was SEK ~~(33)~~54,879 million, ~~representing~~excluding andebt ~~effective~~in ~~tax rate of 20%~~SPEs, ~~consisting~~ ofas ~~current~~compared ~~taxes~~with of SEK ~~(123)~~49,501 million ~~and~~as ~~deferred taxes~~ of ~~SEK 90 million. Income taxes for the six months ended June~~December 3031, 2011,. ~~were~~As ~~SEK~~of ~~(71)~~September ~~million~~30, ~~representing~~2012 antotal ~~effective~~interest ~~tax~~bearing ~~rate~~debt ofin ~~20%~~SPEs ~~consisting~~was ~~of current taxes of~~ SEK ~~(104)~~ 3,908 million ~~and~~as ~~deferred~~compared ~~taxes~~with of SEK 33 4,143 million. ~~The~~as ~~provision~~of ~~for~~December 31, ~~taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated~~2011.

20As of September 30, 2012, $906 million was utilized under our $1 billion revolving credit facility, including $31 million used for issuing bank guarantees and letters of credit. As of December 31, 2011, $776 million was utilized under our $1 billion revolving credit facility, of which $26 million was used for issuing bank guarantees and letters of credit.

~~Table~~As of September 30, ~~Contents~~2012, $135 was utilized under the $200 million revolving credit facility entered into by Stena Royal S.àr.l. (“Stena Royal”) as compared to $32 million as of December 31, 2011.

~~Stena~~As ABof ~~and~~September 30, ~~Consolidated~~2012, ~~Subsidiaries~~none of the SEK 300 million facility in Adactum was utilized compared to SEK 450 million as of December 31, 2011. The facility was decreased from SEK 450 million to SEK 300 million in the third quarter of 2012.

~~Liquidity~~During 2010, we entered into a new SEK 6,660 million revolving credit facility with Svenska Handelsbanken and ~~Capital~~Nordea ~~Resources~~and guaranteed by EKN. This facility was utilized with SEK 507 million as of September 30, 2012, and unutilized as of December 31, 2011.

~~Our~~We ~~liquidity~~believe ~~requirements~~that, ~~principally~~based ~~relate~~on tocurrent ~~servicing~~levels of ~~debt~~operating performance and anticipated market conditions, ~~financing~~cash ~~the~~flow ~~purchase~~from ofoperations, ~~vessels~~together ~~and~~with other ~~assets~~available ~~and~~sources ~~funding~~ of ~~working~~ ~~capital.~~funds, Weincluding ~~meet~~refinancing, ~~our~~will ~~liquidity~~be ~~requirements~~adequate ~~with~~to ~~cash~~make onrequired ~~hand,~~payments ~~cash~~of ~~flows~~principal ~~from~~and ~~operations~~interest on outstanding debt, ~~borrowings~~to ~~under~~permit ~~various~~proposed ~~credit~~capital expenditures, ~~facilities~~including newbuildings and other ~~financing~~vessel acquisitions, and ~~refinancing~~to ~~arrangements~~fund anticipated working capital requirements.

As23 ~~of June 30, 2012, we had total cash and marketable securities of SEK 9,401 million as compared with SEK 7,720 million as of December 31, 2011.~~

~~For~~Stena ~~the~~AB ~~six~~and ~~months~~Consolidated ~~ended~~Subsidiaries June 30, 2012, cash flows provided by operating activities amounted to SEK 598million, as compared to SEK 2,161 million in the first six months ended June 30, 2011. For the six months ended June 30, 2012, cash flows used in investing activities amounted to SEK (8,202) million, including SEK (7,715) million related to capital expenditures, as compared to SEK (4,958) million, including SEK (6,857) million related to capital expenditures, in the six months ended June 30, 2011. Cash flows provided by financing activities for the six months ended June 30, 2012 amounted to SEK 8,082 million, as compared to SEK 2,804 million in the six months ended June 30, 2011.

AsOTHER ofFINANCIAL ~~June 30,~~INFORMATION ~~2012,~~– ~~total~~RESTRICTED ~~construction in progress was SEK 998 million, as compared to SEK 5,614 million as of December 31, 2011. The remaining capital expenditure commitment for~~GROUP newbuildings on order as of June 30, 2012, was SEK 265 million, of which SEK 0 million and SEK 265 million is due during 2012 and 2013, respectively. The financing remains to be arranged. The Company plans to finance the remainder of this unpaid balance, together with additional expenses and financing costs, through cash from operations, existing revolving credit facilities, new capital lease agreements, new bank loans and other financing arrangements.

AsFor ofthe ~~June~~nine months ended September 30, 2012, ~~total~~Restricted ~~interest~~Group ~~bearing~~Data ~~debt~~represents ~~was~~the ~~SEK~~selected 58consolidated financial information excluding (i) the property business segment (other than two small properties),~~095~~ (ii) ~~million~~the business segment of Adactum, ~~excluding~~whose ~~debt~~activities consist primarily of investing in ~~SPEs,~~companies asoutside ~~compared~~our ~~with~~traditional ~~SEK 49~~lines of business,~~501~~ and (iii) ~~million~~our assubsidiaries ofStena ~~December 31~~Investment Luxembourg S.àr.l., ~~2011~~Stena Royal, Stena Investment Cyprus Ltd and Mondaldi Ltd. AsOur real estate operations and the business of ~~June 30,~~Adactum ~~2012~~are ~~total~~conducted ~~interest~~through ~~bearing~~various ~~debt~~subsidiaries. inFor ~~SPEs~~purposes ~~was~~of ~~SEK~~the indentures 4under which our Senior Notes were issued,~~116 million~~ asreal ~~compared~~estate business and new businesses, Adactum, together with ~~SEK~~our 4subsidiaries Stena Investment Luxembourg S.àr.l.,~~143 million~~ Stena Royal, Stena Investment Cyprus Ltd and Mondaldi Ltd, are designated as ofunrestricted ~~December 31~~subsidiaries and, ~~2011~~as a result, are not bound by the restrictive provisions of these indentures.

As of ~~June~~September 30, 2012, ~~$840~~we ~~million~~had ~~was~~outstanding ~~utilized~~$128.8 million ~~under~~principal ~~our~~amount $1of ~~billion~~Senior ~~revolving~~Notes ~~credit~~due ~~facility~~2016, ~~including $27~~ €300 million ~~used~~principal ~~for issuing~~amount ~~bank guarantees and letters~~ of ~~credit.~~Senior AsNotes ofdue ~~December 31~~2017, ~~2011, $776~~€102 million ~~was~~principal ~~utilized~~amount ~~under~~of ~~our~~Senior ~~$1 billion~~Notes ~~revolving~~due ~~credit~~2019 ~~facility, of which $26~~and €200 million ~~was~~principal ~~used~~amount ~~for~~of ~~issuing~~Senior ~~bank~~Notes ~~guarantees~~due ~~and letters of credit~~2020.

AsAmounts ofin ~~June 30,~~U.S. ~~2012,~~dollars ~~$133~~have ~~was~~been ~~utilized~~translated, ~~under~~solely for the ~~$200~~convenience ~~million~~of ~~revolving~~the ~~credit~~reader, ~~facility~~at ~~entered~~an ~~into~~exchange byrate ~~Stena~~of ~~Royal S~~$1.~~àr.l.~~00 ~~(“Stena~~= ~~Royal”)~~SEK as6.5649, ~~compared~~the tonoon ~~$32~~buying ~~million~~rate ason ~~of December~~September 3128, ~~2011~~2012.

As24 ~~of June 30, 2012, SEK 0 million of the SEK 450 million facility in Adactum was utilized compared to SEK 450 million as of December 31, 2011.~~

~~During~~Stena ~~2010~~AB ~~we entered into a new SEK 6,660 million revolving credit facility with Svenska Handelsbanken~~ and ~~Nordea~~Consolidated ~~and~~Subsidiaries ~~guaranteed by EKN. This facility was utilized with SEK 2,074 million as of June 30, 2012, and unutilized as of December 31, 2011.~~

WeCondensed ~~believe~~Consolidated ~~that,~~Income ~~based~~Statements on– ~~current~~Restricted ~~levels~~Group of operating performance and anticipated market conditions, cash flow from operations, together with other available sources of funds, including refinancing, will be adequate to make required payments of principal and interest on outstanding debt, to permit proposed capital expenditures, including newbuildings and other vessel acquisitions, and to fund anticipated working capital requirements.


	Nine month period ended
	September 30, 2011			September 30, 2012
	(unaudited)
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		7,558			7,971			1,214
Drilling		5,115			5,115			779
Shipping		2,115			1,759			268
Property		6			5			1
Other		8			8			1

Total revenues		14,802			14,858			2,263

Net gain on sales of assets		27			28			4

Total other income		27			28			4

Direct operating expenses:
Ferry operations		(5,694	)		(5,924	)		(902	)
Drilling		(2,047	)		(2,324	)		(354	)
Shipping		(1,621	)		(885	)		(135	)
Property		(3	)		(3	)		0
Other		(5	)		(1	)		0
Total direct operating expenses		(9,370	)		(9,137	)		(1,391	)

Selling and administrative expenses		(1,646	)		(1,588	)		(242	)
Depreciation and amortization		(2,514	)		(2,615	)		(398	)

Total operating expenses		(13,530	)		(13,340	)		(2,031	)


Income/(loss) from operations		1,299			1,546			236

Net financial income and expenses:
Dividends received		14			16			2
Net gain (loss) on securities		(211	)		100			15
Interest income		202			222			34
Interest expense		(863	)		(1,156	)		(176	)
Foreign exchange gains (losses), net		25			14			2
Other financial income (expenses), net		(86	)		(130	)		(20	)

Total financial income and expenses		(919	)		(934	)		(143	)

Income/(loss) after financial income and expenses		380			612			93

Non-controlling interest		(5	)		0			0

Income/(loss) before tax		375			612			93


Income taxes		(65	)		110			17

Net income/(loss)		310			722			110

~~Table~~25 ~~of Contents~~

Stena AB and Consolidated Subsidiaries

~~OTHER~~Condensed ~~FINANCIAL~~Consolidated ~~INFORMATION~~Balance Sheets – ~~RESTRICTED~~Restricted ~~GROUP~~ Group

For the six months ended June 30, 2012, Restricted Group Data represents the selected consolidated financial information excluding (i) the property business segment (other than two small properties), (ii) the business segment of Adactum, whose activities consist primarily of investing in companies outside our traditional lines of business, and (iii) our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal, Stena Investment Cyprus Ltd and Mondaldi Ltd. Our real estate operations and the business of Adactum are conducted through various subsidiaries. For purposes of the indentures under which our Senior Notes were issued, real estate business and new businesses, Adactum, together with our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal, Stena Investment Cyprus Ltd and Mondaldi Ltd, are designated as unrestricted subsidiaries and, as a result, are not bound by the restrictive provisions of these indentures.


	December 31, 2011		September 30, 2012
	(unaudited)
	SEK		SEK		$
	(in millions)
ASSETS
Noncurrent assets:
Intangible assets		772		828		126
Tangible fixed assets:
Vessels		34,185		40,575		6,181
Construction in progress		4,826		519		79
Equipment		1,492		1,733		264
Ports		1,795		1,832		279
Property		569		434		66

Total tangible fixed assets		42,867		45,093		6,869
Financial fixed assets:
Marketable securities		588		653		99
Intercompany accounts, noncurrent		6,570		5,632		858
Other assets		8,976		8,838		1,346

Total noncurrent assets		59,773		61,044		9,298

Current assets:
Inventories		229		238		36
Trade debtors		2,533		1,917		292
Other receivables		1,403		2,584		394
Intercompany accounts, current		—		61		9
Prepaid expenses and accrued income		1,022		1,867		284
Short-term investments		2,417		2,078		317
Cash and cash equivalents		809		1,435		219

Total current assets		8,413		10,180		1,551

Total assets		68,186		71,224		10,849

SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Share Capital		5		5		1
Reserves		24,251		23,860		3,634

Equity attributable to shareholders of the company		24,256		23,865		3,635
Non-controlling interest		109		122		19

Total Equity		24,365		23,987		3,654

Noncurrent liabilities:
Deferred income taxes		1,115		691		105
Other provisions		2,221		1,491		227
Long-term debt		24,387		28,885		4,400
Senior notes		6,236		5,913		900
Capitalized lease obligations		1,475		820		125
Other noncurrent liabilities		1,242		1,076		164

Total noncurrent liabilities		36,676		38,876		5,921
Current liabilities:
Short-term debt		1,786		2,447		373
Capitalized lease obligations		219		641		98
Trade accounts payable		517		505		77
Income tax payable		57		—		—
Other liabilities		1,751		2,788		425
Intercompany liabilities		850		—		—
Accrued costs and prepaid income		1,965		1,980		301

Total current liabilities		7,145		8,361		1,274

Total shareholders’ equity and liabilities		68,186		71,224		10,849

~~As of~~26 June 30, 2012, we had outstanding $128.8 million principal amount of Senior Notes due 2016, €300 million principal amount of Senior Notes due 2017, €102 million principal amount of Senior Notes due 2019 and €200 million principal amount of Senior Notes due 2020.

~~Amounts~~Stena inAB ~~U.S.~~and ~~dollars~~Consolidated ~~have~~Subsidiaries ~~been translated, solely for the convenience of the reader, at an exchange rate of $1.00 = SEK 6.9632, the noon buying rate on June 30, 2012.~~

22Condensed Consolidated Statements of Cash Flow – Restricted Group


	Nine month period ended
	September 30, 2011			September 30, 2012
	(unaudited)
	SEK			SEK			$
	(in millions)
*Net cash flows from operating activities:*
Net income/(loss)		310			722			110
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization		2,514			2,615			398
Gain on sale assets		(27	)		(28	)		(4	)
(Gain) loss on securities, net		211			(100	)		(15	)
Unrealized foreign exchange (gains) losses		200			277			42
Deferred income taxes		(32	)		(261	)		(40	)
Non-controlling interest		5			—			—
Other non-cash items		74			156			24
Provision for pensions		(163	)		(246	)		(37	)
Net cash flows from trading securities		154			(51	)		(8	)
Changes in working capital		804			(1,636	)		(249	)

Net cash provided by/used in operating activities		4,050			1,448			221

*Net cash flows from investing activities:*
Purchase of intangible assets		(21	)		(28	)		(4	)
Cash proceeds from sale of property, vessels and equipment		40			215			33
Capital expenditure on property, vessels and equipment		(7,749	)		(6,854	)		(1,044	)
Purchase of subsidiaries, net of cash acquired		(140	)		—			—
Proceeds from sale of securities		110			47			7
Purchase of securities		(86	)		(76	)		(12	)
Other investing activities		(106	)		(351	)		(53	)

Net cash used in investing activities		(7,952	)		(7,047	)		(1,073	)

*Net cash flows from financing activities:*
Proceeds from issuance of debt		29			6,442			982
Principal payments on debt		(928	)		(1,253	)		(191	)
Net change in borrowings on line-of-credit agreements		3,146			1,221			186
Principal payments on capital lease obligations		(100	)		(188	)		(29	)
Net change in restricted cash accounts		1,177			257			39
Intercompany accounts		731			92			14
Dividend paid		(240	)		(260	)		(40	)
Other financing activities		141			(115	)		(18	)

Net cash provided by financing activities		3,956			6,196			943

Effect of exchange rate changes on cash and cash equivalents		37			29			5

Net change in cash and cash equivalents		91			626			96

Cash and cash equivalents at beginning of period		727			809			123

Cash and cash equivalents at end of period		818			1,435			219

~~Stena~~27 ~~AB and Consolidated Subsidiaries~~

~~Condensed~~Stena ~~Consolidated~~AB ~~Income~~and ~~Statements~~Consolidated –Subsidiaries ~~Restricted Group~~

	Six month period ended
	June 30, 2011			June 30, 2012
	(unaudited)
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		4,168			4,655			669
Drilling		3,649			3,316			476
Shipping		1,502			1,174			169
Property		4			4			1
Other		4			6			1
Total revenues		9,327			9,155			1,316
Net gain on sales of assets		24			28			4
Total other income		24			28			4
Direct operating expenses:
Ferry operations		(3,298	)		(3,729	)		(536	)
Drilling		(1,461	)		(1,497	)		(215	)
Shipping		(1,195	)		(643	)		(92	)
Property		(2	)		(2	)		0
Other		(1	)		(4	)		(1	)
Total direct operating expenses		(5,957	)		(5,875	)		(844	)
Selling and administrative expenses		(1,106	)		(1,075	)		(155	)
Depreciation and amortization		(1,611	)		(1,706	)		(245	)
Total operating expenses		(8,674	)		(8,656	)		(1,244	)
Income/(loss) from operations		677			527			76
Net financial income and expenses:
Dividends received		16			10			1
Net gain (loss) on securities		40			41			6
Interest income		137			142			20
Interest expense		(585	)		(754	)		(108	)
Foreign exchange gains (losses), net		(1	)		(17	)		(2	)
Other financial income (expenses), net		(129	)		(64	)		(9	)
Total financial income and expenses		(522	)		(642	)		(92	)
Income/(loss) after financial income and expenses		155			(115	)		(16	)
Non-controlling interest		(3	)		0			0
Income/(loss) before tax		152			(115	)		(16	)
Income taxes		52			103			15
Net income/(loss)		204			(12	)		(1	)

Other data – Restricted Group

Nine month period ended

September 30, 2011

September 30, 2012

SEK

(in millions)

OTHER DATA:

Adjusted EBITDA

4,015

4,383

668

~~Table~~Adjusted EBITDA is defined as income from operations plus cash dividends received from affiliated companies, interest income, depreciation and amortization, non-controlling interest and non-cash charges minus aggregate gains on vessel dispositions to the extent such gains exceed 25% of ~~Contents~~Adjusted EBITDA net of all such gains. Information concerning Adjusted EBITDA is included because it conforms to the definition of Consolidated Cash Flow in the indentures governing our Senior Notes. Adjusted EBITDA is not a measure in accordance with IFRS and should not be used as an alternative to cash flows or as a measure of liquidity and should be read in conjunction with the condensed consolidated statements of cash flows contained in our condensed consolidated financial statements included elsewhere herein.

~~Stena~~The ABcomputation of Adjusted EBITDA and ~~Consolidated~~reconciliation ~~Subsidiaries~~to net cash provided by operating activities is presented below:

Condensed Consolidated Balance Sheets – Restricted Group


	Nine month period ended
	September 30, 2011			September 30, 2012
	SEK			SEK			$
	(in millions)
Income from operations		1,299			1,546			236
Adjustments:
Interest income		202			222			34
Depreciation and amortization		2,514			2,615			398

Adjusted EBITDA		4,015			4,383			668
Adjustments:
Gain on sale of vessels		(27	)		(28	)		(4	)
Net cash flows from trading securities		154			(51	)		(8	)
Interest expenses		(863	)		(1,156	)		(176	)
Unrealized foreign exchange (gains) losses		200			277			42
Provisions for pensions		(163	)		(246	)		(37	)
Other non cash items		74			156			24
Changes in working capital		804			(1,636	)		(249	)
Other items		(144	)		(251	)		(39	)

Net cash provided by operating activities		4,050			1,448			221

	December 31, 2011		June 30, 2012
	(unaudited)
	SEK		SEK		$
	(in millions)
ASSETS
Noncurrent assets:
Intangible assets		772		762		109
Tangible fixed assets:
Vessels		34,185		43,069		6,185
Construction in progress		4,826		316		45
Equipment		1,492		1,798		258
Ports		1,795		1,889		271
Property		569		454		65
Total tangible fixed assets		42,867		47,526		6,824
Financial fixed assets:
Marketable securities		588		658		94
Intercompany accounts, noncurrent		6,570		5,799		833
Other assets		8,976		9,351		1,343
Total noncurrent assets		59,773		15,808		2,270
Current assets:
Inventories		229		241		35
Trade debtors		2,533		2,454		352
Other receivables		1,403		1,969		283
Intercompany accounts, current		—		425		61
Prepaid expenses and accrued income		1,022		2,594		373
Short-term investments		2,417		2,489		357
Cash and cash equivalents		809		1,393		201
Total current assets		8,413		11,565		1,662
Total assets		68,186		75,661		10,865
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Share Capital		5		5		1
Reserves		24,251		24,048		3,454
Equity attributable to shareholders of the company		24,256		24,053		3,455
Non-controlling interest		109		110		16
Total Equity		24,365		24,163		3,471
Noncurrent liabilities:
Deferred income taxes		1,115		963		137
Other provisions		2,221		1,795		258
Long-term debt		24,387		31,797		4,566
Senior notes		6,236		6,162		885
Capitalized lease obligations		1,475		1,339		192
Other noncurrent liabilities		1,242		1,019		146
Total noncurrent liabilities		36,676		43,075		6,184
Current liabilities:
Short-term debt		1,786		2,249		323
Capitalized lease obligations		219		214		31
Trade accounts payable		517		757		109
Income tax payable		57		63		9
Other liabilities		1,751		2,238		321
Intercompany liabilities		850		—		—
Accrued costs and prepaid income		1,965		2,902		417
Total current liabilities		7,145		8,423		1,210
Total shareholders’ equity and liabilities		68,186		75,661		10,865

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Statements of Cash Flow – Restricted Group

	Six month period ended
	June 30, 2011			June 30, 2012
	(unaudited)
	SEK			SEK			$
	(in millions)
Net cash flows from operating activities:
Net income/(loss)		204			(12	)		(1	)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization		1,611			1,706			245
Gain on sale assets		(40	)		(28	)		(4	)
(Gain) loss on securities, net		(24	)		(41	)		(6	)
Unrealized foreign exchange (gains) losses		255			(346	)		(50	)
Deferred income taxes		(116	)		(182	)		(26	)
Non-controlling interest		3			0			0
Other non-cash items		153			(211	)		(30	)
Provision for pensions		(201	)		(178	)		(26	)
Net cash flows from trading securities		49			(57	)		(8	)
Changes in working capital		(9	)		(1,181	)		(169	)
Net cash provided by/used in operating activities		1,885			(530	)		(75	)
Net cash flows from investing activities:
Purchase of intangible assets		(16	)		(17	)		(2	)
Cash proceeds from sale of property, vessels and equipment		79			156			22
Capital expenditure on property, vessels and equipment		(6,293	)		(6,396	)		(918	)
Purchase of subsidiaries, net of cash acquired		(119	)		0			0
Proceeds from sale of securities		109			37			5
Purchase of securities		(85	)		(77	)		(11	)
Other investing activities		(137	)		45			6
Net cash used in investing activities		(6,462	)		(6,252	)		(898	)
Net cash flows from financing activities:
Proceeds from issuance of debt		29			6,138			881
Principal payments on debt		(591	)		(693	)		(99	)
Net change in borrowings on line-of-credit agreements		3,704			2,437			350
Principal payments on capital lease obligations		(44	)		(148	)		(21	)
Net change in restricted cash accounts		958			(46	)		(7	)
Intercompany accounts		773			62			9
Dividend paid		(240	)		(260	)		(37	)
Other financing activities		174			(120	)		(17	)
Net cash provided by financing activities		4,763			7,370			1,059
Effect of exchange rate changes on cash and cash equivalents		23			(4	)		(1	)
Net change in cash and cash equivalents		209			584			85
Cash and cash equivalents at beginning of period		727			809			116
Cash and cash equivalents at end of period		936			1,393			201

Stena AB and Consolidated Subsidiaries

Other data – Restricted Group

Six month period ended

June 30, 2011

June 30, 2012

SEK

(in millions)

OTHER DATA:

Adjusted EBITDA

2,425

2,375

341

Adjusted EBITDA is defined as income from operations plus cash dividends received from affiliated companies, interest income, depreciation and amortization, non-controlling interest and non-cash charges minus aggregate gains on vessel dispositions to the extent such gains exceed 25% of Adjusted EBITDA net of all such gains. Information concerning Adjusted EBITDA is included because it conforms to the definition of Consolidated Cash Flow in the indentures governing our Senior Notes. Adjusted EBITDA is not a measure in accordance with IFRS and should not be used as an alternative to cash flows or as a measure of liquidity and should be read in conjunction with the condensed consolidated statements of cash flows contained in our condensed consolidated financial statements included elsewhere herein.

The computation of Adjusted EBITDA and reconciliation to net cash provided by operating activities is presented below:

	Six month period ended
	June 30, 2011			June 30, 2012
	SEK			SEK			$
	(in millions)
Income from operations		677			527			76
Adjustments:
Interest income		137			142			20
Depreciation and amortization		1,611			1,706			245
Adjusted EBITDA		2,425			2,375			341
Adjustments:
Gain on sale of vessels		(24	)		(28	)		(4	)
Net cash flows from trading securities		49			(57	)		(8	)
Interest expenses		(585	)		(754	)		(108	)
Unrealized foreign exchange (gains) losses		255			(346	)		(50	)
Provisions for pensions		(201	)		(178	)		(26	)
Other non cash items		153			(211	)		(30	)
Changes in working capital		(9	)		(1,181	)		(169	)
Other items		(178	)		(150	)		(21	)
Net cash provided by operating activities		1,885			(530	)		(75	)

Date: November 28, 2012

STENA AB (PUBL.)

/s/ Staffan Hultgren

Staffan Hultgren

Vice President & Deputy CEO and Principal Financial Officer

Filing Compare · STENA AB