ATLANTIC CONTAINER LINE

THIS IS

ATLANTIC CONTAINER LINE

Atlantic Container Line has been the leading carrier of containers, roll-on/roll-off cargo and aulamobiles between North America and North Europe since the mid-sixties.

Since 1990, ACL has been a wholly owned Swedish company. lts operational headquarters are located in South Plainfield, NJ, USA. ACL went public in September, 1994 when it was Iisted on the Oslo Stock Exchange, the major exchange in Seandinavia for shipping companies.

ACL's main weekly service is operaled with five of the world's lergest combination RORO/Container vessels. In addition to those vessels, the company has slot exchanges with other Iines, enabling ACL to offer five transatlantic sailings each week. ACL also offers relay container and RORO services between North America and Africa, the Me~iterranean, Middle East and Southeast Asia. Extensive inter- modal transporlotion and electronic data inter- change are integral parts of the services offered.

In 1995, ACL Iransported 224,000 TEUS (twenty- foot equivalent units] of cargo, corresponding to about l ,860,000 tons.

ACL's equipment fleet consists of 12,000 containers, 3,400 chassis and other RORO equipment.

The average number of employees in Europe and North America ·during 1995 was 381 persons.

ACL is represenled in 25 locations in North America and more than 30 locations in Europe.

Total operating income in 1995 was SEK 2,370 mil- lion, almost the same as the year before.

MISSION STATEMENT

Atlantic Container Line will consistently provide an

excellent, reliable and cost-competitive service. We

will be attentive to o ur customers' needs and respond

to them promptly. We will continuously explore inno-

vative ways to make it even easier to do business

with ACL.

ATLANTIC CONTAINER LINE 1995 ACL ...

TABLE OF CONTENTs

Two

Letter from the Chairman and the President

FouR

ACL, lts People and lts Markels

TwELvE

Transatlantic Services

THIRTEEN

The Fleet

FouRTEEN

Sofety and the Environment

FIFTEEN

Legal Structure and Number of Employees

SIXTEEN

Share Information

SEVENTEEN

Summary of Group Performance

EIGHTEEN

The Board of Directors, the Executive Committee ond Auditors

NINETEEN

Directors' Report

TWENTYTHREE

Consolidated lncome statements

TwENTvFouR

Consolidated Balance Sheets

TWENTYFIVE

Parent Company lncome statements

TW ~< N TY S ilt Perent Company Balance Sheets

TWI!!:NTYSEVEN

statements of Changes in Financial Position

TWENTYEIGHT

Notes to the Financial statements

FoRTvON E

Proposed T reatment of the Unappropriated Earnings

FoRTvTwo

Auditor's Report

IMPORTANT EVENTS

The U.S. dollar softened versus all European currencies.

Strong growth in the eastbound trade, but o levelling off in the westbound direction.

lntroduction of double stack express roi/ service

between Halifax ond Chicago/Detroit.

Settlement agreement between the TACA ond FMC whereby rote increases on containers in the U.S. trade were roiled back as from seeond quarter 1995.

The Cour! of First lnstance suspended the EU Commission 's prohibition of inland ratemaking actlvities by the TACA Lines.

Purchose of ATLANTIC CONVEYOR.

PROFIT AND FINANCIAL POSITION IN SUMMARY

Operating profit after depreciation Net profit

Equity/asset ratio

Return on capital employed

SEK million SEK million

%

%

Agreement to acquire ATlANTIC CART/ER signed in )anuary 1996.

Change of European port rotation in February 1996 in order to improve schedule reliobility.

ATlANTIC COMPASS was the first oceangoing cargo vessel to be certified by the Swedish National Maritime Administration under the /SM code.

Hedging programs for currency and bunkers implemented.

Order placed for 2,600 new leosed chassis ford elivery 1995- 1996.

ONE

1995

204 122 30 13

1994

202

34

23

12

BERNHARD RYDING PRESIDENl'

OLAV RAKKENES CHAIRMAN

1995 was o good yeor for Atlantic Container Line ond we are proud of the occomplishments of our people ond the support from our customers. The market remoined stoble throughout the yeor, ollow- ing us to continue our concentration on improving our operating efficiency. As o result of this and the hord work of ou r people, ACL's net profit more thon tri pied.

1995 was also o year of stability on the ragulo- tory front, with one notable exception . In March, our revenues were negatively impacted when freight rotes covered under the scope of the TACA Conference were roiled bock to 1994 levels os port of the TACA settlement ogreement with the U.S.

Federal Moritime Administration . But we overcome this setback by improving our corgo mix and our operating morgin.

During the yeor, the shipping enviro nment under- want some interesting chonges. The major Iines bego n to clus-ter tagether in vorious globol allionces

LETTER FROM THE

CHAI RMAN AND THE PRESIDENT

focussing on the moin Asion trade lones. Ship orders for 5,500-6,000 TEU vessels began hitting the press. ACL's strategy, however, moved the Company in the opposite diraction by limiting the extent of cooperotion with other Iines in order to stoy flexible and independent.

ACL has been s uccessful in getting to where we are today by being focused on ou r core North Atlantic business ond by offering unique services thot are cleorly differentioted from those offered by our competitors. This cannot work in a global olliance where all the partners offer the same basic product. Furthermore, lorge vessels are depen- dent on high-volume, low-morgin cargo, o portion of the market that ACl has elected to diversify away from du e to its volatility and questionable profitabil- ity. For that rea son ACL has emborked on a strate- gy to make our operation even more independent, self-reliant and quolity-oriented than it hos been in the post.

T w o

As a result of this strategic direction, we have decided to modify our schedule in 1996 to improve the transit time and reliability for our major niche ports. We have reduced the number of slots that we swap with our ship-sharing partners, giving us more space to market to our own unique ports on our own vessels.

In June of 1995, ACL began a chassis upgrade program that will eventually remanufacture or replace all of the 2,600 chassis in our fleet. As of today, two-thirds of those chassis have been through the program, with the remainder to be completed during 1996. In addition, ACL has placed orders for l ,800 new twenty-foot containers fordelivery in 1996, continuing a high quality equipment stan- dard for the future.

In July of 1995, ACL purehosed the ATLANTIC CONVEYOR from Cunard, giving ACL direct own- ership of four out of the five RORO/Containerships in our fleet. In January of 1996, we alsosigned an agreement with Compagnie Generale Maritime to purchose the fifth vessel, the ATLANTIC CARTIER, for delivery in May 1996.

Having all of our main vessels under direct own- ership gives us the flexibility to deploy our assets in ways that optimize their earning power.

Our customers are increasingly demonding con- sistency and service precision along with adminis- trative ease and reduced costs. The stability in the market has enabled us to .address these issues in 1995 and make some of the changes necessary to increase the ~ustomer benefits of our service pack- age. Our progress is reflected in our improved Financial results.

lt is dear, however, that we have but seretched the surface, and must now exploit what we believe will be a stable 1996 to accelerate the pace of our service enhancements and operational efficiency.

lt is interesting to note that we operate with fewer containers today than we did one year ago,

THREE

although our containerized ca rgo volume has increased during the same period. We have been able to achieve these kinds of productivity gains through the teamwork of ou r marketing and logistics people. With the help of the improved com puter planning systems now being developed, further gains should be possible, so the outlook for further improvement is good.

Late last summer, we began a process wh ich has uneovered a wealth of ideas to streamline the flow of information and simplify how we conduct our business. During the year ahead we shall be imple- menting a program to inco rporate those ideas into our operating system. Processes must be refined, software must be enha nced and more training will be required. But by th e en d of the year w e should be weil on o ur way towards th e completion of a service system that will put ACL even further ahead of our competition in terms of customer-orientation, quality and ease of doing business.

We cannot cont rol what will hoppen in Washington and Brussels and we cannot control whatwillhoppen in the m arket ond the globol econ- omy. But we can contro l our own operation and prepare ourselves for what w ill be major changes on the horizon, in o rder to copitolize on those changes.

1995 was indeed a good year for Atlantic Container Line. But with continued stability in our markets, the enhancement of our systems and processes and the dedication of our people, 1996 should show a con tinuation of ACL's positive devel- opmerit.

H-- d~ C(_~J 0-

olav Rakkenes Bernhard Rydi n g

Chairman President

ACL, ITS PEOPLE AND ITS MARKETS

For twenty-nine years, ACL has hod the reputation of being able to satisfy the most demonding customers in Europe ond North America. ACL has acquired that reputation by having experienced peo- ple on board who understand their customers' requirements and who know how to solve their customers' problems.

Over the next pages, a few of the ma ny dedicated ACL stoff in Europe and North America will be pre- sentad, talking obout their specific job function, their unique market areas and what sets ACL apart in their individual countries.

FOUR

JANET PERRIN

CUSTOMER SERVICE MANAGER HAL! FAX, NOVA 5COTIA

Janet was born and roised in Halifax. She com- pleted her university studies there and still lives in the center of town. Janet's career with ACL began in the accounting department in 1975. She gradually pra- gressed through the various functional areas of the company and in 1995, she was named Canadian Customer Service Manager with responsibility from coast to coast.

FIVE

EIKE KOERBER TERMINAL MANAGER BREMERHAVEN,GERMANY

Eike was born and roised in a small village near the Czech barder. On a rainy night in 1945, his perents took their fomily out of the Soviet occupation zone and settled with his grandmother in a village near Bremen. His first job after finishing school was on a herring trowler, followed by many years of experience on merchant ships. Eike received his Master Mariners Certificate in 1962 and eventually became Captain of a RORO vesseL He joined ACL in 1970 as terminal manager and has become a familiar face on both sides of the Atlantic os ACL's leading expert on the technical aspects of RORO cargo handling.

SIX

t

t

t

VERONICA FAAS

EUROPEAN EQUIPMENT MANAGER ROTTERDAM, NETHERLANDS

Veronico was barn in Georgetown, Guyana and moved with her perents to the Netherlands at the age of twelve. After completing her education, she joined lncotrans in 1982. lncotrons was A C L' s Rotterdam agent at the time and it eventually became an ACL branch office. After handling a variety of assign- ments in different departments, Veronica found that she most Ii ked the logistics aspects. She was appoint- ed to her present position in 1993, which has her responsibility on a earparate level for keeping track of ACL's equipment fleet throughout E urope.

SEVEN

GUNNAR ANDERSSON SALES MANAGER

STOCKHOLM, SWEDEN

Gunnar was born in Södertölje, a town south of Stockholm, and was roised in the un ivarsity city of Uppsala. He and his wife reside in the suburb of Sollentuna and spend weekends a nd holidays at their summer home in the Stockholm A rchipelago. He began his shippi ng career in 1958, when the only services between North America and Sweden were w ith conventional vessels. Gunnar joined ACL in l 967 as a sales representative in Stockholm, so he has been with ACL since the very beginning.

EIGHT

CHRIS LEAHY

FINANCE AND ACCOUNTING v1ANAGER LIVERPOOL, ENGLAND

Chris was barn in Hitchen, a small town north of London, and grew up in and around Birmingham.

He attended university in Liverpool and lives there today with his wife and three children. His financial career began with an accounting firm in Liverpool and after working as an auditor for Price Waterhouse, he became the controller of a large manufacturing firm in North Wales. Chris joined ACL in 1992, just as the Company's financial turn- around began.

NINE

GLORIA HA MIL TON

CUSTOMER SERVICE SUPERVISOR PORTSMOUTH, VIRGINIA USA

Gloria was born and roised in York County, Pennsylvania, about 50 miles north of Baltimore.

After completing her education, she relocated to Virginia, starting her transportation career working for a shipping agency. Gloria became an ACL rate clerk in 197 4 and since then has handled virtually every aspect of documentation and customer service.

In 1992, she was the ideal candidate to assume the position of customer service supervisor.

TEN

CAPTAIN JONAS RAHMBERG

MASTE:R, ATLANTIC CARTI ER THE NORTH ATLANTIC

Jonas was barn in Gothenburg and now lives on a small farm about l 00 kilometers north of the city.

When he is not navigating the sea lanes of the North Atlantic, he spends his time with his wife and three children, one of whom is attanding high school in the United States.

Jonas has been at sea for over thirty years on both cargo ships and research vessels. Prior to joining ACL in 1986, Jonas sailed in the Australien and West African Trades.

EL.EVEN

TRANSATLANTIC SERVICEs

Atlantic Container: Line offers five weekly transat- lantie services between North America and Europe.

With over fifty port calls each week, ACL is unsur- passed in this trade.

A SERVICE

Baltimore Portsmouth

NewYorfc Halifax

Liverpool Antwerp

Bremerhaven Gothenburg

Antwerp Liverpool

B SERVICE Halifax NewYork Savannah

Norfolie New Yorlc

Halifax Antwerp

Thamesport Bremerhaven

Roiterdam Holifox

NewYork

C SERVICE Norfolie NewOrleans

Houston Antwerp

Thamesport Bremerhaven

Le Havre Charleston

Houston

D SERVICE

Boston NewYork

Baltimore Newport News

NewYork

Savonnah

Antwerp Homburg

Bremerhoven Felbestowe

Le Havre E SERVICE

Miami

NewOrleans Houston

Charleston Wilmington

Antwerp Bremerhoven

Felbestowe Wilmington

Charleston

TWELYE

THE FLEET

SHIP NAME OWNER BUlL T YARD

F !'.AG

ATLANTIC CARTII!:~

CGM 1985 CH.

NORMED BAHA"1AS

ATLANTIC COMPANION

ACL 1984

KOCKUMs

S W EDISH

ATLANTIC COMPASS

ACL 1984

KOCKUMs

SWED IS H

ATLANTIC CONCERT

ACL 1984

KOCKUMs

SWEDIS H

ATLANTIC CONYI!:YOR

ACL 1985

5WAN HUNTER

BAH A MAS

THIRTEEN

SAFETY AND THE ENVIRONMENT

The single most importont factor under ACl's con- tro! for protection of the Environment is the safety of our vessels. This is why we, through our ship man- agers, Transocean Ship Management, have started implementation of the ISM Code (International Management Code for the Safe Operation of Ships ond for Pollution Prevention) Iong before it will become a requirement. ATLANTIC COMPASS was the first oceangoing cargo vessel to be certified by the Swed ish National Maritime Administration in December 1995. The other vessels will follow in due course.

ACL's Environmental policy stotes thai the highest international standards for vessel and operational safety shall be adhered to or exceeded where pos- sible .

The Environmental policy further statesthat ACl is committed to preserving the global Environment by providing and developing efficient transporlotion services that avoid negative impacts for the Environment. Therefore we strive continuously to improve the utilization of all resources in order to minimize fuel and energy consumptian and to mini- mize empty positioning of equipment and vehicles.

Environmental issues are handled by the respec- tive functional areas and local offices of our orga- nization.Vendors a re encouraged to supplyservices and products that are Envi ronmentally friendly.

Review of adherence to the Environmental policy will take place in conjunction with Q ualily audits.

- """""'-•

..

FOURTEEN

LEGAL STRUCTURE AND NUMBER OF EMPLOYEES

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1'\Tl-"1"'\TU: CnN-·'•~ru L•r•c:

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AtLANTtC:. cor•7,..,,.,a;..,.

l.l'• '

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,,Tt.Ä!".iTlC COMTI'.INf R Li"'f

INC:OTUh•t.., Ll .... lt Nht..:._,...TU~rt

NUMBER OF EMPLOYEES

1'f91 1992 1993 1994 1995

North America Europe

FIFTEEN

SHARE INFORMATION

TOTAL SHARE CAPITALAND SHARES

Total share capital ¹⁰⁰ r---~

amounted to SEK 325 mil- lion and restricted reserves amounted to SEK 179 mil- lion. Total shareholders equity was SEK 650 million at the end of 1995.

90 r---~

The total number of shares is 6,500,000 and total equity per share was thus SEK l 00.

T RADING OF THE: SHARES

The ACL shares are Iisted on the Oslo Stock

~ 70

z

Dec.

30.95 Mor.

31-95

• ACL share end week • OBX shipping index (re-aligned) Jun.

30- 95

Sepl.

29·9 5

Exchange's SMB list (Small- and Mid-sized Businesses).

The share issue was priced at SEK 77 per share and the initial listing on September 19, 1994 was at NOK 70. The highest that the share was traded in 1995 was NOK 88 and the lowest was NOK 50.

Total share turnover in 1995 was 127% of the average number of sheres Iisted in the Norwegian VPS. During the first two months of l 996 the lowest

15 ~---~

14~---~---_,

D 11 t - - - - ----:

1/)

~ 10 r-~~---r~---~

• ACl share end week

the share has been traded was NOK 75.5, the high- est NOK 84 and the volume was 28% of sheres list- ed in the VPS.

MAJOR S HAREHOLDERS

The majority of the sheres are Iisted in the Norwegian VPS system but there are some sheres held in custody in Sweden and Iisted in the Swedish VPC system and thus not traded on the Oslo Stock Exchange.

The table shows the major shareholders as of December 31 , 1995 and known subsequent changes as of March l, 1996.

There were a total of 375 shareholders, of which 342 Norwegian.

• OBX shipping index (rf!o<Jiigneci}

SIXTEEN

?.

o l)

1 6 1 5 2 !5 . C.!!-00,000 100 .0

J

SUMMARY OF GROUP PERFORMANC:E

(SEK millions}

INGOME STATEMENTS

Operating income ... . Operating expense ... ..

Gross operating profit ... . Depreciation ... ..

Net operating profit ... . . . Interest income ... ... . l n terest expense ... . Exchange gains/losses ... .. . lnc:ome before taxes ... . Taxes ... ..

Net profit/loss ... ... ... ..

BALANGE SHEETS

Cash and short-term investments ... ..

Other current assets ... ... ..

Financial fixed assets ... . Other fixed assets ... . Total assets ... . Current liebiiities ... . Current portion of financialliabilities ... .. .. . long-term linancial liebiiities ... . Provisions ... ... . Shareholders' equi!y ... ..

Total liabilities and shareholders' equity ... ..

KEY RATIOS

Interest c over ra tio ... (limes}

Equi!y/Asset ratio ... (%}

Return on capitol employed ... (%) N et interest bearing debt ... (SEK million}

Equi!y/Share ... (SEK}

Shore price ... ... (SEK) Dividend . . . . . . . (SEK) Price/Earning ratio ... {limes}

Cashflow/Share ... (SEK) Net profit/Share ... (SEK) Average number of sheres ... ... (000)

Operating margin/TEUs ... ... (USD}

Totaliiitings in TEUs ... ... (000) SEK/USD average ... ..

SEK/USD at December 31 ... ..

SEK/NOK at December 31 ... .

1995

2,372 (2,016]

356 (153]

204 39 (124]

3 122

o

122

335 200 150 1,477 2,162 209 239 955 109 650 2,162

2.0 30 13 674 100 85 2.75 4.5 42.3

19 6,500 227 220 7.13 6.69 1.05

1994

2,427 (2,071]

356 (154]

202 32 (169]

[28]

37

P l

34

294 232 180 1,601 2,307

217 221 1,216

122 531 2,307

1.2 23 12 920 82 70 o

4.9 79.0 14 2,380 216 213 7.72 7.46 1.10

The accounts T 99 T · T 993 o re odjusted to reflect the same accounting principles adopted os from T 994.

DEFINITIONS

1993

2,450 [2, 177]

273 (171]

102 20 (259]

(56]

(193) 63 (130)

149 539 27 1,735 2,450 212 196 1,854 124 64 2,450

0.4 3 6 1,477 64 n/ a n/a n/o 41.0 (1 30 ] 1,0 00 1 59 220 7.78 8.33

1992

2,016 (2,285]

(269) (159]

(428) 5 ( 204]

(lO]

(637) 117 (520)

54 434 462 1,922 2,872 945 176 1,570 114 67 2,872

(2.0) 2 -1 8 1,530 67 n/a n/a n/ a (36.1]

(520]

1,000 (177]

262 5.81 7. 10

1991

2,297 [2,300]

(3) [158]

(161) 14 (157]

14 (290)

143 (147)

3 539 304 1,969 2,815 156 324 1,828 96 411 2,815

(1.0]

15 -6 1,677 411

n/a n/ a n/o 11.0 (147]

1,000 ( 2]

29 1 6.06 5.55

l

NTER EST C ovER RATIO:

Net operating profit plus interest income divided by interest expense plus exchange gains/ loss es.

EQU ITY/AssETs RAT! o:

Shoreholders' equi!y as o percantoge of total assets.

RETURN ON CAPITAL EMPLOYED:

Net operating profit plus interest income divided by total assets less non-interest bearing liabilities.

PR IGElEAR N 1 NG RATJO:

Share price at end of year divided by net profit/s hare.

CAsH FLOW/SHARE:

Net profit plus depreciation divided by number of shares.

OPERATING MARG! N:

Gross operating profit in USD divided by total iiitings in TEUs.

TEUs:

Twen!y-loot Equivalenl Units.

TOTAL LIFTINGS:

All cargo segments converted to TEUs.

SEVE:NTEE:N

:~ ·~~ , ,

3 . t

~ ~ -

. '

ACL:V Board of Directors,

standing

from 1<!/t.

Bernhard Ryding,

Hd.Jam

Lars.son, Pt.ter Carlsson, Christer Olsson sea~ed,

Olav Rak.kene.s and Jon

⁴

Aksel Torgersen.

The ACL Executive Commiue<, from left, Dan Axel Rosen, Andrew

Abbot~

Bernhard Ryding,

Olav

Rakkenes and Conrad De Zego.

THE BOARD OF DIRECTORS

OLAV RAKKENES

Gothenburg, born 1945 Ch airman

Board member and chainnan since 1989 Chairman and CEO of ACL AB Chairman ofTACA

and Chairrnan of CENSA US affairs section.

Shareholding: 600 shares

PETER CARLSSON

Gothenburg, born 1937 Board m ember since 1994 CEO and member of the Board of Rederi AB Transmark

Member of the Board of AB Wllb. Becker and Through liansport Mutual Ins. Assoc. Ltd.

HÅKAN

Gotbenburg, bom 1947 Board member since 1990 CEO and ruerober of the Board of Bilspeclition Transport &

Logistics (BTL) AB Merober of the Board

of .B&N, Bytock & Nordsjöfrakt AB, Frontline AB, Scribona AB, Sweclish Road Employers' Assoc.

and Sweclish Freight Forwarders Assoc.

DEPUTY BOARD MEMBER

THOMAS SJÖSTRÖM

Mar.;trand, born 1943 Board ruerober since 1994 Chief Financial Officer,

Bilspeclition liansport & Logistics (BTL) AB

THE EXECUTIVE COMMITTEE

ANDREW ABBOTT

Bom 1952

Executive VP liarles Sharebolding: 1,500 shares

CONRAD DE ZEGO

Bom 1940

Executive VP Operations

OLAV RAKKENES

Bom 1945 Chairman and CEO Shareholding: 600 shares

AUDITOR

COOPERS

8c

LYBRAND AB, GOTHENBURG

Authorized Public Accountants

Iodividual Auditor in charge: Gunnar H j almarsson

DEPUTY AUDITOR

OLLE GUNNARSSON

Authorized Public Accountant Coopers & Lybrand AB, Gothenburg

EIGHTEEN

CHRISTER OLSSON

Stockholm, bom 1945 Board mernber since 1994 CEO and member of

the Board of Wallenius Lines AB Cbairrnan of the Board of Stolt Partner SA Member of the Board

of Bilspeclition Traosport & L ogistics (BTL) AB, Swedish Shipowners' Assoc.

(Vice Ch airman) and Stolt-Nielsen SA

BERNHARD RYDING

New York, born 1937 Board member since 1991 President of ACL AB Shareholding: 800 shares

JON·AKSEL TORGERSEN

Oslo, bom 1952

Board member since 1994 CEO of Astrup Fearnley A/S

Member of the Board of liansocean AS

DAN AXEL ROSEN

Bom 1947

Chief Financial Officer Shareholding: 1,000 shares

BER N HAR D R Y Dl NG

Bom 1937

President

Shareholding: 800 sbares

DJRECTORS' REPORT

T H E -MÅa.K:ET

· • ... . .

^{~ .}

- . :·'1.·

.

':

.

ACL provides liner . services in the Atlantic basin; A weokening U.S.· dollar du_ring the yeor and a slow

· be!Weeri por.ts in Northern -Europe . ond the No.rth ·down in European .economies during the seeond ho lf of .

·. A~erican Atlantic a-nd Gulf Coosts. - Five modern liner · the yeor reduced groWth ~f the container trade. in ' the .. , . vessels are operaled by ACL ' The vessels _ are purpos& westbound dir~ction to 0.5% 19% ). · Ho..:/ever , the weok- _

.·· .

· built for.ACL's troding pdttern ·and cargo compositio~;~ -_ e~ U.S. dollar -and export. effqrts· led to a ^{'strq ng -1 4%}

arid carry o combi~ation .of contain"erized ccirgo, tnat js · i3,5%J growth of tlu~ contoiri~r t~ode. in the ea~tbound · · · ·· · handled lift-on lift-off ILOLO), rollable cargo, thbt .' direction. The westbound container trade was stilliarger

^{\ .}

. is handled roll-on roll-off IRORO) a~d cai-s that are a]so than the eostbcund but the imbalance wo~ reduced to 9%

håndled RORO. The vesseis h~v~ a unlque design which·- .. _. 124%). • -

¹' ··- · · ·-

. gives high .flexibility to ·efficiently h~~dle meny d iff~rent ... - ACL's carryings of c~ -nta!ner . cargo i - ncreased about > : _ _ c~rgoes. - _. . - . _-- . ::· . . ' . . . . . ' .l %, RORO corryings i ncre~sed by 3 % and the earryl ng

Four of the vessels are fully owned o nä · one is on Iong- ·; _:.' of cars by 4 %. · • · : · .- -:. ~ :- _ · · -~ : ,

-- term ~ho_rter.' ^: An ogreement has been en te red in to. for . _ , . . The membei'S of' the Trons-Ailo~tic Confere~e Agn~ement - ^{. · :- · :· ·} -~

acquiring. olso the fifth vessel with delivery May 1996. . - . (TA CA) implem~nted rote increases of opproximately 5% - The ves~els ~re employ~d in ACL's Iong - established · · for containers i ~ t~e ^{.U.S .} . EurQpe trade at th~ begin~jng ^·

weekly service pattern: _"l'hro~gh -slot exchanges with _ of the year.'' But~a' ;ettlenient ogreerrient with th~ Fede~al '<-

6ther Iines, ACL is. able to offer, i~ tot~l, fivE:l saillngs per MÖritime Co~mission IFMC) in Washingto~ called f~r a .-.

Week for LOLO cargo, which 'not only supplemen' ts.ÄCL's . . roll oack of this increase as fro~ the . seeond quarter. · . port coveroge ·o~ ^- the North Atlantic but also offers .alter~ Hqwever, as orily obout l / 3 o~ ACL's turnover is ge~ ^{er· ·} native . day-of-the-week s.ailirigs and imprbved_. tra- nsit ' -- :·åted fro~ thi~ porf of the business the implications were

i _,

limes .. A s~all portion of ACL's LÖLO capocity is 'char- • limited. Orn::.n overall ~asi.s the price levels were far fro~- . _tered out to Po_ lish Ocean Lines on a fixed basis . . :; , .~ satisfacto r}' for conta iner tronsporto_tion. but rernain~d stG- - _.In. cooperotion withoth~r regional carriers,- ACL is : able . ble during the yeor . .. - . , - , . - . .. ,

· - to offer . shipments of containers via Europe to ~tber ^ports AverÖge rotes in ACL's overa ll'' cargo mi . x were ~ome:

^c-.

. . · of the world s u ch as the Eostern Mediterranean, -_ th~ Blo. ck . _._ : what higlier eostbcund thon · westb<,>und. The av~rage · _ : ·

:·.. Sea, the Arabian Gulf, th~ ^{Ccin .ory} .Islands, East Africa · - .. :. ~at~ ^{of all} carg~s ^was 6% - higher compore_ d to 1994. · . ·.

arid West Africa. To mostof these destinations as weil as - : ACL carried a total of 220;000 (2 l ^3,oooi Twenty-foot

. ~ tq Southeost Asia shipment of R _ ORO cargo can a_lso be . · .. ' Equ-ivale~t Units (TEUs). - ·- . , ,

.. :-..

0 ~:~~:;-~f ~~~~s ^total tr~n~port con~;pt ^{and in.} ad~·i;ion ^{: · - . .. . -. · ,}

·.to . ihe 'seabonie · transportotiÖn, ACL . offers integroled ~ ^{. .} toTAL

^{TuRNovER · ( · .,_ .:}

road; ~a il ~nd feeder connections _ in order to pro~ide · ·> . __ . .-. · ·

- :: intermodol door-to-doo'r transportotio n: ,.~. : ,· ; _ Others

. : ACL is 'affering a total logi~tics - sy~tem door-to-door i. Automobiles 4 %

including ·an ad~anced EDI-based information system. 7%

AC, L is focusrng on ^{balancing ~utbound} cargo flows with _:

Jnbound fl~ws to ~ptiinize equipmerit utilization, achieve :.

efficiencies and avoid riegative· impacts for .ihe eiwiron- ·

.

^-

.

'

•. . : . .

^~.

ment. .-- -..

. -. · ..

^;

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_ .·. _ ...

NINETEEN

· , < - .. ..

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·

. .

;

:-- .

· . .

^_

...

·.'1,.·-

·

^...

^.-

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~.::~· ^· ;.~: OPERATIONs

,/,, '

· ·· ·· ·Overall . the . vol u me .develqpment ·was stable, resulti~g ^.

·, '· ., in?n ·overoge ~tilizatjon ~f ^{87% in·} th~ c~ntoine~ ^seg-_

. : .. ment, 71% in the_ RORO segment C:uid 68~ in the ear seg-

NET OPERATIN~ .. .. ^{P -ROFIT}

_{.~. . ;}

_...

30Q -~-_;---~---....:...;...; _{u · . . ,}

.j

200 t-~---~--~~~----~~

· .. l:"".: :· . . .

• • J • •

' ment. lnlan$:1 tronsportetian c _ ooperotiQn with other corri- J Oo ~--~~--- ~

·- .. · ers was extended on-the C~n-tinent os was-c(Jntainer ihter- .. :>· . 1 ' , ... : --~. · .

, _,' "· · _chong~ bot~ lnE.urop~-bndthe ^{U.S. ond} chassi~ ^pooling.

^Il)

-~~- -~ r--- -- ·. ,""'1"'"--r--r ·:....· ·~~,____l--LL-....L.I

•· . in the U.S. which resulte~ in. im proved efficiencies and a ^{1 · ;}

·. ,. less.posi~ioning of equipment. As o fu_rther · result of this···--~- ^_ 100 r '

-, arid ~f foc~~!ng on round trippin~ co!go ond eCjuipment, ~ ·

- the operofing equipment fleet could be reduced by abclut 4%. - w -200 r - - - -

'1

.·,, The overall operating . margin improved to USD 2:27 . ttL

' ... :,. ' . :: per TEU'- {216). This is the result of some i~cre~se ^{in 'rates -, ·.} ·-JOO 11--";--'- ·---'- ~ - ,-~ ' l

' . bot . more.so of i~proved corgo balance, efficiencie( east '':. . . ." :--:·_,:';--.. '.(,_

l (:: . . . ,,,

ciwareness and better utilizotion 'of.resou'rc~~--- ^{: .·. _ . . -400}

1--.,-'----

0 - - ' - - ' - " - ' - -'

· : ·~ ~-;· ^{_ . .. _ : In} J v ly,· the ACL subsidiary. ACL. Shipowner~- H~ldi~g . ~- ^{, ' ··. :._.:· · :/ .}

=!'· -

_;

~--~·-.

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...,... · ,; ···

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,'~. ·;~~ '· .·'. lnc. Bohomos ·ocquired the ATLANTIC CONVEYOR ond ; · -SÖo "---...;...;...-.._....,.:; ... ....:...---.J

-~.-::.-,,:· ^{... , :·.; the} v~ssel was placed urider Bciha~ion flog:· .lt hed been .~··, ^{· · .. \. 1991 1992 .} ::~ ^199.3 ~ ^{·. ' · 199-4 ·•·. • 1995 ·r ··,>,:_ : ..}

. :· o~ long-term chcirter to ACl since it -~as· bullt in 1985. _-< :._, . · . : . ;.<. : -:--,:

•• •J •

G · · 1 h ·. ' · Operating

Profil ': ... ·;. ,, ..

. ·. ; ::--.·-;· · .. Cil:"'"9_ contro over t e v_ essel resulted in sovings of

^{·J".' . -}

~-~:

^{. . . : / . r l · ,}

a bo ut SEK l O J11illion on annual pas is co~pared ^{to hov- . . • . . . . . . : : : · '- , .}

... : · ··: ... '. · i ng the vessel ori .chc;irft~r. ^{. , ·} ~-- ^{· · .'. · . . ·· ·. · . ·. • : - ·. · · ,. · ·· ·}

~-·

.

',

.··

. ..

· ;._-'·:·, :. >G. , Qhur_ sbhip. ma~adg~rsh; Tra'nsocean . Ship· Man~gem~~t ^lri ~- ~~: TH Ii TRANs-ATLÄN;r lc· c o~ ^{FERENt. E:·} A~~::~~~~T . ~

;,.

1 _>· . ^{oten . vrg, ·_ an} t~ .vessei J ATLANTIC CÖMPASS ·/··.: .. - . . · · '"' . . .. . . ··. ":.-:_· .. . : -~

, :·· · · .. - . . .• ~-~hieved ^1$M _Certificati~~ ^: os the first ~arao ^ves s~ ^l cert~- ~-.·:· ^:. ~h ^{e : T} rons-Atla_ ntk .. Co~f~n~nce ^. ~greeme~t ^{_ (TAGA) __ ·} ~-- ^{:: ..}

·:'·" ':\:.,. f1~d by t he Swedish Nåtiona! Morifime Administration . ···• wh t ch was e~to~lrshed to accqmmodate European Uniqn ,

::::::' :'~:-:. ^- .-~ I~January ^1996, on agre~ment was signed to acquire':-_::.: C_o~mission's· objectio!"s as welf ~s ^{c _ o"}.} plaints. from. sh i p~ ·:--., .. -__:

·· . ':. , · : ATLANTIC CARllER and to terminafe . its !orig-tenn - charter _ ,'·, _ pers o~ ^{:both ·} s!d~s ^-of the Atlantic to the Tran~Atlantic ^{. ,, , ,· '}

-.-', effective M,~y 1996. This ye~sel has been (;perating.:· ·~ Agreement (TM); . is still underreview :in Brussels. In > ·

,:;·· , under Bahami on flog for severol years, ArinuoLfinonciål ·.- March_ l ?95 _ the c;:ourt of First lnstance in Luxembourg<~. ^{· : :;,·}

: _ ·.::-: -~ ^. savings'fror:n this deal ar'e estimoted af'SEK. 8 million.' By .: , suspended the . Commission's··. prohibiti~n against .the . _. .. .

· .. , :, . '-• · -:_ • 'thi~ ocquisiti'ori ACL wi(l c~inp_letely co(ltrol all t h~ five ves:-·: .. · ,_'_.: i nionej rate~ma~.ing åctivitie~ of the TAA/TACA Lines. Ön·_ "

selsit is ol?erating.'·.·:_.. • , · .::./ •. ". ::_p: .. .. ..: ·.·· appeal -by · the Comm!ssion, the Court of Justice; · . the · · ,. __ . ·.

. . . . A r9ti~-n~l ized ^sailing -~~hedule wo~ - de~el6p~d ^{during .} Comr:nunity's , h}ghest c_ ourt, <;onfirme~ the suspension ; n_l .,, :.-:<·:.:

. .. · · the y~or_ ^for i~plementation by ^febrl!. ary 1996 replacing . : Ju ly 1995. ' The suspension is made pending o decision · . · ·;:_ ;·

.·•· _ . Ro~erdom ond le Havre'by Antwerp in th~ eostoound dis- _.. ·· by t~e ^{C_ourt of _} First lnstance which is not e~pected ^{to '.- · .- ·.,.}

. : .-'. charging rotation. There will be so me tirnesavings · as _ ₀ .,.,: m _ ake a ruling on this is~ue_ before .1997 .. ·. · ·: , · , • ,

"' ·. ·. ·' · r~~lt ?f ^{this ·} which will improve the o~erall 5chedule i-eliability. · - ... ; As m_entioned ·in the s · ection . about the . rilorket, the re ... ,

.- ·'(· ··. ' · ~ · · . _ , ·:~ ' .-" ,. . , _,·· was a _settleme~t .asreement witn FM~ in. wa· shihgton ;. ' -~

: ·.::_:; ;_,:_ ·>·· SY~TEMS ^{ÅN D} ~u M,8ER ·aF· E -~P~~Y-d:~· ·; .- . · wllich calfed for a roll back .'of the 1995 rate incfease for . -., .. :·

. ~- ^{, :.'\·::, ; .. _ •.} ";:,; . ~ ^' -~ ^{. : _,: _. .. __ :. "·.} - ~-- -:--" . : .. ::~ .·~ containers ^{to ' arid from the} u ..s. o~ ^{from the} s~cÖnd ^{quo r_-· -: . . : .:}

. . ~-~'~:: ~ .. Further en honcements ~-~d . refi n~m~nts . ^of th~. ^{syste -ms : ':.} ~ ter. This ~ttl~ment ^wo. s reached in order to o~qid ^{time-- ,}

.j· .f- . ·: i platfqrm ~ond ' improv~rnents to. the cb'mmunications . net- consuming and costly'· investigations of ·:alleged. pncrng . ..:

... 'w~rkcontinu~d throughoutthe' yea· r. · , ,, . .

^{J • •}

violations.~ . ^The:. s~ttl~ment 'alsoc~lled'hr ^a · numb&r of .. :_.

Normol of!ritio~ re9u~ed the average n uniber of per· · ·: om~ndments , fe }h e !A.CJ\ ^_ ogr"e.ment, ~_n d .procedures. · . '· .. ·

'·.: sonnel to381(386}. ··-~:;r ^{··. -- · ·. ,.· ·· · . · · . , ::·-· -· . ·--}

_,., -~, --:;:: .~:· . ·_., . . :~-c- . .· :::: :·.- - . ·. •.. .. . .. . ... .. : ~.., ... :i~.. ^:-:. ~ ~··:

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TWENTY

·J,_

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,

;·· ... _..

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'~ :.

NET DEBT

& EQUlTY

1991

199~

1993" :

<: ^.:,-··

' .

·,·_ ::: . .

·

- .

~.-_

.

._,

. .

^~--

-

^'

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.,- '

FINÄNCl~L RIS!<S -:'._' ' >.

.,

- Th,e comp~~-y ^is e~·po~ed ~o vori~~s ~~~s ·~f fin'~nciol ^{· ;' .}

risks. ;. ., . .. ·. . . - . . · . .... ·: ... _ (_ . .,

-

^{\• .',}

.

. , The functio~al c ur;~ncy ofthe CpmpaÖy is U~D ^{os most}

. income is d&nominated iii USD ·but a significant porti~n ^. . of the 'expenses arE{paid in other curtericies:Thare is . o

Currency Adju~tment Foctor (CAFI in place on the pricing .

· side thot portiolly cainpensates for o fluctu~ting USD. ' In ·

·c< odd,ition: to the. CAF,- the ~t ompany has ~ntered int~

. Currenc~ Forward Contracts to :recJ'uGe the risks in other _·· currencies thon USD b. as ed on o" ona:year- foreecist of. '

transOctfbns; The tota l of positions held per December. 31 am·o~·nted.-to.-USD---15 m jljiOn . ·.·.-.-: -~ -. _:~- ~ - - ~·

. · ::. · Interest rat~ ^ris.ks c~r:npared.to.forecasted results' are . .' ..•

· ·. limited. 70% of the-longetarm · -loans 'el re on -fixed .i riterest ,· ' -

• '.. _terms and .the other 30% underfloatil'lg rot~s~are ^hedgeo' ~ ^{• o /'} A • :

· by short· and medi_um-term.dep~sits with match i ng matu- ' , 1 9~\ ^{, . _ 1995 ' '} rities. _{-~ ~} · : .. ' . : . _~- . . . , . , ,. . . ,

;'·"""- 2·3

t.

⁵ . '· :·

Th~ ^{c ' citnpciny} imple~ented a bunkefhedge progr~m ^{· : -} \ ~··

·.RAT! O .

4.4 • 28.6 29.3.

. ^:.

^.

ment.. ; . ,..

·.i .>" • .:...·

. -~. . .in 1995, whereby SO% of the estimci_ted -c~nsumptio~ 'is . ; ' ,, .. ·

_ (N~t Debteqvolscvrrentand /onrJ.mrm liabit;ffe$, provisions, minus cash, · _ _ · be in _ g sec;ured_ 12_ mo~ths ^{aheod in . . a} swån-pric~rraJ1ge· ^.

. short-term. invesJmenls and Financial receivo/:iles.J • . . c· r

'.<

·: - Nei Debt ' - Ecwily

'r

.

^{·.• , -., . -· •} ₉ ^{, .-••}

With ~;gord tp credit risks; bad.debts - havehistoricall}' .· :

~- .. ; ' ' :,: -~ b_een' insignificant, due to a s tringent ,credit evql u' atio~;~, • :. ' .-,

OPERATING ~N-CO_M'E ^{AND OPERATI} NG'·_p·~:O.~IT ^{' . ,, · ...} and l} en rights ~nder the B/Lrules. ~ ->. ' . : . .. . . -: ;= . · .

...

_-~:

i-

^{l • ·.:;..·} -~ '

lhe operating inc~me for the' Group was SEK 2,372 . '; . ;-:. · · · million (2A27). Adjusted f~~t~~ ^weaker u~s. dollar the . - ·~- ^{· . . .. ·· · ·}

operating inco~e ^WOS 6% higherthan .th~ ^year bef~re.' ^{· , . . ..} :;-~ RETt{~-~ O~~cC:AJ'I'rÄ~ ^.. :~M~l,-QYED

_ · About 66% of the total turnove~ was generotad by re~-· .'·. ' .. 15 r---~....,;.;;,;__ ... _ _ _ _ ....,...,;._:_..,

i. 'eilues from the container segfuerif.. . ' ' : :

'

.

^~

.

,.

-

^{. ~}

.. _.

_{····~ :}

. ..

.. .

· -...

~ -_

·· . . < .·. · - . Operating profit _ _ i~proved -.to '. SEK 204 ·million (202).

^...:~­

. / 10 r-~--~--~"-'--.,--- -'---'---~""-!

· · '-- Adjusted forthe W"eaker U.S. dollar this is c'm increase of .· 9%.- Most of the improvemem_twas comin'g Frorn c~ntin· .. · . ued rptiorializ~tiö[l';_ cost awa~eness dnd focusing on bet- . ter utilization of<lll reso~rces. ; :; , :, ·. · • . · : ' /:- -, . ·

. •; ·.The operotionol result indudes a . non-r~tu~ti~g g~in ^{of · .}

SEKlO milli~n·: .. . . . ~· . . . . ... . ·· __

,' ''< • ::··· . ,,),-; "'~ .~·~_., "'~ : r ~

: l~fi':9ME: ^BEFOHE: ,TAX ANP FJN;;.N. CtAL'POs.iTio'N ': ; ...

_;

,· ~ .• ·._, · .. ! .

~-

-

... ~ . .:· - ·-.i ' ~ ,..

)ncome b,efor~ tax was SEK 122 ·million, an imp;ove-, -ment of SEK 85 million compar~dlo 1994.The company

will not be ·paying ariy,taxes for the Financial yeår 1995. ·· ·,

· Tax loss~s of at least SEK 190 million \.vill be earriad foi •.

ward into 1996~ The tax esset reloted to the t~x los~~s ^Is.

n6t induded i~ the BoiÖnce Sheet. ::- _ The .oper6tion generated a . net cash flow of ^{SEK 31 å}

^.,_

., million (3471 efter :operationol investments.: _Amortiiation ' . " on short- ondJong-ter~ ^loans cont(nu~d accor~ing ^{to plan}

·-~

.. <.

. -~ and the net interest bearing debt was brought down to< '

.~ SEK 674-million (920( . ' : · , .. ;.. · . _,

· . Total ~quity ^ofthe Groupw~s ^{SEK 650} ~s of Deceinber _: 31 on'dthe equity/as~t rotio lmproved to30% .. The interest·.- : covenatio was 2.0 (1.21. . . . , · ' · ·

t '/. .;, ..

.. :_,r

"

... ·· _..

L,

TWENTYONE

•• -... • • )o-·-~-• .".: ' . / ~ '·

19Eil : : •':

1!l!i12 .', • ·

. .. .-,

-1993

•

··.

.

.

-

.... - .

' 1994

~

.

'•

·.

..

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.· -

:. f ,

;.'·'.·

... ....

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----.;

··'

EQUITY/ASSETS

RA

TIO.

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(,? ,.

;:(

l -

~> 15 J--:.~.---'--'---~-: --~-~___:.-~

u • ''·

·.lf a: .

·. 10

~--~~·~----~--I----"----'-~--,----t

1991 ' 1992 1993 1994 · . 1995

..

INVES. TME::N"fs·· .

.

-

~

.

^'

~-

' · . · The .'ATLANTIC . CÖNVEYOR was· purehosed fror:n Cunard Stea~--Ship Compciny pk, whereby a capitaiized lo'n·g-term lease .obligation on the Balance .Sheet changed into. a fully owned asset.. · · .

. ·• · Operatioroi investrrients mainly in .:cargo- ~quipment,..:

• and -information' tech~ology amounted to SEK 26 miilion.

. In theb. eginnin,gof 1995, a ^prograrri, started toreplace .' 3,000 old chassis with 2,600 n~w ~nits on~ ^long-term , . le~se with a tof<;il capitalized ~alu~ of about SEK 60 mil- ·

> .: , . - lian. About 1/3 of this He~twa~ feplaced in T995 ånd

. >· the n;l'malndet will be. carried ~ut in 1996. Sfgnificant . . • _ .. ·s~virigs in maintenance and repair costs are anticipated

. 'from this arrangetnerit. ··. .

~·· The comptmy intends to invest in cargo carrying equip-.

ment and information technology for about_ SEK 60 mil- . lioJ'!·annuall/until year.2001:·<· ··

^,·.

·'

FINANCIAL RELATION ::>

..

During 1995, . ACL has been able tci · release Bilspedition from major guarantees amounting to about SEK 700 million in , 1994. These .guarantees were reduced to SEK 200 millido at the end of 1995; ~n d Will be br~l.lg.ht ^{down to} O by mid 1996. This was achieved . through new Financial arrangements ·on favorable t erms·· ·

and with a positive effect on ACL's resulL ~ ,~ ..

TWENTYTWO

t

•

,~

.

^{' .}

CONSOLIDATEI) BALANCE SHEETS

(SEK ~;/Iions) ·- ^·-: - .. Notes

,...

( "

'

';>.~-~

: _Ass E-rs' ^{.. ...} :

.- ^._-,

Current a~s.•'• ~· _ . , - . _ , . , . __ .~,' Cosh ... ::.-... -... -... : ... _ ... ; · ... : .• : .. ,·.:;; ... :.; .. -.; ... ... . .

: -- !~~:~~~:r~~:1;:~~=~-.'.·:·.·.·.-.·_:_._·:~·.:.:·:·.·_·_:_·:·:·.~·-·_·_:.::: _~i.-.-:.-.::·.·.·.::_._._:_ ^.. ·.·.·;.<·.:·.::;:·.::_._·_·:·-·.:·.'·:·::.·.·:,:_::·.·.·.:.'.·.·.:::_ .,:,· --.. ~ ^{- ·;}

· _·Prepaid. expE!nses ond_ accrued·income·.~· ... _ .. :.: ... ·~···.·i;···:.· .. -~: .. ~~ .... '···~· : ... .. ·

r·· __ .,

FinänCiol receivobles. -~- .... :· .. -... _, ... : ... : ... ; . ~---' ... _. :. : .... ·. ::.· ... ' .... ::. : ... - .. . lnven.lorie~ -.:.-.... ...: ... ' . .': .. : ... :·:.::.: .... ~.: .. :. :;~::.- .. , .. : ... : ... _ .. : ... ·.: .. : •. : ., .•.. :·. :.:::.

'!: ·'\ , ..

-~

. •

~:'

,.

~

:.·

Total cutrent ossels ... : ... · ... : ... .... , ··

- ^{... ··-}

^{' ~ _,.}

Fixad a~setl _ . _ ; ; _ _ -- . :~- - _ _· ,

Finonciol f]xed cissets- ... : .. ···•·: .... :: ... : ... , ... , ... : .. :. :.:: .. :, ... ;; .. ' 6,8 Deferred toxes ..•. : ... : . : ... : •.. : .. : . .'.:.: .. : ... . : ... ·.:. ::,.: :,. .... ' ... : .. :; ... ·- :; ...

.

^{;. .~.}

Dec. 3 1, 1 995

o •

,: 69.5 /

' 265.5 -

114.2' : 43.1 . . ; .

~-.

35.0

7.7

·' •, ~

.,

- 535.0

g:_~:::~ ~~~~~~:;'c~~~ ⁵ .i:;;::·.-.-.:::·:.-::·.'}:.::::::::.-:::::::::::::.'.'.'.'.'.'.'<.'::::::.'.'.'.'.'.'.'.'.'.'~:::·::·.-.:. ^' > ~~ ~ ~ - · .

!:~5~:.~.; :.-~:::: 2~·:,: ^{__ ,: :: ·} · ;:: :::: :. :-: :.::-z;::-· : · · : : - · ~: :! · - - -

150.6 . 20.6 . ' 3.1 '12.1

,_·

.. ^:..-

Totalfixed <Jsset~ .. :.: .. , ... : ... .' .... :.~ ^... .. : .... : ... :.: ... : ... .' .. : .. : . .... ,

-'

·. Tot~las~t~ ^.. ~: .... : ... }.:: ... :· ... .-.. ::;.:: ... :.: ... :.,": ... : ... :·~.- ^{... · ..} ~-

.

^\

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