Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year of 2011
(Thomson Reuters ONE) -
LONDON, January 26, 2012 - Stolt-Nielsen Limited (Oslo Børs: SNI) today
reported unaudited results for the fourth quarter and full year ended November
30, 2011. Net profit attributable to shareholders in the fourth quarter was
$22.2 million, with revenue of $512.9 million, compared with $22.4 million and
$529.8 million, respectively, in the third quarter of 2011.
Net profit attributable to shareholders for the full year was $108.2 million,
with revenue of $2,029.4 million, compared with $106.1 million and $1,793.7
million, respectively, in 2010.
Highlights for the fourth quarter of 2011, compared with the third quarter of
2011, were:
* Stolt Tankers reported an operating profit of $7.0 million, up from $6.6
million.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] was
unchanged at 1.08.
* Stolthaven Terminals reported an operating profit of $18.0 million, up from
$15.8 million, reflecting the impact of the acquisition of Marstel Terminals
and the opening of its new terminal in Singapore, both in the fourth
quarter.
* Stolt Tank Containers reported an operating profit of $19.7 million, up from
$18.2 million, driven mainly by lower operating costs. The quarter included
a $2.0 million write-off relating to the withdrawal from the flexitank
business.
* Stolt Sea Farm reported an operating loss of $1.9 million, compared with an
operating profit of $0.4 million, as turbot prices weakened for the second
consecutive quarter. The quarter included a negative impact of $4.3 million
from the accounting for inventories at fair value compared with a negative
impact of $4.0 million in the third quarter.
* Stolt-Nielsen Gas reported equity income of $2.5 million on its investment
in Avance Gas Holding Ltd (AGHL), compared with equity income of $0.3
million, as conditions in the very large gas carrier (VLGC) market
strengthened during the period.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of SNL, said:
"Operating results at Stolt Tankers continued to be held down by an oversupply
of tonnage and continued soft market conditions. In contrast, Stolthaven
Terminals and Stolt Tank Containers both reported strong operating results for
the quarter and the year. Stolt Sea Farm had a good year overall, though it
ended on a weak note due to falling turbot prices toward the end of the
quarter."
"We expected 2011 to be a tougher year than 2010 and we were spot on. However,
we also believed that the turnaround in the tanker market would come in 2012,
which now looks a little optimistic."
"The outlook for 2012 remains challenging. The question is, will the western
economies be able to gain control over their budgets while at the same time
stimulating growth. We anticipate continued weak demand and therefore believe
2012 will at best be a flat year for SNL. That said, the nearly empty orderbook
for sophisticated chemical tankers means that the supply of tonnage will
continue to slowly tighten, resulting in a strong parcel tanker market once the
global economy recovers, hopefully in 2013. Our terminal and tank container
businesses continue to perform well and we continue to invest accordingly.
Stolt Sea Farm made significant progress in 2011 toward the expansion of its
sole operations, and both Stolt-Nielsen Gas and Stolt Bitumen Services are
developing in line with our expectations. As a result of these factors,
combined with our financial strength and liquidity, we believe Stolt-Nielsen
Limited is well positioned for the foreseeable future."
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[1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an indexed
measurement of the sailed-in rate for the Joint Service and was set at 1.00 in
the first quarter of 1990 based on the average sailed-in time-charter result for
the fleet at the time. The sailed-in rate is a measure frequently used by
shipping companies, which subtracts from the ships' operating revenue the
variable costs associated with a voyage, primarily commissions, sublets,
external time charter expenses, transshipments, port costs, and bunker fuel.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Stolt-Nielsen Limited 4Q11 Results:
http://hugin.info/154/R/1580211/493343.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Stolt-Nielsen Limited via Thomson Reuters ONE
[HUG#1580211]
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Datum: 26.01.2012 - 08:30 Uhr
Sprache: Deutsch
News-ID 107977
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