Stolt-Nielsen S.A. Reports Unaudited Results For the Fourth Quarter and Full Year of 2009
(Thomson Reuters ONE) - LONDON, January 28, 2010 - Stolt-Nielsen S.A. (Oslo B? SNI) today reportedunaudited results for the fourth quarter and full year ended November 30, 2009. Net profit attributable to shareholders in the fourth quarter was $22.3million, with revenue of $430.5 million. Net profit attributable toshareholders for the full year was $95.2 million, with revenue of $1,645.1million.Highlights for the fourth quarter of 2009 compared with the third quarter of2009 included:· Stolt Tankers reported an operating profit of $11.3 million, down from$14.2 million, primarily as a result of higher bunker costs and a reduction indeep-sea operating days.· The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1]decreased to 1.15 from 1.20.· Stolthaven Terminals reported an operating profit of $14.5 million, upfrom $14.0 million, primarily due to lower operating expenses and higher equityincome from its joint-venture terminals.· Stolt Tank Containers reported an operating profit of $9.7 million,down from $13.2 million, reflecting higher ocean freight costs and increasedprice competition.· Stolt Sea Farm reported an operating loss of $2.0 million, comparedwith an operating profit of $0.5 million, reflecting a $2.8 million reduction inthe fair market value of inventories, versus a $1.2 million reduction in thethird quarter.Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief ExecutiveOfficer of SNSA, said:"Considering the challenging circumstances in our industry in 2009, I am pleasedwith SNSA's full-year results. In the fourth-quarter, results in tankers wereheld down by a surge in bunker fuel prices and our tank container marginscontinued to be squeezed by rising freight costs and keen competition. Despitelower throughput, Stolthaven's operating profit was up due to lower operatingcosts and increased equity income from joint ventures. Stolt Sea Farm reporteda loss this quarter, but has performed well under challenging marketconditions. Overall, SNSA has emerged from 2009 relatively well positioned,with a strong balance sheet.""The economic outlook for 2010 remains uncertain. While government stimuluspackages have helped to revive the financial markets, their impact on thefundamentals of global demand, production and supply are less clear. Thereforewe expect 2010 to be another challenging year and we intend to continueoperating our businesses in the conservative manner that has served us well todate."--------------------------------------------------------------------------------[1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an indexedmeasurement of the sailed-in rate for the Joint Service and was set at 1.00 inthe first quarter of 1990 based on the average sailed-in time-charter result forthe fleet at the time. The sailed-in rate is a measure frequently used byshipping companies, which subtracts from the ships' operating revenue thevariable costs associated with a voyage, primarily commissions, sublets,transshipments, port costs, and bunker fuel.This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1378047] Stolt-Nielsen S.A. Reports Unaudited Results For the Fourth Quarter and Full Year of 2009: http://hugin.info/154/R/1378047/338780.pdf
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Datum: 28.01.2010 - 08:50 Uhr
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