Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2015
April 09 2015 - 2:38AM
Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited
results for the first quarter ended February 28, 2015. Net profit
attributable to shareholders in the first quarter was $38.7
million, with revenue of $487.7 million, compared with a net profit
of $13.1 million, with revenue of $532.3 million, in the fourth
quarter of 2014.
Highlights for the first quarter of 2015,
compared with the fourth quarter of 2014, were:
- Stolt Tankers reported an operating profit of $19.0
million, up from $12.5 million excluding one-time items in the
previous quarter, largely reflecting the favourable net impact of
lower bunker fuel prices.
- The Stolt Tankers Joint Service Sailed-in Time-Charter
Index[1] was 0.67, compared with 0.65 in the prior
quarter.
- Stolthaven Terminals reported an operating profit of
$15.6 million, up from $14.0 million excluding a reversal of a
provision of $3.8 million in the fourth-quarter, related to the
termination of a customer contract at Stolthaven New
Zealand.
- Stolt Tank Containers reported an
operating profit of $16.0 million, down from $19.5 million, due
primarily to the normal seasonal slowdown impacting utilisation,
though margin per shipment held steady.
- Stolt Sea Farm reported an operating loss of $0.3
million, compared with an operating loss of $0.4 million.
The accounting for inventories at fair value had a
negative impact of $1.1 million in the first quarter, compared with
a negative impact of $0.4 million in the fourth
quarter.
- Corporate and Other reported an operating profit of
$21.1 million, which included a gain of $19.8
million, resulting from the curtailment of a defined benefit
pension plan, which, as previously announced, was frozen on
December 31, 2014, and replaced with a defined contribution
plan.
Commenting on the Company's results, Mr. Niels
G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited,
said:
"The improvement this quarter derives primarily
from lower bunker costs in Stolt Tankers, but also from initiatives
taken to lower overall costs in the group. At Stolt Tankers, the
net impact of lower bunker prices improved results, though
utilisation and freight rates were down. At Stolthaven Terminals,
underlying operating performance improved this quarter. Utilisation
at our terminal in Santos was up. Operating results at Stolt Tank
Containers reflected the impact of seasonal slowdowns, with a
reduced number of shipments and lower utilisation."
"Looking ahead, we expect to continue to benefit
from lower bunker fuel prices in the second quarter, but cargo
volumes must increase if we are to see any material improvement in
the chemical tanker market. We have yet to see any sustained
increases to date and, unfortunately, there are no indications of
any improvement in the near future."
[1] Effective with the second quarter
2014, the Sailed-in Time Charter index has been revised.
The Stolt Tankers Joint Service Sailed-in Time-Charter index is an
indexed measurement of the performance of the market in which the
Joint Service operates. The sailed-in rate per operating day is a
measure frequently used by shipping companies, which subtracts from
a ship's operating revenue the variable costs associated with a
voyage, primarily commissions, sublets, transshipments, port costs,
and bunker fuel. The previous index was set at 1.00 in the first
quarter 1990, based on the average sailed-in time-charter result
for the fleet at the time. The new index has been set at 1.00 in
the first quarter of 1996. In addition, the sailed-in time charter
result has been adjusted to exclude the impact of bunker hedge
results and changes to the average ship size in the fleet. Finally,
the sailed-in time charter result has been adjusted for the average
inflation rate from 1996 onwards. The inflation rate applied is the
Consumer Price Index for All Urban Consumers (CPI-U): U.S. city
average, by expenditure category and commodity and service group,
all items (1982-84=100) as published by the Bureau of Labor
Statistics as part of the Consumer Price Index Detailed
Reports.
Jan Chr. Engelhardtsen Chief Financial Officer U.K. +44 (0) 20
7611 8972 j.engelhardtsen@stolt.com
Jens F. Grüner-Hegge V.P. Corporate Finance U.K. +44 (0) 20 7611
8985 j.gruner-hegge@stolt.com
SNL 1Q15 Earnings Release
http://hugin.info/154/R/1909649/680853.pdf
HUG#1909649
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