Stolt-Nielsen S.A. Reports Unaudited Results For the Second Quarter
and First Half of 2009>
Stolt-Nielsen S.A. Reports Unaudited Results For the Second Quarter and First Half of 2009
(Thomson Reuters ONE) - LONDON, July 2, 2009 - Stolt-Nielsen S.A. (Oslo Børs: SNI) todayreported unaudited results for the second quarter and first halfended May 31, 2009.Highlights for the second quarter of 2009 compared with the firstquarter of 2009 included:* Net profit attributable to shareholders increased to $27.7 million from $14.4 million.* Revenue was essentially unchanged at $393.3 million, compared with $392.3 million.* Stolt Tankers reported an operating profit of $1.7 million versus a loss of $2.5 million, as reduced operating costs more than offset the impact of lower revenue.* The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] increased by 10.1% to 1.09 from 0.99.* Stolthaven Terminals reported an operating profit of $11.9 million, up from $9.6 million, due to higher revenue at the division's wholly owned terminals and higher equity income from Stolthaven's joint-venture facilities.* Stolt Tank Containers reported an operating profit of $18.4 million, up from $12.9 million, reflecting higher revenues driven by increased shipments combined with a decrease in operating expenses.* Stolt Sea Farm reported an operating profit of $4.9 million, compared with $1.2 million, largely because of the positive impact of a $4.0 million fair value revaluation of inventories in the current quarter.Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen,Chief Executive Officer of SNSA, said:"While SNSA's second-quarter results nearly doubled compared with theprevious quarter, we remain concerned about the economic outlook andits potential impact. We have seen significant declines in thevolume of cargo shipped, reflecting the dramatic slowdown in globaleconomic activity. The improvements in the second quarter weredriven by short-lived inventory corrections following the dramaticdestocking of inventory we saw in the first quarter. We expectvolumes and rates to remain under pressure until a sustained economicrecovery gets underway. At Stolt Sea Farm we anticipate littleimprovement in market conditions, if any, prior to the commencementof a meaningful economic recovery.""To counter the negative effects of the economic crisis, we havecontinued to implement measures to conserve cash, enhance our creditand collections processes, lock in interest rates and reduce costs.A hiring freeze also remains in effect. With our strong balancesheet and available liquidity, and the fact that long-term financingfor our newbuilding programme is secured, we believe SNSA is wellpositioned to manage the challenges and uncertainty ahead.""As previously noted, SNSA remains in full compliance with all itsloan covenants and the value of the Company's assets has not beenimpaired."[1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index isan indexed measurement of the sailed-in rate for the Joint Serviceand was set at 1.00 in the first quarter of 1990 based on the averagesailed-in time-charter result for the fleet at the time. Thesailed-in rate is a measure frequently used by shipping companies,which subtracts from the ships' operating revenue the variable costsassociated with a voyage, primarily commissions, sublets,transshipments, port costs, and bunker fuel.http://hugin.info/154/R/1326795/312409.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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