Stolt-Nielsen S.A. Reports Unaudited Results For the Fourth Quarter and Full Year of 2009
LONDON, January 28, 2010 - Stolt-Nielsen S.A. (Oslo B?rs: SNI) today reported unaudited results for the fourth quarter and full year ended November 30, 2009. ?Net profit attributable to shareholders in the fourth quarter was $22.3 million, with revenue of $430.5 million.? Net profit attributable to shareholders for the full year was $95.2 million, with revenue of $1,645.1 million.
Highlights for the fourth quarter of 2009 compared with the third quarter of 2009 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 in deep-sea operating days.
???????? The Stolt Tankers Joint Service Sailed-in Time-Charter Index decreased to 1.15 from 1.20.
???????? Stolthaven Terminals reported an operating profit of $14.5 million, up from $14.0 million, primarily due to lower operating expenses and higher equity income 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 increased price competition.
???????? Stolt Sea Farm reported an operating loss of $2.0 million, compared with an operating profit of $0.5 million, reflecting a $2.8 million reduction in the fair market value of inventories, versus a $1.2 million reduction in the third quarter.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said:
"Considering the challenging circumstances in our industry in 2009, I am pleased with SNSA's full-year results.? In the fourth-quarter, results in tankers were held down by a surge in bunker fuel prices and our tank container margins continued to be squeezed by rising freight costs and keen competition.? Despite lower throughput, Stolthaven's operating profit was up due to lower operating costs and increased equity income from joint ventures. ?Stolt Sea Farm reported a loss this quarter, but has performed well under challenging market conditions.? Overall, SNSA has emerged from 2009 relatively well positioned, with a strong balance sheet."
?"The economic outlook for 2010 remains uncertain.? While government stimulus packages have helped to revive the financial markets, their impact on the fundamentals of global demand, production and supply are less clear. ?Therefore we expect 2010 to be another challenging year and we intend to continue operating our businesses in the conservative manner that has served us well to date."
 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, transshipments, port costs, and bunker fuel.