Stolt-Nielsen S.A. Reports Fourth Quarter and Year End Results.Business Editors LONDON--(BUSINESS WIRE)--Jan. 31, 2002 Stolt-Nielsen Stolt-Nielsen (OSE: SNI, NASDAQ: SNSA) is a Norwegian-Luxembourgish shipping and seafood company. The company has two main subsidiaries, Stolt-Nielsen Transportation Group and Stolt Sea Farms. S.A. (Nasdaq:SNSA SNSA Slovenian Nuclear Safety Administration SNSA Student Network Systems Administrator ; Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. :SNI (1) (Subscriber Network Interface) The point of interface between the customer's equipment (CPE) and a communications service from a common carrier. (2) (SNA Network I ) today reported results for the fourth quarter and the year ended November November: see month. 30, 2001. Net loss for the latest quarter was $2.6 million, or $0.05 per Common share, on net operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $752.7 million, compared with a net loss of $5.9 million, or $0.11 per share, on net operating revenue of $635.5 million for the fourth quarter in 2000. Adjusted for non-recurring items, the net loss was $6.9 million or $0.13 per Common share for the quarter ended November 30, 2001 compared with a net loss of $13.1 million or $0.24 per Common share, for the same period of 2000. The weighted basic average number of shares outstanding for the fourth quarter of 2001 was 54.9 million compared to 54.8 million for the same period of 2000. Net income for the year ended November 30, 2001 was $23.7 million, or $0.43 per Common share, on net operating revenue of $2,678.4 million, compared with a net loss of $12.4 million, or $0.23 per share, on net operating revenue of $2,284.2 million for the same period in 2000. Adjusted for non-recurring items, net income was $18.5 million or $0.34 per Common share for the year ended November 30, 2001 compared with net loss of $13.9 million or $0.25 per Common share, for the same period of 2000. The weighted basic average number of shares outstanding for fiscal 2001 was 54.9 million, compared with 54.7 million in fiscal 2000. Commenting on the results, Niels G. Stolt-Nielsen Niels G. Stolt-Nielsen (born January 23, 1965) is a Norwegian business leader, living in England. Since 1996 he has served as director of Stolt-Nielsen S.A., a trans-national seafood company, and since 2000 he has been the company's chief executive officer, taking over after his , Chief Executive Officer of Stolt-Nielsen S.A. said, "In 2001, results significantly improved in the core Stolt-Nielsen Transportation Group (SNTG SNTG Sea Nymph Test Group ), improved marginally in Stolt Offshore (SOSA), and took a turn for the worse in Stolt Sea Farm (SSF SSF Scalable Simulation Framework SSF Single Stock Futures SSF Service Switching Function SSF Small Form Factor SSF Svenska Simförbundet (Swedish Swimming Association) SSF Space Station Freedom SSF Society of St. ). Stolt-Nielsen Transportation Group (SNTG) "For the full year, SNTG showed an improvement with income from operations rising to $137.8 million from $79.1 million in 2000. This was driven by improvement in the parcel tanker freight market as well as increased organic growth and utilization in the terminal division. SNTG's results in the fourth quarter were off from the third quarter primarily due to a slight downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the parcel tanker market. "SNTG's parcel tanker division's income from operations improved to $96.6 million for the full year compared to $39.9 million for 2000 as volumes were up and the Stolt Tankers Joint Service Sailed-in Time Charter Index rose 16%. We did see a slight decline in volumes and results in the fourth quarter of 2001 reflecting the overall slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the global economies. As we continue to renew contracts at rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover. rates to slight increases and with volumes again increasing in recent weeks, we believe the decline in the fourth quarter to only be temporary. With the orderbook holding at about 8-9% of the existing fleet, we believe the outlook continues to be favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. , barring an extended worldwide recession. "In early December December: see month. 2001, we took delivery of the M/T M/T Me Too M/T Metric Ton M/T Motor Transport M/T Military Transport M/T measurement ton (US DoD) Stolt Perseverance Perseverance See also Determination. Ainsworth redid dictionary manuscript burnt in fire. [Br. Hist.: Brewer Handbook, 752] Call of the Wild, The dogs trail steadfastly through Alaska’s tundra. [Am. Lit. , the last ship of our 24 ship, $1.3 billion newbuilding program. "Income from operations for SNTG's tank container division for the full year of 2001 was down slightly to $17.3 million from $19.9 million in 2000, but improved steadily throughout the year. While pricing remained competitive in most markets throughout the year, our off-hire and repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. program, combined with an increase in shipments, improved utilization and results in the latter part of the year. Shipments in 2001 were up 2% from 2000 and are expected to grow 5% in 2002 while pricing is expected to remain tight. "For the year, SNTG's terminal division reported improved results with income from operations rising to $23.9 million from $19.3 million in 2000. Utilization was high at all terminals throughout the year and our joint venture terminals in Asia Pacific made a strong contribution. With the sale of our Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. and Perth Amboy Perth Amboy (ăm`boi), city (1990 pop. 41,962), Middlesex co., NE N.J., with a harbor on Arthur Kill at the mouth of the Raritan River, which is crossed there to Staten Island, N.Y., by the Outerbridge Crossing (1928); settled 1683, inc. terminals late in 2001 partially offset by the first full year of operation of our Braithwaite For people named Braithwaite, see . Braithwaite is a village in the northern Lake District. It lies just to the west of Keswick, and to the east of the Grisedale Pike ridge, at the approximate grid reference of NY231236. terminal as well as continued expansion and improvements at our other facilities, we anticipate 2002 revenue will be about $15 million lower than in 2001, but income from operations and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become should be only slightly off from 2001's results. "In early 2001, SNTG embarked upon a major strategic initiative to improve the utilization of our assets, divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. non-core assets, and reduce our cost base. Aspects of this initiative include combined service agreements with other parcel tanker operators to reduce operating costs operating costs npl → gastos mpl operacionales and improve utilization (the most recent of which is with Jo Tankers Jo Tankers, based in Norway, is one of the world's main providers of deep-sea transportation services for chemicals and other high value liquids. Since 1915 Odfjell family in Bergen were involved in shipping. They started with the transport of timber. and was announced earlier this month); an overhead reduction effort (announced earlier in January) which will save SNTG approximately $10 million per year; the sale of non-strategic assets; and the construction of a new storage terminal in Braithwaite, LA (which officially opened in November 2001) and expansion of terminals in other key ports to increase the synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. between our ships and storage terminals. Stolt Offshore (SOSA) "Before minority interests, SOSA reported a loss for the year of $14.2 million which included a write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of the Comex trade name of $7.9 million compared to a loss of $34.4 million in 2000. During the year the Girassol and Gulfstream projects suffered from project delays, cost overruns Noun 1. cost overrun - excess of cost over budget; "the cost overrun necessitated an additional allocation of funds in the budget" cost - the total spent for goods or services including money and time and labor , and delays in settlement of variation orders which negatively impacted results. The delays also tied up some of SOSA's major construction assets reducing its capacity to participate in the spot market in the fourth quarter. While it was anticipated there would be a better return from the Girassol project, SOSA's technical achievements were quite impressive and provided SOSA valuable experience for deepwater projects in the future. "The outlook for SOSA's market is quite positive. Forecasts of exploration and production expenditures indicate that our market will grow from $8 billion in 2001 to $11 billion in 2002 with the bulk of the growth in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . The backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. now stands at $1.6 billion of which $937 million is for 2002. This compares with a backlog of $1.2 billion at this time last year of which $877 million was for 2001. The projects in SOSA's current backlog have better margins and less risk than those in 2001. The level of bids outstanding is now $3.1 billion compared to $3.6 billion at this time last year. "As previously announced, SOSA will buy back the 6.1 million SOSA Common shares issued to Vinci as partial compensation for the ETPM ETPM Entrepose GTM Pour les Travaux Petroliers et Maritimes (French oil and gas industry installation contractor, now Stolt Offshore) acquisition for a total cash outlay of $113.6 million. SNSA is prepared to purchase up to $65 million of additional Common shares from SOSA to help finance SOSA's share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. . Stolt Sea Farm (SSF) "After three consecutive years of improved results, SSF reported a loss from operations of $1.0 million in 2001 down from income from operations of $31.1 million in 2000. Salmon prices in 2001 compared to 2000 were down on average some 40% in the U.S. and 30% in Europe. This was primarily a result of sharply higher production from Chile, where volumes in 2001 increased approximately 50% over 2000. Fourth quarter 2001 income from operations was further negatively impact by approximately $5 million of inventory write-downs in Norway, the UK, and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , as well as a $3.6 million write-off in Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. due to a government mandated cull cull the act of culling. Called also cast. of fish. SSF continues to achieve good results from its turbot turbot: see flatfish. turbot Species (Scophthalmus maximus, family Scophthalmidae or Bothidae) of broad-bodied European flatfish, a highly valued food fish. It lives along sand and gravel shores. operations and the newly acquired bluefin tuna tuna or tunny, game and food fishes, the largest members of the family Scombridae (mackerel family) and closely related to the albacore and bonito. They have streamlined bodies with two fins, and five or more finlets on the back. ranching business made an excellent start. "While results suffered during the year, SSF did outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. most of the industry as a result of its multi species strategy and "deep-in-the market" sales organization. We are in the process of further focusing our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales and marketing organization in an effort to move even closer to the end consumer. "We now see signs that production in Chile is stabilizing stabilizing, v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers. and some analysts are predicting substantially lower growth in global supply in 2002. We are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that pricing will start improving in the second half of 2002. Optimum Logistics (OLL OLL Our Lady of the Lake (Catholic Church; Holland, MI) OLL On-Line Learning OLL On-Line Love OLL Off List Lower (rifle receiver) OLL Oral Lichenoid Lesion OLL on Line Library ) and SeaSupplier (SSL (Secure Sockets Layer) The leading security protocol on the Internet. Developed by Netscape, SSL is widely used to do two things: to validate the identity of a Web site and to create an encrypted connection for sending credit card and other personal data. ) "Both OLL and SSL completed the major portion of their software development in 2001. OLL now has several revenue paying customers and SSL signed its first customer contract in late 2001. The slowdown in the economy considerably reduced technology related spending by many potential customers and negatively impacted sales efforts. Cash expenditure or the `burn rate' for OLL was $16.2 million and for SSL was $5.6 million in 2001. Outlook "We firmly believe that the profit improvement measures we have taken in each of our businesses combined with anticipated better markets should result in improved 2002 earnings. For the year, we currently anticipate earnings per share in the range of $0.85 to $1.15 with a first quarter result of around break-even," Mr. Stolt-Nielsen concluded. Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge barge, large boat, generally flat-bottomed, used for transporting goods. Most barges on inland waterways are towed, but some river barges are self-propelled. There are also sailing barges. services, provides integrated transportation for its customers. The Company also owns 53 percent of Stolt Offshore S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO STO Store (calculator function) STO Société de Transport de l'Outaouais (French) STO Strategic Technology Office (DARPA) STO Security Through Obscurity STO Service to Others ), which is among the largest subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". services contractors in the world. Stolt Offshore specializes in providing engineering, flowline and pipeline lay, construction, inspection, and maintenance services to the offshore oil and gas industry. Stolt Sea Farm, wholly-owned by the Company, produces and markets high quality Atlantic salmon Atlantic salmon Oceanic trout species (Salmo salar), a highly prized game fish. It averages about 12 lbs (5.5 kg) and is marked with round or cross-shaped spots. Found on both sides of the Atlantic Ocean, it enters streams in the fall to spawn. , salmon trout trout: see salmon. trout Any of several prized game and food fishes of the family Salmonidae, native to the Northern Hemisphere but widely introduced elsewhere. Though most species inhabit cool fresh waters, a few (called sea trout; e.g. , turbot, halibut halibut: see flatfish. halibut Any of various flatfishes, especially the Atlantic and Pacific halibuts (genus Hippoglossus, family Pleuronectidae), both of which have eyes and colour on the right side. , sturgeon sturgeon, primitive fish of the northern regions of Europe, Asia, and North America. Unlike evolutionarily advanced fishes, it has a fine-grained hide, with very reduced scalation, a mostly cartilaginous skeleton, upturned tail fins, and a mouth set well back on the , caviar caviar or caviare (kăv`ēär), the roe (eggs) of various species of sturgeon prepared as a piquant table delicacy. , Bluefin tuna, and tilapia tilapia (təlä`pēə) or St. Peter's fish, a spiny-finned freshwater fish of the family Cichlidae, native chiefly to Africa and the Middle East. . This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined in the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual future results and trends could differ materially from those set forth in such statements due to various factors. Additional information concerning these factors is contained from time to time in the Company's U.S. SEC filings, including but not limited to the Company's report on Form 20-F/A for the year ended November 30, 2000. Copies of these filings may be obtained by contacting the Company or the U.S. SEC.
Conference Call Details PostView Facility
Date & Time January 31, 2002 Available directly after
10AM EST (3PM GMT) the conference until
5:00pm EST on Friday,
February 1, 2002
Phone 1 212 896 6121 +1 800 633 8284 (in U.S.)
+1 858 812 6440 (outside U.S.)
Reservation Number 20259927
Live Webcast conference call is available via the
company's Internet site www.stolt-nielsen.com commencing on
Thursday, January 31st, 2002 at 10:00am EST (3:00pm GMT). A
playback of the conference call commences on Thursday,
January 31st, 2002 after 12:00 noon EST (5:00pm BST).
STOLT-NIELSEN S. A. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in US dollar thousands, except per share information)
Three months ended Twelve months ended
-------------------- -------------------
Nov. 30, Nov. 30, Nov. 30, Nov. 30,
STATEMENTS OF INCOME 2001 2000 2001 2000
-------------------- (Unaudited)(Unaudited) (Audited) (Audited)
---------- ---------- -------- --------
Net operating revenue (a):
Stolt-Nielsen
Transportation Group:
Stolt Parcel Tankers $ 182,989 $ 179,592 $ 754,867 $ 691,775
Stolt Tank Containers 53,426 56,782 214,368 223,708
Stolthaven Terminals 19,896 15,536 78,447 59,298
---------- ---------- -------- --------
256,311 251,910 1,047,682 974,781
Stolt Offshore 417,284 299,524 1,255,938 983,420
Stolt Sea Farm 79,009 84,027 374,378 325,952
Optimum Logistics 114 - 418 -
---------- ---------- -------- --------
Total net operating
revenue 752,718 635,461 2,678,416 2,284,153
---------- ---------- -------- --------
Gross profit:
Stolt-Nielsen
Transportation Group:
Stolt Parcel Tankers 40,833 29,565 162,684 109,901
Stolt Tank Containers 11,352 11,150 40,785 44,122
Stolthaven Terminals 6,884 6,168 30,149 23,970
---------- ---------- -------- --------
59,069 46,883 233,618 177,993
Stolt Offshore 18,361 25,586 94,385 53,374
Stolt Sea Farm (11,489) 10,104 23,415 52,527
Optimum Logistics 114 - 418 -
---------- ---------- -------- --------
Total gross profit 66,055 82,573 351,836 283,894
Equity in net income
(loss) of non-consolidated
joint ventures 2,447 (9,060) 13,014 (3,127)
Administrative and
general expenses (52,868) (47,084) (209,499) (189,445)
Write-off of Comex tradename (7,932) - (7,932) -
---------- ---------- -------- --------
Total income from
operations 7,702 26,429 147,419 91,322
----------------------------------------------------------------------
Analysis of total income from
operations Stolt-Nielsen
Transportation Group:
Stolt Parcel Tankers 21,787 8,657 96,600 39,886
Stolt Tank Containers 5,093 4,717 17,272 19,921
Stolthaven Terminals 4,852 4,782 23,912 19,258
---------- ---------- -------- --------
31,732 18,156 137,784 79,065
Stolt Offshore (1,396) 8,159 34,065 (5,066)
Stolt Sea Farm (16,946) 6,109 (1,023) 31,104
Optimum Logistics (3,440) (4,360) (15,297) (9,755)
SeaSupplier (2,248) (1,635) (8,110) (4,026)
---------- ---------- -------- --------
Total 7,702 26,429 147,419 91,322
----------------------------------------------------------------------
Non-operating
income/(expense):
Interest expense, net (24,433) (31,236) (113,858) (105,534)
Gain on disposal of
assets, net 13,361 1,690 14,275 3,173
Foreign exchange loss, net (3,032) (1,046) (2,056) (2,039)
Other 498 (2,257) 1,219 (257)
---------- ---------- -------- --------
Income (loss) before
income tax provision
and minority interest (5,904) (6,420) 46,999 (13,335)
Income tax provision (2,820) (3,255) (27,561) (15,374)
---------- ---------- -------- --------
Income (loss) before
minority interest (8,724) (9,675) 19,438 (28,709)
Minority interest 6,140 3,763 4,254 16,314
---------- ---------- -------- --------
Net income (loss) $ (2,584) $ (5,912) $ 23,692 $ (12,395)
========== ========== ======== ========
NET INCOME (LOSS)
BY SEGMENT
Stolt Nielsen
Transportation Group (b) $ 27,760 $ (4,631) $ 69,883 $ 870
Stolt Offshore (9,938) (2,303) (14,203) (34,443)
Stolt Sea Farm (19,389) 4,979 (14,178) 17,616
Optimum Logistics (3,338) (4,385) (14,891) (9,859)
SeaSupplier (2,278) (1,678) (8,328) (4,069)
SNSA
Minority Interest in
Stolt Offshore 4,652 3,628 6,647 18,689
Other (55) (1,522) (1,238) (1,199)
---------- ---------- -------- --------
Total $ (2,584) $ (5,912) $ 23,692 $ (12,395)
========== ========== ======== ========
PER SHARE DATA
Net income (loss) per share:
Basic $ (0.05) $ (0.11) $ 0.43 $ (0.23)
Diluted $ (0.05) $ (0.11) $ 0.43 $ (0.23)
---------- ---------- -------- --------
Weighted average number
of Common and Class B
shares and equivalents
outstanding:
Basic 54,918 54,827 54,870 54,684
Diluted 54,918 54,827 55,303 54,684
---------- ---------- -------- --------
SELECTED CASH FLOW DATA
Capital expenditures
and acquisition of
subsidiaries $ 39,625 $ 63,087 $ 291,223 $ 670,861
Depreciation and a
mortization (including
the write-off of Comex
tradename and excluding
drydocking) $ 66,714 $ 47,096 $ 219,359 $ 192,882
Notes:
(a) Certain prior period amounts for net operating revenues have
been reclassified to conform to current presentation.
(b) Includes $7.3 million pertaining to the gain on sale of Perth
Amboy and Chicago terminal assets in the fourth quarter of
2001.
STOLT-NIELSEN S. A. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in US dollar thousands)
November 30,
2001 2000
------------ ------------
(Audited) (Audited)
ASSETS
Cash and cash equivalents $ 24,865 $ 28,770
Trade receivables, net 566,628 396,757
Other current assets 363,323 330,852
-------- --------
Total current assets 954,816 756,379
Fixed assets, net of
accumulated depreciation 2,511,713 2,550,655
Other non-current assets 505,345 420,269
--------- ---------
Total assets $ 3,971,874 $ 3,727,303
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Loans payable to banks $ 284,083 $ 131,337
Current maturities of long-term
debt and capitalized leases 133,016 67,506
Accounts payable and accrued liabilities 688,715 604,462
--------- ---------
Total current liabilities 1,105,814 803,305
Long-term debt and capitalized leases 1,275,755 1,347,469
Other non-current liabilities (a) 489,683 480,697
--------- ---------
Total current and non-current
liabilities 2,871,252 2,631,471
--------- ---------
Capital stock and Founder's shares 62,607 62,533
Paid-in surplus 384,199 383,353
Retained earnings 894,875 884,959
Accumulated other comprehensive loss (107,035) (100,989)
Treasury stock (134,024) (134,024)
--------- ---------
Total shareholders' equity 1,100,622 1,095,832
--------- ---------
Total liabilities and
shareholders' equity $ 3,971,874 $ 3,727,303
=========== ===========
Total interest-bearing debt and
capitalized leases net of
cash and cash equivalents: $ 1,667,989 $ 1,517,542
----------- -----------
(a) Other non-current liabilities includes minority interest in
Stolt Offshore of $309,882 and $313,704 at November 30, 2001
and 2000, respectively.
SEGMENT ASSETS:
Stolt Nielsen Transportation Group $ 1,988,396 $ 2,031,288
Stolt Offshore 1,560,263 1,402,772
Stolt Sea Farm 414,220 284,036
Optimum Logistics 7,883 9,138
SeaSupplier 1,112 69
----------- -----------
Total $ 3,971,874 $ 3,727,303
=========== ===========
STOLT-NIELSEN S. A. AND SUBSIDIARIES
UNAUDITED OPERATING YARDSTICKS
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
STOLT PARCEL
TANKERS DIVISION:
----------------------------------------------------------------------
Joint Service
sailed-in
time-charter
index - actual
1999 0.91 0.93 0.94 0.93
2000 0.94 0.93 0.93 0.96
2001 1.02 1.07 1.14 1.13
Volume of cargo
carried - millions
of tonnes
Joint Service fleet:
1999 2.9 3.4 3.5 3.5
2000 3.7 3.5 4.1 3.8
2001 3.9 4.1 4.3 3.9
Regional fleets:
1999 2.1 2.0 2.2 2.5
2000 2.0 2.6 2.7 2.9
2001 3.0 2.7 2.7 2.4
Operating days
Joint Service fleet:
1999 6,375 6,441 6,354 6,437
2000 6,516 6,485 6,734 6,642
2001 6,792 6,881 6,826 6,496
Regional fleets:
1999 5,694 5,656 5,819 5,878
2000 6,037 6,134 6,252 6,293
2001 5,565 5,688 5,681 5,771
Average number of
ships operated in
the period
Joint Service fleet:
1999 69 70 70 71
2000 72 70 73 73
2001 76 75 74 71
Regional fleets:
1999 62 61 64 65
2000 66 67 68 69
2001 62 62 62 63
Notes:
(a) Joint Service and Regional fleet statistics include those for
time-chartered ships
(b) Regional fleet statistics include total joint venture activity
and all cargo carried on behalf of the Joint Service
(c) Regional fleet statistics include the results of both the
Northern Europe and US Gulf barging activities
STOLT TANK CONTAINERS DIVISION:
----------------------------------------------------------------------
Tank containers
operated and leased
at end of period
1999 12,098 12,450 13,010 14,074
2000 14,752 15,017 15,089 15,923
2001 15,670 15,295 14,737 14,184
Tank container
utilization - %
1999 63.2% 66.8% 69.8% 70.3%
2000 68.2% 69.4% 69.7% 69.8%
2001 67.7% 67.4% 66.5% 70.4%
STOLTHAVEN TERMINALS DIVISION:
----------------------------------------------------------------------
Average marketable
shell barrel capacity
(millions of barrels)
1999 4.90 4.92 4.96 4.96
2000 4.96 4.96 4.98 5.00
2001 5.11 5.13 5.14 5.54
Tank capacity
utilization - %
1999 92.8% 90.7% 87.3% 89.9%
2000 88.6% 92.9% 92.5% 90.9%
2001 94.5% 95.8% 94.7% 95.1%
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