Stolt-Nielsen S.A. Reports Fourth Quarter and Year-End Results.Business Editors LONDON--(BUSINESS WIRE)--Feb. 28, 2003 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, 2002. Net loss for the fourth quarter was $101.1 million, or $1.84 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 $815.9 million, compared with a net loss of $2.6 million, or $0.05 per share, on net operating revenue of $752.7 million for the same quarter in 2001. The results for the quarter include $84.9 million of non-recurring items composed of $84.2 million of write-offs after minority interests for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of goodwill and fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , $1.4 million of SNTG SNTG Sea Nymph Test Group restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs and $0.7 million for a gain on sale of assets. Further details of these non-recurring items are provided in the attachment to this press release. Adjusted for non-recurring items, the net loss was $16.2 million or $0.29 per Common share for the quarter ended November 30, 2002 compared with the net loss of $6.9 million or $0.13 per share for the fourth quarter in 2001. The weighted basic average number of shares outstanding for the fourth quarter of 2002 was 55.0 million compared to 54.9 million for the same period of 2001. Net loss for the year ended November 30, 2002 was $102.8 million, or $1.87 per Common share, on net operating revenue of $2,852.7 million, compared with a net income of $23.7 million, or $0.43 per share, on net operating revenue of $2,678.4 million for the same period in 2001. Adjusted for non-recurring items, the net loss was $16.0 million or $0.29 per Common share for the year ended November 30, 2002 compared with the net gain of $18.5 million or $0.34 per share in 2001. The weighted basic average number of shares outstanding for fiscal 2002 and 2001 was 54.9 million. 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, "After entering the year with high hopes, 2002 turned out to be a horrible year. The year was supposed to be a turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. year for Stolt Offshore (SOSA), but problems on EPIC contracts and write-offs resulted in a major loss. We anticipated another year of depressed salmon prices for 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. ), but the result was far worse than we had forecasted. Unfortunately, all of this masked A state of being disabled or cut off. a solid performance from Stolt-Nielsen Transportation Group (SNTG) despite the weak global economic environment. "As noted in press releases earlier this month, SNTG is cooperating with competition authorities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (with respect to parcel tanker operations) and the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community (with respect to deep sea parcel tanker and intra-European inland 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. operations) in connection with investigations into possible collusive col·lu·sive adj. Acting in secret to achieve a fraudulent, illegal, or deceitful goal. col·lu  sive·ly adv. behavior. During the course of an internal investigation undertaken by
SNTG, SNTG became aware of possible collusive behavior and notified the
appropriate authorities. As a result, SNTG and its relevant affiliates,
directors and employees, have been granted conditional amnesty amnesty (ăm`nəstē), in law, exemption from prosecution for criminal action. It signifies forgiveness and the forgetting of past actions. from
prosecution and fines, subject to the conditions of the amnesty
programs, including continued cooperation.Stolt-Nielsen Transportation Group (SNTG) "For the full year, SNTG reported income from operations before restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $133.4 million in 2002 compared to $151.5 million in 2001. After adjusting for the sale of the 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. storage terminals in late 2001 and restructuring costs in 2002, SNTG posted results in 2002 broadly similar to 2001. "SNTG's parcel tanker division's income from operations in 2002 was $92.8 million compared to $97.7 million in 2001. The decline was attributable to higher bunker bunk, bunker large storage bin. bunk forage forage, usually ensilage stored in a large storage bunk and made available to cattle or other livestock along a face of the storage. costs in 2002 and the loss of income following the redelivery Re`de`liv´er`y n. 1. Act of delivering back. 2. A second or new delivery or liberation. of nine simpler time charter ships, which operated primarily in the commodity chemical and clean petroleum markets. These markets were considerably weaker for most of 2002 compared to 2001. The Stolt Tanker Joint Service Index for the year was down about 2% in 2002 compared to 2001. Contract volumes remained strong throughout 2002 despite the slower global economic environment. In recent months, the business has benefited from the spillover spill·o·ver n. 1. The act or an instance of spilling over. 2. An amount or quantity spilled over. 3. A side effect arising from or as if from an unpredicted source: impact of the strong product market as well as increased focus on quality tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. as a result of the Prestige disaster. The order book, while slightly higher, remains very manageable. "SNTG's tank containers division delivered strong results in 2002. The income from operations of $21.7 million in 2002 rose from $17.7 million in 2001, and utilization increased to 75.8% in 2002 from 68.0% in 2001. The improvements were due to a combination of an 11% growth in shipments, a fleet rationalization rationalization, in psychology: see defense mechanism. program, expansion into the food grade market, and new operational software. Further improvements in utilization and an additional increase in shipments of 5-7% are envisioned for 2003. "Income from operations for SNTG's terminal division was $18.9 million in 2002 compared to $23.9 million in 2001. The decline was entirely the result of the sale of the Chicago and Perth Amboy terminals in late 2001. Utilization remains high. SNTG is now starting to see the benefit of its long time strategy to integrate tankers with terminals. In 2002 in Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; , which is one of the most congested con·gest·ed adj. Affected with or characterized by congestion. congested ENT adjective Referring to a boggy blood-filled tissue. See Nasal congestion. ports, we had some 105 days less waiting time for our ships compared to last year. This equates to just less than one third of one ship. During the past year we continued the build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. of our new terminal in 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. , LA. The existing tanks are fully utilized and every indication is that the second expansion will be sold out before finished. Stolt Offshore (SOSA) "Before minority interest, SOSA reported a net loss for the full year of $151.9 million compared to a net loss of $14.2 million in 2001. The large loss was primarily due to goodwill and fixed asset impairments and losses on large EPIC contracts, primarily 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. . In December December: see month. SOSA finalized See finalization. changes to the covenants on its two major credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and has recently announced the hiring of a new CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and CFO See Chief Financial Officer. . "SOSA's 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 $1.1 billion is for 2003. This compares with a backlog of $1.6 billion at this time last year of which $930 million was for 2002. While the margin in the backlog is positive, it will take some time for low margin contracts to work through SOSA's backlog. The utilization for the deepwater Deepwater or Deep Water may refer to:
Stolt Sea Farm (SSF) "For the full year, SSF reported a loss from operations of $20.0 million in 2002 compared to $0.4 million in 2001. Fourth quarter 2002 results before one-off (1) One at a time. CD-ROM recorders (CD-R drives) are commonly called one-off machines because they write one CD-ROM at a time. (2) Only once. Software that is written to solve a specific problem only one time is sometimes called a one-off. items were considerably improved compared to 2001. The amounts for 2002 exclude $7.8 million of goodwill write-offs. "In the fourth quarter 2002, salmon prices obtained by farmers in 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. and Chile were higher than in the same quarter in 2001 and, with the exception of the East coast, in the previous quarter in 2002. In Europe, prices in the fourth quarter have continued their steady improvements, although this has not been as quick as some in the industry expected. Margins on sales in North America have suffered due to the difficulty of passing on higher prices to customers. In Europe margins have suffered due to the strength of the Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears currency. The fourth quarter results also included a write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of goodwill associated with SSF's farming operations in the UK and 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. . "The full-year result for 2002 reflects the very difficult year for salmon and 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. pricing. In particular, we suffered from the worst market ever in Japan for salmon trout and coho coho or silver salmon Species (Oncorhynchus kisutch) of salmon prized for food and sport that ranges from the Bering Sea to Japan and the Salinas River of Monterey Bay, Cal. It weighs about 10 lbs (4. . However, both our 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 in Iberia and 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. operation in Asia Pacific again posted solid results. Revenue from our Asia Pacific sales and marketing organization grew by about 50% for the year with profitable, although slightly lower, margins. "With the industry biomass in most regions appearing to be stable, we expect overall salmon prices to be stable in 2003. We are placing increased focus on further reduction of our production costs. 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. ) "Optimum Logistics and SeaSupplier made considerable progress in 2002 as both ventures more than doubled revenues and substantially cut costs. OLL was recently selected by Elemica, a consortium of 46 of the world's largest chemical companies, as its exclusive bulk marine and preferred container marine supply chain partner. This endorsement by Elemica should accelerate our goal of making OLL the industry standard for connecting marine carriers and other service providers to the chemical industry. Both OLL and SSL have excellent products and have made substantial progress in the execution of their business plans. Their success however is somewhat tied to a rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in Information Technology spending. Outlook "We firmly believe that the measures we have taken in each of our businesses combined with anticipated better markets should result in improved 2003 earnings. At this time we are not giving full year earnings guidance," 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 services, provides integrated transportation for its customers. The Company also owns 63 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 a leading offshore contractor to the oil and gas industry. Stolt Offshore specializes in providing technologically sophisticated offshore and 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". engineering, flowline and pipeline lay, construction, inspection, and maintenance services. 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, 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 Stolt-Nielsen S.A. U.S. SEC filings, including but not limited to the Stolt-Nielsen S.A. report on Form 20-F for the year ended November 30, 2001. Copies of these filings may be obtained by contacting the Company or the U.S. SEC.
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Reservation Number 454016 454016
Live Webcast conference call is available via the company's
Internet site www.stolt-nielsen.com commencing on Monday, March 3,
2003 at 10:00AM EST (3:00PM GMT). A playback of the conference call
commences on Monday, March 3, 2003 after 12:00 noon EST (5:00PM GMT).
STOLT-NIELSEN S.A. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in U.S. dollar thousands, except per share data)
Three months ended Twelve months ended
November November November November
30, 30, 30, 30,
2002 2001 2002 2001
Net operating revenue $ 815,894 $ 752,718 $2,852,709 $2,678,416
Operating expenses 762,277 686,663 2,584,684 2,326,580
Gross profit 53,617 66,055 268,025 351,836
Equity in net income
(loss) of non-
consolidated joint
ventures (1,726) 2,447 13,981 13,014
Administrative and
general expenses (54,643) (52,868) (210,636) (209,499)
Restructuring charges (1,454) - (9,601) -
Write-off of goodwill (a) (118,045) - (118,045) -
Write-off of Comex tradename - (7,932) - (7,932)
Gain (loss) on disposal
of assets, net 667 13,361 10,262 14,275
Other operating
income (expense) 166 498 (3,110) 1,219
Income (loss)
from operations (121,418) 21,561 (49,124) 162,913
Non-operating
income/(expense):
Interest expense, net (23,415) (24,433) (93,063) (113,858)
Foreign currency
exchange gain
(loss), net 549 (3,032) 1,155 (2,056)
Income (loss)
before income tax
provision and
minority interest (144,284) (5,904) (141,032) 46,999
Income tax provision (10,156) (2,820) (17,969) (27,561)
Income (loss)
before minority
interest (154,440) (8,724) (159,001) 19,438
Minority interest 53,345 6,140 56,196 4,254
Net income (loss) $ (101,095) $ (2,584) $ (102,805) $ 23,692
PER SHARE DATA
Net income (loss)
per share:
Basic $ (1.84) $ (0.05) $ (1.87) $ 0.43
Diluted $ (1.84) $ (0.05) $ (1.87) $ 0.43
Weighted average number of
Common shares and equivalents
outstanding:
Basic 54,949 54,918 54,930 54,870
Diluted 54,949 54,918 54,930 55,303
SELECTED CASH FLOW DATA
Capital expenditures and
acquisition of
subsidiaries $ 29,743 $ 39,625 $ 122,742 $ 292,938
Depreciation and
amortization
(excluding
drydocking) $ 56,479 $ 58,782 $ 209,131 $ 211,427
Depreciation and
amortization
(including write-off
of goodwill and
Comex tradename,
and excluding
drydocking) $ 174,524 $ 66,714 $ 327,176 $ 219,359
Note: Certain prior period amounts for gain on disposal of assets,
net and other non-operating income (expense) have been reclassified to
conform to the current presentation. Also, the third quarter 2002
amounts for net operating revenue and operating expenses for Stolt
Parcel Tankers have been reduced by $5.9 million, with no impact on
gross profit.
(a) Before minority interest of $39.5 million related to Stolt
Offshore write-off of goodwill of $106.4 million.
STOLT-NIELSEN S.A. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in U.S. dollar thousands)
November November
30, 30,
2002 2001
ASSETS
Cash and cash equivalents $ 22,873 $ 24,865
Trade receivables, net 572,994 566,628
Inventories 231,498 186,695
Prepaid expenses 113,969 89,728
Other current assets 88,180 86,900
Total current assets 1,029,514 954,816
Fixed assets, net of accumulated
depreciation 2,395,125 2,511,713
Investment in non-consolidated
joint ventures 102,430 107,035
Goodwill and other intangible
assets, net 85,957 222,651
Other non-current assets 174,049 175,659
Total assets $3,787,075 $3,971,874
LIABILITIES AND SHAREHOLDERS' EQUITY
Loans payable to banks $ 331,985 $ 284,083
Current maturities of long-term debt
and capital lease obligations 165,067 133,016
Accounts payable 434,993 383,272
Accrued liabilities 332,359 305,443
Total current liabilities 1,264,404 1,105,814
Long-term debt and
capital lease obligations 1,155,010 1,275,755
Minority interest 203,894 321,584
Other non-current liabilities 172,667 168,099
Total liabilities 2,795,975 2,871,252
Capital stock and
Founder's shares 62,639 62,607
Paid-in surplus 340,893 384,199
Retained earnings 778,290 894,897
Accumulated other
comprehensive loss (56,698) (107,057)
Treasury stock (134,024) (134,024)
Total shareholders' equity 991,100 1,100,622
Total liabilities and
shareholders' equity $3,787,075 $3,971,874
Total interest-bearing debt
and capital lease
obligations net of
cash and cash equivalents: $1,629,189 $1,667,989
Minority interest in
Stolt Offshore $ 192,428 $ 309,882
STOLT-NIELSEN S. A. AND SUBSIDIARIES
OPERATING YARDSTICKS
1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter
STOLT PARCEL TANKERS DIVISION:
Joint Service sailed-in
time-charter index
2000 0.94 0.93 0.93 0.96
2001 1.02 1.07 1.14 1.13
2002 1.07 1.07 1.08 1.05
Volume of cargo carried -
millions of tonnes
Joint Service fleet:
2000 3.7 3.5 4.1 3.8
2001 3.9 4.1 4.3 3.9
2002 3.4 3.6 3.5 3.4
Regional fleets:
2000 2.0 2.6 2.7 2.9
2001 3.0 2.7 2.7 2.4
2002 2.4 2.4 2.4 2.7
Operating days
Joint Service fleet:
2000 6,516 6,485 6,734 6,642
2001 6,792 6,881 6,826 6,496
2002 6,257 6,117 6,076 5,972
Regional fleets:
2000 6,037 6,134 6,252 6,293
2001 5,565 5,688 5,681 5,771
2002 5,674 5,617 5,583 5,707
Average number of ships operated
in the period
Joint Service fleet:
2000 72 70 73 73
2001 76 75 74 71
2002 70 66 66 68
Regional fleets:
2000 66 67 68 69
2001 62 62 62 63
2002 63 61 64 64
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
2000 14,752 15,017 15,089 15,923
2001 15,670 15,295 14,737 14,184
2002 13,946 14,157 14,568 14,955
Tank container utilization - %
2000 68.2% 69.4% 69.7% 69.8%
2001 67.7% 67.4% 66.5% 70.4%
2002 71.1% 77.6% 77.7% 76.9%
STOLTHAVEN TERMINALS DIVISION:
Average marketable shell barrel capacity
(millions of barrels)
2000 4.96 4.96 4.98 5.00
2001 5.11 5.13 5.14 5.54
2002 (a) 2.82 3.03 3.32(b) 3.37
Tank capacity utilization - %
2000 88.6% 92.9% 92.5% 90.9%
2001 94.5% 95.8% 94.7% 95.1%
2002 98.0% 98.1% 95.1%(b) 97.0%
(a) The reduction in capacity in 2002 reflects the sale of the
Perth Amboy and Chicago terminals at the end of 2001.
(b) As revised
STOLT-NIELSEN S.A. AND SUBSIDIARIES
SELECTED SEGMENT DATA
(in U.S. dollar thousands)
The following tables present the contribution to net operating
revenue, gross profit, income from operations, net income (loss) and
total assets for each of the Company's business segments:
Three months ended Twelve months ended
November November November November
30, 30, 30, 30,
2002 2001 2002 2001
NET OPERATING REVENUE:
Stolt-Nielsen
Transportation Group:
Stolt Parcel Tankers $ 175,016 $ 182,989 $ 691,785 $ 754,867
Stolt Tank Containers 59,938 53,426 227,600 214,368
Stolthaven Terminals 14,289 19,896 58,549 78,447
249,243 256,311 977,934 1,047,682
Stolt Offshore 441,069 417,284 1,437,488 1,255,938
Stolt Sea Farm 125,336 79,009 435,706 374,378
Optimum Logistics 223 114 961 418
SeaSupplier 23 - 620 -
Total $ 815,894 $ 752,718 $2,852,709 $2,678,416
GROSS PROFIT:
Stolt-Nielsen
Transportation Group:
Stolt Parcel Tankers $ 34,925 $ 40,833 $ 151,204 $ 162,684
Stolt Tank Containers 10,642 11,352 43,784 40,785
Stolthaven Terminals 5,373 6,884 20,973 30,149
50,940 59,069 215,961 233,618
Stolt Offshore (519) 18,361 42,481 94,385
Stolt Sea Farm 2,950 (11,489) 8,002 23,415
Optimum Logistics 223 114 961 418
Sea Supplier 23 - 620 -
Total $ 53,617 $ 66,055 $ 268,025 $ 351,836
INCOME (LOSS) FROM OPERATIONS:
Stolt-Nielsen
Transportation Group:
Stolt Parcel Tankers $ 25,690 $ 23,215 $ 92,781 $ 97,653
Stolt Tank Containers 4,350 5,378 21,724 17,731
Stolthaven Terminals 3,870 4,778 18,857 23,870
Gain on Sale of Terminals - 12,204 - 12,204
SNTG before Restructuring
Charges 33,910 45,575 133,362 151,458
SNTG Restructuring Charges (1,454) - (9,601) -
32,456 45,575 123,761 151,458
Stolt Offshore (24,378) (1,267) (17,172) 36,365
Stolt Sea Farm (6,273) (17,148) (20,002) (409)
Optimum Logistics (1,713) (3,296) (8,574) (15,153)
SeaSupplier (1,430) (2,248) (5,553) (8,110)
Write-off of goodwill (118,045) - (118,045) -
SNSA Other (2,035) (55) (3,539) (1,238)
Total $(121,418) $ 21,561 $ (49,124) $ 162,913
NET INCOME (LOSS):
Stolt-Nielsen
Transportation Group (a) $ 19,774 $ 27,762 $ 68,105 $ 69,883
SNTG Restructuring Charges (1,454) - (9,601) -
Stolt Offshore (33,289) (9,938) (45,420) (14,203)
Stolt Sea Farm (15,636) (19,389) (37,646) (14,178)
Optimum Logistics (1,749) (3,338) (8,624) (14,891)
SeaSupplier (1,459) (2,278) (5,705) (8,328)
Write-off of Goodwill (118,045) - (118,045) -
SNSA:
Minority interest in
Stolt Offshore 52,797 4,652 57,670 6,647
Other (2,034) (55) (3,539) (1,238)
Total $(101,095) $ (2,584) $ (102,805) $ 23,692
As of
November November
30, 30,
2002 2001
TOTAL ASSETS:
Stolt-Nielsen
Transportation Group $1,827,686 $1,988,396
Stolt Offshore 1,458,604 1,560,263
Stolt Sea Farm 494,837 414,220
Optimum Logistics 4,797 7,883
SeaSupplier 1,151 1,112
Total $3,787,075 $3,971,874
(a) 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
ANALYSIS OF NON-RECURRING ITEMS
(in U.S. dollar millions, except per share data)
Three months Twelve months
ended ended
November November November November
30, 30, 30, 30,
2002 2001 2002 2001
Net income (loss) as reported $ (101.1) $ (2.6) $ (102.8) $ 23.7
Non-recurring items:
Write-off for impairment of
goodwill 118.0 - 118.0 -
Write-off for impairment of fixed
assets of Stolt Offshore 9.0 - 9.0 -
Minority interest in
Stolt Offshore write-offs
of goodwill ($106.4) and
fixed assets ($9.0) (42.8) - (42.8) -
Gain on disposal of assets,
net of minority interest in
Stolt Offshore (0.7) (8.5) (7.0) (9.4)
Restructuring charges 1.4 - 9.6 -
Write-off of Comex trade name,
net of minority interest in
Stolt Offshore - 4.2 - 4.2
Income (loss) before non-recurring
items $ (16.2) $ (6.9) $ (16.0) $ 18.5
PER SHARE DATA
Net income (loss) as reported $ (1.84) $ (0.05) $ (1.87) $ 0.43
Non-recurring items:
Write-off for impairment of
goodwill 2.15 - 2.15 -
Write-off for impairment of
fixed assets of Stolt Offshore 0.16 - 0.16 -
Minority interest in Stolt
Offshore write-offs
of goodwill and fixed assets (0.78) - (0.78) -
Gain on disposal of assets,
net of minority interest in
Stolt Offshore (0.01) (0.16) (0.12) (0.17)
Restructuring charges 0.03 - 0.17 -
Write-off of Comex trade name,
net of minority interest in
Stolt Offshore - 0.08 - 0.08
Income (loss) before
non-recurring items $ (0.29) $ (0.13) $ (0.29) $ 0.34
Average Shares Outstanding 54,949 54,918 54,930 54,870
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