Stolt-Nielsen Limited Reports Unaudited Results For the Second Quarter and First Half of 2020
LONDON, July 2, 2020 – Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the second quarter ended May 31, 2020. The Company reported a second-quarter net profit attributable to shareholders of $3.6 million, with revenue of $503.5 million, compared with a net loss attributable to shareholders of $20.0 million, with revenue of $497.1 million, in the first quarter of 2020. The net loss attributable to shareholders for the first six months was $16.3 million, with revenue of $1,000.5 million, compared with a net profit attributable to shareholders of $11.5 million, with revenue of $1,018.4 million, in the first half of 2019.
Highlights for the second quarter of 2020, compared with the first quarter of 2020, were:
- Net profit from continuing operations amounted to $12.3 million in the second quarter, up from a loss of $19.3 million in the first quarter of 2020.
- Stolt Tankers reported an operating profit of $20.0 million, up from $4.7 million, mainly reflecting a $12.2 million increase in deep-sea revenue driven by improved export volumes from the US Gulf, combined with an increase in operating days.
- The Stolt Tankers Joint Service Sailed-in Time-Charter Index rose to 0.56 from 0.50.
- Stolthaven Terminals reported an operating profit of $19.2 million, up from $18.9 million, as markets remained stable overall.
- Stolt Tank Containers reported an operating profit of $13.0 million, up from $6.7 million, reflecting higher demurrage revenue and lower repositioning costs.
- Stolt Sea Farm reported an operating loss of $4.7 million, which included impairments of $1.8 million. This compared with an operating loss of $8.8 million in the first quarter, which included a $12.0 million write-down of biomass value.
- Stolt Sea Farm’s caviar business has been reclassified as held for sale and SSF has recognised an impairment of $8.1 million.
- Corporate and Other reported an operating profit of $2.7 million, compared with an operating loss of $2.6 million in the first quarter, mainly reflecting a lower profit-sharing accrual.
- Cost saving and capex reduction initiatives will reduce cash burn by $83 million in 2020.
Commenting on the Company’s results and outlook, Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said: “The net financial impact of the COVID-19 pandemic on our businesses, excluding Stolt Sea Farm, has so far been relatively modest. That said, we are seeing indications that the third quarter will be more challenging.
“At Stolt Tankers, overall volume improved in the second quarter, driven mainly by strength in deep-sea shipments, reflecting less MR tonnage operating in the chemical trade. Results were also positively impacted by lower fuel costs and more operating days. At Stolt Tank Containers, after a record number of shipments in March and continued strength in April, shipments slowed in May. Operating income for the quarter overall was on target, which also reflected the positive impact of actions taken to reduce operating expenses. Results at Stolthaven Terminals were stable. Demand for chemicals used in packaging and healthcare has remained strong, offset by weak demand for products bound for the automotive and construction sectors. Stolt Sea Farm had another very difficult quarter, due to the impact of the pandemic on restaurants and hotels, especially in SSF’s key European markets.
“The outlook is difficult to predict and highly uncertain. We are seeing signs of a slowdown in certain regions at Stolt Tank Containers, which we suspect may be a result of consumption declining, but also the beginning of a seasonal summer slowdown typically observed at STC. While we enjoyed a stronger chemical tanker market in the second quarter, we expect the third quarter to be more challenging due to the combination of a weaker MR market and a slowing economy. To counter the impact of a possible slowdown, we have taken steps to protect our revenue base by increasing our contract coverage at improved rates. At Stolthaven, we continue to see healthy demand in most regions and expect continued improved performance from our terminals. Finally, at Stolt Sea Farm, we believe the worst is behind us. As restrictions in Europe are lifted, we expect a steady improvement in demand for our products, as restaurants and hotels reopen in our main markets.
“As noted last quarter, we have taken extensive actions to reduce costs and shore up our liquidity position. We have thus far improved our cash position by $83 million through cancellations or delays of capital expenditures, as well as reductions in operating and administrative & general expenses. In addition, the Board of Directors temporarily cut board fees by 50%, and our senior management team took a voluntary salary cut of 20%, both effective April 1. We are also diligently working to protect our revenue base, which includes working closely with customers to create solutions to help them adapt in this constantly changing environment.
“On a positive note, following the recent bond placement, the Company currently has just under half a billion dollars in available liquidity."
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
AttachmentsTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
New Zolgensma data demonstrate age-appropriate development when used presymptomatically and rapid, clinically meaningful efficacy in symptomatic children, even those with severe SMA at baseline18.6.2021 18:30:00 CEST | Press release
All children (100%) treated presymptomatically in the SPR1NT two-copy cohort survived without respiratory or nutritional support, and sat independently for ≥30 seconds, most (11/14) within the WHO window of expected normal development The majority of children (82%) treated in STR1VE-EU achieved developmental motor milestones not observed in the natural history of SMA Type 1, including patients with more severe disease More than 1,200 patients have now been treated with Zolgensma globally across clinical trials, managed access programs, and in the commercial setting1 Basel, June 18, 2021– Novartis today announced data that reinforce the transformational benefit of Zolgensma® (onasemnogene abeparvovec), an essential, one-time treatment and the only gene therapy for spinal muscular atrophy (SMA). New late-breaker data from the completed two-copy cohort of the Phase 3 SPR1NT clinical trial demonstrate age-appropriate milestone development in presymptomatic children with SMA without respira
The results of the private placement of Subordinated Convertible Notes and private placement of Secured Notes of AS PRFoods / transactions with persons connected with the issuer18.6.2021 16:22:48 CEST | Press release
THIS NOTICE IS NOT INTENDED FOR PUBLICATION, ALLOCATION OR TRANSMISSION, IN PART OR WHOLLY, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, OR ELSEWHERE THE DISCLOSURE OR TRANSMISSION OF THIS INFORMATION IS NOT ALLOWED. By a company announcement dated 04.06.2021, AS PRFoods (hereinafter "PRFoods") informed investors that it was conducting an issue of subordinated convertible notes, whereunder PRFoods is to issue up to 350 subordinated convertible notes, with the maximum aggregate nominal value of up to EUR 3,500,000, nominal value of EUR 10,000 per subordinated convertible note, interest rate of 7% per annum and maturity date on 01.10.2025 (hereinafter the “ConvertibleNotes”). The subscription period for the Convertible Notes ended on 14.06.2021. In course of the private placement, investors subscribed for 237 Convertible Notes, with the aggregate nominal value of EUR 2,370,000, i.e. for approximately 67% of the m
CONDITIONS FOR PURCHASES OF CORPORATE BONDS18.6.2021 16:20:00 CEST | Press release
Bid procedure, 2021-06-23BondsBonds issued in SEK by Swedish non-financial undertakings. The following bonds are eligible for delivery: RIKSHEM AB: SE0011452507, 2023-07-18 RIKSHEM AB: SE0011869981, 2023-05-08 EPIROC AB: XS1918042364, 2023-12-06 EPIROC AB: XS2258568778, 2026-05-18 SCANIA CV AB: XS2042641121, 2022-08-22 SCANIA CV AB: XS2332891089, 2023-04-19 AB INDUSTRIVARDEN: SE0011869668, 2022-02-28 AB INDUSTRIVARDEN: SE0012676724, 2023-02-20 SVENSK FASTIGHETS FIN: SE0012194058, 2022-02-28 SVENSK FASTIGHETS FIN: SE0012676872, 2022-09-07 Delivery of a Bond may not occur if the Counterparty has purchased the Bond from the issuer more recently than one month prior to the date of announcement of the Special terms, that is, the purchase may not have taken place after: 2021-05-23Bid date2021-06-23Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SE0011452507: 30 mln SEK +/-30 mln SEK SE0011869981: 30 mln SEK +/-30 mln SEK XS1918042364: 30 mln SEK
CONDITIONS FOR RIKSBANK BID PROCEDURE KOMMUNINVEST BONDS18.6.2021 16:20:00 CEST | Press release
Bid procedure, 2021-06-22BondsKOMMUNINVEST I SVERIGE: 2311. SE0010948240. 2023-11-13 KOMMUNINVEST I SVERIGE: 2505, SE0011414010, 2025-05-12 KOMMUNINVEST I SVERIGE: 2805, SE0015660139, 2028-05-12 BidsBids on interest and volume are entered via Bloomberg Bond Auction SystemBid date2021-06-22Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)2311: 500 mln SEK +/-250 mln SEK 2505: 1000 mln SEK +/-500 mln SEK 2805: 750 mln SEK +/-350 mln SEK Highest permitted bid volume (corresponding nominal amount)2311: 500 mln SEK per bid 2505: 1000 mln SEK per bid 2805: 750 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 11.15 (CET/CEST) on the Bid dateDelivery and payment date2021-06-24Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383General Terms and ConditionsGeneral Terms and Conditions General Terms and Condition
CONDITIONS FOR THE RIKSBANK´S PURCHASES OF COMMERCIAL PAPER18.6.2021 16:20:00 CEST | Press release
Bid procedure, 2021-06-23CertificateCommercial paper issued in SEK by non-financial companies with their registered office in Sweden and with a remaining maturity of up to six months on the Bid date. i.e. with the latest maturity date as of 2021-12-23 Delivery may not be made in commercial paper purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Special terms, i.e. the purchase may not have been made after 2021-06-11 BidsCounterparties may make one bid per Credit rating class and maturity class. Bids are made to tel 08-696 69 70 and confirmed by e-mail to EOL@riksbank.se.Bid date2021-06-23Bid times09.00-09.30 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 4 billionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 4 billion. No bid may contain Commercial paper in excess of SEK 250 million issued by the s
Eolus förvärvar två fullt tillståndsgivna svenska vindkraftsprojekt18.6.2021 16:15:00 CEST | Pressemelding
Hässleholm den 18 juni 2021 Eolus har tecknat avtal med RWE om att förvärva två fullt tillståndsgivna svenska vindkraftsprojekt. Projekten som omfattar 99 MW är lokaliserade i SE3 och Eolus kommer under sommaren att påbörja försäljningsprocessen med ambitionen att teckna avtal med en investerare under hösten 2021. Projekten är belägna i Avesta kommun (Skallberget/Utterberget) och Hedemora kommun (Tjärnäs) och omfattar totalt vardera 74,4 MW och 24,8 MW. Projekten är fullt tillståndsgivna. Eolus kommer under sommaren att påbörja försäljningsprocessen med ambitionen att teckna ett avtal med en investerare under hösten 2021. Planerad driftsättning är under 2023. För ytterligare information kontakta: Per Witalisson, VD, telefon +46 (0)70-265 16 15 Johan Hammarqvist, kommunikationschef, telefon +46 (0)720-50 59 11 Kort om Eolus Eolus Vind är en av Nordens ledande projektörer av vindkraftsanläggningar. Eolus skapar värden i alla led inom ramen för projektutveckling och drift av vindkraftsanl
Eolus acquires two fully permitted wind power projects in Sweden18.6.2021 16:15:00 CEST | Press release
Hässleholm, Sweden, June 18, 2021 Eolus has signed an agreement to acquire two fully permitted wind power projects in Sweden from RWE. The projects located in SE3 totals about 99 MW and Eolus will during summer initiate the sales process with the ambition to sign an agreement with an investor during the autumn of 2021. The projects are located in Avesta municipality (Skallberget/Utterberget) and Hedemora municipality (Tjärnäs) and totals respectively 74.4 MW and 24.8 MW. The projects are fully permitted. Eolus will during the summer initiate the sales process with the ambition to sign an agreement with an investor during the autumn of 2021. Planned commissioning is during 2023. For further information contact: Per Witalisson, CEO, +46 70-265 16 15 Johan Hammarqvist, Head of Communications, +46 720 50 59 11 About Eolus: Eolus Vind AB is one of the leading wind power developers in the Nordics. Eolus is active in the whole value chain from development of green field projects to constructi