GlobeNewswire

Stolt-Nielsen Limited Reports Unaudited Results For the Third Quarter and First Nine Months of 2020

Share

LONDON, October 8, 2020 – Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the third quarter ended August 31, 2020. The Company reported a third-quarter net profit attributable to shareholders of $29.2 million, with revenue of $474.0 million, compared with a net profit attributable to shareholders of $3.6 million, with revenue of $503.5 million, in the second quarter of 2020. The net profit attributable to shareholders for the first nine months was $12.9 million, with revenue of $1,474.5 million, compared with a net profit attributable to shareholders of $15.2 million, with revenue of $1,536.2 million, for the first nine months of 2019.

Highlights for the third quarter, compared with the second quarter of 2020, were:

  • Net profit from continuing operations was $30.5 million in the third quarter with an EBITDA of $143.5 million, up from a net profit of $12.3 million and EBITDA of $123.1 million, mainly driven by healthy volumes, lower fuel prices in Stolt Tankers and Stolt Tank Containers and overall lower administrative and general expenses.
  • Stolt Tankers reported improved operating profit of $28.1 million, up from $20.0 million, as lower bunker costs and improved results from bunker hedging more than offset a reduction in revenue, which was mainly due to fewer operating days and lower freight rates driven by the lower bunker prices.
  • The Stolt Tankers Joint Service Sailed-in Time-Charter Index rose to 0.61 from 0.56.
  • Stolthaven Terminals reported operating profit of $22.7 million, up from $19.2 million. Underlying business performance improved slightly, while one-off losses in the second quarter  and gains in the third quarter added to the improvement in results.
  • Stolt Tank Containers reported operating profit of $17.5 million, up from $13.0 million, reflecting lower move-related expenses.
  • Stolt Sea Farm reported an operating loss before fair value adjustment of biomass of
    $0.6 million compared with an operating loss of $5.0 million, as sales volumes of all species recovered significantly in the third quarter.
    The prior quarter included impairments of
    $1.8 million.
  • Corporate and Other reported operating profit of $1.2 million, down from $2.7 million, mainly reflecting a higher profit-sharing accrual.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, commented: “During the third quarter all of our divisions generated improved results in the face of continued challenges brought on by the Covid pandemic. While the global economic outlook remains uncertain, we are cautiously optimistic about the fourth quarter and beyond, based on the contract portfolio we have secured across our three logistics businesses.

“Stolt Tankers’ continuing focus on efficiency initiatives is starting to have a positive impact. Results for the quarter improved, however the Covid pandemic continues to impact scheduling, necessitating costly rerouting of ships in order to make overdue crew changes. During the quarter we were able to secure five modern 26,000 deadweight tonne stainless steel chemical tankers in the second-hand market at a very attractive price, a deal made possible by our resilient business model and financial strength. The ships are expected to be delivered starting December 2020. Results at Stolthaven Terminals continued to improve, as demand for chemicals used for packaging and healthcare products remained strong, offsetting weak demand for those bound for the automotive and construction sectors. At Stolt Tank Containers, August brought an increase in shipments following June and July’s seasonal summer slowdown. As restaurants in Stolt Sea Farm’s key European markets began to reopen, we saw a strong recovery in volumes sold, rising to levels close to the same quarter last year. 

“We are cautiously optimistic that the momentum of a strengthening chemical tanker market will continue. Longer term, the favourable supply/demand outlook should provide a good foundation for continued improved results at Stolt Tankers. At Stolthaven, we expect to see healthy demand in most regions. Following the seasonally slow third quarter at Stolt Tank Containers, we are seeing signs of improvement, particularly in Asia. At Stolt Sea Farm we have seen volume and prices return towards pre-Covid levels, however the possible impact of a second lockdown on the hospitality industry, particularly in southern Europe, remains a concern.

“At the beginning of the pandemic we took early and decisive action to reduce costs and preserve cash, and at the end of the third quarter we had approximately $500 million in available liquidity. We continue to focus on safe and reliable operations that deliver quality services and products to our customers, while protecting our revenue base. Our diverse portfolio of businesses, dedicated employees and forward-looking strategy mean that we are well positioned for what may come.”


This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachments

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

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

Key dates for the Yara International ASA 2019 dividend23.10.2020 17:33:48 CESTPress release

Oslo, 23 October 2020: Reference is made to Yara’s stock exchange release dated 23 October 2020 regarding the Extraordinary General Meeting and additional dividend of NOK 18 per share. The following key dates will apply for the additional dividend: Ex dividend NOK 18.00 as of: 18 November 2020 Record date: 19 November 2020 Dividend payment date: 27 November 2020 ADR dividend payment date: 4 December 2020 Contact Thor Giæver, Investor Relations Cellular: (+47) 480 75 356 E-mail: thor.giaver@yara.com About Yara Yara grows knowledge to responsibly feed the world and protect the planet. Supporting our vision of a world without hunger, we pursue a strategy of sustainable value growth, promoting climate-friendly and high-yielding crop nutrition solutions for the world’s farming community and food industry. Yara’s ambition is to be the Crop Nutrition Company for the Future. We are committed to creating value for our customers, shareholders and society at large, as we work to develop a more su

Nøkkeldatoer for Yara International ASA tilleggsutbytte23.10.2020 17:33:48 CESTPressemelding

Oslo, 23. oktober 2020: Det vises til børsmelding 23. oktober 2020 om ekstraordinær generalforsamling og tilleggsutbytte på 18 kroner per aksje. Følgende nøkkeldatoer gjelder for tilleggsutbyttet: Aksjen handles eks. utbytte NOK 18,- fra: 18. november 2020 Eierregisterdato: 19. november 2020 Utbetalingsdato: 27. november 2020 Utbetalingsdato ADR: 4. desember 2020 Kontakt Thor Giæver, investorkontakt Mobil: (+47) 480 75 356 E-post: thor.giaver@yara.com Om Yara Yara bringer kunnskap om hvordan verdens befolkning kan mettes og kloden beskyttes. Bak vår visjon om en verden uten sult ligger en strategi som fremmer klimavennlige og ressurseffektive løsninger for landbruk og matvareindustri over hele verden. Vår ambisjon er å være fremtidens leverandør av plantenæring. Vi har forpliktet oss til å skape verdi for kunder, aksjonærer, og samfunnet rundt oss i arbeidet med å skape en mer bærekraftig matverdikjede. For å nå dette målet, har vi satt oss i førersetet for utviklingen av digitale verk

Kommuniké från extra bolagsstämma den 23 oktober 2020 i Saniona AB23.10.2020 17:15:00 CESTPressemelding

PRESSMEDDELANDE 23 oktober 2020 Idag, den 23 oktober 2020, hölls extra bolagsstämma i Saniona AB. Nedan följer en sammanfattning av de beslut som fattades. Samtliga beslut fattades med erforderlig majoritet. Beslut om (A) personaloptionsprogram; och (B) riktad emission av teckningsoptioner samt godkännande av överlåtelse av teckningsoptioner Stämman beslutade, i enlighet med styrelsens förslag, om införande av ett optionsprogram för samtliga av bolagets anställda, inklusive bolagets verkställande direktör, ledningsgrupp (exklusive CSO Jørgen Drejer), Vice Presidents och samtliga övriga anställda. Personaloptionerna omfattar samtliga av bolagets nuvarande anställda (inklusive nyligen anställda och personer som kommer att anställas under perioden fram till nästa årsstämma). Stämman beslutade även om riktad emission av teckningsoptioner samt godkännande av överlåtelse av teckningsoptioner. Programmet innebär att högst 7 976 690 personaloptioner ska erbjudas deltagarna. Optionsinnehavarna

Bulletin from the extraordinary general meeting on October 23, 2020 in Saniona AB23.10.2020 17:15:00 CESTPress release

PRESS RELEASE October 23, 2020 The English text is an unofficial translation. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail. Today, on October 23, 2020, an extraordinary general meeting was held in Saniona AB. A summary of the resolutions adopted follows below. All resolutions were adopted with the required majority of votes. Resolution on (A) employee option program; and (B) directed issue of warrants and approval of transfer of warrants The meeting resolved, in accordance with the proposal from the board of directors, to adopt an option program for all company employees, including the company’s CEO, the executive team (excluding the CSO Jørgen Drejer), vice presidents and all other employees. The employee options will cover all current employees, including the employees that have recently been hired, as well as the employees that will be hired up until the next annual general meeting (AGM). The meeting also resolved

PRF: Subsidiary of AS PRFoods is borrowing from the Rural Development Foundation23.10.2020 17:00:00 CESTPress release

AS PRFoods has approved the borrowing of the six-year investment loan in the amount of one million euros from the Rural Development Foundation by its subsidiary Osaühing Vettel under the measure „COVID-19 loan to bio- and rural enterprises” (aid measure 3.3). The interest rate of the loan will be 2.5% for the first two years and 4.5% thereafter. The investment loan shall be used for automatization of the factory of Osaühing Vettel in Saaremaa. The loan is secured by a mortage and a commercial pledge on the assets of Osaühing Vettel to the following rankings of existing creditors and a 100% guarantee from AS PRFoods. Indrek Kasela AS PRFoods Mermber of the Management Board T: +372 452 1470 investor@prfoods.ee www.prfoods.ee

Notice of Yara Extraordinary General Meeting23.10.2020 16:30:00 CESTPress release

Oslo, 23 October 2020: Yara International ASA will hold an Extraordinary General Meeting on Tuesday 17 November at 17:00 CET to approve the Board’s proposal to pay an additional dividend of NOK 18 per share. The meeting notice is available on the company’s website. In accordance with Norwegian temporary legislation exempting companies from physical meeting requirements to reduce Covid-19 risk, the Extraordinary General Meeting will be held as a digital meeting only, with no physical attendance for shareholders. The complete notice of the Annual General Meeting will be distributed to Yara’s registered shareholders and is also available on Yara’s website: https://www.yara.com/investor-relations/reports-and-presentations-2020/ Contact Thor Giæver, Investor Relations Cellular: (+47) 480 75 356 E-mail: thor.giaver@yara.com About Yara Yara grows knowledge to responsibly feed the world and protect the planet. Supporting our vision of a world without hunger, we pursue a strategy of sustainable