Stolt Nielsen Limited Nielsen... · EPS Diluted 0.38 0.54 0.23 2.36 1.33 Weighted average number of...
Transcript of Stolt Nielsen Limited Nielsen... · EPS Diluted 0.38 0.54 0.23 2.36 1.33 Weighted average number of...
Investor Presentation
March 2016
Stolt-Nielsen Limited
Page 2Page 2
Forward-Looking Statements
Included in this presentation are various “forward-looking statements”, including
statements regarding the intent, opinion, belief or current expectations of the Company or
its management with respect to, among other things, (i) goals and strategies, (ii) plans for
new development, (iii) marketing plans, the Company’s target market, (iv) evaluation of
the Company’s markets, competition and competitive positions, and (v) trends which may
be expressed or implied by financial or other information or statements contained herein.
Such forward-looking statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other facts that may cause the actual results,
performance and outcomes to be materially different for any future results, performance or
outcomes expressed or implied by such forward-looking statements. These factors include
in particular, but not limited to, the matters described in the section “Principal Risks” (p42
et seq.) in the most recent annual report available at www.stolt-nielsen.com.
Page 3Page 3
Agenda
• SNL 4Q15 Highlights
– Stolt Tankers
– Stolthaven Terminals
– Stolt Tank Containers
– Stolt Sea Farm
– Stolt Bitumen Services
– Stolt-Nielsen Gas
• Financials
• Q&A
Page 4Page 4
• Founded in 1959 by Jacob Stolt-Nielsen, pioneer of the parcel tanker industry
• Integrated logistics company offering transportation and storage for bulk liquids in
parcel tankers, tank containers and terminals
• Registered in Bermuda and listed on the Oslo Stock Exchange since 1995
• More than 5,000 employees world wide with 43 offices in 26 countries
• Market capitalisation of $0.5 billion; book value of equity of $1.4 billion
Stolt-Nielsen Limited (SNL)
Top shareholders (as of January 31, 2016) Share price development (NOK)
Number of Shares % of Total
FIDUCIA LTD 29,634,255 54%
FOLKETRYGDFONDET 2,719,486 4%
ML PROFFESSIONAL CLEARING CORP 1,053,019 2%
EUROCLEAR BANK S.A./N.V. ('BA') 1,050,045 2%
JEFFERIES LLC 1,044,703 2%
HOME CAPITAL AS 1,039,433 2%
CITIBANK, N.A. 848,739 1%
JP MORGAN CLEARING CORP. 680,982 1%
FIDELITY FUNDS-NORDIC FUND/SICAV 609,493 1%
A/S SKARV 550,000 1%
Page 5Page 5
Stolt Tankers
Stolthaven
Terminals
Stolt Tank
Containers Stolt Sea Farm
Stolt Bitumen
Services Stolt-Nielsen Gas
• Leading global
provider of
transportation
services for bulk-
liquid chemicals,
edible oils, acids,
biofuels and CPP
• ~20 million tons of
cargo carried yearly
• Global provider of
storage services for
bulk-liquid
chemicals, edible
oils, acids, biofuels
and CPP products
• One of the world’s
leading provider of
door-to-door
transportation
services for bulk-
liquid chemicals
and food-grade
products
• Leading
aquaculture
company focused
on the production
of premium fish
species
• 15 farms worldwide
• Developing a
bitumen distribution
network in fast-
growing Asia
Pacific markets
• Stolt-Nielsen LNG
to target small
scale supply chains
to deliver LNG to
stranded demand.
• Owns 7.2% of
Avance Gas
Holding Ltd.
Key Highlights
60 Deep-sea parcel
tankers
84 Coastal and inland
tankers
6 NBs on order with
delivery 2016-17
$253MEBITDA
Key Highlights
4.5M Cubic meters
of storage capacity
20 Owned and joint-
venture terminals
100,000 cbm under
construction
$100MEBITDA
Key Highlights
35,000+ Tank
containers in the fleet
19 Maintenance and
repair depots
$87MEBITDA
Key Highlights
5,400Production capacity of
turbot (tons)
2,000Planned production
capacity of new sole
farm (tons)
$7MEBITDA
Key Highlights
3 Bitumen terminals
2 owned ships; two
owned and one T/C in
130 Bitutainers
Key Highlights
14 VLGCs in the
Avance Gas fleet
JV in Sardinia: HIGAS
SNL Business Divisions
Page 6Page 6
Financial
Fourth-Quarter 2015 Highlights
Operating
• Stolt Tankers operating profit of $35.4M, supported by continued low bunker costs,
was down from $37.5M, reflecting accelerated depreciation on ships due for
recycling
• Stolthaven Terminals operating profit of $2.6M, down from $6.4M, due to write-offs
of certain assets, accelerated depreciation and settlement of customer claims
• Stolt Tank Containers operating profit of $13.1M, down from $15.6M, reflecting
lower shipment volume and costs related to the early recycling of tanks
• Stolt Sea Farm reported an operating loss of $2.5M, compared with a loss of $2.1M
in 3Q15; accounting for inventories at fair value had a negative impact of $2.7M,
compared with a negative impact of $2.1M in 3Q15
• Corporate and Other reported an operating loss of $5.0M, compared with operating
profit of $2.4M, reflecting increased employee profit-sharing allocations and higher
equity loss on its investment in Stolt LNGaz Ltd.
4Q15 3Q15 4Q14 2015 2014
Revenue $494.6 $500.7 $532.3 $1,983.7 $2,137.9
Operating Profit 43.6 59.8 38.6 246.2 188.6
Net Profit (attributable to SNL equity holders) 21.4 30.1 13.1 132.7 77.1
EPS Diluted 0.38 0.54 0.23 2.36 1.33
Weighted average number
of shares outstanding diluted 55.7 56.2 58.0 56.1 58.1
Quarter Full Year(Unaudited)
Page 7Page 7
Stolt Tankers
Page 8Page 8
Stolt Tankers
-
200
400
600
800
1,000
1,200
1,400
2009 2010 2011 2012 2013 2014 2015
0
20
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015
Figures in USD millions
0
50
100
150
200
250
300
2009 2010 2011 2012 2013 2014 2015
Operating Profit
EBITDA
Operating Revenue
STJS Sailed-in Index
Page 9Page 9
2015: Recovery, But…
The results are up…
– 2015 full year operating profit of $122 million, up from $35 million in 2014
…due to low bunkers & owning cost…
– Although volumes were down 1%, we saw an improvement in deep sea SIR of $50
million (up 10.7% from 2014), equal to an improvement of $2,746 per operating day;
– The improvement was mostly due to an underlying strength in the spot market, driving
a steadily improving contract market, allowing us to retain most of the benefit of lower
bunker prices
– Operating costs decreased 8.4% per calendar day compared to 2014, delivering a
cost reduction of $10.8 million
…but volumes & rates remain stagnant…
– SIR continue to improve as bunker costs remain low, while spot rates and COA rates
are steady; Fewer trading days have resulted in lower deep sea volume
…and the trend continues
Page 10Page 10
0.60
0.70
0.80
0.90
1.00
1.10
1.20
-
0.20
0.40
0.60
0.80
1.00
1.20
Dec-
04
Jun-
05
Dec-
05
Jun-
06
Dec-
06
Jun-
07
Dec-
07
Jun-
08
Dec-
08
Jun-
09
Dec-
09
Jun-
10
Dec-
10
Jun-
11
Dec-
11
Jun-
12
Dec-
12
Jun-
13
Dec-
13
Jun-
14
Dec-
14
Jun-
15
Dec-
15ChemicalCrude and Product
Crude spot earnings. 12m rollingaverage
Product spot earnings. 12m rollingaverage
Chemical achieved TCE earnings.Stolt-Nielsen and Odfjell. Quarterlysmoothed
R² = 0.88
0.65
0.70
0.75
0.80
0.85
0.90
0.95
1.00
1.05
0.25 0.35 0.45 0.55 0.65 0.75 0.85 0.95 1.05
Chemical tankerearnings
Product tanker earnings
Chemical Markets Supported by Other Segments
• A strong CPP
market helped
chemical markets
in 2015
• USG chemical
exports remain
strong due to low
feedstock cost
despite weaker
CPP markets
We are
retaining the
benefit of lower
bunker prices
Chemical tanker earnings represented by average achieved TCE rate for Stolt-Nielsen Ltd. and Odfjell SE.
Monthly figures based on smoothed reported quarterly figures. Indexed with base December 2004.
Product tanker earnings represented by 12 months rolling average spot TCE earnings for LR2, LR1, MR and Handysize.
Crude tanker earnings represented by 12 months rolling average spot TCE earnings for VLCC, Suezmax and Aframax.
Source: Clarkson, Company reports and Nordea
Page 11Page 11
(300)
(100)
100
300
500
700
900
1,100
1,300
1,500
1,700
1,900
2,100
2,300
DW
T (i
n ‘0
00
MT)
Tonnage Delivered
NB orderbook- SS
NB orderbook - Coated
Expected Scrapping 30yrs
Orderbook is ~30% of existing fleet, out of which SS tonnage accounts for ~24%
OB split between countries:China: 29.6%Japan: 54.4%Korea: 14.8%
Chemical Tanker Fleet and Orderbook – 4Q15
Source: Stolt-Nielsen and Drewry, as of January, 2016
- 2,000 4,000 6,000 8,000
10,000 12,000 14,000 16,000 18,000 20,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010 2011 2012 2013 2014 2015
DW
T (
in ‘000 M
T)
Core fleet 4Q15 = 14.4M DWT
Page 12Page 12
Concerns About 2016 and 2017 • Significant orderbook due for delivery in the next
two years, however there is uncertainty around
what will actually be delivered due to the financial
situation around Chinese yards
• Economic growth in China has slowed, but the
economy is still growing
• Trade growth has been weak in recent years
despite global GDP growth of 2.5%
• USG export capacity, which benefits from low
feedstock cost, may drive the trade growth
multiplier back to its historic average of 1.3-1.7
• We have seen strong export growth out of the USG
so far in 2016
Supply/Demand Balance
Source: Richardson Lawrie Associates Ltd
Page 13Page 13
Chinese 38,000 DWT Newbuildings
Name Expected
Delivery
Stolt Pride 2Q16
Stolt Sincerity 3Q16
Stolt Integrity 4Q16
Stolt Tenacity 1Q17
Stolt Loyalty 2Q17
Stolt Excellence 3Q17
Page 14Page 14
Stolthaven Terminals
New Orleans terminal, US
Page 15Page 15
Stolthaven Terminals
-
50
100
150
200
250
2009 2010 2011 2012 2013 2014 2015
Operating Revenue
0
10
20
30
40
50
60
70
80
90
2009 2010 2011 2012 2013 2014 2015
Operating Profit
Figures in USD Millions
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014 2015
EBITDA
4.5 cbm
Storage capacity
Average utilisation
Th
ousand c
bm
Storage Capacity and Utilisation
86.8%
Page 16Page 16
Worldwide Network of 20 TerminalsLocations
Stolthaven’s terminals are strategically located along the world’s major chemical shipping routes; with hub
terminals on all continents, Stolt is able to offer a cost effective basis for global chemical producers
571,926 m3
334,869 m3
133,727 m3
1,330,600 m3 135,671 m3
147,550 m3
1,215,000 m3
190,452 m3
32,347 m3
81,678 m3
7,250 m3
25,000 m3
136,300 m3
28,000 m3
150,280 m3
36,000 m3
Australia (5 sites)
New Orleans
Houston
Santos
Westport
Antwerp
Ulsan
Lingang
Singapore
Moerdijk
New Zealand (5 sites)
Dagenham
16,000 m3
49,300 m3
Stolthaven Terminals
4.5 Million m3
0.1 Million m3
Current Capacity
Approved expansions
Page 17Page 17
2015 Results are down, but…Operating profit is down…
– 2015 operating profit of $39 million vs. $65 million in 2014
…due to falling utilization, cost creep and delays to expansion projects…
– Average utilization 2015 was 86.8%, down from 87.8% in 2014
– EBITDA margin for owned terminals fell from 38% in 2014 to 35% in 2015
…but a major turnaround project is underway…
– Change of management and implementation of new organisation globally, with the
launch of various improvement projects focused on safety, customer service and
efficiency
– Specific focus on Stolthaven Houston where business process optimisation,
automation and volume throughput needs to improve
…progress made, but this will take time
Page 18Page 18
Stolthaven Owned Terminals Main Concerns
• Since 2008 we have doubled capacity of
our wholly owned terminals to 1.6M
CBM, investing $1.0bn
• The rapid growth in capacity has not
produced an equal growth in EBITDA
due to falling utilisation, operational
inefficiencies and cost creep
• Stolthaven Houston in particular has
failed to turn expansion into profitability
• Poor growth in China is impacting
utilization in Singapore, while it is taking
time to bring utilization up in New
Orleans
• Capacity expansion programs have run
behind schedule
Page 19Page 19
What We Are Doing?
Terminal Actions / Achievements
• New Orleans • Bring further tanks back online
• Pursuing new business to bring utilisation back up
• Houston• Change of Management
• Infrastructure improvement
• Integrate field operations with back office
• Expand jetty capacity
• Customer contract review
• Santos• Expand product mix to reduce reliability on ethanol
• Cost cutting to counter high inflation
• Singapore • Pursuing new customers and new products
• Australasia • Complete expansions at cost; improve profitability
• Lingang • Recovering operating license for the terminal
• New contract signed up
• Utilisation up: 78%
• Added Caustic Soda contract
• Utilisation up: 99%
• Automated control room built
• Permits obtained for new jetty
• Improved jetty scheduling
• Barge jetty completed
• Added Contracts
• Utilisation up: 83%
• Uncertainty on timing remains
Page 20Page 20
Stolt Tank Containers
Page 21Page 21
Stolt Tank Containers
-
10
20
30
40
50
60
70
80
2009 2010 2011 2012 2013 2014 2015
Operating Profit
-
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014 2015
Operating Revenue
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014 2015
EBITDA
Figures in USD Millions
Page 22Page 22
STC Global Network – Local Representation
19 Depots
24 Offices
Santos, Brazil
Sao Paulo, Brazil
Buenos Aires, Argentina
Bogota, Colombia
Mexico City, Mexico
Houston, Texas
Romford, UK
Le Havre, France
Moerdijk, The Netherlands
Hamburg, GermanyIstanbul, Turkey
Mumbai,
India
Melbourne, Australia
Korea Depots:
Busan,
Ulsan
Singapore,
ROS
Taipei, Taiwan
Kaohsiung, Taiwan
Manila, The Philippines
Japan Depots:
Tokyo, Kobe,
NagoyaVado Ligure, Italy
China Depots:
Nanhui, Hangu,
ZhangjiagangChina Offices:
Tianjin
Shanghai
Shenzen
Linden NJ
Services Provided in Depots:
Cleaning Wastewater management
Statutory testing Technical expertise and assistance
Maintenance and repair Emergency response
Tank heating Tank storage
Laem Chabang,
Thailand
Kandla
Saudi Arabia Depots:
Damman, Jubail
Jeddah
Jebel Ali
and Dubai, UAE
Page 23Page 23
STC: Continued Stable Performance…
Operating profit slightly down…
– 2015 full year operating profit of $63 million vs. $70 million in 2014
…competition is increasing due to low cost of new tanks, putting pressure on
utilisation…
– Chemical activity is flat globally but with growth in emerging markets helping to offset
the declines in more mature markets
– Food-grade shipments outperformed in 2015, growing by 8%
– Global fleet capacity grew at 3% in 2015 – owned tanks up 6%
– Utilisation dropped to 70.1% compared to 2014 at 74.6%
…but we continue to focus on growing utilization and turns per tank...
– STC continued its efforts to expand geographically in South America, Saudi Arabia,
India, China and Asia as a whole.
– Newbuilding programme on hold until utilisation improves to 75%
…margins still under pressure, but STC is expected to continue to perform well
Page 24Page 24
Stolt Tank Containers Market Situation
• The market is growing steadily as we
expand into new regions and continue to
convert cargoes from other modes
• Lower economic growth in China is
negatively impacting global activity
• Increased competition is putting pressure on
rates and margins
• Port congestion is causing lost time and
operational difficulties
• Focus is on growing utilisation and turns per
tank while maintaining margins per move
• We will continue to develop our depot
network in order to improve turns per tank
• To cost effectively maintain the fleet integrity
and safety in owned or JV depots where
possible
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
199
4
199
5
199
6
199
7
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
Shipments
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
Fleet
Page 25Page 25
Stolt Sea Farm
Sole
TurbotCaviar
Page 26Page 26
Stolt Sea Farm
0
10
20
30
40
50
60
70
2009 2010 2011 2012 2013 2014 2015
Operating Revenue
-6
-4
-2
0
2
4
6
8
10
12
14
2009 2010 2011 2012 2013 2014 2015
Operating Profit
0
2
4
6
8
10
12
14
16
18
20
2009 2010 2011 2012 2013 2014 2015
EBITDA excluding FV Adjustments
Picture?
Figures in USD Millions
Sturgeon juveniles
Page 27Page 27
SSF 2015 Achievements
A marginal improvement in operating profit…
– 2015 full year operating profit of $0.4 million compared with an operating loss of
($1.4) million in 2014
…but operations are stable…
– EBITDA before FV adjustment of $7 million, same as in 2014
– Turbot volume was marginally down, but prices started to improve, despite dumping
of fish to the market by a competitor
– Sole volume was up sharply to 534 tons as the Iceland farm commenced commercial
operations, and prices firmed throughout the year
– Caviar volume was also down, though prices held steady.
…while the outlook is favorable…
– Turbot prices have continued to increase as we have expanded our markets, and
volumes continue to improve
– Iceland phase 1 is now operating at full capacity
– Caviar prices held up steadily despite increased international competition. Exception
is sales to Europe (Petrossian Paris) where our prices have dropped due to the
stronger US$ exchange rate
…which should drive improved results
Page 28Page 28
Stolt Sea Farm
• Focused on land-based aquaculture that require extensive knowledge, ongoing
R&D, and technological expertise
• Market leader in the production of turbot, sole, sturgeon and caviar
• Solid fundamentals: wild catch continues to decrease, resulting in growth in
demand for farmed fish
• Annual production capacity of 5,400 tonnes of turbot, 900 tonnes of sole, 300
tonnes of sturgeon and 15 tonnes of caviar
• We have built the world’s first
industrial sized sole farm in Iceland;
first fish to market sold in March
2015
• Net Asset Base of $113M with
planned capital expenditures of
$19M
• EBITDA of $7M in 2015
• EBITDA of $25M by 2020
Page 29Page 29
Stolt Sea Farm Overview
15 Facilities
Spain:
Cervo
Merexo
Quilmas
Vilano
Lira
Couso
Palmeira
California:
Elverta
Wilton
Laguna
Buenavista
Anglet, France
Tocha, Portugal
Øye, Norway
Reykjanes,
Iceland
SSF has 11 European aquaculture facilities, one each in France, Norway, Portugal and Iceland
and seven in Spain for the production of turbot and sole; caviar and sturgeon production is
based in California where SSF has four facilities
Merexo
Page 30Page 30
Potential New Locations
Gresik TerminalCirebon Terminal
18 tons Tank Trucks
Heating System
1 x 200 tons Day Tank
1 x 5,500 tons Tank Heating System
Stolt Bitumen Current and Potential New Locations
Thanh Thai Terminal
Truck Loading Gantry Truck Loading Gantry
2 x 4,000 tons Tanks
200 tons Day Tank 12 – 16 tons Tank Trucks Truck Loading Gantry
2 x 4,000 tons Tank Heating System 50 M from Jetty
Drumming and Polymer Modified Bitumen
Chan
May
Page 31Page 31
Stolt-Nielsen Gas
Page 32Page 32
Stolt-Nielsen Gas
AGHL
Golar LNG
Stolt LNGaz
Stolt-Nielsen LNG Holdings Ltd.
HIGAS S.r.L
Golar Stolt JV Co
Stolt-Nielsen Gas (SNG)Share holding: 2.3%
50%100%7.2%
50% 10%
• Stolt LNGaz
– Off-take agreements not progressing as planned due to falling commodity
prices
• Sardinia Project (HIGAS)
– First small-scale shipping, storage and distribution project
• Golar Stolt JV
– FRSU/small-scale distribution to stranded customers not connected to
pipeline grids
Page 33Page 33
Financials
Page 34Page 34
4Q15 3Q15 4Q14 2015 2014
Operating Profit (before one offs) $56.2 $67.7 $47.0 $246.7 $165.5
Tanker accelerated depreciation (4.1) - - (4.1) -
Terminals accelerated depreciation, claims (3.7) (5.4) - (9.1) -
Loss on sale of assets (1.9) (0.8) (3.9) (4.2) (4.8)
Restructuring expenses (1.7) (1.7) (4.4) (4.1) (4.4)
US pension plan gain - - - 19.8 -
Hurricane Isaac insurance reimbursements - - - - 8.0
Gains on AGHL Transactions - - - 3.0 24.4
Other (1.2) - (0.1) (1.8) (0.1)
Operating Profit (as reported) $43.6 $59.8 $38.6 $246.2 $188.6
Net Interest Expense (26.1) (26.3) (22.8) (101.2) (92.8)
FX Gain/(loss), net 1.1 (1.6) 1.0 0.4 (1.7)
Income Tax 1.8 (2.7) (2.4) (14.1) (15.1)
Other 0.8 1.1 (0.8) 1.9 (0.9)
Net Profit $21.1 $30.3 $13.6 $133.1 $78.1
EBITDA $114.1 $122.8 $99.3 $459.1 $368.6
Quarter Full Year
Net ProfitFigures in USD Millions
a) EBITDA before fair value of biological assets, insurance reimbursements and other one-time, non-cash items
Page 35Page 35
Figures in USD Millions (Except ratios) At the end of:
Debt $1,751
Tangible Net Worth (TNW) $1,537
Debt:TNW 1.14:1
EBITDA / Interest expense 4.06:1
Cash $78
Unused committed available credit lines $416
November 2015
Balance Sheet
Figures in USD Millions
Nov.30.15
Cash and cash equivalents $78
Receivables 203
Other current assets 146
Total current assets 426
Property, Plant and Equipment, deposits 2,785
Investment in and advances to JV and
associates 477
Other non-current assets 206
Total non-current assets 3,468
Total assets $3,894
ST bank loans -
Current mat. of LT debt and fin. leases 323
Accounts payable and ac. expenses 308
Other current liabilities 206
Total current liabilities 837
LT debt and finance leases 1,428
Other non-current liabilities 301
Total non-current liabilities 1,728
Total liabilities $2,565
Shareholders equity $1,329
Total liabilities and SH equity $3,894
Period ended
• 77.2% fixed / 22.8% variable interest rate at
November 30, 2015
• Average interest rate of 4.7% at November 30,
2015
• 1Q16 net interest expense expected to be
approximately $27M
Page 36Page 36
28
2320
25 2523 24 26 27 27
2521
-1%
2%
5%
8%
11%
14%
0
5
10
15
20
25
30
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
EBITDA
2838 42
4841 39 43 43
49
6269 73
-1%
2%
5%
8%
11%
14%
0
20
40
60
80
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
STOLT-NIELSEN LIMITED a)
$US Millions
TANKERS
$US Millions
TERMINALS
$US Millions
TANK CONTAINERS
$US Millions
20
25 24 2420
23 24 2522
2421 20
-1%
2%
5%
8%
11%
14%
0
10
20
30
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
74
95 95 10189 89 93 99 103
119 123114
-1%
2%
5%
8%
11%
14%
0
20
40
60
80
100
120
140
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
EBITDA Quarterly EBITDA as a % to NAB
a) EBITDA before fair value of biological assets, insurance reimbursements and other one-time, non-cash items
Page 37Page 37
Figures in USD Millions
Actual Total
4Q15 2016 2017 2018 2019 2020
Stolt Tankers $20 $227 $132 $19 $5 $5 $388
Stolthaven Terminals 30 176 89 47 25 33 370 50 -
Stolt Tank Containers 21 55 - - - - 55
Stolt Sea Farm 1 6 19 - - - 25
Stolt Bitumen Services 1 6 - - - - 6
SNL Other 2 2 - - - - 2
Total $75 $472 $240 $66 $30 $38 $846
Projections
Capital Expenditures Programme of $0.8Bn
As of Nov.30.2015
Capital Expenditures Programme includes business acquisitions, newbuilding deposits, contributions in Joint Ventures and Associates
and does not include capitalised interest
Figures in USD Millions
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revolver
0
$0
$100
$200
$300
$400
$500
2016 2017 2018 2019 2020 2021 2022
Debt Maturity Profile
Figures in USD Millions
Amortization of senior debt
Notes:
1. Current outstanding balance of our credit revolver is $0 M
Balloon payments Bonds Revolver
Refinancing SNI01 ($300M bond maturing in June 2016):
• We have liquidity available to pay it off in case the bond market is not active or not
favourable close to maturity (Nov.30.15 liquidity available: $494M)
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Key Takeaways
• 2015 net profit of $133.1M – best year since the start of the financial crisis
• SNL has produced 48 consecutive profitable quarters; in compliance with all
bank covenants
• Diversified portfolio of businesses
• Solid performance in tankers; steady tank container results; fundamentals in
terminals remain solid
• EPS of $2.36 for 2015; P/E ratio of 4.4; P/NAV of 0.48; sum of the parts not
reflected in share price
• Current dividend yield of over 9% basis $1 per share and a share price of
NOK 100
• Good liquidity position with almost $500M available through our revolving
credit line and cash on hand; capex mostly funded
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For more information please visit our website:
www.stolt-nielsen.com