Stolt-Nielsen Limited · OSL:SNI
Stolt-Nielsen — Debt Investor Presentation (March 2012)
37 slides from Stolt-Nielsen's debt investor presentation, March 2012
Slide 1: Stolt-Nielsen Limited Investor Presentation
Stolt-Nielsen Limited Investor Presentation Oslo March, 2012
Slide 2: Forward-Looking Statements and Disclaimer
Forward-Looking Statements and Disclaimer 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) pl
Slide 3: Stolt-Nielsen Limited (SNL) Key Facts
Stolt-Nielsen Limited (SNL) Key Facts • Founded in 1959 by Jacob Stolt-Nielsen, pioneer of the parcel tanker industry • Integrated logistics company offering shipping, door-to-door services and storage • Registered in Bermuda and listed on Oslo Stock Exchange since 1995 • More than 5,400 employees w
Slide 4: SNL 2011 Highlights
SNL 2011 Highlights Figures in US Millions Full Year • 2011 turned out better than anticipated 2011 2010 • The tanker market deteriorated further Stolt Tankers $9.0 $31.4 Stolthaven Terminals 66.0 56.9 • Record year for Terminals and Tank Stolt Tank Containers 75.3 64.3 Containers; performance bette
Slide 5: SNL: Stable Performance In Difficult Environment
SNL: Stable Performance In Difficult Environment Figures in USD Millions Operating Revenue EBITDA* 2500 400 344 1998 2029 350 327 2000 1794 291 1645 300 267 1500 250 200 1000 150 100 500 50 0 - 2008 2009 2010 2011 2008 2009 2010 2011 Operating Profit Net Profit 250 200 202 177 200 161 160 150 150 12
Slide 6: Experienced Management Team
Experienced Management Team Niels G. Stolt-Nielsen Jan Chr. Engelhardtsen Chief Executive Officer Chief Financial Officer 22 years with Stolt 35 years with Stolt Hans Feringa Walter Wattenbergh Mike Kramer Pablo Garcia Christian Andersen President President President President President Stolt Tanker
Slide 7: Business Model - Integrated Logistics Service Provider
Business Model - Integrated Logistics Service Provider Stolt-Nielsen Limited is a leading provider of integrated transportation, storage and distribution services through its three largest operating units Shipping Bulk Liquid Storage Door-to-door Transportation • Global deep sea, coastal • Strategic
Slide 8: Stolt Tankers
Stolt Tankers M/T Stolt Avocet at Liverpool Page 8
Slide 9: Stolt Tankers
Stolt Tankers • Stolt Tankers is a leader in the worldwide transportation of bulk liquid chemicals, edible oils, acids, and other specialty chemicals • Stolt Tankers operates a global fleet of around 150 sophisticated parcel tankers, regional tankers, river tankers and barges, ranging in size from a
Slide 10: Long-standing Relations With Leading Companies
Long-standing Relations With Leading Companies • Approximately 70% of Stolt Tankers’ revenue (2007-2011) was earned under Contracts of Affreightment (COAs) • COAs are generally “all requirements” contracts: – the client commits to ship all their defined requirements with Stolt Tankers on designated
Slide 11: Stolt Tankers Joint Service Sailed-in T/C Index
Stolt Tankers Joint Service Sailed-in T/C Index Index (1st Quarter 1990 = 1.0) 1.6 3Q95 = 1.48 4Q11 = 1.08 Asia Pacific economic crisis and large 1.4 newbuilding programmes Global Recession Sept.11 1.2 Global economic downturn starts 1 First Gulf war Strong Asia growth Strong CPP inventory build and
Slide 12: Chemical Tanker Fleet and Orderbook – 4Q11
Chemical Tanker Fleet and Orderbook – 4Q11 DWT (in ‘000 MT) 1,300 1,100 Orderbook = 3.8% of existing fleet Tonnage delivered 900 Orderbook 700 Expected recycling = 0.4% Expected recycling 500 of existing fleet 300 Existing fleet 100 Historic orderbook DWT (in ‘000 MT) -100 2000 2001 2002 2003 2004 2
Slide 13: Stolt Tankers Market Situation
Stolt Tankers Market Situation • The parcel tanker trade is a highly complex and operationally challenging industry (i.e. number of products handled, stowage restrictions, strict cleaning and handling, safety, berths, etc.) • Spot market improved during the 2nd half of the year reflecting the increa
Slide 14: Stolthaven Terminals
Stolthaven Terminals Stolthaven Singapore, Jurong Island – Gas Spheres Page 14
Slide 15: Stolthaven Terminals
Stolthaven Terminals • Stolthaven’s network of terminals provides high quality storage and distribution services to customers worldwide Business • Stolthaven’s state-of-the-art terminals complement the capabilities of both Stolt Tankers and Stolt Tank Containers businesses to provide a complete inte
Slide 16: Stolthaven Terminals: Global Presence
Stolthaven Terminals: Global Presence Current capacity 3,504,318 Approved expansions 942,654 Expansion capabilities 1,767,337 17,720 cbm 1,117,630 cbm 113,488 cbm Antwerp Moerdijk Houston Lingang 948,900 cbm 455,865 cbm 47,681 cbm Ningbo Ulsan 124,800 cbm New Orleans Westport 308,636 cbm Santos Sing
Slide 17: Stolt Tank Containers
Stolt Tank Containers Page 17
Slide 18: Stolt Tank Containers
Stolt Tank Containers • Stolt Tank Containers (STC) operates the world’s largest international fleet of specialised tanks designed for intermodal transportation by road, rail and container ship offering door-to-door transportation of bulk liquid chemicals Business • Fleet of almost 29,000 tanks, of
Slide 19: Stolt Sea Farm
Stolt Sea Farm Stolt Sea Farm, S.A sve t Page 19
Slide 20: Stolt Sea Farm
Stolt Sea Farm • Stolt Sea Farm (SSF) is one of the world’s leading aquaculture companies focusing on the development of fish species where biological know-how and technological expertise Business create a fundamental competitive advantage • SSF is specialising on species that can be raised in land-
Slide 21: Stolt-Nielsen Gas
Stolt-Nielsen Gas M/T Iris Glory Page 21
Slide 22: Stolt-Nielsen Gas
Stolt-Nielsen Gas • Owns 50% share of Avance Gas Holding Ltd. with a fleet of five VLGCs and one MGC; total capacity of 434,700 cbm • Spot rates declined in the fourth quarter after seeing good improvement after summer; rates continued falling after the end of the quarter, but have recently staged a
Slide 23: Stolt Bitumen Services
Stolt Bitumen Services M/T Stolt Fuji Page 23
Slide 24: Stolt Bitumen Services Strategy
Stolt Bitumen Services Strategy • Ongoing development of a distribution network and service for Southeast Asia, including terminals, bitutainers and bitumen tankers; we continue to develop relationships with bitumen producers locally and regionally; • Growing fleet of 125 Bitutainers • Stolt Fuji (5
Slide 25: Financials
Financials Page 25 SS
Slide 26: Profit and Loss Statement
Profit and Loss Statement Full Year Figures in USD Millions 2011 2010 2009 Operating Revenue 2,029 1,794 1,645 Operating Expenses (1,558) (1,361) (1,232) Gross Operating Margin 471 433 413 23.2% 24.1% 25.1% Depreciation (171) (150) (137) Gross Profit 300 283 276 14.8% 15.8% 16.8% G/(L) from Non-Cons
Slide 27: Balance Sheet
Balance Sheet Figures in USD Millions Period ended Figures in USD Millions (Except ratios) Nov.30.11 Nov.30.10 Cash and cash equivalents $60 $43 Nov/End 2011 Receivables 190 176 Debt $1,457 Other current assets 119 187 Total current assets 369 406 Tangible Net Worth (TNW) $1,469 Debt:TNW 0.99:1 Prop
Slide 28: Cash Flow
Cash Flow Figures in USD Millions Quarter Full Year 4Q11 3Q11 2011 Net income $22 $22 $108 Profit from discontinuing operations - (15) Depreciation, amortisation and non-cash items 74 53 209 Changes in working capital (30) (22) (65) Other payments (receipts) - (6) (2) Net cash generated by operating
Slide 29: EBITDA
EBITDA $US Millions $US Millions TANKERS TERMINALS 50 14% 25 14% 40 11% 20 11% 30 8% 15 8% 20 42 5% 32 33 34 34 36 36 10 20 21 20 20 20 5% 29 32 18 19 18 19 27 17 23 15 10 2% 5 2% 0 -1% 0 -1% 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q1
Slide 30: Capital Expenditures Programme of $0.7Bn
Capital Expenditures Programme of $0.7Bn Figures in USD Millions Full Year Projected Capital Outlays Total 2011 2012 2013 2014 2015 2016 Remaining Stolt Tankers $290 $50 $2 $0 $0 $0 $52 Stolthaven Terminals * 202 147 39 20 7 - 213 Stolt Tank Containers 108 60 - - - - 60 Stolt Sea Farm * 2 12 8 2 7 -
Slide 31: Debt Maturity Profile
Debt Maturity Profile USD Millions $500 $400 Amortization of senior debt Balloon payments $300M Bond $300 $600M Revolver maturity $200 $100 $0 2012 2013 2014 2015 2016 2017 2018 2019 Page 31
Slide 32: Summary
Summary Market: • Slow global economic recovery SNL • Strong market position and stable revenue base • Strong balance sheet with strong liquidity Stolt Tankers • 2011 will be a challenging year; we do not expect a meaningful recovery until 2013 Stolthaven Terminals • Good market conditions overall S
Slide 33: Appendix
Appendix Page 33 SS
Slide 34: Stolt Tankers Appendix
Stolt Tankers Appendix 1 $US Millions $US Millions REVENUE GROSS PROFIT 30 300 20 200 321.0 327.1 315.5 26.6 26.8 26.1 275.8 275.6 10 100 17.2 16.2 0 0 4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11 $US Millions Days OPERATING PROFIT STJS - OPERATING DAYS 7,000 12 6,000 8 5,000 11.0 4,000 4 7.0 6
Slide 35: Stolthaven Terminals Appendix
Stolthaven Terminals Appendix 2 $US Millions $US Millions REVENUE GROSS PROFIT 45 20 36 15 27 43.0 10 17.9 18 35.0 34.8 35.6 16.4 15.7 15.5 33.6 14.5 5 9 0 0 4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11 $US Millions Thousand cubic metres - (owned terminals) OPERATING PROFIT CAPACITY - UTILISATI
Slide 36: Stolt Tank Containers Appendix
Stolt Tank Containers Appendix 3 $US Millions $US Millions REVENUE GROSS PROFIT 150 35 28 100 21 144.5 139.5 33.5 32.1 32.7 132.7 127.5 133.3 30.8 31.0 14 50 7 0 0 4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11 $US Millions OPERATING PROFIT 30,000 SHIPMENTS - UTILISATION 100% 24 29,451 27,930 26,
Slide 37: Stolt Sea Farm Appendix
Stolt Sea Farm Appendix 4 $US Millions $US Millions REVENUE GROSS PROFIT (before IFRS adjustment) 6 16 12 4 17.4 16.5 8 16.2 5.4 14.0 5.3 13.3 4.7 2 3.8 4 2.7 0 0 4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 1Q11 2Q11 3Q11 4Q11 $US Millions % OPERATING PROFIT * GROSS OPERATING MARGIN (before IFRS adj) 40% 9.9 10 3
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