Stolt-Nielsen Limited · OSL:SNI
Stolt-Nielsen — Stifel 2024 Transportation & Logistics Conference
20 slides from Stolt-Nielsen's conference presentation, February 2024
Slide 1: Stolt-Nielsen Limited Investor Presentation, Stifel Conference
STOLT-NIELSEN LIMITED INVESTOR PRESENTATION STIFEL CONFERENCE FEBRUARY 2024 1
Slide 2: Forward-Looking Statements
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 dev
Slide 3: SNL at a Glance | Leading Liquid Chemical Product Logistics Provider
SNL at a Glance | Leading Liquid Chemical Product Logistics Provider LOGISTICS BUSINESSES AQUACULTURE INVESTMENTS Tankers Terminals Tank Containers Sea Farm Investments $2.8bn $866m 2023 Revenue 2023 EBITDA1/2 ▪ Leading global provider of ▪ Global provider of storage ▪ Leading global provider of ▪ L
Slide 4: Stolt Ecosystem | Chemical Logistics Supply Chain Orchestrator
Stolt Ecosystem | Chemical Logistics Supply Chain Orchestrator Physical shipping, transport and storage of product Stolt Tank Containers ISO Tanks Storage Deepsea / Regional Manufacturing Product / End User Barge Stolthaven Terminals Stolt Tankers Leveraging integrated platform, expertise, data and
Slide 5: A Bright Future Ahead
A Bright Future Ahead Diversified Portfolio (% of Total Assets FY23) (42%) (28%) (13%) (3%) Market Leading Positions #1 (deadweight tonnage) (1) #6 (cbm storage capacity) (2) #1 (tank operators fleet size) (3) #1 (European volumes) (4) Serving Significant $ 380bn $ 111bn End-Markets (global chemical
Slide 6: 4Q23 Key Messages
4Q23 Key Messages ▪ Strongest 4Q and excellent full year results ▪ Investing for growth • Newbuild order - six 38,000 DWT stainless steel tankers • Regional Asian pool (SNAPS) added new partner ENEOS Ocean • Start of sole hatchery expansion ▪ Balance sheet strength ▪ 2.48x Net Debt / EBITDA(1) • $60
Slide 7: 4Q23 SNL Highlights | Strong Consolidated Results
4Q23 SNL Highlights | Strong Consolidated Results 4Q23 vs. 4Q22 vs 3Q23 OPERATING REVENUE EBITDA OPERATING PROFIT $ 695.2m $ 216.7m p $ 140.0m p p $ 732.5m (-5.1%) $ 196.0m (+10.6%) $ 132.0m (+6.1%) $ 694.4m (+0.1%) $ 201.2m (+7.7%) $ 127.5m (+9.8%) (1,2) (2) NET PROFIT FREE CASH FLOW NET DEBT TO EB
Slide 8: Full-Year 2023 Highlights | Company-wide Growth and Success
Full-Year 2023 Highlights | Company-wide Growth and Success FY23 Adjusted(1) vs. FY22 OPERATING REVENUE EBITDA PERFORMANCE DRIVERS p p $ 2,820.2m $ 865.8m TCE / OP. DAY(4) (US$) UTILISATION(5) (%) $ 2,771.8m (+1.7%) $ 715.3m (+21.0%) p +29.9% p -0.7% 29,621 97.4% 96.7% 22,804 OPERATING PROFIT NET PR
Slide 9: Significant Progress on our Environmental Ambitions
Significant Progress on our Environmental Ambitions STOLT TANKERS CARBON INTENSITY (AER)(1) SUSTAINABILITY HIGHLIGHTS A further ▪ Newbuilding order for six stainless-steel ships, We are designed to maximise efficiency and include shore 31.6% 18.4% power and methanol readiness improvement is needed m
Slide 10: TCE Rates Reach a New Plateau
TCE Rates Reach a New Plateau DEEPSEA CHEMICAL INDEX TCE / OPERATING DAY(1) 250.0 $33,000 1Q24 Indicative $30,144 Flat $31,000 200.0 $29,000 $27,000 150.0 $25,000 +52.1%(2) $23,000 100.0 $21,000 5-Yr Average ($19,817) $19,000 50.0 $17,000 0.0 $15,000 Jan.21 May.21 Sep.21 Jan.22 May.22 Sep.22 Jan.23
Slide 11: Market Outlook | Favourable Market Fundamentals
Market Outlook | Favourable Market Fundamentals SEABORNE TRADE EXPECTED TO INCREASE RATES REBOUND – LIMITING SWING TONNAGE 50 1Y TC Rates 19,999 dwt (k$/Day) +2.7% 10.0% $19,250 Average MR Earnings (k$/Day) 20 increase expected in 2024 397 400 40 385 375 15 8.0% 30 350 10 20 $34,956 6.0% 10 5 Seabor
Slide 12: Market Outlook | Assessing Impact of the Panama Canal and Red Sea
Market Outlook | Assessing Impact of the Panama Canal and Red Sea ▪ Trade disruptions through the Red Sea and Suez Canal have created near term uncertainties ▪ Chemical tankers re-routing, effectively reducing supply by 7-8% ▪ Flexibility is key for customers to manage longer transit times on both t
Slide 13: Full-Year 2024 Summary Outlook
Full-Year 2024 Summary Outlook POSITIVE DEMAND OUTLOOK ONGOING FAVOURABLE SUPPLY STRONG STOLT PERFORMANCE ▪ Expected modest growth in global ▪ Historically low orderbook of 6.3% ▪ ST: Volatility to continue but at a chemical production of 2.9%(1) historically high-rate level ▪ Tight yard capacity li
Slide 14: Concluding Remarks
Concluding Remarks POSITIVE 2024 OUTLOOK STRONG PORTFOLIO DISCIPLINED CAPITAL ALLOCATION ▪ Favourable chemical ▪ Pricing optimisation is a tanker fundamentals cornerstone for our ▪ Balance sheet strength success with significant headroom ▪ Tank Containers’ shipments up but margins ▪ Focus on digital
Slide 15: Share Price Performance vs Tanker & Logistics Peers
Share Price Performance vs Tanker & Logistics Peers INDEXED SHARE PRICE DEVELOPMENT LAST 6 MONTHS(1) 170 160 153.86 150 Indexed to SNI 140 130 128.73 120 110 107.93 100 90 80 07-Aug-23 21-Aug-23 04-Sep-23 18-Sep-23 02-Oct-23 16-Oct-23 30-Oct-23 13-Nov-23 27-Nov-23 11-Dec-23 25-Dec-23 08-Jan-24 22-Ja
Slide 16: Price Earnings Ratio vs Tanker & Logistics Peers
Price Earnings Ratio vs Tanker & Logistics Peers P/E RATIO DEVELOPMENT LAST 6 MONTHS(1) 30x 25x 24.3x 20x 15x 10x 7.0x 5x 5.0x 0x 07-Aug-23 21-Aug-23 04-Sep-23 18-Sep-23 02-Oct-23 16-Oct-23 30-Oct-23 13-Nov-23 27-Nov-23 11-Dec-23 25-Dec-23 08-Jan-24 22-Jan-24 05-Feb-24 SNL Tankers Peers Logistics Pe
Slide 17: Thank You
THANK YOU Stolt-Nielsen S|
Slide 18: Financials | Summary Income Statement
Financials | Summary Income Statement Quarter Full-Year Figures in USD millions 4Q23 3Q23 4Q22 FY23 FY22 HIGHLIGHTS (4Q23 vs 4Q22) ▪ Revenue declined mainly due to lower transport and Operating Revenue $695.2 $694.4 $732.5 $2,820.2 $2,771.8 demurrage revenue in STC, partly offset by improved Operati
Slide 19: Financials | Cash Flow and Liquidity Position
Financials | Cash Flow and Liquidity Position Quarter Full-Year Figures in USD millions 4Q23 3Q23 4Q22 FY23 FY22 HIGHLIGHTS (4Q23 vs 4Q22) Cash generated from operations $340.0 $249.9 $202.0 $974.3 $761.5 ▪ Cash from operating activities increased due to improved Interest paid (26.8) (30.3) (33.2) (
Slide 20: Robust Financial KPIs with Significant Headroom
Robust Financial KPIs with Significant Headroom DEBT TO TANGIBLE NET WORTH (MAXIMUM 2.25:1.00) EBITDA TO INTEREST EXPENSE (MINIMUM 2.00:1.00) 3,500 1.4 900 5.85 5.91 1.16 5.73 EBITDA to interest expenses (x) 5.35 $770 5.54 6.0 1.07 800 $715 3,000 1.07 1.2 $690 $711 1.01 1.00 $673 700 Debt to TNW (x)
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