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STOLT-NIELSEN LIMITED UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the Three Months Ended February 28, 2017 STOLT-NIELSEN LIMITED TABLE OF CONTENTS Condensed Consolidated Interim Income Statement for the Three Months Ended February 28, 2017 and February 29, 2016 2 Condensed Consolidated Interim Statement of Other Comprehensive Income for the Three Months Ended February 28, 2017 and February 29, 2016 3 Condensed Consolidated Interim Balance Sheet as of February 28, 2017 and November 30, 2016 4 Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity for the Three Months Ended February 28, 2017 and February 29, 2016 5 Condensed Consolidated Interim Statement of Cash Flows for the Three Months Ended February 28, 2017 and February 29, 2016 6 Notes to the Condensed Consolidated Interim Financial Statements 7 Responsibility Statement 14 1 STOLT-NIELSEN LIMITED CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) Three months ended February 28, February 29, Notes 2017 2016 (in thousands) Operating Revenue 4 $ 475,651 $ 463,959 Operating Expenses (312,770 ) (309,572 ) Gross Margin 162,881 154,387 Depreciation and amortization (64,859 ) (60,061 ) Gross Profit 98,022 94,326 Share of profit of joint ventures and associates 3,966 10,719 Administrative and general expenses (51,672 ) (48,545 ) (Loss) gain on disposal of assets, net 6 (2,044 ) 2,461 Other operating income 510 207 Other operating expense (362 ) (1,375 ) Operating Profit 48,420 57,793 Non-Operating Income (Expense): Finance expense (33,118 ) (26,707 ) Finance income 1,412 597 Foreign currency exchange gain, net 752 116 Other non-operating income, net 127 1,708 Profit before Income Tax 17,593 33,507 Income tax (2,371 ) (3,122 ) Net Profit $ 15,222 $ 30,385 Attributable to: Equity holders of SNL 15,187 30,398 Non-controlling interests 35 (13 ) $ 15,222 $ 30,385 Earnings per Share: Net profit attributable to SNL shareholders Basic $ 0.25 $ 0.55 Diluted $ 0.25 $ 0.55 See notes to the condensed consolidated interim financial statements.
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