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STOLT-NIELSEN LIMITED

UNAUDITED CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS

For the Three and Nine Months Ended August 31, 2017

STOLT-NIELSEN LIMITED TABLE OF CONTENTS

Condensed Consolidated Interim Income Statement for the Three and Nine Months Ended August

  • 31, 2017 and 2016
  • 3

Condensed Consolidated Interim Statement of Other Comprehensive Income for the Three and

  • Nine Months Ended August 31, 2017 and 2016
  • 4

  • 5
  • Condensed Consolidated Interim Balance Sheet as of August 31, 2017 and November 30, 2016

Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity for the Nine

  • Months Ended August 31, 2017 and 2016
  • 6

Condensed Consolidated Interim Statement of Cash Flows for the Nine Months Ended August 31,

  • 2017 and 2016
  • 7

  • 8
  • Notes to the Condensed Consolidated Interim Financial Statements

  • Responsibility Statement
  • 16

STOLT-NIELSEN LIMITED
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
(UNAUDITED)

  • Notes
  • Three months ended
  • Nine months ended

August 31,
2017
August 31,
2016
August 31,
2017
August 31,
2016

(in thousands, except per share data)

Operating Revenue Operating Expenses

Gross Margin

  • 4
  • $
  • 474,069

(316,008)
158,061

  • $
  • 1,416,910

(933,426)
483,484

  • $
  • 513,750

(342,569)
171,181

  • $
  • 1,490,248

(990,182)
500,066

Depreciation and amortization

Gross Profit

(58,071)
99,990
(176,022)
307,462

(66,828) 104,353
(195,924)
304,142

Share of profit of joint ventures and associates Administrative and general expenses Gain (loss) on disposal of assets, net Other operating income
8,605
(52,709)
(1,999)
375
28,082
(153,557)
73

4,657
(54,579)
1,241
13,034
(160,336)
(1,426)
1,487

6
1,001

492

Other operating expense

Operating Profit

(1,627) 52,635
(3,358)
179,703

(161)
56,003
(850)
156,051

Non-Operating Income (Expense):

Finance expense Finance income
(25,269)
635
(78,821)
1,827

(33,045)
795
(98,677)
2,965

Foreign currency exchange loss, net Other non-operating income, net

Profit before Income Tax

(1,422)
165
26,744
(2,691)
2,255
102,273

(2,408)
112
21,457
(2,927)
717
58,129

Income tax

Net Profit

(4,624) 22,120
(11,808)
90,465

(3,110) 18,347
(8,868) 49,261

$$
$$
$$

$$

Attributable to:

Equity holders of SNL Non-controlling interests
22,173
(53)
22,120
90,327
138
90,465

18,490
(143)
18,347
49,249
12
49,261

Earnings per Share:

Net profit attributable to SNL shareholders

  • Basic
  • $

$
0.40 0.40
$$
$$
1.64 1.64

$$
0.30 0.30
0.80 0.80

Diluted

See notes to the condensed consolidated interim financial statements.

3

STOLT-NIELSEN LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF
OTHER COMPREHENSIVE INCOME
(UNAUDITED)

  • Three months ended
  • Nine months ended

August 31,
2017
August 31,
2016
August 31,
2017
August 31,
2016

(in thousands)

  • $
  • 22,120
  • $
  • $
  • 90,465

  • Net profit for the period
  • $
  • 18,347
  • 49,261

Items that will not be reclassified subsequently to profit or loss:

Remeasurement of post-employment benefit obligations
Deferred tax adjustment on post-employment benefit obligations
(14,125)
5,240

(1,960)
1,500

——
——

Items that may be reclassified subsequently to profit or loss:

Net loss on cash flow hedges Reclassification of cash flow hedges to income statement
(111,271)
111,370
(136,935)
146,825

(53,937)
50,082
(60,530)
54,036

Net (loss) income on cash flow hedges held by joint ventures and associates
Deferred tax adjustment on cash flow hedges Exchange differences arising on translation of foreign operations
Deferred tax on translation of foreign operations Exchange differences arising on translation of joint ventures and associates
Change in value of available-for-sale financial assets

  • 1,041
  • 5,061

(936)
343
850 343

  • —
  • —

4,374
(500)
18,249 (1,187)

21,035
43
45,043
(303)

3,106 7,478
5,080
(14,216)
13,992

7,692
(3,704) 20,618 38,965
18,557 (6,337) 51,199

Net income recognised as other comprehensive

  • income
  • 15,598

  • 37,718
  • $
  • $
  • $
  • 104,457

  • Total comprehensive income
  • $
  • 100,460

Attributable to:

Equity holders of SNL Non-controlling interests
$$
37,771
(53)
37,718
$$
$$
104,319
138
104,457

$$
39,108
(143)
38,965
100,448
12
100,460

See notes to the condensed consolidated interim financial statements.

4

STOLT-NIELSEN LIMITED
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
(UNAUDITED)

  • August 31,
  • November 30,

2016

Notes

2017

(in thousands)

ASSETS Current Assets:

Cash and cash equivalents Marketable securities Restricted cash

  • $
  • 85,952

  • $
  • 92,784

11,399
87

—

101

Receivables Inventories

236,835
8,271

201,634
5,940
Biological assets Prepaid expenses Derivative financial instruments Income tax receivable Assets held for sale

41,980 59,276
5,624

44,027 52,987
5,670 1,759 1,559
9

7,814

—

Other current assets

40,953

49,085
466,931
3,195,556
536,654
56,848 14,653 47,739
3,796
80,200
1,426
17,415
3,954,287 4,421,218

Total Current Assets

Property, plant and equipment Investments in and advances to joint ventures and associates Investments in equity instruments Deferred tax assets Intangible assets and goodwill Employee benefit assets Deposit for newbuildings Derivative financial instruments Other assets

486,806
3,384,720
575,597
50,511

67

15,019 52,031
4,574
29,182
7,890
16,732

669

Total Non-Current Assets Total Assets
4,136,256

  • 4,623,062
  • $

$

$$

LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities:

Short-term bank loans Current maturities of long-term debt and finance leases Accounts payable Accrued voyage expenses Accrued expenses
88
8,100
548,874
71,732 53,199
188,128
2,292

—

342,260
82,111 52,624
189,717
2,877

Provisions Income tax payable

9,745

8,130
Dividend payable Derivative financial instruments Other current liabilities

Total Current Liabilities

Long-term debt and finance leases Deferred tax liabilities Employee benefit liabilities Derivative financial instruments Long-term provisions
59
27,550 18,001 26,703
952,709
1,796,251
60,964 49,634
167,639
3,575

—

55,257 33,655
768,246
2,174,648
68,396

89

52,840 93,318
2,569

Other liabilities

7,208

6,858

Total Non-Current Liabilities Total Liabilities
2,398,979 3,167,225

2,084,921 3,037,630

Shareholder’s Equity

Founder’s shares Common shares

16
64,134

16
64,134
Paid-in surplus

150,108

150,108
Retained earnings Other components of equity

1,487,868
(197,643)
1,504,483
(51,486)
1,452,997
2,840

1,466,551
(249,302)
1,431,507
(51,486)
1,380,021
3,567
Less – Treasury shares

Equity Attributable to Equity Holders of SNL

Non-controlling interests
5

Total Shareholders’ Equity Total Liabilities and Shareholders’ Equity
1,455,837 4,623,062

1,383,588 4,421,218

$

$

See notes to the condensed consolidated interim financial statements.

5

STOLT-NIELSEN LIMITED
CONDENSED CONSOLIDATED INTERIM
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED)

Attributable to Equity Holders of SNL

Foreign
Common Shares
Founder’s Shares
Paid-in Surplus
Treasury Shares
Retained Earnings
Currency
(a)
Fair Value
(a)
Non-Controlling Interests
Shareholders’

  • Equity Total
  • Hedging (a)
  • Total

(in thousands, except for share data)
Balance, November 30, 2015 Comprehensive income (loss)

Net profit

  • $
  • 64,134

—

  • $
  • 16

——

  • $
  • 314,754

—

  • $
  • (214,416) $ 1,416,395
  • $
  • (158,854)

—

  • $
  • (56,311) $
  • (40,239) $
  • 1,325,479

90,327

  • $
  • 3,757

138
—

  • $
  • 1,329,236

  • 90,465
  • —

—
90,327
—
——
——

Other comprehensive income (loss)

  • Translation adjustments, net
  • —
  • —
  • 22,142
  • 22,142
  • 22,142

Remeasurement of post-employment

  • benefit obligations, net of tax
  • —

—
——
——
——
(8,885)
—
——

  • —
  • —

—
(8,885) 14,951
——
(8,885) 14,951
Net income on cash flow hedges
14,951

Fair value adjustment equity

  • investments
  • —
  • —
  • —
  • —
  • —
  • —
  • —
  • (14,216)
  • (14,216)
  • —
  • (14,216)

Total other comprehensive (loss)

  • income
  • —
  • —
  • —
  • —
  • (8,885)
  • 22,142
  • 14,951
  • (14,216)
  • 13,992
  • —
  • 13,992

  • Total comprehensive income (loss)
  • —
  • —
  • —
  • —
  • 81,442
  • 22,142
  • 14,951
  • (14,216)
  • 104,319
  • 138
  • 104,457

Transactions with shareholders

Purchase of 167,000 Treasury shares Dividends
——
——
——
(1,716)
—
——
——
——
——
(1,716)
—

  • —
  • (1,716)

  • )
  • (283)
  • (283

Cash dividend paid - $0.50 per

  • Common shares
  • —
  • —
  • —
  • —
  • (27,473)
  • —
  • —
  • —
  • (27,473)
  • —
  • (27,473)

Total transactions with shareholders

  • —
  • —

16
—

  • (1,716)
  • (27,473 )

  • —
  • —
  • —

  • (29,189)
  • (283)
  • (29,472)

  • Balance, August 31, 2016
  • $

$

  • 64,134
  • $

$
$$

  • 314,754
  • $

$
(216,132) $ 1,470,364
(51,486) $ 1,466,551
$$

  • (136,712)
  • $

$

  • (41,360) $
  • (54,455) $
  • 1,400,609
  • $
  • 3,612
  • $
  • 1,404,221

Balance, November 30, 2016 Comprehensive income (loss)

Net profit

  • 64,134
  • 16
  • 150,108
  • (172,788)
  • (29,978)$
  • (46,536) $
  • 1,380,021
  • $
  • 3,567
  • $
  • 1,383,588

  • —
  • —
  • —
  • —
  • 49,249
  • —
  • —
  • —
  • 49,249
  • 12
  • 49,261

Other comprehensive income (loss)

Translation adjustments, net Net loss on cash flow hedges
——
——
——
——
——
63,297
—

  • —
  • —

—

  • 63,297
  • —

—
63,297

  • (5,301)
  • (5,301)
  • (5,301 )

Remeasurement of post-employment

  • benefit obligations, net of tax
  • —

—
——
——
——
(460 )
—
——
——

  • —
  • (460 )
  • —

—
(460)
Fair value adjustment equity investments

  • (6,337)
  • (6,337 )
  • (6,337)

Total other comprehensive income

  • (loss)
  • —

—
——
——
——

  • (460)
  • 63,297
  • (5,301)
  • (6,337)
  • 51,199
  • —
  • 51,199

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  • Interim Results for the Period Ended June 30, 2017

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    INTERIM RESULTS FOR THE PERIOD ENDED JUNE 30, 2017 Highlights • Operating Loss and EBITDA* in the quarter reported a loss of $24.0 million and $6.6 million, respectively, compared to a 1Q loss of $41.4 million and $16.2 million. • OneLNG’s Fortuna joint venture executes Umbrella Agreement with the Republic of Equatorial Guinea to establish the fiscal and legal framework for the Fortuna FLNG project. Project final investment decision (“FID”) now expected 2H 2017. • Put Option in respect of FSRU Golar Tundra exercised by Golar LNG Partners L.P (“Golar Partners” or “the Partnership”). • Golar LNG Limited (“Golar” or “the Company”) and Golar Partners enter into a purchase option agreement for Golar Partners to acquire up to a 25% interest in FLNG Hilli Episeyo. • OneLNG enters into a Memorandum of Understanding with the Republic of Equatorial Guinea to find a monetization solution for stranded gas focusing on Blocks O and I offshore Malabo. • Golar and Delfin Midstream sign agreement to jointly develop the Delfin LNG Project in the US Gulf of Mexico. Subsequent Events • Entered into a Purchase and Sale Agreement for the sale of an interest in the Hilli Episeyo. • LNG bunkers ordered for mid-September delivery to Hilli Episeyo ahead of departure for Cameroon in late September/early October. • Fortuna joint venture awards LNG offtake to Gunvor Group Ltd. Financial Review Business Performance 2017 2017 (in thousands of $) Apr-Jun Jan-Mar Total operating revenues (including revenue from collaborative arrangement) 28,408 25,110 Vessel operating expenses (12,099) (12,944) Voyage, charterhire & commission expenses (3,372) (12,593) Voyage, charterhire & commission expenses - collaborative arrangement (8,436) (4,336) Administrative expenses (11,105) (11,441) EBITDA* (6,604) (16,204) Depreciation and amortization (17,366) (25,186) Operating loss (23,970) (41,390) * EBITDA is defined as operating loss before interest, tax, depreciation and amortization.
  • KT 15-6-2017.Qxp Layout 1

    KT 15-6-2017.Qxp Layout 1

    SUBSCRIPTION THURSDAY, JUNE 15, 2017 RAMADAN 20, 1438 AH www.kuwaittimes.net A building Cattle slaughter Ronaldo accused collapses crackdown hits of evading €14.7 in Jabriya leather industry million in tax Imsak Fajr Shorook Duhr Asr Maghrib Isha 3 11 19 03:03 03:13 04:48 11:48 15:22 18:49 20:21 12 dead, 74 injured as deadly Min 31º Max 49º fire engulfs London tower High Tide 03:05 &13:10 Low Tide Babies, kids tossed out of windows as fire ravages building 07:59 & 20:55 40 PAGES NO: 17257 150 FILS LONDON: A deadly overnight fire raced through a 24-storey apartment tower in ‘Zain family’ celebrates success London yesterday, killing at least 12 peo- ple and injuring 74 others, police said. Witnesses reported seeing residents throw babies and small children from high windows to people on the sidewalk in a desperate effort to save them from the flames. The inferno lit up the night sky and spewed black smoke from the windows of the Grenfell Tower in North Kensington, where more than 200 fire- fighters battled the blaze. A plume of smoke stretched for miles across the sky after dawn, revealing the blackened, flame-licked wreckage of the building, which was still burning over 12 hours later. People trapped by the quickly advancing flames and thick smoke banged on windows and screamed for help to those watching down below, witnesses and survivors said. One resident said the fire alarm did not go off. “The flames, I have never seen anything like it, it just reminded me of 9/11,” said Muna Ali, 45.
  • Januar Y 2017

    Januar Y 2017

    JANUARY 2017 JANUARY New Ways of Thinking 70 Track critical pedestrian activity with your Vantage® video detection system. PedTrax automatically provides bi-directional counting and speed tracking of pedestrians within the cross-walk. Learn more at iteris.com Making the Connection for Smarter Mobility Detection, how it matters most. Accurate. Versatile. Simple. Rigorously tested to ensure accurate vehicle and bicycle detection and differentiation in all lighting and weather conditions, Autoscope Vision is easily installed with just three-wires-only – improving safety >`ivwViVÞ>ÌÞÕÀÌiÀÃiVÌÀiμÕVÞ than ever before! econolite.com/vision | president’s message ITE Out Front Leadership is important to any organization, and ITE has a long history of strong leadership. Since our founding in 1930, ITE has provided safety, access, and mobility solutions for our communities. ITE has been instrumental in connecting people with resources and opportunity and in growing our economies. We have been here since the replacement of the horse and buggy with the horseless carriage, and we have provided strong and invaluable leadership in the development, implementation, and operation of transportation systems that have moved our communities forward. ITE has pioneered and put into practice innovations that save thousands of lives every year. Today, transportation needs and tools are changing at a rapid rate. Transportation professionals are working in new ways to improve the livability, sustainably, and resilience of our communities. We are SHAWN LEIGHT, P.E., PTOE, PTP F ITE International President reinventing our streets to be great places for all users and to enable active and healthy transportation choices. Private sector companies are developing new “Smart City” technologies and business models that are changing how we travel in profound ways.
  • Download Report

    Download Report

    STOLT-NIELSEN LIMITED UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the Three and Six Months Ended May 31, 2017 STOLT-NIELSEN LIMITED TABLE OF CONTENTS Interim Operational and Financial Review 3 Condensed Consolidated Interim Income Statement for the Three and Six Months Ended May 31, 2017 and 2016 12 Condensed Consolidated Interim Statement of Other Comprehensive Income for the Three and Six Months Ended May 31 2017 and 2016 13 Condensed Consolidated Interim Balance Sheet as of May 31, 2017 and November 30, 2016 14 Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity for the Six Months Ended May 31, 2017 and 2016 15 Condensed Consolidated Interim Statement of Cash Flows for the Six Months Ended May 31, 2017 and 2016 16 Notes to the Condensed Consolidated Interim Financial Statements 17 Responsibility Statement 25 Independent Auditors’ review Report of Condensed Consolidated Interim Financial Statements 26 Interim Operational and Financial Review Consolidated Income Statement Stolt-Nielsen Limited’s (“SNL” or the “Company”) unaudited consolidated financial data for the six months ended May 31, 2017 and 2016 is summarised below. The financial statements are presented in U.S. dollars. For the Six Months Ended May 31, May 31, 2017 2016 (in thousands, except per share) Operating revenue $ 976,498 $ 942,841 Gross profit 199,789 207,472 Operating profit 100,048 127,068 Net profit 30,914 68,345 Net profit attributable to SNL shareholders 30,759 68,154 EPS attributable to SNL shareholders – diluted 0.50 1.24 Net profit attributable to SNL shareholders was $30,914 million for the first half of 2017, down from $68,345 million for the first half of 2016.