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Stolt-Nielsen Limited STOLT-NIELSEN LIMITED UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the Three and Nine Months Ended August 31, 2018 STOLT-NIELSEN LIMITED TABLE OF CONTENTS Page Condensed Consolidated Interim Income Statement for the Three and Nine Months Ended August 31, 2018 and 2017 3 Condensed Consolidated Interim Statement of Other Comprehensive Income for the Three and Nine Months Ended August 31, 2018 and 2017 4 Condensed Consolidated Interim Balance Sheet as of August 31, 2018 and November 30, 2017 5 Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity for the Nine Months Ended August 31, 2018 and 2017 6 Condensed Consolidated Interim Statement of Cash Flows for the Nine Months Ended August 31, 2018 and 2017 7 Notes to the Condensed Consolidated Interim Financial Statements 8 Responsibility Statement 16 2 STOLT-NIELSEN LIMITED CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) Three Months Ended Nine Months Ended August 31, August 31, August 31, August 31, Notes 2018 2017 2018 2017 (in thousands) Operating Revenue 4 $ 543,121 $ 513,750 $ 1,599,397 $ 1,490,248 Operating Expenses (376,173 ) (342,569 ) (1,090,344 ) (990,182 ) 166,948 171,181 509,053 500,066 Depreciation and amortisation 4 (68,569 ) (66,828 ) (204,049 ) (195,924 ) Impairment of plant, property and equipment 4, 7 — — (11,804 ) — Gross Profit 98,379 104,353 293,200 304,142 Share of profit of joint ventures and associates 4, 8 6,876 4,657 27,922 13,034 Administrative and general expenses (52,239 ) (54,579 ) (166,751 ) (160,336 ) Gain (loss) on disposal of assets, net 154 1,241 (554 ) (1,426 ) Other operating income 1,822 492 5,026 1,487 Other operating expense (197 ) (161 ) (614 ) (850 ) Operating Profit 54,795 56,003 158,229 156,051 Non-Operating Income (Expense) Finance income 1,165 795 2,839 2,965 Finance expense (34,197 ) (33,045 ) (104,343 ) (98,677 ) Foreign currency exchange loss, net (2,819 ) (2,408 ) (4,400 ) (2,927 ) Other non-operating (expense) income, net 8 (12,622 ) 112 (12,426 ) 717 Profit before Income Tax 6,322 21,457 39,899 58,129 Income tax (expense) benefit 11 (3,986 ) (3,110 ) 10,876 (8,868 ) Net Profit $ 2,336 $ 18,347 $ 50,775 $ 49,261 Attributable to: Equity holders of SNL 2,997 18,490 51,260 49,249 Non-controlling interests (661 ) (143 ) (485 ) 12 $ 2,336 $ 18,347 $ 50,775 $ 49,261 Earnings per Share: Net profit attributable to SNL shareholders Basic $ 0.05 $ 0.30 $ 0.83 $ 0.80 Diluted $ 0.05 $ 0.30 $ 0.83 $ 0.80 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, August 31, August 31, August 31, 2018 2017 2018 2017 (in thousands) Net profit for the period $ 2,336 $ 18,347 $ 50,775 $ 49,261 Items that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit and other post- — employment benefit obligations — 7,611 (1,960 ) Deferred tax adjustment on defined benefit and other post- employment benefit obligations — — (4,599 ) 1,500 Items that may be reclassified subsequently to profit or loss: Net (loss) income on cash flow hedges (11,683 ) (53,937 ) 49,989 (60,530 ) Reclassification of cash flow hedges to income statement 11,764 50,082 (28,193 ) 54,036 Net (loss) income on cash flow hedges held by joint ventures and associates (28 ) (936 ) 2,531 850 Deferred tax adjustment on cash flow hedges 189 343 (344 ) 343 Exchange differences arising on translation of foreign operations (14,785 ) 21,035 (27,303 ) 45,043 Deferred tax on translation of foreign operations 494 43 1,406 (303 ) Exchange differences arising on translation of joint ventures and associates (8,181 ) 7,692 (7,450 ) 18,557 Change in value of available-for-sale financial assets (3,524 ) (3,704 ) (565 ) (6,337 ) Net (loss) income recognised as other comprehensive income (25,754 ) 20,618 (6,917 ) 51,199 Total comprehensive (loss) income $ (23,418 ) $ 38,965 $ 43,858 $ 100,460 Attributable to: Equity holders of SNL $ (22,757 ) $ 39,108 $ 44,343 $ 100,448 Non-controlling interests (661 ) (143 ) (485 ) 12 $ (23,418 ) $ 38,965 $ 43,858 $ 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, Notes 2018 2017 (in thousands) ASSETS Current Assets: Cash and cash equivalents $ 85,244 $ 58,308 Restricted cash 81 98 Receivables 253,113 241,115 Inventories 12,272 8,851 Biological assets 47,294 45,696 Prepaid expenses 71,906 66,699 Derivative financial instruments 10 12,961 9,025 Income tax receivable 8,422 7,648 Assets held for sale 998 2,275 Other current assets 33,128 44,150 Total Current Assets 525,419 483,865 Property, plant and equipment 6 3,296,808 3,440,609 Investments in and advances to joint ventures and associates 8 521,814 531,930 Investments in equity instruments 8 72,059 57,570 Deferred tax assets 10,906 13,699 Intangible assets and goodwill 6 48,809 51,635 Employee benefit assets 4,679 5,498 Derivative financial instruments 10 4,846 4,742 Deposit for newbuildings 6 14,623 7,297 Other non-current assets 14,025 18,014 Total Non-Current Assets 3,988,569 4,130,994 Total Assets $ 4,513,988 $ 4,614,859 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Short term bank loans 9 $ 15,400 $ — Current maturities of long-term debt and finance leases 9 330,780 432,568 Accounts payable 91,893 89,891 Accrued voyage expenses 60,560 53,356 Accrued expenses 173,739 183,253 Provisions 3,334 2,529 Income tax payable 13,081 10,691 Dividend payable 5 — 13,814 Derivative financial instruments 10 12,476 60,871 Other current liabilities 46,322 37,299 Total Current Liabilities 747,585 884,272 Long-term debt and finance leases 9 2,099,388 2,037,144 Deferred tax liabilities 44,856 66,411 Employee benefit obligations 31,802 39,638 Derivative financial instruments 10 89,256 99,175 Long-term provisions 1,970 2,367 Other non-current liabilities 4,857 7,023 Total Non-Current Liabilities 2,272,129 2,251,758 Total Liabilities 3,019,714 3,136,030 Shareholders’ Equity Founder’s shares 16 16 Common shares 64,134 64,134 Paid-in surplus 150,108 150,108 Retained earnings 1,523,763 1,483,143 Other components of equity (179,818 ) (169,889 ) 1,558,203 1,527,512 Less – Treasury shares 5 (66,247 ) (51,486 ) Equity Attributable to Equity Holders of SNL 1,491,956 1,476,026 Non-controlling interests 2,318 2,803 Total Shareholders’ Equity 1,494,274 1,478,829 Total Liabilities and Shareholders’ Equity $ 4,513,988 $ 4,614,859 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 Common Founder’s Paid-in Treasury Retained Foreign Non-Controlling Shareholders’ Shares Shares Surplus Shares Earnings Currency Hedging Fair Value Total Interests Equity Total (in thousands, except for share data) Balance, November 30, 2016 $ 64,134 $ 16 $ 150,108 $ (51,486 ) $ 1,466,551 $ (172,788 ) $ (29,978 ) $ (46,536 ) $ 1,380,021 $ 3,567 $ 1,383,588 Comprehensive income (loss) Net profit — — — — 49,249 — — — 49,249 12 49,261 Other comprehensive income (loss) Translation adjustments, net — — — — — 63,297 — — 63,297 — 63,297 Net loss on cash flow hedges — — — — — — (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 (loss) income — — — — (460 ) 63,297 (5,301 ) (6,337 ) 51,199 — 51,199 Total other comprehensive income (loss) — — — — 48,789 63,297 (5,301 ) (6,337 ) 100,448 12 100,460 Transactions with shareholders Cash dividend paid -$0.50 per Common Share — — — — (27,472 ) — — — (27,472 ) — (27,472 ) Acquisition of 20% of Shanghai Stolt Kingman — — — — — — — — — (739 ) (739 ) Total transactions with shareholders — — — — (27,472 ) — — — (27,472 ) (739 ) (28,211 ) Balance, August 31, 2017 $ 64,134 $ 16 $ 150,108 $ (51,486 ) $ 1,487,868 $ (109,491 ) $ (35,279 ) $ (52,873 ) $ 1,452,997 $ 2,840 $ 1,455,837 Balance, November 30, 2017 $ 64,134 $ 16 $ 150,108 $ (51,486 ) $ 1,483,143 $ (106,645 ) $ (17,430 ) $ (45,814 ) $ 1,476,026 $ 2,803 $ 1,478,829 Comprehensive income (loss) Net profit — — — — 51,260 — — — 51,260 (485 ) 50,775 Other comprehensive income (loss) Translation adjustments, net — — — — — (33,347 ) — — (33,347 ) — (33,347 ) Remeasurement of post-employment benefit obligations, net of tax — — — — 3,012 — — — 3,012 — 3,012 Fair value adjustment equity investments — — — — — — — (565 ) (565 ) — (565 ) Net income on cash flow hedge — — — — — — 23,983 — 23,983 — 23,983 Total other comprehensive income (loss) — — — — 3,012 (33,347 ) 23,983 (565 ) (6,917 ) — (6,917 ) Total comprehensive income (loss) — — — — 54,272 (33,347 ) 23,983 (565 ) 44,343 (485 ) 43,858 Transactions with shareholders Cash dividend paid -$0.25 per Common Share — — — — (13,652 ) — — — (13,652 ) — (13,652 ) Purchase of own shares — — — (14,761 ) — — — — (14,761 ) — (14,761 ) Total transactions with shareholders — — — (14,761 ) (13,652 ) — — — (28,413 ) — (28,413 ) Balance, August 31, 2018 $ 64,134 $ 16 $ 150,108 $ (66,247 ) $ 1,523,763 $ (139,992 ) $ 6,553 $ (46,379 ) $ 1,491,956 $ 2,318 $ 1,494,274 See notes to the condensed consolidated interim financial statements.
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