Stolt-Nielsen S.A. yesterday reported unaudited results for the first quarter ended February 29, 2008.
Effective December 1, 2007, Stolt-Nielsen S.A. adopted International Financial Reporting Standards ("IFRS") for preparing the financial statements of SNSA and its subsidiaries. The Company has transitioned from U.S. generally accepted accounting standards ("US GAAP") to IFRS. The first set of audited IFRS financial statements will be issued for the year ending November 30, 2008 along with comparatives for 2007 under IFRS. For purposes of this release, the historical financial information included herein has been translated from US GAAP to conform to IFRS. To assist readers understand the impact of these changes we have included Appendix A to this press release providing reconciliations of the consolidated Shareholders equity as of November 30, 2007 and consolidated Operating profit and Net profit for the four quarters and year ended November 30, 2007, as well as relevant segment information. This financial information has been prepared based upon accounting policies that management expects to be applicable when SNSA prepares its first complete set of IFRS financial statements.
While the financial figures included in this preliminary interim earnings announcement have been computed in accordance with IFRS applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as that term is defined in IFRS.
Highlights for the first quarter of 2008, compared with the fourth quarter of 2007, included:
* Revenue of $481.1 million, up 4% from $460.8 million.
* Operating profit of $54.6 million, up from $51.1 million.
* Profit from continuing operations of $42.3 million, compared with $42.4 million.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] increased to 1.29, up by 3.2% from 1.25.
* Stolthaven Terminals reported solid results for the quarter, with high rates of utilization at both the Company's wholly owned and joint venture terminals worldwide.
* Results at Stolt Tank Containers reflected strong global demand, with some impact on margins due to rising operating costs.
* At Stolt Sea Farm, while revenues increased, turbot prices fell, resulting in the mark-to-market fair value revaluation of SSF's biological assets, which impacted results negatively by $3.5 million.
[1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an indexed measurement of the sailed-in rate for the Joint Service and was set at 1.00 in the first quarter of 1990 based on the average sailed-in time-charter result for the fleet at the time. The sailed-in rate is a measure frequently used by shipping companies, which subtracts from the ships' operating revenue the variable costs associated with a voyage, primarily commissions, sublets, transshipments, port costs, and bunker fuel.
Effective December 1, 2007, Stolt-Nielsen S.A. adopted International Financial Reporting Standards ("IFRS") for preparing the financial statements of SNSA and its subsidiaries. The Company has transitioned from U.S. generally accepted accounting standards ("US GAAP") to IFRS. The first set of audited IFRS financial statements will be issued for the year ending November 30, 2008 along with comparatives for 2007 under IFRS. For purposes of this release, the historical financial information included herein has been translated from US GAAP to conform to IFRS. To assist readers understand the impact of these changes we have included Appendix A to this press release providing reconciliations of the consolidated Shareholders equity as of November 30, 2007 and consolidated Operating profit and Net profit for the four quarters and year ended November 30, 2007, as well as relevant segment information. This financial information has been prepared based upon accounting policies that management expects to be applicable when SNSA prepares its first complete set of IFRS financial statements.
While the financial figures included in this preliminary interim earnings announcement have been computed in accordance with IFRS applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as that term is defined in IFRS.
Highlights for the first quarter of 2008, compared with the fourth quarter of 2007, included:
* Revenue of $481.1 million, up 4% from $460.8 million.
* Operating profit of $54.6 million, up from $51.1 million.
* Profit from continuing operations of $42.3 million, compared with $42.4 million.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] increased to 1.29, up by 3.2% from 1.25.
* Stolthaven Terminals reported solid results for the quarter, with high rates of utilization at both the Company's wholly owned and joint venture terminals worldwide.
* Results at Stolt Tank Containers reflected strong global demand, with some impact on margins due to rising operating costs.
* At Stolt Sea Farm, while revenues increased, turbot prices fell, resulting in the mark-to-market fair value revaluation of SSF's biological assets, which impacted results negatively by $3.5 million.
[1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an indexed measurement of the sailed-in rate for the Joint Service and was set at 1.00 in the first quarter of 1990 based on the average sailed-in time-charter result for the fleet at the time. The sailed-in rate is a measure frequently used by shipping companies, which subtracts from the ships' operating revenue the variable costs associated with a voyage, primarily commissions, sublets, transshipments, port costs, and bunker fuel.