Stolt-Nielsen Limited Roadshow Presentation NY & Boston, US May, 2015 Strictly Private and Confidential and Not for Distribution
Agenda Stolt-Nielsen Limited (SNL) Company Snapshot A Diversified Industrial Service Company Business Review Quality, Reliability and Flexibility Summary and Q&A Page 3 Strictly Private and Confidential and Not for…
Stolt-Nielsen Limited (SNL) Company Snapshot Founded in 1959 by Jacob Stolt-Nielsen, pioneer of the parcel tanker industry Leading integrated logistics company offering transportation and storage of bulk liquid chemicals in tankers,…
SNL: Stable Performance and Strong Balance Figures in USD Millions Figures in USD Millions (Except ratios) At the end of: Operating Revenue February 2015 2,029 2,072 2,100 2,138 Debt 1,740 2000 1,794 Tangible Net Worth (TNW)…
Stolt-Nielsen: More Than a Shipping Company Page 6 Strictly Private and Confidential and Not for Distribution
SNL Business Divisions Stolthaven Stolt Tank Stolt Bitumen Stolt Tankers Terminals Containers Stolt Sea Farm Services Stolt-Nielsen Gas Leading global Global provider of One of the worlds Leading Developing a Owns 14.5% of…
Transformation Through Strategic Growth 2007 Operating Profit by 2007 Assets Strategically moved away from the traditional Business(a) shipping model to integrated logistics service 30 Total: 229 M 88 112 13% 4% 5% Total: 2,487 M…
Industrial Service Company We link producers around the world, and thereby Stolt is an integral part of their supply chains Our customers require quality, reliability and flexibility Electronics Construction Packaging…
What Drives Our Business High grade Specialty and lube oils flow commodity from South chemicals flow Commodity Korea to the both east and chemicals with U.S. Gulf and west across the endless Europe. Specialty North Atlantic.…
Stolt Tankers Page 11 Strictly Private and Confidential and Not for Distribution
Chemical Tanker Shipping A Different Animal Product Tanker: A parcel tanker is a sophisticated and Average tanks 14 complex asset, often purpose built; the Cost 38M+ trade is different from energy shipping segments where ships are…
Chemical Tanker Shipping Demand Drivers Electronic Textile We serve a broad range of industries: s Construction automotive, construction, electronics, textiles, packaging, agricultural Agricultura We are an integral part of our…
Chemical Tanker Shipping Supply It is always excessive ordering of tonnage that ruins shipping markets There is plenty of yard capacity available in 2017 onwards Due to the abundant availability of cheap Orderbook = 29% of…
Core Competitors Overview Source: Drewry and Stolt Tankers based on 1Q15 fleet Note: Chemical Tanker Fleet = Ships IMO 1 and 2 = 10,000 DWT with tank…
Impact of Lower Bunker Prices Bunker cost fell during the first quarter as higher priced inventory from earlier periods has been fully consumed allowing the benefit of lower prices to be reflected in the bunker cost Bunker surcharges…
Theoretical Benefits Assumptions Theoretical Benefits from Lower Bunker Prices Deep-sea volume only (80% of total 25.0 22.7 bunker volume) Constant consumption, IFO/MGO mix 20.0 and CoA/Spot mix between periods Bunker surcharge…
Stolt Tankers Market Situation Two main issues: low volumes and high orderbook While volumes out of the US and Europe outbound to the Middle East, India and Asia Pacific are slowly improving, it is not enough to absorb the new…
Where Stolt Tankers is Different Stolt Tankers service is complex, operationally intense and unique to our customers; therefore, as an industrial service provider, our customers demand Quality, Reliability and Flexibility always…
Stolt Tankers Strategy Our goal is to make the tanker division a sustainable business over the entire life of the tanker market cycle Reduce costs through fuel savings, lower manning costs, M&R and A&G Split the tanker business…
Stolthaven Terminals New Orleans terminal, US Page 21 Strictly Private and Confidential and Not for Distribution
Worldwide Network of 20 Terminals Locations Stolthavens terminals are strategically located along the worlds major chemical shipping routes; with hub terminals on all continents, Stolt is able to offer a cost effective basis for…
Terminal Capacity Capacity in cbm (as of February 28, 2015) Ow ned Terminals JV Terminals Total Current Capacity 1,597,342 Current Capacity 2,766,821 Current Capacity 4,364,163 Approved Expansions 160,100 Approved Expansions 62,350…
Stolthaven Terminals Strategy Complete our ongoing expansions Focus on improving operating margins Continue to improve the ship-to- shore interface to help tankers reduce time spent in port Seek further growth opportunities…
Stolt Tank Containers Page 25 Strictly Private and Confidential and Not for Distribution
STC Global Network Local Representation China Offices: Tianjin China Depots: Shanghai Tianjin Shenzen Nanhui Hamburg, Germany Korea Depots: Busan, Rotterdam, The Netherlands Romford, UK Yangsan Le Havre, France Istanbul,…
STC: The Other Dimension in the Parcel Trade 130000 Historical Shipments Stolt Tank Containers operates the worlds 120000 Shipments 117,887 largest international fleet of stainless steel 110000 AAGR 2000-2014: 4.8% 108,291…
STCs Strategy Focus on strategic growth; expanding the fleet to meet growth in demand Continue to convert volume into tank containers from other modes of transport Develop business in emerging markets Focus on improving…
Stolt Sea Farm Caviar Turbot Sole Page 29 Strictly Private and Confidential and Not for Distribution
Stolt Sea Farm Focused on land-based aquaculture that require extensive knowledge, ongoing R&D, and technological expertise Market leader in the production of turbot, sole, sturgeon and caviar Solid fundamentals: wild catch continues…
Stolt Bitumen Services Stolt Fuji Page 31 Strictly Private and Confidential and Not for Distribution
Stolt Bitumen Current and Potential New Locations Thanh Thai Terminal Cirebon Terminal Gresik Terminal 2 x 4,000 tons Tank Heating System 50 M from Jetty Chan 1 x 5,500 tons Tank Heating System Heating System 2 x 4,000…
Stolt-Nielsen Gas M/T Iris Glory Bcancour industrial park plot 19 and land to the North Page 33 Strictly Private and Confidential and Not for Distribution
Stolt-Nielsen Gas - LPG Avance Gas On April 9, 2014, AGHL raised 100M through a successful completion of an IPO on the Oslo Stock Exchange (ticker: Avance); Stolt-Nielsen Gas ownership is now 14.5% AGHL owns and operates a fleet of…
Stolt-Nielsen Gas - LNG SNLs core competence is managing complex integrated supply chains and will draw on this experience to add value to the growing LNG industry Stolt LNG Holdings (SLNGH) strategy is to participate in the…
Adjustments to EBITDA Potential for the Group Figures in USD Million Projections Our EBITDA projections have been 550 3 EBITDA as per Oct. 2014 3 34 34 based on publicly available information; 450 3 3 29 3 30 116 123…
SNL Sum of the Parts SOTP Total valuation 4,200 Less debt: 1,690 Total: 4,200 SOTP Valuation 2,510 SOTP per share 44.7 Mkt Cap in % of SOTP 43% BV of Equity in % of 56% 2,760 SOTP Valuation US Million 24.9 per share 19.0…
SNL - Good Long-term Investment Industrial service provider with established brand name Stable revenue base (75% COAs + non-shipping businesses) Strong balance sheet Access to financial markets Available unencumbered…
Thank you Page 39 Strictly Private and Confidential and Not for Distribution
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