third quarter report 2014...2 third quarter report 2014 odfjell se - consolidated highlights 3q 2014...
TRANSCRIPT
THIRD QUARTER REPORT 2014
2
Third Quarter Report 2014 Odfjell SE - Consolidated
Highlights 3Q 2014
Chemical Tankers EBITDA of USD 26 million, compared with USD 24 million in second quarter.
Time-charter results down by 3%.
Odfjell Terminals EBITDA of USD 4 million compared with negative USD 10 million in second quarter.
Conclusion of gas carrier joint venture, resulting in a capital gain in excess of USD 6 million.
Ongoing cost-cutting and efficiency review to significantly improve Odfjell results going forward.
Key figures
(USD mill unaudited) 2Q14 3Q14 3Q13 YTD14 YTD13. FY13
Revenue 275. 267 259. 807 771. 1,027. Share of net result from ass. and JVs 1 (11) (8) 30. (27) 25. (52) EBITDA 13. 19 61. 41 101. 41. EBIT (9) 1 33. (22) 30. (57) Net finance (15) (9) (22) (32) (30) (46) Net result (loss) (26) (9) 9. (57) (6) (108)
¹ Revenues and profit from all joint ventures are as from 1 January 2014 accounted for according to the “equity method”. All presented segment figures are based on internal management reporting using the “proportional consolidation method”.
Business segments
Chemical Tankers
The activity in the chemical tanker markets in third quarter was quite similar to that of the previous period. Reduced spot trading to Asia from Europe and the US caused downward pressure on freight rates as fewer cargoes where available. Towards the end of the quarter the CPP market improved, which we expect will positively affect also the chemical tanker sector. Lower oil prices have started to reduce our bunker costs, but the downward trend in prices for oil products also seems to hamper trade and the activity in general. Delays in port continue to rise, leaving even more ships competing for the already limited berth/dock availability at the key petrochemical hubs. This creates scheduling challenges for both customers and suppliers.
3
Chemical Tankers (USD mill) 2Q14 3Q14 3Q13 YTD14 YTD13. FY13
Revenue 270 263 262 795 771 1,028 Gross Result 49 51 52 141 151 193 EBITDA 24 26 30 67 79 98 EBIT 1 3 7 (2) 9 3 Net bunker price per tonne (USD) 559 565 565 563 555 556
Indices 30.06.14 30.09.14 30.09.13 31.12.13
Odfix (1990 =100)1 126 122 120 114
Opex (2002 = 100)² 161 156 168 167
¹ The Odfix index is a weighted time-charter earnings index for a selection of vessels.
² The Opex index includes owned and bareboat chartered vessels.
Fleet changes
In October we took delivery of the third of four coated chemical tankers from the Hyundai Mipo yard in South Korea. The last vessel is expected to be delivered in the fourth quarter. Vessels number one and two are on long-term bareboat charters to Odfjell, while the two remaining units will be fully owned by us. Fleet additions (last 12 months) DWT Built Tanks Transaction
October 2014 Bow Trident 46,600 2014 Coated Owned
August 2014 Kristin Knutsen 19,152 1998 Stainless Short-term TC
June 2014 Bow Tribute 49,600 2014 Coated Bareboat
May 2014 UACC Mansouria 45,352 2013 Coated Short-term TC
April 2014 Bow Trajectory 49,600 2014 Coated Bareboat
April 2014 Bow Harmony 33,619 2008 Stainless Purchase
March 2014 SG Friendship 19,773 2003 Stainless Medium-term TC
February 2014 Berlian Ekuator 35,000 cbm 2004 LPG Short-term TC
January 2014 Celsius Mumbai 19,993 2005 Stainless Medium-term TC
December 2013 RT Star 26,199 2011 Stainless Medium-term TC
December 2013 Celsius Miami 19,991 2005 Stainless Medium-term TC
November 2013 Celsius Manhattan 19 807 2006 Stainless Medium-term TC
November 2013 Bow Condor 16,121 2000 Stainless Purchase, J/V
October 2013 Bow Eagle 24,728 1988 Stainless Short-term TC Short-term: Up to one year Medium-term: 1-3 years Long-term: More than three years
Fleet disposals, owned (last 12 months) DWT Built Tanks Transaction
December 2013 Bow Mate 6,008 1999 Stainless Sale
October 2013 Bow Eagle 24,728 1988 Stainless Sale
4
Gas Carriers
The announced joint venture for our LPG/Ethylene vessels became effective 29 September 2014 when the transaction was closed concerning our sale of 50% of the shares in Odfjell Gas AS. A capital gain in excess of USD 6 million was realised as a result of this transaction. Results for the third quarter are slightly down from previous quarter due to weak market conditions in Asia. Positive contribution however came from our vessel operating in the Western Hemisphere where utilization was satisfactory. We expect the trading conditions to recover somewhat in fourth quarter improving our overall result. In September, our two 9,000 cbm LPG/Ethylene carriers Bow Gallant and Bow Guardian joined the Lauritzen Kosan pool, which now consists of 13 such vessels in total. Trading the vessels in a larger entity should create synergies and stability that will benefit our operations.
Gas Carriers (USD mill) 2Q14 3Q14 3Q13 YTD14 YTD13 FY13
Revenue 8. 7 2. 20 10. 11. Gross Result 2. 1 (1) 4 (1) (1) EBITDA 1. 1 (1) 2 (2) (3) EBIT 1. 7 (2) 7 (4) (6)
Tank Terminals
Odfjell’s shareholding in the tank terminals business delivered an EBITDA of USD 4 million in the third quarter. With the exception of the tank terminals in Rotterdam and Charleston, the terminal results were positive and in line with previous quarter. The tank terminal group, excluding our terminal in Rotterdam, had a gross occupancy of 92% as by end of September. Our terminal in Charleston is fully operational since the start of 2014, and contracts for the full capacity are in final negotiations. The addition of new stainless steel tank capacity in Houston was completed early September with full occupancy, and the new 17,150 cbm tank pit construction is underway with expected completion in 4Q 2015. The construction of the new Tianjin Terminal in China is progressing with start of operations scheduled in 1Q 2015. Odfjell Terminals (Rotterdam)’s EBITDA for third quarter ended negative USD 6 million. The main part of the re-organisation and subsequent reduction of staff was completed as per 1 August, 2014. This has improved the cost base for the Company. The commercial focus remains on improving utilisation of the distillation units. Two tank-pits supporting the distillation units will be re-commissioned in fourth quarter of 2014.
Tank Terminals (USD mill) 2Q14 3Q14 3Q13 YTD14 YTD13 FY13
Revenue 24 23 33 70 104 129.
Gross result (2) 9 14 13 45 53.
EBITDA (10) 4 7 (6) 22 22.
EBIT (17) (5) 17 (29) 20 (72)
5
EBITDA by geographical segment (USD mill.) 1
2Q14 3Q14 3Q13 YTD14 YTD13 FY13
Europe (20) (6) (8) (34) (25) (33)
North America 4. 3 4. 10 10. 14.
Asia 4. 4 7. 11 21. 23.
Middle East 3. 2 4. 7 15. 18.
Total (10) 4 7. (6) 22. 22.
¹ Revenues and the profit from the terminals included in the Lindsay Goldberg transaction in 2013 are recognised according to the new ownership percentages as from 1 September 2013.
Finance
As we have seen lower oil prices and a weaker NOK toward the end of the quarter, the market value of our hedging positions related to bunkers and NOK purchase are negatively affected. The unrealized value of these positions is booked in the balance sheet. In connection with the delivery of Bow Trident, we drew on a new loan funded by export credit agencies and a relationship bank. The second tranche of this loan will be drawn on delivery of the fourth and final vessel from the yard. Key figures (USD mill.) 30.09.13 30.09.14 31.12.13
Cash and available-for-sale investments 117 123 94
Interest bearing debt 1,111 1,198 1,138
Net interest bearing debt 994 1,075 1,044
Available drawing facilities 102 0 0
Total equity 829 681 759
Equity ratio 39.1% 33.4% 37.2%
Shareholder information
By end of September, Odfjell A and B shares were trading at NOK 26.60 and NOK 24.50 respectively, against NOK 28.70 and NOK 28.00 respectively at the close of the previous quarter. In the same period the Oslo Stock Exchange Benchmark Index lost 2% and the Transportation Index was reduced by 8%. As of 30 September 2014 Odfjell had a market capitalisation of around NOK 2,265 million, which was equivalent to around USD 352 million.
Reducing cost and improving efficiency
The cost cutting and efficiency review was announced in May and fully mobilised as from July. Since then the process has been organized through work streams focusing on operating expenses, G&A, bunkers and trade optimization. The assessment phase has recently been completed. During the next two months all identified cost reductions will be subject to risk assessment and detailed planning. Implementation will take place as from January 2015. However, we will without delay continue implementing immediate cost saving and efficiency initiatives, related to reduced bunker consumption, trade optimization and selected cost items.
6
The immediate initiatives are expected to bring an annualised bottom line effect in excess of USD 50 million when fully implemented.
Prospects
US consumer confidence advanced in October to the highest in the past seven years as a result of further reductions in energy and transportation costs. The job market is continuing to improve, setting the stage for a stronger expansion of the US economy. German GDP contracted 0.2% in the previous quarter, with manufacturing and construction's contribution to growth at best being none. The deterioration in manufacturing continued over the summer. EU unemployment rate remained at 11.5% in September, versus the OECD average of 7.3%, and confidence in the economy slipped to the lowest in a year. The EU economic recovery seen in the spring is now hitting headwinds from weak internal demand and weakening global trade. China's gross domestic product grew at 7.4% in the January-September period compared with the previous 12-months period. China may lower its economic growth target to 7% next year as the Chinese government aims to improve economic structure. China has not missed its annual growth target since the Asian financial crisis of the late 1990s. A sustained drop in oil prices would act as a significant stimulus for the global economy should oil prices stay low, pushing down the cost of other commodities and reduce energy prices and transportation costs. Odfjell will benefit from lower bunker prices, albeit not dollar for dollar as we have locked in a portion of our bunker exposure at certain levels through bunker adjustment clauses and hedging contracts. We expect fourth quarter of 2014 to improve from the third quarter for our chemical tankers on a slightly stronger market, contract renewals, lower bunker costs and a reduced cost base. With regard to terminals, we expect improved results at Odfjell Terminals (Rotterdam) due to increased utilisation and a lower cost base. For the remainder of the terminals we expect a slight increase in earnings due to increase capacity.
Bergen, 12 November 2014 THE BOARD OF DIRECTORS OF ODFJELL SE
CONSO(USD mGross rVoyageTime-cOperatiGross r Share oGeneraOperatgain (lo DeprecCapitalOperat InterestInterestOther fNet fin Result Taxes Net res CONSOINCOM Net othin subsCash-flCash-flShare oequity m Net othloss in Net actOther Total c Net resNon-coOwner Total cNon-coOwner Earning
ODFJE
OLIDATED INmill) revenue e expenses charter expensesing expenses result
of net result fromal and administrting result befooss) on non-cu
ciation l gain (loss) on ting result (EB
t income t expenses financial items nancial items
before taxes
sult
OLIDATED SME
her comprehensequent periodlow hedges chalow hedges tranof comprehensivmethod
her comprehensubsequent pe
tuarial gain/(loscomprehensive
comprehensive
sult allocated toontrolling intereof parent
omprehensive iontrolling intereof parent
gs per share (U
ELL GROU
NCOME STA
s
m associates anrative expenses ore depreciatiorrent assets (E
non-current assBIT)
STATEMENT
nsive income tods: anges in fair valnsferred to profive income on in
nsive income neriods: ss) on defined be income
e income
: ests
income allocateests
SD) – basic/dilu
UP
ATEMENT
nd joint venture
on, amortisatioEBITDA)
sets
OF COMPRE
o be reclassifie
lue fit and loss statenvestments acc
ot being reclas
benefit plans
ed to:
uted
s
on and capital
EHENSIVE
d to profit or l
ement ounted for usin
ssified to profit
1Q14
266.
(130) (52) (43) 41.
(7)
(25) l
9.
(23) (0)
(14)
1. (9) 1.
(8)
(22)
(1) (23)
loss
1.(1)
ng (8)
t or
-..(8).
(31).
-..
(23)
-.. (31)
(0.26)
2Q14
275.
(127) (50) (48) 50.
(11) (26)
13.
(23)
0. (9)
1.
(10) (5)
(15)
(24)
(1) (26)
(1)0.
2.
-..1..
(24)
-..
(26)
-.. (24)
(0.29)
3Q14 3Q1
267. 25
(123) (127(47) (37(44) (4751. 4
(8) 3(24) (1
19. 6
(24) (23
7. (1. 3
1.
(10) (0. (1
(9) (22
(8) 1
(1) (2(9)
(6)(2)
(7) (
-..(15)
(24)
-.
(9)
-. (24)
(0.10) 0.
13
YTD 2014
59. 807. 7) (380) 7) (150) 7) (136)
49. 142.
30. (27) 8) (75)
61.
41.
3) (70) (5) 7. 33. (22)
1. 3.
(8) (30) 5) (4) 2) (32)
11. (54)
(2) (3) 9. (57)
10. (6) (3) (3)
(12)
(13)
-. -.. (5) (22)
5. (78)
- -. 9 (57)
- -. 5 (78)
.12 (0.66)
7
YTD 2013
FY20
771. 1
(363) (120) (143) 146.
25. (70)
101.
(68) (4) 30.
1. (24)
(8) (30)
(0)
(6) (6)
6.(6)
(13)
-.(13)
(18)
-..
(6)
-..
(18)
(0.08)
Y 13
1 027. (489) (164) (189) 186.
(52) (93)
41.
(89)
(9) (57)
0.
(34) (13) (46)
(103)
(5)
(108)
6.(7)
(11)
.23.12.
(96)
0.(108)
0.(96)
(1.35)
CONSOLPOSITIO(USD millShips NewbuildiOther nonInvestmenLoan to asNon-curreTotal non
Current reBunkers anDerivativeAvailable-Cash and cTotal currAssets helTotal asse
Paid in equOther equiTotal equ Non-curreDerivativeNon-curreTotal non Current poDerivativeCurrent liaTotal currLiabilities Total equ
LIDATED STAON
l)
ing contracts -current assets
nts in associatesssociates and joent receivables n-current asset
ceivables nd other invent
e financial instru-for-sale investmcash equivalentrent assets ld for sale ets
uity ity ity
ent liabilities es financial instent interest bearn-current liabil
ortion of interese financial instruabilities rent liabilities held for sale ity and liabilit
ATEMENT OF
s and joint ventuint ventures
s
tories uments ments ts
truments ring debt lities
st bearing debt uments
ties
F FINANCIAL
ures
L 1Q14
1 233
72 55
374 -
24 1 757
138
27 4
10 70
249 -
2 006
199 530 729
26 11
991 1 029
131
9 108 248
- 2 006
2Q14
1 271 28 54
361 -
23 1 738
126
21 3
10 120 280
82 2 100
199 506 705
26 16
1 073 1 115
142
10 91
243 36
2 100
3Q14
1 256 29 53
397 9
19 1 762
132 23
- 10
113 278
- 2 040
199 482 681
24 14
1 064 1 102
134
21 101 256
- 2 040
3Q13
1 256
40 55
454 -
42 1 847
124
30 3
10 108 275
- 2 122
199 630 829
53 14
952 1 019
159
12 104 275
- 2 122
8
FY2013
1 246 69 55
390 -
30 1 790
126
35 4
10 84
260 -
2 050
199 560 759
16 14
1 012 1 043
124
9 114 247
- 2 050
1) Theexcep
CONSCHAN(USD m Equity ChangeEquity ComprOther aShare rDisposDemergEquity Equity ChangeEquity ComprEquity
e Group has applied IFpt for reclassification
OLIDATED STATENGES IN EQUITY mill)
as at 1.1.2013 e in accounting princias at 1.1.2013 adjuste
rehensive income adjustments repurchases al minority ger
y as at 30.9.2013
as at 1.1.2014 e in accounting princias per 1.1.2014 adjus
rehensive income y as at 30.9.2014
FRS 11 from 1 Januarof items within the eq
EMENT OF
iple 1) ed for changes
iple 1) sted for changes
ry 2013. The effect onquity.
Paid in equity
Excha
differe
83. -..
83.-.-.
(3) -.
119 199
199.
-c199.
-c199c
n the change in accou
ange rate
ences Cash-flow hedge
reserves
24. (12)
(27) -.(3) (12)
-. (1)-. -.-. -.-. -.-. -.
(3) (13)
10. (1)(13) 2.(3) 1.
-. (9)(3) (8)
unting principles is fur
Available for sale reserve
0. -.. 0. 0. -. -. -. -.
.111
0. -.. 0. 0. 1.
rther described in note
Pension remeasure-
ment
a
(10) -..
(10) -.. -.. -.. -.. -..
(10)
17 -.
17 -.
17
e 1 and note 9. The ch
OCI associates and joint ventures
Retaeq
-.. 27. 27.
(11) -. -. -. -. (
16
-.. 11. 11.
(13) (1).
hange has no effect on
ined quity
Total other
equity
822. 824. -.. -..
822. 824.(6) (18)
(18) (18) (39) (39)
-.. -.119) (119) 640 630
533. 560..
-.. -...533. 560..(57) (78).476. 482..
9
n the total equity,
Non-controlling
interests To
6.. -.. 6.. -.. -.. -..
(6) -.. -..
-.. -.. -.. -.. -..
9
otal equity
914. -..
914. (18) (18) (42) (6)
-. 829
759.
-.. 759. (78) 681.
1) R
r2) O
Tw
PROFITA Earnings pReturn on Return on Return on FINANCIAverage nBasic/dilutShare pricDebt repayCurrent raEquity rati USD/NOK
CONSOL
(USD mill
CASH-FLProfit befoTaxes paidDepreciatiCapital (gaInventory Trade debtTrade credDifferenceShare of nEffect of eChange inNet cash-f CASH-FLSale of nonInvestmenCapital coAvailable-Changes inNet cash-f
Return ratios relevant perioOn 1 OctoberThe TRS comwas terminate
ABILITY
per share (USDtotal assets 1) equity 1) capital employ
IAL RATIOS number of shareted equity per se per A-share (yment capabilit
atio io
K rate at period
LIDATED CAS
l)
LOW FROM Oore income taxed in the period ion and impairmain) loss on non(increase) decrtors (increase) dditors increase e in pension cosnet result from aexchange differn other current aflow from oper
LOW FROM In-current assets
nt in non-currenntribution/inve-for-sale investmn non-current reflow from inve
are based on aod. r 2012 Odfjell
mprised 5,891,ed 5 February
) - basic/diluted
yed 1)
es (mill.) 2) share (USD) USD) ty (Years)
end
SH-FLOW ST
OPERATING es
ment n-current assetsrease decrease (decrease)
st and pension passociates and jences
accruals rating activitie
INVESTING As
nt assets stments in sharments eceivables esting activities
annualised res
SE entered in166 A-shares 2013.
d
ATEMENT
ACTIVITIES
s
premium paid oint ventures
es
ACTIVITIES
es
s
sults, except f
nto a Total Reand 2,322,48
1Q14
(0.26)
(2.6%) (12.1%)
(2.8%)
86.8 8.4 5.9
347.7 1.0
36.3%
6.01
1Q14
(22) (2) 23. -.. 8. 4.
(3) 0. 7.
(0) (14)
1.
-. (8)
-. 0. 6.
(2)
for non-recurri
eturn Swap (TR2 B-shares wi
2Q14
(0.29)
(5.8%) ((14.2%) (
(2.1%) (
86.8 8.1 4.7 NA 1.3
33.6% 3
6.13
2Q14
(24) (0) 23.
0. 6. 1.
(13) 0.
11. (0) 22. 24.
-.. (99)
-.. (0) 1.
(99)
ing items that
RS) agreemenith pre agreed
3Q14 3Q
(0.10) 0
(1.4%) 1.2(8.1%) (2.3(0.9%) 4.3
86.8 787.8 104.1 6
32.0 171.1 1
3.4% 39.1
6.43 6.0
3Q14 3Q1
(8) 1(0) 24 2(7) (1) (
(18) (23
0 8 (30 (
(13) (28 (1
- (8) (1
- (4(0) ((3) 2
(10) (2
are included
nt with DNB Mstrike prices.
Q13 YTD2014
.12 (0.66)2% (1.9%)
3%) (10.9%)3% (1.6%)
8.6 86.8 0.6 7.8 6.7 4.1 7.9 132.6 1.0 1.1 1% 33.4%
00 6.43
13 YTD
2014
11. (54) -.. (3)
23. 70. 5. (7)
(6) 12. (3) (12) 6. 7. 4. 0.
32) 27. (2) 0. 20) (7) 12) 34.
- -. 14) (115) 41) -. (0) (0) 26 4.
29) (111)
10
in the
Markets. The TRS
YTD2013
(0.08) 0.8% (1.7%) 3.1%
79.710.6
6.717.9
1.039.1%
6.00
YTD2013
(0) (18) 68.
4. 6.
(12) 10. (2)
(25) (2) 1.
30.
8. (86)
1. 2. 7.
(68)
FY 2013
(1.35)
(3.6%) (12.8%)
(6.4%)
79.4 9.7 6.7
15.7 1.1
37.2%
6.08
FY2013
(103) (17) 89.
9. 0. 8.
(50) (4) 52. 14. 19. 17.
22. (141)
7. 14.
7. (91)
Notes to Note 1 – Odfjell SEOslo Stoc Basis of pThe interGroup haReportingannual fin31 Decem The inter New stanThe accouthe annuaand interp The Groujoint ventarrangemventures. arrangem The prior31has beein joint op Joint ventaccountedinterest in11 is thataccountedfinancial in note 9.
CASH-FLNew intereRepaymenPurchase oNet cash-f Effect on cfluctuationNet chang Opening cClosing ca
the consolida
Accounting pE is ultimate pck Exchange.
preparation aim consolidat
ave been prepag”. The interinancial statemmber 2013.
im financial s
ndards, interpunting principal financial stapretations effe
up has appliedtures’. IFRS 1
ment rather thaThe joint ope
ment. A joint o
r policy choiceen eliminated.perations will
tures arise whd for under thn its joint arrat all entities prd for by applyposition have.
LOW FROM Fest bearing debnt of interest beof treasury sharflow from fina
cash balances frns ge in cash and
cash and cash eqash and cash e
ated financial
principles parent companThe company
and changes ted financial stared in accordim financial st
ments, and sho
statements are
pretations anples used in thatements for thective as of 1
d for the first t11 ‘Joint arranan its legal formerations arise wperator accou
e of proportio. Equity accoul follow accou
here the investe Equity meth
angements is wreviously accoying the Equitye been adjusted
FINANCING At aring debt
res ancing activitie
from currency e
cash equivalen
quivalents equivalents
l statements
ny of the Odfjy’s address is C
to the Grouptatements for
dance with Intetatements do n
ould be read in
unaudited.
nd amendmenhe preparation he year endedJanuary 2014
ime IFRS 11 ngements’ focum. There are twhen the inve
unts for its sha
nate consolidaunting is mandunting much li
tors have righthod. After evawithin the defiounted for by ay method. Cod accordingly
ACTIVITIES
es
xchange rate
nts
fjell Group. OdConrad Mohr
p’s accountingthe first nine ernational Acnot include alln conjunction
nts adopted bn of these finand 31 December.
‘Joint arrangeuses on the rigtwo types of jestors have rigare of the asset
ation for jointdatory for partike that for joi
ts to the net asaluating IFRS inition of a ‘joapplying the pomparative figy. The effect o
1Q14
18. (32)
-.. (14)
0. (15)
84 70
dfjell SE is a psv. 29, Bergen
g policies months endedcounting Stanl the informatiwith the Grou
by the Groupncial statemenr 2013, excep
ements’. The Ights and obligoint arrangem
ght to assets ants, liabilities, r
tly controlled ticipants in joint operations
ssets of the ar11, Managem
oint venture’. proportionate gures in the inf changes in th
2Q14 3
152. (27)
-.. 124
0 50
70
120
public listed cn, Norway.
d 30 Septembendard IAS 34 “ion and disclo
up’s annual fin
nts are consistet for the adopt
IFRS 11 replagations of the pments: joint opnd obligationsrevenue and e
entities in accint ventures. today.
rangement. Joment has consi
The consequeconsolidated mcome statemehe accounting
3Q14 3Q1
27. 7(30) (12
-. (3) (53
(0) (6) (9
120 20113 10
company trade
er 2014 for Od“Interim Finanosures requirenancial statem
ent with thosetion of new st
aces IAS 31 ‘inparties to the
perations and js for the liabilexpenses
cordance with Entities that p
oint ventures aidered that theence of applyinmethod now i
ent and statemg principles ar
13 YTD 2014
72. 197. 24) (90)
-.. -.. 3).... 107
0.
(0) 93) 29
02 84 08 113
11
ed on the
dfjell ncial d in the
ments as at
e used in tandards
nterest in
oint ities of an
IAS participate
are e Group’s ng IFRS is
ment of re shown
YTD 2013
265.
(197) (42) 25..
(1) (14)
122 108
FY 2013
388. (309)
(42) 37.....
(0) (37)
122.
84.
Several oannual co IFRS 10 The standcontrol. Tcontrol is IFRS 12 IFRS 12 rrisks and 12 have n There havinstrumenThese chastatement Note 2 – Managemmanagemapplying Chemicawith ship Tank terproducts. Gas CarrOdfjell G
(USD millChemical Gas CarrieTank TermGross reveTotal grosChemical Gas CarrieTank TermTotal operamortisatnon-curreChemical Gas CarrieTank TermTotal operChemical Gas CarrieTank TermTotal net Chemical Gas CarrieTank TermAssets helTotal asse
other new stanonsolidated fin
‘consolidated dard changes tThe revised des present. The
‘ disclosure orequires entitifinancial effe
no impact on t
ve in addition nts: presentatianges have nots.
Segment info
ment has determent. In acco
the proportion
al Tankers: Tps. The compo
rminals: The t The segment
riers: The GroGas has today e
l) Tankers ers minals enue from interss revenue Tankers ers minals rating result b
tion and capitaent assets (EBITankers ers minals rating result (ETankers ers minals result Tankers ers minals ld for sale ets
ndards and intenancial statem
financial statthe definition efinition of conew definitio
f interests in oies to discloseects associatedthe interim fin
been made mion’, IAS 39 ‘o material imp
ormation
rmined the operdance with thnate consolida
The Chemical Tosition of the s
tank terminal t is operated th
oup re-enteredeight vessels o
rnal customers
before depreciaal gain (loss) onITDA)
EBIT)
erpretations apments or the int
ements’ of control so ntrol focuses
on does not res
other entities’e information td with the entinancial statem
minor adjustme‘financial instpact of the Gro
erating segmehe internal fination method.
Tankers segmships enables t
segment offerhrough the joi
d into the LPGon order for d
1Q14263.
5.23.(1)
290.17.
0.(0)
ation,n
17.(6)(1)(8)
(15)(17)
(1)(4)
(22)1 568
81673
-.2 322
pply for the finterim financia
that the same on the need tosult in any cha
that helps finaities interest in
ments.
ents to IAS 19truments’, IASoup’s annual f
ents based on tnancial reporti
The Group h
ment involves athe Group to o
rs storage andint venture Od
G market in 20delivery betwe
2Q14 270
8 24
1 302 24.
1. (10)
15. 1. 1.
(17) (15) (12)
0. (14) (26)
1 672 -
674 82
2 428
irst time in 20al statements o
criteria are apo have both poange in the co
ancial statemen subsidiaries,
9 ‘employee bS 36 ‘impairmfinancial state
the informationg, investmenas three repor
a ‘round the woffer both glob
d distillation odfjell Termina
012 by acquirieen 2015 and 2
3Q14 3Q263.
7. 23. (1)
292.26.
1. 4.
31. 3. 7.
(5) 5.
(5) 5.
(9) (9)
1 662 167
654 -
2 383 2
14. However, of the Group.
pplied to all enower and variansolidation fo
nts readers to , joint venture
enefits’, IAS ment of assets’
ments or the i
on regularly rents in joint ventable segment
world’ transpobal and region
f various chemls AS.
ing two LPG/2017.
Q13 YTD2014
262. 7952. 20
33. 70(2) (1
296 88530 67(1) 2
7 (6
37 637. (2
(2) 717. (2923 (24(0) (34(2) 412. (27
9. (57616 1 66265 67
770 654-
451 2 383
they do not imThese standar
ntities to deterable returns b
or the Group.
o evaluate the nes and associat
32 ‘Financial and IFRIC 2interim financ
eview by senionture are repots:
ortation of chenal transportat
mical and petr
/Ethylene carr
D 4
YTD 2013
5. 771. 0. 10. 0. 104. 1) (3) 5. 882. 7. 79. 2. (2) 6) 22
3.
100 2) 9. 7. (4) 9) 20. 4) 25. 4) (25) 4. (6) 7) 25. 7) (6) 2 1 616 7 65 4 770 - - 3 2 451
12
mpact rds are:
rmine before
nature, tes. IFRS
1 ‘levies’. cial
or rted by
micals tion.
roleum
riers, and
FY2013 1 028.
11. 129.
(3) 1 165..
98. (3) 22.
117. 3.
(6) (72) (75) (46)
(8) (53)
(108) 1 625
50 685
- 2 360
Reconcili
(USD mi
Total grRevenueRevenue
Total gr
Total EBEBITDAEBITDAShare of
Total EB
Total segSegmentSegmentShare of
Total EB
Note 3 - N
(USD millLoans fromFinancial lBonds Current poTransactioTotal inteCash and cAvailable Net intere
(USD millNew intereDisposal oPayment o
Note 4 – In the norparties. O
iation:
ill)
ross revenue see from associatee from associate
ross revenue in
BITDA segmenA from associateA from associatef net result from
BITDA income
gment EBIT t EBIT from asst EBIT from assf net result from
BIT income sta
Net interest b
l) m financial instileases
ortion interest bon costs rest bearing dcash equivalentfor sale investm
est bearing liab
l) est bearing debtof interest bearinof interest bearin
Transactions
rmal course oOdfjell conside
egments es and joint venes and joint ven
ncome statemen
nts es and joint venes and joint ven
m associates and
e statement
sociates and joisociates and joi
m associates and
atement
bearing liabil
itutions – floati
earing debt
ebt t ments bilities
t ng debt ng debt
s with related
f the conduct ers these arran
tures - Tank tertures - Chemica
nt
ntures - Tank terntures - Chemicd joint ventures
nt ventures – Tnt ventures - Ch
d joint ventures
lities
ing interest rate
d parties
of its businessngements to be
rminals al Tankers
rminals cal Tankers
Tank terminalshemical Tanker
e
s, the Group ee on reasonab
1Q1
29(23
(
26
1(0(0(7
(15
rs (0(7
(14
enters into a nble market term
14 2Q14
0. 302.3) (24)1) (3)
6. 275.
7. 15.0) 10.0) (1)7) (11)
9. 13.
5) (15)8. 17.0) (0)7) (11)
4) (9)
3Q14 4474.
260. 336. 134.
(6) 1 198. (113)
(10) 1 075
3Q14
27. (15) (30)
umber of tranms.
3Q14
292. (24)
(2)
267.
31. (4) (1) (8)
19.
5. 5.
(1) (8)
1.
3Q13
496. 169. 294. 159.
(7) 1 111. (108)
(10) 993.
3Q13
72. -.
(124)
nsactions with
13
YTD2013 2
882 1(104) (1
(6)
771 1 0
100.(22)
(2) 25
101
25.
(20) (0) 25.
30.
FY2013 542. 183. 294. 124.
(7) 1 136
(84) (10)
1 042.
FY2013 388.
-. (309)
related
FY 2013
165.129)
(8)
027.
117.(22)
(2) (52)
41.
(75) 72. (1)
(52)
(57)
Note 5 –
(USD millNet carryinInvestmenSale of nonDepreciatiExchange Net carryi Note 6 – The Grouinputs usequoted prmeasuremeither dirto be the payables. During 20transfers caused th Assets anfair value (USD millRecurringFinancial a Deriva DerivaFinancial l Deriva DerivaAvailable-
Non-current
l) ng amount begi
nts in non-currenn-current assetson and impairmdifferences ing amount en
Fair value an
up classifies faed in making rices (unadjusment date, andectly or indirebest estimate .
014 there havbetween level
he transfer.
nd liabilities we hierarchy we
l) g fair value meassets at fair vaatives instrumenatives instrumenliabilities at fairatives instrumenatives instrumen-for-sale-investm
t assets
inning nt assets s ment
nd
nd financial i
air value measthe measuremted) in active
d level 2 are inectly. For somof fair value d
e been no tranls of the fair v
which are measere as follows
easurement alue through pronts – non hedgints - hedging r value throughnts – non hedgints - hedging ments
instruments
surements usinment. The mea
markets for idnputs other tha
me non-derivatdue to short m
nsfers betweenvalue hierarchy
sured at fair v:
ofit or loss: ing
h profit or loss:ing
ng a fair valueasurement useddentical assetsan quoted prictive financial a
maturity date a
n levels of they from the dat
value in the Co
3Q14Level
1
3Q141 369
115(77)(70)
-1 338
e hierarchy thd by Odfjell iss or liabilities ces that are obassets and liab
and valid term
e fair value hiete of the event
onsolidated Ba
4 1
3Q1Level
- -
- 2- 0
3Q13 1 345
86 (11) (68)
(1) 1 351
at reflects the s either level 1that the entity
bservable for thbilities we cons, i.e. current
erarchy. The Gt or change in
alance Sheet a
14
2 3Q
Leve
- -
26 9 -
FY2013 1 345.
141. (28) (89)
1. 1 370
significance 1 or 2, where y an access at the asset or liansider carryingreceivables an
Group accounn circumstance
and their level
Q13 el 1
3QLev
- -
- -
10
14
of the level 1 is the
ability, g amount nd
ts for es that
l of the
Q13 el 2
- 3
22
4 -
Note 7 – The sharebased on expenses,
(USD mill Gross reveEBITDA EBIT Net result Non-curreCurrent asTotal asse Total equ Non-curreCurrent liaTotal liab
Note 8 –
(USD millChanges inCurrency gOther Total othe
Included partnersh Note 9 – With the figures ar
Investments
e of result andequity metho, total assets, t
l)
enue
ent assets ssets ets
ity closing bala
ent liabilities abilities
bilities
Other financ
l) n fair value in dgains (losses)
er financial ite
in “Other” in hip agreement
Figures pres
effect from 1 re presented b
CONSOLID(USD mill) Gross revenuVoyage expeTime-charterOperating exGross result
in associates
d balance sheed in the interimtotal liabilities
ance
cial items
derivatives
ems
second quartewith Lindsay
ented based o
January 2014based on Propo
DATED INCO
ue enses r expenses xpenses t
and joint ven
et items from im financial sts and equity:
Chem
Tank
1Q141.0.
(1)1.
er are provisioGoldberg.
on Proportio
4 Odfjell changortionate meth
OME STATEM
ntures
investments intatements. The
mical kers
TTermi
7.(1)(1)(0)
98
17
10
347
2Q14 (8) 8.
(5) (5)
ons related to
onate method
nged from Prophod for compa
MENT
n associates ane figures below
YTD14Tank inals
GaCarrier
70.(6)
(29)(27)
588 565 1
653 6
333 5
256 164
320 1
3Q14 3Q(5) 6.
(0) 0.
specific indem
portionate mearison purpose
Propo
YT
nd joint venturw show our sh
as rs Total
- 77. - (7) - (30) - (27)
53 650 16 89 69 739
54 397
13 272
2 70 15 343
Q13 YTD2014
(4) (12(11) 14
(1) (6(15) (4
mnity clauses
thod to equityes.
ortional method
TD 2014
Pro
885.
(383) (150) (195) 157.
ures are recognhare of revenu
Chemical Tankers
5 1 1 0
5 5
10
9
0 1 1
D 4
YTD 2013
2) 8. 4. (9) 6) (7) 4) (8)
in the global
y method. Bel
oportional
method FY 2013
1 165. (491) (165) (268) 241.
15
nised ue and
YTD13 Tank
Terminals
104222025
641131772
444
24484
328
FY2013 8.
(14) (7)
(13)
ow
Total
109232125
646137783
454
24485
329
Share of net General and Operating rcapital gain DepreciationImpairment Capital gain Operating r Interest incoInterest expeOther financNet financia Result befor Taxes Net result
Intangible asShips NewbuildingTank terminOther non-cuInvestments Non-current Total non-c Current receBunkers andDerivative fiAvailable-foCash and casTotal currenTotal assets Paid in equitOther equityTotal equity Non-current Derivatives fNon-current Total non-c Current portDerivative fiCurrent liabiTotal currenTotal equity
result from assadministrative
result before dn (loss) on non-
n
(loss) on non-cresult (EBIT)
ome enses cial items al items
re taxes
ssets
g contracts als urrent assets in associates anreceivables urrent assets
eivables d other inventorinancial instrumor-sale investmesh equivalents nt assets
s
ty y y
liabilities financial instruinterest bearingurrent liabiliti
ion of interest binancial instrumilities nt liabilities y and liabilities
sociates and joinexpenses epreciation, amcurrent assets
current assets
nd joint venture
ies ments ents
ments g debt ies
bearing debt ments
s
nt ventures
mortisation an (EBITDA)
es
nd
Proportiomet
30.09.2
1
2
2
11
2
0.
(94)
63.
(94) -. 7.
(24)
2. (37) (10) (45)
(69)
12.
(57)
onal thod 2014
Pr
3
43 295 50
498 83 21 26
016
161 24
- 10
172 367 383
199 482 681
51 17
306 375
155
21 151 327 383
1. (125)
117.
(126) (81) 16.
(75)
5. (51)
6. (40)
(115)
7. (108)
roportional method
31.12.2013
44 1 256
69 492
85 23 33
2 002
155 37
4 10
152 357
2 360
199 560 759
65 17
1 216 1 298
134
9 159 302
2 360
16
Note 10 –
Odfjell anL.P. has bagreemenconsideraand the Pprogrammfirst classmodern a
Up to 30 2014, Odmeasuremremaining Odfjell ainclude stransactiocompany cash inveOdfjell atransactio
– Disposals
nnounces 1 Obeen closed. Tnt, Breakwateration for the 5Partners have eme for the joins operators, toand eco-friend
September 20dfjell recognisment of aboug investment i
announced 18substantially aon, Lindsay Gy for Odfjell's testment in OTand 49% by on, accounted
ctober 2014 thThe closing tor Capital and O0% equity inteach agreed tont venture. Od build a leadin
dly fleet and a
014, Odfjell hsed its retaine
ut USD 6 milin Odfjell Gas
June 2013 tall of the Od
Goldberg has tank terminalsTAS, by way Lindsay Goldfor in 3Q 201
hat the transacok place on 3Oak Hill Adverest in Odfje
o commit apprdfjell and the Png LPG/Ethyllong-term ma
has consolidateed investmentllion is recogs AS is recogn
that the transadfjell's tank tacquired a 4
s activities. Inof a capital i
dberg. Odfjel13.
ction with Bre0 September 2
visors, L.P invell’s LPG/Ethyroximately USPartners aim, tlene carriers parket perspecti
ed Odfjell Gant (50%) in Ognised in the nised accordin
action to expterminals bus49% interest n exchange forincrease of Ull realized a
eakwater Capi2014. In accoested approximylene businessSD 50 millionthrough conso
platform foundive.
as AS 100%. UOdfjell Gas A
income stateng to the equit
pand the jointsiness globallyin Odfjell Ter a 49% share
USD 219.2 mibook gain o
ital and Oak Hordance with tmately USD 5s (Odfjell Gas to finance the
olidation and pded upon oper
Upon loss of cS at its fair v
ement. On 30y method.
t venture withy had been c
erminals AS (in OTAS, Linllion. OTAS f USD 24.5
Hill Advisors, the joint ventu50 million as s AS). Furthere existing newpartnerships wrational excell
control at 30 Svalue. The ga0 September
h Lindsay Goclosed. As p("OTAS"), thndsay Goldbeis now ownemillion relat
17
ure
r, Odfjell wbuilding with other lence, a
September ain on re-2014, the
oldberg to art of the
he holding erg made a d 51% by ted to the
FLEET & TERMINAL OVERVIEW as per 10 November 2014
CHEMICAL TANKERS YEAR STAINLESS NUMBEROWNED: SHIP BUILT DWT CBM STEEL, CBM OF TANKS
Bow Trident 2014 49 622 53 188 - 22 Bow Pioneer 2013 75 000 86 000 - 30 Bow Nangang 2013 9 156 10 523 10 523 14 Bow Dalian 2012 9 156 10 523 10 523 14 Bow Fuling 2012 9 156 10 523 10 523 14 Bow Lind 2011 46 047 48 698 - 29 Bow Elm 2011 46 098 48 698 - 29 Flumar Brasil 2010 51 188 55 452 - 14 Bow Harmony 2008 33 619 38 052 38 052 16 Bow Saga¹ 2007 40 085 52 126 52 126 40 Bow Sirius¹ 2006 49 539 52 155 52 155 40 Bow Sea 2006 49 511 52 107 52 107 40 Bow Engineer 2006 30 086 36 274 36 274 28 Flumar Maceio 2006 19 975 21 713 21 713 22 Bow Summer 2005 49 592 52 128 52 128 40 Bow Spring 2004 39 942 52 127 52 127 40 Bow Star 2004 39 832 52 127 52 127 40 Bow Santos 2004 19 997 21 846 21 846 22 Bow Sun 2003 39 842 52 127 52 127 40 Bow Firda 2003 37 427 40 645 40 645 47 Bow Chain 2002 37 518 40 621 40 621 47 Bow Andes 2000 16 020 17 120 17 120 22 Bow Condor 2000 16 121 17 622 17 622 30 Bow Fortune 1999 37 395 40 619 40 619 47 Bow Master 1999 6 046 7 018 7 018 14 Bow Pilot 1999 6 008 7 005 7 005 14 Bow Sailor 1999 6 008 7 011 7 011 14 Bow Cecil 1998 37 369 40 515 33 236 47 Bow Flora 1998 37 369 40 515 33 236 47 Bow Balearia 1998 5 846 6 075 6 075 20 Bow Oceanic 1997 17 460 19 616 19 616 24 Bow Bracaria 1997 5 846 6 071 6 071 20 Bow Brasilia 1997 5 800 6 067 6 067 20 Bow Cardinal 1997 37 446 41 487 34 208 52 Bow Faith 1997 37 479 41 487 34 208 52 Bow Aratu 1997 13 843 15 834 15 834 29 Bow Querida 1996 10 106 11 181 11 181 18 Bow Cedar 1996 37 455 41 488 41 488 52 Bow Atlantic 1995 17 460 19 588 19 588 24 Bow Fagus 1995 37 375 41 608 34 329 52 Bow Clipper 1995 37 221 41 596 34 328 52 Bow Flower 1994 37 221 41 492 34 213 52 Bow Victor 1986 33 000 34 500 21 975 31
TIME CHARTERED/POOL:Bow Tribute² 2014 49 622 53 188 - 22 Bow Trajectory² 2014 49 622 53 188 - 22 UACC Mansouria 2013 45 352 52 566 - 22 UACC Marah 2013 45 249 52 565 - 22 Chemroad Hope 2011 33 552 37 161 37 161 18 RT Star 2011 26 199 27 912 27 912 18 SG Pegasus 2011 13 086 14 523 14 523 16 Southern Koala 2010 21 290 20 008 20 008 20 Bow Tone 2009 33 625 37 974 37 974 16 Bow Hector 2009 33 694 37 384 37 384 16 Southern Ibis 2009 19 905 22 158 22 158 20 Southern Jaguar 2009 19 997 22 157 22 157 20 Bow Sagami 2008 33 641 38 000 38 000 16 Bow Kiso 2008 33 641 37 974 37 974 16 Bow Heron 2008 33 707 37 365 37 365 16 Celsius Mayfair 2007 19 999 21 714 21 714 20 Bow Fuji 2006 19 805 22 140 22 140 22 Celsius Manhattan 2006 19 807 22 143 22 143 22 Moyra 2005 19 806 22 838 22 838 18 Bow Sky² 2005 40 005 52 126 52 126 40 Bow Architect 2005 30 058 36 290 36 290 28 Celsius Monaco 2005 19 999 21 851 21 851 22 Celsius Mumbai 2005 19 993 22 186 22 186 22 Celsius Miami 2005 19 991 22 192 22 192 22 Chembulk Sydney 2005 14 271 16 571 16 571 20 Golden Top 2004 12 705 13 388 13 388 22 Chembulk Wellington 2004 14 312 15 591 15 591 20 Bow Asia² 2004 9 901 11 088 11 088 20 Bow Singapore² 2004 9 888 11 089 11 089 20 Bow Americas 2004 19 707 22 735 22 735 36 SG Friendship 2003 19 773 21 651 21 651 26 Bow Jubail² 1996 37 499 41 488 34 209 52 Bow Mekka² 1995 37 272 41 606 34 257 52 Bow Riyad² 1995 37 221 41 492 34 213 52 Kristin Knutsen 1998 19 152 19 409 19 409 34 Number of ships: 78 2 211 628 2 476 881 1 887 964 2 211
¹ Vessel beneficially owned through financial lease.² Vessel on bare-boat charter.³ Vessel on variable time charter/pool.
YEAR NUMBERLPG/ETHYLENE CARRIERS SHIP BUILT DWT CBM TYPE OF TANKSOWNED: Bow Gallant³ 2 008 10 282 8 922 LPG/Ethylene 2
Bow Guardian³ 2 008 10 282 8 922 LPG/Ethylene 2
TIME CHARTERED: Berlian Ekuator 2 004 26 776 35 000 LPG/Ammonia 3 Number of ships: 3 47 340 52 844 7
ON ORDER: YARD DELIVERY DWT OWNER COMMENTHyundai Mipo Dockyard., Ltd 2014 49 622 OdfjellNumber of newbuildings: 1 49 622
LPG/ETHYLENE CARRIERS YARD DELIVERY CBM OWNER COMMENT
Nantong Sinopacific Offshore & Engineering Co., Ltd 2015 17 000 Odfjell Gas 50/50 JV" 2015 17 000 Odfjell Gas "
" 2016 17 000 Odfjell Gas "" 2016 17 000 Odfjell Gas "" 2016 22 000 Odfjell Gas "" 2016 22 000 Odfjell Gas "" 2017 22 000 Odfjell Gas "" 2017 22 000 Odfjell Gas "
Number of newbuildings: 8 156 000
STAINLESSTANK TERMINALS LOCATION CBM
STEEL, CBM
TANKS
Odfjell Terminals (Rotterdam) BV Rotterdam, NL 51 % 1 636 100 32 550 281 Odfjell Terminals (Houston) Inc Houston, USA 51 % 362 134 112 833 110 Odfjell Terminals (Charleston) LLC Charleston, USA 51 % 79 491 - 9 Odfjell Terminals (Jiangyin) Co Ltd Jiangyin, China 28.05 % 99 800 30 000 22 Odfjell Terminals (Dalian) Ltd Dalian, China 25.5 % 119 750 18 350 51 Odfjell Terminals (Korea) Co Ltd Onsan, Korea 25.5 % 313 710 15 860 85 Oiltanking Odfjell Terminal Singapore Ltd Singapore 25.5 % 365 051 13 520 79 Oiltanking Odfjell Terminal & Co. LLC Sohar, Oman 15.17 % 1 294 780 - 66 Noord Natie Terminals Antwerp, Belgium 12.75% 350 000 50 800 241 Exir Chemical Terminals PJSCO BIK, Iran 35 % 22 000 1 000 18 Total terminals 10 terminals 4 642 816 274 913 962
STAINLESSPROJECTS AND EXPANSIONS LOCATION CBM
STEEL, CBM
COMPLETION
Odfjell Nangang Terminals (Tianjin) Co.,Ltd Tianjin, China 24.99% 137 800 7 000 Q4 2014Odfjell Terminals (Houston) Inc Houston, USA 51 % 17 170 - Q2 2014/Q3 2015Oiltanking Odfjell Terminal Singapore Ltd Singapore 25.5 % 12 000 - Q1 2015Odfjell Terminals Quanzhou (Fujian) Quanzhou, China 25.5% 184 000 - Q1 2016Total expansion terminals 2 new terminals 350 970 7 000
STAINLESSTANK TERMINALS PARTLY OWNED BY RELATED PARTIES*) LOCATION CBM
STEEL, CBM
TANKS
Depositos Quimicos Mineros S.A. Callao, Peru 52 980 1 600 43 Granel Quimica Ltda Santos I, Brazil 97 720 19 880 99 Granel Quimica Ltda Rio Grande, Brazil 61 150 2 900 32 Granel Quimica Ltda Sao Luis I, Brazil 75 710 - 35 Granel Quimica Ltda Ladario, Brazil 8 060 - 6 Granel Quimica Ltda Triunfo, Brazil 12 430 - 3 Granel Quimica Ltda Teresina, Brazil 7 640 - 6 Granel Quimica Ltda Palmas, Brazil 11 000 8 Odfjell Terminals Tagsa S.A. Buenos Aires, Argentina 38 826 530 56 Odfjell Terminals Tagsa S.A. Campana, Argentina 68 580 10 190 102 Terquim S.A. San Antonio, Chile 32 840 - 25 Terquim S.A. Mejillones, Chile 16 840 - 7 IMTT-Quebec Quebec, Canada 293 130 5 500 53 Total tank terminals partly owned by related parties 13 terminals 776 906 40 600 475
PROJECTS AND EXPANSIONS TANK TERMINALS PARTLY OWNED BY RELATED PARTIES*) LOCATION CBM COMPLETION
Depositos Quimicos Mineros S.A. Callao II, Peru 17 850 - ready Q4 2015Granel Quimica Ltda Santos II, Brazil 52 000 - ready Q4 2016Granel Quimica Ltda Sao Luis II, Brazil 52 750 - ready Q2 2015Granel Quimica Ltda Palmas, Brazil 6 000 - ready Q2 2015Total expansion tank terminals partly owned by related parties 2 new terminals 128 600 -
Grand total (incl. related tank terminals partly owned by related partie 23 existing terminals 5 419 722 315 513
*) Tank terminals and projects partly owned by Odfjell family.**) Odfjell SE's indirect ownership share
OWNER SHIP**)
OWNER SHIP**)
Investor Relations contact Media contact Tom A. Haugen Margrethe Gudbrandsen Phone: + 47 55 27 46 69 Phone: + 47 55 27 45 48 Mobile: + 47 90 59 69 44 Mobile: + 47 48 07 47 47 [email protected] [email protected]
ODFJELL SE Conrad Mohrsveg 29, P.O.Box 6101 Postterminalen 5892 Bergen, Norway Tel: +47 5527 0000 Fax: +47 5528 4741 E-mail: [email protected] Org. no: 930 192 503 www.odfjell.com