SEA CONTAINERS LTD. AND SUBSIDIARIES (SCL)
SUMMARY OF OPERATING RESULTS (UNAUDITED)
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Three months ended September 30, |
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Revenue: |
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Ferry operations - Silja |
$181,940,000 |
$181,813,000 |
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43,940,000 |
54,793,000 |
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Rail operations |
224,945,000 |
197,364,000 |
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Container operations |
36,104,000 |
25,922,000 |
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Other |
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Total revenue |
$492,236,000 |
$465,018,000 |
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Earnings/(losses) before
net finance costs: |
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Ferry operations: |
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$ 20,544,000 |
$ 27,360,000 |
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1,514,000 |
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17,720,000 |
28,874,000 |
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Rail operations |
10,588,000 |
28,757,000 |
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Container operations: |
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Other, including property, publishing and plantations* |
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4,771,000 |
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Gains on sale of assets and
non-recurring charges** |
- |
60,000,000 |
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Corporate costs |
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Total earnings before net
finance costs *** |
41,256,000 |
127,069,000 |
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Net finance costs |
(19,303,000) |
(19,577,000) |
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Earnings before income
taxes |
21,953,000 |
107,492,000 |
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Provision for income taxes |
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10,300,000 |
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Earnings before earnings
from investment in Orient-Express Hotels Ltd. |
13,560,000 |
97,192,000 |
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Investment in
Orient-Express Hotels Ltd. |
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Net earnings |
18,394,000 |
101,016,000 |
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Preferred share dividends |
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Net earnings on class A and
class B common shares |
$ 18,122,000 |
$100,744,000 |
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Net earnings per class A
and class B common share: |
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Basic |
$ |
$ |
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Diluted |
$ |
$ |
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Weighted average number of
class A and class B common shares: |
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Basic |
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Diluted |
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* Includes gains of $5,732,000 on the
sale of Folkestone port in 2004 and $5,000,000 on the sale of Newhaven property
in 2003.
** Reflects the gain of $100,000,000 on
the sale of the Isle of Man Steam Packet Company effective
*** Includes depreciation and amortization
of $28,889,000 (2003 - $26,307,000) so that earnings before interest, tax,
depreciation and amortization (EBITDA) was $70,145,000 (2003 - $153,376,000 or
$93,376,000 excluding the effect of the sale of the Isle of Man Steam Packet
Company).
SEA CONTAINERS LTD. AND SUBSIDIARIES (SCL)
SUMMARY OF OPERATING RESULTS (UNAUDITED)
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Nine months ended September 30, |
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2004 |
2003 |
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Revenue: |
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Ferry operations - Silja |
$ 481,010,000 |
$ 451,082,000 |
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- Other |
78,459,000 |
143,335,000 |
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Rail operations |
633,411,000 |
526,947,000 |
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Container operations |
88,650,000 |
85,024,000 |
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Other |
16,373,000 |
17,118,000 |
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Total revenue |
$1,297,903,000 |
$1,223,506,000 |
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Earnings/(losses) before
net finance costs: |
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Ferry operations: |
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Silja |
$ 26,019,000 |
$ 30,741,000 |
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Other |
(18,808,000) |
(6,599,000) |
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7,211,000 |
24,142,000 |
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Rail operations |
34,021,000 |
63,219,000 |
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Container operations: |
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GE SeaCo |
23,696,000 |
15,548,000 |
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Other |
9,770,000 |
11,148,000 |
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33,466,000 |
26,696,000 |
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Other, including property, publishing and plantations * |
4,125,000 |
5,779,000 |
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Gains on sale of assets and
non-recurring charges** |
- |
60,000,000 |
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Corporate costs |
(13,471,000) |
(11,759,000) |
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Total earnings before net
finance costs *** |
65,352,000 |
168,077,000 |
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Net finance costs |
(59,906,000) |
(67,501,000) |
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Earnings before income
taxes |
5,446,000 |
100,576,000 |
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Provision for income taxes |
4,893,000 |
7,032,000 |
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Earnings before earnings
from investment in Orient-Express Hotels Ltd. |
553,000 |
93,544,000 |
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Investment in
Orient-Express Hotels Ltd. |
8,326,000 |
7,010,000 |
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Net earnings |
8,879,000 |
100,554,000 |
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Preferred share dividends |
816,000 |
816,000 |
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Net earnings on class A and
class B common shares |
$ 8,063,000 |
$ 99,738,000 |
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Net earnings per class A
and class B common share: |
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Basic |
$ 0.35 |
$
4.74 |
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Diluted |
$ 0.35 |
$
4.66 |
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Weighted average number of
class A and class B common shares: |
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Basic |
23,125,682 |
21,020,528 |
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Diluted |
23,261,232 |
21,556,745 |
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* Includes gains of $5,732,000 on the
sale of Folkestone port in 2004 and $5,000,000 on the sale of Newhaven property
in 2003.
** Reflects the gain of $100,000,000 on
the sale of the Isle of Man Steam Packet Company effective
*** Includes depreciation and amortization
of $86,828,000 (2003 - $82,994,000) so that earnings before interest, tax,
depreciation and amortization (EBITDA) was $152,180,000 (2003 - $251,071,000 or
$191,071,000 excluding the effect of the sale of the Isle of Man Steam Packet
Company).
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(UNAUDITED)
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September
30, |
December
31,
2003 |
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Cash |
$ 122,532,000 |
$
213,313,000 |
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Receivables |
262,451,000 |
247,303,000 |
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Containers and ships, net book value |
1,591,078,000 |
1,637,666,000 |
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Real estate and other fixed assets, net
book value |
135,714,000 |
145,294,000 |
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Assets under capital leases, net book value |
9,901,000 |
12,494,000 |
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Inventories |
46,391,000 |
45,991,000 |
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Investments |
385,472,000 |
356,024,000 |
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Other assets |
109,960,000 |
103,832,000 |
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$2,663,499,000 |
$2,761,917,000 |
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Accounts payable |
$
386,236,000 |
$
427,896,000 |
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Liabilities with respect to containers and
ships |
1,032,986,000 |
1,052,233,000 |
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Bank loans with respect to real estate and
other fixed assets |
43,520,000 |
143,756,000 |
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Obligations under capital leases |
4,955,000 |
8,260,000 |
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Senior notes |
406,380,000 |
305,806,000 |
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Senior subordinated debentures |
|
79,571,000 |
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Minority interests and deferred revenue |
16,879,000 |
12,582,000 |
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Shareholders’ equity |
1,163,804,000 |
1,123,074,000 |
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Class B common shares with voting rights owned by a subsidiary |
(391,261,000) |
(391,261,000) |
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$2,663,499,000 |
$2,761,917,000 |
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