SEA CONTAINERS LTD. AND SUBSIDIARIES (SCL)
SUMMARY OF OPERATING RESULTS (UNAUDITED)
Three months ended Six months ended
June 30, June 30,
2005 2004 2005 2004
$000 $000 $000 $000
Revenue:
Ferry operations
- Silja 160,952 161,179
280,733 299,070
- Other 18,443 30,588
24,001 34,771
Rail
operations
235,055 208,261 449,759
408,466
Container
operations 36,571 26,436
73,164 52,294
Other 6,964 5,925
11,940 11,066
Total
revenue
457,985 432,389 839,597
805,667
Operating
income/(losses) before
non-recurring
charges:
Ferry operations:
Silja (1,272) 12,699
(20,350) 6,989
Other (12,852) (9,079)
(27,724) (17,557)
(14,124) 3,620
(48,074) (10,568)
Rail
operations
15,608 12,450 29,772
23,433
Container
operations:
Investment in GE
SeaCo * 6,540 8,282
13,870 15,123
Other 3,978 2,713
5,651 5,367
10,518 10,995
19,521 20,490
Other, including
property,
publishing
and
plantations
(326) 41 (1,613) (977)
Losses on sale of
assets (806) -
(1,962) -
Non-recurring
charges (4,525) -
(19,025) -
Corporate
costs (4,691) (4,668)
(9,629) (8,369)
Operating income
/ (loss) 1,654 22,438
(31,010) 24,009
Net finance
costs (21,219) (19,873)
(42,353) (40,603)
Gain on sale of
Orient-Express
Hotels Ltd.
shares - - 41,099 -
(Losses)/earnings
before income
taxes (19,565) 2,565 (32,264)
(16,594)
(Provision
for)/benefit from income
taxes (2,726) (1,000)
4,343 3,500
Investment in
Orient-Express Hotels
Ltd. 4,651 5,429
3,747 3,492
Earnings from
other equity
investments - 69 - 87
Net
(losses)/earnings
(17,640) 7,063 (24,174) (9,515)
Preferred share
dividends (105) (272)
(377) (544)
Net
(losses)/earnings on class A and
class B common
shares (17,745) 6,791
(24,551) (10,059)
Net
(losses)/earnings per class A
and
class B common
share: $ $ $ $
Class A:
Basic and
diluted (0.64) 0.30
(0.91) (0.44)
Class B:
Basic and
diluted (0.64) 0.27
(0.91) (0.44)
Weighted average
number of class A
and
class B common
shares:
Class A:
Basic and diluted
('000) 26,099 21,426
25,651 21,434
Class B:
Basic and diluted
('000) 1,466 1,513
1,477 1,513
* After finance
costs
SEA CONTAINERS LTD. AND SUBSIDIARIES (SCL)
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, December 31,
2005 2004
Assets
$000 $000
Cash
133,985 129,079
Restricted
cash 22,964 17,056
Accounts
receivable
134,972 125,979
Due from related
parties
30,586 38,030
Prepaid expenses
and other
25,235 27,604
Inventories 39,111 43,001
Total current
assets
386,853 380,749
Property, plant
& equipment, net book value
1,673,222 1,829,113
Investments 353,546 397,755
Goodwill
19,617 18,725
Other assets
118,526 109,758
2,551,764 2,736,100
Liabilities and
Shareholders' Equity
Working capital
facilities
1,404 305
Accounts
payable
134,663 145,733
Accrued
liabilities
226,261 254,533
Deferred
revenue
18,264 14,545
Current portion
of long-term debt and
capital
leases
145,043 165,825
Total current
liabilities
525,635 580,941
Long-term debt
and obligations under
capital
leases
1,264,645 1,364,750
Minority
interest
1,861 1,646
Redeemable
preferred shares
- 15,000
Shareholders'
equity
1,150,884 1,165,024
Class B common
shares with voting rights
owned by a
subsidiary
(391,261) (391,261)
2,551,764 2,736,100
SEA
CONTAINERS LTD. AND SUBSIDIARIES (SCL)
SUPPLEMENTARY INFORMATION
1, Sea Containers
Ltd. EBITDA Summary
Three
months ended Six months ended
June 30, June 30,
2005 2004
2005 2004
$000
$000 $000 $000
EBITDA from
Operations before Non-Recurring Charges:
Silja
operations
10,677 23,958 3,880
29,027
Other ferry
operations (10,468) (6,500) (22,844) (12,600)
Rail
operations
19,421 16,027 38,869
31,425
Investment in GE
SeaCo* 6,540 8,282
13,870 15,123
Other container
operations 15,266 13,861
28,179 27,699
Property,
plantations and publishing (31) 369
(1,015) (357)
Total EBITDA from
Operations,
Before
Non-Recurring Charges
41,405 55,997 60,939
90,317
Losses on sale of
assets (806) -
(1,962) -
Non-recurring
charges (4,525) -
(19,025) -
Corporate
costs (4,691) (4,668)
(9,629) (8,369)
Investment in OEH
and other equity
investments 4,651 5,498
3,747 3,579
Gain on sale of
OEH shares - -
41,099 -
Total EBITDA 36,034 56,827
75,169 85,527
Depreciation and
amortization (29,729) (28,891) (61,333) (57,939)
Net finance costs (21,219) (19,873) (42,353) (40,603)
Taxation (2,726) (1,000)
4,343 3,500
Net
(Losses)/Earnings
(17,640) 7,063 (24,174)
(9,515)
* Investment in GE SeaCo represents SCL's 50% share of GE
SeaCo earnings before tax. Including SCL's 50% share of GE SeaCo EBITDA rather
than 50% share of earnings before tax would increase SCL's EBITDA to $48.3m and
$98.1m in the three months and six months ended June 30, 2005, respectively ($63.6m
and $98.7m for the equivalent 2004 periods).
2, Non-Recurring
Charges
Three months ended Six months ended
June 30, June 30,
2005 2004
2005 2004
$000 $000
$000 $000
Belfast-Troon
closure costs (Other
Ferries) - -
(3,000) -
SRA franchise
payments (Rail) (3,000) -
(12,000) -
GE Capital
dispute charge (Corporate
Costs) (1,525) -
(4,025) -
Total
Non-Recurring Charges
(4,525) -
(19,025) -