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31 luglio 2001

Il prossimo 26 settembre gli azionisti di Canadian Pacific Ltd. saranno chiamati ad approvare il piano di frazionamento del gruppo

CPL sarà suddivisa in cinque società autonome quotate alle Borse di Toronto e New York

Il prossimo 26 settembre si svolgerà a Calgary l'assemblea degli azionisti della Canadian Pacific Ltd. (CPL), che saranno chiamati ad approvare il piano di riorganizzazione del gruppo, che ne determinerà il frazionamento in cinque società (inforMARE del 13 febbraio 2001).

Il piano di riorganizzazione prevede che per ogni azione ordinaria di CPL gli azionisti ottengano le seguenti quote nelle cinque nuove società autonome:

  • 0,684 azioni ordinarie nella PanCanadian (settore energetico);
  • 0,166 azioni ordinarie nella Fording (settore minerario);
  • 0,50 azioni ordinarie nella Canadian Pacific Railway (settore ferroviario e intermodale);
  • 0,25 azioni ordinarie nella CP Ships (settore marittimo - compagnie di navigazione ANZDL, Canada Maritime, Cast, Contship Containerlines, Lykes Lines e TMM Lines);
  • 0,25 azioni ordinarie nella Fairmont Hotels & Resorts Inc. (settore alberghiero)

Canadian Pacific Ltd. ha inoltre annunciato di aver ottenuto un'approvazione preliminare alla quotazione delle cinque nuove società alla Borsa di Toronto ed è in attesa di un analogo provvedimento da parte della Borsa di New York.

CPL prevede che dopo la riorganizzazione le azioni in circolazione delle nuove società saranno rispettivamente 254,4 milioni per la PanCanadian, 52,5 milioni per la Fording, 158,2 milioni per la Canadian Pacific Railway, 79,1 milioni per la CP Ships e 79,1 milioni per la Fairmont Hotels & Resorts.



PANCANADIAN

Pro Forma Balance Sheet as at June 30, 2001 (unaudited)

(in millions of Canadian dollars)Actual AdjustmentsPro forma
 
Assets   
Current assets   
Cash and cash equivalents$ 736.6 $ 500.0$ 6.6
  (1,180.0)  
Other current assets2,050.7 -2,050.7
 
 2,787.3(680.0) 2,107.3
     
Property, plant and equipment - net7,332.1 -7,332.1
Other assets286.5- 286.5
 $10,405.9$ (680.0) $ 9,725.9
 
     
Liabilities and Shareholders' Equity    
Current liabilities    
Short-term financing$ - $ 400.0$ 400.0
Current portion of long term debt152.6 -152.6
Other current liabilities1,959.3 15.01,974.3
 
 2,111.9415.0 2,526.9
     
Long term debt762.2 100.0862.2
Deferred credits and liabilities398.1 -398.1
Future income taxes2,249.00 -2,249.00
     
Shareholders' equity    
Preferred securities125.6 -125.6
Common shares and paid in surplus214.8 -214.8
Retained income4,544.3 (1,180.0)3,349.3
  (15.0)  
 
 4,884.7(1,195.0) 3,689.7
     
 $10,405.9$ (680.0) $ 9,725.9

Pro Forma Earnings/EPS (unaudited)

(in millions of Canadian dollars except amounts per share) For six month period
30-Jun-01
For six month period
30-Jun-00
For year
ended
31-Dec-00
 
Net income attributable to common shareholders $909.1$380.9$1,004.4
Net income attributable per common share - basic $3.58$1.52$4.00



FORDING

Pro Forma Balance Sheet as at June 30, 2001 (unaudited)

(in millions of Canadian dollars)Actual  Adjustments Pro forma
 
Assets     
Current assets     
Cash$ 14.9 $ (4.0) $ 10.9
Accounts receivable45.8  - 45.8
Inventory131.9 - 131.9
Prepaid expenses9.1 - 9.1
 
 201.7  (4.0) 197.7
      
Capital assets778 - 778
Other assets9.2 - 9.2
 
 $ 988.9 $ (4.0) $ 984.9
 
      
Liabilities and Shareholders' Equity      
Current liabilities     
Bank indebtedness$ 16.2  $ - $ 16.2
Accounts payable61.1  - 61.1
Income taxes payable13.7  - 13.7
Current portion of long-term debt0.2  - 0.2
 
 91.2  - 91.2
      
Non-current liabilities60.8  - 60.8
Long-term debt     
Affiliated company93  (93) -
Other-  93.0 93
Future income taxes186.5  (1.7) 184.8
      
Shareholders' Equity     
Capital stock126.4 - 126.4
Capital contributed15  - 15
Retained earnings391.7  (2.3) 389.4
Foreign currency translation adjustment 24.3 - 24.3
 
 557.4  (2.3) 555.1
 
 $ 988.9 $ (4.0) $ 984.9

Pro Forma Earnings/EPS (unaudited)

(in millions of Canadian dollars except amounts per share) For six month period
30-Jun-01
For six month period
30-Jun-00
For year
ended
31-Dec-00
 
Net income attributable to common shareholders $43.5$11.5$33.0
Net income attributable per common share - basic $0.83$0.22$0.63



CANADIAN PACIFIC RAILWAY

Pro Forma Balance Sheet as at June 30, 2001 (unaudited)

(in millions of Canadian dollars)Actual AdjustmentsPro forma
 
Assets   
Current assets   
Cash and short term investments$ 140.4 $ -$ 140.4
Accounts receivable523.6  523.6
Advances to affiliate195.9 (195.9)-
Materials and supplies125.3  125.3
Future income taxes82.8  82.8
 
 1,068.0(195.9) 872.1
     
Investments114.9 114.9
Net properties7,493.4  7,493.4
Other assets and deferred charges518.4  518.4
 
 $ 9,194.7$ (195.9) $ 8,998.8
 
     
Liabilities and Shareholders' Equity    
Current liabilities    
Accounts payable and accrued liabilities $ 984.7$ -$ 984.7
Income and other taxes payable97.2  97.2
Long term debt maturing within one year 7.5 7.5
 
 1,089.4 1,089.4
     
Deferred liabilities688.9  688.9
Long term debt2,717.3 504.13,221.4
Future income taxes1,000.5  1,000.5
Deferred income credits76.1  76.1
 
Shareholder's equity    
Ordinary Shares1,812.5 (700.0)1,112.5
Contributed surplus291.1  291.1
Foreign currency translation adjustments 89.1 89.1
Retained income1,429.8  1,429.8
 
 3,622.5(700.0) 2,922.5
 
 $ 9,194.7$ (195.9) $ 8,998.8

Pro Forma Earnings/EPS (unaudited)

(in millions of Canadian dollars except amounts per share) For six month period
30-Jun-01
For six month period
30-Jun-00
For year
ended
31-Dec-00
 
Net income attributable to common shareholders $149.7$168.9$505.7
Net income attributable per common share - basic $0.95$1.05$3.18



CP SHIPS

Pro Forma Balance Sheet as at June 30, 2001 (unaudited)

(in millions of U.S.dollars)Actual AdjustmentsPro forma
 
Assets   
Current assets   
Cash$ 106$ (30) $ 76
Accounts receivable 4551 456
Other current assets15- 15
 
 576(29) 547
   
Capital assets7033 706
Goodwill525- 525
Investments-14 14
 
 $ 1,804 $ (12) $ 1,792
 
 
Liabilities and Shareholders' Equity    
Current liabilities    
Accounts payable$ 525 $ - $ 525
Other current liabilities14 (2)12
 
 539(2)537
   
Loans from Canadian Pacific companies174 (174)-
Long term debt29124 153
Other long term liabilities16 -16
   
Shareholder's Equity   
Common shares and contributed surplus550 169719
Retained earnings501(129) 372
Currency translation adjustments(5) -(5)
 
 1,04640 1,086
 
 $ 1,804 $ (12) $ 1,792

Pro Forma Earnings/EPS (unaudited)

(in millions of Canadian dollars except amounts per share) For six month period
30-Jun-01
For six month period
30-Jun-00
For year
ended
31-Dec-00
 
Net income attributable to common shareholders $55$54$130
Net income attributable per common share - basic $0.70$0.68$1.65



FAIRMONT HOTELS & RESORTS

Pro Forma Balance Sheet as at June 30, 2001 (unaudited)

(in millions of U.S. dollars)Actual1 Adjustments2Pro forma3
 
Assets   
Current assets   
Cash and cash equivalent$ 9.0 $ 475.1$ 484.1
Deposits with affiliated company6.3 (6.3)-
Accounts receivable64.27.9 72.1
Materials and supplies11.1 -11.1
Prepaid expenses11.59.3 20.8
Owing by affiliated companies40.4 (40.4)-
Future income taxes22.2- 22.2
 
 164.7445.6 610.3
Investments in hotel partnerships   
and corporations37.86.6 44.4
Investments in Legacy Hotels Real   
Estate Trust59.3- 59.3
Capital assets1,242.8120.0 1,362.8
Other assets and deferred charges254.8 8.6263.4
 
 $ 1,759.4$ 580.8 $ 2,340.2
 
 
Liabilities and Shareholders' Equity    
Current liabilities   
Bank loans$ 20.0$ - $ 20.0
Accounts payable and accrued liabilities80.8 33.2114
Owing to affiliated companies3.6 (3.6)-
Current portion of long term debt33.6 (10)23.6
Dividend payable-32.3 32.3
 
 138.051.9 189.9
   
Other liabilities36.952.3 89.2
Long-term debt751.4(177.4) 574
Future income taxes166.5(70.0) 96.5
Non-controlling interest49.3 -49.3
   
Shareholders' Equity   
Share capital592.3572.6 1,164.9
Premium on securities-46.9 46.9
Contributed surplus4.46.1 10.5
Foreign currency translation adjustments14.6 30.044.6
Retained earnings668.4 74.4
 
 617.3724 1,341.3
 
 $ 1,759.4$ 580.8 $ 2,340.2

Actual and Pro Forma Earnings/EPS (unaudited)

(in millions of Canadian dollars except amounts per share)  For six
month
period
30-Jun-01
For six
month
period
30-Jun-00
For year
ended
31-Dec-00
 
Net income attributable to common shareholders Actual1$37.3 $36.1$85.3
 Pro forma3 $26.0$49.8$80.3
 
Net income attributable per common share - basic Actual1$0.47 $0.45$1.07
 Pro forma3 $0.33$0.62$1.01

1 The "Actual" figures represents solely Fairmont's actual results for its hotel business as reported for the periods indicated.
2 The "Adjustments" column represents the net cash, liabilities and equities inherited from CPL pursuant to the Arrangement.
3 The "Pro forma" net income includes CPL's corporate expenses (overhead, interest, exchange and taxes) for the periods reported and are expected to be significantly reduced immediately after completion of the Arrangement.
(Source: CPL)




Evergreen Line Vincenzo Miele

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