Flessione degli utili realizzati dal gruppo britannico P&O

Il bilancio del primo semestre 2001 del gruppo britannico P&O, il primo a non riportare i risultati della divisione crocieristica, da cui si è separato lo scorso anno (inforMARE del 23 ottobre 2000), mostra un giro d'affari di 1.125,5 milioni di sterline (oltre 3 miliardi di dollari), con un incremento del 5,7% rispetto alla prima metà dello scorso anno. L'utile operativo è stato di 135,7 milioni di sterline (-8,7%) e l'utile ante imposte di 90,4 milioni di sterline (-6,4%).

«Nonostante il rallentato tasso di crescita del commercio mondiale - ha detto oggi il presidente del gruppo, Lord Sterling - le nostre attività portuali e logistiche hanno mostrato una notevole capacità di recupero, e siamo fiduciosi che continueranno a far bene. Il settore ferries e la P&O Nedlloyd stanno facendo fronte ad una situazione molto più competitiva, ma sono leader del mercato che possono giocare un ruolo chiave in un ulteriore consolidamento dell'industria».

Il settore portuale e quello logistico hanno registrato un incremento complessivo del 35% dell'utile operativo, che è salito a 68,1 milioni di sterline. L'utile operativo del solo settore portuale, in cui opera la società terminalista P&O Ports (inforMARE del 18 luglio 2001), è risultato di 59,9 milioni di sterline, contro 40,3 milioni nel primo semestre dello scorso anno. In merito all'aggiudicazione del container terminal di Chennai alla P&O Ports (inforMARE del 9 agosto 2001), il gruppo britannico ha specificato che la società terminalista si insedierà nel porto indiano dalla metà del prossimo novembre.
L'utile operativo della filiale P&O Maritime è ammontato a 6,7 milioni di sterline (+26%), mentre quelli della Cold Logistics e della P&O Trans European sono risultati rispettivamente di 8,8 milioni (+42%) e 6,4 milioni di sterline (+60%).

L'utile operativo della compagnia di navigazione P&O Nedlloyd è risultato in crescita di circa il 150% (inforMARE del 16 agosto 2001). Il comparto ferries ha invece riportato un passivo operativo di 18,1 milioni di sterline, contro un passivo di 7,4 milioni nel primo semestre del 2000. The Peninsular and Oriental Steam Navigation Company (P&O)
Interim Results
(Source: P&O)

Financial highlights
	Six months to 30 June 2001	Six months to 30 June 2000*
	£m	£m
Turnover	2,125.5	2,010.0
Operating profit	135.7	148.6
Net interest	(55.5)	(51.9)
Profit before tax	90.4	96.6
Profit attributable to stockholders	62.1	64.3
Basic earnings per share	8.9p	9.3p
Dividend per share	4.5p	n/a

* Pro forma, excluding the results of the cruises business which was demerged on 23 October 2000.

GROUP PROFIT AND LOSS ACCOUNT EXCLUDING CRUISES FOR THE SIX MONTHS ENDED 30 JUNE 2001
	Actual six months to 30 June 2001	Pro forma six months to 30 June 2000	Pro forma year to 31 Dec 2000
	£m	£m	£m
Turnover: Group and share of joint ventures	2,125.5	2,010.0	4,393.5
Less: share of joint ventures' turnover	(897.0)	(769.6)	(1,830.5)
	____	____	____
Group turnover (note 2)	1,228.5	1,240.4	2,563.0
Net operating costs	(1,146.1)	(1,120.0)	(2,318.4)
	______	______	______
Group operating profit	82.4	120.4	244.6
Share of operating results of: joint ventures	39.8	21.8	110.4
associates	13.5	6.4	10.3
	______	______	______
Total operating profit (note 3)	135.7	148.6	365.3
Profit/(loss) on sale of properties held as fixed assets	-	0.2	(17.1)
Profit/(loss) on sale of other fixed assets and businesses	10.2	(0.3)	(89.3)
	______	______	______
Profit on ordinary activities before interest	145.9	148.5	258.9
Net interest and similar items (note 5)	(55.5)	(51.9)	(96.2)
	______	______	______
Profit on ordinary activities before taxation	90.4	96.6	162.7
Taxation (note 6)	(23.3)	(25.9)	(83.7)
	______	______	______
Profit on ordinary activities after taxation	67.1	70.7	79.0
Equity minority interests	(5.0)	(6.4)	(14.1)
	______	______	______
Profit for the period attributable to stockholders	62.1	64.3	64.9
Dividends on equity and non-equity share capital	(32.3)	(93.6)	(157.3)
	______	______	______
Retained profit/(loss) for the period	29.8	(29.3)	(92.4)
	______	______	______
Basic earnings per £1 nominal of deferred stock	8.9p	9.3p	9.1p
Dividends per £1 nominal of deferred stock	4.5p	n/a	n/a

SUMMARISED GROUP BALANCE SHEET EXCLUDING CRUISES AS AT 30 JUNE 2001
	Actual 30 June 2001	Pro forma 30 June 2000	Actual 31 Dec 2000
	£m	£m	£m
Goodwill	193.3	156.0	171.3
Ships	216.4	458.5	197.5
Properties	504.8	474.1	484.4
Other fixed assets	644.8	585.6	598.7
Investments	1,120.6	954.1	1,062.1
Development and dealing properties	381.6	336.3	367.1
Stocks	52.9	55.8	61.8
Debtors	741.3	833.2	811.3
	______	______	______
	3,855.7	3,853.6	3,754.2
Net borrowings (note 7)	(1,124.2)	(913.0)	(1,025.4)
Other creditors and provisions	(924.0)	(1,157.3)	(994.9)
Equity minority interests	(73.3)	(81.3)	(71.1)
	______	______	______
Net assets less equity minority interests	1,734.2	1,702.0	1,662.8
	______	______	______
Stockholders' funds	1,734.2	1,702.0	1,662.8

SUMMARISED GROUP CASH FLOW STATEMENT EXCLUDING CRUISES FOR THE SIX MONTHS ENDED 30 JUNE 2001
	Actual	Pro forma	Pro forma
	six months	six months	year to
	to 30 June	to 30 June	31 Dec
	2001	2000	2000
	£m	£m	£m
Net cash inflow from operating activities and
dividends from joint ventures and associates	131.9	186.8	394.8
Returns on investments and servicing of finance	(31.2)	(32.2)	(58.2)
Taxation paid	(21.7)	(16.4)	(44.3)
	______	______	______
	79.0	138.2	292.3

Purchase of fixed assets and investments	(183.1)	(135.5)	(250.2)
Sale of fixed assets and investments	90.0	527.9	640.5
Purchase of subsidiaries, joint ventures and associates	(45.9)	(49.6)	(188.4)
Sale of subsidiaries, joint ventures and associates	88.6	61.2	98.0
	______	______	______
	28.6	542.2	592.2

Equity dividends paid	(61.1)	(130.3)	(222.4)
	______	______	______
Net cash (outflow)/inflow before management of liquid resources and financing	(32.5)	411.9	369.8
	______	______	______

Movement in net borrowings
Net cash (outflow)/inflow before management of liquid resources and financing	(32.5)	411.9	369.8
Issues of stock	1.3	4.1	13.7
Borrowings of subsidiaries (acquired) less sold	(8.9)	(319.8)	(180.3)
Inception of finance leases and other non-cash movements in net borrowings	(29.9)	(0.9)	(39.4)
Net investment in P&O Princess Cruises	-	(19.4)	(197.5)
Exchange movements in net borrowings	(28.8)	(45.2)	(48.0)
	______	______	______
(Increase)/decrease in net borrowings	(98.8)	30.7	(81.7)
	______	______	______

Group turnover	Actual	Pro forma	Pro forma
	six months	six months	year to
	to 30 June	to 30 June	31 Dec
	2001	2000	2000
	£m	£m	£m

Ports	310.3	233.7	531.6
Logistics
Cold Logistics	65.3	49.3	105.8
Contract Logistics	366.2	321.5	668.7
Unit Loads	167.6	156.1	322.3
Ferries	209.3	197.5	433.4
Bulk shipping	-	32.5	103.5
Property	109.8	249.8	397.7
	______	______	______
	1,228.5	1,240.4	2,563.0
	______	______	______

Certain small service companies, included within Logistics to 30 June 2000, are now included within Property.

Total operating profit	Actual	Pro forma	Pro forma
	six months	six months	year to
	to 30 June	to 30 June	31 Dec
	2001	2000	2000
	£m	£m	£m

Ports	52.9	40.3	102.5
Logistics
Cold Logistics	8.8	6.2	13.9
Contract Logistics	6.6	4.8	12.9
Unit Loads	(0.2)	(0.8)	(2.0)
Ferries	(18.1)	(7.4)	20.1
P&O Nedlloyd	23.8	9.7	66.2
Bulk shipping	7.4	3.5	17.8
Property	54.5	92.3	133.9
	______	______	______
	135.7	148.6	365.3
	______	______	______

Net operating assets	Actual	Pro forma	Actual
	30 June	30 June	31 Dec
	2001	2000	2000
	£m	£m	£m

Ports	946.3	818.1	857.7
Logistics
Cold Logistics	178.1	128.7	160.0
Contract Logistics	148.7	128.4	127.9
Unit Loads	58.5	84.0	58.4
Ferries	454.1	417.7	432.8
P&O Nedlloyd	839.2	739.3	760.8
Bulk Shipping	162.4	338.0	216.8
Property	877.6	914.4	888.0
	______	______	______
	3,664.9	3,568.6	3,502.4

Net interest and similar items	Actual	Pro forma	Pro forma
	six months	six months	year to
	to 30 June	to 30 June	31 Dec
	2001	2000	2000
	£m	£m	£m

Group	(38.7)	(37.4)	(79.0)
Joint ventures	(12.2)	(13.8)	(14.9)
Associates	(4.6)	(0.7)	(2.3)
	______	______	______
	(55.5)	(51.9)	(96.2)