| mib - Donnerstag, 22. November 2001 - 03:25 |
| Schaut euch mal Sea Container, SCRa an; ein sehr interessantes "asset-play"! SCRa ist beteiligt an der Luxushotelkette Oreint Express Hotels (OEH). Diese Beteiligung alleine ist ca. 14 $ wert. Der SCRa Kurs liegt aber nur bei 9$. SCRa wollte eien Teil seiner OEH Aktien verkaufen, um die Schuldensituation zu verbessern, und der Rest sollte an die SCRa Aktionaere abgegeben werden. Viele anleger sind dann long SCRa gegangen und haben OEH geshortet (daher die sehr hohe short-Position bei OEH von 16%). Als dann SCRa den deal abgeblasen hat (die wollen halt warten, bis sie fuer OEH wieder vernuenftiges Geld bekommen - erinnert an die DBAG mit Lignum...), ist vielen klar geworden, dass SCRa nach einem ungluecklich desastroesen Jahr ohne den spin-off ueberbewertet ist und das es jetzt keinen Grund mehr fuer das shorten von OEH gab. Also stuerzte SCRa fuerchterlich ab auf unter 10$. Eigenltich sind die Geschaeftsaussichten von SCRa aber gar nicht sooo schlecht und die OEH Sache ist ja eh nur aufgeschoben. Seht euch das alles mal an. Im folgenden ein paar Informationen, - vielleicht ist der ein oder andere an einer Diskussion interessiert: Hier eine kurze Zusammenfassung des "Wertes" von SCRa aus einem posting im Yahoo! Board: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600408740&tid=scra&sid=1600408740&mid=661 SCRA (+ OEH) Valuation ... by: TheDalaiLama (M/Orlando, FL) 11/18/01 04:00 pm Msg: 661 of 662 I bought 4,000 shares of SCRa last week and here is what I see ... - SCRa owns 19.2mm shares of OEH. That is 1.04 shares of OEH for every share of SCRa (18.5mm shares outstanding / this was confirmed by the Barrons article of this weekend). That value alone is $14 / share of SCRa before attributing any value to SCRa. - SCRa has $109.5mm of cash or $5.91 / share (excluding the $257mm on their balance sheet of OEH stock - 19.2mm x $13.50). That is enough to easily pay the $.30 annual dividend (3.4% yield) and cover the $-.64 loss projected for this year. Next year earnings are projected at $.18. Management in the conference called confirmed that they intended to continue to pay the dividend. Anyway, cash should be able to cover losses and dividend. Nice yield while you wait. - SCRa without doubt has a lot of debt ($1,634mm), but commented that $900mm was variable and with the latest interest rate cuts would save the company lots ($9mm for every 1% interest rate cut / that 1% is the equivalent of $.50/share/year). - SCRa price per sales is $.13. Book value is $26 / share. - As soon as some of the institutions due the math we go to $10+ and then it is just a matter of about another six months to get to $15+. - Looking at OEH to see if it will hold its value, I find earnings estimates of $.98 for this year and lowered estimates of $.95 for calendar 2002. Current net profit margin is 14.2%, so earnings should hold up better on lower revenues. Debt to Equity is only .88 and cash per shar is $1.79. Book value is $12.81. Heck, I am tempted to buy OEH shares, but its selling for $8.68 in the form of SCRa shraes. - OK, I am just one man, and I maybe missing something. Please tell me what? - A lot of debt on a company (SCRa) that use to make $3.00 / share and now in poor economy is breakeven. A spin-off of OEH could provide $14 of value to current SCRa shareholders. - A dividend of 3.4% to wait. - Note: 5 Million of the 19.2mm shares of OEH were going to be sold rather than spun-off to shareholders in order to help SCRa's financial ratios post spin-off. (That's why the spin-off was delayed as SCRa didn't want to sell 5mm shares at a price of $13. Any comments ??? TheStreet.com haterst kuerzlich (post-9/11 !) einen kurzen Artikel zu OEH veroeffentlicht, der die Situation bei OEH sehr gut beschreibt: http://www.thestreet.com/_yahoo/comment/2tuesday/10001785.html 2 for Tuesday: Take a Ride on Orient-Express Hotels By Odette Galli Columnist 10/02/2001 07:44 AM EDT The contrarian in me is drawn to the lodging sector -- but not without some trepidation. The sector has taken a beating since the Sept. 11 attack, with many names now trading at recession-type valuations. Meanwhile, uncertainty about the depth and length of the downturn remains. As one analyst friend of mine put it, "God forbid we have another terrorist incident, that will really spook people out." The damage to the lodging industry from the WTC disaster couldn't have been more immediate or severe. This analyst told me he heard stories that occupancy rates in New York City hotels fell to only 10%. Normally, occupancy rates below 40% spell trouble. You can imagine the losses some of these operators have experienced. But if you can look through the trough and have the stomach for near-term uncertainty, some of these names can make you quite a bit of money 12 months out. The key is to stick to companies with strong cash flow and solid balance sheets that can withstand a potentially extended period of poor industry performance. The company I like is about as high-end as you can get. Odette's Two for Tuesday Pick Orient Express Hotels (OEH) Stock Price $13.81 52 Week Range $10.60 - 23.60 P/E 10.2 Market Capitalization $432.6 million Short Interest Ratio 2.49 Institutional Ownership 39% Source: Morningstar, Dow Jones Interactive Orient-Express Hotels (OEH :NYSE - news - commentary - research) is synonymous with luxury. OEH still owns those plush trains that became notorious for their association with an Agatha Christie murder mystery and the World War I spy Mata Hari. But the company is much more. OEH is composed of an incomparable collection of very high-end assets, including the 21 Club in New York -- the world famous former speakeasy where JFK dined with Jackie the night before he was inaugurated -- the Villa San Michelle outside Florence and the Bora Bora Lagoon resort. From La Serenissima to Machu Picchu Several characteristics set OEH apart from the rest: First, it owns all of the real estate for the properties they manage. More importantly, this real estate is unique, located for the most part in areas where there are very high barriers to entry. One could argue that instead of having to worry about OEH's assets depreciating, as one must consider with other lodging stocks, OEH's properties are most likely appreciating. Take the Hotel Cipriani in Venice. Italian zoning laws restrict new hotel construction in the area, making it virtually impossible for another developer to build. This is an asset that is irreplaceable. Consequently, the Cipriani can charge rates that are double that of its closest rival, the Hotel Gritti. OEH recently purchased the Machu Picchu Sanctuary Lodge, which sits on top of a peak 8,000 to 9,000 feet above sea level, right next to the famous Inca ruins. I've been there, and I can testify that it would be extremely difficult for someone else to get in and build. I was surprised to find any hotel, not to mention a fairly good one, in such a remote place at all. Before this year's tragedy, OEH was on track to continue an earnings growth rate that for the past five years has been fairly impressive. From 1999 to 2000, OEH grew revenues and earnings at a compound annual rate of 18% and 42%, respectively. Once we're back to normal times, there's no reason why OEH shouldn't be able to continue growing at least 15% to 20%. They do this by acquiring undermanaged luxury properties in highly desirable locations, then renovating and expanding to improve revenue growth and profitability. OEH typically earns 30% cash-flow margins, while most of its luxury competitors struggle to earn 25%. Train Kept a Rolling Orient Express Hotels by the Numbers Year Revenue (millions) Earnings per Share 1999 $242.1 $1.27 2000 267.5 1.43 2001* 312.0 1.36 2002* N/A 1.53 *Estimate Source: Yahoo And the company is in very good shape financially. At the end of the second quarter, long-term debt was $280 million, 42% of total capital. On Sept. 11, OEH had $85 million to $90 million in cash on hand and working capital lines that they were able to tap for a share-repurchase program when the stock got down to $11. And while it's clearly taken a hit in the last few weeks, particularly in the U.S. market, the company is just entering its seasonally slowest period anyway. Its Italian hotels -- OEH's most profitable -- close down in November until March, so its expense base and cash-flow needs were about to lighten up anyway. Nevertheless, it's hard to say when business will turn. The company told me that nothing is moving in the U.S., where five of their 27 properties are located. And with their Italian properties, 35% of its clientele are U.S. citizens who clearly have no burning desire to travel. Because of their relatively small size, OEH is highly dependent on the ability of the Italian market to snap back. A Transaction in the Works? The other thing to consider is the OEH ownership structure. Sixty percent of the company -- 20 million of 33 million shares -- is owned by Sea Containers Ltd., a London-based lessor of marine cargo boxes. Sea Containers had been planning to spin the rest of OEH off to its shareholders. The risk of all that stock coming into the market had many concerned that there might be selling pressure on shares. But with stock at only $14, that deal is off the table for an indeterminable amount of time. The company told me, however, that the spinoff could "be replaced by some other transaction." Might they consider buying all of OEH back in and then taking the whole thing public again at a future date when the market is willing to place a higher valuation on lodging stocks? Who knows what OEH -- or other lodging stocks, for that matter -- will earn this year. But it's hard to quibble with the fact that the company's assets are undervalued here. Typically, OEH has paid on average roughly 10 times EBITDA (earnings before interest, taxes, depreciation and amortization) for the unique hotel assets it has acquired -- a very reasonable price for these kinds of properties. Right now, OEH itself is selling for much less than even that -- just 8.4 times a conservative estimate of $84 million in EBITDA. That seems a bargain when you consider that in May 1998 the Blackstone Group paid an EBITDA multiple of 17.7 for London's Savoy Hotel. Book value for OEH at the end of the second quarter was just under $13. While you may not feel like hopping on a plane to visit one of their resorts right now, you've got to take a look at this stock -- especially if it slips below $13 again. |
| mib - Donnerstag, 22. November 2001 - 03:27 |
| weitere Infos: Sea Containers (SCRa): Kurs, etc.: http://finance.yahoo.com/q?s=scra&d=t Buchwert, Umsatz, link zur homepage, etc.: http://biz.yahoo.com/p/s/scra.html Zahlen von 2000, 2001 und 2002: http://biz.yahoo.com/z/a/s/scra.html Orient Express Hotels (OEH): Kurs, etc.: http://finance.yahoo.com/q?s=oeh&d=t Buchwert, Umsatz, link zur homepage, etc.: http://biz.yahoo.com/p/o/oeh.html Zahlen von 2000, 2001 und 2002; http://biz.yahoo.com/z/a/o/oeh.html News von SCRa: vorerst KEIN spinn-off von OEH: http://biz.yahoo.com/prnews/011012/lnf006_1.html Friday October 12, 7:02 am Eastern Time Press Release SOURCE: Sea Containers Ltd. Sea Containers Announces Deferral of Spin-Off Of Orient-Express Hotels Common Shares HAMILTON, Bermuda, Oct. 12 /PRNewswire/ -- Sea Containers Ltd. (NYSE: SCRA - news and SCRB - news, www.seacontainers.com - news), passenger transport operator, lessor of marine containers and leisure industry investor, announced today that its board had met on October 9, 2001 and after reviewing the impact on the share price of its Orient-Express Hotels Ltd. subsidiary of the September 11th terrorist attacks, has decided to defer plans to spin-off Orient-Express Hotels common shares to Sea Containers shareholders. It said it still intends to complete a spin-off but could not at this time predict the timing or amount of shares to be distributed. Mr. James B. Sherwood, President, said, ``A prerequisite to spin-off is the sale of at least 5 million Orient-Express Hotels common shares to ensure the Sea Containers' financial ratios are maintained at a satisfactory level post spin-off and banking covenants are not breached. The company has registered Orient-Express Hotels shares for sale and had barely commenced the sales prior to September 11th, but the Orient-Express Hotels share price dropped significantly in the wake of the terrorist attacks.'' He said that ``Sea Containers' liquidity is currently satisfactory and there is no need to bring in additional cash by selling shares at artificially low prices. Since a spin-off would not take place until such sales are completed, the deferral of the sales means that a spin-off must be delayed''. Mr. Sherwood indicated that while the events of September 11th would certainly reduce Orient-Express Hotels earnings in the third and fourth quarters of this year, the impact may be less than feared by most observers. ``Once the Orient-Express Hotels share price has recovered, Sea Containers will resume share sales and when that program is completed it will revisit the spin-off plans including a date and number of shares to be distributed. I want to assure investors in Orient-Express Hotels that Sea Containers is still determined to separate completely the two companies as soon as this can be done on a sensible basis,'' he said. Mr. Sherwood said that the board was baffled by the reduction in Sea Containers share price following the September 11th attacks because the implications are generally positive for the company. The U.S. armed forces have been leasing containers at a stepped-up rate and container fleet utilization was rising even before September 11th. New York/New Jersey ferry services are ``booming'' because of the closure of rail links between New Jersey and lower Manhattan. In the Baltic, Silja passenger carryings have risen, possibly due to people preferring travel closer to home. Railtrack plc, the U.K. Rail infrastructure provider, has gone into a form of bankruptcy called ``administration'', rather similar to Chapter XI bankruptcy in the U.S. The U.K. government has confirmed that all trade creditor debts will be met through government funding. GNER, the company's U.K. rail subsidiary, is currently owed approximately 25 million pounds sterling for consequences of infrastructure failings and expects full recovery through deduction from track access payments by year-end. Mr. Sherwood said that the company had purchased $10 million face amount of its public debt in the third quarter for $8 million and the purchase program would continue and indeed may be accelerated in light of recent falls in the market price of its public debt following September 11th. Mr. Sherwood said that the company's earnings for the year would be most hurt by the foot and mouth disease in the United Kingdom which had caused a significant reduction in ferry travel. The foot and mouth epidemic has now largely passed so it should not impact 2002. The company had the benefit of gains on sale of its ports but will not now report expected profits on the sale of shares in Orient-Express Hotels in 2001 since the sale program has been deferred. This press release contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. These include statements regarding future earnings, investment and disposal plans and similar matters that are not historical facts. These statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that may cause a difference include, but are not limited to, those mentioned in the press release, unknown effects of terrorist activity and any military response on the transport, leasing and leisure markets in which the company operates, customer demand and competitive considerations, inability to increase prices or reduce costs, satisfaction of necessary conditions for a spinoff of Orient-Express Hotels shares (including sale of additional shares, compliance with public debt and bank loan requirements, Board approval, and receipt of an appropriate U.S. tax opinion) and delay or abandonment of that transaction, fluctuations in interest rates, currency values and public debt prices, variable fuel prices, variable container lease and utilization rates, shifting patterns of trade and tourism, adequate sources of capital and acceptability of finance terms, global, regional and industry economic conditions, uncertainty of claims against Railtrack and the effects of Railtrack's recent judicial administration, and legislative, regulatory and political developments. Further information regarding these and other factors is included in the filings by the company and Orient-Express Hotels Ltd. with the U.S. Securities and Exchange Commission. SOURCE: Sea Containers Ltd. |
| mib - Donnerstag, 22. November 2001 - 03:29 |
| hier die letzten Quartalszahlen von SCRa: http://biz.yahoo.com/prnews/011115/lnth007_1.html Thursday November 15, 8:31 am Eastern Time Press Release SOURCE: Sea Containers Ltd. Sea Containers Ltd. Announces Third Quarter Results HAMILTON, Bermuda, Nov. 15 /PRNewswire/ -- Sea Containers Ltd. (NYSE: SCRA - news, SCRB - news; www.seacontainers.com) today announced its results for the quarter and nine months ended September 30, 2001. Net earnings for the quarter were $6.6 million ($0.35 per common share) from revenue of $356.3 million, while net earnings for the nine months were $13.6 million ($0.73 per common share) from revenue of $974 million. Net income and revenue were substantially down from year earlier periods due to special factors, particularly the absence of gains on sales of securities which contributed $36 million to net earnings in the third quarter of 2000, and loss of revenue in the company's ferry business in the latest quarter due to foot and mouth disease in the United Kingdom. Operating profits from marine container leasing were down due to lower rental rates for older units, and income from leisure investments was also lower due to the effects of the September 11th terrorist attacks in the U.S. Mr. James B. Sherwood, President, said that the company has been unable to meet its earnings targets for 2001. It entered the year with Britain's rail system disrupted, which was then worsened by the Selby rail crash on February 28th, then came the onslaught of foot and mouth disease in the U.K. which more or less closed down the Isle of Man to tourism and greatly reduced ferry passenger arrivals from Ireland and the Continent into Great Britain. Sluggish world trade reduced demand for older marine containers and then the September 11th incidents temporarily impacted worldwide tourist and business travel to the detriment of the company's Orient-Express Hotels subsidiary. Mr. Sherwood said, ``It is useless to go into further detail as to the reasons for the company's performance in 2001. Instead, we should look ahead to 2002 where I think the picture is much more promising. I would like to call your attention to the following positive factors: 1. Interest rates have fallen dramatically and will greatly reduce the company's interest cost on its $900 million of floating rate U.S. dollar debt in 2002. 2. The foot and mouth epidemic in the U.K. seems to be over. No new cases have been reported since September. The Isle of Man government has recognized the harm done to the island economy by the cancellation of tourist events this year (the company provides all the ferry services to and from the island), so will be unlikely to cancel again even if the foot and mouth infection continues in Britain into 2002. 3. The U.K. rail network is largely back in order and GNER has been offered a two year franchise extension to April, 2005. The terms of the extension are under negotiation. The infrastructure provider, Railtrack, has gone into a form of bankruptcy and hopefully a stronger organization will arise from the ashes. Railtrack has initiated discussions with GNER about settlement of GNER claims and while agreement has not yet been reached, Railtrack has expressed the wish to settle the matter without litigation. 4. It is believed that the inherited problems of Silja Ltd., the Baltic cruise and ferry operator, have now been largely solved and earnings in 2002 are expected to be substantially up on 2001, achieving for the first time a satisfactory return on Sea Containers' investment in the company. 5. Forward fuel costs have rapidly declined. The company's ferry units are currently purchasing fuel for 2002 consumption at 15% lower cost than in 2001 and prices may continue to decline. 6. The marine container leasing market is changing rapidly. Many ship owners have deferred new container purchasing programs, preferring instead to lease more cheaply their container needs. GE SeaCo's earnings have been growing steadily and utilization of older "pool" and "managed" fleets owned by the shareholders has been steady to increasing. Sea Containers is in the process of disposing of all its containers 20 years of age and older not on lease and any losses on sale have reduced earnings which, however, are compensated in part by savings in storage costs. 7. Property, plantations and publishing, although small business units, have shown meaningful earnings improvement and this should continue into 2002 and beyond. 8. Orient-Express Hotels hopes to take advantage of the current market weakness both to add properties which can be acquired at reasonable prices and to invest in existing properties. Major expansions are planned at the Inn at Perry Cabin in St. Michaels, Maryland and the Villa San Michele near Florence, Italy this winter and reconstruction continues at the Hotel Caruso on the Amalfi coast in Italy with a view to re-opening in early 2003. 9. The company is able to repurchase its 2003 and 2004 maturity public debt at a substantial discount. It acquired $10 million face amount in the third quarter and plans to acquire a similar amount in the fourth quarter. The company has agreed with a bank to acquire $20 million face amount now owned by the bank in the first quarter of 2002. 10. The company's SeaStreak ferry services in N.Y. harbor are operating to capacity. A new ship will enter service in the fourth quarter and a new line will be started from South Amboy, New Jersey to Manhattan in the period. The PATH train system under the Hudson River carried 65,000 passengers a day into and out of the World Trade Center in Manhattan before September 11th and these people are now struggling to reach their destinations. The rail system has collapsed and the tunnels are flooded and will likely take four years or more to rebuild according to the owners, the Port Authority of New York and New Jersey. In the meantime ferries are the best alternative between New Jersey and Manhattan." Mr. Sherwood said the short term impact of September 11th so far seems to be on long distance air travel and cruising, while regional demand for ferry and rail travel and hotels in Europe and the U.S. seems to be rising. Silja Line is currently enjoying an increase in carryings over the prior year. U.S. and European hotels of Orient-Express Hotels are holding up well, while Southeast Asia and Australia are suffering. He indicated that a major relief program and transport of military supplies for Afghanistan could absorb a great deal of older marine containers which would probably remain there. ``I leave it to others more qualified to predict the end of recessionary trends and the evolution of the war against terrorism.In the meantime I think Sea Containers is well positioned to take advantage of the upturn when it comes,'' he concluded. This press release contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. These include statements regarding earnings growth and similar matters that are not historical facts. These statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that may cause a difference include, but are not limited to, those mentioned in the press release, unknown effects of terrorist activity and any police or military response on the transport, leasing and leisure markets in which the company operates, varying customer demand and competitive considerations, inability to increase prices or reduce costs, seasonality and adverse weather conditions, uncertainty of concluding a GNER franchise extension with the U.K. government and unacceptability of proposed terms, fluctuations in interest rates, currency values and public debt prices, variable fuel prices, variable container prices and lease and utilization rates, potentially unstable relations with labor unions, uncertainty of negotiating and completing proposed purchase, sale or capital expenditure transactions, inadequate sources of capital and unacceptability of finance terms, global, regional and industry economic conditions (including the adverse economic effect of the U.K. foot and mouth epidemic), shifting patterns and levels of world trade and tourism, realization of bookings and reservations as actual revenue, changes in ferry service and ship deployment plans, inability of Railtrack or its successor to restore, improve and maintain the U.K. rail infrastructure and uncertainty of claims against Railtrack and insurers, and legislative, regulatory and political developments. Further information regarding these and other factors is included in the filings by the company and Orient-Express Hotels Ltd. with the U.S. Securities and Exchange Commission. Conference Call Details: Date & Time: Thursday, November 15, 2001 at 10:00 hrs EST (US) Phone: 212-896-6035 (US) 001-212-896-6035 (International) Live webcast conference call is available via the Company's Internet Site at www.seacontainers.com A replay of the conference call will be available until 17:00 hrs EST (US) on Friday, November 23, 2001 and can be accessed by calling 800-633-8284 (US) or 001-858-812-6440 (International) and entering the reservation number 19976072. SEA CONTAINERS LTD. AND SUBSIDIARIES SUMMARY OF OPERATING RESULTS (UNAUDITED) Three months ended September 30, 2001 2000 Revenue: Passenger transport operations $253,478,000 $276,046,000 Leisure operations 67,953,000 73,330,000 Container operations 32,101,000 39,432,000 Other* 2,751,000 36,842,000 Total revenue $356,283,000 $425,650,000 Earnings before finance costs: Passenger transport operations: Silja $ 9,953,000 $ 9,481,000 Rail 15,075,000 10,041,000 Other 7,142,000 8,124,000 32,170,000 27,646,000 Leisure operations 13,525,000 18,750,000 Container operations: GeSeaCo - owned 4,495,000 3,763,000 Other 2,934,000 10,574,000 7,429,000 14,337,000 Other, including property, publishing and plantations* 99,000 34,322,000 53,223,000 95,055,000 Corporate costs (3,145,000) (3,700,000) Net finance costs** (34,517,000) (25,456,000) Earnings before minority interest, tax and extraordinary item 15,561,000 65,899,000 Minority interest (2,775,000) (1,800,000) Earnings before tax and extraordinary item 12,786,000 64,099,000 Provision for income taxes 8,100,000 9,102,000 Earnings before extraordinary item 4,686,000 54,997,000 Extraordinary item: Gain on retirement of debt 2,141,000 -- Net earnings 6,827,000 54,997,000 Preferred share dividends (272,000) (272,000) Net earnings on class A and class B common shares $ 6,555,000 $ 54,725,000 Net earnings per class A and class B common share: Basic: Earnings before extraordinary item $ 0.24 $ 2.96 Extraordinary item 0.11 -- Net earnings $ 0.35 $ 2.96 Diluted: Earnings before extraordinary item $ 0.24 $ 2.89 Extraordinary item 0.11 -- Net earnings $ 0.35 $ 2.89 Weighted average number of class A and B common shares: Basic 18,530,406 18,516,616 Diluted 19,009,236 19,002,443 * Includes gain of $36,000,000 in 2000 on the sale by SC of shares in its subsidiary Orient-Express Hotels Ltd. ** Includes SC's share of interest charged in the Silja and GeSeaCo operations of $3,229,000 (2000 - $2,362,000) and $1,563,000 (2000 - $1,717,000), respectively. SEA CONTAINERS LTD. AND SUBSIDIARIES SUMMARY OF OPERATING RESULTS (UNAUDITED) Nine months ended September 30, 2001 2000 Revenue: Passenger transport operations $662,195,000 $ 687,128,000 Leisure operations 202,561,000 206,177,000 Container operations 100,668,000 118,293,000 Other* 8,560,000 43,151,000 Total revenue $973,984,000 $1,054,749,000 Earnings/(losses) before finance costs: Passenger transport operations: Silja $ 19,881,000 $ 20,659,000 Rail 33,784,000 24,023,000 Other 17,023,000 6,573,000 70,688,000 51,255,000 Leisure operations 44,955,000 50,257,000 Container operations: GeSeaCo - owned 13,051,000 9,614,000 Other 13,850,000 32,053,000 26,901,000 41,667,000 Other, including property, publishing and plantations* (27,000) 34,090,000 142,517,000 177,269,000 Corporate costs (9,750,000) (10,875,000) Net finance costs** (105,596,000) (98,090,000) Earnings before minority interest, tax and extraordinary item 27,171,000 68,304,000 Minority interest (9,919,000) (1,800,000) Earnings before tax and extraordinary item 17,252,000 66,504,000 Provision for income taxes 4,965,000 5,000,000 Earnings before extraordinary item 12,287,000 61,504,000 Extraordinary item: Gain on retirement of debt 2,141,000 -- Net earnings 14,428,000 61,504,000 Preferred share dividends (816,000) (816,000) Net earnings on class A and class B common shares $ 13,612,000 $ 60,688,000 Net earnings per class A and class B common share: Basic: Earnings before extraordinary item $ 0.62 $ 3.28 Extraordinary item 0.11 -- Net earnings $ 0.73 $ 3.28 Diluted: Earnings before extraordinary item $ 0.62 $ 3.24 Extraordinary item 0.11 -- Net earnings $ 0.73 $ 3.24 Weighted average number of class A and B common shares: Basic 18,529,354 18,500,535 Diluted 19,009,278 18,983,417 * Includes gain of $36,000,000 in 2000 on the sale by SC of shares in its subsidiary Orient-Express Hotels Ltd. ** Includes SC's share of interest charged in the Silja and GeSeaCo operations of $9,262,000 (2000 - $6,951,000) and $5,289,000 (2000 - $4,393,000), respectively. SEA CONTAINERS LTD. AND SUBSIDIARIES CONSOLIDATED AND CONDENSED BALANCE SHEETS (UNAUDITED) September 30, December 31, 2001 2000 Containers and Ships, net book value $ 971,777,000 $ 1,026,543,000 Real estate and other fixed assets, net book value 753,459,000 760,457,000 Assets under capital leases, net book value 17,107,000 17,806,000 Cash 138,450,000 127,833,000 Receivables 248,516,000 246,213,000 Inventories 54,590,000 55,221,000 Investments 277,706,000 244,392,000 Other assets 130,390,000 130,525,000 $2,591,995,000 $2,608,990,000 Liabilities with respect to Containers and Ships $ 641,990,000 $ 635,743,000 Bank loans with respect to real estate and other fixed assets 426,094,000 425,009,000 Obligations under capital leases 14,168,000 14,540,000 Other liabilities 457,803,000 456,329,000 Senior notes 423,947,000 428,603,000 Senior subordinated debentures 118,658,000 124,209,000 Redeemable preferred shares 15,000,000 15,000,000 Shareholders' equity 885,596,000 900,818,000 Class B common shares with voting rights owned by subsidiaries (391,261,000) (391,261,000) $2,591,995,000 $2,608,990,000 SOURCE: Sea Containers Ltd . |
| mib - Donnerstag, 22. November 2001 - 03:31 |
| Hier die Quartalszahlen von OEH: http://biz.yahoo.com/prnews/011113/lntu014_1.html Tuesday November 13, 8:06 am Eastern Time Press Release SOURCE: Orient-Express Hotels Ltd. Orient-Express Hotels Announces Third Quarter Results HAMILTON, Bermuda, Nov. 13 /PRNewswire/ -- Orient-Express Hotels Ltd. (NYSE: OEH - news; www.orient-express.com), owner and operator of 37 deluxe leisure properties in 14 countries, today announced its results for the quarter and nine months ended September 30, 2001. For the quarter net earnings were $7.5 million ($0.24 per common share) from revenue of $68 million, compared with net earnings in the third quarter of 2000 of $10.6 million ($0.37 per common share) from revenue of $73 million. For the nine months net earnings were $26.8 million ($0.87 per common share) from revenue of $203 million, compared with net earnings in the same period of 2000 of $28.1 million ($1.05 per common share) from revenue of $206 million. Earnings per common share are not directly comparable as the capital structure of the company was altered in August, 2000. Until September 11, 2001 the company was on target for improved net earnings for both the third quarter and nine months, however, the cessation of air traffic in the U.S. ordered by the American government following the terrorist attacks on September 11th caused September cancellations at U.S. hotel properties and a reduction of arrivals from the U.S. at non-U.S. properties. October has shown a significant recovery but long haul overseas air travel to and from the U.S. in the month was down at least 30% according to the airlines. Both the European and American regional markets have strengthened as citizens choose to travel locally rather than overseas. Southeast Asia, the Middle East and Australasia are particularly vulnerable, as are extended cruise ships and long haul air carriers. Owned European hotels -- EBITDA was $14.3 million for the quarter, up 6% over the prior year period. Clearly, September 11th had little impact on the company's properties in this market for the quarter. Loss of American guests has been felt in Italian hotels in October but Portuguese hotels have continued to perform well. Owned North American hotels -- EBITDA was a loss of $0.5 million, an adverse variance of $2.2 million from the prior year period, reflecting the full third quarter impact of September 11th. Business is recovering steadily in the fourth quarter with particularly encouraging leisure segment occupancies. Owned Southern Africa hotels -- EBITDA was $350,000, up 52% from the prior year period. September 11th is not expected to have a significant impact on this market. Owned South American hotel -- (Copacabana Palace in Rio de Janeiro) EBITDA $1.1 million, down $0.7 million from the year earlier period. Brazil is suffering from September 11th, recessionary trends in part caused by energy shortages and devaluation of the Real. Owned South Pacific hotels -- EBITDA $1.1 million, down $0.1 million from the prior year period. Weakness in Sydney was offset by earnings from Bora Bora. Management and part ownership interests -- EBITDA $2.2 million, down 17% from the year earlier period. Although Charleston Place was largely responsible for this decline, it should be noted that in October revenue was only 2% behind October, 2000, a sign of recovery from September 11th. Trains and inland cruise ship -- EBITDA $2.3 million, down $1.4 million from the prior year period. American cancellations on the Venice Simplon-Orient-Express and British Pullman trains were largely responsible for this decline. Restaurants -- EBITDA a loss of $0.3 million, an adverse variance of $0.6 million from the prior year period. '21' Club in N.Y. City took the full brunt of September 11th. Interest costs --$4.9 million in the quarter, down $1.6 million from the prior year period. Mr. James B. Sherwood, Chairman, said that in his opinion the company had ``weathered the storm'' of September 11th and recessionary trends in a satisfactory manner. He said that declining interest rates would improve 2002 earnings and when demand strengthens, earnings should increase more rapidly for Orient-Express Hotels than for pure hotel management companies. Orient-Express Hotels owns most of its properties and increases in equity yields are expected to be much more significant than increases in management fees. Mr. Simon M.C. Sherwood, President, said that the company is now looking at several possible acquisitions at prices which are lower than they would have been in 2000. He stressed that the company's ability to fund acquisitions was excellent since its leverage is low in relation to asset values and its cash position is strong. The company recently purchased 100,000 of its Class A common shares as part of a possible 1 million share buy-back program announced on September 25th. He indicated that investment in the coming months is being concentrated on a doubling of size of the Inn at Perry Cabin at St. Michael's, Maryland, addition of suites at the Villa San Michele near Florence, Italy and reconstruction of the Hotel Caruso on Italy's Amalfi coast, targeted for reopening in the spring of 2003. This press release contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. These include statements regarding earnings growth, investment plans and similar matters that are not historical facts. These statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that may cause a difference include, but are not limited to, those mentioned in the press release, unknown effects on the travel and leisure markets of terrorist activity and any police or military response, varying customer demand and competitive considerations, ability to sustain price increases or reduce costs, realization of bookings and reservations as actual revenue, interest rate and currency value fluctuations, uncertainty of negotiating and completing proposed capital expenditures or purchase or sale transactions, adequate sources of capital and acceptability of finance terms, global and regional economic conditions, shifting patterns of business travel and tourism and seasonality of demand, and legislative, regulatory and political developments. Further information regarding these and other factors is included in the filings by the company and Sea Containers Ltd. with the U.S. Securities and Exchange Commission. Orient-Express will conduct a conference call today, November 13, at 10.00 AM EST which is accessible at 212-896-6084. A re-play of the conference call will be available until 5.00 PM (EST) Friday, November 16 and can be accessed by calling 800-633-8284 (International dial-in number: 858-812-6440) and entering the reservation number 19976741. A re-play will also be available on the company's website: www.orient-express.com. ORIENT-EXPRESS HOTELS LTD Nine months ended September 30th, 2001 SUMMARY OF OPERATING RESULTS Nine months ended September 30th $'000 2001 2000 Revenue Owned hotels - Europe 67,770 65,569 - North America 45,129 48,747 - Rest of World 38,820 38,661 Hotel management and part ownership interests 8,064 8,306 Restaurants 11,788 13,614 Trains and cruises 30,990 31,280 Total revenue 202,561 206,177 Operating Profits Owned hotels - Europe 25,918 24,553 - North America 11,551 14,554 - Rest of World 11,037 11,920 Hotel management and part ownership interests 8,064 8,296 Restaurants 2,076 3,027 Trains and cruises 5,905 6,310 Central overheads (7,355) (7,169) EBITDA 57,196 61,491 Depreciation and amortization (12,241) (11,234) Interest (14,643) (18,110) Earnings before tax 30,312 32,147 Tax (3,504) (4,036) Net earnings on common shares 26,808 28,111 Earnings per common share 0.87 1.05 Number of shares - millions 30.90 26.80 (1) Earnings per share comparisons with prior year are not meaningful in view of the changes in equity and debt structure made before the initial public offering in August 2000. ORIENT-EXPRESS HOTELS LTD Summary of Operating Information for Owned Hotels Nine months ended September 30th, 2001 Nine months ended September 30th $'000 2001 2000 Average Daily Rate ($) Europe 353 316 North America 317 291 Rest of World 195 227 Overall 287 280 Rooms Sold ('000) Europe 126 132 North America 92 97 Rest of World 120 110 Overall 338 339 RevPar ($) Europe 263 247 North America 219 220 Rest of World 104 128 Overall 184 193 Change % Same Store RevPar ($) 2001 2000 $ Local Currency Europe 263 247 +6% +13% North America 191 215 -11% -11% Rest of World 97 118 -18% -11% Overall 178 187 -5% 0% ORIENT-EXPRESS HOTELS LTD Three months ended September 30th, 2001 SUMMARY OF OPERATING RESULTS Three months ended September 30th $'000 2001 2000 Revenue Owned hotels - Europe 30,982 29,634 - North America 9,480 12,556 - Rest of World 11,563 12,611 Hotel management and part ownership interests 2,222 2,675 Restaurants 2,039 3,337 Trains and cruises 11,667 12,517 Total revenue 67,953 73,330 Operating Profits Owned hotels - Europe 14,280 13,415 - North America (510) 1,699 - Rest of World 2,600 3,286 Hotel management and part ownership interests 2,222 2,672 Restaurants (323) 238 Trains and cruises 2,274 3,636 Central overheads (2,801) (2,383) EBITDA 17,742 22,563 Depreciation and amortization (4,217) (3,813) Interest (4,898) (6,542) Earnings before tax 8,627 12,208 Tax (1,126) (1,573) Net earnings on common shares 7,501 10,635 Earnings per common share 0.24 0.37 Number of shares - millions 30.90 28.50 (1) Earnings per share comparisons with prior year are not meaningful in view of the changes in equity and debt structure made before the initial public offering in August 2000. ORIENT-EXPRESS HOTELS LTD Summary of Operating Information for Owned Hotels Three months ended September 30th, 2001 Three months ended September 30th $'000 2001 2000 Average Daily Rate ($) Europe 406 359 North America 239 263 Rest of World 187 255 Overall 298 304 Rooms Sold ('000) Europe 51 53 North America 25 30 Rest of World 37 35 Overall 113 118 RevPar ($) Europe 326 304 North America 137 180 Rest of World 91 131 Overall 184 205 Change % Same Store RevPar ($) 2001 2000 $ Local Currency Europe 326 304 +7% +12% North America 137 180 -24% -24% Rest of World 77 104 -26% -20% Overall 182 194 -6% -2% Orient-Express Hotels Ltd. and Subsidiaries Consolidated and Condensed Balance Sheets $'000 September 30 December 31 2001 2000 Assets Cash $ 55,334 $ 15,889 Accounts receivable 46,995 45,600 Inventories 17,373 15,950 Total current assets 119,702 77,439 Real estate and other fixed assets, net book value 581,040 548,788 Investments 87,674 66,973 Intangible assets 29,753 30,423 Other assets 2,927 2,253 $ 821,096 $ 725,876 Liabilities and Shareholders' Equity Working capital facilities $ 3,934 $ 6,348 Accounts payable 20,939 15,962 Accrued liabilities 35,022 28,556 Deferred revenue 12,242 9,043 Current portion of long-term debt 40,336 53,722 Total current liabilities 112,473 113,631 Long-term debt 303,635 223,051 Deferred income taxes 4,651 5,456 420,759 342,138 Minority interest 5,029 5,021 Shareholders' equity 395,308 378,717 $ 821,096 $ 725,876 SOURCE: Orient-Express Hotels Ltd. |
| stephan - Donnerstag, 22. November 2001 - 09:59 |
| Mußte ein falsches Posting löschen... |
| j_r_ewing - Donnerstag, 22. November 2001 - 16:18 |
| Asset-plays sind zwar eigentlich nicht meine Richtung, hab mir aber die SCR mal überflogen. Mir fiel auf: keine Angaben zu Quick ratio und Current RAtio - hast Du hinreichend Klarheit über die Liquiditätssituation, um da nicht evtl. wo reinzurasseln, Mib ? http://yahoo.marketguide.com/mgi/ratio/7927N.html Gruß JR |
| mib - Mittwoch, 28. November 2001 - 17:19 |
| hat eigentlich jemand SCRa gekauft? stehen jetzt bei hohen Umsaetzen bei ca. $11 (am Freitag noch zu $9.70 zu haben... @JR: nein, habe z.Zt. keine weiteren Infos Mib |