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Sea Containers Ltd. Annual Report 2002 Sea Containers Ltd

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Sea Containers Ltd. Annual Report 2002 Sea Containers Ltd Sea Containers Ltd. Annual Report 2002 Sea Containers Ltd. Contents Sea Containers Ltd. is a Bermuda company with operating subsidiaries in London, Genoa, New York, Rio de Janeiro and Sydney. It is owned primarily by Company description 2 U.S. shareholders and its common shares are listed on the New York Stock Exchange under the trading symbols SCRA and SCRB. Financial highlights 3 Directors and officers 4 The company is engaged in two main activities: passenger and freight transport and marine container leasing. Within each segment are a number of operating President’s letterto shareholders 7 units. Passenger transport consists of fast ferry services in the English Channel Discussion by division: under the name Hoverspeed Ltd.; both fast and conventional ferry services in the Irish Sea under the name Isle of Man Steam Packet Company; fast ferry Passenger and Freight Transport 15 services in New York under the name SeaStreak; fast and conventional ferry services in the Baltic under the name Silja Line; and in the Adriatic under the Containers 21 name SNAV-Hoverspeed (50% owned). Rail operations in the U.K. are Property, Publishing and Plantations 24 conducted under the name Great North Eastern Railway (GNER). Ship management and naval architects subsidiaries support the passenger and Finance 26 freight transport division and have outside clients as well. Financial review 29 Marine container leasing is conducted primarily through GE SeaCo SRL, a Shareholder and investor information 56 Barbados company owned 50% by Sea Containers and 50% by General Electric Capital Corporation. GE SeaCo operates one of the largest marine container fleets in the world, nearly one million units. Sea Containers also owns or partly owns five container service depots, four container manufacturing facilities and a refrigerated container service business. In addition, it owns one container ship, which is currently on charter. The company also owns 47% of the equity of Orient-Express Hotels Ltd. Orient-Express Hotels’ common shares are listed on the New York Stock Exchange under OEH. This company has 40 de luxe leisure properties in 17 Front cover: The cruise ship m.v. Silja Opera at the Swedish countries. Most of the properties are owned but some are partly owned. One resort of Visby. The 1,398-berth vessel was returned from charter in early 2002 and commenced a new cruise program joint venture is PeruRail, the railways of Peru, which operates tourist trains on from Helsinki, Finland to Visby and the Latvian capital Riga in the Cuzco/Machu Picchu route and from Cuzco and Arequipa to Lake Titicaca. the summer. St Petersburg has been added to the program for PeruRail has extensive freight train operations to and from the port of Matarani 2003. On-board attractions include an outdoor pool deck as well. The hotels, restaurants, river cruise ship and tourist trains compete in the with a retractable glass roof. top end of the market. Other Sea Containers’ activities include port interests in the U.K. and Greece, property development, publishing, fruit farming in the Ivory Coast and Brazil, and a U.K.-based travel agency. 2 SEA CONTAINERS LTD. Financial highlights (See note 20 to the Financial Statements on page 50) 2002 2001 Change $000 $000 % Revenue 1,637,225 1,269,813 28.9 Earnings before net finance costs: Passenger and freight transport operations 120,316 68,058 76.8 Container operations 23,499 30,568 (23.1 ) Leisure operations 41,275 52,738 (21.7 ) Plantation, property, publishing and other operations 4,452 681 553.7 189,542 152,045 24.7 Corporate costs (15,038 ) (13,508 ) 11.3 174, 504 138,537 26.0 Add depreciation and amortization 113, 710 109,742 EBITDA* 288,214 248,279 Pro forma adjustment to exclude OEH EBITDA (55,630 ) (69,094 ) EBITDA as adjusted to exclude OEH 232,584 179,185 28.9 Net earnings on common shares 41,928 4,546 822.3 Total assets at book value 2,796,834 2,652,446 5.4 Long-term obligations 1,784,274 1,673,803 6.6 $ $% Net earnings per class A and class B common share: - basic 2.08 0.24 766.7 - diluted 2.07 0.24 762.5 Cash dividends per class A common share 0.225 0.30 (25.0 ) Cash dividends per class B common share 0.204 0.272 (25.0 ) * EBITDA means Earnings Before Interest, Tax, Depreciation and Amortization. EBITDA is a common financial measure that management uses to judge operating performance and the ability to service or incur indebtedness on a consistent basis without regard to depreciation and amortization which can vary depending on accounting methods or non-operating factors, such as historic cost. 3 Below: The Lapa Palace new bridge, which allows Directors and officers Hotel in Lisbon, an Orient- direct access to the hotel’s Express Hotels property, ornamental gardens from opened its new Villa Lapa most guest rooms. garden wing in 2002, bringing the total number of keys at the hotel to 109. The development includes this From left to right: James B. Sherwood President of the company Charles N.C. Sherwood Partner of Permira Advisors Ltd. Philip J.R. Schlee Chairman of Robert Anderson & Co. Ltd. (a private equity investment firm) (a private investment firm) Michael J.L. Stracey* Executive Vice President and Chief Financial W. Murray Grindrod* Chairman of Grindrod Ltd. Officer (retired) and Consultant to the company (a shipping, transport and financial services company) Robert M. Riggs* Partner of Carter Ledyard & Milburn LLP Ian Hilton Member of Appleby Spurling & Kempe (attorneys) (attorneys) (retired) John D. Campbell Bermuda Vice President of the company. Senior Counsel of Appleby Spurling & Kempe (attorneys) * member of the Audit Committee 4 SEA CONTAINERS LTD. Officers other than the President Back row, left to right: David G. Benson Senior Vice President, Passenger and Freight Transport Edwin S. Hetherington Vice President, General Counsel and Secretary Guy N. Sanders Vice President, Funding James A. Beveridge Vice President, Administration and Property, Front row, left to right: Plantations and Publishing Angus R. Frew Vice President, Containers James G. Struthers Vice President, Controller Daniel J. O’Sullivan Senior Vice President, Finance and Christopher W.M. Garnett Vice President, Rail Chief Financial Officer Regional Managers Franco delle Piane Chresten A. Bjerrum Robert Alagna Robin Lynch Luis Freitas Regional Manager, Regional Manager, Regional Manager, Regional Manager, Regional Manager, Mediterranean Asia Australasia North America South America 5 6 SEA CONTAINERS LTD. President’s letter to shareholders May 1, 2003 $160 million of cash net of underlying debt and to use these funds to retire a portion of the 2003 and Dear Shareholder 2004 maturing public debt. We have also initiated exchange offers for this debt as an alternative to Your company returned to solid profitability in redemption in cash. We have arranged a 2002 after a poor 2001. Net earnings in 2002 $158 million standby credit with a bank syndicate were $41.9 million ($2.08 per common share), to be used if required to pay off the 2003 compared with net earnings of $4.5 million ($0.24 maturing debt. The assets being sold are The Isle per common share) in 2001. Profits in 2001 were of Man Steam Packet Company, our remaining largely achieved through gains on asset sales, port interests in the U.K. and our Charleston, SC while in 2002 such gains were minimal. Revenue container manufacturing facility. Funds not needed increased in 2002 to $1.64 billion from for debt repayment or investment may be used to James B. Sherwood $1.27 billion in 2001. EBITDA, excluding retire some of the company’s longer-dated public President and Founder Orient-Express Hotels, in 2002 was $232 million debt. This debt can currently be purchased at a compared with $179 million in 2001. large discount to par. It is not expected that the Despite our improved results, our share price sale of assets and retirement of debt will be is currently around $9, having been as high as $25 significantly dilutive of earnings. in the first quarter of 2001. This is clearly We currently own about 47% of the equity of unacceptable, but it partially reflects the persistent Orient-Express Hotels and believe its share price weakness in the U.S. stock market since the high is seriously undervalued by the market, so we point of the 2001-2002 period. It also reflects the intend to hold on to our shares until the market decision not to spin off shares in Orient-Express price recovers to prior levels. Hotels Ltd. to Sea Containers shareholders as Left: The volume of cars parked previously planned. Nonetheless, the current Marine Container Leasing at SeaStreak’s Highlands, New market price at 3.4x 2002 net earnings seems After a long period of stagnant demand for leased Jersey terminal reflects the exceptionally low and your management will be containers the market improved markedly from company’s growing success in making a major effort in the months ahead to April, 2002, and continues strong. In 2002, the New York-New Jersey commuter market. Passenger stimulate investor interest in the company’s shares. GE SeaCo, the company’s 50/50 joint venture with carryings from Highlands were At the time of writing this letter I can advise General Electric Capital Corporation, purchased 410,200 in 2002, while total we are closer to satisfactory resolution of our $160 million of new containers, all of which were SeaStreak carryings in the year claims against Network Rail, having won the placed on long lease at attractive rates. GE SeaCo’s reached 786,500, a 44% appeal in a crucial arbitration decision.
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