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Financial Highlights (US$) 1H00 1H99 Change Turnover $2,035 m 8% $2,191 m Core EBITDA $145 m 71% $247 m Depreciation & Amortization ($119 m) ($126 m) Core EBIT $19 m 574% $128 m Interest Expense ($63 m) ($87 m) Tax ($12 m) ($28 m) Profit/(Loss) before NRI * ($96 m) n.m.

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Financial Highlights (US$)


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slide1

Financial Highlights (US$)

1H00

1H99

Change

  • Turnover

$2,035 m

8%

$2,191 m

  • Core EBITDA

$145 m

71%

$247 m

  • Depreciation & Amortization ($119 m) ($126 m)
  • Core EBIT

$19 m

574%

$128 m

  • Interest Expense ($63 m) ($87 m)
  • Tax ($12 m) ($28 m)
  • Profit/(Loss) before NRI *

($96 m)

n.m.

$53 m

  • Non-Recurring Items ($4 m) $104 m
  • Overall Profit/(Loss)

$8 m

478%

$49 m

* NRI = Non-Recurring Items

slide2

Chartering

7%

Logistics

9%

Other

Investments

2%

1H99 Revenue Breakdown :

(Total = US$2.03b)

Container Shipping: 72%

Logistics : 8%

Chartering : 6%

Other Investments* : 14%

Container Shipping

82%

* includes revenue from APL Stacktrain business which was divested in May 1999

Turnover Breakdown

Total Revenue : US$2.19 billion, up 8%

Excluding stacktrain, up 22%

slide3

Container Volume

1H00 Volume (675,000 FEUs)

  • Americas 319,000
  • Europe 139,000
  • Asia / Middle East 217,000

1H99 Volume (583,000 FEUs)

  • Americas 285,000
  • Europe 134,500
  • Asia / Middle East 163,500

Overall change : up by 16%

slide4

Container Shipping - Trade Imbalance

For every 10 feus Full Headhaul

Full Backhaul

Trade 1H98 1H99 1H00

  • Trans-Pacific 4 5 6
  • Asia/Europe/Asia 5 8 8
  • Transatlantic 4 7 9
  • Latin America 3 5 7
slide5

Container Shipping - Average Freight Rates

1H99 FY99 1H00

Average freight rates US$2,386 US$2,450 US$2,441

  • Average freight rates include all trades
  • Peak season surcharges for Transpacific in the second half of 1999 positively impacted the full year average for 1999
slide6

Container Shipping - Cost

Trend Analysis for Cost (Indexed)

slide8

1-YEAR TIME-CHARTER RATES

170

Aframax Tanker

Panamax Bulk Carrier

150

Rate Index

130

110

90

70

Jul-99

Jan-99

Jan-00

Sep-99

Mar-99

Mar-00

Nov-99

May-99

May-00

Source : Tradewinds

  • Improved Aframax tanker rates from Jan 2000
  • Overall improvement in bulk carrier rates, but Group’s exposure in this sector is small

Chartering - Rates

slide9

1H99

Container Logistics Chartering Others* Total

Turnover $1,458 m $167 m $123 m $287 m $2,035 m

Core EBIT ($9 m) $12 m $7 m $9 m $19 m

Container Logistics Chartering Others Total

Turnover $1,808 m $203 m $145 m $35 m $2,191m

Core EBIT $97 m $14 m $13 m $4 m $128 m

1H00

Segmental Results in US$ (1H00 vs 1H99)

* includes revenue/ earnings from APL Stacktrain business which was divested in May 1999

slide10

1H00

    • Loss on sale of vessels ($5m)
    • Profit on sale of other assets $5m
    • Provision for quoted investment ($4m)

Total non-recurring items ($4m)

TOTAL NON- RECURRING ITEMS FOR 1H99 $104m

Non-Recurring Items (US$)