P&O Nedlloyd Results: Fourth Quarter 2003 and Full Year 2003
RNS Number:1234W
Peninsular & Oriental Steam Nav Co
04 March 2004
EMBARGO: NOT FOR PUBLICATION BEFORE 07:00 HOURS (UK TIME), THURSDAY 4 MARCH
2004
P&O NEDLLOYD RESULTS: FOURTH QUARTER 2003
The attached information sets out the financial results, trade statistics and
key points for P&O Nedlloyd Container Line for the fourth quarter of 2003. In
summary it shows that:
Full Year 2003
* P&O Nedlloyd achieved an operating profit of $96 million, compared with
an operating loss of $206 million in 2002;
* Average freight rates increased by 12 per cent over 2002;
* Volumes shipped were up by 5 per cent over 2002;
* Annualised savingsof $301 million were achieved in 2002-2003, with
more targeted.
In Q4 2003
* P&O Nedlloyd made an operating profit of $84 million compared with an
operating loss of $49 million in Q4 2002;
* Average freight rates were up by 16 per cent over Q4 2002;
* Volumes shipped were up by 5 per cent overall.
Outlook
With the favourable trend in freight rates, and provided trade growth continues
as in 2003, the outlook for the container shipping industry remains positive for
2004 although cost pressures remain.
Commenting on the results, P&O Nedlloyd CEO Philip Green said:
“During 2003 the P&O Nedlloyd team succeeded in turning a prior year operating
loss of $206 million into an operating profit of $96 million – a positive swing
of $302 million in our financial performance. This is a significant
achievement, but we need to do more. We are committed to further improving our
financial performance this year.”
Further information:Peter Smith, Director, Communications and Strategy, P&O
+44 (0)20 7930 4343
Cor Radings, Corporate Public Relations, Royal Nedlloyd
+31 (0)626 316 854
Gill Samuel, DirectorCorporate Communications, P&O Nedlloyd
+44 (0)20 7441 8706
RESULTS & STATISTICS
Q4 Q4 Full Year Full Year
2003 2002 2003 2002
Volumes shipped (teus)
Europe 415,262 414,448 1,616,182 1,554,153
Asia / Pacific 274,409 249,741 969,504 925,854
Americas 298,435 275,471 1,157,509 1,079,554
Total 988,106 939,660 3,743,195 3,559,561
Average freight rate per teu 1,347 1,162 1,287 1,145
Revenue 1,331 1,092 4,818 4,075
Operating (loss)/profit before interest and 84 (49) 96 (206)
tax (before restructuring costs)
Restructuring costs (10) (5) (19) (28)
Operating (loss)/profit before interest and 74 (54) 77 (234)
tax (after restructuring costs)
Net loss on sale of fixed assets (1) (12) (1) (12)
Interest (11) (13) (45) (47)
Minorities (2) 0 (3) 1
Profit / (loss) before tax after minorities 60 (79) 28 (292)
Tax (4) (4) (13) (12)
Retained profit
