Interim Results 2004

1
Interim Results 2004

• 12 August

2

• Lord Sterling Introduction
• Nick Luff Financials
• Robert Woods Business Review
• Strategy Outlook

3

• Nick Luff
• Chief Financial Officer

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Financial Summary
All figures are after goodwill amortisation and
allocation of pension deficit charge of 5
million (2003 H1 5 million 2003 FY 8 million)
5
Earnings and Dividends
Headline eps eps before exceptionals and
goodwill amortisation
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Separately Disclosable Items
7
Cash Flow
8
Cash Flow
9
Capital Expenditure
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Balance Sheet
Includes 35 million (H1 2003 74m, FY 2003
75m) receivables relating to prior
transactions Group net borrowings / Group net
borrowings minority interests stockholders
funds
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Pensions
Excludes PO Nedlloyd share

• Merchant Navy Officers Pension Fund (MNOPF)
• Court case scheduled for March 2005

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Property
13

• Robert Woods
• Chief Executive

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Ports
TEU (000s) reflects volumes at each terminal
attributable to PO Revenue includes POs share
of joint ventures EBITDA and EBIT also include
POs share of associates
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Ports
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Ports - Asia
Main Container Terminal Locations
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Ports Americas
Main Container Terminal Locations
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Ports - Australasia
Brisbane
Fremantle
Sydney
Melbourne
Main Container Terminal Locations
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Ports - Europe
Main Container Terminal Locations
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London Gateway
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Ports - Outlook

• Good growth continuing in H2
• Asia particularly strong
• China
• India
• Americas
• Port Newark improvement
• Argentina currently strong
• Australasia
• Europe
• Antwerp expansion proceeding on schedule
• London Gateway decision

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Ferries Trading
Volume number of passengers
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Ferries Result

• Other includes discontinued routes, Ferrymasters
  and, in H1 2003 and FY 2003, a 4.1 million
  non-recurring charge relating to
  Portsmouth-Bilbao route

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Ferries - Outlook

• Trading conditions remain challenging
• Freight
• Steady market growth
• Freight rates stabilised
• Tourist
• Tourist market remains weak
• Rates under pressure, particularly on Short Sea
• On-board spend
• Impact of increased tobacco prices
• Business Review conclusions 28 September

25
Container shipping
Note Royal PO Nedlloyd (RPONL) principally
comprises PO Nedlloyd (PONL) hence this slide
reports PONL results and also POs interest in
RPONL
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Strategic Progress Outlook

• Ports
• Key focus for capital
• Continuing strong growth
• Further investment opportunities
• Ferries
• Results of fundamental business review 28
  September
• Container Shipping
• Property on track for 250 million net sales
  target
• Further improvement in trading results expected