 Il prossimo 26 settembre si svolgerà a Calgary l'assemblea degli azionisti della Canadian Pacific Ltd. (CPL), che saranno chiamati ad approvare il piano di riorganizzazione del gruppo, che ne determinerà il frazionamento in cinque società (inforMARE del 13 febbraio 2001).
Il piano di riorganizzazione prevede che per ogni azione ordinaria di CPL gli azionisti ottengano le seguenti quote nelle cinque nuove società autonome:
- 0,684 azioni ordinarie nella PanCanadian (settore energetico);
- 0,166 azioni ordinarie nella Fording (settore minerario);
- 0,50 azioni ordinarie nella Canadian Pacific Railway (settore ferroviario e intermodale);
- 0,25 azioni ordinarie nella CP Ships (settore marittimo - compagnie di navigazione ANZDL, Canada Maritime, Cast, Contship Containerlines, Lykes Lines e TMM Lines);
- 0,25 azioni ordinarie nella Fairmont Hotels & Resorts Inc. (settore alberghiero)
Canadian Pacific Ltd. ha inoltre annunciato di aver ottenuto un'approvazione preliminare alla quotazione delle cinque nuove società alla Borsa di Toronto ed è in attesa di un analogo provvedimento da parte della Borsa di New York.
CPL prevede che dopo la riorganizzazione le azioni in circolazione delle nuove società saranno rispettivamente 254,4 milioni per la PanCanadian, 52,5 milioni per la Fording, 158,2 milioni per la Canadian Pacific Railway, 79,1 milioni per la CP Ships e 79,1 milioni per la Fairmont Hotels & Resorts.
PANCANADIAN
Pro Forma Balance Sheet as at June 30, 2001 (unaudited)
| (in millions of Canadian dollars) | Actual
| Adjustments | Pro forma
|
| |
| Assets | |
| |
| Current assets | |
| |
| Cash and cash equivalents | $ 736.6 | $ 500.0 | $ 6.6 |
| | | (1,180.0) | |
| Other current assets | 2,050.7 | - | 2,050.7 |
| |
| | 2,787.3 | (680.0) | 2,107.3 |
| | | |
|
| Property, plant and equipment - net | 7,332.1 | - | 7,332.1 |
| Other assets | 286.5 | - | 286.5 |
| | $10,405.9 | $ (680.0) | $ 9,725.9 |
| |
| | | |
|
| Liabilities and Shareholders' Equity
| | | |
| Current liabilities | |
| |
| Short-term financing | $ - |
$ 400.0 | $ 400.0 |
| Current portion of long term debt | 152.6 | - | 152.6 |
| Other current liabilities | 1,959.3 | 15.0 | 1,974.3 |
| |
| | 2,111.9 | 415.0 | 2,526.9 |
| | | |
|
| Long term debt | 762.2 |
100.0 | 862.2 |
| Deferred credits and liabilities | 398.1 | - | 398.1 |
| Future income taxes | 2,249.00 | - | 2,249.00 |
| | | |
|
| Shareholders' equity | |
| |
| Preferred securities | 125.6 | - | 125.6 |
| Common shares and paid in surplus | 214.8 | - | 214.8 |
| Retained income | 4,544.3 |
(1,180.0) | 3,349.3 |
| | | (15.0) | |
| |
| | 4,884.7 | (1,195.0) | 3,689.7 |
| | | |
|
| | $10,405.9 | $ (680.0) | $ 9,725.9 |
Pro Forma Earnings/EPS (unaudited)
| (in millions of Canadian dollars except amounts per share) | For six month period
30-Jun-01
| For six month period
30-Jun-00
| For year
ended
31-Dec-00
|
| |
| Net income attributable to common shareholders | $909.1 | $380.9 | $1,004.4 |
| Net income attributable per common share - basic | $3.58 | $1.52 | $4.00 |
Pro Forma Balance Sheet as at June 30, 2001 (unaudited)
| (in millions of Canadian dollars) | Actual
| | Adjustments |
| Pro forma |
| |
| Assets | |
| | | |
| Current assets | |
| | | |
| Cash | $ 14.9 |
| $ (4.0) | | $ 10.9 |
| Accounts receivable | 45.8 |
| - | | 45.8 |
| Inventory | 131.9 |
| - | | 131.9 |
| Prepaid expenses | 9.1 |
| - | | 9.1 |
| |
| | 201.7 | |
(4.0) | | 197.7 |
| | | |
| | |
| Capital assets | 778 |
| - | | 778 |
| Other assets | 9.2 |
| - | | 9.2 |
| |
| | $ 988.9 |
| $ (4.0) | | $ 984.9 |
| |
| | | |
| | |
| Liabilities and Shareholders' Equity
| | | |
| |
| Current liabilities | |
| | | |
| Bank indebtedness | $ 16.2 |
| $ - | | $ 16.2 |
| Accounts payable | 61.1 |
| - | | 61.1 |
| Income taxes payable | 13.7 |
| - | | 13.7 |
| Current portion of long-term debt | 0.2 | | - | | 0.2 |
| |
| | 91.2 | |
- | | 91.2 |
| | | |
| | |
| Non-current liabilities | 60.8 | | - | | 60.8 |
| Long-term debt | |
| | | |
| Affiliated company | 93 |
| (93) | | - |
| Other | - | |
93.0 | | 93 |
| Future income taxes | 186.5 |
| (1.7) | | 184.8 |
| | | |
| | |
| Shareholders' Equity | |
| | |
|
| Capital stock | 126.4 |
| - | | 126.4 |
| Capital contributed | 15 |
| - | | 15 |
| Retained earnings | 391.7 |
| (2.3) | | 389.4 |
| Foreign currency translation adjustment |
24.3 | | - |
| 24.3 |
| |
| | 557.4 | |
(2.3) | | 555.1 |
| |
| | $ 988.9 |
| $ (4.0) | | $ 984.9 |
| (in millions of Canadian dollars except amounts per share) | For six month period
30-Jun-01
| For six month period
30-Jun-00
| For year
ended
31-Dec-00
|
| |
| Net income attributable to common shareholders | $43.5 | $11.5 | $33.0 |
| Net income attributable per common share - basic | $0.83 | $0.22 | $0.63 |
Pro Forma Balance Sheet as at June 30, 2001 (unaudited)
| (in millions of Canadian dollars) | Actual
| Adjustments | Pro forma
|
| |
| Assets | |
| |
| Current assets | |
| |
| Cash and short term investments | $ 140.4 | $ - | $ 140.4 |
| Accounts receivable | 523.6 | | 523.6 |
| Advances to affiliate | 195.9 | (195.9) | - |
| Materials and supplies | 125.3 | | 125.3 |
| Future income taxes | 82.8 |
| 82.8 |
| |
| | 1,068.0 | (195.9) | 872.1 |
| | | |
|
| Investments | 114.9 |
| 114.9 |
| Net properties | 7,493.4 |
| 7,493.4 |
| Other assets and deferred charges | 518.4 | | 518.4 |
| |
| | $ 9,194.7 | $ (195.9) | $ 8,998.8 |
| |
| | | |
|
| Liabilities and Shareholders' Equity
| | | |
| Current liabilities | |
| |
| Accounts payable and accrued liabilities |
$ 984.7 | $ - | $ 984.7 |
| Income and other taxes payable | 97.2 | | 97.2 |
| Long term debt maturing within one year |
7.5 | | 7.5 |
| |
| | 1,089.4 |
| 1,089.4 |
| | | |
|
| Deferred liabilities | 688.9 | | 688.9 |
| Long term debt | 2,717.3 |
504.1 | 3,221.4 |
| Future income taxes | 1,000.5 | | 1,000.5 |
| Deferred income credits | 76.1 | | 76.1 |
| |
| Shareholder's equity | |
| |
| Ordinary Shares | 1,812.5 |
(700.0) | 1,112.5 |
| Contributed surplus | 291.1 | | 291.1 |
| Foreign currency translation adjustments |
89.1 | | 89.1 |
| Retained income | 1,429.8 |
| 1,429.8 |
| |
| | 3,622.5 | (700.0) | 2,922.5 |
| |
| | $ 9,194.7 | $ (195.9) | $ 8,998.8 |
| (in millions of Canadian dollars except amounts per share) | For six month period
30-Jun-01
| For six month period
30-Jun-00
| For year
ended
31-Dec-00
|
| |
| Net income attributable to common shareholders | $149.7 | $168.9 | $505.7 |
| Net income attributable per common share - basic | $0.95 | $1.05 | $3.18 |
Pro Forma Balance Sheet as at June 30, 2001 (unaudited)
| (in millions of U.S.dollars) | Actual
| Adjustments | Pro forma
|
| |
| Assets | |
| |
| Current assets | |
| |
| Cash | $ 106 | $ (30) | $ 76 |
| Accounts receivable | 455 | 1 | 456 |
| Other current assets | 15 | - | 15 |
| |
| | 576 | (29) | 547 |
| | | |
|
| Capital assets | 703 | 3 | 706 |
| Goodwill | 525 | - | 525 |
| Investments | - | 14 | 14 |
| |
| | $ 1,804 | $ (12) | $ 1,792 |
| |
| |
| Liabilities and Shareholders' Equity
| | | |
| Current liabilities | |
| |
| Accounts payable | $ 525 | $ - | $ 525 |
| Other current liabilities | 14 | (2) | 12 |
| |
| | 539 | (2) | 537 |
| | | |
|
| Loans from Canadian Pacific companies | 174 | (174) | - |
| Long term debt | 29 | 124 | 153 |
| Other long term liabilities | 16 | - | 16 |
| | | |
|
| Shareholder's Equity | |
| |
| Common shares and contributed surplus | 550 | 169 | 719 |
| Retained earnings | 501 | (129) | 372 |
| Currency translation adjustments | (5) | - | (5) |
| |
| | 1,046 | 40 | 1,086 |
| |
| | $ 1,804 | $ (12) | $ 1,792 |
| (in millions of Canadian dollars except amounts per share) | For six month period
30-Jun-01
| For six month period
30-Jun-00
| For year
ended
31-Dec-00
|
| |
| Net income attributable to common shareholders | $55 | $54 | $130 |
| Net income attributable per common share - basic | $0.70 | $0.68 | $1.65 |
Pro Forma Balance Sheet as at June 30, 2001 (unaudited)
| (in millions of U.S. dollars) | Actual1
| Adjustments2 | Pro forma3
|
| |
| Assets | |
| |
| Current assets | |
| |
| Cash and cash equivalent | $ 9.0 | $ 475.1 | $ 484.1 |
| Deposits with affiliated company | 6.3 | (6.3) | - |
| Accounts receivable | 64.2 | 7.9 | 72.1 |
| Materials and supplies | 11.1 | - | 11.1 |
| Prepaid expenses | 11.5 | 9.3 | 20.8 |
| Owing by affiliated companies | 40.4 | (40.4) | - |
| Future income taxes | 22.2 | - | 22.2 |
| |
| | 164.7 | 445.6 | 610.3 |
| Investments in hotel partnerships |
| | |
| and corporations | 37.8 | 6.6 | 44.4 |
| Investments in Legacy Hotels Real |
| | |
| Estate Trust | 59.3 | - | 59.3 |
| Capital assets | 1,242.8 | 120.0 | 1,362.8 |
| Other assets and deferred charges | 254.8 | 8.6 | 263.4 |
| |
| | $ 1,759.4 | $ 580.8 | $ 2,340.2 |
| |
| |
| Liabilities and Shareholders' Equity
| | | |
| Current liabilities | |
| |
| Bank loans | $ 20.0 | $ - | $ 20.0 |
| Accounts payable and accrued liabilities | 80.8 | 33.2 | 114 |
| Owing to affiliated companies | 3.6 | (3.6) | - |
| Current portion of long term debt | 33.6 | (10) | 23.6 |
| Dividend payable | - | 32.3 | 32.3 |
| |
| | 138.0 | 51.9 | 189.9 |
| | | |
|
| Other liabilities | 36.9 | 52.3 | 89.2 |
| Long-term debt | 751.4 | (177.4) | 574 |
| Future income taxes | 166.5 | (70.0) | 96.5 |
| Non-controlling interest | 49.3 | - | 49.3 |
| | | |
|
| Shareholders' Equity | |
| |
| Share capital | 592.3 | 572.6 | 1,164.9 |
| Premium on securities | - | 46.9 | 46.9 |
| Contributed surplus | 4.4 | 6.1 | 10.5 |
| Foreign currency translation adjustments | 14.6 | 30.0 | 44.6 |
| Retained earnings | 6 | 68.4 | 74.4 |
| |
| | 617.3 | 724 | 1,341.3 |
| |
| | $ 1,759.4 | $ 580.8 | $ 2,340.2 |
| (in millions of Canadian dollars except amounts per share) | | For six
month
period
30-Jun-01
| For six
month
period
30-Jun-00
| For year
ended
31-Dec-00
|
| |
| Net income attributable to common shareholders | Actual1 | $37.3 | $36.1 | $85.3 |
| | Pro forma3 |
$26.0 | $49.8 | $80.3 |
| |
| Net income attributable per common share - basic | Actual1 | $0.47 | $0.45 | $1.07 |
| | Pro forma3 |
$0.33 | $0.62 | $1.01 |
1 The "Actual" figures represents solely Fairmont's actual results for its hotel business as reported for the periods indicated.
2 The "Adjustments" column represents the net cash, liabilities and equities inherited from CPL pursuant to the Arrangement.
3 The "Pro forma" net income includes CPL's corporate expenses (overhead, interest, exchange and taxes) for the periods reported and are expected to be significantly reduced immediately after completion of the Arrangement.
(Source: CPL)
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