Utile ante imposte in crescita del 43% per P&O Princess Cruises

Nel primo trimestre di quest'anno P&O Princess Cruises ha riportato un utile prima delle imposte di 27,1 milioni di dollari (+43%) su un giro d'affari di 512,1 milioni di dollari (-5,5%). L'utile operativo è stato di 42,2 milioni di dollari, con un incremento del 29% sullo stesso periodo del 2001. Commentando con soddisfazione i risultati del primo trimestre, l'amministratore delegato della compagnia crocieristica britannica, Peter Ratcliffe, ha confermato il buon andamento delle prenotazioni nel Nord America e anche il ritorno a prezzi di vendita delle crociere analoghi a quelli dello scorso anno. «Abbiamo recuperato il deficit delle prenotazioni causato dagli eventi dell'11 settembre - ha spiegato - e rimaniamo ottimisti circa il fatto che il loro effetto non rimanga limitato ai primi tre mesi dell'anno». Ratcliffe ha comunque precisato che gli effetti negativi degli sconti introdotti per controbilanciare l'impatto degli attacchi terroristici dello scorso 11 settembre negli USA si faranno sentire anche nel secondo e terzo trimestre di quest'anno, mentre si prevede che tali misure avranno un effetto limitato sull'intero 2002.

In merito alla pianificata fusione con la Royal Caribbean, che è contrastata da un tentativo di takeover della Carnival sulla P&O Princess, la compagnia britannica ha precisato che il responso sull'operazione di fusione da parte del segretario di Stato britannico è atteso nel prossimo giugno, mentre non c'è una scadenza programmata per il responso da parte delle autorità antitrust statunitensi e canadesi. P&O Princess
Summarised group profit and loss account
for the 3 months
ended 31 March 2002
(Source: P&O Princess)

	Three months to 31 March
	2002 (Unaudited)	2001 (Unaudited) Restated	2001 (Unaudited) reported
		(note l)
US$ million
Turnover (gross revenue)	512.1	542.1	542.1
Direct operating costs	(343.7)	(388.0)	(388.0)
Selling and administrative expenses	(86.5)	(84.6)	(84.6)
Depreciation and amortisation	(39.8)	(36.8)	(36.8)
	(470.0)	(509.4)	(509.4)
Group operating profit	42.1	32.7	32.7
Share of operating results of joint ventures	0.1	-	-
Total operating profit	42.2	32.7	32.7
Profit 0n sale of fixed assets	1.0	-	-
Profit before interest	43.2	32.7	32.7
Net interest and similar items	(16.1)	(13.8)	(13.8)
Profit before taxation	27.1	18.9	18.9
Taxation	(1.4)	95.9	(0.9)
Profit for the period	25.7	114.8	18.0
Basic earnings per share ( cents)	3.7	16.6	2.6
Diluted earning per share(cents)	3.7	16.6	2.6
Basic earnings per ADS	$0.15	$0.66	$0.10
Diluted earnings per ADS	$0.15	$0.66	$0.10
Dividend per share	3.0c	3.0c	3.0c
Dividend per ADS	$0.12	$0.12	$0.12
Weighted average number of shares
in issue (in millions) Basic	691.5	692.6	692.6
Weighted average number of shares
in issue (in millions) -Diluted	695.1	692.6	692.6

	Three months to 31 March
	2002	2001
Operating statistics
Passenger cruise days (thousands)
North America	1,709	1,396
Europe and Australia	790	816
Total	2,499	2,212

Occupancy
North America	100.5%	103.0%
Europe and Australia	95.1%	95.5%
Total	98.8%	100.3%

Change in Net Revenue Yields
Like for like, including on board revenue	(8%)

NOTE 1
Prior Year Adjustment on implementation of FRS 19
The Accounting Standards Board issued Financial Reporting Standard No.19 'Deferred Tax' (FRS 19) in December 2000. The standard is effective for accounting periods ending on or after January 23, 2002. The standard requires full provision to be made for deferred tax assets and liabilities arising from most types of timing difference between the recognition of gains and losses in the financial statements and their recognition in a tax computation. Deferred tax assets are, however, only to be recognized to the extent that it is regarded as more likely than not that they will be recovered. P&O Princess Cruises has adopted the standard as of 1 January 2002 resulting in the restatement of comparative data from partial provisioning for deferred tax to the full provision basis.

As a result of the implementation of FRS 19, the balance sheet as at 31 December 2000 has been restated to ref1ect full provision for deferred tax, an increase in deferred tax liabilities of $108.1million. The tax credit for the comparative data '3 months to 31 March 2001', has been increased by $96.8m to ref1ect the elimination of the majority of future potential tax liabilities, upon P&O Princess Cruises' election to enter the U .K. tonnage tax regime. This is consistent with the elimination of the partially provided deferred tax in the 2001 audited financial statements. The net effect on net assets and shareholders' funds as at 31 March 2001 as a result of implementing FRS 19 is a reduction of $11.3m.