-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LIJ8UWxqtnUNjRkSwv+FhslH4q5OGJw0nKpXLp75Gb1yxrXD71CoqkDyoA0602bk dWmViRRN3sv4IydD5XqNmA== 0000919574-02-001488.txt : 20020905 0000919574-02-001488.hdr.sgml : 20020905 20020905161036 ACCESSION NUMBER: 0000919574-02-001488 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020630 FILED AS OF DATE: 20020905 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENARGO INTERNATIONAL PLC CENTRAL INDEX KEY: 0001068419 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-09294 FILM NUMBER: 02757581 BUSINESS ADDRESS: STREET 1: PUTTENHAM PRIORY STREET 2: PUTTENHAM CITY: SURREY GU3 1AR ENGLA STATE: X0 BUSINESS PHONE: 1483241000 MAIL ADDRESS: STREET 1: PUTTENHAM PRIORY STREET 2: PUTTENHAM SURREY CITY: SURREY GU3 1AR ENGLA STATE: X0 6-K 1 d346269_6-k.txt CERNAGO FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of September, 2002 CENARGO INTERNATIONAL PLC (Translation of registrant's name into English) Puttenham Priory Puttenham Surrey GU3 1AR United Kingdom (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F X Form 40-F ----- Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No X ----- ----- INFORMATION CONTAINED IN THIS FORM 6-K REPORT Set forth herein is Cenargo International Plc's quarterly report for the period ended June 30, 2002 containing a Management's Discussion and Analysis of Financial Condition and Results of Operation and Unaudited Consolidated Financial Statements. CENARGO INTERNATIONAL PLC QUARTERLY REPORT JUNE 30, 2002 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL Cenargo, an English company, is a diversified international transportation group specialising in European freight and passenger ferry services, international ship owning and chartering, the movement of surface and airfreight and the management of freight logistics. RESULTS OF OPERATIONS Three months ended June 30, 2002 compared to three months ended June 30, 2001. Operating Revenues Operating Revenues decreased in the third quarter ended June 30, 2002 (the `2002 quarter') by 0.3 million pounds sterling to 29.1 million pounds sterling compared to 29.4 million pounds sterling in the third quarter ended June 30, 2001 (the `2001 quarter'). This decrease comprises a 1.4 million pounds sterling reduction in Irish Sea revenues, an increase in Ferrimaroc revenues of 0.7 million pounds sterling, a 0.3 million pounds sterling increase in logistics and other income and 0.1 million pounds sterling increase in shipowning and chartering revenues. The reduction of 1.4 million pounds sterling in Irish Sea revenues is mainly attributable to operational problems reported in Quarter 2 with the company's vessels coinciding with the decision to change ship managers and the consequent loss of customer confidence and support together with increased competition. The increase in Ferrimaroc revenues is mainly attributable to an increase in market and tariffs. The increase of 0.3 million pounds sterling in logistics' revenues represents increased levels of business from the group's logistics' operations. Operating Expenses Vessel and other operating costs increased by 1.3 million pounds sterling to 21.8 million pounds sterling compared to 20.5 million pounds sterling in the 2001 quarter. This is mainly attributable to the extra costs arising from the expanded logistics operations particularly at Milton and Heston and increased levels of business in Ferrimaroc. Depreciation for the 2002 quarter has reduced by 0.3 million pounds sterling to 2.1 million pounds sterling compared to 2.4 million pounds sterling in the 2001 quarter. This mainly relates to assets now fully written down and therefore not requiring further depreciation. General and administrative expenses for the 2002 quarter increased by 0.6 million pounds sterling to 2.8 million pounds sterling compared to 2.2 million pounds sterling in the 2001 quarter. This mainly arises from increased activities in logistics with the leasing of additional premises at Milton and Heston and the appointment of a management team responsible for the development of the logistics activities. Foreign exchange loss for the 2002 quarter was 1.0 million pounds sterling compared to a foreign exchange gain of 0.5 million pounds sterling in the 2001 quarter. This mainly results from significant exchange variations between sterling, US$ and Euro. Primarily as a result of these developments total operating expenses increased by 3.3 million pounds sterling to 28.3 million pounds sterling for the 2002 quarter compared to 25.0 million pounds sterling for the 2001 quarter. Net Operating Income As a result of the foregoing factors net operating income decreased by 3.5 million pounds sterling to an operating profit of 0.8 million pounds sterling for the 2002 quarter compared to net operating income of 4.4 million pounds sterling in the 2001 quarter. Net Loss As a result of the foregoing factors the net loss for the 2002 quarter was 2.1 million pounds sterling compared to a profit of 0.5 million pounds sterling in the 2001 quarter. Nine months ended June 30, 2002 compared to nine months ended June 30, 2001. Operating Revenues Operating revenues in the nine months ended June 30, 2002 (the `2002 period') decreased by 0.8 million pounds sterling to 88.3 million pounds sterling compared to 89.1 million pounds sterling in the nine months to June 30, 2001 (the `2001 period'). The decrease comprises a reduction of 3.5 million pounds sterling in Irish Sea revenues, an increase of 1.6 million pounds sterling in Ferrimaroc revenues, an increase of 0.9 million pounds sterling in logistics' revenues and an increase of 0.2 million pounds sterling in shipowning and chartering revenues. The reduction in Irish Sea revenue is mainly attributable to increased competition and to the operating difficulties incurred mainly during Quarter to 31 March 2002 (see above). The increase in logistics' and Ferrimaroc revenues is mainly attributable to increased levels of business. Operating Expenses Vessel and other operating expenses decreased in the 2002 period by 0.1 million pounds sterling to 67.8 million pounds sterling from 67.9 million pounds sterling in the 2001 period. This mainly comprises a reduction of 2.7 million pounds sterling in relation to the Irish Sea, an increase of 0.7 million pounds sterling in relation to Ferrimaroc, an increase of 2.1 million pounds sterling relating to Logistics and a reduction of 0.2 million pounds sterling relating to shipowning and chartering. The reduction in the Irish Sea of 2.7 million pounds sterling reflects the lower volumes and revenues. The increase in Ferrimaroc of 0.7 million pounds sterling reflects increased levels of business. The increase in Logistics of 2.1 million pounds sterling includes the costs of the expanded logistics and warehousing operations at Milton and Heston. The reduction of 0.2 million pounds sterling in ship owning and chartering reflects lower operating costs of the vessels. Depreciation for the 2002 period increased by 0.2 million pounds sterling to 6.4 million pounds sterling from 6.2 million pounds sterling in the 2001 period. This mainly reflects capital costs associated with the Lagan Viking and Mersey Viking. General and administrative expenses in the 2002 period increased by 2.0 million pounds sterling to 8.2 million pounds sterling from 6.2 million pounds sterling in the 2001 period. This mainly represents increased marketing selling and IT costs in relation to the Irish Sea and expansion of the logistics' facilities. Foreign exchange loss in the 2002 period was 0.9 million pounds sterling compared to a 0.9 million pounds sterling gain in the 2001 period. This has mainly arisen from fluctuations in Sterling, US Dollar and Euro currencies. Primarily as a result of these developments the total operating expenses increased in the 2002 period by 3.8 million pounds sterling to 85.2 million pounds sterling compared to 81.4 million pounds sterling in the 2001 period. Net Operating Income As a result of the foregoing factors, net operating income decreased by 4.6 million pounds sterling to 3.1 million pounds sterling for the 2002 period compared to 7.7 million pounds sterling for the 2001 period. Other Income/Expenses Interest expense increased by 0.8 million pounds sterling to 11.0 million pounds sterling for the 2002 period compared to 10.2 million pounds sterling for the 2001 period. This mainly represents the cost of the financing of Lagan and Mersey Viking purchased in March 2001. Net Loss As a result of the foregoing net loss for the 2002 period increased by 3.9 million pounds sterling to 5.4 million pounds sterling in the 2002 period compared to 1.5 million pounds sterling in the 2001 period. LIQUIDITY AND CAPITAL RESOURCES Total shareholders equity at June 30, 2002 was 19.7 million pounds sterling compared to 24.7 million pounds sterling at June 30, 2001. The decrease of 5.0 million pounds sterling is represented by a net loss for the twelve months of 8.0 million pounds sterling less an accumulated other comprehensive income adjustment of 3.0 million pounds sterling. Long term debt at June 30, 2002 mainly consists of 111.2 million pounds sterling of 9 3/4% First Priority Ship Mortgage Notes and 36.7 million pounds sterling mainly relating to the purchase of the Lagan Viking and Mersey Viking in March 2001. At June 30, 2002 the Company had cash and cash equivalents of 6.7 million pounds sterling compared with 8.0 million pounds sterling at June 30, 2001. The Company had free cash at June 30, 2002 of 1.7 million pounds sterling. Taxation The UK Treasury published the Finance Bill in April 2000, including the proposed UK tonnage tax regime. The bill became law in early August 2000. The tonnage tax regime will allow UK shipping companies to elect to pay corporate tax based on a nominal profit derived from the net tonnage of its ships. Non shipping activities will be "ring fenced" and taxed as before, based on taxable net income. The regime is intended to promote the UK shipping industry and its competitive position. Cenargo has elected to enter the tonnage tax regime from October 1, 2002. This will allow Cenargo to operate its ferry and shipping business virtually tax-free. Transitional rules of the regime mean that the majority of the Company's deferred tax liability (7.5 million pounds sterling at June 30, 2001) will be extinguished over a seven year period at approximately 15% per annum from October 1, 2002. SEGMENT ANALYSIS Irish Sea The results for the quarter were significantly lower than the same quarter last year. As mentioned last quarter, the Company suffered significant ship operational technical problems which resulted in severe disruption to both of our Belfast services (Heysham and Liverpool). This came at a time when our major competitor increased capacity and undercut rates. The result of these disruptions forced customers to switch their support to alternative services and it has taken time to regain customer confidence and their business. Volumes carried during the quarter by month were as follows: ETUs APR MAY JUNE TOTAL - ---- --- --- ---- ----- Liverpool- Belfast 9,901 10,227 9,704 29,832 Heysham- Belfast 8,952 9,393 7,831 26,176 Liverpool- Dublin 8,827 8,918 7,920 25,665 Heysham- Dublin 5,298 5,528 4,867 15,693 Total 32,978 34,066 30,322 97,366 Total volumes were approximately 8.5% lower than during the same quarter last year. Revenues were approximately 7.5% lower than the same quarter last year. There have been no significant stoppages of ships since Bluewater Marine Management took over ship management. P&O the company's major competitor continues to operate four vessels to Dublin and one vessel on the Liverpool-Larne route. The new river berth at 12 Quays started operations on 17th June 2002. The Liverpool-Belfast service switched to that berth and apart from some minor teething problems the switch has worked very well. The two vessels on the service can now round trip daily providing an extra 20% capacity at little extra marginal costs. The Liverpool-Dublin service will switch to the river berth from 9 September 2002 allowing vessels to leave later and still arrive at destination at the same optimum time. Discussions are now well advanced with supermarkets and other companies shipping trailers through the Stranraer-Larne corridor. Based on the success of these discussions the company intends to introduce a third time chartered vessel on the route from early September 2002. The company also intends to time charter one of the present Liverpool-Dublin vessels, the Dawn Merchant, to Norfolkline as a third vessel on its Dover-Dunkirk service. The time charter is at similar rates as those for the Midnight and Northern Merchant. The company will replace the Dawn Merchant with a 60 driver time chartered vessel. The net benefit to the company from the charter out, less the cost of the charter in, is substantial. Ferrimaroc Ferrimaroc is having a reasonably successful summer. As mentioned last quarter an agreement was reached with the Moroccan authorities whereby the Company could operate both its vessels during the summer rather than charter Scirocco, the smaller one. This authorisation was on the basis that a further Moroccan line (Comanav) chartered 50% of Scirocco and was thus entitled to 50% of the net earnings of that ship during the summer. Market growth has been flat this summer but the company has maintained market share of about 56% of the service to Nador in June, falling to about 47% in July 2002 with the introduction of the competitors' vessels. Logistics The decision was taken at the end of fiscal 2001 to expand the Group's geographical coverage within the UK by renting warehouse space in Milton (South Midlands) and Heathrow (South East England). The start up costs associated with this program have been significant during fiscal 2002. The benefit of the rent free periods on both warehouses has been spread over the full period of the leases, to comply with current accounting standards. Progress is continuing with a number of contracts in the pipeline particularly in the pick and pack and distribution areas on which the company is focusing. EUROPEAN MONETARY UNION - EURO On January 1, 1999, eleven member countries of the European Union established fixed conversion rates between their existing sovereign currencies, and adopted the Euro as their new common currency. The Euro is currently trading on currency exchanges and the legacy currencies will remain legal tender in participating countries for a transition period between January 1, 1999 and January 1, 2002. During the transition period, non-cash payments can be made in the Euro and parties can elect to pay for goods and services and transact business using either Euro or a legacy currency. Between January 1, 2002 and July 1, 2002 the participating countries will introduce Euro notes and coins and will withdraw all legacy currencies so that they will no longer be available. Although the United Kingdom is currently not participating in the Euro the Company's businesses trade extensively within the Euro Zone. The Company will continue to evaluate all pricing, currency risk, accounting, tax, governmental, legal and regulatory issues as guidance becomes available. Based on current information the Company does not expect that Euro conversion will have a material adverse affect on its business or financial condition. FORWARD LOOKING STATEMENTS This release contains forward looking statements (as defined in Section 21E of the Securities Act 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements relating to multi purpose vessel charters and Irish sea freight ferry volumes and rates, logistics and cash. The following factors are among those that could cause actual results to differ materially from the forward looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statements: changes in the political environment in Northern Ireland and Eire, Spain and Morocco, changes in the level of competition in the Irish Sea and Mediterranean, changes in the ability to provide a regular scheduled service on the Irish sea and the company's Mediterranean service. Unaudited Consolidated Statements of Income Three Months Ended June 30, 2002, 2001 (Expressed in thousands of pounds sterling) 2002 2001 Operating revenues Charterhire income 4,004 3,838 Ferry service income (3b) 20,192 20,933 Logistics and other income 4,917 4,609 ---------------------------------- 29,113 29,380 ---------------------------------- Operating expenses Vessel and other operating costs 21,809 20,489 Depreciation 2,111 2,371 Amortisation of drydocking 333 213 Goodwill amortisation 296 296 General and administrative exps 2,774 2,178 Foreign exchange (gain)/ loss 956 (529) ---------------------------------- 28,279 25,018 ---------------------------------- Operating income 834 4,362 Other income (expense) Interest income 55 112 Interest expense (3,876) (3,850) Gain (loss) on disposal of assets (4) 9 ---------------------------------- (3825) (3,729) ---------------------------------- Profit/Loss before income taxes (2,991) 633 Income taxes 897 (182) Minority Interests 15 - ---------------------------------- Net Profit/(Loss) (2,079) 451 ---------------------------------- Additional financial information EBITDA (note 4) 3,571 7,253 EBITDA to interest expense, net 0.9x 1.9x Unaudited Consolidated Statements of Income Nine Months Ended June 30, 2002, 2001 (Expressed in thousands of pounds sterling) 2002 2001 Operating revenues Charterhire income 11,634 11,451 Ferry service income (3b) 60,554 62,432 Logistics and other income 16,149 15,229 --------------------------------- 88,337 89,112 --------------------------------- Operating expenses Vessel and other operating costs 67,802 67,929 Depreciation 6,394 6,201 Amortisation of drydocking 1,023 1,079 Goodwill amortisation 890 888 General and administrative exps 8,181 6,175 Foreign exchange (gain)/ loss 913 (876) --------------------------------- 85,203 81,396 --------------------------------- Operating income 3,134 7,716 Other income (expense) Interest income 183 419 Interest expense (10,990) (10,222) Loss on disposal of assets (9) (65) --------------------------------- (10,816) (9,868) --------------------------------- Loss before income taxes (7,682) (2,152) Income taxes 2,304 700 Minority Interests 15 - ---------------------------------- Net Loss (5,363) (1,452) --------------------------------- Additional financial information EBITDA (note 4) 11,433 15,819 EBITDA to interest expense, net 1.1x 1.6x Unaudited Consolidated Balance Sheets As of June 30, 2002, 2001 (Expressed in thousands of pounds sterling) 2002 2001 Assets Current assets Cash and cash equivalents 1,677 4,917 Cash held in escrow and blocked deposits 5,051 3,125 Trade accounts receivable 21,152 21,649 Other receivables 3,792 1,455 Inventories 712 1,103 Prepaid expenses and accrued income 4,795 4,300 --------------------------------- 37,179 36,549 Land and buildings 11,660 11,767 Vessels and equipment 126,295 137,237 Loans to joint ventures 2,471 3,078 Other investments 96 1 Goodwill, net 18,742 19,847 Deferred charges, net 5,359 7,374 Pension fund debtor 3,659 3,467 -------------------------------- Total assets 205,461 219,320 -------------------------------- Liabilities and shareholders' equity Current liabilities Current maturities of long-term debt 4,036 4,647 Capital lease obligations 593 677 Trade accounts payable 10,979 7,741 Accrued expenses 9,070 6,750 Accrued interest - ship mortgage notes 562 661 Other creditors 3,504 3,296 ---------------------------- 28,744 23,772 ---------------------------- Long-term liabilities Long-term debt 36,658 36,985 Ship mortgage notes 111,239 125,312 Capital lease obligations 507 728 Other creditors 409 327 Deferred taxation 8,210 7,502 ---------------------------- Total liabilities 185,767 194,626 ---------------------------- Shareholders' equity Share capital 13 14 Accumulated other comprehensive income: cumulative translation adjustment 1,025 (1,994) Retained earnings 18,656 26,674 ---------------------------- Total shareholders' equity 19,694 24,694 ---------------------------- Total liabilities and shareholders' equity 205,461 219,320 ---------------------------- Unaudited Consolidated Statements of Cash Flows Nine Months Ended June 30, 2002, 2001 (Expressed in thousands of pounds sterling)
2002 2001 Operating Activities Net income (loss) (5,362) (1,452) Amortisation of drydocking and deferred charges 1,024 1,079 Amortisation of ship mortgage notes discount 136 128 Depreciation 6,258 6,073 (Gain) loss on disposition of fixed assets 9 65 Foreign exchange adjustment (1,834) (1,314) Goodwill amortisation 890 888 (Increase) decrease in pension debtor - - (Increase) decrease in trade debtors (894) (2,077) (Increase) decrease in other debtors (369) 120 (Increase) decrease in stock 128 (76) (Increase) decrease in prepayments and accrued income 3,461 2,706 Increase (decrease) in trade creditors 175 1,575 Increase (decrease) in other creditors 268 (1,530) Increase (decrease) in accrued expenses (1,609) 849 Increase (decrease) in deferred tax liability (2,304) (3,187) ---------------------------------------- Net cash (used) in operating activities (23) 3,847 ---------------------------------------- Investing activities Additions to vessels and equipment (3,331) (44,508) Purchase of subsidiary companies, net of cash acquired (50) (30) Purchase of investments (96) 358 ---------------------------------------- (3,477) (44,180) ---------------------------------------- Financing activities Proceeds from long-term debt - 42,211 Repayment of long-term debt (3,339) (1,829) Due to joint ventures 173 212 Repayments of capital leases (390) (612) Proceeds from capital leases (1,028) - Deferred charges paid (1,644) ---------------------------------------- (4,584) 38,338 ---------------------------------------- Net increase (decrease) in cash and cash equivalents (8,084) (1,995) Cash and cash equivalents at beginning of period 14,812 10,037 ---------------------------------------- Cash and cash equivalents at end of period 6,728 8,042 ----------------------------------------
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS June 30, 2002, 2001 1. Interim accounting policy In the opinion of management of Cenargo International Plc (the "Company") the accompanying unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly in accordance with accounting principles generally accepted in the U.S. the financial position of the Company and the results of operations and cash flows for the nine months ended June 30, 2002 and 2001. Although the Company believes that the disclosure in these financial statements is adequate to make the information presented not misleading, certain information and footnote information normally included in interim financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Results of operations for the nine months ended June 30, 2002 and 2001 are not necessarily indicative of what operating results may be for the full year. 2. Changes in shareholder's equity Cumulative Ordinary translation share Retained adjustment capital earnings ---------- ------- -------- Balance at September 30, 2000 (2,643) 13 28,126 Net income (loss) 649 - (1,452) ------------ ----------- ------------ Balance at June 30, 2001 (1,994) 13 26,674 ============ =========== ============ Balance at September 30, 2001 (391) 13 24,019 Net income (loss) 1,416 - (5,363) ------------ ----------- ------------ Balance at June 30, 2002 1,025 13 18,656 ============ =========== ============
3. Contingent liabilities and assets (a) The company insures the legal liability risks for its shipping activities with the Steamship Mutual, UK Mutual and North of England mutual protection and indemnity associations. As a member of mutual associations, the company is subject to calls payable to the associations based on the company's claims record in addition to the claims record of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration which result in additional calls on the members. (b) The Company has entered a claim for damages in the amount of Spanish Pesetas 3,800,000 against Ministeria de Comunicaciones, Transportes y Medio Ambiente now Ministreria De Fomento relating to the company being prevented from operating a ferry service between Spain and Morocco. The Company continues to pursue the case. The Company under an agreement with the Spanish Government has received two billion pesetas on delivery of RoPax three and four as partial settlement of the claim. 4. Segment Information The Company has adopted FASB Statement No. 131, "Disclosures about Segments of Business Enterprise and Related Information". The Company is managed in four operating segments: Irish Sea Ferries, Ferrimaroc, Logistics and Other Activities shipowning and chartering less corporate. Corporate includes certain central overhead costs, central financing costs and other general corporate income and expenditures. The Company utilises EBITDA as a measure of segmental performance. The Company defines EBITDA as net income (loss) before taxes, interest expense, interest income, depreciation, provision for impairment in value of vessels, amortisation of dry-docking and special survey costs, amortisation of goodwill, gain or loss from joint ventures and minority interest. Certain financial information is presented below: amounts are in thousands of pounds Sterling.
Shipowning & Irish Sea Logistics Chartering less Ferries Ferrimaroc and Other Corporate Total ------- ---------- --------- -------------- ----- Three Months to June 30, 2002 Revenue 17,804 2,388 4,917 4,004 29,113 EBITDA 4,010 (216) (145) (78) 3,571 Tangible fixed assets 115,636 9,038 5,259 8,021 137,955 Capital expenditure 2,129 6 64 53 2,252 Three months to June 30, 2001 Revenue 19,256 1,677 4,609 3,838 29,380 EBITDA 6,342 (525) 391 1,045 7,253 Tangible fixed assets 124,212 10,473 5,200 9,119 149,004 Capital expenditure 441 - 60 - 501 Nine months to June 30, 2002 Revenue 53,590 6,964 16,149 11,634 88,337 EBITDA 10,656 159 (404) 1,022 11,433 Capital expenditure 2,652 6 620 53 3,331 Nine months to June 30, 2001 Revenue 57,115 5,316 15,229 11,452 89,112 EBITDA 12,761 (696) 1,201 2,553 15,819 Capital expenditure 44,320 - 188 - 44,508
4. Segment Information (continued) EBITDA for all reportable segments differs from consolidated income (loss) before income taxes reported in the consolidated statements of income as follows: amounts are in thousands of pounds Sterling:
Three months Ended June 30 Nine months Ended June 30 2002 2001 2002 2001 ---- ---- ---- ---- EBITDA 3,571 7,253 11,433 15,819 Reconciling items: Depreciation (2,111) (2,371) (6,394) (6,201) Amortisation of goodwill (296) (296) (890) (888) Amortisation of drydocking (333) (213) (1,023) (1,079) Net interest expense (3,821) (3,738) (10,808) (9,803) ------------------------------------------------------------------ Profit/(Loss) income before income taxes (2,991) 633 (7,682) (2,152) ------------------------------------------------------------------
FLEET LIST AT JUNE 30, 2002
Year Vessel Name Vessel Type Capacity Built Flag - ----------- ----------- -------- ----- ---- MERCHANT BRAVERY C RoRo 40 cars 1978 Bahamas 100 trailer units MERCHANT BRILLIANT C RoRo 40 cars 1979 Bahamas 100 trailer units MERCHANT VENTURE C RoRo 55 trailer units 1979 British (Isle of Man) RIVER LUNE C RoRo 49 cars 1983 Bahamas 93 trailer units SAGA MOON C RoRo 50 cars 1984 British (Gibraltar) 72 trailer units MISTRAL C Passenger/Car 2,386 passengers 1981 Bahamas Ferry 700 cars SCIROCCO C Passenger/Car 1,315 passengers 1974 Bahamas Ferry 296 cars 30 trailer units DAWN MERCHANT C RoPax 250 passengers 1998 British (Isle of Man) 136 trailer units BRAVE MERCHANT C RoPax 250 passengers 1999 British (Isle of Man) 136 trailer units NORTHERN MERCHANT* RoPax 250 passengers 2000 British 136 trailer units MIDNIGHT MERCHANT* RoPax 250 passengers 2000 British 136 trailer units LAGAN VIKING RoPax 330 passengers 1997 Italian 180 trailer units MERSEY VIKING RoPax 330 passengers 1997 Italian 180 trailer units
C Collateral vessel securing 9 3/4% Ship Mortgage Notes * Operated under an operating lease. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CENARGO INTERNATIONAL PLC (registrant) Dated: September 4, 2002 By: /s/ Michael Hendry ------------------------------ Michael Hendry Chairman 02442.0005 #346269 -----END PRIVACY-ENHANCED MESSAGE-----