Swire Pacific/results -- 4 (details of 2000 performance)

The company said although the provisions made had a negative impact on profit last year, "future cash flow will remain strong" as the Ocean Shores project in Tseung Kwan O is sold. "We continue to look for additional property investment and trading opportunities that will enable us to earn an adequate return," it said. In 2000, the beverages division saw a 9.0 pct volume growth, with the strongest volume growth of 12 pct coming from China. In the marine services division, the group benefited from the increase in oil prices, with an improvement in both charter rates and vessel utilisation. The company has ordered six new vessels for delivery in 2002 and 2003, it said. Its trading and industrial division had a mixed year with profits coming from its car business in Taiwan and for the first time in China. "Other businesses continued to suffer from difficult market conditions, although the beneficial effects of restructuring are now being seen." The company said it held cash deposits of 404 mln hkd as of end 2000, while bank loans and other borrowings due within a year amounted to 2.142 bln hkd. In addition, the company's committed loan facilities and other financing in place stood at 18.356 bln hkd, of which 13 pct have not been drawn. It also has 3.512 bln hkd in uncommitted facilities that are not drawn. As of end December, 45.8 pct of the group's gross borrowings were on a floating rate basis while the remaining were on fixed rates. The company said its total shareholders' funds have risen to 76.064 bln hkd as at end 2000 against 68.509 bln hkd due to the upward revaluation of the group's investment property portfolio and retained earnings. Interest cover for the period was 8.90 times while cash interest cover was 2.87 times.

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