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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

For the transition period from                             to                              

Commission file number 1-7560

SEA CONTAINERS LTD.
(Exact name of registrant as specified in its charter)

        Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

        Indicate by check mark whether the registrant is an accelerated filer (under Rule 12b-2 of the Exchange Act). Yes ý No o

        As of April 30, 2005, 26,099,205 Class A common shares and 14,365,395 Class B common shares of Sea Containers Ltd. were outstanding including 12,900,000 Class B shares owned by a subsidiary of the registrant.

PART I—FINANCIAL INFORMATION

ITEM 1. Financial Statements

Sea Containers Ltd. and Subsidiaries
Consolidated Balance Sheets (unaudited)

See notes to consolidated financial statements.

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Sea Containers Ltd. and Subsidiaries
Statements of Consolidated Operations (unaudited)

See notes to consolidated financial statements.

3

Sea Containers Ltd. and Subsidiaries
Statements of Consolidated Cash Flows (unaudited)

See notes to consolidated financial statements.

4

Sea Containers Ltd. and Subsidiaries
Statement of Changes in Consolidated Shareholders' Equity and Comprehensive Loss
(unaudited)

See notes to consolidated financial statements

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Sea Containers Ltd. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

1.     Basis of financial statement presentation

        For purposes of these Notes, the "Company" refers to Sea Containers Ltd., and "SCL" refers to Sea Containers Ltd. and its subsidiaries. "OEH" refers to Orient-Express Hotels Ltd., a 25% equity investment of the Company engaged in the hotel and leisure business. "GE SeaCo" refers to GE SeaCo SRL, a 50%/50% container leasing joint venture company between the Company and General Electric Capital Corporation accounted for under the equity method. "GNER" refers to Great North Eastern Railway Ltd., a wholly-owned subsidiary of the Company and operator of SCL's passenger rail franchise in Great Britain. "Silja" refers to Silja Oy Ab, a wholly-owned subsidiary of the Company based in Finland engaged in ferry operations in the Baltic Sea.

(a) Accounting policies

        For a description of significant accounting policies, see the Notes to the consolidated financial statements in the Company's 2004 Form 10-K annual report. As of March 31, 2005, these significant accounting policies have not changed from December 31, 2004. The condensed consolidated financial statements are unaudited and have been prepared following the rules and regulations of the U.S. Securities Exchange Commission. "SFAS" means a Statement of Financial Accounting Standards and "FIN" means an accounting interpretation, both of the Financial Accounting Standards Board.

        Investments represent equity interests of 20% to 50% in unconsolidated companies. SCL exerts significant influence over these companies but does not have control and, therefore, accounts for these investments using the equity method. SCL's principal equity investees are GE SeaCo and OEH. GE SeaCo is engaged in the container leasing business. OEH is engaged in the hotel and leisure business.

        Equity in earnings of GE SeaCo is presented within earnings from operations in the statements of consolidated operations due to the integral nature of GE SeaCo's operations to SCL's consolidated operations as both companies are engaged in the container leasing business operated in a similar manner with similar management. SCL provides corporate and administrative services and leases containers to GE SeaCo (see Note 15). In addition, certain officers of the Company are also officers of GE SeaCo, including the Chairman and Chief Financial Officer. Equity in earnings of OEH is presented below earnings after tax in the statements of consolidated operations because OEH's operations are not considered integral to SCL's operations.

        Certain reclassifications have been made to the 2004 financial statements to conform to the classifications in the 2005 financial statements. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the three months ended March 31, 2005 and 2004, which are all of a normal recurring nature, have been reflected in the information provided. Due to the seasonal nature of SCL's business, operating results of the interim period are not indicative of a full year's operating results.

(b) Losses per share

        The number of shares used in computing basic and diluted losses per share was as follows:

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        Options to purchase 123,771 and 136,538 class A common shares at prices greater than the average market price of these shares were excluded from the computation of diluted earnings per share for the three months ended March 31, 2005 and 2004, respectively, because to do so would have been anti-dilutive for the periods presented. In addition, 478,622 class B common shares issuable on conversion of convertible preferred shares were excluded from the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented.

(c) Stock-based compensation

        SCL's compensation cost for share options is measured as the excess, if any, of the quoted market price of the Company's shares at the date of the grant over the amount an employee must pay to acquire the shares, in accordance with the intrinsic value method under Accounting Principles Board Opinion No. 25. If compensation cost for the Company's stock option plans had been determined based on fair values as of the date of grant, SCL's net losses and losses per share would have been reported as follows:

        The pro forma figures in the preceding tables may not be representative of amounts in future years.

(d) Dividends

        On January 21 and April 20, 2005, the Company declared a quarterly dividend of $0.025 per class A common share and $0.0225 per class B common share payable February 22 and May 20, 2005, respectively.

(e) Recent accounting pronouncements

        In December 2004, the Financial Accounting Standards Board issued SFAS No 123R, "Share-Based Payment", requiring employee stock options and rights to purchase shares under stock participation plans to be accounted for under the fair value method, and eliminates the ability to account for these instruments under the intrinsic value method prescribed by APB Opinion No. 25 and allowed under the original provisions of SFAS No. 123, "Accounting for Stock-Based Compensation". SFAS No. 123R requires the use of an option pricing model for estimating fair value, which is amortized to expense over the service periods. The requirements of SFAS No. 123R are effective for fiscal periods beginning after June 15, 2005. SFAS No. 123R allows for either prospective recognition of compensation expense or retrospective recognition, which may be back to the original issuance of SFAS

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No. 123 or only to interim periods in the year of adoption. The Company is currently evaluating these transition methods.

        In March 2005, the Financial Accounting Standards Board issued FIN 46R-5, "Implicit Variable Interests", under FIN 46, "Consolidation of Variable Interest Entities". FIN 46R-5 provides guidance for a reporting enterprise that holds an implicit variable interest in a variable interest entity and is also a related party to other variable interest holders. This guidance requires that if the aggregate variable interests held by the reporting enterprise and its related parties would, if held by a single party, identify that party as a primary beneficiary, then the party within the related party group that is most closely associated with the variable interest entity is the primary beneficiary. The effective date of FIN 46R-5 is the first reporting period beginning after March 3, 2005 with early application permitted for periods for which financial statements have not been issued. The Company is currently evaluating FIN 46R-5 and the impact on its financial statements.

(f) Pensions

        Components of net periodic pension benefit cost for SCL's four defined benefit plans are as follows:

        As reported in Note 13 to the financial statements in the Company's 2004 Form 10-K annual report, SCL expected to contribute $10,406,000 to its pension plans in 2005. As of March 31, 2005, pension contributions of $2,306,000 have been made. SCL anticipates contributing an additional $7,317,000 to fund its pension plans in 2005 for a total of $9,623,000.

2.     Sale of assets and OEH shares

        In March 2005, the Company sold in the U.S. in a registered public offering 4,500,000 existing OEH class A common shares owned by the Company, realizing net proceeds of approximately $108,500,000 resulting in a gain of $41,099,000. Also in March 2005, OEH sold 5,050,000 newly issued OEH class A common shares in the same public offering. After both these sales, SCL's remaining equity interest in OEH is approximately 25%. As a result of the sale of OEH shares by OEH, SCL recognized a gain in the three months ended March 31, 2005 of $10,547,000, which was recorded directly to shareholders' equity in respect of the offering in accordance with the provisions of SEC Staff Accounting Bulletin No. 51.

        Container disposals in the three months ended March 31, 2005 resulted in a loss of $1,156,000. There were no disposal losses for the same period of 2004.

3.     Acquisitions

        In July 2004, SCL acquired container depot and service operations and logistics operations (primarily refrigerated container forwarding) in Australia and New Zealand from the Owens Group for the purpose of expanding SCL's existing container activities in that region. The purchase price was approximately $9,179,000. The cash price was financed partly with a bank loan.

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        This acquisition was accounted for using the purchase method of accounting in accordance with SFAS No. 141, "Business Combinations". The purchase price has been allocated to the assets and liabilities using estimated fair values at the date of acquisition and goodwill of $6,353,000 has been recognized on a preliminary basis. Management is in the process of finalizing the allocation of the purchase price to intangible assets. As a result, certain amounts currently classified in goodwill could be reclassified as separately identifiable intangible assets that are finite in nature and subject to amortization. In addition, the preliminary amounts assigned to certain assets and liabilities may be adjusted upon final valuation. Management plans to finalize the allocation during the first half of 2005. The following table shows the preliminary allocation of the purchase price:

        Since the date of acquisition, the results of operations have been included in the consolidated results of SCL. The pro forma impact on results, had this acquisition occurred on January 1, 2004, is not material.

4.     Investments

        Investments represent equity interests of 20% to 50% in any unconsolidated companies. SCL does not have effective control of these unconsolidated companies and, therefore, accounts for these investments using the equity method. SCL's principal equity investees are as follows:

GE SeaCo SRL

        GE SeaCo and its subsidiaries are engaged in the container leasing business. The Company and General Electric Capital Corporation each have a 50% interest in GE SeaCo. See Note 15 regarding transactions between SCL and GE SeaCo.

Orient-Express Hotels Ltd.

        OEH and its subsidiaries are engaged in the hotel and leisure business. SCL has accounted for its investment in OEH under the equity method of accounting since 2002, and currently has a 25% equity interest (see Note 2). The value of SCL's investment based on the quoted market price of OEH shares at March 31, 2005 was $258,476,000 (December 31, 2004—$295,268,000). See Note 15 regarding transactions between SCL and OEH.

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        Summarized financial data of the companies for which SCL has equity-method investments for the periods during which the investments were held are as follows:

5.     Property, plant and equipment, net

        The major classes of property, plant and equipment are as follows:

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        The major classes of assets under capital leases are as follows:

        Depreciation expense for the three months ended March 31, 2005 and 2004 was $26,613,000 and $25,409,000, respectively.

6.     Intangible assets and goodwill

        Intangible assets and goodwill consist of the following:

        Amortization expense related to intangible assets subject to amortization was approximately $1,017,000 and $899,000 for the three month period ended March 31, 2005 and 2004, respectively. Amortization for the succeeding five years is expected to be approximately $3,500,000 annually.

        The changes in the carrying amount of goodwill for the three months ended March 31, 2005 are as follows:

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7.     Long-term debt and obligations under capital leases (other than senior notes)

        (a)   Long-term debt

        Long-term debt consists of the following:

Notes and loans on containers

        Containers are secured to financial institutions as collateral for debt obligations.

        Included in long-term debt is a facility secured on container equipment. A bankruptcy-remote subsidiary of the Company formed to facilitate asset securitization issued a senior note which is non-recourse to the Company and its other subsidiaries. The senior note began its nine-year amortization schedule in October 2002 and, in January 2004, began early amortization requiring all net cash flow of the subsidiary to be used to pay down principal. In addition, the Company issued an effectively subordinated note which began its five-year amortization period in October 2001 and has been substantially repaid. The overall interest rate is approximately 1.10% to 1.31% over LIBOR, and a significant portion of the facility has been hedged at a rate of 5.45%. At March 31, 2005, $159,610,000 (December 31, 2004—$168,400,000) was outstanding under this facility.

        In October 2004, SCL entered into a maximum $85,000,000 revolving credit facility with a group of banks secured by container equipment. The facility reduces as the container security depreciates. SCL may borrow on a revolving basis until October 2007, including with additions of new collateral, and must repay the balance outstanding at that date. Interest on the facility ranges from 2.25% to 2.75% over LIBOR. At March 31, 2005, $62,917,000 (December 31, 2004—$81,500,000) was outstanding under this facility.

Mortgage loans on ships

        Ship loans are secured by mortgages on the respective vessels.

        In November 2003, Silja entered into a $463,500,000 term loan and revolving credit facility agreement with a syndicate of banks, and the Company entered into a related $73,400,000 loan facility agreement with the same syndicate. The non-revolving credit portion of the Silja loan is repayable in instalments with interest on both portions at EURIBOR plus 1.625% and a final maturity in October 2010. The Company loan is also repayable in instalments with interest at EURIBOR plus 2.125% maturing in October 2008. The primary security for both facilities are mortgages on certain of Silja's ships, with the Company loan subordinated to the Silja loan. The loans are cross-guaranteed by

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Silja and SCL. At March 31, 2005, $439,911,000 (December 31, 2004—$511,077,000) was outstanding under these credit facilities.

Bank loans on real estate and other fixed assets

        In November 2004, SCL entered into a $120,000,000 revolving credit facility with a syndicate of banks, principally secured by the Company's shares in OEH. This facility is available for general corporate purposes and carries an interest rate of 2.5% above LIBOR. The final maturity of any amounts borrowed is in July 2007, and $20,000,000 was outstanding at March 31, 2005 (December 31, 2004—$20,000,000).

        At March 31, 2005, SCL was in compliance with all credit and financing agreements evidencing its long-term debt. These requirements included financial covenants to maintain specified minimum debt service coverage, minimum interest coverage and minimum net worth and not to exceed specified leverage. The carrying value of the long-term debt approximated its fair value due to the variable-rate nature of the respective borrowings.

        The following is a summary of the aggregate maturities of long-term debt at March 31, 2005:

        The Company has guaranteed through 2010 one half of a $7,141,000 bank loan of Speedinvest Ltd., owner of an Adriatic Sea fast ferry in which SCL has a 50% interest. This guarantee existed prior to December 30, 2002.

        (b)   Obligations under capital leases

        The following is a schedule of future minimum lease payments under capital leases together with the present value of the minimum lease payments at March 31, 2005:

        The amount of interest deducted from minimum lease payments to arrive at the present value is the interest contained in each of the leases. In the normal course of business, SCL has an option to purchase certain leases at a bargain purchase option. In other cases, the leases will be renewed upon expiration.

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8.     Income taxes

        Income taxes provided by the Company relate principally to its foreign subsidiaries as pre-tax income is primarily foreign. The benefit from/(provision for) income taxes consists of the following:

        The Company is incorporated in Bermuda which does not impose an income tax. SCL's effective tax rate is entirely due to income taxes imposed by jurisdictions in which SCL conducts business other than Bermuda.

        SCL's earnings from its investment in GE SeaCo are stated before SCL's share of GE SeaCo's income tax expense. The current other foreign income tax expense of $783,000 (2004—$233,000) includes a charge of $300,000 (2004—$300,000) being SCL's share of GE SeaCo's income tax expense.

        The net deferred tax assets/(liabilities) recognized in the consolidated balance sheets at the period end are comprised of the following:

        The gross deferred tax assets consist primarily of tax loss carryforwards and future tax benefits of accrued pension costs. A valuation allowance has been provided against gross deferred tax assets where it is thought more likely than not that the benefits associated with these assets will not be realized.

        The deferred tax liabilities are temporary differences substantially caused by tax depreciation in excess of book depreciation.

        The net deferred tax assets at March 31, 2005 and December 31, 2004 are included in other assets.

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9.     Supplemental cash flow information

10.   Derivative financial instruments

(a)    Interest rate swap agreements    

        SCL is exposed to interest rate risk on its floating rate debt. SCL's policy is to enter into interest rate swap agreements from time to time to hedge the variability in cash flows due to movements in interest rates. At March 31, 2005 and December 31, 2004, SCL had interest rate swaps that had been designated as cash flow hedges. Since their designation as cash flow hedges, changes in fair value that represent the effective portion of the swaps are accumulated in other comprehensive income/(loss). Amounts accumulated in other comprehensive income/(loss) will be reclassified into earnings as the hedged interest cash flows are accrued. During the three months ended March 31, 2005, approximately $480,000 was recognized in earnings as a result of ineffectiveness. The fair value of the swaps at March 31, 2005 and December 31, 2004 was a liability of $3,740,000 and $6,360,000, respectively.

(b)    Fuel swap agreements    

        SCL uses commodity futures contracts from time to time to procure a portion of its fuel requirements and to hedge its exposure to volatility in fuel market prices. SCL has, when considered appropriate, entered into swap agreements to fix the price of fuel. At December 31, 2004, SCL had a fuel swap in place which matured over the next two months and had an immaterial fair value at December 31, 2004. The hedge was against a portion of fuel requirements of Silja ships in January and February 2005. This swap had not been designated as a hedge. SCL had no fuel swap agreements at March 31, 2005.

(c)    Foreign exchange risk management    

        From time to time, SCL utilizes foreign currency forward contracts to reduce exposure to exchange rate risks primarily associated with SCL's international transactions. These contracts establish the exchange rates at which SCL will purchase or sell at a future date the contracted amount of currencies for specified foreign currencies. SCL utilizes forward contracts which are short-term in nature and receives or pays the difference between the contracted forward rate and the exchange rate at the settlement date. No contracts were outstanding at March 31, 2005.

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11.   Accumulated other comprehensive loss

        The accumulated balances for each component of other comprehensive loss are as follows:

        During 2004, the net amount of $3,880,000 was reclassified from other comprehensive income to net losses related to derivative financial instruments.

        The components of other comprehensive income/(loss) are as follows:

12.   Commitments

        Outstanding contracts to purchase fixed assets were approximately $6,400,000 at March 31, 2005 (December 31, 2004—$6,000,000).

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13.   Information concerning financial reporting for segments and operations in different geographical areas

        Financial information regarding SCL's business segments is as follows:

        The identifiable assets of SCL's business segments are as follows:

        Transactions between reportable segments are not material. The main factor SCL uses to identify its segments is similarity of the products and services provided.

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14.   Contingencies

        As previously reported in Note 19 to the financial statements in the Company's 2004 Form 10-K report, there are a number of pending disputes between SCL and General Electric Capital Corporation ("GE Capital") relating to GE SeaCo the outcome of which might affect SCL's financial results. GE Capital, purporting to act on behalf of GE SeaCo, has taken steps seeking to terminate the Services Agreement pursuant to which SCL provides corporate and administrative services and office space to GE SeaCo. On April 28, 2005, the New York Supreme Court, New York County, acting on the application of SCL, issued a temporary restraining order preventing GE Capital from taking any action to terminate the Services Agreement pending a hearing which is scheduled for May 19, 2005 on SCL's application for a preliminary injunction. SCL is also initiating the dispute resolution procedures which are required prior to the commencement of arbitration proceedings regarding the alleged breaches of the Services Agreement. In order to preserve its rights under the Services Agreement pending resolution of the disputes by arbitration, SCL remitted to GE SeaCo $4,300,000 under protest in April 2005 which SCL will seek to recover in the arbitration.

        GE Capital has separately alleged that sales and administrative services provided by GE SeaCo with respect to certain SCL container leasing transactions have caused GE SeaCo to violate U.S. trade controls and that SCL owes GE SeaCo on account of those services. GE Capital has initiated the required dispute resolution procedures and stated that it intends to submit these allegations to arbitration. As a Bermuda company, the Company is not subject to U.S. trade controls, and contends that the support services provided by GE SeaCo do not cause GE SeaCo to violate U.S. trade controls and that, at the time of formation of GE SeaCo, the parties expected that GE SeaCo would provide these services without charge.

        The outcome of these disputes is not determinable and, therefore, no provision has been recorded at March 31, 2005.

15.   Related party transactions

        For the three months ended March 31, 2005, SCL earned revenue in connection with the lease and management agreements relating to SCL-owned containers provided to the GE SeaCo joint venture of $6,238,000 (2004—$5,584,000). Also in 2005, SCL incurred expenses under the services agreement with GE SeaCo by which SCL provides corporate and administrative services to the joint venture and for which GE SeaCo recognized and paid to SCL net amounts of $8,550,000 (2004—$8,246,000). For the three months ended March 31, 2005, SCL sold containers from its factories and provided use of SCL's depots for container repair and storage services, for which GE SeaCo paid $1,477,000 (2004—$1,426,000). At March 31, 2005, a receivable of $21,906,000 (December 31, 2004—$30,718,000) remains outstanding from GE SeaCo in respect of all the above, which is included in the amount due from related parties on SCL's consolidated balance sheet and significantly all of which will be settled during the period ended June 30, 2005.

        For the three months ended March 31, 2005, subsidiaries of SCL received from OEH $1,523,000 (2004—$1,369,000) for the provision of various administrative services under a services agreement between SCL and OEH on the basis of a fee plus reimbursements equivalent to the direct and indirect costs of providing the services. At March 31, 2005, SCL had a receivable of $5,336,000 (December 31, 2004—$5,456,000) due from OEH, including the above, which is included in the amount due from related parties on SCL's consolidated balance sheet and significantly all of which will be settled during the period ended June 30, 2005.

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ITEM 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

        The following analysis of the consolidated results of operations and financial condition of SCL should be read in conjunction with the consolidated financial statements and related notes thereto in this report. Dollar amounts in this analysis are rounded to millions, but per share calculations and percentages are calculated based on thousands. Accordingly, a recalculation of some per share amounts and percentages, if based on the rounded data, may be slightly different than the more precise amounts included herein.

I)     RESULTS OF OPERATIONS

        In the following tables and commentaries, SG&A expenses means selling, general and administrative expenses. The commentaries on variances refer to net variances after adjustment for the effect of foreign exchange where appropriate, unless otherwise stated.

I-A)    Summary of Consolidated Losses

        Net losses for the three months ended March 31, 2005 were $6.5 million compared to net losses of $16.5 million for the same period in 2004, although 2005 included approximately $41.1 million of gains on asset sales related to the gain on sale of OEH shares owned by SCL. Fully diluted losses were $(0.26) per class A and class B share. Excluding the gain on sale of OEH shares, the main reasons for the decline in earnings were charges of $9.0 million in GNER relating to contractual payments agreed with the U.K. Strategic Rail Authority ("SRA") during 2004 that related to the franchise agreement that expired on April 30, 2005 and changes in the compensation regime introduced in the second quarter of 2004, and increased losses on ferry operations of $21.4 million. The higher losses on ferry operations were caused by costs related to the closure of the Irish Sea ferry route of $3.0 million, an increased number of vessel lay-ups prior to seasonal deployments, higher fuel costs and increased competitive pressure in the Baltic and English Channel markets. The results also include a net charge of $2.5 million related to the dispute with GE Capital concerning GE SeaCo (as described in Note 14 to the financial statements). The underlying performance of the container and rail operations remained strong, SCL has successfully bid for a renewal of the GNER rail franchise, and management has undertaken programs to address the decline in ferry earnings.

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        The consolidated results of operations are summarized below:

        Total SCL revenues excluding the impact of foreign exchange fell by 1% from 2004 but included growth in rail operations of $9.0 million and container operations of $8.9 million, the latter due to the acquisition of container depot, service and logistics operations in July 2004. These increases were offset by a decline in revenue at Silja of $23.6 million largely due to the lay-up of a vessel prior to embarking on a seasonal operation.

        Ferry operations losses increased by $21.4 million from last year of which $12.7 million was in Silja, $3.6 million was in UK ferry operations and $5.2 million was in charter and other ferry operations. Silja's increased loss was mainly due to the following:

•

lay-up of a vessel which operated on Helsinki-Tallinn in the first quarter last year but will operate on a seasonal basis this year,



•

higher fuel costs, and



•

increased competition on most routes, particularly those to Turku.

        The increased loss on UK ferries was mainly due to the closure costs of Belfast-Troon, the last Irish Sea route. Charter and other ferry operations included $2.3 million of costs related to the 2004 ship refits which were charged over twelve months, and higher pension and other SG&A expenses.

        Rail operations performed well with revenues up 4.5% and passenger volumes up 5% on the equivalent period last year. However, the special charges relating to payments to the SRA under the expiring franchise of $9.0 million offset the improvement in revenue and passenger growth.

        Container operations remain buoyant with GE SeaCo continuing to experience high revenue growth based on a growing fleet and high levels of utilization. The growth in GE SeaCo's revenue is offset by a combination of higher interest rates on container debt and lower depot activity due to the high utilization of containers.

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        The gain on sale of assets of $39.9 million includes the gain of $41.1 million on the sale of OEH shares less a loss of $1.2 million on the disposal of containers. The shareholding in OEH has reduced from 42% to 25%.

        Net finance costs have increased by $0.4 million mainly due to higher US interest rates on floating container debt.

        The credit on income taxes has increased by $2.5 million from last year due to the higher losses in ferry operations.

        Losses from SCL's share in OEH decreased by $1.0 million due to improvements in performance by OEH. The reduction in SCL's ownership did not occur until late in the quarter (mid-March).

I-B)    Segment Analysis of Earnings/(Losses) Before Net Finance Costs

Ferry Operations

(i)    Silja