Interim Results 30 June 2014

Transcription

1 Interim Results 30 June 2014 Clarkson PLC 18 August 2014 Interim Results

2 Agenda Headline results Divisional performance The market Outlook 18 August 2014 Interim Results 2

3 Results Summary June 2014 June 2013 Change % Revenue % Profit before taxation (Before acquisition and exceptional costs) % Exceptional cost - (1.0) Acquisition costs (1.7) (0.8) Profit before taxation (After acquisition and exceptional costs) % Earnings per share (Before acquisition and exceptional costs) 62.2p 41.8p +49% Earnings per share (After acquisition and exceptional costs) 53.1p 32.7p +62% 18 August 2014 Interim Results 3

4 Revenue 111.7m Research + 0.1m or 2.2% Research, 4.7m Support + 6.9m or 95.8% Financial + 4.5m or 115.4% 89.1m Research, 4.6m Support, 7.2m Financial, 3.9m Support, 14.1m Financial, 8.4m Broking m or 15.1% Broking, 73.4m Broking, 84.5m H H August 2014 Interim Results 4

5 Revenue by half year Research Support 108.9m 111.7m Financial 5.1m 4.7m Broking 89.1m 4.6m 9.2m 7.7m 14.1m 8.4m $12.3m $14.1m 7.2m 3.9m $6.0m 86.9m 84.5m $138.8m $141.7m 73.4m $112.6m Average US$ rate Closing US$ rate H H H H H H August 2014 Interim Results 5

6 Divisional performance - Profit 2013 H H H1 Broking Financial (2.8) (0.5) 0.3 Support Research August 2014 Interim Results 6

7 Profit restated for Constant Currency 2013 H1 Actual 2014 H1 Actual % Broking % Financial (2.8) 0.3 Support % Research % 18 August 2014 Interim Results 7

8 Profit restated for Constant Currency 2013 H1 Actual 2014 H1 Actual % 2013 H1 Actual 2014 H1 Restated (@ 2013 H1 rate) % Broking % % Financial (2.8) 0.3 (2.8) 0.4 Support % % Research % % Average US$ rate Closing US$ rate August 2014 Interim Results 8

9 Net Funds Jun 2014 Dec 2013 Cash and cash equivalents Current investments Reserved for bonus (full cost) (26.3) (47.1) Net cash Borrowings - - Net available funds Reserved for dividend (4.0) (7.0) 18 August 2014 Interim Results 9

10 Movement in Net Funds Net Funds Dec 13 Dividend Taxation Pension Capex Debtors / Creditors Acquisitions (net) Profit Net Funds Jun August 2014 Interim Results 10

11 Balance Sheet Fixed Assets Intangibles Investments Working Capital (25.8) (22.0) (9.3) (12.8) (4.7) (5.0) Net Funds (14.9) Net Assets before pensions Pensions (6.9) (0.8) (6.6) (9.4) (1.8) (4.9) Net Assets August 2014 Interim Results 11

12 Dividends Pence per Share Interim Final 18 August 2014 Interim Results 12

13 18 August 2014 Interim Results 13

14 The Markets 18 August 2014 Interim Results 14

15 ClarkSea Index 55 Average Maximum Minimum year Average 16,059 (+46% on H1 average) 10 year average 18,858 (+71% on H1 average) ytd Average 13,568 13,315 9,786 11,081 11,883 13,800 12,256 13,424 11,336 9,839 16,846 15,429 10,624 18,949 30,749 27,776 24,655 32,959 32,945 11,407 15,345 12,463 9,586 10,442 11,004 Max 17,736 18,185 12,040 12,023 15,116 14,456 13,609 15,098 12,251 11,149 23,162 24,344 16,719 28,382 44,132 33,900 29,319 50,702 50,682 15,784 20,172 14,994 12,486 17,141 15,728 Min 11,218 11,150 8,608 9,838 10,772 13,295 10,923 11,981 9,849 8,645 11,343 8,918 8,865 15,682 23,415 19,222 18,849 25,267 13,735 7,535 12,850 10,410 7,523 7,574 9, August 2014 Interim Results 15

16 World Seaborne Trade major dry bulk minor dry bulk crude oil oil products liquefied gas containers other dry cargo World Population Billion tonnes : 0.80 tonnes per capita 2014: 1.44 tonnes per capita Billion People Data Source: Clarksons / US Census Bureau 18 August 2014 Interim Results 16

17 Fleet Deliveries & Orderbook 2,500 gas carrier 2,000 No. of vessels 1,500 1,000 container ship bulk carrier 500 tanker Data Source: Clarksons 18 August 2014 Interim Results 17

18 CCM Transactions June 2014 May 2014 May 2014 April 2014 $360,000,000 $650,000,000 $139,700,000 $92,300,000 Convertible Senior Notes Sole Co-Manager Senior Unsecured Notes Co-Manager Initial Public Offering Joint Book-Runner Common Stock Offering Co-Manager April 2014 March 2014 March 2014 February 2014 Throne Petroleum $1,600,000,000 $108,675,000 Undisclosed Navios Maritime Partners L.P $109,400,000 Senior Unsecured Notes Co-Manager Common Stock Offering Joint Book-Runner Private Placement Placement Agent Common Stock Offering Co-Manager January 2014 January 2014 December 2013 (1) Containership Joint Venture $86,400,000 Common Stock Offering Co-Manager Undisclosed Joint Venture with Institutional Investors Sole Placement Agent Undisclosed Equity Raise with Institutional Investors Sole Placement Agent 18 August 2014 Interim Results 18

19 The heart of global shipping Outlook 1. Execution of strategy 2. Continued volume growth 3. General rate improvement 4. Increased volatility 5. Increased FOB 6. Currency caution Enabling global trade 18 August 2014 Interim Results 19

20 Disclaimer THIS PRESENTATION IS CONFIDENTIAL AND IS SOLELY FOR THE USE OF THE RECIPIENT. NEITHER THE WHOLE NOR ANY PART OF THE INFORMATION CONTAINED IN THE PRESENTATION MAY BE DISCLOSED TO, OR USED OR RELIED UPON BY, ANY OTHER PERSON OR USED FOR ANY OTHER PURPOSE WITHOUT THE PRIOR WRITTEN CONSENT OF CLARKSON PLC (CLARKSONS). THE INFORMATION CONTAINED IN THE PRESENTATION, AND UPON WHICH THE PRESENTATION IS BASED, HAS BEEN DERIVED FROM PUBLICLY AVAILABLE INFORMATION. NONE OF THE INFORMATION ON WHICH THE PRESENTATION IS BASED HAS BEEN INDEPENDENTLY VERIFIED BY ANY MEMBER OF CLARKSONS NOR ANY OF ITS CONNECTED PERSONS. ACCORDINGLY, NO MEMBER OF CLARKSONS NOR ANY OF ITS CONNECTED PERSONS MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO THE ACCURACY OF THE INFORMATION CONTAINED IN THE PRESENTATION, OR ON WHICH THE PRESENTATION IS BASED, OR THAT THIS INFORMATION REMAINS UNCHANGED AFTER THE ISSUE OF THE PRESENTATION. THE PRESENTATION IS NOT TO BE CONSTRUED AS CARRYING THE ENDORSEMENT OF CLARKSONS OR ANY OF ITS CONNECTED PERSONS. CONSEQUENTLY, NEITHER CLARKSONS NOR ANY OF ITS CONNECTED PERSONS CAN BE HELD LIABLE TO ANY PERSON TO WHOM INFORMATION DERIVED FROM THE PRESENTATION IS MADE AVAILABLE FOR THE ACCURACY OF THE INFORMATION CONTAINED IN IT. THE PRESENTATION IS NOT INTENDED TO RECOMMEND ANY STRATEGIC DECISION BY THE COMPANY AND SHOULD NOT BE CONSIDERED AS A RECOMMENDATION SUPPORTING ANY OF THE OPTIONS DISCUSSED HEREIN BY ANY MEMBER OF CLARKSONS OR ANY OF ITS CONNECTED PERSONS TO ANY RECIPIENT OF THE INFORMATION. EACH PERSON TO WHOM THE INFORMATION IS MADE AVAILABLE MUST MAKE THEIR OWN INDEPENDENT ASSESSMENT OF THE OPTIONS AVAILABLE. NOTHING IN THE PRESENTATION IS, OR SHOULD BE RELIED UPON AS, A PROMISE OR REPRESENTATION AS TO THE FUTURE. Clarkson PLC ST. MAGNUS HOUSE, 3 LOWER THAMES STREET, LONDON, EC3R 6HE TELEPHONE +44 (0) August 2014 Interim Results 20