Final Results 31 December 2013

Transcription

1 Final Results 31 December 2013 Clarkson PLC 10 March

2 Agenda Headline results Divisional performance Business Model & Strategy The market Outlook 10 March 2014 Final Results 2

3 Results Summary 2013 m 2012 m Change % Revenue % Profit before taxation (Before exceptional item and acquisition costs) % Exceptional item (1.0) 4.5) Acquisition costs (2.1) (1.6) Profit before taxation (After exceptional item and acquisition costs) Earnings per share (Before exceptional item and acquisition costs) 98.0p 74.8p +31% 10 March 2014 Final Results 3

4 Revenue by half year 110.6m 90.7m 89.8m 89.6m Research, 4.6m Research, 4.6m Research, 4.6m Research, 5.1m Support, 10.9m Financial, 7.7m Support, 9.1m Financial, 2.7m Support, 10.1m Financial, 2.6m Support, 8.8m Financial, 3.9m Broking, 86.9m Broking, 73.2m Broking, 72.5m Broking, 73.4m H H H H March 2014 Final Results 4

5 Revenue Research + 0.5m or 5.4% Support + 0.5m or 2.6% 179.4m 9.2m 19.2m 5.3m 201.3m 9.7m 19.7m 11.6m Financial + 6.3m or 118.9% Broking m or 10.0% 145.7m 160.3m 10 March 2014 Final Results

6 Divisional performance - Result 2012 H1 m 2012 H2 m 2013 H1 m 2013 H2 m Broking Financial (4.8) (5.1) (2.8) (0.5) Support Research March 2014 Final Results 6

7 Net Funds Dec 2013 m Dec 2012 m Cash and cash equivalents Current investments Reserved for bonus (full cost) (47.1) (39.4) Net cash Borrowings - - Net available funds Reserved for dividend (7.0) (6.2) 10 March 2014 Final Results 7

8 Movement in Net Funds Net Funds Dec 12 Dividend Taxation Pension Capex Debtors / Creditors Acquisitions (net) Profit Net Funds Dec March 2014 Final Results 8

9 Balance Sheet m m m m m m m Fixed Assets Intangibles Investments Working Capital (25.8) (22.0) (9.3) (12.8) (4.7) (5.0) 0.6 Net Funds (14.9) Net Assets before pensions Pensions (6.9) (0.8) (6.6) (9.4) (1.8) Net Assets March 2014 Final Results 9

10 Pence per Share Dividends Interim Final 10 March 2014 Final Results 10

11 Forward Order Book (for invoicing in the following year) 2013* US$m 2012* US$m Total FOB *Best estimates of deliverable FOB 10 March 2014 Final Results 11

12 Business Model 10 March

13 10 March 2014 Final Results 13

14 10 March 2014 Final Results 14

15 Offshore 25,000 structures, vessels and companies 6,000 oil and gas fields. Shipping Over 114,000 vessels 10,000 companies 600 shipyards Valuations More than 20,000 valuations annually, Shipping and Offshore Freight Over 100,000 time series Track 10bn tonnes of seaborne trade Over 2.3m views pa on SIN 10 March 2014 Final Results 15

16 10 March 2014 Final Results 16

17 Tankers Newbuildings Secondhand LPG & Ammonia Dry Cargo Petchem Gases Demolition Containers Specialised Products LNG 10 March 2014 Final Results 17

18 10 March 2014 Final Results 18

19 PSV Newbuildings Secondhand Demolition OSV AHTS FPSO Rigs Jackups Subsea 10 March 2014 Final Results 19

20 Provision of Capital 10 March 2014 Final Results 20

21 Provision of Capital Private Equity IPO & Public markets Research Shipping, Oil Services, Coal & Mining, E&P, MLPs 113 listed stocks covered Sales & Trading over 130 clients M&A Restructuring Debt finance 10 March 2014 Final Results 21

22 Risk Management 10 March 2014 Final Results 22

23 Risk Management Freight Forward Agreements (FFAs) LPG Swaps Iron Ore Swaps 10 March 2014 Final Results 23

24 10 March 2014 Final Results 24

25 Lerwick Aberdeen Leith Newcastle Liverpool Hull Great Yarmouth Ipswich Avonmouth Tilbury Harwich Southampton Agency Project logistics Forwarding Stevedoring Supplies Tools 10 March 2014 Final Results 25

26 10 March 2014 Final Results 26

27 The heart of global shipping 10 March 2014 Final Results 27

28 The heart of global shipping Enabling global trade 10 March 2014 Final Results 28

29 The Markets 10 March 2014 Final Results 29

30 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 US$ per day ClarkSea Index 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Source: Clarksons 10 March 2014 Final Results 30

31 ClarkSea Index Average Maximum Minimum Average 13,568 13,315 9,786 11,081 11,883 13,800 12,256 13,424 11,336 9,840 16,848 15,431 10,626 18,953 30,753 27,785 24,661 32,969 32,954 11,711 15,721 12,947 9,586 10,442 Maximum 17,736 18,185 12,040 12,023 15,116 14,456 13,609 15,098 12,250 11,150 23,160 24,350 16,720 28,390 44,140 33,910 29,330 50,710 50,690 16,320 20,420 15,890 12,485 17,141 Minimum 11,218 11,150 8,608 9,838 10,772 13,295 10,923 11,980 9,850 8,650 11,340 8,920 8,870 15,690 23,420 19,230 18,860 25,280 13,740 7,730 13,060 10,980 7,523 7, March 2014 Final Results 31

32 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 $ per day VLCC Spot Earnings 60,000 VLCC c. 2010blt Ras Tanura - Chiba 50,000 40,000 30,000 20,000 10,000 0 Data Source: Clarksons 10 March 2014 Final Results 32

33 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 $ per day Capesize Spot Earnings 45,000 Capesize, 1999/00-blt, Average Spot Earnings 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Data Source: Clarksons 10 March 2014 Final Results 33

34 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Containership Charter Rates $000/day 1700 teu gls 1-Yr TC 3500 teu gls 1-Yr TC 4400 teu gls 1 Yr TC Data Source: Clarksons 10 March 2014 Final Results 34

35 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 $ per tonne LPG Spot Earnings 43,000 mt Gulf-Japan LPG Rates Data Source: Clarksons 10 March 2014 Final Results 35

36 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 USD pmt USD pmt Regional Spot Chemical Freight Developments Rotterdam Far East U.S Gulf Far East 140 Rott - MPFE 3,000mt Rott - MPFE 5,000mt 110 Hou - MPFE 5,000mt Hou - MPFE 10,000mt Data Source: Clarksons 10 March 2014 Final Results 36

37 Billion tonnes World Seaborne Trade major dry bulk minor dry bulk crude oil oil products liquefied gas containers other dry cargo World Population Billion people Data Source: Clarksons / US Census Bureau 10 March 2014 Final Results 37

38 No. of vessels Fleet Deliveries & Orderbook 2,500 gas carrier 2,000 1,500 container ship 1,000 bulk carrier 500 tanker Data Source: Clarksons 7 March 2014 Final Results 38

39 Demolition Trends Demolition Vessels above 1,000 GT (Number & Dwt) No Bars show the number of vessels demolished (LHS) Line shows the annual volume of dwt demolished (RHS) 1,366 m.dwt ,168 1,110 1, Data Source: Clarksons 10 March 2014 Final Results 39

40 Orderbook Development By Value USD Billion Orderbook Value by estimated contract price ($ billion), Start Year Data source: Clarksons 10 March 2014 Final Results 40

41 CCM Transactions 2013 December 2013 December 2013 December 2013 November 2013 November 2013 November 2013 Drybulk Joint Venture Undisclosed Navig8 Crude Tankers Inc. Baltic Trading Limited Joint Venture with Institutional Investors Sole Placement Agent $160,000,000 Private Placement Financial Advisor $300,000,000 Senior Secured Notes Co-Manager $77,000,000 Common Stock Offering Co-Manager $400,000,000 Convertible Notes Co-Manager $58,200,000 Common Stock Offering Co-Manager October 2013 October 2013 September 2013 July 2013 May 2013 May 2013 $350,000,000 Senior Unsecured Notes Financial Advisor & Co-Manager Navig8 Product Tankers Inc. $170,000,000 Private Placement Financial Advisor Navios Maritime Acquisition Corp. $100,000,000 Common Stock Offering Co-Placement Agent $140,000,000 Initial Public Offering Joint Book-Runner $300,000,000 Common Stock Offering Senior Placement Agent $50,000,000 Preferred Stock Offering Co-Manager April 2013 March 2013 March 2013 March 2013 February 2013 January 2013 Navios Maritime Partners L.P $115,000,000 $775,000,000 $350,000,000 $235,000,000 $73,200,000 $230,000,000 Common Stock Offering Co-Manager Senior Secured Notes Co-Manager Term Loan Co-Manager Common Stock Offering Placement Agent Common Stock Offering Co-Manager Common Stock Offering Placement Agent 10 March 2014 Final Results 41

42 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 10 March 2014 Final Results 42

43 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) March 2014 Final Results 43