FIH Group plc · LSE:FIH
FIH — Falkland Islands Holdings — FY2011 Earnings Presentation
20 slides from FIH's earnings presentation, June 2011
Slide 1: Falkland Islands Holdings plc – Results Year ended 31 March 2011
David Hudd – Chairman John Foster - Managing Director Falkland Islands Holdings plc – Results Year ended 31 March 2011
Slide 2: Introduction to FIH
Introduction to FIH • AIM quoted support services group comprising three market leading, cash generative businesses – Falkland Islands Company: retail, support services and property business operating in the Falkland Islands – Portsmouth Harbour Ferry Company: Gosport to Portsmouth passenger ferry s
Slide 3: FIH Group financial highlights for year ended 31 March 2011
FIH Group financial highlights for year ended 31 March 2011 • Revenue ahead by 9.0% to £31.8m (2010: £29.2m) – Buoyant trading in Falklands more than offsetting tougher market conditions in UK • Operating profit £2.9m (2010: £3.1m) - 6.3% • Net financing costs reduced to £0.2m (2010: £0.45m) – inter
Slide 4: FIH Group profit & loss account
FIH Group profit & loss account Year ended 31 March 2011 2010 £000 £000 Change +/- Turnover – continuing operations 31,841 29,224 +9.0% Underlying operating profit 2,935 3,134 -6.3% Interest (net) incl. pensions costs (207) (446) -53.6% Underlying pre tax profit (PBT) 2,728 2,688 1.5% Intangible amo
Slide 5: FIH revenue and operating profit split
FIH revenue and operating profit split Revenue 2011 Revenue 2010 Momart Momart Falklands Falklands 41% 45% 42% 47% Ferry Ferry 12% 13% Operating Profit 2011 Operating Profit 2010 Momart 18% Momart 31% Falklands 44% Falklands Ferry 55% 27% Ferry 25% 5
Slide 6: FIH Group - Revenue and profits by company
FIH Group - Revenue and profits by company Year ended 31 March 2011 2010 Change £000 £000 +/- Falklands 14,921 12,434 +20.0% PHFC 3,734 3,718 +0.4% Momart International 13,186 13,072 +0.9% Turnover - continuing operations 31,841 29,224 9.0% Falklands 1,613 1,377 17.1% PHFC 790 800 -1.3% Momart Inter
Slide 7: Falkland Islands Company (FIC) Overview
Falkland Islands Company (FIC) Overview • Established in 1852 by Royal Charter • Retail • 60% market share from five outlets • Motor • Land Rover and Ford sales and rentals • Support Services • Shipping services ex UK & stevedoring on MoD vessels • Agency Services: for international squid & fishing
Slide 8: FIC – Year ended 31 March 2011
FIC – Year ended 31 March 2011 Year ended 31 March 2011 2010 Change £ million £ million % Revenues Retail 9.72 8.07 +20.5% Automotive 1.91 1.43 +33.7% Freight 0.69 0.99 -30.3% Property sales 0.33 0.36 -8.1% Other services 2.26 1.58 43.8% Total FIC revenue 14.92 12.43 20.0% Underlying FIC operating p
Slide 9: Portsmouth Harbour Ferry Company (PHFC) Overview
Portsmouth Harbour Ferry Company (PHFC) Overview • Ferry service for foot, cycle & motor cycle passengers • Acquired in December 2004 • 5 minute journey across mouth of harbour from Gosport to Portsmouth (1/3 mile) • Operates 364 days a year, 5.30am - midnight • 4 purpose built vessels (2 fully depr
Slide 10: PHFC - Year ended 31 March 2011
PHFC - Year ended 31 March 2011 Year ended 31 March 2011 2010 Change £ million £ million % Revenues Ferry fares 3.59 3.50 2.6% Other revenue 0.14 0.22 -36.4% Total PHFC revenue 3.73 3.72 0.3% Underlying PHFC operating profit 0.79 0.80 -1.3% Underlying operating profit margin (%) 21.2% 21.5% -0.3% Pa
Slide 11: Momart International - Overview
Momart International - Overview • Specialist transport & logistics company serving fine art market in the UK & overseas • Market leading position with excellent reputation; high barriers to entry • 3 business streams • Museum Exhibitions – consulting, planning, packing, transport and installation •
Slide 12: Momart International - Year ended 31 March 2011
Momart International - Year ended 31 March 2011 Year ended 31 March 2011 2010 Change £ million £ million % Revenues Museums & Public Exhibitions 6.67 7.73 -13.7% Commercial Galleries Services 5.00 3.86 +29.5% Storage 1.52 1.48 +2.7% Total Momart revenue 13.19 13.07 +0.9% Underlying Momart operating
Slide 13: FIH Group balance sheet
FIH Group balance sheet 31 March 2011 31 March 2010 Change £000 £000 £000 Property, plant and equipment 7,489 7,483 6 Investment properties 1,721 1,777 (56) Intangibles & goodwill 13,111 13,509 (398) Deferred tax assets & sundry other 634 693 (59) Investment in FOGL at market value ( 89p ) 10,710 15
Slide 14: FIH Group cash flow
FIH Group cash flow Year ended 31 March 2011 2010 £000 £000 Underlying operating profit 2,935 3,134 Depreciation 846 907 Share based payments 207 240 Tax paid (1,008) (708) (Increase) in working capital (2,145) (1,442) Other (18) 218 Net cash flow from operating activities 817 2,349 Capital expendit
Slide 15: FIH Group net borrowings and liquidity
FIH Group net borrowings and liquidity 31 March 2011 31 March 2010 Change £000 £000 £000 Bank loans due within 1 year (1,000) (1,128) 128 Bank loans due after I year (2,971) (3,974) 1,003 Other borrowings – leases etc (191) (171) (20) Total borrowings (4,162) (5,273) 1,111 Cash 2,062 3,810 (1,748) N
Slide 16: FOGL stake
FOGL stake • 12 million shares retained with market value of £10.7m at 31 March 2011 • Mkt value 89p per FOGL share – cost 16p • 1.3 FOGL shares held for every FIH share in issue • FOGL now funded for 2 wells • Deep water rig, Leiv Eiriksson contracted in co-operation with Borders & Southern • Due t
Slide 17: FOGL Licences and Prospects
FOGL Licences and Prospects • FOGL now has 100% interest in licences • BHP are contributing further $40m towards Loligo • Northern licence area now extended by 6 months to June 2012 • Loligo (in North) is largest prospect with estimated 4.7bn barrel potential and will be drilled first • Choice of se
Slide 18: Outlook
Outlook FIC • Oil exploration and arrival of new rig will maintain economic activity in 2011-12 • Further expansion of retail space and new West Store website - www.falklands-shopping.co.fk/ • Inflationary pressures developing further strong growth dependent on positive news on oil • Heavy fuel oil
Slide 19: FIH – 7 Year Track Record
FIH – 7 Year Track Record Growth in Turnover 2005 -2011 Growth in Underlying Pre Tax Profit ( PBTae ) 40,000 3,000 2,728 35,000 32,251 31,841 2,688 29,224 2,316 30,000 2,500 2,010 25,000 2,000 1,654 20,000 17,200 1,490 15,209 15,618 1,500 15,000 12,206 972 10,000 1,000 5,000 500 0 - 2005 2006 2007 2
Slide 20: Falkland Islands Holdings plc – June 2011
Falkland Islands Holdings plc – June 2011
Falkland Islands Holdings — FY2011 Earnings Presentation on 6ix