James Fisher And Sons Plc · LSE:FSJ
James Fisher And Sons — H1 2015 Earnings Presentation
18 slides from James Fisher And Sons's earnings presentation, Aug 25, 2015
Slide 1: Interim Results for the six months ended 30 June 2015
James Fisher and Sons plc The UK’s leading Marine Service Company Interim Results for the six months ended 30 June 2015 25 August 2015
Slide 2: Summary
James Fisher and Sons plc The UK’s leading Marine Service Company Summary H1 2015 H1 2014 revenue (£m) 213.1 216.1 underlying operating profit * (£m) 20.0 24.4 underlying profit before tax * (£m) 17.8 21.9 diluted earnings per share * (p) 29.5 34.0 dividend per share (p) 7.80 7.10 cash conversion (%
Slide 3: Strategy
James Fisher and Sons plc The UK’s leading Marine Service Company Strategy • Leveraging UK skills to the global Marine Services market • Niche businesses • Operating margins >10% • Cash generative • Value creation by exceeding 15% ROCE • Targeting fast growing markets – Far East, South America, Afri
Slide 4: Revenue bridge
James Fisher and Sons plc The UK’s leading Marine Service Company Revenue bridge 220.0 215.0 3.8 210.0 12.8 7.8 205.0 200.0 8.0 10.7 195.0 216.1 4.5 213.1 190.0 4.7 185.0 180.0 175.0 170.0 H1 2014 Offshore Oil Offshore Oil Corvettes Calm Buoy Other Divisions Acquisitions Currency H1 2015 equipment P
Slide 5: Operating profit bridge
James Fisher and Sons plc The UK’s leading Marine Service Company Operating profit bridge 25.0 1.4 20.0 1.1 6.6 0.3 15.0 24.4 10.0 20.0 5.0 - H1 2014 Offshore Oil Marine Support Specialist Technical Tankships H1 2015 5
Slide 6: Results by division
James Fisher and Sons plc The UK’s leading Marine Service Company Results by division Underlying operating Underlying operating Revenue profit* margin* £m £m % H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 Marine Support 87.2 82.1 7.4 7.7 8.5 9.4 Offshore Oil 36.1 55.6 5.3 11.9 14.7 21.5 Specialis
Slide 7: Income statement, tax and earnings per share
James Fisher and Sons plc The UK’s leading Marine Service Company Income statement, tax and earnings per share H1 2015 H1 2014 % change revenue 213.1 216.1 (1.4) underlying operating profit 20.0 24.4 (18.0) Lower finance cost partly offset by interest (2.2) (2.5) higher borrowings underlying profit
Slide 8: Cash flow
James Fisher and Sons plc The UK’s leading Marine Service Company Cash flow H1 2015 H1 2014 £m £m underlying operating profit * 20.0 24.4 depreciation 12.2 10.2 ebitda 32.2 34.6 Ebitda 7% lower at £32.2m working capital (12.0) (15.6) pension / other (1.0) (2.5) Cash conversion 96% (2014:68%); operat
Slide 9: Balance sheet
James Fisher and Sons plc The UK’s leading Marine Service Company Balance sheet 30.06.15 30.06.14 £m £m intangible assets 152.4 127.1 5 businesses acquired property, plant and equipment 128.5 117.5 investments 10.7 10.9 working capital 63.4 58.4 c. £4m-£5m potentially deferred consideration (15.5) (
Slide 10: Committed bank facilities at June 2015
James Fisher and Sons plc The UK’s leading Marine Service Company Committed bank facilities at 30 June 2015 drawn available Covenants 30.6.15 30.6.14 £m £m expiry • net debt : EBITDA < 3.5 1.5 1.3 Barclays £27.5m RCF - unsecured 27.1 0.4 2019 • interest cover > 3.0 15.7 14.1 DBS £20m RCF - unsecured
Slide 11: Defined benefit pension obligations
James Fisher and Sons plc The UK’s leading Marine Service Company Defined benefit pension obligations 30.06.15 30.06.14 £m £m Shore staff scheme 10.0 9.2 MNOPF 10.5 12.0 Total deficit 20.5 21.2 • Contributions expected to be £3.5m in 2015 (2014: £4.7m) (excluding MNRPF) • Potential MNRPF liability –
Slide 12: James Fisher Divisions
James Fisher and Sons plc The UK’s leading Marine Service Company James Fisher Divisions James Fisher and Sons plc Marine Support Offshore Oil Specialist Technical Tankships Revenue 41% 17% 30% 12% 12
Slide 13: Offshore Oil
James Fisher and Sons plc The UK’s leading Marine Service Company Offshore Oil H1 2015 H1 2014 revenue (£m) 36.1 55.6 profit (£m) 5.3 11.9 margin (%) 14.7% 21.6% ROCE (%) 8.7% 18.3% • 2014 H1 revenue included product sales to Brazil of c.£8m • Activity levels for maintenance work significantly reduc
Slide 14: Marine Support
James Fisher and Sons plc The UK’s leading Marine Service Company Marine Support H1 2015 H1 2014 revenue (£m) 87.2 82.1 profit (£m) 7.4 7.7 margin (%) 8.5% 9.4% ROCE (%) 13.4% 17.7% • Revenue 6% higher • Ship-to-ship volumes stable; licences obtained for Brazil • Project income more H2 weighted and
Slide 15: Specialist Technical
James Fisher and Sons plc The UK’s leading Marine Service Company Specialist Technical H1 2015 H1 2014 revenue (£m) 63.7 51.8 profit (£m) 5.6 4.5 margin (%) 8.8% 8.7% ROCE (%) 16.6% 16.4% • Revenue up 23%, underlying operating profit up 24% • Good progress in delivering strong order book • New order
Slide 16: Tankships
James Fisher and Sons plc The UK’s leading Marine Service Company Tankships H1 2015 H1 2014 revenue (£m) 26.1 26.6 profit (£m) 3.3 1.9 margin (%) 12.6% 7.1% ROCE (%) 27.0% 12.2% • 74% increase in underlying operating profit • Improvement in vessel utilisation • Stable demand • Two vessels on charter
Slide 17: Outlook
James Fisher and Sons plc The UK’s leading Marine Service Company Outlook • Broad geographical and market exposure • Continued focus on niche capabilities with good opportunities in the growing marine markets of Asia Pacific, Africa and South America • Bolt on acquisitions benefit second half with f
Slide 18: Disclaimer
James Fisher and Sons plc The UK’s leading Marine Service Company Disclaimer This presentation is confidential and is delivered to interested parties for information only. It is delivered solely on the basis that neither the whole nor any part of the information contained in this presentation may be
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