Fih Group Plc · LSE:FIH
Fih — FY2017 Earnings Presentation
30 slides from Fih's earnings presentation, June 2017
Slide 1: Full Year Results: Year ended 31 March 2017
Full Year Results: Year ended 31 March 2017 Chief Executive : John Foster
Slide 2: Overview: Year ended 31 March 2017
Overview : Year ended 31 March 2017 Underlying pre tax profits £2.4m (2016: £3.1m) – 22% as expected FIC: As expected profits returned to normal levels (£1.16m) post oil exploration in 2016 Momart: underlying PBTa +55% (£0.7m) - new warehouse open Mar 17 PHFC: Contribution 4% ahead of prior
Slide 3: FIH March 2017 Results: Trading Overview
FIH March 2017 Results : Trading Overview FIC: Return to more normal trading pattern following rig’s departure – Retail , 4x4 and high margin rental income sharply down. Overheads reduced by £0.3m . Growth at FBS house building and in Penguin Travel but overall PBTa down 40% at £1.16m (2016 £1.94m
Slide 4: Trading Overview: Year ended 31 March 2017
Trading Overview : Year ended 31 March 2017 FIH group plc 2017 2016 Change +/- £’000 £’000 Group Revenue 40,494 38,996 3.8% Operating profit 2,805 3,307 -15.2% Group share of SAtCO JV 24 200 -88.0% Trading Profit 2,829 3,507 -19.3% FIC Pension scheme financing costs -88 -90 -2.2% Pontoon lease inter
Slide 5: Split by Business
Split by Business : Year ended 31 March 2017 FIH group plc 2017 2016 Change +/- £’000 £’000 Revenue FIC 17,828 18,495 -3.6% PHFC 4,286 4,244 1.0% Momart 18,380 16,257 13.1% Total Revenue 40,494 38,996 3.8% Underlying Pre-tax profit FIC 1,159 1,937 -40.2% PHFC 713 684 4.2% Momart 709 457 55.1% Momart
Slide 6: Falkland Islands Company (FIC)
Falkland Islands Company (FIC) 6
Slide 7: FIC Overview: Year ended 31 March 2017
FIC Overview : Year ended 31 March 2017 FIC Revenue down 3.6% to £17.8m (2016: £18.5m) (H2 – 12.6% vs oil boost in 2016) Overall retail sales down -5.5% at £9.14m ( -8.3% in H2),with added pressure on margins due to 33% Chandlery expansion West Store sales -6.2%. Gift Shop - 12.7% Home-Care
Slide 8: FIC: Trading overview
FIC : Trading overview Year ended 31 March 2017 2016 Change £ million £ million % Revenue Retail 9.14 9.66 -5.5 Falklands 4x4 3.02 3.93 -23.0 FBS (construction) 2.68 1.81 48.5 Freight & Port services 0.93 0.90 3.8 Support Services 1.63 1.63 -0.7 Property Rental 0.42 0.57 -25.0 Total FIC revenue 17.8
Slide 9: FIC: Redeveloped Crozier Place
FIC : Redeveloped Crozier Place 9
Slide 10: FIC: New Container & Freight Yard
FIC: New Container & Freight Yard 10
Slide 11: FIC: Outlook
FIC : Outlook Chandlery expansion in Nov 2016 will impact West Store sales in H1 Improved illex squid catch in 2017 Break even cost Sea Lion now $45bbl – Premier Oil finalising Field Development Plan in 2017 – actively seeking Farm-in partner. Ongoing renewal of MPA infrastructure providing
Slide 12: Momart: Expanded storage space at Leyton, East London
Momart : Expanded storage space at Leyton, East London 12
Slide 13: Momart: 4th Plinth – Trafalgar Square
Momart : 4th Plinth – Trafalgar Square Fourth Plinth 2016, Really Good by David Shrigley. Photo courtesy of Greater London Authority ©Gautier Deblonde 13
Slide 14: Momart: Sales Analysis Year ended 31 March 2017
Momart : Sales Analysis Year ended 31 March 2017 Momart – year ended 31 March 2017 2016 Variance Variance £ 000’s £ 000’s £ 000’s % Revenue Exhibitions 10,056 8,390 1,666 19.9% Gallery Services 6,294 5,822 472 8.1% Storage 2,030 2,045 -15 -0.8% Total Revenue 18,380 16,257 2,123 13.1% Revenue from Ov
Slide 15: Momart: Year ended 31 March 2017
Momart : Year ended 31 March 2017 Revenue up 13.1% to £18.38m (2016: £16.26m) Record level of Exhibition / Museum revenue £10.06m (2016 £8.39m)+20% Notable recent exhibitions: “Abstract Expressionism” at the Royal Academy, “Sunken Cities” at the British Museum, “Painters Paintings” and Caravag
Slide 16: Momart: Trading Summary
Momart : Trading Summary Momart - Year ended 31 March 2017 2017 2016 Change £ 000’s £ 000’s % Museums & Public Exhibitions 10,056 8,390 19.9% Gallery Services 6,294 5,822 8.1% Storage 2,030 2,045 -0.8% Total Revenue 18,380 16,257 13.1% LfL Operating Profit 723 460 57.2% Start up Loss on new warehous
Slide 17: Momart: Increased focus on commercial art market
Momart : Increased focus on commercial art market 17
Slide 18: Gosport Ferry (PHFC)
¥ 3} Gosport Ferry ( PHFC ) HMS Warrior Old Portsmouth Blue Reef Aquarium, National Museum of 17 mites 4 MINUTES tay Y
Slide 19: Gosport Ferry (PHFC) – Trading P&L
Gosport Ferry ( PHFC ) – Trading P&L Revenues 2017 2016 Change £ million £ million % Ferry fares 4.13 4.09 0.8% Other revenue 0.16 0.15 -5.9% Total Revenue 4.29 4.24 1.0% Operating Profit 1.06 1.03 2.9% Boat mortgage loan interest (0.12) (0.12) Pontoon lease finance interest (0.23) (0.23) -0.9% Prof
Slide 20: Gosport Ferry: Year ended 31 March 2017
Gosport Ferry : Year ended 31 March 2017 Ferry revenues ahead by 1% at £4.29m ( 2016: £4.24m) Fare rises averaging 3% in June 2016 Adult Return fares £3.40 (2015-6: £3.30) ( £3.50 from June 2017 ) Promotional fares to boost demand (Bikes Go Free / Family Saver tickets, Park & Float ) Passe
Slide 21: Gosport Ferry (PHFC)
Gosport ds ~~ Portsmouth 21
Slide 22: FIH: Strategy
FIH : Strategy Group: Continuing search for strategic, added value acquisitions Leverage cash flow to increase scale & critical mass FIC: Focus on increased efficiency & cash generation pending development of oil / expansion of tourism Momart : Secure returns from expanded storage – leverage
Slide 23: Outlook - June 2017
Outlook - June 2017 FIC: Impact of competitor expansion in H1 will be drag on West Store But steady local demand gives solid trading backdrop at new base levels Some stimulus from FIG capital projects post Nov 2017 election Momart : Newly opened storage facilities – initial drag on profi
Slide 24: Appendices
Appendices Cash Flow, Balance sheet, Net borrowings & liquidity, Acquisition Criteria.
Slide 25: Cash flow - for the year ended 31 March
Cash flow - for the year ended 31 March Cash Flow 2017 2016 £’000 £’000 Operating profit 2,805 3,307 Depreciation and amortisation 1,451 1,459 Provision for share based payments 15 61 Takeover costs paid -365 0 Tax paid -336 -324 (Increase) / decrease in working capital -1,101 507 Restructuring cost
Slide 26: Balance sheet
Balance sheet All figs £ ‘000’s 31 March 31 March 2017 2016 Tangible Fixed Assets 20,147 19,930 Investment properties at net book value 3,723 3,632 Goodwill & Intangibles 11,846 12,037 Deferred tax asset & HP due after 1 year 1,780 1,578 Total non current assets 37,496 37,177 Working Capital - Net 1
Slide 27: Borrowings, Cash & Liquidity
Borrowings, Cash & Liquidity All figs £ ‘000’s 31 March 31 March 2017 2016 Bank Loans* (3,828) (3,264) HP on Momart Trucks (214) (309) Total borrowings & HP (4,042) (3,573) Free Cash 15,079 14,037 Net cash excl 50 year Pontoon lease 11,037 10,464 Long term Pontoon Finance Lease (4,797) (4,828) Total
Slide 28: Acquisition Criteria 2017
Acquisition Criteria 2017 Direct synergies with its existing operations desirable but not essential Sectors of interest: Support services (incl. fine art services & storage) Transport & Specialist logistics Also : Industrial services / B2B services / general Oil services Consumer ser
Slide 29: Acquisition Criteria 2017 cont.
Acquisition Criteria 2017 cont. Location: UK possibly with European / N American links Key attributes of target businesses include: Scalable High added value services in B2B or consumer markets High barriers to entry Well established market presence Pricing power within their markets f
Slide 30: FIH group plc
y 3 FIH group plc