FIH Group plc · LSE:FIH
FIH — Falkland Islands Holdings — H1 2012 Earnings Presentation
20 slides from FIH's earnings presentation, December 2011
Slide 1: Falkland Islands Holdings plc – Interim Results – Half Year ended 30 September 2011
David Hudd – Chairman John Foster - Managing Director Falkland Islands Holdings plc – Interim Results – Half Year ended 30 September 2011
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Slide 3: 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
Slide 4: FIH Interim Results 2011: Overview
FIH Interim Results 2011: Overview • Overall Group trading performance in line with board expectations – Underlying PBTa £1.19 million (2010: £1.15 million) +3.8% – Diluted EPS on Underlying PBTa 9.0p per share (2010: 8.9p) • Maintained Interim Dividend 4.0p per share (2010: 4.0p) • Strong Balance S
Slide 5: FIH: Summary P&L - 6 months ended 30 September 2011
FIH: Summary P&L - 6 months ended 30 September 2011 6 months ended 30 September 2011 2010 £000 £000 Change +/- Turnover 16,510 14,348 +15.1% Trading Profit 1,346 1,273 +5.7% Pension scheme financing costs etc (65) (72) Pontoon lease interest (75) - Net Bank / HP interest (18) (56) Net financing cost
Slide 6: FIH: Segmental Analysis - 6 months ended 30 September 2011
FIH: Segmental Analysis - 6 months ended 30 September 2011 6 Months ended 30 September 2011 2010 £000 £000 Change +/- Turnover FIC 6,989 6,492 +7.6% PHFC 2,148 2,030 +5.8% Momart International 7,373 5,826 +26.5% Total Turnover 16,510 14,348 +15.1% Pre Tax Profit FIC 515 551 -6.5% PHFC 385 383 +0.5%
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: 6 months ended 30 September 2011
FIC: 6 months ended 30 September 2011 • Satisfactory performance consolidating growth seen in prior year – Sales ahead by 7.7% to £6.99m boosted by demand for support services – PBTa down slightly at £0.51m vs £0.55m in H1 2010 • Retail sales down 1.6% at £4.3m - Demand subdued vs H12010 – Squeeze o
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 dep
Slide 10: PHFC: 6 months ended 30 September 2011
PHFC: 6 months ended 30 September 2011 • Satisfactory performance – Revenues ahead by 5.8% at £2.15 million – PBTa after overhead allocation unchanged at £0.39 million • New £5m pontoon installed 27 June 2011 - 50 year lease agreed with Council • Passenger numbers down 4.1% on prior year in line wit
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 • C
Slide 12: Momart International: 6 months ended 30 September 2011
Momart International: 6 months ended 30 September 2011 • PBTa £0.29 million up 36.5% vs H12010 • Recovery in Exhibition volumes – revenue + 30% to £3.4 million – Gross Margins squeezed by 3.8% – 13% increase in divisional contribution • Gallery Services – revenue +28% to £3.2 million – Large interna
Slide 13: FIH: Balance Sheet
FIH: Balance Sheet All figs £’000’s 30 Sept 2011 31 March 2011 30 Sept 2010 Tangible Fixed Assets 12,839 7,489 7,281 Investment properties at cost * 1,464 1,721 1,759 Goodwill & Intangibles 12,913 13,111 13,311 Quoted investments at m.v 5,641 10,710 14,940 Deferred Tax & other assets 692 634 701 Tot
Slide 14: FIH: Net borrowings and liquidity
FIH: Net borrowings and liquidity 30 Sept 2011 31 March 2011 30 Sept 2010 £000 £000 £000 Bank Loans & HP due within 1 year (1,118) (1,058) 1,076 Bank loans due after 1 year (2,555) (3,104) 3,521 Total Bank Borrowings & HP (3,673) (4,162) (4,597) Cash 2,378 2,062 2,288 Net Bank Borrowings) (1,295) (2
Slide 15: FIH: Cash flow
FIH: Cash flow 6 months ended 30 September 2011 2010 £000 £000 Operating profit 1,148 1,075 Depreciation 507 437 Amortisation of Intangibles 198 198 Provision for share based payments 95 111 Increase in working capital 72 (1,847) Net Cash Flow from Operations (incl property sales) 2,020 (26) Net fin
Slide 16: FOGL: Licences and Prospects
FOGL: Licences and Prospects • FIH retains 12 million shares in FOGL (5.8% stake ) • Current share price: 49p • Cost: 16p per share • Loligo (in North) is largest prospect with estimated 4.7bn barrel potential and will be drilled first • Choice of second well from Loligo II, Nimrod, Vinson or Scotia
Slide 17: FOGL: Drilling Timetable
FOGL: Drilling Timetable () land Holdi Es Late Jan 2012 » Leiv Eiriksson to arrive in the Falklands Leiv > FOGL has two rig slots November 2011 Q1 2012 May 2012 June / July 2012 Success Case - Leiv Eiriksson to leave » B&S to drill two » FOGL to commence » FOGL to commence » Acquire new seismic in G
Slide 18: FOGL: Summary
FOGL: Summary • A proven working petroleum system • One of the most attractive fiscal regimes in the world (9% royalty) • No technical or logistical barriers to oil development and production • Strong commercial case even if Loligo is a gas discovery – attractive economics • Significant upside poten
Slide 19: FIH: Outlook
FIH: Outlook • FIC – Oil boost maintained in H2 – but no major stimulus vs H2 2010 – H2 expected to benefit from expansion of West Store at MPC military base – Further growth projected from tourist income from cruise ships – Oil production now 85% probable - FIC’s Medium / Long term prospects excell
Slide 20: Falkland Islands Holdings plc
Falkland Islands Holdings plc
Falkland Islands Holdings — H1 2012 Earnings Presentation on 6ix