FIH Group plc · LSE:FIH
FIH — Falkland Islands Holdings — FY2016 Earnings Presentation
27 slides from FIH's earnings presentation, March 2016
Slide 1: Falkland Islands Holdings Results – Year ended 31 March 2016
Click to edit Master title style FALKLAND ISLANDS HOLDINGS Results ‐ Year ended 31 March 2016 Solid profitability, Nav 310p per share Record cash reserves £14m
Slide 2: FIH: Overview Year ended 31 March 2016
FIH : Overview Ye/ 31 March 2016 • Underlying Pre‐Tax profits £3.08m (2015: £3.56m) • Cash flow from operations £5.1m – Record levels of cash on hand : £14.0m • FIC: Record trading result ‐ PBTa £1.9m ( 2015 £1.6m ) – modernisation of infrastructure completed • Momart: Profits lower – PBTa £0.5m vs
Slide 3: FIH: Year ended 31 March 2016 Trading Overview
FIH : Year ended 31 March 2016 Trading Overview • Group revenue +1.1% to £39.0m (2015: £38.6m) — FIC : PBTa up £0.4m (+24.5%) to £1.94m . Record trading result – boosted by oil exploration and record squid catch. Strong car hire and vehicle sales + record property rental — Momart: Revenue + 3.2% but
Slide 4: FIH: Year ended 31 March 2016 Trading Overview
FIH: Year ended 31 March 2016 Trading Overview Year ended 31 March 2016 2015 Change +/‐ £000 £000 Turnover – continuing operations 38,996 38,560 +1.1% Underlying operating profit 3,301 3,763 ‐12.3% Interest (net) incl. pensions costs (223) (204) 9.3% Underlying pre tax profit 3,078 3,559 ‐13.5% (143
Slide 5: FIH: Cash & Liquidity
FIH : Cash & Liquidity 31 March 31 March 2016 2015 Change £000 £000 £000 Bank Loans * (3,264) (735) (2,529) Hire Purchase & Other borrowings (309) (280) (29) Total borrowings (3,573) (1,015) (2,558) Cash 14,037 7,435 6,602 Net Cash 10,464 6,420 4,044 Pontoon Finance Lease (4,828) (4,858) 30 * Bank l
Slide 6: FIH: Segmental Analysis – year ended 31 March 2016
FIH: Segmental Analysis – year ended 31 March 2016 2016 2015 £000 £000 Change +/- Turnover FIC 18,495 18,506 -0.1% PHFC 4,244 4,301 -1.3% Momart 16,257 15,753 +3.2% Total Turnover 38,996 38,560 +1.1% Pre Tax Profit FIC 1,937 1,556 +24.5% PHFC 684 796 -14.1% Momart 457 1,207 -62.1% Underlying Pre-Tax
Slide 7: FIC: Record results boosted by oil exploration
FIC: Record results boosted by oil exploration 7
Slide 8: FIC: Oil Exploration 2015-16
FIC: Oil Exploration 2015‐16 • Exploration support onshore boosted local demand – car / plant / property rental • 4 wells drilled by Eirik Raude rig in 11 months: programme ended early in Feb 2016 – Humpback well in Southern basin – found no commercial hydrocarbons – 3 positive results in Northern b
Slide 9: FIC: Year ended 31 March 2016
– FIC: Year ended 31 March 2016 Revenue 2016 2015 Change £ million £ million % Retail 9.66 9.54 1.3% Falklands 4x4 3.93 3.07 28.1% Freight and port services 0.90 1.24 ‐27.6% Support services 1.63 1.66 ‐1.8% Property rental 0.57 0.36 59.2% Property and construction 1.81 2.64 ‐31.5% Total Revenue 18.5
Slide 10: FIC: Trading – Year ended 31 March 2016
FIC: Trading ‐ Year ended 31 March 2016 • Revenue maintained at record levels ‐ £18.5m ‐ last 2 years lifted by oil related activity • Contribution +24.5% to £1.94m (2015: £1.56m ) • Total retail revenue + 1.3% to £9.66m – West Store +4.5% ‐tougher in DIY Homecare • Strong growth in Falklands 4x4 +
Slide 11: FIC: New warehouse: East Stanley
FIC : New warehouse : East Stanley 11
Slide 12: FIC: Year ended 31 March 2016
FIC: Year ended 31 March 2016 • £1.2 m capital investment during year : • Completion New chiller and warehouse / container facilities at Airport Road • Redevelopment of the Retail facilities and the Head Office at Crozier place ‐ creation family friendly retail destination with new Car Park & Home L
Slide 13: FIC: Expanded Home Builder DIY Store
FIC : Expanded Home Builder DIY Store 13
Slide 14: Momart: Year ended 31 March 2016
Momart : Year ended 31 March 2016 14
Slide 15: Momart: Trading year ended 31 March 2016
Momart: Trading year ended 31 March 2016 Revenue 2016 2015 Change £ million £ million % Museums & Public Exhibitions 8.39 8.68 ‐3.4% Gallery Services 5.82 5.21 11.8% Storage 2.05 1.86 10.1% Total Revenue 16.26 15.75 3.2% Operating Profit 0.46 1.24 ‐62.9% Interest (0.03) ‐ Pre Tax Profit * 0.46 1.21
Slide 16: Momart: Trading year ended 31 March 2016
Momart: Trading year ended 31 March 2016 • Revenue up 3.2% to £16.3m (2015: £15.8m ) Profits down to £0.46m (2015: £1.24m ) • Exhibitions revenues ‐£0.3m (‐3.4% ) • Overseas revenues £5.8m ‐22.7% down on 2015 ( £7.5m ) • Commercial Gallery Services revenues +11.8% to £5.82million • Storage revenues
Slide 17: Momart: Investment in sales & marketing
Momart : Investment in sales & marketing 17
Slide 18: Portsmouth Harbour Ferry Company (PHFC)
Portsmouth Harbour Ferry Company (PHFC) 18
Slide 19: PHFC: Trading year ended 31 March 2016
PHFC: PHFC Trading year ended ‐ Year ended 31 March 31 March 2013 2016 Revenues 2016 2015 Change £ million £ million % Ferry fares 4.09 4.13 ‐0.8% Other revenue 0.15 0.17 ‐13.1% Total Revenue 4.24 4.30 ‐1.3% Operating Profit 1.03 1.03 ‐0.4% Boat mortgage loan interest (0.12) (0.01) Pontoon lease fin
Slide 20: PHFC: Trading year ended 31 March 2016
PHFC: P Trading year ended 31 March 2016 • Revenue down 1.3% at £4.2 million • PBT ‐14.1% to £0.68m (2015: £ 0.79m ) • Passenger journeys down 3.3% to c.2.83 m (2015: ‐2.1% to c.2.92m ) – Lower petrol prices make driving around harbour relatively more affordable – Subsidised Park & Ride in Portsmout
Slide 21: FIH: Outlook
FIH : Outlook • FIC – Falklands economy quieter post oil – weaker illex catch Spring 2016 – But : Lower profitability at pre oil levels ‐ focus on cash flow – reduced capex – FIC well set up for eventual move to oil production – Significant oil upside remains ( 1 bn barrels of identified reserves in
Slide 22: FIH: Strategy
FKL: Strategy FIH : Strategy • FIC: Focus on increased efficiency & cash flow pending development of oil. • Momart: Secure returns from expanded storage – leverage investment in sales & marketing. • PHFC: Maintain fleet, steady profits & strong cash flow • Group: • No dividend planned ‐ cash reinves
Slide 23: Appendices
Appendices Additional Information on Falkland Islands Holdings
Slide 24: FIH: Group balance sheet
FKLFIH: Group balance Balance sheet Sheet 31 March 2016 31 March 2015 Change £000 £000 £000 Property, plant and equipment 19,930 19,621 309 Investment properties 3,632 3,693 (61) Intangibles & goodwill 12,037 12,226 (189) Deferred tax asset, HP debtors & Joint venture net assets 1,578 1,852 (274) In
Slide 25: FIH: Group cash flow
FKL FIH: GroupCash Flow cash flow Year ended 31 March 2016 2015 £000 £000 Underlying operating profit 3,301 3,763 Depreciation 1,459 1,426 Tax paid (324) (792) Decrease in working capital 507 2,145 Other (192) (158) Net cash flow from operating activities 4,751 6,384 Capital expenditure (1,854) (4,9
Slide 26: Management Team
Management Team Management Team Edmund Rowland, Chairman Edmund joined the Board in April 2013, and became Chairman on 9 February 2015. He currently serves as a Director of Blackfish Capital Management, a specialist asset manager based in London and as Chief Executive Officer of Banque Havilland S.A
Slide 27: A Sha hy
A Sha hy i ands Holdings
Falkland Islands Holdings — FY2016 Earnings Presentation on 6ix