FIH Group plc · LSE:FIH
FIH — FY2018 Earnings Presentation
30 slides from FIH's earnings presentation, June 2018
Slide 1: Full Year Results: Year ended 31 March 2018
Full Year Results: Year ended 31 March 2018 Chairman: Robin Williams Chief Executive : John Foster
Slide 2: Overview: Year ended 31 March 2018
Overview : Year ended 31 March 2018 Underlying pre tax profits £3.2m (2017: £2.4m) + 35% FIC: Profits up 23% to £1.34m (2017 : £1.16m)– plans for oil production progressing well Momart: Strong recovery – record revenues £21.2m – profits up 136% to £1.0m PHFC: Profits maintained at £0.9m - on
Slide 3: FIH March 2018 Results: Trading Overview
FIH March 2018 Results : Trading Overview FIC: Improved retail profitability , strong kit home house sales and growth in local Support Services saw profits rise 23% on revenue +2.4% , despite lack of oil stimulus . Momart: Strong 15.5% growth in revenues to £21.2m. Sharp improvement in profits t
Slide 4: Trading Overview: Year ended 31 March 2018
Trading Overview : Year ended 31 March 2018 FIH group plc 2018 2017 Change £’000 £’000 % Group Revenue 43,830 40,494 8.2 Operating profit 3,633 2,805 29.5 Group share of SAtCO JV 18 24 -25.0 Trading Profit / PBIT 3,651 2,829 29.1 FIC Pension scheme financing costs (73) (88) -17.0 Pontoon lease inter
Slide 5: Split by Business: Year ended March 2018
Split by Business : Year ended 31 March 2018 FIH group plc 2018 2017 Change £’000 £’000 % Revenue FIC 18,259 17,828 2.4 PHFC 4,349 4,286 1.5 Momart 21,222 18,380 15.5 Total Revenue 43,830 40,494 8.2 Underlying Pre-tax profit FIC 1,338 1,086 23.2 PHFC 860 871 -1.3 Momart 1,037 439 136.2 Underlying pr
Slide 6: Falkland Islands Company (FIC)
Falkland Islands Company (FIC) 6
Slide 7: FIC Overview: Year ended 31 March 2018
FIC Overview : Year ended 31 March 2018 FIC Revenue up 2.4% to £18.2m (2017: £17.8m) Overall retail sales +0.6% (+6.9% in H2) despite challenge of expanded competitor. Margins improved with richer sales mix and overheads reduced. West Store sales + 8% in H2 despite slow down in clothing and el
Slide 8: FIC: Redeveloped Crozier Place
FIC : Redeveloped Crozier Place 8
Slide 9: FIC: Trading overview
FIC : Trading overview Year ended 31 March 2018 2017 Change £ million £ million % Revenue Retail 9.19 9.14 0.6 Falklands 4x4 2.92 3.02 -3.5 FBS (construction) 2.95 2.68 10.0 Freight & Port services 0.94 0.93 0.6 Support Services 1.78 1.63 9.3 Property Rental 0.48 0.42 13.0 Total FIC revenue 18.26 17
Slide 10: FIC: FBS Kit Home in Stanley
FIC : FBS Kit Home in Stanley 10
Slide 11: FIC: Outlook
FIC : Outlook FIC Fundamentals sound – wide spread of business units with strong local positions Continuing local competition and ongoing investment to maintain market leadership Short term dip in FBS house kit completions -focus on developing FIC rental estate. Modernisation and investment
Slide 12: FIC: Penguin Travel Visitor Tours
FIC: Penguin Travel Visitor Tours 12
Slide 13: Momart: Expanded storage space at Leyton, East London
Momart : Expanded storage space at Leyton, East London 13
Slide 14: Momart: Sales Analysis - year ended March 2018
Momart : Sales Analysis- year ended 31 March 2018 Momart – year ended 31 March 2018 2017 Variance Variance £ 000’s £ 000’s £ 000’s % Revenue Exhibitions 11,770 10,056 1,714 17.0 Gallery Services 7,249 6,294 955 15.2 Storage 2,203 2,030 173 8.5 Total Revenue 21,222 18,380 2,842 15.5 Revenue from Over
Slide 15: Momart: Year ended 31 March 2018
Momart : Year ended 31 March 2018 Revenue up 15.5% to record £22.2m (2017: £18.3m) Record level of Exhibition / Museum revenue £11.77m (2017 £10.06m)+17% Notable recent exhibitions: “Dali Duchamp” and “Charles I” at the Royal Academy, “Michelangelo” at the National Gallery, “Scythian Nomads” a
Slide 16: Momart: Trading Summary
Momart : Trading Summary Revenue 2018 2017 Change £ 000’s £ 000’s % Museums & Public Exhibitions 11,770 10,056 17.0 Gallery Services 7,249 6,294 15.2 Storage 2,203 2,030 8.5 Total Revenue 21,222 18,380 15.5 Operating Profit 1,071 453 136.4 HP & Bank Interest (34) (14) 142.9 Pre Tax Profit * 1,037 43
Slide 17: Momart: 4th Plinth de-installation March 2018
Momart : 4th Plinth de-installation March 2018 Fourth Plinth 2016, Really Good by David Shrigley. Photo courtesy of Greater London Authority ©Gautier Deblonde 17
Slide 18: Gosport Ferry (PHFC)
Gosport ie}, | eee] HARBOUR SPIRIT
Slide 19: Gosport Ferry (PHFC) – Trading P&L
Gosport Ferry (PHFC) – Trading P&L Revenues 2018 2017 Change £ million £ million % Ferry fares 4.14 4.13 0.3 Other revenue 0.21 0.16 30.1 Total Revenue 4.35 4.29 1.5 Operating Profit 1.18 1.22 -3.2 Interest received 0.01 - - Boat mortgage loan interest (0.10) (0.12) -14.8 Pontoon lease finance inter
Slide 20: Gosport Ferry: Year ended 31 March 2018
Gosport Ferry : Year ended 31 March 2018 Ferry revenues ahead by 1.5% at £4.35m ( 2017: £4.29m) Fare rises averaging 3% in June 2017 Adult Return fares £3.50 (2016-7: £3.40) ( £3.60 from June 2018 ) 10 Trip tickets from £1.55 per adult trip ( 2017 £1.50) Promotional fares to boost demand (
Slide 21: Gosport Ferry (PHFC)
\ q d : www.gosportferry.co.uk |
Slide 22: FIH: Strategy
FIH : Strategy Group: Continuing search for strategic, added value acquisitions Leverage cash flow to increase scale & critical mass FIC: Consolidation of market leadership and channelling of investment into long term projects linked to oil / tourism and infrastructure, leveraging legacy prope
Slide 23: Outlook - June 2018
Outlook - June 2018 FIC: Little immediate stimulus from oil in coming year but confidence building as oil price remains above $70bbl. Planned new air link to South America offers prospect of long term development of tourism if sustained Continued solid profitability from FIC’s 9 key business
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 2018 2017 £’000 £’000 Operating profit 3,633 2,805 Depreciation and amortisation 1,692 1,451 Provision for share based payments 37 15 Takeover costs paid (165) (365) Tax paid (475) (336) Increase in working capital (540) (1,101) Increase in HP debtor
Slide 26: Balance sheet
Balance sheet All figs £ ‘000’s 31 March 31 March 2018 2017 Tangible Fixed Assets 18,845 20,147 Investment properties at net book value 4,045 3,723 Goodwill & Intangibles 11,832 11,846 Deferred tax asset & HP due after 1 year 1,608 1,780 Total non current assets 36,330 37,496 Working Capital - Net 2
Slide 27: Borrowings, Cash & Liquidity
Borrowings, Cash & Liquidity 31-Mar 31-Mar All figs £ ‘000’s 2018 2017 Bank Loans* (3,329) (3,828) HP on Momart Trucks (173) (214) Total borrowings & HP (3,502) (4,042) Free Cash 17,018 15,079 Net cash excl 50 year Pontoon lease 13,516 11,037 Long term Pontoon Finance Lease (4,764) (4,797) Total Net
Slide 28: Acquisition Criteria 2018
Acquisition Criteria 2018 Rationale : To augment existing business units with scalable, quality acquisitions that will deliver sustainable long term growth in shareholder value Direct synergies with its existing operations desirable but not essential Sectors of interest: High added value sup
Slide 29: Acquisition Criteria 2018 cont.
Acquisition Criteria 2018 cont. Location: Predominantly 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 t
Slide 30: FIH group plc
y 3 FIH group plc