James Fisher And Sons Plc · LSE:FSJ
James Fisher And Sons — H1 2021 Earnings Presentation
30 slides from James Fisher And Sons's earnings presentation, Sep 7, 2021
Slide 1: Half Year Results
Half Year Results for the six months ended 30 June 2021 7 September 2021
Slide 2: Disclaimer
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 disclosed to, or used or relied upon by, any other person or used
Slide 3: Eoghan O'Lionaird and Duncan Kennedy
Eoghan O'Lionaird Duncan Kennedy Chief Executive Officer Chief Financial Officer
Slide 4: Introduction and Outlook
Introduction and Outlook ➢ First half results in line with the Board’s expectations ➢ Markets recovering though with some Covid-related delays ➢ All divisions profitable in H1 ➢ Q2 performance across the Group showed marked improvement vs Q1, and we expect further progress through the second half ➢
Slide 5: Financial Review
James Fisher and Sons plc Marine Services Worldwide Financial Review
Slide 6: Financial Summary
Financial Summary Underlying* Statutory H1 2021 H1 2020 Change % H1 2021 H1 2020 Change % Revenue (£m) 233.7 258.1 (9) 233.7 258.1 (9) Operating profit (£m) 13.3 19.5 (32) 12.2 11.5 6 Profit before tax (£m) 9.2 15.1 (41) 8.1 7.1 14 Diluted EPS (p) 12.8 23.6 (46) 26.8 9.9 171 Interim dividend per sha
Slide 7: Income Statement Summary
Income Statement Summary H1 2021 Margin % H1 2020 Margin % Revenue 233.7 258.1 Cost of sales (177.6) (187.2) Gross profit 56.1 24.0% 70.9 27.5% SG&A (42.8) (51.4) Underlying operating profit* 13.3 5.7% 19.5 7.6% Net finance expense (4.1) (4.4) Underlying PBT* 9.2 15.1 • Gross margins resilient at 24
Slide 8: Our Divisions
Our Divisions Marine Support Specialist Technical Offshore Oil Tankships 42% of group revenue 29% of group revenue 17% of group revenue 12% of group revenue ▪ Ship-to-ship ▪ Submarine rescue ▪ Hire of specialist ▪ Coastal transportation equipment and people of clean petroleum ▪ Renewables ▪ Diving e
Slide 9: H1 Divisional Performance
H1 Divisional Performance Revenue Underlying operating profit* H1 2021 H1 2020 Change % H1 2021 H1 2020 Change % Marine Support 97.7 122.5 (20) 2.1 4.8 (56) Specialist Technical 67.8 65.7 3 5.6 7.5 (25) Offshore Oil 39.6 40.0 (1) 5.3 5.4 (2) Tankships 28.6 29.9 (4) 2.1 3.6 (42) Central costs (1.8) (
Slide 10: Finance and Tax
Finance and Tax H1 2021 H1 2020 Net finance expense £m £m Bank loans and overdrafts 3.0 3.3 ROU operating lease 1.0 0.8 Other 0.1 0.3 Net finance charge 4.1 4.4 Tax Underlying profit before taxation* 9.2 15.1 Tax on underlying profit before taxation* 2.7 3.1 Effective tax rate 29.3% 20.7% • Overseas
Slide 11: Cash flow
Cash flow H1 2021 H1 2020 £m £m Underlying operating profit * 13.3 19.5 Depreciation and amortisation (IAS 17) 14.0 16.5 Underlying ebitda * 27.3 36.0 • Increase in accrued income as Working capital (27.4) 24.7 significant long-term projects approach milestone events Pension / other (1.2) 0.2 Operat
Slide 12: Committed bank facilities
Committed bank facilities Headroom at 30 June Drawn Undrawn Existing facilities 183.0 117.0 New syndicated facility: Covenants 30.06.21 30.06.20 • £130m committed through to at least net debt* : ebitda < 3.75 2.9 2.5 2024 from 3 existing lenders interest cover > 3.0 4.8 9.8 • £60m accordion allows f
Slide 13: Operating Review
James Fisher and Sons plc Marine Services Worldwide Operating Review
Slide 14: Marine Support
Marine Support Fendercare: H1 2021 H1 2020 • Ship-to-ship revenue 39% lower than a record performance in H1 Revenue (£m) 97.7 122.5 20; volumes remain below expectations Profit (£m) 2.1 4.8 • Continuing growth in inquiries for LNG STS services Margin (%) 2.1 3.9 Marine Contracting: ROCE (%) 3.7 4.4
Slide 15: Specialist Technical
Specialist Technical JFD: H1 2021 H1 2020 • Significant milestones approaching in 500m saturation diving Revenue (£m) 67.8 65.7 spread; swimmer delivery vehicles; submarine rescue projects Profit (£m) 5.6 7.5 • New £20m four-year contract with UK MoD; first time JFD has Margin (%) 8.3 11.4 been appo
Slide 16: Offshore Oil
Offshore Oil Scantech: H1 2021 H1 2020 • Strong growth in both Scantech businesses Revenue (£m) 39.6 40.0 • Bubble curtain demand continues to rise in renewables; Profit (£m) 5.3 5.4 mandatory noise attenuation in most territories worldwide Margin (%) 13.4 13.1 • £16m order book 40% higher than H1 2
Slide 17: Tankships
Tankships • UK lockdown in early 2021 adversely affected Q1 H1 2021 H1 2020 performance Revenue (£m) 28.6 29.9 • Good performance in Q2 as lockdown restrictions eased Profit (£m) 2.1 3.6 • Tankships and Cattedown Wharf volumes approaching Margin (%) 7.3 12.0 levels achieved pre-pandemic ROCE (%) 20.
Slide 18: Strategy and Case Studies
James Fisher and Sons plc Marine Services Worldwide Strategy and Case Studies
Slide 19: Clear roadmap to deliver sustainable profitable growth
Clear roadmap to deliver sustainable profitable growth Reset Reinforce Realise (2020-21) (2021-23) (2023-25) Define purpose and valued Fix portfolio; accelerate Top quartile sustainable behaviours; focus on critical operational performance profitable growth and urgent invest in energy transition R
Slide 20: Leading positions in attractive niches of global markets
Leading positions in attractive niches of global markets Ship-to-ship transfer Unexploded #1 Global Provider ordnance #1 in removal offshore Submarine rescue Tankships #1 Global Provider #1 in the UK across clean petroleum product delivery Offshore Wind Nuclear #1 in high voltage 1st to decommission
Slide 21: Marine Contracting Case Studies
Marine Contracting Case Studies Renewables Renewables Oil and Gas IRM St Brieuc, France Sofia, Dogger Bank, Project North Sea, UK offshore wind farm UK offshore wind farm description offshore oil construction construction Services High voltage commissioning UXO identification and Air diving and subs
Slide 22: Bubble Curtains Case Study
Bubble Curtains Case Study Renewables Project Noise attenuation solutions supporting the construction description of three of the largest offshore wind farms in Taiwan Over 80 x specialised air compressors deployed Services across four client vessels; operating in up to 24 hour provided shifts in ex
Slide 23: James Fisher Offshore Case Studies
James Fisher Offshore Case Studies Decommissioning Renewables Decommissioning – Well Severance Offshore wind farms in US, Project and Recovery, Structure Removal and Taiwan, UK and Denmark; description Pipeline Removal. 15 projects completed (YTD July) 12 projects (YTD July) Services Abrasive water
Slide 24: Summary and Outlook
James Fisher and Sons plc Marine Services Worldwide Summary and Outlook
Slide 25: Summary and Outlook
Summary and Outlook ➢ First half results in line with the Board’s expectations ➢ Q2 performance across the Group showed marked improvement vs Q1, and we expect further progress through the second half ➢ However, STS, JFD short-cycle order intake and subsea Oil & Gas projects slow to recover; LNG pro
Slide 26: Q&A
James Fisher and Sons plc Marine Services Worldwide Q&A
Slide 27: Pioneering Sustainably
James Fisher and Sons plc Pioneering Sustainably
Slide 28: Appendix
James Fisher and Sons plc Marine Services Worldwide Appendix
Slide 29: Income Statement
Income Statement Full Year H1 2021 H1 2020 2020 £m £m £m Revenue 233.7 258.1 518.2 Cost of sales (177.6) (187.2) (423.8) Gross profit 56.1 70.9 94.4 Administrative expenses (44.9) (60.1) (139.5) Share of post tax results of joint ventures 1.0 0.7 1.6 Operating profit/(loss) 12.2 11.5 (43.5) Analysis
Slide 30: Separately disclosed items
Separately disclosed items 2021 2020 2020 Six months Six months Year ended ended ended 30 June 30 June 31 December £m £m £m Acquisition related income and (expense): Costs incurred on acquiring businesses - (0.2) (1.0) Amortisation of acquired intangibles (1.4) (1.5) (2.9) (1.4) (1.7) (3.9) Marine S
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