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Service provider to Global Maritime, Energy & Natural Resources
22 August 2012 Andi Case & Jeff Woyda
CLARKSONS
Interim Results Announcement 6 months ended 30 June 2012
www.clarksons.com
2
Interim Results Announcement
Agenda
● Financial Overview – Jeff Woyda, CFO
● The Market – Andi Case, CEO
● Outlook – Andi Case, CEO
22 August 2012
www.clarksons.com
3 22 August 2012
Interim Results Announcement
Results Summary
30 June2012
30 June2011
Revenue £88.0m £88.6m
Profit before taxation £11.0m £13.5m
Exceptional item £4.5m £0m
Acquisition costs £(0.8m) £0m
Profit before taxation £14.7m £13.5m
EPS before exceptional & acquisition costs 39.8p 52.6p
EPS after exceptional & acquisition costs 54.0p 52.6p
www.clarksons.com22 August 2012
Clarksons
Research
Broking
Financial
Support
2012Profit
£m
2011Profit
£m
12.7 14.6
(4.8) (2.5)
2.1 1.1
1.4 0.9
Interim Results Announcement
4
www.clarksons.com
Broking
22 August 2012
Interim Results Announcement
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● Significant demand/supply imbalance● Lower asset values● Very challenging freight rates
● Transaction volumes up in most areas
● Particularly good performance from● Specialised products● Tankers● Gas
● Revenue challenges greater in● Dry Cargo● Containers
www.clarksons.com
Financial
22 August 2012
Interim Results Announcement
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● CSL● FFA market suffering from lack of volatility● Perfect storm
● Market volumes down● Rates down
● 4 major players remain● Market predominantly hedging based – traders participation down
● CCM● USA developed with sales operation● Research coverage extended● Reducing costs in Dubai● Currently challenging market for investment banking
www.clarksons.com
Support
22 August 2012
Interim Results Announcement
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● Port & Agency profit £1.5m (2011: £0.5m)
● EnShip & Opex acquisitions met expectations with excellent results in first 6 months
● Integration working well● New operations in Tyne and Great Yarmouth in the period
● Property services profit £0.68m (2011: £0.75m)
www.clarksons.com
Research
22 August 2012
Interim Results Announcement
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● Martin Stopford retired, remains under consultancy agreement
● Steve Gordon becomes MD, supported by an outstanding board
● Headline revenue growth of 21%, underlying revenue growth 11%
● Major areas of growth● Digital Income● Customer Services● Offshore● Valuations
www.clarksons.com
Profit & Loss
22 August 2012
Interim Results Announcement
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● Acquisition costs £0.8m● Share-based payments● Amortisation of intangibles
● Taxation – rate 32.0% (2011: 29.1%)● Profits in high tax jurisdictions● Unrelieved losses
● Exchange rate ● Average 1st half 2012 £1:$1.5842 (2011: £1:$1.6251)● Spot at 30 June £1:$1.5685 (2011: £1:$1.6055)● Average year ended 31 December 2011: £1:$1.61● Spot at 31 December 2011 £1:$1.5541
www.clarksons.com
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Interim Results Announcement
Net Funds30 June
2012£m
30 June 2011
£m
Cash and short-term investments 101.4 101.3
Reserved for bonus (full cost) (25.0) (29.5)
Net cash 76.4 71.8
Borrowings - -
Net available funds 76.4 71.8
Reserved for Dividend (3.4) (3.4)
22 August 2012
www.clarksons.com
Balance Sheet2006
£m2007
£m2008
£m2009
£m2010
£m2011
£m2012
£m
Fixed Assets 27.2 25.4 29.1 27.4 21.6 21.3 23.3
Intangibles 42.4 47.2 32.3 32.5 32.7 40.3 39.969.6 72.6 61.4 59.9 54.3 61.6 63.2
Investments 14.0 16.4 16.1 14.9 13.2 1.9 1.9
Working Capital (18.0) (25.8) (22.0) (9.3) (12.8) (4.7) (7.1)
Net Funds (7.3) 10.9 38.4 38.2 62.5 71.1 76.4
(25.3) (14.9) 16.4 28.9 49.7 66.4 69.3
(11.3) 1.5 32.5 43.8 62.9 68.3 71.2
Net Assets before pensions 58.3 74.1 93.9 103.7 117.2 129.9 134.4
Pensions 7.1 9.9 8.5 (6.9) (0.8) (6.6) (11.1)
Net Assets 65.4 84.0 102.4 96.8 116.4 123.3 123.3
22 August 2012
Interim Results Announcement
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www.clarksons.com
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Interim Results Announcement
ClarkSea Index
22 August 2012
11.3 9.8
16.8 15.4
10.6
19.0
30.8
27.8 24.7
33.0 33.0
11.7
15.7
12.9
10.2
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
55.0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
$000
’spe
r da
y
Maximum
Minimum
Average
Average down70%
www.clarksons.com22 August 2012
Dry Bulk Timecharter Rates
Data Source: Clarksons
Interim Results Announcement
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www.clarksons.com
Tanker Spot Earnings
22 August 2012
Data Source: Clarksons
Crude Product
Interim Results Announcement
18
www.clarksons.com
Containership 6-12m Timecharter Rates
Data Source: Clarksons
22 August 201219
Interim Results Announcement
www.clarksons.com22 August 2012
LPG Earnings – 82k m3
Data Source: Clarksons
Interim Results Announcement
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www.clarksons.com22 August 2012
LPG Timecharter Rates
Data Source: Clarksons
Interim Results Announcement
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www.clarksons.com22 August 2012
LNG Charter Rates
Data Source: Clarksons
LNG Charter Rates basis a modern conventional DFDE LNG carrier
Interim Results Announcement
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www.clarksons.com
Specialised Products
Data Source: ClarksonsIndex Re-based to 100 as of 04/01/2008 22 August 2012
Interim Results Announcement
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www.clarksons.com22 August 2012
Offshore Freight Rates North SeaAHTS Spot Rates PSV Spot Earnings
Data Source: Clarksons
0
5,000
10,000
15,000
20,000
25,000
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
£/da
y
< 600m2 600-800m2
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
Au
g-1
0
No
v-1
0
Feb
-11
May
-11
Au
g-1
1
No
v-1
1
Feb
-12
May
-12
£/d
ay
13-16k BHP 18k BHP+
Interim Results Announcement
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www.clarksons.com22 August 2012
5yr old Secondhand Prices
Data Source: Clarksons
25
Interim Results Announcement
www.clarksons.com22 August 2012
Dry Bulk 15yr old vs. Scrap Price Differential
Data Source: Clarksons
Capesize
Current
HandysizePanamax
26
Interim Results Announcement
www.clarksons.com
Data Source: Clarksons
Fleet Age Profile
22 August 201227
Interim Results Announcement
www.clarksons.com
All Types* Orderbook Development (>999GT)
Data source: Clarksons*excludes offshore, passenger/cruise, government vessels
22 August 201228
Interim Results Announcement
www.clarksons.com
Global Vessel Contracting
Source: Clarksons
29
Interim Results Announcement
22 August 2012
www.clarksons.com
World Seaborne Trade
Source : Clarkson Research Services
30
Interim Results Announcement
22 August 2012
www.clarksons.com
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Interim Results Announcement
Outlook
• Very challenging markets highlights importance of:• Global reach• Product diversity• Quality research and analysis• Being best in class
• Clarkson Capital Management
● Strong balance sheet● Enables investment in teams● Optimises ability to take advantage of opportunities
● Strategy of clear focus
22 August 2012
www.clarksons.com
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Disclaimer
THIS PRESENTATION IS CONFIDENTIAL AND IS SOLELY FOR THE USE OF THE RECIPIENT. NEITHER THE WHOLE NOR ANY PART OF THE INFORMATIONCONTAINED IN THE PRESENTATION MAY BE DISCLOSED TO, OR USED OR RELIED UPON BY, ANY OTHER PERSON OR USED FOR ANY OTHER PURPOSEWITHOUT THE PRIOR WRITTEN CONSENT OF CLARKSON PLC (CLARKSONS).
THE INFORMATION CONTAINED IN THE PRESENTATION, AND UPON WHICH THE PRESENTATION IS BASED, HAS BEEN DERIVED FROM PUBLICLY AVAILABLEINFORMATION. NONE OF THE INFORMATION ON WHICH THE PRESENTATION IS BASED HAS BEEN INDEPENDENTLY VERIFIED BY ANY MEMBER OFCLARKSONS NOR ANY OF ITS CONNECTED PERSONS. ACCORDINGLY, NO MEMBER OF CLARKSONS NOR ANY OF ITS CONNECTED PERSONS MAKE ANYREPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO THE ACCURACY OF THE INFORMATION CONTAINED IN THE PRESENTATION,OR ON WHICH THE PRESENTATION IS BASED, OR THAT THIS INFORMATION REMAINS UNCHANGED AFTER THE ISSUE OF THE PRESENTATION.
THE PRESENTATION IS NOT TO BE CONSTRUED AS CARRYING THE ENDORSEMENT OF CLARKSONS OR ANY OF ITS CONNECTED PERSONS. CONSEQUENTLY,NEITHER CLARKSONS NOR ANY OF ITS CONNECTED PERSONS CAN BE HELD LIABLE TO ANY PERSON TO WHOM INFORMATION DERIVED FROM THEPRESENTATION IS MADE AVAILABLE FOR THE ACCURACY OF THE INFORMATION CONTAINED IN IT.
THE PRESENTATION IS NOT INTENDED TO RECOMMEND ANY STRATEGIC DECISION BY THE COMPANY AND SHOULD NOT BE CONSIDERED AS ARECOMMENDATION SUPPORTING ANY OF THE OPTIONS DISCUSSED HEREIN BY ANY MEMBER OF CLARKSONS OR ANY OF ITS CONNECTED PERSONS TOANY RECIPIENT OF THE INFORMATION. EACH PERSON TO WHOM THE INFORMATION IS MADE AVAILABLE MUST MAKE THEIR OWN INDEPENDENTASSESSMENT OF THE OPTIONS AVAILABLE.
NOTHING IN THE PRESENTATION IS, OR SHOULD BE RELIED UPON AS, A PROMISE OR REPRESENTATION AS TO THE FUTURE.
Clarkson PLCST. MAGNUS HOUSE, 3 LOWER THAMES STREET, LONDON, EC3R 6HE
TELEPHONE +44 (0) 207-334-5420
22 August 2012
Interim Results Announcement
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