50
Final Results 7 March 2016 Clarkson PLC
Final Results
7 March 2016
Clarkson PLC
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Agenda
Headline results
The Macro Picture
Strategy
Outlook
www.clarksons.com 3
2015 £m
2014 £m
Revenue 301.8 237.9 +27%
Profit before taxation (Before exceptional items and acquisition costs) 50.5 33.8 +49%
Exceptional items (2.5) (1.6)
Acquisition costs (16.2) (7.0)
Profit before taxation (After exceptional items and acquisition costs) 31.8 25.2 +26%
Results Summary
Earnings per share (Before exceptional items and acquisition costs) 121.9p 134.2p
www.clarksons.com 4
Financial +£20.0m (+229.9%)
Support -£6.1m (-21.3%)
Broking +£49.3m (+25.9%)
Research +£0.7m (+6.7%)
£190.2m
£239.5m
£8.7m
£28.7m
£28.6m
£22.5m
£10.4m
£11.1m
2014 2015
£301.8m
£237.9m
Revenue
Including 11 months of Platou
www.clarksons.com 5
£87.8m
£102.4m £110.1m
£129.4m
£5.1m
£3.6m
£17.3m
£11.4m
£14.1m
£14.5m
£12.9m
£9.6m
£4.7m
£5.7m
£5.0m
£6.1m
H1 2014 H2 2014 H1 2015 H2 2015
£145.3m
£156.5m
£111.7m
£126.2m
Including 11 months of Platou
Revenue by half year
Financial
Support
Broking
Research
www.clarksons.com
Divisional Performance - Profit
6
2015 £m
2014
£m
Broking 49.1 34.6
Financial 1.2 (1.9)
Support 3.3 4.0
Research 3.4 3.5
www.clarksons.com 7
Forward Order Book (for invoicing in the following year)
*Directors best estimates
2016* US$m
2015*
US$m
Total FOB 151 110
Total FOB (Clarksons and
Platou) invoiced in 2015 155
www.clarksons.com 8
Exceptional Items 2015 £m
2014 £m
Double rent and service charge (CQ/SMH) 2.3 0.9
Onerous lease (SMH) - 0.7
Onerous lease (Singapore) 0.3 -
Reorganisation costs 1.2 -
Release of dilapidation provision (1.3) -
All items are non-recurring 2.5 1.6
8
Acquisition Costs 2015 £m
2014 £m
Cash & share-based payment charges 2.8 2.8
Legal & professional fees* 3.1 4.1
Loan note interest 1.1 -
Amortisation: Platou 9.2 -
Amortisation: Boxton* - 0.1
* Non recurring items 16.2 7.0
** Total acquisition costs for year to 31 December 2016 anticipated to be £8.2m
**
www.clarksons.com 9
Platou Acquisition Intangibles
£m
Consideration on acquisition 249.9
Intangible assets 21.9
Goodwill 232.6
Fair value of net liabilities (4.6)
249.9
£m
Intangible assets 21.9
Amortised:
Year to 31 Dec 15 9.2
Year to 31 Dec 16** 6.5
Year to 31 Dec 17 3.4
Year to 31 Dec 18 1.7
Year to 31 Dec 19 1.1
21.9
** Total acquisition costs for year to 31 December 2016 anticipated to be £8.2m
www.clarksons.com 10
Integration
• Rebranding of Broking and Financial as ‘Clarksons Platou’
• Repaid bank loans and overdrafts
• Integrated all teams in same locations and across business lines
• New offices in Oslo, Singapore, London and Dubai
• Annualised £4m of synergies achieved
• Revenue synergies already proven in integrated business plan
www.clarksons.com 11
Balance Sheet 2011
£m
2012
£m
2013
£m
2014
£m
2015
£m
Tangible fixed assets 9.2 8.8 9.4 8.4 33.1
Investments 1.9 1.9 1.8 1.9 1.9
11.1 10.7 11.2 10.3 35.0
Working capital (2.8) (2.8) 3.1 (1.8) (7.1)
Net funds 71.1 75.2 75.0 115.7 91.6
68.3 72.4 78.1 113.9 84.5
Pensions (6.6) (9.4) (1.8) (10.3) (4.1)
Deferred tax 10.2 12.5 10.0 13.0 8.4
71.9 75.5 86.3 116.6 88.8
Net assets before loan notes and intangibles 83.0 86.2 97.5 126.9 123.8
Loan notes (incl. accrued interest) - - - - (46.1)
Net assets before intangibles 83.0 86.2 99.3 126.9 77.7
Intangibles 40.3 39.8 40.2 40.4 263.2
Net assets 123.3 126.0 139.5 167.3 340.9
www.clarksons.com 12
Dec 2015 £m
Dec 2014 £m
Cash and cash equivalents* 168.4 152.9
Current investments 5.4 25.3
Net cash equivalents 173.8 178.2
Reserved for bonus (full cost) (82.2) (62.5)
Net available funds 91.6 115.7*
Cash consideration on acquisition - (23.4)
Net available funds 91.6 92.3
Reserved for dividend (12.1) (11.7)
Net Funds
* 2014 comparative includes placing proceeds of £30.6m
www.clarksons.com
Movement in Net Funds
13
85.1
115.7
93.9 91.6
30.6
1.6
49.5
(23.4)
6.8 (18.2)
(24.4)
(13.1)
2.5 (3.1) (2.3)
Net Fundspre-placing
Dec 14
Placingproceeds
Net Fundspost-placing
Dec 14
Cash paidon acq'n
Net fundsacquired
Net fundspost-acq'n
Profit Sale ofinvestments
Dividend Capex Tax paid Debtors /creditors
Deferredconsideration
Pension Net FundsDec 15
www.clarksons.com 14
6 7 9 10 12 14 16 16 17 18 18 19 21 22 9 11
16
22 24
26 26 27
30 32 33
37 39
40
0
5
10
15
20
25
30
35
40
45
50
55
60
65
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Pe
nce
pe
r S
ha
re
Interim Final
Dividends
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The Macro Case
www.clarksons.com
World Seaborne Trade
16
0
1
2
3
4
5
6
7
8
9
10
11
12
0
1
2
3
4
5
6
7
8
9
10
11
12
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
Billio
n p
eo
ple
Billio
n t
on
nes
major dry bulk minor dry bulk crude oil oil products chemicals
liquefied gas containers other dry cargo World Population
Data Source: Clarksons / US Census Bureau
www.clarksons.com
World Seaborne Trade vs. GDP
17
0
20
40
60
80
100
120
140
160
0
2
4
6
8
10
12
14
16
19
85
19
87
19
89
19
91
19
93
19
95
19
97
19
99
20
01
20
03
20
05
20
07
20
09
20
11
20
13
20
15
20
17
20
19
20
21
20
23
20
25
20
27
20
29
GD
P C
urre
nt P
rices (T
rillion
Do
llars
) W
orl
d S
eab
orn
e T
rad
e (
Billio
n t
on
nes)
World Seaborne Trade Trade trend volume GDP Current Prices GDP trend volume
Data Source: Clarksons / World Bank
www.clarksons.com
Growth in World GDP
18
-4
-3
-2
-1
0
1
2
3
4
5
6
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
% c
han
ge (
year
on
year)
World GDP (IMF) Average GDP Growth 1981-2015
www.clarksons.com 19
Oil Prices vs Growth in Oil Demand and GDP
19
0
20
40
60
80
100
120
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
19
81
19
82
19
83
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
US
$ / b
bl
% c
han
ge (
year
on
year)
Crude Price (Inflation Adjusted) Crude Price (Money of the Day)*
World GDP (IMF) Oil Demand (EIA)
Average GDP Growth 1981-2014 Average Oil Demand Growth 1981-2014
Data source: Reuters, EIA, IMF, BP Statistical Review of World Energy. *Crude price Arab Light posted at Ras Tanura 1981-1983. Dated Brent 1984-
present. 2015 oil price is year-to-date.
www.clarksons.com 20
28.0
29.0
30.0
31.0
32.0
33.0
34.0
35.0
36.0
-2%
0%
2%
4%
6%
8%
10%
2004 2008 2012 2016 E 2020 E
Op
ec c
all
, m
bd
Tan
ker
dem
an
d
Tanker demand Opec call (r.s.)Source; IEA MTOMR Feb ‘’15 and ‘16, , Clarksons Platou
Call-on-OPEC oil vs tanker demand
Sharply higher Opec «call» to 2020 should boost tanker demand
Opec «call»
2016 fcast
Opec «call«
2015 fcast
www.clarksons.com 21
World Seaborne Oil Trade
21
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
% c
han
ge,
year
on
year
Billio
n t
on
nes
Cargo Volume Trade Growth
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
% c
ha
ng
e,
year
on
year
Billio
n t
on
ne
s
Cargo Volume Trade Growth
Crude Oil Oil Products
Data Source: Clarksons
www.clarksons.com 22
Global GDP Growth Drives Specialised Products Trade
Data Source: Clarksons
95 93 100 108 111 112 118 120
32 33 31 36 39 38
38 38 50 53
56 57
59 65 69 70 16 18
19
22 24
25 26 26
273 284
0
50
100
150
200
250
300
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5 (
F)
201
6 (
F)
Se
ab
orn
e T
rad
e (
mil
lio
n t
on
ne
s)
Organic Chemicals Inorganic ChemicalsVeg Oils MolassesLubeoils EthanolOverall Outlook
-1
0
1
2
3
4
5
6
198
41
98
51
98
61
98
71
98
81
98
91
99
01
99
11
99
21
99
31
99
41
99
51
99
61
99
71
99
81
99
92
00
02
00
12
00
22
00
32
00
42
00
52
00
62
00
72
00
82
00
92
01
02
01
12
01
22
01
32
01
42
01
5
Gro
wth
in
tra
de
/ G
DP
Gro
wth
Trade Multiplier Median
Trade Grows at 0.9x World GDP Change Seaborne Trade Growth by Sub-Group
www.clarksons.com 23
Average Haul of Chemical Fleet Set to Increase Burgeoning U.S Exports will be Key to DWT Demand
Data Source: Clarksons SeaNet
USG-FEAST
10k nm / 34
days MEG-FEAST
6k nm / 19
days
Global Fleet Average Haul = 3,433 N. Miles
0
200
400
600
800
1,000
1,200
1,400
20
16
20
17
20
18
Middle East Gulf Additional Capacity (000mts,
exc. Iran)
0
10
20
30
40
20
14
20
15
20
16
20
17
20
18
20
19
U.S Exports 50% of Production Scenario
www.clarksons.com 24
LPG Export Volumes move upwards 30.1
9.3
6.1
3.9
3.2
3.1
34.5
9.1
6.2
3.5
2.5
2.7
34.5
8.8
6.8
5.4
3.2
2.6
32.1
8.3
7.2
10.4
2.7
2.2
34.8
11.2
7.7
13.7
2.2
2.3
35.4
11.2
7.9
20.4
2.5
1.7
0
5
10
15
20
25
30
35
40
AG Africa North Sea US Americas (exc USA) Asia
Mil
lio
n M
T
2010 2011 2012 2013 2014 2015
Data Source: JODI, Waterborne, Customs Stats
The last few years have been mainly driven the U.S
www.clarksons.com 25
World Container Trade Global Box Trade 1996-2016
-10%
-5%
0%
5%
10%
15%
20%
0
20
40
60
80
100
120
140
160
180
200
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
(e
)
20
16
(f)
20
17
(f)
growth m TEU
Source : Clarksons Research
Trade Growth %
25
www.clarksons.com 26
Dry bulk trade and fleet growth outlook
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
201
6f
201
7f
201
8f
201
9f
202
0f
Mil
lio
n t
on
nes
Seaborne Trade Growth
Coal Iron Ore
Agricultural related Construction related
2%
1%
-1% -1%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
-60
-40
-20
0
20
40
60
80
100
120
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
201
6f
201
7f
201
8f
201
9f
202
0f
% G
row
th
Mil
lio
n d
wt
Dry Bulk Fleet Growth
Deliveries Deletions
Forecast Deliveries Forecast Deletions
Existing Orderbook Fleet Growth
+803 mt
+290 mt
www.clarksons.com 27
China dry bulk imports and exports
China
Brazil (2)
Aus (1)
20
60
100
140
Fertilisers Steel &Cement
Mt
Exports
0
250
500
750
1,000
IronOre
Coal Grain OtherOres
Mt
Imports
www.clarksons.com 28
Dry Bulk trade growth is struggling to get in line with the fleet
growth over the short term
7.6% 7.0%
5.8%
1.3%
0.8%
13.1%
5.1% 5.2%
8.7%
3.6%
-0.3%
0.5%
2.4%
2.1%
7.0%
6.8%
6.6% 6.7%
10.0%
17.0%
14.9%
10.5%
5.9% 4.4%
2.5%
0.9%
1.7%
-0.6%
-5%
0%
5%
10%
15%
20%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015f 2016f 2017f 2018f
Ye
ar-
on
-ye
ar
gro
wth
Trade growth Net fleet growth
www.clarksons.com 29 January 2016
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
(f)
mil
lio
n d
wt
Bulkers Tankers Containers Gas Carriers Other Growth
Fleet growth, during the year (RHS)
Fleet as at end year. 2015: projection.
Comprises world merchant fleet >100 GT, including ship-
shaped offshore units
Data Source: Clarkson Research Services, data prior to 1996 does not include retrospective changes and certain estimates.
10 Year CAGR (2004-2014)
6.6%
c. 200 Public
Companies
$1 trillion
fleet
37% of tonnage
public c. 300
companies
20% of
tonnage
public c.30
companies
Shipping Fleet Development
1990-2015
www.clarksons.com 30
Newbuilding Orders
Orders representative of vessels over 20,000 dwt
January 2016
www.clarksons.com 31
Historic Reported Bank Loan Portfolios: 2010 – 2014 2010 2011 2012 2013 2014
350
360
370
380
390
400
410
420
430
0
5
10
15
20
25
30
35
To
tal
Po
rtfo
lio
(U
S$ b
n)
2010
2011
2012
2013
2014
Estimated non-reported loan
portfolio: c.$40 billion
% of Global Loans by
European banks :
2007: 84%
2014: 75%
2015: 62%?
*Indicates new 2014 entrant to Bank Portfolio League Table **Indicates not reported in 2014 Bank Portfolio League Table
Reported
Portfolios
$418.4bn
$400.3bn
$388.5bn
$379.1bn
$391.5bn
Data Sources: Dealogic / Clarksons
Total Loan Volumes subject to variance in reporting methods (+/- 10%)
Number of
Banks
30
30
30
38
40
Reported Portfolio
Totals (by year)
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“Insert from File” and select the
grayscale JPG you want to use.
Under “Picture Colour”, make
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Strategy
www.clarksons.com 33
www.clarksons.com
Consolidation
Ability to hire
Flight to quality
Competition
Shipyard Capacity
Seaborne demand
Flow & placing power
Diversity of earnings
Balance sheet strength
34
Commodity Pricing
Offshore
Funding
China
Geographic instability
Supply/Demand Imbalance
Breadth Reach Trust Understanding People
Integrated Solutions
www.clarksons.com 35
www.clarksons.com 36
New Build Second Hand
Recycling
Voyage COA Time Charter
Asset Lifecycle
Use of Asset
Tankers
Tankers Dry Cargo Specialised
Products Gas Containers Specialist
Crude Oil
Refined
Products
Iron Ore
Coal
Steel
Agricultural
Chemicals
Fertilisers
Edible Oils
LPG
Ammonia
Pet Chem
Gases
LNG
Component
&
Finished
Goods
Commods
RoRo
Ferries
Car
Carriers
Cruise
Dry Cargo Specialised
Products Gas Containers Specialist
Shipping
Drilling Survey Construction Production Support Renewables
Rigs Seismic Construction Subsea E&P Renewables
Jackups
Semi Sub
Drillships
Seismic
Geophysic
Subsea
Pipe lay
Heavy lift
FPSO
FSO
Shuttle
AHTS
PSV
Crew/FSV
Wind
Tide
Offshore
Broking
$670bn Fleet $200bn Order Book $320bn Fleet $95bn Order Book
www.clarksons.com 37
www.clarksons.com 38
Securities
Equity & Debt
Public & Private
Fixed Income/High Yield
Restructuring & M&A
Oslo
New York
Secondary Sales & trading
Debt & Equity Research
>180 companies covered
Shipping & MLP
Offshore & Oil Service
Coal & Mining
E&P
Project Finance
Shipping
Offshore
Real Estate
Debt & Advisory
Banks Other lenders
Financial
www.clarksons.com 39
8.3 9.0
Amount (USDbn)
48% 52%
Market share (%)
~USD 17.3bn global shipping equity issues in the period 2013 – 2016YTD
Market leader in global shipping equity transactions
Source: Bloomberg, company information and press releases
~17.3bn
~48%
Clarksons Platou Securities has a market share of 48% in global shipping ECM, 2013-2016YTD
876 670 759
920 777
939
2,022
500 519
50 53 200
288 653
957
2,468
1,203 912
816
797
528
276 122
1,164
1,323
1,715
3,388
1,979 1,851
2,838
500
797
1,047
326 175 200
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2013 2014 2015 2016
Chart Title CPS (Sole or Joint Lead) Others
US
Dm
U
SD
m
www.clarksons.com 40
Source: Bloomberg, company information and press releases
~USD 9.4bn global offshore drilling equity issues in the period 2010 – 2016YTD
40
Market leader in global offshore drilling equity transactions
171
351
73
776
3,208
830
43
1,268
502
297
93 263
370
50
490
250 150 200
40
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010 2011 2012 2013 2014 2015
US
Dm
CPS (Sole or Joint Lead) Others
3.4
6.0
Amount (USDbn)
~9.4bn
36%
64%
Market share (%)
~36%
Clarksons Platou Securities has a market share of 36% in global offshore drilling ECM, 2010-2016YTD
www.clarksons.com
LNG
Crude & Product
Dry bulk
Container
Chemical
Car Carrier
LPG
Jack-up rigs
Floater rigs
OSV
70%
72%
74%
76%
78%
80%
82%
84%
86%
88%
90%
92%
94%
96%
98%
100%
Flee
t u
tiliz
atio
n in
per
cen
t
Different products for different stages in the cycle
41
Estimated fleet utilization 2015e
M&A
www.clarksons.com 42
Distress within offshore is leading to dislocations in capital markets pricing as well as balance sheet/liquidity
issues for virtually most corporates. Our unique product offering combined with industry expertise enables us
to significantly grow our revenue line within distressed debt trading and restructuring advisory in the current
challenging environment.
Illustrative stakeholders in restructuring situations:
42
Restructurings demand multiple advisory roles
Company
Commercial banks
Bondholders
Charterers
Shareholders
www.clarksons.com 43
www.clarksons.com 44
Clarksons Research
>90 staff globally
London, Singapore & Shanghai
Equity Research Shipping & Trade Offshore & Energy Vessel Registers
Securities
Equity Analysts
Shipping
Offshore & Oil Services
E&P
Coal & Mining
MLP
Oslo & New York
Broking
Desk analysts
Every Freight Sector
All Bulk Commodities
Real Time data flows
All time zones covered
Research
www.clarksons.com 45
Offshore Intelligence Network Shipping Intelligence Network World Fleet Monitor
Research – Data Mining
www.clarksons.com 46
Research – Real time insights
50 real time In
house
developed
platforms
www.clarksons.com 47
Global Presence
A
N V J
S Y
P
I
C
D E
B
H
G Q
X
K
W L
R
U
F
M
T
O
A. Aberdeen
B. Alexandria
C. Athens
D. Casablanca
E. Cairo
F. Cape Town
G. Dubai
H. Geneva
I. Genoa
J. Hamburg
K. Hong Kong
L. Houston
M. Johannesburg
N. London
O. Melbourne
P. Moscow
Q. New Delhi
R. New York
S. Oslo
T. Perth
U. Rio de Janeiro
V. Rotterdam
W. Shanghai
X. Singapore
Y. Uppsala
48
Outlook
17 August 2015 Interim Results 49
www.clarksons.com 50
Disclaimer
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THE INFORMATION CONTAINED IN THE PRESENTATION, AND UPON WHICH THE PRESENTATION IS BASED, HAS BEEN DERIVED FROM PUBLICLY
AVAILABLE INFORMATION. NONE OF THE INFORMATION ON WHICH THE PRESENTATION IS BASED HAS BEEN INDEPENDENTLY VERIFIED BY ANY MEMBER OF CLARKSONS NOR ANY OF ITS CONNECTED PERSONS. ACCORDINGLY, NO MEMBER OF CLARKSONS NOR ANY OF ITS CONNECTED PERSONS MAKE ANY REPRESENTATION 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.
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