Final Results Clarkson PLC 7 March 2016
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Results Summary 2015 2014 £m £m Revenue 301.8 237.9 +27% Profit before taxation 50.5 33.8 +49% (Before exceptional items and acquisition costs) Exceptional items (2.5) (1.6) Acquisition costs (16.2) (7.0) Profit before taxation 31.8 25.2 +26% (After exceptional items and acquisition costs) Earnings per share 121.9p 134.2p (Before exceptional items and acquisition costs) www.clarksons.com 3
Revenue £301.8m £11.1m Research +£0.7m (+6.7%) £22.5m £237.9m £28.7m Support -£6.1m (-21.3%) £10.4m £28.6m Financial +£20.0m (+229.9%) £8.7m Broking +£49.3m (+25.9%) £239.5m £190.2m 2014 2015 Including 11 months of Platou www.clarksons.com 4
Revenue by half year £156.5m £145.3m £6.1m £9.6m £5.0m £126.2m £11.4m £12.9m £5.7m £111.7m £17.3m £14.5m £4.7m £3.6m £14.1m £5.1m Research £129.4m £110.1m Support £102.4m £87.8m Financial Broking H1 2014 H2 2014 H1 2015 H2 2015 Including 11 months of Platou www.clarksons.com 5
Divisional Performance - Profit 2015 2014 £m £m Broking 49.1 34.6 Financial 1.2 (1.9) Support 3.3 4.0 Research 3.4 3.5 www.clarksons.com 6
Forward Order Book (for invoicing in the following year) 2016* 2015* US$m US$m Total FOB 151 110 Total FOB (Clarksons and 155 Platou) invoiced in 2015 *Directors best estimates www.clarksons.com 7
Exceptional Items 2015 2014 £m £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 2015 2014 Acquisition Costs £m £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 ** www.clarksons.com 8 8 ** Total acquisition costs for year to 31 December 2016 anticipated to be £8.2m
Platou Acquisition Intangibles £m £m Intangible assets 21.9 Consideration on acquisition 249.9 Amortised: Year to 31 Dec 15 9.2 Year to 31 Dec 16** 6.5 Intangible assets 21.9 Year to 31 Dec 17 3.4 Goodwill 232.6 Year to 31 Dec 18 1.7 Fair value of net liabilities (4.6) Year to 31 Dec 19 1.1 249.9 21.9 ** Total acquisition costs for year to 31 December 2016 anticipated to be £8.2m www.clarksons.com 9
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 10
Balance Sheet 2011 2012 2013 2014 2015 £m £m £m £m £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 11
Net Funds Dec 2015 Dec 2014 £m £m Cash and cash equivalents* 168.4 152.9 5.4 25.3 Current investments 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) * 2014 comparative includes placing proceeds of £30.6m www.clarksons.com 12
Movement in Net Funds 6.8 (18.2) 49.5 (24.4) 30.6 115.7 (23.4) (13.1) 2.5 (3.1) 1.6 93.9 (2.3) 91.6 85.1 Net Funds Placing Net Funds Cash paid Net funds Net funds Profit Sale of Dividend Capex Tax paid Debtors / Deferred Pension Net Funds pre-placing proceeds post-placing on acq'n acquired post-acq'n investments creditors consideration Dec 15 Dec 14 Dec 14 www.clarksons.com 13
Dividends 65 60 55 Pence per Share 50 45 40 39 40 37 35 33 32 30 30 27 26 26 25 24 22 20 16 15 11 22 9 21 10 19 18 18 17 16 16 14 12 5 10 9 7 6 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Interim Final www.clarksons.com 14
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World Seaborne Trade major dry bulk minor dry bulk crude oil oil products chemicals liquefied gas containers other dry cargo World Population 12 12 11 11 10 10 9 9 Billion tonnes 8 8 Billion people 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Data Source: Clarksons / US Census Bureau www.clarksons.com 16
World Seaborne Trade vs. GDP World Seaborne Trade Trade trend volume GDP Current Prices GDP trend volume 16 160 14 140 World Seaborne Trade (Billion tonnes) GDP Current Prices (Trillion Dollars) 12 120 10 100 8 80 6 60 4 40 2 20 0 0 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 Data Source: Clarksons / World Bank www.clarksons.com 17
Growth in World GDP % change (year on year) -4 -3 -2 -1 0 1 2 3 4 5 6 1990 1991 1992 1993 1994 1995 World GDP (IMF) 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Average GDP Growth 1981-2015 2006 2007 2008 2009 2010 2011 2012 2013 www.clarksons.com 2014 2015 2016 2017 18
Oil Prices vs Growth in Oil Demand and GDP 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 6 120 5 4 100 3 % change (year on year) 2 80 US $ / bbl 1 0 60 -1 -2 40 -3 -4 20 -5 -6 0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 19 19
Sharply higher Opec «call» to 2020 should boost tanker demand Call-on-OPEC oil vs tanker demand 10% 36.0 35.0 8% Opec «call» 2016 fcast 34.0 Tanker demand Opec call, mbd 6% 33.0 4% 32.0 31.0 2% Opec «call« 2015 fcast 30.0 0% 29.0 -2% 28.0 2004 2008 2012 2016 E 2020 E Tanker demand Opec call (r.s.) Source; IEA MTOMR Feb ‘’15 and ‘16, , Clarksons Platou www.clarksons.com 20
World Seaborne Oil Trade Crude Oil Oil Products Cargo Volume Trade Growth Cargo Volume Trade Growth 2.0 10% 1.2 14% 1.1 12% 1.8 8% 1.0 10% 1.6 6% % change, year on year % change, year on year 0.9 8% 1.4 4% Billion tonnes Billion tonnes 0.8 6% 1.2 2% 0.7 4% 1.0 0% 0.6 2% 0.5 0% 0.8 -2% 0.4 -2% 0.6 -4% 0.3 -4% 0.4 -6% 0.2 -6% 0.2 -8% 0.1 -8% 0.0 -10% 0.0 -10% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Data Source: Clarksons www.clarksons.com 21 21
Global GDP Growth Drives Specialised Products Trade Seaborne Trade Growth by Sub-Group Trade Grows at 0.9x World GDP Change 300 6 250 5 26 26 25 24 Growth in trade / GDP Growth 22 Seaborne Trade (million tonnes) 19 200 4 18 70 16 69 65 59 57 56 50 53 3 150 284 38 38 273 38 39 36 31 32 33 2 100 120 118 111 112 108 1 50 100 95 93 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 (F) 2016 (F) -1 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Organic Chemicals Inorganic Chemicals Veg Oils Molasses Lubeoils Ethanol Trade Multiplier Median Overall Outlook Data Source: Clarksons www.clarksons.com 22
Average Haul of Chemical Fleet Set to Increase Burgeoning U.S Exports will be Key to DWT Demand U.S Exports 50% of Production Scenario 40 Middle East Gulf 30 Additional Capacity (000mts, exc. Iran) 1,400 20 1,200 1,000 10 800 600 0 2014 2015 2016 2017 2018 2019 400 200 0 2016 2017 2018 USG-FEAST 10k nm / 34 MEG-FEAST days 6k nm / 19 days Global Fleet Average Haul = 3,433 N. Miles Data Source: Clarksons SeaNet www.clarksons.com 23
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