TIDMFSJ
RNS Number : 4760I
Fisher (James) & Sons plc
31 August 2016
31 August 2016
James Fisher and Sons plc
Half Year Results 2016
James Fisher and Sons plc (FSJ.L) ("James Fisher" or "the
Group"), the leading marine service provider, announces its results
for the six months ended 30 June 2016.
H1 2016 H1 2015
Group revenue GBP209.3m GBP213.1m
Underlying operating profit * GBP19.9m GBP20.0m
Underlying profit before tax * GBP17.5m GBP17.8m
Underlying diluted earnings per share * 29.4p 29.5p
Interim dividend per share 8.55p 7.80p
Statutory profit before tax GBP17.4m GBP17.9m
Statutory diluted earnings per share 29.4p 30.0p
* underlying profit excludes separately disclosed items.
Highlights:
-- Specialist Technical, Marine Support and Tankships performed
well, increasing underlying operating profit by 18%;
-- Offshore Oil in line with second half of 2015;
-- Recent contract wins, Galloper Windfarm, Indian submarine
rescue and Winfrith decommissioning progressing well;
-- Acquisitions of Lexmar and Hughes since period end;
-- Continued strong cash conversion of 102% (2015: 96%);
-- Interim dividend increased by 10% to 8.55p per share.
Commenting on the results, Nick Henry, Chief Executive Officer
said:
"Strong performances in Specialist Technical, Marine Support and
Tankships, which together increased underlying operating profit by
18%, offset reduced activity levels in Offshore Oil leaving the
first half similar to last year. With new contracts in renewables,
defence and nuclear decommissioning contributing fully in the
second half and continued firm demand for ship to ship services, we
expect to see a resumption of growth in the second half leading to
a good improvement in the result for the full year."
For further information:
James Fisher and Sons Nick Henry Chief Executive Officer
plc Stuart Kilpatrick Group Finance Director 020 7614 9508
----------------------- -------------------- ------------------------- --------------
Susanne Yule
FTI Consulting Richard Mountain 020 3727 1340
----------------------- ----------------------------------------------- --------------
Chairman's Statement
Half Year Results for the six months ended 30 June 2016
Results
I am pleased to report that in the first half of 2016, James
Fisher traded in line with management expectations as outlined in
my AGM statement on 28 April with revenue and profit similar to the
comparable period last year. This solid start to 2016 gives us
confidence that the Group will produce good growth for the year as
a whole.
Revenue was slightly lower than last year at GBP209.3m (2015:
GBP213.1m) reflecting reduced activity levels in Offshore Oil, the
cessation of the Angola contract in the second quarter and revenues
from our new contract wins only starting to come through.
Underlying profit before tax was GBP17.5m compared with GBP17.8m
last time and underlying diluted earnings per share was 29.4p
(2015: 29.5p).
Three of our divisions, Marine Support (+26%), Specialist
Technical (+9%) and Tankships (+15%) showed strong profit growth
with our new contracts in renewables, defence and nuclear beginning
to contribute from the second quarter and Marine Support
benefitting from strong demand in the ship to ship (STS) transfer
market.
Offshore Oil, by contrast, continued to face tough trading
conditions with a result similar to that seen in the second half of
2015 but sharply lower compared to last year's first half which had
not seen the full impact of the industry downturn. Demand in our
Offshore Oil markets appears to have stabilised but at the low
levels experienced since the middle of last year.
Strategic Developments
James Fisher continues to pursue a consistent strategy of
investing in niche businesses operating in demanding environments
where strong marine service and specialist engineering skills are
valued and rewarded. Whilst organic growth has driven the majority
of James Fisher's development in recent years, the Group continues
to be alert for incremental acquisition opportunities which will
strengthen our range of products, services or geographical
coverage.
During the last month, we have announced two bolt-on
acquisitions. Lexmar, based in Singapore, has joined our JFD
business within Specialist Technical, helping to build our regional
presence and hyperbaric engineering capability in the growing Asia
Pacific market. Hughes Engineering Services Limited has built a
strong presence in the UK offshore renewables market in recent
years. Hughes will further strengthen our ability to integrate
multiple services into single source contracts for this developing
sector.
James Fisher is well placed to face the uncertainties created by
the 23 June 2016 Brexit referendum result. The Group trades
relatively little with the European Union being focused, outside
the UK, on the growth markets of Asia Pacific, South America,
Middle East and Africa. A substantial part of the Group's revenues
are dollar based bringing at least a short term benefit from any
fall in the value of Sterling.
Outlook
With the STS market firm and the recently announced Galloper
project commencing, our Marine Support division is performing well.
In Specialist Technical, our defence and nuclear businesses are
gaining momentum as the Indian submarine rescue and Winfrith
decommissioning contracts are mobilised. Tankships continue their
excellent track record. In Offshore Oil, it is too early to look
for recovery but our businesses in the division do appear to have
stabilised, albeit at a low level. Looking forward, we therefore
expect to see a resumption of growth for the Group in the second
half leading to a good improvement in the result for the full
year.
Dividend
The Board believes that James Fisher remains well placed to
provide further growth and value for its shareholders. The Board
has agreed a 10% increase in the interim dividend to 8.55p per
share (2015: 7.80p) payable on 4 November 2016 to shareholders on
the register on 7 October 2016.
C J Rice
30 August 2016
Operating and Financial Review
Half Year Results for the six months ended 30 June 2016
Business Model
The Group's business model is based on high quality niche
businesses offering a range of marine services predominantly to
large multinational customers and governments globally. Our
businesses are linked together by a set of common marine service
skills. We operate a decentralised management structure which
encourages timely decision making but with the benefit of the
support and resources of a larger group.
Results
Revenue was 2% lower at GBP209.3m (2015: GBP213.1m) for the six
months ended 30 June 2016. Offshore Oil was similar to the second
half of 2015 but lower than its first half comparator. The
cessation of a significant contract in the first quarter of 2016,
masked strong underlying sales growth in Marine Support. The
benefit to revenue of more favourable exchange rates compared to
prior year was GBP4.6m (2015: GBP3.8m).
Underlying operating profit was GBP19.9m (2015: GBP20.0m) as a
lower result in Offshore Oil was offset by strong financial
performance in the other three divisions. With net finance charges
GBP0.2m higher, underlying profit before tax was GBP17.5m (2015:
GBP17.8m). The currency benefit to underlying operating profit was
GBP1.2m (2015: GBP0.9m).
Cash conversion remained strong at 102% (2015: 96%) and net
borrowings were slightly higher than prior year at GBP105.5m (2015:
GBP103.6m). Balance sheet gearing reduced to 46% (2015: 50%).
Marine Support
H1 2016 H1 2015
Revenue (GBPm) 92.4 87.2
Underlying operating profit (GBPm) 9.3 7.4
Underlying operating margin 10.1% 8.5%
Return on capital employed 13.6% 13.4%
Revenue in Marine Support was 6% higher as strong growth in ship
to ship transfers and currency benefits more than offset reduced
revenue in the second quarter following the cessation of our
contract in Angola for mooring and diving services in March 2016.
Discussions with our customer in Angola are ongoing and costs
incurred in connection with the cessation of the contract are
expected to be recovered.
Underlying operating profit was 26% ahead of the first half of
2015 following an 18% increase in ship to ship transfers in the
period with strong performance in Asia Pacific and Africa.
Contributions from businesses acquired in 2015 and weaker Sterling
compared to the US Dollar benefitted the first half result and
offset a decline in project related income which is more weighted
to the second half of this year.
In February 2016, the Group was awarded a marine services and
support contract worth in excess of GBP25m in relation to the
construction of the Galloper windfarm. The Group is providing a
wide range of marine services including unexploded ordinance
identification and disposal, vessel refuelling, crew transfer and
diving together with our Offshore Wind Management System. This
provides real-time data covering a wide range of offshore wind farm
activities from vessel motion monitoring and crew tracking to
turbine structural monitoring and tracking of strategic spares. The
modular system enables efficient management and improved personnel
safety during vessel transfers, reduces costs and captures historic
data for analysis and to support future operational
predictions.
In August 2016, the Group acquired Hughes Sub Surface
Engineering Limited ("Hughes") for an initial consideration of
GBP9.0m. Hughes was founded in Liverpool in 2005 to provide
commercial diving and civil engineering services to underwater
projects. The business operates in the marine renewables, power
generation, oil and gas, and inshore civil engineering sectors and
further strengthens our renewables service offering.
Offshore Oil
H1 2016 H1 2015
Revenue (GBPm) 27.0 36.1
Underlying operating profit (GBPm) 2.1 5.3
Underlying operating margin 7.8% 14.7%
Return on capital employed 3.3% 8.7%
Whilst a disappointing result compared to the first half of
2015, revenue and underlying operating profit were in line with the
second half of last year. The division continued to experience a
lack of activity with ongoing deferment of maintenance work. Scan
Tech AS, our Norwegian business, has experienced the toughest
market conditions with revenue 55% lower than in the first half of
2015. The rest of the division was only 11% lower by
comparison.
Gross margins, which held up in 2015, were similar to prior
comparator confirming the niche position of the businesses.
Overheads were GBP2.0m lower than the comparative period following
cost reductions made in 2015. Our businesses remain well placed to
benefit from any recovery in maintenance and repair expenditure
although indications of any significant recovery in the sector have
yet to emerge.
Specialist Technical
H1 2016 H1 2015
Revenue (GBPm) 62.9 63.7
Underlying operating profit (GBPm) 6.1 5.6
Underlying operating margin 9.7% 8.8%
Return on capital employed 15.6% 16.6%
Specialist Technical increased underlying operating profit by 9%
on a similar level of revenue. Project revenue was lower as the
significant contract to build two rescue submarines for the Indian
Navy only commenced in the second quarter whereas the prior
comparative included two large saturation diving contracts.
Commercial diving equipment sales were strong and nuclear
decommissioning revenue increased by 11%. The contract to
decommission the core reactor at Winfrith, which is worth GBP60m
over a four year period, commenced in May 2016.
On 1 August 2016, the Group acquired Lexmar Engineering Pte
Limited and Lexmar Sat Systems Pte Limited (together "Lexmar").
This specialist provider of diving equipment will enhance JFD's
saturation diving offering to the Asia Pacific region. Lexmar is
currently completing three 18 man twin bell saturation diving
systems. They are currently in the process of undertaking
installation and commissioning in China and will complete and
commission the third system in Singapore in the first half of
2017.
Tankships
H1 2016 H1 2015
Revenue (GBPm) 27.0 26.1
Underlying operating profit (GBPm) 3.8 3.3
Underlying operating margin 14.1% 12.6%
Return on capital employed 28.3% 27.0%
Our Tankships division continued to trade well and increased
underlying operating profit by GBP0.5m in the period. Vessel
utilisation was maintained at prior year levels and the division
benefitted from improved spot cargo rates. A charter for two of its
vessels has been extended for a further eighteen months to November
2017.
Finance
Interest and taxation
Net interest was GBP0.2m higher at GBP2.4m (2015: GBP2.2m)
partly due to increased borrowings and due to a GBP0.1m increase in
notional charges on legacy defined benefit pension schemes.
The effective tax rate on underlying profit before tax in the
period was similar to prior period at 15.4% (2015: 15.3%). This
rate is based on estimated profits for the full year and reflects
the impact of lower UK rates, the benefit from profits within its
tanker operations not being subject to corporation tax and from
conservative provisioning in previous years.
Separately disclosed items and earnings per share
In order better to present the underlying performance of the
Group, items are consistently disclosed separately which include
costs incurred in making a business acquisition, the amortisation
of intangible assets arising from a business acquisition and
adjustments to provisions for contingent consideration. The net
charge in the six months ended 30 June 2016 was GBP0.1m (2015:
credit of GBP0.1m).
Underlying diluted earnings per share was similar to last year
at 29.4 pence per share (2015: 29.5p). Diluted earnings per share
after separately disclosed items are taken into account were also
29.4 pence per share (2015: 30.0p).
Cash flow and borrowings
Cash conversion, the ratio of operating
cash flow to underlying operating
profit was 102% (2015: 96%). Working
capital cash out flow was GBP10.1m
as the timing of project related
cashflows and seasonal working capital
of GBP8.9m more than offset the
unwind of debtor positions at 31
December 2015.
Capital expenditure was 31% lower
at GBP8.6m (2015: GBP12.4m) and
GBP7.7m (2015: GBP30.2m) was spent
on business acquisitions which includes
GBP5.8m paid for the third party
interest in Fendercare Nigeria which
was effectively acquired in November
2015.
The net outflow in the period was
GBP11.6m (2015: GBP41.3m) and as
a result net borrowings were GBP1.9m
higher than at 30 June 2015. The
ratio of net borrowings (which includes
an increased level of project related
bonding) to Ebitda was 1.8 times
(2015: 1.5 times). Net gearing,
the ratio of net debt to equity,
Summary cash flow reduced to 46% (2015: 50%).
----------------------------- -------- --------
H1 2016 H1 2015
GBPm GBPm
----------------------------- -------- --------
Underlying operating profit 19.9 20.0
Depreciation & amortisation 12.1 12.2
-----------------------------
Ebitda * 32.0 32.2
Working capital (10.1) (12.0)
Pension / other (1.7) (1.0)
-----------------------------
Operating cash flow 20.2 19.2
Interest & tax (5.1) (7.4)
Capital expenditure (8.6) (12.4)
Acquisitions (7.7) (30.2)
Dividends (8.0) (7.5)
Other (2.4) (3.0)
-----------------------------
Net outflow (11.6) (41.3)
Net borrowings at start
of period (93.9) (62.3)
----------------------------- -------- --------
Net borrowings at end
of period (105.5) (103.6)
============================= ======== ========
* Underlying earnings before interest,
tax,
depreciation and amortisation
Pensions
The majority of the Group's pension arrangements are defined
contribution arrangements where the company's liability is limited
to the contributions it agrees on behalf of each employee. As a
consequence of its history in the shipping industry, the Group is
required to contribute to industry-wide Merchant Navy Pension Funds
and has its own legacy defined benefit scheme. Total defined
benefit pension deficits at 30 June 2016 were GBP26.4m (2015:
GBP20.5m) which was marginally lower than as at 31 December 2015
when the Group recognised the Merchant Navy Ratings scheme
liability. The pension scheme valuations were updated to 30 June
2016 following the Brexit vote reflecting any changes to long term
interest rates. As a result the deficit increased by GBP0.7m.
Balance sheet
Intangible assets have increased
by GBP11.4m since June 2015 reflecting
the acquisitions made in the last
year and the impact of weaker Sterling.
Working capital was GBP11.9m higher
mainly due to increased project working
capital and the ratio of working
capital to sales was 16% at 30 June
2016 (2015: 14%).
Following the Brexit vote on 23 June
2016, Sterling weakened by 10% against
the US Dollar, which is the main
currency pairing that impacts the
Group. There was little net impact
on net assets as the Group seeks
to match its US Dollar cash and working
30 June 30 June capital assets with US Dollar denominated
2016 2015 borrowings.
-------------------
GBPm GBPm
------------------- -------- --------
Intangible assets 163.8 152.4
Other assets 135.7 139.2
Working capital 75.3 63.4
Other liabilities (38.7) (42.2)
-------------------
Capital employed 336.1 312.8
------------------- -------- --------
Borrowings 105.5 103.6
Equity 230.6 209.2
-------------------
336.1 312.8
------------------- -------- --------
Risks and uncertainties
The principal risks and uncertainties which may have the largest
impact on performance in the second half of the year are the same
as disclosed in the 2015 Annual Report and Accounts on pages 10-11.
In addition, the Directors have considered the impact of the UK's
vote to leave the European Union and as referred to in the
Chairman's Statement, do not consider this will materially impact
the Group's viability.
The principal risks set out in the 2015 Annual Report and
Accounts were:
-- Strategic - energy markets, operations in emerging markets;
-- Operational - project delivery, recruitment and retention of
key staff, reputational risk and cyber security;
-- Financial - foreign currency and interest rates.
The Directors consider that the principal risks and
uncertainties set out in the 2015 Annual Report and Accounts have
not changed and remain relevant for the second half of the
financial year.
Directors' Responsibilities
We confirm to the best of our knowledge:
The interim financial report has been prepared in accordance
with IAS 34 "Interim Financial Reporting" as adopted by the
European Union.
The interim management report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the "Disclosure and Transparency Rules", being
an indication of important events that have occurred during the
first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(b) DTR 4.2.8R of the "Disclosure and Transparency Rules", being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
the period; and any changes in the related party transactions
described in the last annual report that could do so.
N P Henry S C Kilpatrick
Chief Executive Officer Group Finance Director
30 August 2016
CONDENSED CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2016
Year ended
Six months Six months 31
ended ended December
Note 30 June 2016 30 June 2015 2015
-------------- -------------- -----------
GBP000 GBP000 GBP000
Group revenue 4 209,317 213,061 437,930
Cost of sales (144,999) (148,713) (307,208)
-------------- -------------- -----------
Gross profit 64,318 64,348 130,722
Administrative expenses (45,083) (44,320) (85,219)
Share of post tax results of joint
ventures 647 (66) 87
Acquisition related (expense)/income 5 (83) 93 5,926
-------------- -------------- -----------
Operating profit 4 19,799 20,055 51,516
Analysis of operating profit:
-------------- -------------- -----------
Underlying operating profit 19,882 19,962 45,590
Separately disclosed items (83) 93 5,926
-------------- -------------- -----------
Loss on sale of business - - (959)
Net finance expense (2,421) (2,194) (4,343)
-------------- -------------- -----------
Profit before taxation 17,378 17,861 46,214
Analysis of profit before tax:
-------------- -------------- -----------
Underlying profit before taxation 17,461 17,768 41,247
Separately disclosed items (83) 93 4,967
-------------- -------------- -----------
Income tax 8 (2,567) (2,609) (5,507)
Profit for the period 14,811 15,252 40,707
============== ============== ===========
Attributable to:
Owners of the Company 14,835 15,098 39,885
Non controlling interests (24) 154 822
14,811 15,252 40,707
============== ============== ===========
Earnings per share
pence pence pence
Basic 9 29.6 30.2 79.7
Diluted 9 29.4 30.0 79.2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2016
2016 2015 2015
Six months Six months Year
ended ended ended
30 June 30 June 31 December
GBP000 GBP000 GBP000
Profit for the period 14,811 15,252 40,707
Items that will not be reclassified to
income statement
Remeasurement loss on defined benefit
plan liabilities - - (8,596)
Actuarial (loss)/gain in defined benefit
pension schemes (697) - 813
Income tax on items that will not be reclassified (553) (415) 1,635
----------- ----------- ------------
(1,250) (415) (6,148)
Items that may be reclassified subsequently
to income statement
Exchange differences on foreign currency
net investment 7,158 (4,356) (4,587)
Effective portion of changes in fair value
of cash flow hedges (2,783) 2,039 836
Effective portion of changes in fair value
of cash flow hedges in joint ventures (213) 243 354
Net change in fair value of cash flow
hedges transferred to income statement (6) 168 77
Income tax on items that may be reclassified 488 - (220)
----------- ----------- ------------
4,644 (1,906) (3,540)
Other comprehensive income for the period,
net of income tax 3,394 (2,321) (9,688)
Total comprehensive income for the period 18,205 12,931 31,019
=========== =========== ============
Attributable to:
Owners of the Company 18,062 12,783 30,067
Non controlling interests 143 148 952
18,205 12,931 31,019
=========== =========== ============
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 30 June 2016
2016 2015 2015
30 June 30 June 31 December
Note GBP000 GBP000 GBP000
Assets
Non current assets
Goodwill 147,832 135,949 140,414
Other intangible assets 15,979 16,455 16,041
Property, plant and equipment 128,191 128,525 127,594
Investment in joint ventures 6,031 9,141 6,250
Available for sale financial assets 1,478 1,478 1,478
Deferred tax assets 3,588 2,203 3,189
303,099 293,751 294,966
-------- -------- ------------
Current assets
Inventories 49,786 47,381 47,436
Trade and other receivables 150,029 127,759 141,734
Derivative financial instruments - 1,558 2
Cash and short term deposits 7 29,720 28,071 22,962
229,535 204,769 212,134
-------- -------- ------------
Total assets 532,634 498,520 507,100
======== ======== ============
Equity and liabilities
Capital and reserves
Called up share capital 12,543 12,541 12,541
Share premium 25,573 25,525 25,525
Treasury shares (610) (442) (1,613)
Other reserves (6,877) (9,584) (11,354)
Retained earnings 197,422 179,551 192,908
-------- -------- ------------
Shareholders' equity 228,051 207,591 218,007
Non controlling interests 2,531 1,584 2,388
Total equity 230,582 209,175 220,395
-------- -------- ------------
Non current liabilities
Other payables 9,141 14,981 8,728
Retirement benefit obligations 6 26,416 20,511 26,956
Cumulative preference shares 100 100 100
Loans and borrowings 124,345 113,600 116,645
Deferred tax liabilities 153 545 153
160,155 149,737 152,582
-------- -------- ------------
Current liabilities
Trade and other payables 120,112 112,418 125,381
Current tax 6,515 7,846 7,190
Derivative financial instruments 4,470 1,333 1,446
Loans and borrowings 10,800 18,011 106
141,897 139,608 134,123
-------- -------- ------------
Total liabilities 302,052 289,345 286,705
-------- -------- ------------
Total equity and liabilities 532,634 498,520 507,100
======== ======== ============
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2016
2016 2015 2015
Six months Six months Year
Note ended ended ended
30 June 30 June 31 December
GBP000 GBP000 GBP000
Profit before taxation 17,378 17,861 46,214
Adjustments to reconcile profit before
tax to net cash flows
Depreciation and amortisation 12,647 12,745 24,442
Acquisition costs charge 60 721 1,355
Profit on sale of property, plant and
equipment (61) (160) (418)
Loss on sale of business - - 959
Adjustment to provision for contingent
consideration (522) (1,330) (8,491)
Net finance expense 2,421 2,194 4,343
Share of profits of joint ventures (647) 66 (87)
Share based compensation 577 426 214
Increase in trade and other receivables (4,177) (674) (19,911)
Decrease/(increase) in inventories 41 (6,164) (6,073)
(Decrease)/increase in trade and other
payables (5,962) (5,179) 3,095
Defined benefit pension cash contributions
less service cost (1,691) (1,756) (3,494)
----------- ----------- ------------
Cash generated from operations 20,064 18,750 42,148
Cash outflow from acquisition costs - (748) (1,325)
Income tax payments (3,376) (5,702) (8,828)
----------- ----------- ------------
Net cash from operating activities 16,688 12,300 31,995
Investing activities
Dividends from joint venture undertakings 172 65 1,089
Proceeds from the sale of property, plant
and equipment 724 1,499 2,208
Finance income 87 91 236
Acquisition of subsidiaries, net of cash
acquired (7,689) (27,653) (25,933)
Acquisition of property, plant and equipment (7,964) (12,707) (19,597)
Development expenditure (1,376) (1,042) (2,704)
------------
Net cash used in investing activities (16,046) (39,747) (44,701)
Financing activities
Proceeds from the issue of share capital 49 303 303
Finance costs (1,815) (1,734) (3,603)
Purchase of own shares by Employee Share Ownership
Trust (635) (1,376) (2,590)
Capital element of finance lease repayments (81) (56) (102)
Proceeds from other non-current borrowings 16,460 48,209 35,807
Dividends paid (8,026) (7,463) (11,364)
----------- ----------- ------------
Net cash from financing activities 5,952 37,883 18,451
Net increase in cash and cash equivalents 6,594 10,436 5,745
Cash and cash equivalents at beginning
of period 22,962 17,719 17,719
Exchange movement 164 (84) (502)
Cash and cash equivalents at end of period 7 29,720 28,071 22,962
=========== =========== ============
CONDENSED CONSOLIDATED STATEMENT OF MOVEMENTS IN EQUITY
for the six months ended 30 June 2016
Attributable to equity holders
Capital of parent
------------------ ----------------------------------------------
Total Non
Share Share Retained Other Treasury shareholders controlling Total
capital premium earnings reserves shares equity interests equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January
2016 12,541 25,525 192,908 (11,354) (1,613) 218,007 2,388 220,395
Total
comprehensive
income for
the
period - - 13,585 4,477 - 18,062 143 18,205
Contributions
by
and
distributions
to owners
Ordinary
dividends
paid - - (8,026) - - (8,026) - (8,026)
Share-based
compensation
expense - - 577 - - 577 - 577
Tax effect of
share
based
compensation - - 16 - - 16 - 16
Purchase of
shares - - - - (1,153) (1,153) - (1,153)
Sale of shares - - - - 518 518 - 518
Arising on the
issue of
shares 2 48 - - - 50 - 50
-------- -------- --------- --------- --------- ------------- ------------ --------
2 48 (7,433) - (635) (8,018) - (8,018)
Transfer on
disposal
of shares - - (1,638) - 1,638 - - -
--------- --------- -------------
At 30 June
2016 12,543 25,573 197,422 (6,877) (610) 228,051 2,531 230,582
======== ======== ========= ========= ========= ============= ============ ========
At 1 January
2015 12,525 25,238 174,663 (7,684) (1,988) 202,754 1,436 204,190
Total
comprehensive
income for
the
period - - 14,683 (1,900) - 12,783 148 12,931
Contributions
by
and
distributions
to owners
Ordinary
dividends
paid - - (7,463) - - (7,463) - (7,463)
Share-based
compensation
expense - - 426 - - 426 - 426
Tax effect of
share
based
compensation - - 164 - - 164 - 164
Purchase of
shares - - - - (1,535) (1,535) - (1,535)
Sale of shares - - - - 159 159 - 159
Arising on the
issue of
shares 16 287 - - - 303 - 303
-------- -------- --------- --------- --------- ------------- ------------ --------
16 287 (6,873) - (1,376) (7,946) - (7,946)
Transfer on
disposal
of shares - - (2,922) - 2,922 - - -
At 30 June
2015 12,541 25,525 179,551 (9,584) (442) 207,591 1,584 209,175
======== ======== ========= ========= ========= ============= ============ ========
NOTES TO THE CONDENSED CONSOLIDATED HALF YEAR STATEMENTS
1 Basis of preparation
James Fisher and Sons plc ("the Company") is a limited liability
company incorporated and domiciled in the United Kingdom, whose
shares are listed on the London Stock Exchange. The condensed
consolidated half year financial statements of the Company for the
six months ended 30 June 2016 comprise the Company and its
subsidiaries (together referred to as "the Group") and the Group's
interests in jointly controlled entities.
Statement of compliance
The condensed consolidated financial statements have been
prepared in accordance with International Financial Reporting
Standard ("IFRS") IAS 34 "Interim Financial Reporting" as adopted
by the European Union ("EU") ("adopted IFRS"). As required by the
Disclosure and Transparency Rules of the Financial Services
Authority, the condensed consolidated set of financial statements
has been prepared applying the accounting policies and presentation
that were applied in the preparation of the Group's published
consolidated financial statements for the year ended 31 December
2015 with the exceptions described below. They do not include all
of the information required for full annual financial statements,
and should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 December 2015.
The comparative figures for the financial year ended 31 December
2015 are not the Group's statutory accounts for that financial
year. Those accounts which were prepared under adopted IFRS, have
been reported on by the Group's auditor and delivered to the
Registrar of Companies. The report of the auditor was: (i)
unqualified; (ii) did not include a reference to any matters to
which the auditor drew attention by way of emphasis without
qualifying their report; and (iii) did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
The consolidated financial statements of the Group for the year
ended 31 December 2015 are available upon request from the
Company's registered office at Fisher House, PO Box 4,
Barrow-in-Furness, Cumbria LA14 1HR or at www.james-fisher.com.
The half year report is presented in Sterling and all values are
rounded to the nearest thousand pounds (GBP000) except where
otherwise indicated and was approved for issue by the Board of
Directors on 30 August 2016.
Going concern
After making enquires, the Directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly they continue to adopt the going concern basis in
preparing the condensed consolidated financial statements.
The Group meets its day to day working capital requirements
through operating cash flows with borrowings in place to fund
acquisitions and capital expenditure. Movements on the Group's
overall net debt position are shown in note 7. The Group had
GBP19.1m of undrawn committed facilities at 30 June 2016. On 27
July 2016 one of the Group's revolving credit facilities was
increased from GBP20m to GBP30m.
At 30 June 2016, the Group had one revolving credit facility
that is due for renewal in the next twelve months. The Group had
GBP10.7m outstanding balances drawn down on this facility at 30
June 2016. Renewal negotiations will be commenced with the bank in
due course and the Group has not sought any written commitment that
the facilities will be renewed. However, the Group has held
discussions with its bankers about its future borrowing needs and
no matters have been drawn to its attention to suggest the renewals
will not be forthcoming on acceptable terms.
Significant accounting policies
The accounting policies applied by the Group in these condensed
consolidated financial statements are the same as those applied by
the Group in its consolidated financial statements as at and for
the year ended 31 December 2015.
2 Accounting estimates and judgements
The preparation of half year financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those applied to the consolidated
financial statements and for the year ended 31 December 2015.
3 Alternative performance measures
The Group uses a number of alternative (non-Generally Accepted
Accounting Practice ("non-GAAP")) financial measures which are not
defined within IFRS. The Directors use these measures in order to
assess the underlying operational performance of the Group and, as
such, these measures are important and should be considered
alongside the IFRS measures. The adjustments are separately
disclosed and are usually items that are significant in size or
non-recurring in nature. The following non-GAAP measures are
referred to in the half year results.
3.1. Underlying operating profit and underlying profit before
taxation
Underlying operating profit is defined as operating profit
before amortisation or impairment of acquired intangible assets,
acquisition expenses, adjustments to deferred consideration
(together, 'acquisition related income and expense'), the costs of
a material restructuring, asset impairment or rationalisation of
operations and the profit or loss relating to the sale of
businesses or property. The Directors believe that the underlying
operating profit is an important measure of the operational
performance of the Group. Underlying profit before taxation is
defined as underlying operating profit less net finance
expense.
2016 2015
Six months Six months 2015
ended ended Year ended
30 June 30 June 31 December
GBP000 GBP000 GBP000
----------------------------- ------------ ------------ -------------
Operating profit 19,799 20,055 51,516
Separately disclosed items
before taxation 83 (93) (5,926)
------------------------------ ------------ ------------ -------------
Underlying operating profit 19,882 19,962 45,590
Net finance expense (2,421) (2,194) (4,343)
------------------------------ ------------ ------------ -------------
Underlying profit before
taxation 17,461 17,768 41,247
------------------------------ ------------ ------------ -------------
3.2. Underlying earnings per share
Underlying earnings per share ("EPS") is calculated as the total
of underlying profit before tax, less income tax, but excluding the
tax impact on separately disclosed items included in the
calculation of underlying profit less profit attributable to
minority interests, divided by the weighted average number of
ordinary shares in issue during the year. The Directors believe
that underlying EPS provides an important measure of the underlying
earnings capability of the Group. Underlying earnings per share is
set out in note 9.
3.3. Capital employed and return on capital employed
("ROCE")
Capital employed is defined as net assets less cash and
short-term deposits and after adding back borrowings. Average
capital employed is adjusted for the timing of businesses acquired
and after adding back cumulative amortisation of customer
relationships. Segmental ROCE is defined as the underlying
operating profit divided by average capital employed. The key
performance indicator, Group post tax ROCE is defined as underlying
operating profit, less notional tax, calculated by multiplying the
effective rate by the underlying operating profit, divided by
average capital employed.
4 Segmental information
Management has determined the operating segments based on the
reports reviewed by the Board that are utilised to make strategic
decisions. The Board considers the business primarily from the
products and services perspective and has four reportable
segments;
Marine Support - includes the hire and sale of large scale
pneumatic fenders and ship to ship transfer services, and the
design and supply of systems for monitoring strains and stress in
structures.
Offshore Oil - manufacture and rental of equipment for the
offshore oil and gas industry and the design and manufacture of
specialist downhole tools and equipment for extracting oil.
Specialist Technical - provision of subsea services including
submarine rescue and saturation diving including maintenance, asset
management and consultancy services and non-destructive testing,
decommissioning and remote operations and monitoring service
predominantly to the nuclear industry.
Tankships - engaged in the sea transportation of clean petroleum
products in North West Europe.
The Board assesses the performance of the segments based on
operating profit before central common costs and acquisition
related income and expenses but after the Group's share of the post
tax results of associates and joint ventures. The Board believes
that such information is the most relevant in evaluating the
results of certain segments relative to other entities which
operate within these industries.
Six months ended 30 June 2016
Marine Offshore Specialist Tankships Corporate Total
Support Oil Technical
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
Segmental revenue 92,600 27,082 63,441 26,991 - 210,114
Inter segment sales (161) (102) (525) (9) - (797)
Group revenue 92,439 26,980 62,916 26,982 - 209,317
========= ========= =========== ========== ========== ==========
Underlying operating
profit 9,313 2,089 6,149 3,759 (1,428) 19,882
Acquisition expenses - - - - (60) (60)
Adjustment to provision
for contingent consideration - - 522 - - 522
Amortisation of acquired
intangibles (192) - (353) - - (545)
--------- --------- ----------- ---------- ---------- ----------
Operating profit 9,121 2,089 6,318 3,759 (1,488) 19,799
Net finance expense (2,421)
----------
Profit before tax 17,378
Income tax (2,567)
Profit for the period 14,811
==========
Assets & liabilities
Segment assets 204,243 134,062 109,756 33,073 45,469 526,603
Investment in joint
ventures 3,380 - 2,651 - - 6,031
--------- --------- ----------- ---------- ---------- ----------
Total assets 207,623 134,062 112,407 33,073 45,469 532,634
Segment liabilities (68,877) (8,169) (36,308) (6,549) (182,149) (302,052)
138,746 125,893 76,099 26,524 (136,680) 230,582
--------- ----------- ---------- ---------- ----------
Other segment information
Capital expenditure 2,687 2,969 918 1,143 95 7,812
Depreciation and
amortisation 3,490 5,463 1,780 1,652 262 12,647
--------- --------- ----------- ---------- ---------- ----------
Six months ended 30 June 2015
Marine Offshore Specialist Tankships Corporate Total
Support Oil Technical
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
Segmental revenue 88,327 36,869 64,243 26,088 - 215,527
Inter segment sales (1,154) (731) (554) (27) - (2,466)
Group revenue 87,173 36,138 63,689 26,061 - 213,061
========= ========= =========== ========== ========== ==========
Underlying operating
profit 7,400 5,347 5,595 3,256 (1,636) 19,962
Acquisition expenses (270) - (451) - - (721)
Adjustment to provision
for contingent consideration - - - - 1,330 1,330
Amortisation of acquired
intangibles (158) (41) (317) - - (516)
--------- --------- ----------- ---------- ---------- ----------
Operating profit 6,972 5,306 4,827 3,256 (306) 20,055
Net finance expense (2,194)
----------
Profit before tax 17,861
Income tax (2,609)
Profit for the period 15,252
==========
Assets & liabilities
Segment assets 176,585 136,177 100,714 33,732 42,171 489,379
Investment in joint
ventures 6,685 - 2,456 - - 9,141
--------- --------- ----------- ---------- ---------- ----------
Total assets 183,270 136,177 103,170 33,732 42,171 498,520
Segment liabilities (49,115) (13,082) (32,638) (9,672) (184,838) (289,345)
---------
134,155 123,095 70,532 24,060 (142,667) 209,175
--------- --------- ----------- ---------- ---------- ----------
Other segment information
Capital expenditure 5,838 4,922 528 1,053 366 12,707
Depreciation and
amortisation 3,447 5,661 1,761 1,656 220 12,745
--------- --------- ----------- ---------- ---------- ----------
Year ended 31 December 2015
Marine Offshore Specialist Tankships Corporate Total
Support Oil Technical
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
Segmental revenue 194,389 63,742 130,293 52,627 - 441,051
Inter segment sales (1,411) (786) (850) (74) - (3,121)
--------- -----------
Group revenue 192,978 62,956 129,443 52,553 - 437,930
========= ========== ========== ==========
Underlying operating
profit 19,352 7,399 13,907 7,164 (2,232) 45,590
Acquisition expenses (904) - (451) - - (1,355)
Adjustment to provision
for contingent consideration 4,998 - 3,494 - - 8,492
Amortisation of acquired
intangibles (397) (45) (769) - - (1,211)
--------- --------- ----------- ---------- ---------- ----------
Operating profit 23,049 7,354 16,181 7,164 (2,232) 51,516
Loss on sale of business (393) (566) (959)
Net finance expense (4,343)
----------
Profit before tax 46,214
Income tax (5,507)
Profit for the year 40,707
==========
Assets & liabilities
Segment assets 202,612 126,405 100,480 32,898 38,455 500,850
Investment in joint
ventures 4,023 - 2,227 - - 6,250
--------- --------- ----------- ---------- ---------- ----------
Total assets 206,635 126,405 102,707 32,898 38,455 507,100
Segment liabilities (66,346) (8,300) (41,881) (6,441) (163,737) (286,705)
---------
140,289 118,105 60,826 26,457 (125,282) 220,395
--------- --------- ----------- ---------- ---------- ----------
Other segment information
Capital expenditure 7,221 7,898 2,324 1,629 525 19,597
Depreciation and
amortisation 6,708 10,812 3,174 3,294 454 24,442
--------- --------- ----------- ---------- ---------- ----------
5 Separately disclosed items
2016 2015 2015
Six months ended Six months ended Year ended
30 June 30 June 31 December
GBP000 GBP000 GBP000
Included in operating profit:
Acquisition costs (60) (721) (1,355)
Amortisation of acquired intangibles (545) (516) (1,210)
Adjustment to provision for
contingent consideration 522 1,330 8,491
-------- ----------------- ------------
Acquisition related (expense)
and income (83) 93 5,926
Loss on disposal of business - - (959)
-------- ----------------- ------------
Separately disclosed items
before taxation (83) 93 4,967
Tax on separately disclosed
items 117 111 396
34 204 5,363
======== ================= ============
In order for a better understanding of underlying performance
acquisition costs have been disclosed separately, together with the
amortisation of intangible assets which arise on the acquisition of
businesses. The adjustment to the provision for contingent
consideration of GBP0.5m relates to the acquisition of Divex
Limited (now JFD Limited) on 6 March 2013. Contingent consideration
was based on the future contract wins and a share of related
profits.
6 Retirement benefit obligations
Movements during the period in the Group's defined benefit
pension schemes are set out below:
2016 2015 2015
Six months ended Six months ended Year ended
30 June 30 June 31 December
GBP000 GBP000 GBP000
As at 1 January (26,956) (21,806) (21,806)
Expense recognised in the income
statement (507) (449) (882)
Contributions paid to scheme 1,744 1,744 3,515
Remeasurement gains and losses (697) - (7,783)
At period end (26,416) (20,511) (26,956)
========= ================= ============
The Group's net liabilities in respect of its pension schemes at
30 June 2016 were as follows:
2016 2015 2015
Six months ended Six months ended Year ended
30 June 30 June 31 December
GBP000 GBP000 GBP000
Shore Staff (8,498) (9,970) (8,630)
Merchant Navy Officers Pension
Fund (9,163) (10,541) (9,730)
Merchant Navy Ratings Pension
Fund (8,755) - (8,596)
(26,416) (20,511) (26,956)
========= ================= ============
The principal assumptions in respect of these liabilities are
disclosed in the December 2015 Annual Report. These assumptions
have been updated to 30 June 2016.
7 Reconciliation of net debt
1 January Cash Other Exchange 30 June
2016 flow non cash movement 2016
GBP000 GBP000 GBP000 GBP000 GBP000
Cash and cash
equivalents 22,962 6,594 - 164 29,720
Debt due after
1 year (116,650) (5,724) (125) (1,873) (124,372)
Debt due within
1 year - (10,736) - - (10,736)
Finance leases (201) 81 - (17) (137)
Net debt (93,889) (9,785) (125) (1,726) (105,525)
========== ========= ========= ========= ============
1 January Cash Other Exchange 30 June
2015 flow non cash movement 2015
GBP000 GBP000 GBP000 GBP000 GBP000
Cash and cash
equivalents 17,719 10,436 - (84) 28,071
Debt due after
1 year (79,965) (30,388) (932) (2,326) (113,611)
Debt due within
1 year - (17,821) - - (17,821)
Finance leases (88) 56 (247) - (279)
Net debt (62,334) (37,717) (1,179) (2,410) (103,640)
========== ========= ========= ========= ============
1 January Cash Other Exchange 31 December
2015 flow non cash movement 2015
GBP000 GBP000 GBP000 GBP000 GBP000
Cash and cash
equivalents 17,719 5,745 - (502) 22,962
Debt due after
1 year (79,965) (35,807) 1,276 (2,154) (116,650)
Finance leases (88) 102 (247) 32 (201)
Net debt (62,334) (29,960) 1,029 (2,624) (93,889)
========== ========= ========= ========= ============
8 Taxation
The effective rate on profit before income tax from continuing
operations is 14.8% (30 June 2015: 15.8%, 31 December 2015: 11.9%).
This is based on the estimated effective tax rate for the year to
31 December 2016. Of the total tax charge, GBP1.5m relates to
overseas businesses (30 June 2015: GBP1.0m). The effective income
tax rate on underlying profit before income tax, based on an
estimated rate for the year ending 31 December 2016, in the period
is 15.4% (30 June 2015: 15.3%, 31 December 2015: 14.3%).
9 Earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period, after
excluding ordinary shares held by the James Fisher and Sons plc
Employee Share Ownership Trust as treasury shares.
Diluted earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares that would be issued on
conversion of all the dilutive potential ordinary shares into
ordinary shares.
The calculation of basic and diluted earnings per share is based
on the following profits and numbers of shares:
Weighted average number of shares
30 June 31 December
30 June 2016 2015 2015
Number of Number of Number of
shares shares shares
For basic earnings per ordinary
share* 50,066,388 50,022,223 50,040,647
Exercise of share options and
LTIPs 332,104 385,989 344,743
For diluted earnings per ordinary
share 50,398,492 50,408,212 50,385,390
============= =========== ============
* Excludes 46,619 (June 2015: 34,037; December 2015: 148,275)
shares owned by the James Fisher and Sons plc Employee Share
Ownership Trust.
To provide a better understanding of the underlying performance
of the Group, an adjusted earnings per share on continuing
activities is provided. Adjusted earnings are before the costs of
any business combinations and amortisation of acquired
intangibles.
2016 2015 2015
Six months Six months Year
ended ended ended
30 June 30 June 31 December
GBP000 GBP000 GBP000
Profit attributable to owners
of the Company 14,835 15,098 39,885
Separately disclosed items 83 (93) (4,967)
Attributable tax (117) (111) (396)
Adjusted profit attributable to owners
of the Company 14,801 14,894 34,522
=========== =========== ============
Basic earnings per share on profit
from operations 29.6 30.2 79.7
Diluted earnings per share on
profit from operations 29.4 30.0 79.2
Adjusted basic earnings per share on
profit from operations 29.6 29.8 69.0
Adjusted diluted earnings per share
on profit from operations 29.4 29.5 68.5
10 Interim dividend
The proposed interim dividend of 8.55p (2015: 7.80p) per 25p
ordinary share is payable on 4 November 2016 to those shareholders
on the register of the Company at the close of business on 7
October 2016. The dividend recognised in the Statement of Movements
in Equity is the final dividend for 2015 of 16.00p paid on 6 May
2016. The proposed interim dividend has not been recognised in this
report.
11 Commitments and contingencies
Commitments and contingencies are as set out in the 2015 Annual
Report other than for the following changes. At 30 June 2016 the
Group had capital commitments of GBP1.6m (2015: GBP1.0m) and the
Group had issued performance and payment guarantees to third
parties for a total value of GBP16.9m (30 June 2015: GBP5.9m, 31
December 2015: GBP5.9m).
12 Related parties
There have been no significant changes in the nature of related
party transactions in the period ended 30 June 2016 from that
disclosed in the 2015 Annual Report.
13 Post balance sheet events
On 1 August 2016, the Group acquired the entire share capital of
Lexmar Engineering Pte Limited and Lexmar Sat Systems Pte Limited
(together "Lexmar"), for an initial cash consideration of SGD17.5m
(GBP9.8m), with further contingent consideration of up to a maximum
of SGD9.3m (GBP5.2m) subject to the successful completion of
certain projects. The consideration is based on net cash held by
Lexmar at acquisition of SGD8.8m (GBP4.9m). Founded in Singapore in
1996, Lexmar is a specialist provider of service and support of
diving equipment and saturated diving systems. The business is
completing three 18 man twin bell diving systems and is
complementary to JFD, within our Specialist Technical division.
On 11 August 2016, the Group acquired the entire share capital
of Hughes Marine Engineering Limited, the holding company of Hughes
Sub Surface Engineering Limited ("Hughes"), for an initial cash
consideration of GBP9.0m, with further contingent consideration of
up to a maximum of GBP1.0m subject to certain profit targets being
met by 28 February 2017. Hughes was founded in Liverpool in 2005 to
provide commercial diving and civil engineering services to
underwater projects. The business operates in the marine
renewables, power generation, oil and gas, and inshore civil
engineering sectors.
Independent review report to James Fisher and Sons plc
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2016 which comprises the condensed
consolidated income statement, the condensed consolidated statement
of comprehensive income, the condensed consolidated statement of
financial position, the condensed consolidated cash flow statement,
the condensed consolidated statement of movements in equity and the
related explanatory notes. We have read the other information
contained in the half-yearly financial report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Conduct Authority ("the UK FCA"). Our review
has been undertaken so that we might state to the company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the EU.
The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2016 is not prepared, in all material respects, in accordance
with IAS 34 as adopted by the EU and the DTR of the UK FCA.
David Bills
for and on behalf of KPMG LLP
Chartered Accountants
1 St Peter's Square
Manchester
M2 3AE
30 August 2016
The company news service from the London Stock Exchange
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