TIDMBMS
RNS Number : 5815L
Braemar Shipping Services PLC
10 May 2010
BRAEMAR SHIPPING SERVICES PLC
10 May 2010
Unaudited preliminary results for the year ended 28 February 2010
Braemar Shipping Services plc ("Braemar" or the "Group"), a leading
international provider of broking, consultancy, technical and other services to
the shipping and energy industries, today announces full year unaudited results
for the year ended 28 February 2010.
· Pre-tax profit before amortisation GBP15.0m (2009: GBP17.3m)
· Pre-tax profit GBP13.5m (2009: GBP16.2m)
· Basic EPS from continuing operations 47.93p (2009: 56.70p)
· Cash generated from operating activities GBP15.3m (2009: GBP21.0m)
· Cash at 28 February 2010: GBP27.9m (28 Feb 2009: GBP25.2m)
· Final dividend 16.25p per share (up 5%), full year 25.00p (2009: 24.00p)
up 4%
OPERATIONAL HIGHLIGHTS
· Demand in shipping markets is recovering with values and rates stabilising
· Group services to the energy sector growing
· Positive outlook for the year ahead
· Estimated forward order book deliverable in 2010/11 - GBP28m [US$42m]
(2009/10 - GBP29m [US$42m])
· Non-broking businesses contributed 25% of group operating profits*
*before amortisation and central costs
Commenting on the results and outlook, Sir Graham Hearne, Chairman of Braemar
Shipping Services PLC, said:
"These results are good, and ahead of our expectations at the beginning of the
year. After the exceptional years of boom conditions in shipping through 2007
and most of 2008, the 2009/10 profits are the third highest in the Group's
history."
"Demand in most shipping sectors is recovering steadily in line with the
improving economic outlook. We go into the new financial year with a healthy
forward book and we are positive on the outlook for the year ahead."
"We have invested in our Technical division this year by establishing two new
businesses. The first is a marine cargo loss adjusting business based in the US,
UK and Singapore under the name Braemar Marine. The second is the expansion of
Wavespec's activity by the opening of an operation in Houston under the name
Braemar Wavespec Inc."
"The Logistics and Environmental divisions, which operate predominantly in the
UK, both performed well despite economic recession. They both benefit from a
strong reputation and a diverse client base which sustains activity levels."
ENDS
For further information, contact:
+------------------------------------+------------------------------+
| | |
| Braemar Shipping Services plc | |
+------------------------------------+------------------------------+
| Alan Marsh | Tel +44 (0) 20 7535 2650 |
+------------------------------------+------------------------------+
| James Kidwell | Tel +44 (0) 20 7535 2881 |
| | |
+------------------------------------+------------------------------+
| Pelham Bell Pottinger | |
+------------------------------------+------------------------------+
| Damian Beeley | Tel +44 (0) 20 7337 1508 |
| Zoe Pocock | Tel +44 (0) 20 7337 1532 |
| | |
+------------------------------------+------------------------------+
| Elaborate Communications | |
+------------------------------------+------------------------------+
| Sean Moloney | Tel +44 (0) 1296 682356 |
| | |
+------------------------------------+------------------------------+
| Charles Stanley Securities | |
+------------------------------------+------------------------------+
| Mark Taylor | Tel +44 (0) 20 7149 6457 |
+------------------------------------+------------------------------+
Notes to Editors
Braemar Shipping Services plc is a leading international provider of broking,
consultancy, technical and other services to the shipping, marine and energy
industries. Braemar is listed on the Official List of the London Stock Exchange
in the Industrial Transportation sector. The Group is divided into four
businesses: Shipbroking, Technical, Logistics, and Environmental.
Shipbroking
Braemar Seascope provides specialised shipbroking and consultancy services to
international clients. The services include: chartering tankers (including gas,
chemicals and LNG), dry cargo, containers, offshore vessels, secondhand sale and
purchase, newbuilding, demolition, and research. It has offices in the UK,
China, Australia, India, Singapore and Italy.
www.braemarseascope.com
Technical
Braemar Steege provides specialist loss adjusting and other expert services to
the energy (oil and gas), marine, power and other related industrial sectors. It
operates from offices in London, Houston, Singapore, Calgary, Mexico City,
Miami, Quito, Puerto Rico and Rio de Janeiro. In 2009 Braemar Marine was
established as a cargo loss adjusting business in the US, UK and Singapore.
www.braemarsteege.com
Braemar Falconer provides specialised surveying and engineering services to the
marine and offshore sectors. It has offices at the following locations:
Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam and the UK.
www.braemarfalconer.com
Wavespec provides marine engineering, newbuilding supervision and naval
architecture services on a consultancy basis to the shipping and offshore
markets. It has offices in London and Houston and site offices in most of the
major yards in Korea, Japan and China.
www.wavespec.com
Logistics
Cory Brothers Shipping Agency provides port agency, freight forwarding and
logistics services within the UK and Singapore.
www.cory.co.uk
Environmental
Braemar Howells provides pollution response and advisory services, primarily in
the UK for marine, tank storage and rail operations and is now developing an
international presence, particularly in Africa.
www.braemarhowells.com
PRELIMINARY ANNOUNCEMENT - YEAR ENDED 28 FEBRUARY 2010
CHAIRMAN'S STATEMENT
After the exceptional years of boom conditions in shipping through 2007 and most
of 2008, revenue and profit fell back in 2009/10 as the world economy and
shipping markets went into recession. However, the Group performed well in these
difficult markets and the profits are the third highest in the Group's history.
Group revenue in 2009/10 was GBP119.0m (2008/9: GBP127.1m), profit before tax
from continuing operations was GBP13.5m (2008/9: GBP16.2m) and earnings per
share from continuing operations were 47.93 pence compared with 56.70 pence in
2008/9. The Group remains financially strong, with no debt and cash balances of
GBP27.9m at 28 February 2010 (28 Feb 2009: GBP25.2m). These results are good,
and ahead of our expectations at the beginning of the year.
We have invested in our Technical division this year by establishing two new
businesses. The first is a marine cargo loss adjusting business based in the US,
UK and Singapore under the name Braemar Marine. The second is the expansion of
Wavespec's activity by the opening of an operation in Houston under the name
Braemar Wavespec Inc. Both of these are expected to contribute positively next
year. Our marine engineering and surveying businesses should benefit from the
anticipated growth of the world ship fleet over the coming years.
The Logistics and Environmental divisions, which operate predominantly in the
UK, both performed well despite economic recession. They both benefit from a
strong reputation and a diverse client base which sustains activity levels.
Our Shipbroking division delivered strong results despite the global downturn.
This is a testament to the diversity of our client relationships across the full
range of our activities, departments and offices. Sustained growth in the
demand for oil and raw materials from the Far East has underpinned the tanker
market and stimulated a number of healthy rallies in dry bulk, although the
container market suffered from weak demand and excess tonnage. Over the last
year, shipping has seen the greater involvement of major commodity and trading
companies seeking to manage their transportation costs and the return of long
established ship owners who are attracted by value. We are pleased that our
shipbroking teams have played a part in helping them execute their chosen
strategies.
Demand in most shipping sectors is recovering steadily in line with the
improving economic outlook. The delivery of substantial new tonnage in many
vessel categories is a key factor in determining the equilibrium price for
freight. This offers us more opportunity to do business, albeit at rates which
have adjusted to new market conditions. We go into the new financial year with a
healthy forward book - our estimate of the shipbroking forward order book
deliverable over the course of the financial year 2010/11 stands at GBP28
million (US$42 million) compared with the forward book at 1 March 2009 of GBP29
million (US$42 million). We are positive on the outlook for the year ahead.
The Directors are recommending for approval at the Annual General Meeting a
final dividend of 16.25 pence per ordinary share, to be paid on 28 July 2010 to
shareholders on the register at the close of business on 2 July 2010. Together
with the 8.75p interim dividend, the Company's dividend for the year will be
25.0 pence (2009: 24.0 pence), a rise of 4%. The dividend is covered 1.92 times
by earnings.
On behalf of the Board, I would like to express our thanks to Alan Marsh, his
executive team and the whole of the Braemar staff for their contribution in
delivering these results. They can be justly proud of their efforts which we
recognise with gratitude.
Sir Graham Hearne
7 May 2010
CHIEF EXECUTIVE'S REVIEW OF THE BUSINESS
Strategy
The Group's strategy is to maintain and grow its international marine and energy
services businesses. To do this we are building our shipbroking presence
overseas with a combination of local and UK trained staff. The extent of
services provided overseas depends on the size and scope of local markets, but
increasingly, we see the growing importance of shipping centres such as
Singapore and Shanghai, and these will be a vital ingredient to the Group's
composition in the future. We also have sizeable shipbroking offices in Beijing,
Melbourne, Perth, Delhi and Mumbai. Shipbroking represents 75% of the Group's
operating profits before amortisation and central costs.
At the same time we are investing in and developing businesses which serve the
marine engineering and surveying requirements of the shipping and energy
industries. Our Technical division, which has offices around the world, is
particularly well represented in the Far East. Within Logistics, ship agency and
freight forwarding operate in the UK and Singapore. Pollution response and
environmental consultancies operate in the UK and Africa. The common customer
base in these divisions enables us to extend the range of services we offer to
our clients. In addition, these businesses generally derive their income from
fees or one-off projects. This differs from shipbroking where income is mainly
derived from commission earned on the successful conclusion of business. Our
non-broking interests are complementary to shipbroking and now represent 25% of
the Group's operating profits before amortisation and central costs.
Part of our strategy for the development of the Group over the last few years
has been achieved through acquisitions and we continue to look at attractive
opportunities as they arise. To date acquisitions have been funded from cash
flow with only an occasional use of new equity for a management team joining the
Group.
Performance
The performance of the Group has been better than we had expected at the
beginning of 2009. Our businesses have performed well during a testing period.
There are signs now that confidence is being restored and fragile shipping
markets are regaining their composure. While there are no reliable measures of
global market share for our international businesses, we are confident, based on
our transaction volumes, that our market performance has improved.
A divisional review of business performance and the markets in which we operate
is set out below.
Shipbroking - Braemar Seascope
Dry Bulk
Dry bulk is the largest shipping market and over the past few years we have been
developing our office network which now extends across London, Melbourne, Perth,
Delhi, Mumbai, Beijing and Singapore making it a more significant part of the
Group's business.
On 2 March 2009 the Baltic Dry Index stood at 2,014 and by the end of our
financial year it was 2,738 having reached a high of 4,661 on 19 November 2009
and a low of 1,463 on 8 April 2009. The average for that period was 2,874 and on
7 May 2010 it stood at 3,468. In the wake of the global financial crisis and the
state-initiated stimulus spending, Chinese demand recovered quickly which led
the dry bulk freight market out of the doldrums. This helped stimulate regional
economies with Japanese steel makers enjoying better times driven by China's
demand for finished steel. The cape sector was a particular beneficiary of this
resurgence but freight rates have been suppressed by a steady influx of new
ships. The panamax sector enjoyed strong demand for coal and grain and this has
carried into the new fiscal year, with rates temporarily higher than those in
the cape market. The handymax and handy sectors have also seen rates hold up,
benefitting from a deferral of newbuildings. The demand outlook is solid but
the effect of the overhang of new tonnage threatens rate stability. The
expectations for the freight market for the financial year ahead are less
bearish than 12 months ago owing to renegotiated deliveries and yard slippage
pushing back the increase in vessel supply towards late 2010/early 2011. The
forecast for oversupply is more prominent in the cape market than for the
smaller ships.
Tankers
The deep sea tanker markets remained soft for most of the year with only a small
increase in demand for energy. However, towards the end of the year, significant
volumes of tonnage had been employed for storing the excess production of crude
oil and this had a firming effect on the transportation rates of which we were
able to take advantage. Subsequently, there have been encouraging signs of an
improvement in the global economy, with demand for energy increasing. The Baltic
Dirty Tanker Index started the financial year on 2 March 2009 at 626 and
averaged 642 during our financial year, closing at 897. On 7 May 2010 it stood
at 988 which is a good start to our new financial year. We are pleased that our
transaction volumes are continuing to grow and that our various contracts of
affreightment are performing well. It is also pleasing to see that the busier
markets have ensured that our time charters were all performing with many being
extended into our new financial year.
The wet FFA desk is also performing according to our expectations and
continually growing their client base.
In combination with the harsh winter conditions, the volume of CPP (clean
petroleum product) distribution has increased and more business has been
concluded in this sector. Although the delivery of newbuilding tanker tonnage in
the product sectors is affecting the spot market, the increase in our
transactions has offset the lower rates. We are pleased to have won new
customers in these markets through the year, as well as growing our time charter
portfolio on all product sizes.
The strong presence of our specialised chemical and petrochemical gas divisions
has resulted in the conclusion of new contracts with a large oil company. The
LPG markets were busier in the second half of the year and our expansion into
the VLGC (Very Large Gas Carrier) market is now showing the anticipated results.
Our LPG product broking division has also had a successful end to the year with
several notable cargo deals in which we also brokered the transportation. In
addition we have won several LNG shipping consultancy appointments, some of
which are for new market participants who are looking at this developing market.
Containers
The container shipping market remained depressed for most of the year but in the
first quarter of 2010 showed signs of a modest recovery. The container lines are
now seeing increased cargo volumes but this will only slowly filter through to
the freight market since there remains a significant number of laid up ships and
as well as newbuildings still to deliver. Despite the low market our chartering
and sale and purchase desks had an active year and after a recent restructuring
have started this year in a similar vein.
Offshore
We have offshore offices in London, Aberdeen, Singapore and Perth, Australia
which has helped to generate more international business. Despite a generally
weak offshore chartering market our desk had a strong year due to the increased
volume of international activity and some good sale and purchase/project
business. The rising oil price should stimulate drilling activity which
ordinarily would lead to better vessel utilisation and increasing day rates.
Sale and Purchase
The sale and purchase department achieved a record number of transactions during
the year. There was a sizeable downwards adjustment in vessel prices over the
past year, partly due to the contraction in available ship finance, but despite
difficult market conditions our team concluded a high level of secondhand
business. Buyers have been attracted by investment opportunities at lower
prices and in many cases are not reliant on external sources of finance. We have
also been particularly active in demolition business which has increased over
the past year especially for older container ships and bulk carriers. We expect
this business to remain strong over the next year as the phase out of single
hull tankers gathers pace. Against the market trend, our newbuilding
departments concluded substantial new business, most of which was quite
specialist in nature, demonstrating the diversity of our client base. We have
seen some newbuilding contract renegotiation and a limited cancellation, but we
believe this is lower than the industry average and overall our forward order
book remains in a healthy state.
Technical - Braemar Falconer, Braemar Steege, Braemar Marine and Wavespec
Braemar Falconer's revenue and profits for the past financial year were lower
than the previous year due to reduced rig movement and drilling activity. There
was also a small decrease in engineering consultancy work caused by fewer
long-term projects being commenced in the aftermath of the financial crisis, and
the completion of projects being worked on during the year. However, revenue
from damage surveys, particularly in Vietnam, improved with a steady stream of
work from major insurance companies.
Braemar Steege maintained its position as one of the leading international
players in the energy loss adjusting market. In addition to core oil and gas
energy claims, other business streams continue to be developed covering power,
infrastructure and pollution insurance claims, particularly in Latin America.
With no significant hurricane in the Gulf of Mexico during 2009, the workload of
the Houston office has reduced, but this has been offset by continued growth of
the Singapore office due to high demand for energy loss adjusting services in
Asia, Australia and in London where expert technical assistance to lawyers
dealing with non-insurance disputes has also provided further growth.
Braemar Marine was launched in August 2009 to provide marine surveying and
adjusting services to the hull, cargo and protection & indemnity (P&I) insurance
market. With a head office in Atlanta, a surveying network has already been
established with personnel based in London, Los Angeles, Seattle, Miami,
Houston, Puerto Rico and Rio de Janeiro. The severe earthquake in Haiti provided
Braemar Marine with its first catastrophe response work; they were the first
marine surveyors on scene and carried out a large proportion of the work
generated by the earthquake. In April 2010, a Braemar Marine presence was
established in Singapore and their business in Asia is expected to develop
quickly, utilising the existing network of Braemar Falconer surveyors in place
throughout the region. The net costs before tax incurred during the year in
starting this business were GBP0.7m, and we expect to achieve a profitable
business in the next financial year.
Wavespec's profits were lower in 2009/10 due to GBP0.2m of net set up costs of
establishing a new office in Houston which provides consulting services to LNG
terminal operators; this office is expected to be profitable in the coming
financial year. The core LNG business remains strong with the continuation of
the Qatargas project and the Company is now assisting shipyards to develop gas
management strategies for LNG Carriers.
Logistics - Cory Brothers
Revenues decreased primarily as a result of the impact of one-off projects
within Logistics in 2008 which were not repeated. However, operating profits
before amortisation were up slightly at GBP1.4m (2009: GBP1.1m) as overall
margins improved and a significant project which spanned both years was
concluded. 2009 saw the first full year of the combined operations of Cory
Logistics and Fred. Olsen Freight. Forwarding and one-off projects continue to
be the mainstay of the performance to date although the growth in a number of
liner operations is promising for the coming year. Despite a depressed UK
market, Port Agency maintained its leading position, handling approximately
10,000 port calls annually (including hub managed calls) with some significant
new activity especially within ship-to-ship operations on behalf of oil majors
which is expected to continue into the coming year.
Environmental - Braemar Howells
Braemar Howells enjoyed a successful year due to an improved performance from
the incident response division. In addition, the industrial services division
has handled a large contaminated cargo incident which is ongoing and has
contributed to a good start to the new financial year.
Recently the Company has successfully renewed its main multi-year retainer
contracts with the Maritime Coastguard Agency and Network Rail and won important
new spill response business for new drilling in West Africa. This is in addition
to the international contract the company has with the Ministry of Defence.
Staff
I would like to thank all of our staff across the Group for their hard work and
team spirit which have contributed to making this another successful year for
the company.
Alan Marsh
7 May 2010
Financial Review
Key divisional statistics
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| | 2010 | 2009 | 2008 | | | 2010 | 2009 | 2008 |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Shipbroking | GBP'000 | GBP'000 | GBP'000 | | Technical | GBP'000 | GBP'000 | GBP'000 |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Revenue | 57,362 | 60,409 | 52,794 | | Revenue | 22,697 | 21,193 | 9,467 |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Operating | 13,324 | 14,990 | 13,093 | | Operating | 2,325 | 4,156 | 844 |
| profit before | | | | | profit before | | | |
| amortisation | | | | | amortisation | | | |
| and central | | | | | and central | | | |
| costs | | | | | costs | | | |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Operating | 23.2% | 24.8% | 24.8% | | Operating | 10.2% | 19.6% | 8.9% |
| profit margin | | | | | profit margin | | | |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Employee | 247 | 218 | 211 | | Employee | 202 | 178 | 82 |
| numbers | | | | | numbers | | | |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| | | | | | | | | |
| | | | | | | | | |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Logistics | | | | | Environmental | | | |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Revenue | 31,899 | 40,797 | 27,874 | | Revenue | 7,066 | 4,745 | 10,829 |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Operating | 1,434 | 1,130 | 1,153 | | Operating | 614 | (165) | 1,871 |
| profit before | | | | | profit /(loss) | | | |
| amortisation | | | | | before | | | |
| and central | | | | | amortisation | | | |
| costs | | | | | and central | | | |
| | | | | | costs | | | |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Operating | 4.5% | 2.8% | 4.1% | | Operating | 8.7% | (3.5%) | 17.3% |
| profit margin | | | | | profit margin | | | |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
| Employee | 235 | 232 | 176 | | Employee | 62 | 60 | 65 |
| numbers | | | | | numbers | | | |
+----------------+---------+---------+---------+----------+-----------------+---------+---------+---------+
Operating margins were lower in the Technical division mainly due to GBP0.9m of
net costs incurred in connection with the start-up of new Technical businesses
(Braemar Marine and Wavespec's office in Houston), all of which were fully
expensed. These were offset by an improvement in the Environmental division
which benefited from an increase in incident response activity and project work.
Staff numbers increased across the Group mainly through the addition of new
shipbroking trainees and staff in our Far East offices, and the new business
investments made within the Technical division. Operating costs excluding
amortisation of intangible assets increased by 1.6% compared with last year
mainly due to the investment in new staff. Despite the economic climate, we
consciously maintained our commitment to recruiting and developing staff during
the past year. Stripping out the effect of new businesses, operating costs fell
by 1.2%.
Foreign exchange
The average rate of exchange for the US dollar-denominated shipbroking earnings
was $1.55/GBP (2009: $1.85/GBP) and at 28 February 2010 the balance sheet rate
for conversion was $1.52/GBP (28 February 2009: $1.43/GBP). At 28 February 2010
the Group held a variable forward window agreement to sell US$1.0 million per
month with upper and lower limits of $1.4885 - $1.6510 for the months March 2010
to February 2012. The balance sheet includes an unamortised foreign exchange
gain of GBP0.7m in respect of the hedging of 2010/11 expected cash flows which
will be recognised within profit during the coming year.
Taxation
The effective rate of tax for the Group was 28.2% (2009: 29.0%) - this includes
the effect of disallowable expenditure and the net profit from joint ventures
which is included net of corporation tax. The improvement in the rate relative
to the prior year is due to the mix of overseas profits, lower UK disallowed
expenditure and a tax refund in Australia.
Goodwill & intangible assets
Goodwill totals GBP28.7m at 28 February 2010, 75% of which relates to our
shipbroking business. New goodwill and intangible assets totalling GBP2.4m were
recognised during the year in respect acquisitions for cash of Cagnoil - a
forward order book of time charters, Freight Action within Logistics and
shipbroking interests in India.
Cash flow
The Group generated GBP11.0m (2009: GBP15.0m) of cash from operating activities
during the year, after tax payments. This was primarily expended on acquisitions
totalling GBP2.8m - most of which was for the purchase of Cagnoil and a deferred
consideration payment for Braemar Steege, capital expenditure of GBP1.4m and
dividend payments of GBP4.9m. Cash balances totalled GBP27.9m at the end of the
year (28 Feb 2009: GBP25.2m) and there was no debt.
The balance sheet includes an accrual for deferred consideration totalling
GBP1.9m most of which will be paid in cash during 2010/11.
James Kidwell
7 May 2010
Braemar Shipping Services PLC
Unaudited Consolidated Income statement for the year ended 28 February 2010
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | Year | | Year |
| | | | | | ended | | ended |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | 28 Feb | | 28 Feb |
| | | | | | 2010 | | 2009 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Continuing operations |Notes | | | | GBP'000 | | GBP'000 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Revenue | 3 | | | | 119,024 | | 127,144 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Cost of sales | | | | | (28,094) | | (35,038) |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | 90,930 | | 92,106 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Operating costs | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Operating costs excluding | | | | | (76,550) | | (75,345) |
| amortisation | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Amortisation of intangible | | | | | (1,480) | | (1,074) |
| assets | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | (78,030) | | (76,419) |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Operating profit | 3 | | | | 12,900 | | 15,687 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Finance income | | | | | 193 | | 309 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Finance costs | | | | | (2) | | (18) |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Share of profit from joint | | | | | 400 | | 246 |
| ventures | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Profit before taxation | | | | | 13,491 | | 16,224 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Taxation | | | | | (3,806) | | (4,704) |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Profit for the year | | | | | 9,685 | | 11,520 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Attributable to: | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Ordinary shareholders | | | | | 9,655 | | 11,463 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Minority interest | | | | | 30 | | 57 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Profit for the year | | | | | 9,685 | | 11,520 |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| | | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Earnings per ordinary share | 5 | | | | | | |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Basic - profit for the year | | | | | | | |
| | | | | | 47.93p | | 56.70p |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
| Diluted - profit for the year | | | | | | | |
| | | | | | 47.26p | | 55.72p |
+--------------------------------+-------+---------+----+---------+----------+---------+----------+
Unaudited Consolidated Statement of comprehensive income
+------------------------------+---+--+------+---------+----------+---------+
| | | | | Year | | Year |
| | | | | ended | | ended |
+------------------------------+---+--+------+---------+----------+---------+
| | | | | 28 Feb | | 28 Feb |
| | | | | 2010 | | 2009 |
+------------------------------+---+--+------+---------+----------+---------+
| | | | | GBP'000 | | GBP'000 |
+------------------------------+---+--+------+---------+----------+---------+
| | | | | | | |
+------------------------------+---+--+------+---------+----------+---------+
| Profit for the period | | | | 9,685 | | 11,520 |
+------------------------------+---+--+------+---------+----------+---------+
| Other comprehensive income / | | | | | | |
| (expense) | | | | | | |
+------------------------------+---+--+------+---------+----------+---------+
| Foreign exchange differences on | | (164) | | 3,612 |
| retranslation of foreign operations | | | | |
+-------------------------------------+------+---------+----------+---------+
| Cash flow hedges - net of | | | | 703 | | (429) |
| tax | | | | | | |
+------------------------------+---+--+------+---------+----------+---------+
| | | | | | | |
+------------------------------+---+--+------+---------+----------+---------+
| Total comprehensive income | | | | 10,224 | | 14,703 |
| for the period | | | | | | |
+------------------------------+---+--+------+---------+----------+---------+
| | | | | | | |
+------------------------------+---+--+------+---------+----------+---------+
| Attributable to: | | | | | | |
+------------------------------+---+--+------+---------+----------+---------+
| Equity holders of the parent | | | | 10,194 | | 14,646 |
+------------------------------+---+--+------+---------+----------+---------+
| Minority interest | | | | 30 | | 57 |
+------------------------------+---+--+------+---------+----------+---------+
| Profit for the period | | | | 10,224 | | 14,703 |
+------------------------------+---+--+------+---------+----------+---------+
Braemar Shipping Services PLC
Unaudited Consolidated Balance sheet as at 28 February 2010
+-----------------------------------+------+--+---------+----------+---------+
| | | | As at | | As at |
+-----------------------------------+------+--+---------+----------+---------+
| | | | 28 Feb | | 28 Feb |
| | | | 10 | | 09 |
+-----------------------------------+------+--+---------+----------+---------+
| Assets | | | GBP'000 | | GBP'000 |
+-----------------------------------+------+--+---------+----------+---------+
| Non-current assets | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Goodwill | | | 28,740 | | 28,137 |
+-----------------------------------+------+--+---------+----------+---------+
| Other intangible assets | | | 4,247 | | 3,921 |
+-----------------------------------+------+--+---------+----------+---------+
| Property, plant and equipment | | | 6,510 | | 6,189 |
+-----------------------------------+------+--+---------+----------+---------+
| Investments | | | 1,485 | | 2,344 |
+-----------------------------------+------+--+---------+----------+---------+
| Deferred tax assets | | | 1,208 | | 810 |
+-----------------------------------+------+--+---------+----------+---------+
| Other long-term receivables | | | 169 | | 176 |
+-----------------------------------+------+--+---------+----------+---------+
| | | | 42,359 | | 41,577 |
+-----------------------------------+------+--+---------+----------+---------+
| Current assets | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Trade and other receivables | | | 36,918 | | 38,055 |
+-----------------------------------+------+--+---------+----------+---------+
| Derivative financial instruments | | | - | | 160 |
+-----------------------------------+------+--+---------+----------+---------+
| Restricted cash | | | 5,521 | | - |
+-----------------------------------+------+--+---------+----------+---------+
| Cash and cash equivalents | | | 27,930 | | 25,194 |
+-----------------------------------+------+--+---------+----------+---------+
| | | | 70,369 | | 63,409 |
+-----------------------------------+------+--+---------+----------+---------+
| | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Total assets | | | 112,728 | | 104,986 |
+-----------------------------------+------+--+---------+----------+---------+
| | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Liabilities | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Current liabilities | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Derivative financial instruments | | | 571 | | 649 |
+-----------------------------------+------+--+---------+----------+---------+
| Trade and other payables | | | 41,706 | | 46,221 |
+-----------------------------------+------+--+---------+----------+---------+
| Current tax payable | | | 3,346 | | 2,689 |
+-----------------------------------+------+--+---------+----------+---------+
| Provisions | | | 288 | | 88 |
+-----------------------------------+------+--+---------+----------+---------+
| Client monies held as escrow | | | 5,521 | | - |
| agent | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| | | | 51,432 | | 49,647 |
+-----------------------------------+------+--+---------+----------+---------+
| | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Non-current liabilities | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Deferred tax liabilities | | | 2,001 | | 2,255 |
+-----------------------------------+------+--+---------+----------+---------+
| Provisions | | | 168 | | 137 |
+-----------------------------------+------+--+---------+----------+---------+
| | | | 2,169 | | 2,392 |
+-----------------------------------+------+--+---------+----------+---------+
| | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Total liabilities | | | 53,601 | | 52,039 |
+-----------------------------------+------+--+---------+----------+---------+
| | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Total assets less total | | | 59,127 | | 52,947 |
| liabilities | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Equity | | | | | |
+-----------------------------------+------+--+---------+----------+---------+
| Share capital | | | 2,108 | | 2,104 |
+-----------------------------------+------+--+---------+----------+---------+
| Share premium | | | 11,014 | | 10,920 |
+-----------------------------------+------+--+---------+----------+---------+
| Shares to be issued | | | (3,198) | | (3,479) |
+-----------------------------------+------+--+---------+----------+---------+
| Other reserves | | | 25,525 | | 25,020 |
+-----------------------------------+------+--+---------+----------+---------+
| Retained earnings | | | 23,534 | | 18,268 |
+-----------------------------------+------+--+---------+----------+---------+
| Group shareholders' equity | | | 58,983 | | 52,833 |
+-----------------------------------+------+--+---------+----------+---------+
| Minority interest | | | 144 | | 114 |
+-----------------------------------+------+--+---------+----------+---------+
| Total equity | | | 59,127 | | 52,947 |
+-----------------------------------+------+--+---------+----------+---------+
Braemar Shipping Services PLC
Unaudited Consolidated Cash flow statement for the year ended 28 February 2010
+-------------------------------------+-------+---------+----------+---------+
| | | Year | | Year |
| | | ended | | ended |
+-------------------------------------+-------+---------+----------+---------+
| | | 28 Feb | | 28 Feb |
| | | 2010 | | 2009 |
+-------------------------------------+-------+---------+----------+---------+
| |Notes | GBP'000 | | GBP'000 |
+-------------------------------------+-------+---------+----------+---------+
| Cash flows from operating | | | | |
| activities | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Cash generated from operations | 6 | 15,278 | | 20,959 |
+-------------------------------------+-------+---------+----------+---------+
| Interest received | | 193 | | 309 |
+-------------------------------------+-------+---------+----------+---------+
| Interest paid | | (2) | | (18) |
+-------------------------------------+-------+---------+----------+---------+
| Tax paid | | (4,421) | | (6,245) |
+-------------------------------------+-------+---------+----------+---------+
| Net cash generated from operating | | 11,048 | | 15,005 |
| activities | | | | |
+-------------------------------------+-------+---------+----------+---------+
| | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Cash flows from investing | | | | |
| activities | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Dividends from joint ventures | | 406 | | - |
+-------------------------------------+-------+---------+----------+---------+
| Acquisition of subsidiaries, net of | | (2,793) | | (5,137) |
| cash acquired | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Purchase of property, plant and | | (1,394) | | (1,189) |
| equipment | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Proceeds from sale of property, | | 59 | | 6 |
| plant and equipment | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Purchase of investments | | - | | (9) |
+-------------------------------------+-------+---------+----------+---------+
| Other long term assets | | 7 | | (21) |
+-------------------------------------+-------+---------+----------+---------+
| Net cash used in investing | | (3,715) | | (6,350) |
| activities | | | | |
+-------------------------------------+-------+---------+----------+---------+
| | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Cash flows from financing | | | | |
| activities | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Proceeds from issue of ordinary | | 98 | | 324 |
| shares | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Dividends paid | | (4,888) | | (4,868) |
+-------------------------------------+-------+---------+----------+---------+
| Dividends paid to minority interest | | - | | (45) |
+-------------------------------------+-------+---------+----------+---------+
| Purchase of own shares | | (72) | | (1,134) |
+-------------------------------------+-------+---------+----------+---------+
| Net cash used in financing | | (4,862) | | (5,723) |
| activities | | | | |
+-------------------------------------+-------+---------+----------+---------+
| | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Increase/(decrease) in cash and | | 2,471 | | 2,932 |
| cash equivalents | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Cash and cash equivalents at | | 25,194 | | 21,635 |
| beginning of the period | | | | |
+-------------------------------------+-------+---------+----------+---------+
| Foreign exchange differences | | 265 | | 627 |
+-------------------------------------+-------+---------+----------+---------+
| Cash and cash equivalents at end of | | 27,930 | | 25,194 |
| the period | | | | |
+-------------------------------------+-------+---------+----------+---------+
Braemar Shipping Services PLC
Unaudited Consolidated Statement of Changes in Total Equity for the year ended
28 February 2010
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| | Share | Share | Shares | Other | Retained | Total | Minority | Total |
| | capital | premium | to be | reserves | earnings | | interest | equity |
| | | | issued | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Group | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| At 1 March 2008 | 2,061 | 9,261 | (2,527) | 20,687 | 11,717 | 41,199 | 328 | 41,527 |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Cash flow hedges | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| - Transfer to net | - | - | - | 3,034 | - | 3,034 | - | 3,034 |
| profit | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| - Fair value | - | - | - | (3,629) | - | (3,629) | - | (3,629) |
| losses in the | | | | | | | | |
| period | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Exchange | - | - | - | 3,597 | - | 3,597 | 15 | 3,612 |
| differences | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Net income | - | - | - | 3,002 | - | 3,002 | 15 | 3,017 |
| recognised | | | | | | | | |
| directly in equity | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Profit for the | - | - | - | - | 11,463 | 11,463 | 57 | 11,520 |
| year | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Total recognised | - | - | - | 3,002 | 11,463 | 14,465 | 72 | 14,537 |
| income in the year | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Acquisition | - | - | | - | - | - | 19 | 19 |
| | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Dividends paid | - | - | | - | (4,868) | (4,868) | (45) | (4,913) |
| | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Issue of shares | 43 | 1,659 | - | - | - | 1,702 | - | 1,702 |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Purchase of shares | - | - | (1,134) | - | - | (1,134) | - | (1,134) |
| | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Consideration paid | - | - | - | 900 | - | 900 | (260) | 640 |
| | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Consideration to | - | - | - | 265 | - | 265 | - | 265 |
| be paid | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| ESOP shares | - | - | 182 | - | (182) | - | - | - |
| allocated | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Credit in respect | - | - | - | - | 299 | 299 | - | 299 |
| of share option | | | | | | | | |
| schemes | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Deferred tax on | - | - | - | 166 | (161) | 5 | - | 5 |
| items taken to | | | | | | | | |
| equity | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| At 28 February | 2,104 | 10,920 | (3,479) | 25,020 | 18,268 | 52,833 | 114 | 52,947 |
| 2009 | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Cash flow hedges | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| - Transfer to net | - | - | - | 643 | - | 643 | - | 643 |
| profit | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| - Fair value | - | - | - | 333 | - | 333 | - | 333 |
| losses in the | | | | | | | | |
| period | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Exchange | - | - | - | (164) | - | (164) | - | (164) |
| differences | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Net income | - | - | - | 812 | - | 812 | - | 812 |
| recognised | | | | | | | | |
| directly in equity | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Profit for the | - | - | - | - | 9,655 | 9,655 | 30 | 9,685 |
| year | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Total recognised | - | - | - | 812 | 9,655 | 10,467 | 30 | 10,497 |
| income in the year | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Dividends paid | - | - | - | - | (4,888) | (4,888) | - | (4,888) |
| | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Issue of shares | 4 | 94 | - | - | - | 98 | - | 98 |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Purchase of shares | - | - | (72) | - | - | (72) | - | (72) |
| | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Consideration to | - | - | - | (34) | - | (34) | - | (34) |
| be paid | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| ESOP shares | - | - | 353 | - | (353) | - | - | - |
| allocated | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Credit in respect | - | - | - | - | 591 | 591 | - | 591 |
| of share option | | | | | | | | |
| schemes | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| Deferred tax on | - | - | - | (273) | 261 | (12) | - | (12) |
| items taken to | | | | | | | | |
| equity | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
| At 28 February | 2,108 | 11,014 | (3,198) | 25,525 | 23,534 | 58,983 | 144 | 59,127 |
| 2010 | | | | | | | | |
+--------------------+---------+---------+---------+----------+----------+---------+----------+---------+
Braemar Shipping Services PLC
Notes to the financial statements
Note 1 - General Information
The Preliminary Announcement of unaudited results for the year ended 28 February
2010 is an extract from the forthcoming 2010 Annual Report and Accounts and does
not constitute the Group's statutory accounts of 2010 nor 2009. Statutory
accounts for 2009 have been delivered to the Registrar of Companies, and those
for 2010 will be delivered following the company's Annual General Meeting. The
auditors have reported on the 2009 accounts; their report was unqualified and
did not contain statements under Sections 237(2) or (3) of the Companies Act
1985.
Note 2 - Accounting policies
Whilst the financial information included in this preliminary announcement has
been prepared in accordance with International Financial Reporting Standards
(IFRSs) adopted for use in the European Union, this announcement does not itself
contain sufficient information to comply with IFRSs. The company expects to
distribute full accounts that comply with IFRSs as adopted by the EU on 25 May
2010.
+----------------------+----+--------+----------+----------+--------+----------+-----------+----------+---------------+----------+---------+
| | Shipbroking | | Technical | | Logistics | | Environmental | | Total |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| 2010 | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Revenue | 57,362 | | 22,697 | | 31,899 | | 7,066 | | 119,024 |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| | | | | | | | | | |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Segment result | 13,324 | | 2,325 | | 1,434 | | 614 | | 17,697 |
| before amortisation | | | | | | | | | |
| of intangible assets | | | | | | | | | |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Amortisation of | (481) | | (644) | | (319) | | (36) | | (1,480) |
| intangible assets | | | | | | | | | |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Segment result | 12,843 | | 1,681 | | 1,115 | | 578 | | 16,217 |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Unallocated other | | | | | | | | | (3,317) |
| costs | | | | | | | | | |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Operating profit | | | | | | | | | 12,900 |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Finance | | | | | | | | | 191 |
| income/(cost)- net | | | | | | | | | |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Share of profit from joint ventures | | | | 400 |
+------------------------------------------------------------------------------------------+----------+---------------+----------+---------+
| Profit before | | | | | | | | | 13,491 |
| taxation | | | | | | | | | |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Taxation | | | | | | | | | (3,806) |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Profit for the | | | | | | | | | 9,685 |
| period attributable | | | | | | | | | |
| to shareholders from | | | | | | | | | |
| continuing | | | | | | | | | |
| operations | | | | | | | | | |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| | | | | | | | | | |
+----------------------+-------------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| 2009 | | | | | | | | | |
+----------------------+-------------+---------------------+--------+----------+-----------+----------+---------------+----------+---------+
| Revenue | 60,409 | | 21,193 | | 40,797 | | 4,745 | | 127,144 |
+----------------------+-------------+---------------------+--------+----------+-----------+----------+---------------+----------+---------+
| | | | | | | | | | |
+----------------------+-------------+---------------------+--------+----------+-----------+----------+---------------+----------+---------+
| Segment result | 14,990 | | 4,156 | | 1,130 | | (165) | | 20,111 |
| before amortisation | | | | | | | | | |
| of intangible assets | | | | | | | | | |
+----------------------+-------------+---------------------+--------+----------+-----------+----------+---------------+----------+---------+
| Amortisation of | (100) | | (644) | | (292) | | (38) | | (1,074) |
| intangible assets | | | | | | | | | |
+----------------------+-------------+---------------------+--------+----------+-----------+----------+---------------+----------+---------+
| Segment result | 14,890 | | 3,512 | | 838 | | (203) | | 19,037 |
+----------------------+-------------+---------------------+--------+----------+-----------+----------+---------------+----------+---------+
| Unallocated other | | | | | | | | | (3,350) |
| costs | | | | | | | | | |
+----------------------+-------------+---------------------+--------+----------+-----------+----------+---------------+----------+---------+
| Operating profit | | | | | | | | | 15,687 |
+----------------------+-------------+---------------------+--------+----------+-----------+----------+---------------+----------+---------+
| Finance | | | | | | | | | 291 |
| income/(cost)- net | | | | | | | | | |
+----------------------+-------------+---------------------+--------+----------+-----------+----------+---------------+----------+---------+
| Share of profit from joint ventures | | | | 246 |
+------------------------------------------------------------------------------------------+----------+---------------+----------+---------+
| Profit before taxation | | | | | | | | | 16,224 |
+---------------------------+--------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Taxation | | | | | | | | | (4,704) |
+---------------------------+--------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| Profit for the period | | | | | | | | | 11,520 |
| attributable to | | | | | | | | | |
| shareholders from | | | | | | | | | |
| continuing operations | | | | | | | | | |
+---------------------------+--------+----------+-------------------+----------+-----------+----------+---------------+----------+---------+
| | | | | | | | | | | | |
+----------------------+----+--------+----------+----------+--------+----------+-----------+----------+---------------+----------+---------+
Note 4 - Dividend
The proposed final dividend of 16.25 pence per share (2009: final 15.5 pence)
takes the total dividend for the year to 25.0 pence (2009: 24.0 pence). The cost
of the final dividend will be GBP3.3m (2009: GBP3.1m) based on 20.2m shares
(which excludes shares held in the ESOP for which the dividend has been waived.
Braemar Shipping Services PLC
Notes to the financial statements
Note 5 - Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year, excluding 871,760 ordinary shares held by the
employee share trust (2009: 962,914) which are treated as cancelled. For diluted
earnings per share, the weighted average number of ordinary shares in issue is
adjusted to assume conversion of all dilutive ordinary shares. The Group has one
class of potential dilutive ordinary shares being those granted to employees
where the exercise price is less than the average market price of the Company's
ordinary shares during the year.
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| | | | 2010 | | 2009 |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| | | | GBP'000 | | GBP'000 |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| Profit for the period attributable | | | 9,655 | | 11,463 |
| to shareholders | | | | | |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| | | | | | |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| | | | pence | | pence |
| | | | | | |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| Basic earnings per share | | | 47.93 | | 56.70 |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| Effect of dilutive share options | | | (0.67) | | (0.98) |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| Diluted earnings per share | | | 47.26 | | 55.72 |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| | | | | | |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| | | | Shares | | Shares |
| | | | | | |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| Weighted average number of | | | 20,143,909 | | 20,215,801 |
| ordinary shares | | | | | |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| Effect of dilutive share options | | | 287,780 | | 356,495 |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
| Diluted weighted average number of | | | 20,431,689 | | 20,572,296 |
| ordinary shares | | | | | |
+------------------------------------+--------+----------+----------------------+----------+----------------------+
Note 6 - Reconciliation of operating profit to net cash flow from operating
activities
+------------------------------------------------+---------+----------+---------+
| | 2010 | | 2009 |
+------------------------------------------------+---------+----------+---------+
| | GBP'000 | | GBP'000 |
+------------------------------------------------+---------+----------+---------+
| Profit before tax for the year from continuing | 13,491 | | 16,224 |
| operations | | | |
+------------------------------------------------+---------+----------+---------+
| Adjustments for: | | | |
+------------------------------------------------+---------+----------+---------+
| - Depreciation | 1,064 | | 956 |
+------------------------------------------------+---------+----------+---------+
| - Amortisation | 1,480 | | 1,074 |
+------------------------------------------------+---------+----------+---------+
| - Goodwill impairment charge | - | | 56 |
+------------------------------------------------+---------+----------+---------+
| - (Profit) / loss on sale of property plant | (5) | | 15 |
| and equipment | | | |
+------------------------------------------------+---------+----------+---------+
| - Profit on increase to investment in | - | | (15) |
| subsidiary | | | |
+------------------------------------------------+---------+----------+---------+
| - Finance income | (193) | | (309) |
+------------------------------------------------+---------+----------+---------+
| - Finance expense | 2 | | 18 |
+------------------------------------------------+---------+----------+---------+
| - Share of profit of joint ventures | (400) | | (246) |
+------------------------------------------------+---------+----------+---------+
| - Share based payments and related insurance | 591 | | 453 |
| charges | | | |
+------------------------------------------------+---------+----------+---------+
| Changes in working capital: | | | |
+------------------------------------------------+---------+----------+---------+
| - Trade and other receivables | 1,745 | | 1,246 |
+------------------------------------------------+---------+----------+---------+
| - Trade and other payables | (3,417) | | 1,437 |
+------------------------------------------------+---------+----------+---------+
| - Provisions | 234 | | 50 |
+------------------------------------------------+---------+----------+---------+
| - Financial instruments | 686 | | - |
+------------------------------------------------+---------+----------+---------+
| Cash generated from operations | 15,278 | | 20,959 |
+------------------------------------------------+---------+----------+---------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAKSXEADEEFF
Braemar (LSE:BMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Braemar (LSE:BMS)
Historical Stock Chart
From Jul 2023 to Jul 2024
