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Braemar Shipping Services plc Annual Report 2009 Shipbroking + Technical + Logistics + Environmental At any moment in time, The Group is divided into across the globe, Braemar’s four operating divisions: businesses are ensuring Shipbroking, Technical, that goods and materials Logistics and Environmental. are delivered effi ciently and These work together to offer a safely for their clients. unique combination of skills for clients, at any time, anywhere Our clients are located all over in the world. the world and we serve them from an international network Braemar is constantly looking of offi ces. for new ways to help clients by expanding geographically and by adding complementary services that make us an increasingly valuable partner. -12 -11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 Contents GMT-6 1 Highlights 2 How our business works Houston 4 Chairman’s statement 6 Chief Executive’s review Braemar Steege receives 58% 18 Financial review more instructions 20 Board of Directors 21 Report of the Directors 26 Corporate Governance 29 Remuneration Report 33 Independent auditors’ report 34 Consolidated income statement 35 Balance sheets 36 Cash fl ow statements 37 Statements of changes in equity 38 Notes to the consolidated fi nancial statements 64 Five year fi nancial summary 66 Shareholder information 67 Offi ces and contacts For more information: www.braemarplc.com Highlights Results for the year ended 28 February 2009 Pre-tax profi t Cash generated from Adjusted profi t before tax £m* Adjusted earnings per share pence Up 10% operating activities 09 16.2 09 56.70 08 14.7 08 48.99 £16.2m £21.0m 07 11.0 07 36.90 06 10.3 06 36.85 2008: £14.7m 2008: £21.2m 05 9.0 05 33.11 Basic EPS Final dividend Up 16% Up 3% Dividends pence Employee numbers 09 24.0 09 688 08 23.0 08 535 56.70p 15.5p 07 19.0 07 413 2008: 48.99p 2008: 15.0p 06 18.0 06 328 Full year: 24.0p 05 16.0 05 264 Cash 2008: 23.0p * Profi ts and earnings in 2005 and 2007 are adjusted to £25.2m Forward order book exclude an exceptional impairment charge 2008: £21.6m £29.0m 2008: 27.0m 0 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10 +11 +12 GMT+0 GMT+7 London Vietnam Cory Brothers handles 33% more Braemar Falconer undertakes ships in their agency business 20% more surveys for clients 1 Braemar Shipping Services plc Annual Report 2009 How our business works Braemar Shipping Braemar Shipping Services plc Services plc (the Group) provides management, strategic oversight and support to our four divisions. It also sees that information and Shipbroking Technical insights gained and relationships made in one division are shared with the other three. It is listed on the main market of the London Stock Exchange under the Industrial Transportation sector. Logistics Environmental Shipbroking Technical Logistics Environmental Braemar Seascope is one We have a wide range of Cory Brothers is a leading Braemar Howells provides of the largest and most in-house design, engineering, ship agency, freight environmental incident respected chartering and loss adjusting and other forwarding and logistics response, consultancy sale & purchase shipbroking technical skills which are company represented in and training services primarily companies in the world. applicable to the shipping all of the large ports in the from a network of bases It operates from a network and energy (oil & gas) UK and Europe and in around the UK. It is also fast of offi ces established in markets. Braemar Falconer, Singapore. The freight establishing an industrial all of the main shipping Wavespec and Braemar forwarding and logistics services business for tank centres serving clients with Steege operate around division operates worldwide. cleaning, remediation interests in oil & gas, raw the globe and are all Cory is internationally and similar services. materials, containers, grain, internationally renowned renowned for attention to petrochemicals, mining, for their expertise and detail and providing excellent Pollution control and incident banking, demolition and professionalism. service to clients in this response Salvage support, marine and port services many other industries. competitive environment. Marine Engineering Accredited training and environmental consultancy Chartering – deep sea tankers, Naval Architecture Port and Liner Agency clean, LPG, chemicals, dry bulk LNG Crisis management and Marine Consultancy Customs Clearance emergency response advisers Offshore – chartering and sale Vessel and Condition Surveys Supply Chain Management & purchase Industrial services and tank Ship Construction Supervision Freight Forwarding cleaning technologies Containers – chartering and sale & purchase Energy Loss Adjusting Cruise Ship Support MARPOL waste reception facilities Sale & Purchase – secondhand, newbuilding, demolition 2 Braemar Shipping Services plc Annual Report 2009 Getting close to our clients Offi ces Worldwide Shipbroking GMT+2 Technical Russia Logistics Environmental Wavespec awarded LNG consultancy contract GMT-5 Bahamas Braemar Seascope assists the Admiralty GMT-5 Marshall with ship sales Peru GMT+8 Singapore Braemar Steege opens an offi ce in Lima Cory Brothers awarded major agency contract -12 -11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10 +11 +12 UK offi ce locations Shipbroking Technical Logistics Environmental GMT+0 Aberdeen Rates for supply boats reach an all time high GMT+0 Liverpool Braemar Howells sets up pilot project for chemical response -2 -1 0 +1 +2 Chairman’s statement Revenue increased by 26% from £101.0 million to 2008/9 was an excellent year for £127.1 million, profi t before tax from continuing operations the Group and these results are the increased by 10% from £14.7 million to £16.2 million and earnings per share from continuing operations rose by 16% best that Braemar has reported. to 56.70 pence from 48.99 pence in 2007/8. The Group is fi nancially strong, with cash balances increasing over the year from £21.6 million to £25.2 million at 28 February 2009. Shipping has enjoyed an unprecedented boom over the past three years. Since August 2008, with the contraction of credit and weaker economies, freight rates and vessel values have reverted to pre-boom levels. Our activity is higher than we might have expected with transaction volumes remaining steady and the strength of the US dollar has a positive effect on our results. Our non-broking businesses have begun the new fi nancial year strongly and demand for their services remains good. Overall the prospects for the year are positive. Shipbroking enjoyed a very strong fi rst half in buoyant markets which rapidly changed from August 2008 with the onset of the credit crisis and global recession. Global trade experienced a signifi cant slowdown in the fi nal calendar quarter of 2008, since when there has been a stabilisation in shipping rates at pre-boom levels. The dry bulk and container markets, which are driven by the demand for raw materials and consumer goods, both suffered large falls and more recently the reduction in oil demand has led to a fall in the demand for tankers. While we are seeing renegotiations and cancellations of some charters and newbuildings in the wider market place, to date our forward order book has not suffered signifi cantly. We anticipate expanding our shipbroking offi ce network overseas. Braemar business model Group performance by business segment 2008/09 Braemar’s strategy is to grow by increasing its geographical presence in Group revenue £m shipbroking and by investing in other related marine services businesses. 60.4 21.2 40.8 4.7 Working capital Operating profi t £m* 15.0 4.2 1.1 Broking Non-broking (0.2) Group employees Number 218 178 Re-investment Investment 232 60 Shipbroking Geography Technical Other services Logistics Complementary Environmental acquisitions * Before amortisation and central costs 4 Braemar Shipping Services plc Annual Report 2009 Sir Graham Hearne CBE Final dividend Chairman 2008: 15.0p 15.5p Cash balances 2008: £21.6m £25.2m The performance of our Technical division has been particularly The Directors are recommending for approval at the Annual pleasing following the investments made in acquiring Braemar General Meeting a fi nal dividend of 15.5 pence per ordinary Falconer in July 2007 and Braemar Steege in March 2008, share, to be paid on 28 July 2009 to shareholders on the both of which were rebranded to include the Braemar name register at the close of business on 3 July 2009. Together during the year. Together with Wavespec, these businesses with the 8.5 pence interim dividend the Company’s dividend have contributed annual operating profi ts before amortisation for the year is 24.0 pence (2008: 23.0 pence), a rise of 4%. of £4.2 million and have signifi cantly expanded the Group’s The dividend is covered 2.4 times by earnings. global reach and skill sets within the marine services sector. On behalf of the Board I would like to thank all of our staff The Logistics division – Cory Brothers – had a busy year around the world for their combined hard work and skill. in both forwarding and ship agency and successfully In a year of such economic change their experience and amalgamated the forwarding businesses in one building in commitment has been and will continue to be invaluable. Felixstowe following the purchase of Fred. Olsen Freight in December 2007. Sir Graham Hearne CBE Chairman The Environmental division – Braemar Howells – recorded a 11 May 2009 small loss following the exceptionally strong year in 2007/8, as a result of weak activity levels in its incident response business, which offset good performances in the industrial and international services sections of the business.
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