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Smarter Decisions. Powered by Intelligence. 2020 Annual Report Contents Financial Highlights

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Smarter Decisions. Powered by Intelligence. 2020 Annual Report Contents Financial Highlights Smarter decisions. Powered by intelligence. 2020 Annual Report Contents Financial highlights Overview Revenue* Our purpose at Clarksons 1 At a glance GF Purpose in action 2 Strategic report Chair’s review 14 £358.2m Chief Executive Officer’s review 16 2019: £363.0m Financial review 18 Business review, including: Underlying profit before taxation*^ – Broking 20 – Financial 32 – Support 36 – Research 40 Our markets 44 £44.7m Our strategy 52 Our stakeholders 54 2019: £49.3m Our business model 56 Reported loss before taxation Our impact 58 Key performance indicators 69 Risk management 70 Compliance statements, including: 79 – Section 172(1) statement 79 £16.4m Corporate governance 2019: £0.2m profit Chair’s introduction to corporate governance 80 Code compliance 81 Dividend per share Board of Directors 82 Governance, including: 86 – Nomination Committee report 92 – Audit and Risk Committee report 100 Directors’ remuneration report 106 Directors’ report 122 79p Directors’ responsibilities statement 126 2019: 78p Independent auditors’ report 127 * Classed as a key performance indicator. Refer to page 69 for further detail. ^ Classed as an Alternative Performance Measure. See below for further detail. Financial statements Consolidated income statement 134 Consolidated statement of comprehensive income 134 Consolidated balance sheet 135 Consolidated statement of changes in equity 136 Consolidated cash flow statement 137 Notes to the consolidated financial statements 138 Parent Company balance sheet 172 Parent Company statement of changes in equity 173 Parent Company cash flow statement 174 Notes to the Parent Company financial statements 175 Other information Glossary 192 Forward-looking statements Five-year financial summary 195 Certain statements in this annual report are forward-looking. Although Principal trading offices 196 the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. Alternative performance measures (APMs) Clarksons uses APMs as key financial indicators to assess the underlying performance of the Group. Management considers the APMs used by the Group to better reflect business performance and provide useful information. Our APMs include underlying profit before taxation and underlying earnings per share. An explanation and reconciliation of the term ‘underlying’ and related calculations are included within the Financial review on page 18. Employees, offices and countries Information related to employees, offices and countries where we operate is at 31 December 2020 unless otherwise stated. People imagery in this report has been taken by the Clarksons team during For more information please visit these unprecedented times. www.clarksons.com Our purpose at Clarksons We enable smarter, cleaner Overview global trade by empowering our clients and our people to make better informed Strategic report decisions using our market-leading technology governance Corporate and intelligence; and in doing so, meet the demands of the world’s rapidly statements Financial evolving maritime, offshore, trade and energy markets. Other information Clarkson PLC | 2020 Annual Report 1 At a glance Broking Financial Our broking services are unrivalled – in terms of the number From full investment banking services to project finance and calibre of our brokers, our breadth of market coverage, and the arrangement of dedicated finance solutions for the geographical spread and depth of intelligence resources. shipping, offshore and natural resources markets, we help our clients fund transactions and conclude deals that would often be impossible via other more traditional routes. Share of revenue Share of revenue 79% 9% Services Number of employees Services Number of employees – Dry cargo – Securities – Containers – Project finance – Tankers 1,191 – Structured asset finance 95 – Specialised products – Gas – LNG – Sale and purchase – Offshore – Renewables – Futures Support Research Our teams provide the highest levels of support with 24/7 Clarksons Research is the market leader in providing timely and attendance at a wide range of strategically located ports in authoritative intelligence on all aspects of shipping. We provide the UK and Egypt, offering port services support, agency, data on over 160,000 vessels, 30,000 machinery models, freight forwarding, supplies and tools for the marine and 47,000 companies and 900 shipyards, as well as extensive offshore industries. trade and commercial data and around 200,000 time series. Share of revenue Share of revenue 7% 5% Services Number of employees Services Number of employees – Agency – Digital – Gibb Group – Services – Stevedoring 261 – Reports 126 1culture 23countries 53 offices 169 year history 1,673 employees Purpose in action To those of us that work here, Clarksons is more than just a job. Our culture is something that continues to attract new talent, retain existing employees and set us apart from others in the industry. Teamwork and collaboration are at the heart of our culture, driving close working relationships that enable us to pull together and continue to deliver for our clients. 2 Clarkson PLC | 2020 Annual Report Delivering for our clients, Overview no matter what, is a fundamental ingredient of earning their trust. Strategic report Regardless of the challenges in 2020, the governance Corporate global Clarksons team worked seamlessly together to support our clients. statements Financial #oneclarksons Other information Clarkson PLC | 2020 Annual Report 3 Purpose in action continued We kept our clients informed 4 Clarkson PLC | 2020 Annual Report Overview Strategic report Corporate governance Corporate Financial statements Financial Other information Our teams created regular and bespoke reports, hosted interactive webinars and kept in close virtual contact 24/7 throughout 2020, ensuring our clients were up-to-date with fast-moving global changes and the impact of these on shipping markets, thus enabling them to make the right decisions at the right time. #smarterdecisions Clarkson PLC | 2020 Annual Report 5 Purpose in action continued We enabled business to keep moving 6 Clarkson PLC | 2020 Annual Report Overview Strategic report Corporate governance Corporate Financial statements Financial Other information Sea/contracts enables digitised production, management and approval of charter party agreements, together with electronic signatures and access anywhere anytime. Our clients no longer need to physically print and courier documents around the world for agreement and signatures to be captured. #poweredbyintelligence Clarkson PLC | 2020 Annual Report 7 Purpose in action continued We focused on helping the industry meet sustainability targets 8 Clarkson PLC | 2020 Annual Report Overview Strategic report Corporate governance Corporate Financial statements Financial Other information We expanded our services to help clients navigate the decarbonisation of their business. Our technology offering helps clients to calculate their carbon output, allowing them to make cleaner voyage decisions. We established a carbon emissions broking desk to enable clients to offset their CO2 footprint. #smarterdecisions Clarkson PLC | 2020 Annual Report 9 Purpose in action continued We supported growth in renewable energy 10 Clarkson PLC | 2020 Annual Report Overview Strategic report Corporate governance Corporate Financial statements Financial Other information Our global teams support clients through our specialist knowledge and consultancy regarding the construction, installation and maintenance of offshore wind farms and renewables projects. We provide market intelligence and analytics, broking of newbuildings, conversions and chartering for offshore renewables assets, port services, logistics and supplies, and financing for offshore energy developers. #smarterdecisions Clarkson PLC | 2020 Annual Report 11 Purpose in action continued We supported our people to help our communities globally 12 Clarkson PLC | 2020 Annual Report Overview Strategic report Corporate governance Corporate Financial statements Financial Other information More than ever, 2020 was the year in which the Clarksons team pulled together. We enabled our staff to take decisions that would help to keep our business moving, keep staff connected and motivated, and, where possible, to donate our time and resources to those in need. In these exceptional times, our extraordinary people have achieved extraordinary things. #smarterdecisions Clarkson PLC | 2020 Annual Report 13 Chair’s review Overview In what has been, without doubt, the most globally disruptive and challenging time in living memory, I have been deeply impressed with the exceptional response of the entire Clarksons team. Colleagues have risen to the challenge of providing each other and their clients with excellent support and service throughout the COVID-19 pandemic. Clarksons works hard to remain the market leader, with the best teams, technology, research, insights and information flows. However, in the face of the huge challenges we have faced in 2020, our major focus has been on keeping our people safe and the global delivery of a first-class
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