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Annual Report 2017 Industry Clarkson PLC Rethinking Our Annual Report 2017 Industry Clarkson PLC Annual Report 2017 Clarksons is the world’s leading provider of integrated shipping services Through our ‘best in class’ offer, we bring unique industry connections and expertise to our ever-wider and increasingly diverse client base across all sectors of the shipping and offshore industries, providing unrivalled professionalism and support in the markets in which they operate. Underlying profit Reported profit Dividend Revenue before taxation before taxation per share £324.0m £50.2m £45.4m 73p 2016: £306.1m 2016: £44.8m 2016: £47.3m 2016: 65p Contents Strategic report Financial statements 4 Group at a glance 93 Consolidated income statement 8 Chair’s review 93 Consolidated statement 12 Our business model of comprehensive income 14 Our market context 94 Consolidated balance sheet 16 Chief Executive Officer’s review 95 Consolidated statement of changes 20 Our strategy in equity 22 Business review 96 Consolidated cash flow statement 40 Financial review 97 Notes to the consolidated 42 Risk management financial statements 48 Corporate social responsibility 128 Parent Company balance sheet 129 Parent Company statement Governance of changes in equity 130 Parent Company cash 55 Introduction to corporate governance flow statement 56 Board of Directors 131 Notes to the Parent Company 58 Corporate governance statement financial statements 62 Board and committees 63 Nomination committee report Other information 64 Remuneration committee report 145 Glossary 65 Directors’ remuneration report 148 Five year financial summary 80 Audit committee report IBC Principal trading offices 84 Directors’ report 86 Directors’ responsibilities statement Please visit www.clarksons.com 87 Independent Auditors’ report for more information. RETHINKING OUR INDUSTRY Governance As economies advance and global trade evolves, Clarksons remains at the forefront of the industry; committed to innovation, Financial statements driven by ambition and focused on the future. To be successful is to constantly adapt, embrace change, invest in our capabilities and innovate new technologies whilst continuing to provide an unrivalled service to our clients. Other information We never stop rethinking our industry. www.clarksons.com 1 Strategic report ERIK HELBERG CHIEF EXECUTIVE OFFICER OF CLARKSONS PLATOU SECURITIES We operate at the forefront of a dynamic shipping market, where our dedication to innovation ensures we set new industry standards and continue to provide our clients with an unrivalled service. 2 CLARKSON PLC ANNUAL REPORT 2017 Governance Financial statements EVOLVING OUR Other information OFFER Our marketplace is continually changing. As industry leaders, it is our responsibility to set the benchmark for best practice standards. We continue to grow the business profitably in line with our strategy, whilst ensuring that our efforts are centred around an ethos of excellence, evolution, innovation and expansion. For more information on our market context see pages 14 to 15. www.clarksons.com 3 Strategic report Group at a glance As the world’s leading provider of integrated shipping services, we work with our clients to achieve their business objectives across all aspects of this complex and dynamic industry. Our business Broking Financial Support Research Clarksons’ broking services From full investment banking Our teams provide the highest Clarksons Research is the are unrivalled – in terms of services to project finance levels of support with 24/7 market leader in providing the number and calibre of and the arrangement of attendance at a wide range timely and authoritative our brokers, our breadth of dedicated finance solutions of strategically located ports information on all aspects of market coverage, geographical for the shipping, offshore and in the UK and Egypt, offering shipping. We provide data on spread and depth of natural resources markets, port services support, agency, over 140,000 vessels, 7,000 intelligence resources. we help our clients fund freight forwarding, supplies offshore fields, 40,000 transactions and conclude and tools for the marine and companies and 700 shipyards deals that would often be offshore industries. as well as extensive trade and impossible via other, more commercial data and over traditional routes. 100,000 time series. For more information on For more information on For more information on For more information on broking see pages 22 to 32. financial see pages 33 to 35. support see pages 36 to 37. research see pages 38 to 39. The strategic report on pages 1 to 54 was approved by the Board and signed on its behalf by: Jeff Woyda Chief Financial Officer and Chief Operating Officer 9 March 2018 2017 financial highlights Revenue Underlying profit Reported profit Underlying earnings before taxation before taxation per share 33.8 25.2 50.5 44.8 50.2 31.8 47.3 45.4 237.9 134.2 301.8 306.1 324.0 121.9 105.2 116.8 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 £324.0m £50.2m £45.4m 116.8p 6% 12% 4% 11% 4 CLARKSON PLC ANNUAL REPORT 2017 2017 revenue 6% 4% Governance Port and agency services Digital Tools and supplies Consultancy Stevedoring Valuations Freight forwarding and logistics Reports Financial statements 16% 74% Securities Dry cargo Project finance Containers Structured asset finance Tankers Other information Specialised products Gas LNG Sale and purchase Offshore Futures Years Countries Offices Employees 166 22 48 1,546 Reported earnings Dividend Alternative performance per share per share measures (APMs) Clarksons uses APMs as key 15 18 25 32 36 40 42 43 47 50 51 56 60 62 65 73 financial indicators to assess the 91.9 68.2 119.7 104.4 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 of the term Final ‘underlying’ and related calculations Interim are included within the financial review on page 40. 2014 2015 2016 2017 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 104.4p 73p For more information see the financial review 13% 15 years’ progressive dividend on pages 40 to 41. www.clarksons.com 5 Strategic report EXPANDING OUR BUSINESS We are committed to investing in, and developing, our talented global workforce. Our ability to hire and retain the best new talents, as well as the industry’s most experienced professionals, enables us to deliver ‘best in class’ service across every sector of the market, whilst our growing office network offers a valuable local service alongside our global offering. For more information on our corporate social responsibility see pages 48 to 54. We are committed to developing the best talent to drive forward our unique and evolving offering across our global network. BOB KNIGHT CHIEF OPERATING OFFICER OF BROKING 6 CLARKSON PLC ANNUAL REPORT 2017 Governance Financial statements Other information 7 www.clarksons.com Strategic report Chair’s review JAMES HUGHES-HALLETT CHAIR Overview This year the shipping market has displayed some As the shipping markets begin early signs of a recovery following a sustained period of challenging trading conditions for the industry. to show signs of recovery, Despite ongoing headwinds in certain sectors, the strengthening of the broader global economy during the strength and depth of our 2017 has boosted the shipping market, highlighted global expertise has enabled within dry cargo where the Baltic Dry Index ended the year 42% higher than it started. Whilst we remain us to consolidate our market- cautious about the near-term direction of the industry, leading position. we are pleased to report that Clarksons has once again delivered a confident performance on the back of this wider macro-economic improvement and continues to deliver substantial value to our shareholders. Improvements across a number of divisions over the past year have been particularly pleasing, notably in the dry cargo freight market and container sector, as well as the strong performance in investment banking and project finance. Against this backdrop, we have consolidated our position as market leader, increasing our market activity through a mixture of innovation, investment and a continued commitment to providing a ‘best in class’ offering. We have made significant investments in technology over the past 12 months, ensuring that Clarksons not only remains at the forefront of the shipping industry, but continues to innovate and develop new services for our clients. Our position at the heart of the shipping industry has been built over 166 years, based on a fundamental dedication to our clients, and providing them with a unique, tailored service that offers an unrivalled understanding of the sector. 8 CLARKSON PLC ANNUAL REPORT 2017 As market leaders, we have an opportunity to set People new benchmarks for best practice in the sector and Our colleagues and their hard work and expertise are to create and shape the next generation of broking, at the centre of Clarksons’ continued success, and banking, market analysis and technology. This has underpin our commitment to providing a ‘best in been a key area of focus for Clarksons in 2017 and class’ global offering. We have continued to invest in we are very pleased with the progress we have made and develop talent throughout 2017, as seen by the during the year. Clarksons continues to pioneer new opening of new offices in Tokyo and Seoul, the hiring ways of doing business in the shipping industry and of a number of key individuals globally across many is well positioned to capitalise on this investment in business lines and the extension of banking activities Governance 2018 and beyond. into convertible bonds and broking activities into wet Results FFAs. We take our position as the leading sector employer very seriously, and are committed to Underlying profit before taxation was £50.2m (2016: continually setting new industry benchmarks of £44.8m).
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