ABPA Holdings Limited 2014 Half Year Summary. Keeping Britain Trading
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1 ABPA Holdings Limited 2014 Half Year Summary 1
2 Disclaimer This presentation is being distributed by Associated British Ports Holdings Limited on behalf of each Covenantor pursuant to the Common Terms Agreement (CTA) dated 14 December, 2011, between, inter alios, Associated British Ports Holdings Limited ( ABPH ), ABPA Holdings Limited ( ABPAH ), ABP Acquisitions UK Limited ( ABPA ), Associated British Ports ( ABP ) and Deutsche Trustee Company Limited (as ABPA Security Trustee). Unless otherwise stated, the figures in this presentation reflect the position as at 30 June In addition the presentation contains forward looking statements that reflect the current judgment of the management of the Covenantors regarding conditions that it expects to exist in the future. Forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future and, accordingly, are not guarantees of future performance. Management s assumptions rely on its operational analysis and expectations for the operating performance of each of the Covenantors assets based on their historical operating performance and management expectations as described herein. Factors beyond the control of management could cause events to differ from such assumptions and actual results to vary materially from the expectations discussed herein. Investors are cautioned that the assumptions and forecast information included herein are not fact and should not be relied upon as being necessarily indicative of future results and are cautioned not to place undue reliance on such assumptions and forecast information. It should also be noted that the information in this presentation has not been reviewed by the Covenantors auditors. This presentation is not intended as an offer for sale or subscription of, or solicitation of any offer to buy or subscribe, any security of ABP Finance Plc or any other member of the ABPAH Group nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whomsoever. 2
3 Agenda H1 Highlights 2. Business Overview 3. Trading Update 4. Major Capital Expenditure Projects 5. Funding & Treasury 3
4 2014 H1 Highlights Volumes Performance Financial Ratios Tonnage 47.9mt (+4.1%) Passengers 1.20m (-5.5%) Revenue 256.1m (+4.6%) Underlying Operating Profit 129.9m (+5.4%) Consolidated EBITDA 150.7m (+4.3%) Consolidated EBITDA Margin 58.8% (-0.2%) Interest Cover Ratio 2.29x (+0.05x) Leverage Ratio 6.34x (+0.04x) 4
5 5 Business Overview
6 ABP benefits from unparalleled geographic diversification Well positioned on key global European trade routes Close proximity of ABP ports to important industrial sites (e.g. oil refineries and power stations) and major conurbations and well positioned to benefit from evolving markets such as Offshore Wind and Biomass Benefits from excellent road and rail connections to destinations throughout Great Britain Troon Ayr Silloth ABP Port Groups: Humber Southampton South Wales Ports Shortsea Ports Freehold ownership of its assets Barrow Fleetwood Goole Hull Immingham Garston Grimsby Newport King s Lynn Highly diversified by geography, cargo and customer Cardiff Lowestoft Many customers have long-dated contracts, typically with significant minimum revenue guarantees and high historic retention rates Swansea Port Talbot Barry Teignmouth Ipswich Southampton Plymouth Well diversified investment grade funding structure 6
7 Diversified cargoes support resilient revenue growth Limited exposure to any one cargo Volume by cargo Revenue by cargo and type Dry Bulks 24% Containers 13% Vehicles 3% Dry Bulks 16% Containers 10% Vehicles 7% Property 3% Pilotage 7% Break Bulks 7% Liquid Bulks 23% Break Bulks 11% Other 26% Conservancy 4% Ferry & Cruise 5% Dredging 1% Sundry income 6% Coal 20% Ro/Ro 10% Coal 16% Ro/Ro 5% Liquid Bulks 9% Revenue by cargo percentages reflect revenues directly related to cargo including property related income (e.g. Rental of dockside terminals) Cargo handled by port location Silloth Fleetwood Teignmouth Garston Barry Lowestoft Troon Kings Lynn Plymouth Swansea Ayr Goole Barrow Cardiff Grimsby Newport Ipswich Port Talbot Hull So ton Immingham Liquid bulks Coal/coke Other dry bulks Break bulks Containers Ro/Ro Vehicles Ferry & Cruise Source: Company 7
8 8 Trading Update
9 2014 H1 Performance Strong operating performance in H1 2014, driven by growth in key commodity volumes Key Financial Indicators Commentary m 2014 H1 Act 2013 H1 Act 1 % Var to 2013 Ports and transport revenue % Property development revenue n/a Revenue % Ports and transport costs (126.2) (121.7) +3.7% Property development costs n/a Operating costs (126.2) (121.7) +3.7% Operating Profit % Consolidated EBITDA % Volume (mt) % 2014 H H1 Vol Var to % Var to 2014 H H1 Var to % Var to Act Act 2013 H H1 Act Act * 2013 H1 * 2013 H1 Total % % Coal (mt) % % Biomass (mt) % % Other dry bulks (mt) % % Liquid bulks (mt) % % Break bulks (mt) % % Containers (k units)/(mt) / / % % Import / export vehicles (k units)/(mt) / / % % Ro/ro (k units)/(mt) / / % % Cruise & Ferry passengers ( 000) 1, , % % Property % Pilotage & conservancy % Dredging % Other Income % 9 Revenue increased by 4.6% to 256.1m (2013: 244.9m) reflecting throughput volume growth, in particular biomass, import/export vehicles and increased container volumes following the opening of a new terminal at Southampton. Consolidated EBITDA (calculated in accordance with the definitions set out in the group s credit facilities) increased by 4.3% to 150.7m (2013: 144.5m) reflecting the favourable revenue performance partially offset by increased operating and maintenance costs associated with the increased volumes and activity. Total tonnage for the year (excluding conservancy only volumes) increased by 4.1% to 47.9m tonnes (2013: 46.0m tonnes). Refer to investor report for further commentary on key trade movements. Key trades Volume (mt) Revenue m 1 Restated to reflect changes to the measurement of the fair value of derivative financial instruments and different treatment of accounting for one of the groups pension scheme * Revenue restated to reflect allocation of revenues to commodities following a systems upgrade Source: Company
10 2014 H1 Operating Cost Analysis Operating Costs m 104.9m 100.4m m 2014 H1 Act 2013 H1 Act 1 Var to 2013 H1 % Var to 2013 H Labour (incl third party) % Maintenance % Fuel & utilities % Dredging % Other operating costs % Total costs excluding depreciation and amortisation % Depreciation % 2014 H H1 Labour General & other expenses Fuel & Utilities Maintenance Dredging Amortisation % Profit on sale of fixed assets (0.5) % Property Development Costs n/a Total ports and transport costs % Commentary ABP and third party labour costs increased by 7.1% to 62.1m (2013 H1: 58.0m) driven by annual wage increases, increased staff numbers and third party labour costs driven by increased activity across the group. Dredging represents third party dredging costs. Costs increased 50% to 0.9m in 2014 H1 (2013 H1: 0.6m) principally driven by an increase in the level of dredging managed by the group on behalf of a major customer. Other operating costs increased by 1.7% to 24.5m (2013 H1: 24.1m) mainly reflecting an increase in sub contractor haulage and equipment lease rentals driven by higher volumes and increased insurance costs. Decrease in costs for fuel and utilities mainly relate to decreased pilotage driven by reduced coal activity at HIT, oil volumes at IOT and in-house dredging activities. 1 Restated to reflect changes to the measurement of the fair value of derivative financial instruments and different treatment of accounting for one of the groups pension scheme Source: Company 10
11 Resilient revenue and EBITDA growth Aided by diversity of cargos and customers Volume (mt)* Group Underlying Revenue* and EBITDA ( m) EBITDA CAGR 7.3% Revenue CAGR 5.8% H H1 0 Volume Revenue (LHS) Consolidated EBITDA (RHS) *Excluding volumes where ABP generates conservancy income only *Source: company results restated for changes to accounting policies 11
12 12 Major Capital Expenditure Projects
13 Major capital expenditure projects Southampton Container Facilities Completed / In Operation Reconstruction and equipping of a new berth (SCT5) completed Q Alongside depth of reconstructed berths increased to 16m and four new ship-to-shore cranes were purchased. Increases the terminal s capability to handle the world s largest container vessels and potential for future expansion. The first phase of a dredging program to deepen and widen the approach channel has commenced and is scheduled to complete by the end of This is in addition to the widening of the channel near Marchwood which was completed in March Together these dredging programmes will improve marine access for large container vessels. 13
14 Major capital expenditure projects Under Construction Immingham Renewable Fuels Terminal Upgrade of shore-side handling and storage of biomass at Humber International Terminal 1 to provide capacity to handle up to 3mt of biomass per annum. 15-year contract from Drax Power providing foundation for future partnerships. Work commenced in Q and is expected to be complete in Q ABP also has agreements with Drax in Hull regarding biomass supply. Green Port Hull Works Commencing Provision of land and port facilities for offshore wind turbine production. To be backed by a long-term contract with Siemens. Works scheduled to commence on construction, assembly and service facilities in Q and planned to be operational to meet Round 3 requirements in Further provision of land for construction of rotor blade manufacturing facility scheduled for 2016 with full production levels reached from
15 15 Funding & Treasury
16 Diverse sources of funding with a range of maturities Funding Sources 30 June 2014 Type Facility m Drawn m Maturity GBP - Bank term facility Dec-16 GBP - Capex facility (RCF) Dec-16 GBP - Working capital facility (RCF) Dec-16 GBP - EIB Facility Dec-23 GBP - Term loan facilities Mar-29, Apr-29 EUR Fixed rate note Jun-23, Nov-23 GBP Floating rate notes Dec-22, Jun-33 GBP Fixed rate notes Dec-26, Dec-42 USD Floating rate notes Dec-21 GBP - US Private placements Jun-23 Dec m of USD private placements with longer dated maturities completed in Q In H a further 255m of USD and GBP private placements and 400m of revolving credit facilities were completed. Liquidity facilities were increased to 140m and renewed until The proceeds of these financings were used to refinance in full all facilities maturing in TOTAL 2, ,918.8 Liquidity facilities Dec-14 m 600 Debt Maturity Profile (Total Facilities) Term Facilities Capex/WC EIB EMTN FXD (GBP) EMTN FRN (GBP) USPP EMTN FXD (EUR) EMTN FRN (USD) Source: Company 16
17 Prudent and Proactive Treasury Management Mandatory Swap Breaks (Net Swap Notional) 30 June bn net notional of floating to fixed interest rate swaps. In H1 2014: 86m notional fixed to floating swap entered into to reduce fixed to floating mix. Swap MtM & Swap Counterparty Exposures 30 June 2014 Continued low individual counterparty exposure. All hedging counterparties are also providers of credit facilities. Source: Company * MtM is adjusted for the market value of counterparty credit risk (CVA) 17
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