Staff Numbers ( FTE at 31 March ) 39 37 35 35 Capital Expenditure £’000 1,483 1,958 223 5,080 Ferry Reliability( on time departures) 99.8% 99.7% 99.5% 99.9% Number of weekday passengers (‘000s) 2,123 2,169 2,230 2,497 % change on prior year -2.1% -2.7% -10.7% -1.6% Number of weekend passengers (‘000s) 800 817 803 831 % change on prior year -2.1% 1.8% -3.4% -4.1% Total number of passengers (‘000’s) 2,923 2,986 3,033 3,328 % change on prior year -2.1% -1.6% -8.9% -2.1% Revenue growth % 4.3% 1.2% -1.9% 11.5% Average yield per passenger journey £1.41 £1.32 £1.28 £1.19 Managing Director’s Strategic Report (continued) Momart Momart, the Group’s art handling and logistics business, saw a return to more normal levels of activity following the string of exceptional overseas exhibitions which boosted results in the prior year. Total revenue for the year decreased by 13.7% to £15.8 million (2014: £18.3 million) while underlying operating profit reduced by 32.1% to £1.24 million (2014: £1.83 million). Finance costs were reduced in the year as borrowings were repaid. Underlying profit before tax before amortisation of intangibles was £1.21 million (2014: £1.76 million). Momart Operating results Year ended 31 March 2015 2014 Change £m £m % Revenues Museums and public exhibitions 8.68 10.86 -20.0 Commercial gallery services 5.21 5.57 -6.5 Storage 1.86 1.83 1.3 Total Momart revenue 15.75 18.26 -13.7 Underlying Momart operating profit 1.24 1.83 -32.1 Net Interest expense (0.03) (0.07) -50.8% Underlying Pre Tax Profit 1.21 1.76 -31.5% Underlying operating profit margin 7.9% 10.0% -21.4 Exhibitions
Amortisation 142 307 Profit on disposal of fixed assets - (4) Share of Joint Venture profit (180) (36) Amortisation of loan fees 15 16 Past service cost of pension scheme - 45 Interest cost on pension scheme liabilities 107 108 Equity-settled share-based payment expenses 90 43 Non-cash items adjustment 1,600 1,712 (ii) Other items: Bank interest receivable (15) (99) Bank interest payable 17 39 Finance lease interest payable 246 262 Gain on disposal of FOGL shares (711) - Pension settlement profit - (64) Corporation and deferred tax expense 750 771 Other adjustments 287 909 Operating cash flow before changes in working capital and provisions 5,031 5,254 Decrease / (increase) in trade and other receivables 1,733 (888) Decrease / (increase) in inventories 1,406 (1,593) (Decrease) / increase in trade and other payables (879) 927 Decrease in provisions and employee benefits (115) (122) Changes in working capital and provisions 2,145 (1,676) Cash generated from operations 7,176 3,578 Corporation taxes paid (792) (780) Net cash flow from operating activities 6,384 2,798 Cash flows from investing activities Purchase of property, plant and equipment (4,597) (4,933) Purchase of computer software (132) (41) Proceeds from the disposal of property, plant & equipment 86 21 Proceeds received from the sale of FOGL shares 2,287 - Cash received on transfer of pension scheme - 46 Acquisition of a business (215) - Loans to Joint Venture 151 (529) Interest received 15 99 Net cash flow from investing activities (2,405) (5,337) Consolidated Cash Flow Statement (continued) FOR THE YEAR ENDED 31 MARCH 2015 2015 2014 £'000 £'000 Cash flow from financing activities Increase in finance leases receivable (260) (238) Repayment of secured loan (1,391) (1,396) Bank loan drawn down 701 - Interest paid (17) (39)
Consolidated Statement of Changes in Shareholders' Equity FOR THE YEAR ENDED 31 MARCH 2015 Equity share capital £’000 Share premium account £’000 Other reserves £’000 Retained earnings £’000 Financial assets fair value reserve £’000 Total equity £’000 Balance at 1 April 2013 1,243 17,447 1,162 13,612 815 34,279 Profit for the year - - - 2,633 - 2,633 Share-based payments - - - 43 - 43 Net Treasury share movements (126) (126) Dividends - - - (1,423) - (1,423) Change in fair value of shares in Falkland Oil and Gas Limited - - - - (129) (129) Remeasurement of the defined benefit pension liability, net of tax - - - 100 - 100 Balance at 31 March 2014 1,243 17,447 1,162 14,839 686 35,377 Profit for the year - - - 3,144 - 3,144 Share based payments - - - 90 - 90 Dividends - - - (1,424) - (1,424) Transfer to the income statement on sale of shares in Falkland Oil and Gas Limited - - - - (419) (419) Change in fair value of shares in Falkland Oil and Gas Limited - - - - 225 225 Remeasurement of the defined benefit pension liability, net of tax - - - (305) - (305) Balance at 31 March 2015 1,243 17,447 1,162 16,344 492 36,688 Company Statement of Changes in Shareholders' Equity FOR THE YEAR ENDED 31 MARCH 2015 Equity share capital £’000 Share premium account £’000 Other reserves £’000 Retained earnings £’000 Total equity £’000 Balance at 1 April 2013 1,243 17,447 6,910 13,122 38,722 Profit for the year - - - 1,632 1,632 Share-based payments - - - 43 43 Net Treasury share movements (126) (126) Dividends - - - (1,423) (1,423)
The Falkland Islands Company Roger Spink: Director and General Manager Telephone: 00 500 27600 Email: fic@horizon.co.fk Website: The Portsmouth Harbour Ferry Company Keith Edwards Director and General Manager Telephone: 02392 524551 Email: admin@gosportferry.co.uk Website: www.gosportferry.co.uk Momart Limited Kenneth Burgon Director Peter Brayshaw: Commercial and Financial Director Telephone: 020 7426 3000 Email: enquiries@momart.co.uk Website: www.momart.co.uk