Paris, September 9, 2015
BOURBON 1st Half 2015 Results: Adjusted EBITDAR generated by the fleet reached €290.4 million, a 26% increase compared with the 1st half 2014
- Record adjusted EBITDAR is the result of:
- Fleet size increase of 2.6%
- 96.4% availability rate, well above target
- Positive impact of the US$ exchange rate
- In the first half of 2015, adjusted EBIT of €48.8 million, excluding capital gain, increased 40% compared with H1 2014 and was stable compared with the previous semester due to:
- Good cost management
- Positive impact of adjusted EBITDAR generated
- Negative impact of utilization rate (-3.4pt) and of the average daily rates in dollars (-2.6%)
- Net Loss (group share) limited to €19.2 million
- During the first half of 2015, free cash flow amounted to €127 million
In € millions, unless otherwise noted | H1 2015 | H1 2014 (restated) | var H1 2015/ H1 2014 | H2 2014 (restated) | |
Operational indicators | |||||
| 500.6 | 487.9 | +2.6% | 496.7 | |
| 506 | 501 | + 5 vessels | 505 | |
| 96.4% | 95.2% | +1.2 pts | 95.8% | |
| 78.1% | 81.5% | -3.4 pts | 80.5% | |
| 11,885 | 12,207 | -2.6% | 12,442 | |
* FTE: full time equivalent. ** vessels operated by BOURBON (including vessels owned or on bareboat charter). | |||||
Financial performance | |||||
| 758.8 | 670.9 | +13.1% | 750.2 | |
(change at constant rate) | -1.7% | -6.8% | |||
| (468.4) | (440.5) | +6.3% | (470.9) | |
| 290.4 | 230.4 | +26.0% | 279.2 | |
EBITDAR / Revenues | 38.3% | 34.3% | +3.9 pts | 37.2% | |
| 205.0 | 195.1 | +5.1% | 264.7 | |
| 51.1 | 44.7 | +14.5% | 100.7 | |
| (6.4) | (3.9) | +62.6% | (4.4) | |
| 44.8 | 40.7 | +9.9% | 96.2 | |
| (3.7) | 10.6 | n/s | 88.1 | |
| (19.2) | (4.8) | n/s | 78.5 |
*** effect of consolidation of jointly controlled companies using the equity method.
(a) see page 2
Average utilization rate (excl. crew boats) | 81.9% | 88.9% | -7 pts | 86.6% |
Average daily rate (excluding crew boats, US$/d) | 19,012 | 19,541 | -2.7% | 19,938 |
"In the current market environment, clients are looking to their service providers to help them achieve their cost reduction objectives", says Christian Lefèvre, Chief Executive Officer of BOURBON. "BOURBON has been responding to its clients' needs through cost control initiatives and improving operational efficiency. In the first half of 2015, we have once again exceeded the targets set, by achieving a technical availability rate of 96.4% for the entire fleet. Thus, BOURBON is delivering to its clients the safest, most efficient and cost effective operation possible."
(a) Adjusted data:
The adjusted financial information is presented by Activity and by Segment based on the internal reporting system and shows internal segment information used by the principal operating decision maker to manage and measure the performance of BOURBON (IFRS 8). As of January 1, 2015, the internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method. Adjusted comparative figures are restated accordingly.
Half year 2015 market and operational highlights
- The global deepwater PSV fleet is facing overcapacity as projects cancelled and postponed are mostly in deepwater exploration projects
- BOURBON is focused on operational excellence in execution:
- Safety remains a strength at BOURBON, with TRIR (Total Recordable Incident Rate per million hours worked) improving to 0.69
- Strong Technical availability of 96.4% in the first half of 2015 far exceeds our BOURBON 2015 target of 95%
- Cost control remains a high priority in order to continuously improve the efficiency of the fleet
Half year 2015 results highlights
- At constant exchange rates, the reduction in adjusted costs (excluding bareboat charters) for the 1st half 2015 versus 2nd half 2014 is approximately 3%
- EBITDAR as a percent of revenues, which increased almost 4 points compared with the 1st half 2014, showed stable, high performance in Deepwater and significant improvements in Shallow water, Crew boats and Subsea, all showing the benefits of continued cost control efforts
- There was an increase in bareboat charter costs in the first half 2015 compared with the same period last year, from €45.2 million to €87.8 million, as the vessels sold over the course of 2014 had their full rental cost impact during the current period as well as the impact of the €/$ exchange rate increasing the euro value of the rents
- Compared with the 1st half 2014, Financial profit/loss was primarily impacted by foreign exchange differences, partially offset by a slight reduction in cost of debt
MARINE SERVICES
Operational Business Indicators | H1 2015 | H1 2014 | var H1 2015 / | H2 2014 |
H1 2014 | ||||
Number of vessels FTE * | 479.3 | 469.9 | +2.0% | 476.7 |
Technical availability rate | 96.5% | 95.3% | +1.2 pts | 95.9% |
Average utilization rate | 78.3% | 81.2% | -2.9 pts | 80.5% |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter). | ||||
Adjusted Financial Performance In € millions | H1 2015 | H1 2014 (restated) | var H1 2015/ | H2 2014 (restated) |
H1 2014 | ||||
Revenues | 612.0 | 551.8 | +10.9% | 604.1 |
costs (excluding bareboat charter costs) | (389.8) | (372.1) | +4.8% | (389.2) |
EBITDAR (excluding capital gains) | 222.3 | 179.7 | +23.7% | 214.9 |
EBITDAR (excluding capital gains) / Revenues | 36.3% | 32.6% | +3.7 pts | 35.6% |
EBITDA | 162.2 | 139.9 | +15.9% | 186.0 |
EBIT | 35.0 | 13.4 | n/s | 54.9 |
The adjusted EBITDAR/Revenue margin increased almost 4 points year on year, which was partially aided by the favorable exchange rates and also reflecting improved cost control. The cost control efforts are also seen when comparing total costs versus the second half of 2014 as costs remained flat. The stacking of vessels also contributed to the improvement in costs during the period.
Marine Services: Deepwater offshore vessels
Operational Business Indicators | H1 2015 | H1 2014 | var H1 2015 / H1 2014 | H2 2014 |
Number of vessels FTE * | 78.6 | 72.2 | +8.9% | 75.3 |
Technical availability rate | 96.1% | 92.9% | +3.2 pts | 92.3% |
Average utilization rate | 84.9% | 87.9% | -3 pts | 85.8% |
Average daily rate ($/day) | 21,097 | 23,008 | -8.3% | 23,350 |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter) | ||||
Adjusted Financial Performance In € millions | H1 2015 | H1 2014 (restated) | var H1 2015 / H1 2014 | H2 2014 (restated) |
Revenues | 223.4 | 194.0 | +15.2% | 217.7 |
costs (excluding bareboat charter costs) | (136.6) | (118.8) | +15.0% | (129.1) |
EBITDAR (excluding capital gains) | 86.7 | 75.2 | +15.4% | 88.6 |
EBITDAR / Revenues | 38.8% | 38.8% | +0.1 pt | 40.7% |
EBITDA | 58.6 | 51.1 | +14.7% | 76.2 |
The good growth in adjusted EBITDAR enabled the margin as a percentage of revenues to remain stable compared with a year ago, while being slightly aided by the stacking of vessels (up to 6 during the period). Adjusted EBITDA increased 15% while absorbing a significant increase in the amount of bareboat charter costs. There was a significant improvement in the technical availability rate as a result of a decrease in the amount of classification drydocks during the period.
Marine Services: Shallow water offshore vessels
Operational Business Indicators | H1 2015 | H1 2014 | var H1 2015 / H1 2014 | H2 2014 |
Number of vessels FTE* | 138.1 | 128.0 | +7.9% | 134.4 |
Technical availability rate | 97.7% | 96.5% | +1.2 pts | 96.6% |
Average utilization rate | 81.4% | 89.5% | -8.1 pts | 87.8% |
Average daily rate (in US$/day) | 13,732 | 14,070 | -2.4% | 14,307 |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter). | ||||
Adjusted Financial Performance In € millions | H1 2015 | H1 2014 (restated) | var H1 2015 / H1 2014 | H2 2014 (restated) |
Revenues | 239.6 | 214.9 | +11.5% | 240.8 |
costs (excluding bareboat charter costs) | (152.0) | (145.7) | +4.3% | (160.4) |
EBITDAR (excluding capital gains) | 87.5 | 69.2 | +26.6% | 80.4 |
EBITDAR / Revenues | 36.5% | 32.2% | +4.4 pts | 33.4% |
EBITDA | 55.5 | 53.4 | +4.0% | 63.9 |
Good cost control combined with revenue growth aided by the strength of the US dollar lead to a 26% increase in adjusted EBITDAR compared with the prior year period and a strong 4.4 point increase in the margin as a percentage of adjusted revenues. The stacking of up to 20 vessels during the period also contributed to the reduction of costs as stacked vessels have minimal operating costs. A further improvement in the technical availability rates to almost 98% due to lower levels of maintenance compared with the prior periods enabled the Shallow water segment to once again exceed the 2015 year-end target.
Marine Services: Crewboat vessels
Operational Business Indicators | H1 2015 | H1 2014 | var H1 2015 / H1 2014 | H2 2014 |
Number of vessels FTE | 262.6 | 269.7 | -2.6% | 267.0 |
Technical availability rate | 96.1% | 95.4% | +0.7 pts | 96.6% |
Average utilization rate | 74.7% | 75.5% | -0.8 pts | 75.3% |
Average daily rate (in US$/day) | 4,837 | 5,250 | -7.9% | 5,066 |
Adjusted Financial Performance In € millions | H1 2015 | H1 2014 (restated) | var H1 2015 / H1 2014 | H2 2014 (restated) |
Revenues | 149.1 | 142.9 | +4.3% | 145.6 |
costs (excluding bareboat charter costs) | (101.1) | (107.6) | -6.0% | (99.7) |
EBITDAR (excluding capital gains) | 48.0 | 35.4 | +35.7% | 45.9 |
EBITDAR / Revenues | 32.2% | 24.7% | +7.4 pts | 31.5% |
EBITDA | 48.0 | 35.4 | +35.7% | 45.9 |
Costs reduced by a greater percentage than the reduction of the fleet compared with the same period last year and when combined with the increase in adjusted revenues, the result is a significant increase in adjusted EBITDAR by over 35% and a more than 7 point increase as a percentage of revenues.
Subsea Services
Operational Business Indicators | H1 2015 | H1 2014 | var H1 2015 / H1 2014 | H2 2014 |
Number of vessels FTE* | 20.2 | 17.0 | +18.8% | 19.0 |
Technical availability rate | 93.8% | 93.3% | +0.5 pts | 93.6% |
Average utilization rate | 73.1% | 88.8% | -15.7 pts | 81.7% |
Average daily rate (in US$/day) | 49,718 | 46,452 | +7.0% | 48,622 |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter). | ||||
Adjusted Financial Performance In € millions | H1 2015 | H1 2014 (restated) | var H1 2015 / H1 2014 | H2 2014 (restated) |
Revenues | 138.0 | 110.9 | +24.5% | 133.3 |
costs (excluding bareboat charter costs) | (72.6) | (62.1) | +17.1% | (71.5) |
EBITDAR (excluding capital gains) | 65.3 | 48.8 | +33.9% | 61.9 |
EBITDAR / Revenues | 47.4% | 44.0% | +3.3 pts | 46.4% |
EBITDA | 40.0 | 53.3 | -24.9% | 76.3 |
EBIT | 16.2 | 32.1 | -49.4% | 45.8 |
Benefitting from a combination of cost reductions and the stacking of vessels, overall costs only increased by 17%, while the fleet grew by a slightly larger proportion. Combined with the nearly 25% growth in adjusted revenues, Subsea Services was able to increase its margin as a percentage of adjusted revenues to over 47% compared with the 1st half 2014. The reduction in adjusted EBITDA and EBIT compared with a year ago mostly reflects the increase in bareboat charter costs and that the 2014 results included a capital gain.
Other
Adjusted Financial Performance In € millions | H1 2015 | H1 2014 (restated) | var H1 2015 / H1 2014 | H2 2014 (restated) |
Revenues | 8.8 | 8.3 | +6.6% | 12.7 |
costs | (6.0) | (6.4) | -5.5% | (10.3) |
EBITDAR (excluding capital gains) | 2.8 | 1.9 | +47.2% | 2.5 |
EBITDAR / Revenues | 31.7% | 22.9% | +8.7 pts | 19.2% |
EBITDA | 2.8 | 1.9 | +47.2% | 2.5 |
EBIT | (0.1) | (0.8) | n/s | 0.0 |
Activities included are those that do not properly fit into either Marine Services or Subsea Services. Making up the majority of the total are earnings from such items as miscellaneous ship management activities, logistics as well as from the cement carrier Endeavor. The higher revenues in H2 2014 were due primarily to the charter of a vessel to meet client needs prior to the availability of a BOURBON owned and operated vessel.
Consolidated Capital Employed | 6/30/2015 | 12/31/2014 |
In € millions | ||
Net non-current Assets | 2,810.5 | 2,777.7 |
Assets held for sale | 39.0 | 28.2 |
Working Capital | 218.9 | 268.9 |
Total Capital Employed | 3,068.4 | 3,074.8 |
Shareholders equity | 1,613.4 | 1,625.0 |
Non-current liabilities (provisions and deferred taxes) | 116.3 | 101.4 |
Net debt | 1,338.8 | 1,348.5 |
Total Capital Employed | 3,068.4 | 3,074.8 |
Net non-current assets increased due to the delivery of vessels that are not part of the vessel sale and bareboat charter agreements. The assets held for sale increased sligthly, albeit from a very low level, reflecting the ongoing fleet management activities of the group.
The significant reduction in gearing ratio (net debt/shareholders equity) is seen when comparing to the end of June 2013, when vessel sale proceeds began to impact net debt. This reduction was significant with a 46% reduction in the ratio from 1.53 to the current level of 0.83 thanks to total proceeds from the disposal of vessels of $US1.7 billion.
Consolidated Sources and uses of Cash In € millions | H1 2015 | H1 2014 | ||
Cash generated by operations | 266.5 | 593.7 | ||
Vessels in service (A) | 217.0 | 167.0 | ||
Vessel sales | 49.4 | 426.7 | ||
Cash out for: | (127.5) | (114.7) | ||
Interest | (25.2) | (27.6) | ||
Taxes (B) | (15.7) | (4.5) | ||
Dividends | (86.6) | (82.6) | ||
Net Cash from activity | 139.0 | 479.1 | ||
Net debt changes | (45.3) | (150.1) | ||
Perpetual bond | 19.8 | - | ||
Use of cash for: | (123.6) | (343.0) | ||
Investments | (147.7) | (284.1) | ||
Working capital (C) | 24.1 | (59.0) | ||
Other sources and uses of cash | 10.1 | 14.1 | ||
Free cash flow | 127.2 | 246.2 | ||
Net Cash flow from operating activities (A+B+C) | 225.5 | 103.5 | ||
Acquisition of property, plant and equipment and intangible assets | (147.7) | (284.1) | ||
Sale of property, plant and equipment and intangible assets | 49.4 | 426.7 | ||
The two primary sources of cash generation for BOURBON are from the vessels in service as a ship operator and the sale of vessels as a ship owner. From these sources of cash, the stakeholders such as banks, government entities and shareholders receive a portion in the form of interest, taxes and dividends. Another use of cash is for investment in assets for the business and required working capital increases. These various uses of cash make the speed of debt reduction less rapid, though still significant.
The free cash flow generated through the combined vessel operator and vessel owner elements of the business has made a significant improvement since the beginning of the vessel sale and bareboat charter program, moving from a negative free cash flow position in H1 2013 to a strong positive free cash flow of close to €130 million at the end of H1 2015. This has enabled BOURBON to reduce its net debt significantly over this period.
OUTLOOK
The drop in the oil price and the uncertainty of the price recovery will continue to affect the development of new deepwater fields and the level of activity in shallow water fields.
BOURBON will continue to adapt to conditions and maintain its focus on cost control. Among the measures taken, BOURBON will continue to temporarily stack certain vessels which have no anticipated activity for 3 months and currently expects that there will be up to 35 supply vessels stacked during the 2nd half of 2015.
The continued pressure on the industry underscores the need for BOURBON to continue focusing on the four pillars of excellence in service execution, cost reduction, maintaining close contact with customers and their needs (while favoring utilization rates).
Due to high uncertainties in the offshore market and the impact of foreign exchange on its performances, BOURBON is not changing its full year objectives and is still anticipating a stable or slight decrease in adjusted revenues for 2015 and a slight decrease in the margin of adjusted EBITDAR/revenues.
MAJOR OPERATIONS AND HIGHLIGHTS
- As an update to the sale agreement with Minsheng Financial Leasing Co. for the sale and bareboat charter of 8 vessels, the ownership of 3 vessels had been transferred at the end of 2014 for approximately US$57 million. Of the remaining 5 vessels, 2 have been transferred (both Deepwater) during the first half for proceeds of approximately US$54 million, with the remaining 3 vessels to be transferred to MFL during the 2nd half 2015.
ADDITIONAL INFORMATION
- The accounts for the first half of 2015 were approved by the Board of Directors on the recommendation of the Audit Committee
- The accounts for the first half of 2015 underwent a limited examination by the statutory auditors
- BOURBON's results will continue to be influenced by the €/US$ exchange rate
FINANCIAL CALENDAR
3rd Quarter 2015 financial information press release | November 4, 2015 | |
APPENDIX I
Reconciliation of adjusted financial information with the consolidated financial statements
The adjustment items are the effects of the consolidation of joint ventures according to the equity method. At June 30, 2015 and for the comparative periods presented, adjustment elements are:
In millions of euros | H1 2015 Adjusted | IFRS 11 Impact* | H1 2015 Consolidated |
Revenues | 758.8 | (57.5) | 701.3 |
Direct Costs & General and Administrative costs | (468.4) | 44.3 | (424.2) |
EBITDAR (excluding capital gains) | 290.4 | (13.2) | 277.2 |
Bareboat charter costs | (87.8) | - | (87.8) |
EBITDA (excluding capital gains) | 202.6 | (13.2) | 189.4 |
Capital gain | 2.4 | - | 2.4 |
EBITDA | 205.0 | (13.2) | 191.8 |
Depreciation, Amortization & Provisions | (153.8) | 2.6 | (151.2) |
Share of results from companies under the equity method | - | 4.2 | 4.2 |
EBIT | 51.1 | (6.4) | 44.8 |
*effect of consolidation of jointly controlled companies using the equity method. | |||
| |||
In millions of euros | H2 2014 Adjusted (restated) | IFRS 11 Impact* | H2 2014 Consolidated |
Revenues | 750.2 | (46.4) | 703.8 |
Direct Costs & General and Administrative costs | (470.9) | 34.5 | (436.4) |
EBITDAR (excluding capital gains) | 279.2 | (11.8) | 267.4 |
Bareboat charter costs | (65.4) | - | (65.4) |
EBITDA (excluding capital gains) | 213.8 | (11.8) | 202.0 |
Capital gain | 50.9 | - | 50.9 |
EBITDA | 264.7 | (11.8) | 252.9 |
Depreciation, Amortization & Provisions | (164.1) | 5.2 | (158.9) |
Share of results from companies under the equity method | - | 2.2 | 2.2 |
EBIT | 100.7 | (4.4) | 96.2 |
*effect of consolidation of jointly controlled companies using the equity method. | |||
In millions of euros | H1 2014 Adjusted (restated) | IFRS 11 Impact* | H1 2014 Consolidated |
Revenues | 670.9 | (28.3) | 642.6 |
Direct Costs & General and Administrative costs | (440.5) | 18.7 | (421.8) |
EBITDAR (excluding capital gains) | 230.4 | (9.6) | 220.8 |
Bareboat charter costs | (45.2) | - | (45.2) |
EBITDA (excluding capital gains) | 185.2 | (9.6) | 175.6 |
Capital gain | 9.9 | - | 9.9 |
EBITDA | 195.1 | (9.6) | 185.4 |
Depreciation, Amortization & Provisions | (150.4) | 2.2 | (148.1) |
Share of results from companies under the equity method | - | 3.5 | 3.5 |
EBIT | 44.7 | (3.9) | 40.7 |
*effect of consolidation of jointly controlled companies using the equity method. |
APPENDIX II
Simplified Consolidated Income Statement
In € millions (except per share data) | H1 2015 | H1 2014 | var H1 2015 / H1 2014 | H2 2014 | |
Revenues | 701.3 | 642.6 | +9.1% | 703.8 | |
Direct costs | (357.3) | (351.3) | +1.7% | (369.1) | |
General & Administrative costs | (66.8) | (70.5) | -5.2% | (67.3) | |
EBITDAR excluding capital gains | 277.2 | 220.8 | +25.5% | 267.4 | |
Bareboat charter costs | (87.8) | (45.2) | +94.1% | (65.4) | |
EBITDA excluding capital gains | 189.4 | 175.6 | +7.9% | 202.0 | |
Capital gain | 2.4 | 9.9 | -76.1% | 50.9 | |
Gross operating income (EBITDA) | 191.8 | 185.4 | +3.4% | 252.9 | |
Depreciation, Amortization & Provisions | (151.2) | (148.1) | +2.1% | (158.9) | |
Share of results from companies under the equity method | 4.2 | 3.5 | +21.5% | 2.2 | |
Operating income (EBIT) | 44.8 | 40.7 | +9.9% | 96.2 | |
Financial profit/loss | (34.2) | (14.7) | n/s | 5.7 | |
Income tax | (14.3) | (15.4) | -6.9% | (13.8) | |
Net Income | (3.7) | 10.6 | n/s | 88.1 | |
Minority interests | (15.5) | (15.4) | +0.5% | (9.6) | |
Net income (Group share) | (19.2) | (4.8) | n/s | 78.5 | |
Earnings per share | (0.27) | (0.07) | - | ||
Weighted average number of shares outstanding | 71,578,168 | 71,586,260 | - | ||
APPENDIX III
Simplified Consolidated Balance Sheet
In € millions | 6/30/2015 | 12/31/2014 | 6/30/2015 | 12/31/2014 | |
Shareholders' equity | 1,613.4 | 1,625.0 | |||
Net property, plant and equipment | 2,592.0 | 2,576.8 | Financial debt > 1 year | 1,203.6 | 1,082.5 |
Other non-current assets | 272.9 | 256.8 | Other non-current liabilities | 163.6 | 152.5 |
TOTAL NON-CURRENT ASSETS | 2,864.9 | 2,833.6 | TOTAL NON-CURRENT LIABILITIES | 1,367.2 | 1,235.0 |
Cash on hand and in banks | 404.4 | 352.4 | Financial debt < 1 year | 539.5 | 618.4 |
Other currents assets | 567.3 | 603.2 | Other current liabilities | 355.4 | 339.0 |
TOTAL CURRENT ASSETS | 971.7 | 955.6 | TOTAL CURRENT LIABILITIES | 894.9 | 957.4 |
Non-current assets held for sale | 39.0 | 28.2 | Liabilities directly associated with non-current assets classified as held for sale | - | - |
TOTAL LIABILITIES | 2,262.2 | 2,192.5 | |||
TOTAL ASSETS | 3875.6 | 3,817.4 | TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | 3,875.6 | 3,817.4 |
APPENDIX IV
Simplified Consolidated Cash Flow Statement
In € millions | H1 2015 | H1 2014 |
Cash flow from operating activities | ||
consolidated net income (loss) | (3.7) | 10.6 |
Other adjustments to cash flow from operating activities | 229.2 | 93.0 |
Net cash flow from operating activities (A) | 225.5 | 103.5 |
Cash flow from investing activities | ||
acquisition of property, plant and equipment and intangible assets | (147.7) | (284.1) |
sale of property, plant and equipment and intangible assets | 49.4 | 426.7 |
other cash flow from investing activities | 4.2 | 13.1 |
Net Cash flow used in investing activities (B) | (94.1) | 155.8 |
Cash flow from financing activities | ||
net increase (decrease) in borrowings | (29.7) | (306.2) |
dividends paid to shareholders of the group | (71.6) | (71.6) |
cost of net debt | (25.2) | (27.6) |
other cash flow from financing activities | 10.7 | (10.0) |
Net Cash flow used in financing activities (C) | (115.8) | (415.4) |
Impact from the change in exchange rates (D) | 5.6 | 2.8 |
Change in net cash (A) + (B) + (C) + (D) | 21.2 | (153.3) |
Net cash at beginning of period | 170.7 | 99.0 |
Change in net cash | 21.2 | (153.3) |
Net cash at end of period | 191.9 | (54.3) |
Free cash flow calculation | ||
Net Cash flow from operating activities | 225.5 | 103.5 |
acquisition of property, plant and equipment and intangible assets | (147.7) | (284.1) |
sale of property, plant and equipment and intangible assets | 49.4 | 426.7 |
Free cash flow | 127.2 | 246.2 |
APPENDIX V
Quarterly adjusted revenue breakdown
In € millions | 2015 | 2014 (restated) | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Marine Services | 299.8 | 312.2 | 314.3 | 289.8 | 277.5 | 274.3 | ||
Deepwater offshore vessels | 109.6 | 113.8 | 111.4 | 106.3 | 98.9 | 95.1 | ||
Shallow water offshore vessels | 116.1 | 123.5 | 127.8 | 112.9 | 108.3 | 106.6 | ||
Crewboats | 74.2 | 74.9 | 75.0 | 70.6 | 70.3 | 72.6 | ||
Subsea Services | 70.9 | 67.1 | 67.6 | 65.7 | 56.2 | 54.6 | ||
Other | 4.5 | 4.3 | 6.6 | 6.1 | 4.2 | 4.1 | ||
Total adjusted revenues | 375.2 | 383.6 | 388.5 | 361.7 | 337.9 | 333.0 | ||
Adjustments * | (30.1) | (27.4) | (25.5) | (20.8) | (15.3) | (13.0) | ||
TOTAL CONSOLIDATED | 345.1 | 356.3 | 363.0 | 340.8 | 322.6 | 320.0 |
*effect of consolidation of joint ventures using the equity method.
Quarterly average utilization rates for the BOURBON offshore fleet
In % | 2015 | 2014 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Marine Services | 77.4 | 79.2 | 81.7 | 79.4 | 80.0 | 82.4 | ||
Deepwater offshore vessels | 84.0 | 86.0 | 85.8 | 85.7 | 87.2 | 88.6 | ||
Shallow water offshore vessels | 78.3 | 84.5 | 89.1 | 86.6 | 87.8 | 91.2 | ||
Crewboats | 75.0 | 74.4 | 76.7 | 74.0 | 74.3 | 76.6 | ||
Subsea Services | 70.2 | 75.9 | 82.8 | 81.1 | 83.9 | 94.4 | ||
"Total fleet excluding Crewboats" | 79.5 | 84.3 | 87.5 | 85.8 | 87.3 | 90.6 | ||
"Total fleet" average utilization rate | 77.1 | 79.1 | 81.7 | 79.4 | 80.2 | 82.8 |
Quarterly average daily rates for the BOURBON offshore fleet
In US$/day | 2015 | 2014 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Deepwater offshore vessels | 20,286 | 21,942 | 23,093 | 23,887 | 23,219 | 22,839 | ||
Shallow water offshore vessels | 13,507 | 13,882 | 14,452 | 14,152 | 14,006 | 14,199 | ||
Crewboats | 4,732 | 4,934 | 5,067 | 5,113 | 5,197 | 5,323 | ||
Subsea Services | 48,847 | 50,118 | 48,063 | 50,992 | 46,868 | 45,407 | ||
"Total fleet excluding Crewboats" average daily rate | 18,640 | 19,301 | 19,871 | 20,247 | 19,588 | 19,497 |
Quarterly number of vessels (end of period)
In number of vessels* | 2015 | 2014 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Marine Services | 483 | 479 | 483 | 481 | 481 | 479 | ||
Deepwater offshore vessels | 82 | 79 | 79 | 75 | 74 | 73 | ||
Shallow water offshore vessels | 138 | 138 | 139 | 135 | 133 | 130 | ||
Crewboats | 263 | 262 | 265 | 271 | 274 | 276 | ||
Subsea Services | 22 | 21 | 21 | 19 | 19 | 18 | ||
FLEET TOTAL | 505 | 500 | 504 | 500 | 500 | 497 |
*Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Quarterly deliveries of vessels
In number of vessels | 2015 | 2014 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Marine Services | 4 | 0 | 10 | 5 | 8 | 12 | ||
Deepwater offshore vessels | 3 | 0 | 5 | 1 | 1 | 2 | ||
Shallow water offshore vessels | 0 | 0 | 4 | 2 | 3 | 6 | ||
Crewboats | 1 | 0 | 1 | 2 | 4 | 4 | ||
Subsea Services | 1 | 0 | 2 | 0 | 1 | 2 | ||
FLEET TOTAL | 5 | 0 | 12 | 5 | 9 | 14 |
Half-year adjusted revenue breakdown
In € millions | 2015 H1 | 2014 (restated) | |||
H2 | H1 | ||||
Marine Services | 612.0 | 604.1 | 551.8 | ||
Deepwater offshore vessels | 223.4 | 217.7 | 194.0 | ||
Shallow water offshore vessels | 239.6 | 240.8 | 214.9 | ||
Crewboats | 149.1 | 145.6 | 142.9 | ||
Subsea Services | 138.0 | 133.3 | 110.9 | ||
Other | 8.8 | 12.7 | 8.3 | ||
Total adjusted revenues | 758.8 | 750.2 | 670.9 | ||
IFRS 11 impact * | (57.5) | (46.4) | (28.3) | ||
TOTAL CONSOLIDATED | 701.3 | 703.8 | 642.6 |
*effect of consolidation of joint ventures using the equity method.
Half-year average utilization rates for the BOURBON offshore fleet
In % | 2015 H1 | 2014 | |||
H2 | H1 | ||||
Marine Services | 78.3 | 80.5 | 81.2 | ||
Deepwater offshore vessels | 84.9 | 85.8 | 87.9 | ||
Shallow water offshore vessels | 81.4 | 87.8 | 89.5 | ||
Crewboats | 74.7 | 75.3 | 75.5 | ||
Subsea Services | 73.1 | 81.7 | 88.8 | ||
"Total fleet excluding Crewboats" | 81.9 | 86.6 | 88.9 | ||
"Total fleet" average utilization rate | 78.1 | 80.5 | 81.5 |
Half-year average daily rates for the BOURBON offshore fleet
In US$/day | 2015 H1 | 2014 | |||
H2 | H1 | ||||
Deepwater offshore vessels | 21,097 | 23,350 | 23,008 | ||
Shallow water offshore vessels | 13,732 | 14,307 | 14,070 | ||
Crewboats | 4,837 | 5,066 | 5,250 | ||
Subsea Services | 49,718 | 48,622 | 46,452 | ||
"Total fleet excluding Crewboats" average daily rate | 19,012 | 19,938 | 19,541 |
Half-year deliveries of vessels
In number of vessels | 2015 H1 | 2014 | |||
H2 | H1 | ||||
Marine Services | 4 | 15 | 20 | ||
Deepwater Offshore vessels | 3 | 6 | 3 | ||
Shallow water Offshore | 0 | 6 | 9 | ||
Crewboats | 1 | 3 | 8 | ||
Subsea Services | 1 | 2 | 3 | ||
FLEET TOTAL | 5 | 17 | 23 |
Contractualization rates for the BOURBON offshore fleet (end of period)
6/30/2015 | 12/31/2014 | 6/30/2014 | |||
Deepwater offshore vessels | 76.5% | 74.4% | 78.4% | ||
Shallow water offshore vessels | 65.2% | 64.5% | 74.4% | ||
Crewboats | 62.6% | 71.2% | 67.2% | ||
Subsea Services | 47.6% | 57.9% | 77.8% |
Breakdown of BOURBON adjusted revenues by geographical region
In € millions | Second quarter | First half | ||||
Q2 2015 | Q2 2014 (restated) | Change | H1 2015 | H1 2014 (restated) | Change | |
Africa | 212.5 | 190.8 | +11.4% | 432.3 | 385.2 | +12.2% |
Europe & Mediterranean/Middle East | 57.2 | 55.9 | +2.3% | 116.3 | 110.0 | +5.7% |
Americas | 68.9 | 46.9 | +47.0% | 133.1 | 90.6 | +46.9% |
Asia | 36.6 | 44.4 | -17.5% | 77.1 | 85.1 | -9.3% |
2015 | 2014 (restated) | |||||||
In € millions | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||
Africa | 212.5 | 219.8 | 227.2 | 205.3 | 190.8 | 194.4 | ||
Europe & Mediterranean/Middle East | 57.2 | 59.1 | 65.3 | 60.6 | 55.9 | 54.2 | ||
Americas | 68.9 | 64.2 | 49.6 | 49.1 | 46.9 | 43.8 | ||
Asia | 36.6 | 40.5 | 46.4 | 46.8 | 44.4 | 40.7 |
Other key indicators
Quarterly breakdown
2015 | 2014 | |||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Average €/US$ exchange rate for the quarter (in €) | 1.11 | 1.13 | 1.25 | 1.33 | 1.37 | 1.37 | ||
€/US$ exchange rate at closing (in €) | 1.12 | 1.08 | 1.21 | 1.26 | 1.37 | 1.38 | ||
Average price of Brent for the quarter (in US$/bbl) | 62 | 54 | 76 | 102 | 110 | 108 |
Half-yearly breakdown
2015 H1 | 2014 | ||||
H2 | H1 | ||||
Average €/US$ exchange rate for the half year (in €) | 1.12 | 1.29 | 1.37 | ||
€/US$ exchange rate at closing (in €) | 1.12 | 1.21 | 1.37 | ||
Average price of Brent for the half year (in US$/bbl) | 58 | 89 | 109 |
About BOURBON
Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of almost 12,000 skilled employees. Through its 29 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.
BOURBON provides two operating Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.
In 2014, BOURBON'S revenue came to €1,346.4 million and the company operated a fleet of 506 vessels as of June 30, 2015.
Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment A.
Contacts
BOURBON
Investor Relations, analysts, shareholders
James Fraser, CFA
+33 491 133 545
james.fraser@bourbon-online.com
Corporate Communications
Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com
Media relations agency
Publicis Consultants
Véronique Duhoux
+33 1 44 824 633
veronique.duhoux@consultants.publicis.fr
Vilizara Lazarova
+33 1 44 824 634
vilizara.lazarova@consultants.publicis.fr