Paris, September 8, 2016
BOURBON 1st Half 2016
Results
In an Offshore services market that reached a low
point, BOURBON achieved a solid adjusted EBITDAR, even though it
declined 21% compared with the 1st half
2015
-
Operationally, the half year period recorded an
exceptional performance in terms of safety
(TRIR of 0.60) and
technical availability of the fleet (97.6%)
-
Adjusted EBITDAR reached €228.8 million compared
with €290.4 million in 1st half 2015,
with a stability of the margin at 38.2% of adjusted revenues
compared with 38.3% for the same period a year ago, even as the
full time equivalent number of stacked vessels, excluding Crew
boats, increased from 18.6 vessels in the 1st half
2015 to 53.6 vessels for the 1st half
2016
-
Adjusted direct costs declined by 22.4%; the
cost reduction for vessels in operation and the reduction in
general & administrative costs compensated for the increase in
total costs for the stacked vessels
-
During the 1st half, the
reduction in adjusted revenues, the stability of the depreciation
& amortization of the entire fleet, the impact of various
non-recurring provisions and the loss on exchange realized in
Nigeria, Egypt and Mexico have reduced the adjusted operating
profit
to
-€24.8 million and the Net Income, Group share to -€104.3
million
-
While BOURBON took delivery of 4 vessels during
the 1st half,
including the Bourbon Arctic in February 2016, the free cash flow
generated in the period remained slightly positive at €6.7
million
"BOURBON is
reinforcing its resistance capacity in the bottom of the cycle
thanks to the action plan "Stronger for longer" that encompasses
operational excellence, cost optimization, cash preservation and an
appropriate debt structure", says Jacques de
Chateauvieux, Chairman and Chief Executive Officer of BOURBON
Corporation.
"However, we are
convinced that the model of tomorrow will not return to that of
pre-crisis and we are already preparing new responses to changes
seen in the clients' expectations."
In € millions, unless otherwise noted |
H1 2016 |
H1
2015 |
var H1 2016/
H1 2015 |
H2
2015 |
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
511.3 |
500.6 |
+2.1% |
505.4 |
|
|
513 |
506 |
+7 vessels |
511 |
|
|
97.6% |
96.4% |
+1.3 pts |
96.5% |
|
|
66.8% |
78.1% |
-11.3 pts |
73.0% |
|
|
9,961 |
11,885 |
-16.2% |
10,920 |
|
|
|
|
|
|
|
* FTE: full time
equivalent.
** Vessels
operated by BOURBON (including vessels owned or on bareboat
charter). |
|
|
|
|
|
|
|
Financial performance |
|
|
|
|
|
|
599.2 |
758.8 |
-21.0% |
678.3 |
|
(change at
constant rate) |
|
|
-19.6% |
-12.6% |
|
|
(370.3) |
(468.4) |
-20.9% |
(421.0) |
|
|
228.8 |
290.4 |
-21.2% |
257.3 |
|
Adjusted
EBITDAR / Revenues |
38.2% |
38.3% |
-0.1 pt |
37.9% |
|
|
134.4 |
205.0 |
-34.4% |
166.3 |
|
|
(24.8) |
51.1 |
n/s |
15.0 |
|
|
(3.6) |
(6.4) |
-43.7% |
(11.9) |
|
|
(28.3) |
44.8 |
n/s |
3.0 |
|
|
(87.3) |
(3.7) |
n/s |
(39.7) |
|
|
(104.3) |
(19.2) |
n/s |
(57.4) |
|
*** Effect of
consolidation of jointly controlled companies using the equity
method.
|
|
|
|
|
Average
utilization rate (excl. crew boats) |
68.1% |
81.9% |
-13.8 pts |
76.4% |
Average
daily rate (excluding crew boats, US$/d) |
15,741 |
19,012 |
-17.2% |
17,237 |
(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.
Half year 2016
market and operational highlights
-
The global deepwater PSV market continues to
face overcapacity during the prolonged downturn in the oil &
gas sector as offshore activity is still significantly affected by
the reductions in investments in new and existing projects by oil
& gas companies
-
BOURBON is focused on operational excellence in
execution:
-
Safety remains a strength at BOURBON, with TRIR
(Total Recordable Incident Rate per million hours worked) of
0.60
-
Strong Technical availability rate of 97.6% in
the 1st half of
2016
-
Cost control remains a high priority in order to
continuously improve the efficiency of the fleet
Half year 2016
results highlights
-
Continued cost control efforts which
included both efficiency gains as well as proactive stacking
activity resulted in a reduction in costs (direct costs and
G&A) of approximately 21% compared with the same period a year
ago
-
The high margin of adjusted EBITDAR as
a percent of revenues was stable overall compared with the
1st half
2015
MARINE
SERVICES
Operational Business Indicators |
H1 2016 |
H1
2015 |
var H1 2016 / |
H2
2015 |
H1 2015 |
Number of
vessels FTE * |
488.3 |
479.3 |
+1.9% |
482.9 |
Technical
availability rate |
97.6% |
96.5% |
+1.1 pts |
96.5% |
Average
utilization rate |
67.4% |
78.3% |
-10.9 pts |
73.6% |
* Vessels operated by BOURBON (including vessels owned or on
bareboat charter). |
|
|
|
|
|
Adjusted Financial Performance
In € millions |
H1 2016 |
H1
2015 |
var H1 2016/ |
H2
2015 |
H1 2015 |
Revenues |
478.0 |
612.0 |
-21.9% |
554.7 |
costs
(excluding bareboat charter costs) |
(308.2) |
(389.8) |
-20.9% |
(355.0) |
EBITDAR
(excluding capital gains) |
169.8 |
222.3 |
-23.6% |
199.7 |
EBITDAR
(excluding capital gains) / Revenues |
35.5% |
36.3% |
-0.8 pts |
36.0% |
EBITDA |
103.5 |
162.2 |
-36.2% |
132.7 |
EBIT |
(22.6) |
35.0 |
n/s |
6.5 |
The good resilience of the Crew
boat segment and cost reductions of almost 21% compared with the
same period a year ago enabled Marine Services activity to maintain
a high margin (adjusted EBITDAR/revenues) that was only slightly
below the margin for the 1st half 2015.
This decrease in costs was due to the proactive stacking of vessels
as well as operational efficiency improvements. A slight increase
in bareboat charter costs compared with a year ago combined with
lower adjusted EBITDAR resulted in the significant decline in both
adjusted EBITDA and adjusted EBIT.
Marine Services:
Deepwater offshore vessels
Operational Business Indicators |
H1 2016 |
H1
2015 |
var H1 2016 /
H1 2015 |
H2
2015 |
Number of vessels FTE
* |
88.7 |
78.6 |
+12.8% |
85.1 |
Technical
availability rate |
95.4% |
96.1% |
-0.7 pts |
95.4% |
Average
utilization rate |
73.4% |
84.9% |
-11.5 pts |
81.4% |
Average
daily rate ($/day) |
17,114 |
21,097 |
-18.9% |
18,718 |
* Vessels operated by BOURBON (including vessels owned or on
bareboat charter) |
|
|
|
|
|
Adjusted Financial Performance
In € millions |
H1 2016 |
H1
2015 |
var H1 2016 /
H1 2015 |
H2
2015 |
Revenues |
182.8 |
223.4 |
-18.2% |
208.1 |
costs
(excluding bareboat charter costs) |
(112.9) |
(136.6) |
-17.4% |
(123.5) |
EBITDAR
(excluding capital gains) |
69.9 |
86.7 |
-19.4% |
84.6 |
EBITDAR /
Revenues |
38.2% |
38.8% |
-0.6 pts |
40.6% |
EBITDA |
36.1 |
58.6 |
-38.5% |
51.3 |
Global market conditions continue
to put downward pressure on the average daily rate and the average
utilization rate. Costs were reduced by over 17% in the
1st half of
2016, in line with the reduction in adjusted revenues, while
absorbing an increase in the fleet of nearly 13%, thus enabling the
Deepwater offshore segment to keep the margin mostly stable versus
a year ago. A reduced level of adjusted EBITDAR combined with a
slight increase in the bareboat charter costs versus a year ago
lead to an adjusted EBITDA reduction of 38.5%
Marine
Services: Shallow water offshore
vessels
Operational Business
Indicators |
H1 2016 |
H1
2015 |
var H1 2016 /
H1 2015 |
H2
2015 |
Number of vessels FTE* |
133.0 |
138.1 |
-3.7% |
135.1 |
Technical
availability rate |
98.7% |
97.7% |
+1.0 pts |
97.5% |
Average
utilization rate |
66.9% |
81.4% |
-14.5 pts |
76.0% |
Average
daily rate (in US$/day) |
11,289 |
13,732 |
-17.8% |
12,507 |
* Vessels operated by BOURBON (including vessels owned or on
bareboat charter). |
|
|
|
|
|
Adjusted Financial Performance
In € millions |
H1 2016 |
H1
2015 |
var H1 2016 /
H1 2015 |
H2
2015 |
Revenues |
168.2 |
239.6 |
-29.8% |
210.2 |
costs
(excluding bareboat charter costs) |
(107.2) |
(152.0) |
-29.5% |
(133.7) |
EBITDAR
(excluding capital gains) |
61.0 |
87.5 |
-30.3% |
76.4 |
EBITDAR /
Revenues |
36.3% |
36.5% |
-0.2 pts |
36.4% |
EBITDA |
28.2 |
55.5 |
-49.2% |
42.5 |
In the context of a very difficult
market, BOURBON chose to take further proactive cost reduction
measures by stacking additional vessels. Up to 46 vessels were
stacked in the 1st half of this
year. Therefore, the stable margin (adjusted EBITDAR/revenues) over
the past 3 periods reflects the gains in cost control largely
offsetting the reductions in adjusted revenues. Fleet availability
has reached almost 99% in the 1st half of 2016
due to low maintenance downtime thanks to our modern and reliable
fleet of Bourbon Liberty ships.
Marine Services:
Crew boat vessels
Operational Business
Indicators |
H1 2016 |
H1
2015 |
var H1 2016 /
H1 2015 |
H2
2015 |
Number of vessels FTE |
266.6 |
262.6 |
+1.5% |
262.8 |
Technical
availability rate |
97.9% |
96.1% |
+1.8 pts |
96.3% |
Average
utilization rate |
65.6% |
74.7% |
-9.1 pts |
69.9% |
Average
daily rate (in US$/day) |
4,478 |
4,837 |
-7.4% |
4,579 |
|
|
|
|
|
|
Adjusted Financial Performance
In € millions |
H1 2016 |
H1
2015 |
var H1 2016 /
H1 2015 |
H2
2015 |
Revenues |
127.0 |
149.1 |
-14.8% |
136.4 |
costs
(excluding bareboat charter costs) |
(88.1) |
(101.1) |
-12.8% |
(97.7) |
EBITDAR
(excluding capital gains) |
38.8 |
48.0 |
-19.1% |
38.7 |
EBITDAR /
Revenues |
30.6% |
32.2% |
-1.6 pts |
28.4% |
EBITDA |
39.2 |
48.0 |
-18.3% |
38.8 |
The margin of adjusted
EBITDAR/revenues declined compared with the 1st half
of 2015. However, the margin increased 2.2 points compared with the
2nd half 2015 as
a result of aggressive cost reductions and the improvement in
activity in the crew boats.
Subsea
Services
Operational Business
Indicators |
H1 2016 |
H1
2015 |
var H1 2016 /
H1 2015 |
H2
2015 |
Number of vessels FTE* |
22.0 |
20.2 |
+8.9% |
21.4 |
Technical
availability rate |
96.1% |
93.8% |
+2.3 pts |
96.7% |
Average
utilization rate |
54.1% |
73.1% |
-19.0 pts |
59.0% |
Average
daily rate (in US$/day) |
41,501 |
49,718 |
-16.5% |
47,459 |
* Vessels operated by BOURBON (including vessels owned or on
bareboat charter). |
|
|
|
|
|
Adjusted Financial Performance
In € millions |
H1 2016 |
H1
2015 |
var H1 2016 /
H1 2015 |
H2
2015 |
Revenues |
110.8 |
138.0 |
-19.7% |
114.3 |
costs
(excluding bareboat charter costs) |
(54.5) |
(72.6) |
-24.9% |
(60.0) |
EBITDAR
(excluding capital gains) |
56.3 |
65.3 |
-13.8% |
54.3 |
EBITDAR /
Revenues |
50.8% |
47.4% |
+3.5 pts |
47.5% |
EBITDA |
28.1 |
40.0 |
-29.7% |
30.4 |
EBIT |
4.0 |
16.2 |
-75.5% |
6.5 |
The margin of adjusted
EBITDAR/revenues of Subsea Services activity increased 3.5 points
in H1 2016 compared with a year ago due to cost control efforts
that more than offset the decline in adjusted revenues during the
period as well as the rebound in Subsea activity since the
1st quarter
2016. This is reflected in the 13.8% decline in adjusted EBITDAR
while adjusted revenues declined almost 20%. There was a slight
increase in bareboat charter costs and stable depreciation and
amortization compared with the year ago period which, following a
lower level of adjusted EBITDAR, lead to a significant percentage
decline in adjusted EBITDA and adjusted EBIT.
Other
|
|
|
|
|
Adjusted Financial Performance
In € millions |
H1 2016 |
H1
2015 |
var H1 2016 /
H1 2015 |
H2
2015 |
Revenues |
10.4 |
8.8 |
+17.5% |
9.3 |
costs |
(7.6) |
(6.0) |
+26.4% |
(6.1) |
EBITDAR
(excluding capital gains) |
2.7 |
2.8 |
-1.7% |
3.2 |
EBITDAR /
Revenues |
26.5% |
31.7% |
-5.2 pts |
34.9% |
EBITDA |
2.7 |
2.8 |
-1.7% |
3.2 |
EBIT |
(6.1) |
(0.1) |
n/s |
2.0 |
Activities included are those that do
not 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.
Consolidated Capital Employed |
6/30/2016 |
12/31/2015 |
In € millions |
|
|
|
Net
non-current Assets |
2,769.2 |
2,725.9 |
Assets
held for sale |
- |
72.4 |
Working
Capital |
205.8 |
269.7 |
|
|
|
Total Capital Employed |
2,975.0 |
3,068.0 |
|
|
|
Shareholders equity |
1,396.4 |
1,564.3 |
Non-current liabilities (provisions and deferred taxes) |
132.4 |
108.2 |
Net
Debt |
1,446.2 |
1,395.5 |
|
|
|
Total Capital Employed |
2,975.0 |
3,068.0 |
|
|
|
Net non-current assets increased
slightly due to the delivery of vessels that are not part of the
vessel sale and bareboat charter agreements.
At the beginning of December 2014,
BOURBON signed an agreement with Minsheng Financial leasing Co. for
the sale and retention under bareboat charter of 8 vessels for an
overall amount of approximately $US 202 million.
As of December 31, 2015, 5 vessels had been sold for approximately
$US 111 million. The 3 remaining vessels to be sold had been
accounted for in accordance with IFRS 5 on December 31, 2015.
During the 1st half 2016,
it was decided to not sell the remaining 3 vessels delivered at the
end of 2015. According to IFRS 5, following the change in the plan
to sell those non-current assets, BOURBON ceased to classify those
assets as held for sale and reclassified them into tangible fixed
assets.
Consolidated Sources and uses of Cash
In € millions |
H1 2016 |
H1 2015 |
|
|
|
|
|
Cash generated by operations |
111.8 |
|
266.5 |
|
Vessels in
service (A) |
|
110.9 |
|
217.0 |
Vessel
sales |
|
0.9 |
|
49.4 |
|
|
|
|
|
Cash out for: |
(40.6) |
|
(127.5) |
|
Interest |
|
(23.5) |
|
(25.2) |
Taxes
(B) |
|
(11.7) |
|
(15.7) |
Dividends |
|
(5.3) |
|
(86.6) |
|
|
|
|
|
Net Cash from activity |
71.2 |
|
139.0 |
|
|
|
|
|
|
Net debt
changes
|
56.6 |
|
(45.3) |
|
Perpetual
bond
|
- |
|
19.8 |
|
|
|
|
|
|
Use of
cash for: |
(93.4) |
|
(123.6) |
|
Investments |
|
(117.9) |
|
(147.7) |
Working
capital (C) |
|
24.5 |
|
24.1 |
|
|
|
|
|
Other
sources and uses of cash |
(34.4) |
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
6.7 |
|
127.2 |
|
Net Cash
flow from operating activities (A+B+C) |
|
123.7 |
|
225.5 |
Acquisition of property, plant and equipment and intangible
assets |
|
(117.9) |
|
(147.7) |
Sale of
property, plant and equipment and intangible assets |
|
0.9 |
|
49.4 |
|
|
|
|
|
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. This enabled
movement 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 before the effects of the market downturn has reduced
free cash flow, though as a result of BOURBON's resilience, it
still remains positive in the 1st half
2016.
OUTLOOK
After the drastic reduction of the
level of investments of oil & gas companies over the past
couple years, oil producers are now thinking of the future,
particularly to maintain their level of production in the medium
term. However, the inevitable rebound in activity will take some
time to reach Offshore marine services.
For the Deepwater and Shallow
water segments, the market will continue to be affected by the
overcapacity of vessels but the level of activity should remain
stable at the current level.
Crew boat activity should benefit
from a slight increase in activity in the producing fields and the
decrease in utilization of helicopters for cost reduction
reasons.
Subsea activity reached its low
point in the 1st quarter 2016
and the improvement in the utilization rate in the 2nd quarter
should continue for the following quarters.
BOURBON now anticipates a full
year 2016 adjusted revenue reduction in the order of magnitude
experienced year on year during the 1st semester and
a slight decrease in adjusted EBITDAR/revenues margin. In the
2nd half,
BOURBON will take delivery of only 1 crew boat and will generate
positive free cash flow.
The rebalanced outlook of supply
and demand of oil in 2017 should have a positive effect for BOURBON
with its unique, modern and innovative fleet in its 4 segments.
ADDITIONAL
INFORMATION
-
The accounts for the 1st half of 2016
were approved by the Board of Directors on the recommendation of
the Audit Committee
-
The accounts for the 1st half of 2016
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 2016
financial information press release |
November 3, 2016 |
|
|
|
|
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, 2016 and for the comparative periods
presented, adjustment elements are:
|
|
|
|
In millions of euros |
H1 2016 Adjusted |
IFRS 11 Impact* |
H1 2016
Consolidated |
Revenues |
599.2 |
(42.6) |
556.6 |
Direct Costs & General and Administrative costs |
(370.3) |
36.9 |
(333.4) |
EBITDAR (excluding capital
gains) |
228.8 |
(5.7) |
223.2 |
Bareboat charter costs |
(93.4) |
- |
(93.4) |
EBITDA (excluding capital gains) |
135.4 |
(5.7) |
129.7 |
Capital gain |
(1.0) |
1.4 |
0.4 |
EBITDA |
134.4 |
(4.2) |
130.1 |
Depreciation, Amortization & Provisions |
(159.1) |
2.1 |
(157.0) |
Share of results from companies under the equity
method |
- |
(1.4) |
(1.4) |
EBIT |
(24.8) |
(3.6) |
(28.3) |
*Effect of consolidation of
jointly controlled companies using the equity method. |
|
In millions of euros |
H2 2015 Adjusted |
IFRS 11 Impact* |
H2 2015
Consolidated |
Revenues |
678.3 |
(50.0) |
628.3 |
Direct Costs & General and Administrative costs |
(421.0) |
35.9 |
(385.1) |
EBITDAR (excluding capital
gains) |
257.3 |
(14.0) |
243.2 |
Bareboat charter costs |
(91.4) |
- |
(91.4) |
EBITDA (excluding capital gains) |
165.9 |
(14.0) |
151.8 |
Capital gain |
0.4 |
(2.4) |
(1.9) |
EBITDA |
166.3 |
(16.4) |
149.9 |
Depreciation, Amortization & Provisions |
(151.4) |
2.9 |
(148.4) |
Share of results from companies under the equity
method |
- |
1.6 |
1.6 |
EBIT |
15.0 |
(11.9) |
3.0 |
*Effect
of consolidation of jointly controlled companies using the equity
method. |
|
|
|
|
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. |
APPENDIX II
Simplified
Consolidated Income Statement
In € millions (except per share
data) |
H1 2016 |
H1 2015 |
var H1 2016 /
H1 2015 |
H2 2015 |
|
|
|
|
|
|
|
|
Revenues |
556.6 |
701.3 |
-20.6% |
628.3 |
|
Direct
costs |
(275.0) |
(357.3) |
-23.0% |
(320.9) |
|
General
& Administrative costs |
(58.3) |
(66.8) |
-12.7% |
(64.2) |
|
|
|
|
|
|
|
EBITDAR excluding capital gains |
223.2 |
277.2 |
-19.5% |
243.2 |
|
|
|
|
|
|
|
Bareboat
charter costs |
(93.4) |
(87.8) |
+6.5% |
(91.4) |
|
|
|
|
|
|
|
EBITDA excluding capital gains |
129.7 |
189.4 |
-31.5% |
151.8 |
|
|
|
|
|
|
|
Capital
gain |
0.4 |
2.4 |
-83.5% |
(1.9) |
|
Gross operating income (EBITDA) |
130.1 |
191.8 |
-32.1% |
149.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Amortization & Provisions |
(157.0) |
(151.2) |
+3.9% |
(148.4) |
|
Share of
results from companies under the equity method |
(1.4) |
4.2 |
n/s |
1.6 |
|
Operating income (EBIT) |
(28.3) |
44.8 |
n/s |
3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
profit/loss |
(36.5) |
(34.2) |
+6.9% |
(26.6) |
|
Income
tax |
(22.5) |
(14.3) |
+56.8% |
(16.1) |
|
Net Income |
(87.3) |
(3.7) |
n/s |
(39.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interests |
(16.9) |
(15.5) |
+9.1% |
(17.7) |
|
Net income (Group share) |
(104.3) |
(19.2) |
n/s |
(57.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share |
(1.37) |
(0.25) |
|
- |
|
Weighted
average number of shares outstanding |
75,889,707 |
76,314,440 |
|
- |
|
|
|
|
|
|
|
APPENDIX III
Simplified
Consolidated Balance Sheet
In € millions |
6/30/2016 |
12/31/2015 |
|
6/30/2016 |
12/31/2015 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
1,396.4 |
1,564.3 |
|
|
|
|
|
|
Net
property, plant and equipment |
2,546.0 |
2,503.0 |
Financial
debt > 1 year |
1,105.2 |
1,127.5 |
Other
non-current assets |
270.7 |
276.7 |
Other
non-current liabilities |
166.0 |
158.8 |
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
2,816.7 |
2,779.7 |
TOTAL NON-CURRENT LIABILITIES |
1,271.3 |
1,286.3 |
|
|
|
|
|
|
Cash on
hand and in banks |
314.4 |
263.3 |
Financial
debt < 1 year |
655.4 |
531.3 |
Other
currents assets |
588.3 |
575.6 |
Other
current liabilities |
396.4 |
309.2 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
902.7 |
839.0 |
TOTAL CURRENT LIABILITIES |
1,051.8 |
840.5 |
|
|
|
|
|
|
Non-current assets held for sale |
- |
72.4 |
Liabilities
directly associated with non-current assets classified as held for
sale |
- |
- |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
2,323.1 |
2,126.8 |
TOTAL ASSETS |
3,719.4 |
3,691.1 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
3,719.4 |
3,691.1 |
APPENDIX IV
Simplified
Consolidated Cash Flow Statement
In € millions |
H1 2016 |
H1 2015 |
|
|
|
Cash flow from operating activities |
|
|
|
|
|
consolidated net income (loss) |
(87.3) |
(3.7) |
Other
adjustments to cash flow from operating activities |
211.0 |
229.2 |
|
|
|
Net cash flow from operating activities (A) |
123.7 |
225.5 |
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
|
acquisition of property, plant and equipment and intangible
assets |
(117.9) |
(147.7) |
sale of
property, plant and equipment and intangible assets |
0.9 |
49.4 |
other cash
flow from investing activities |
(30.3) |
4.2 |
|
|
|
Net Cash flow used in investing activities (B) |
(147.3) |
(94.1) |
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
net
increase (decrease) in borrowings |
16.4 |
(29.7) |
dividends
paid to shareholders of the group |
- |
(71.6) |
cost of
net debt |
(23.5) |
(25.2) |
other cash
flow from financing activities |
(9.4) |
10.7 |
|
|
|
Net Cash flow used in financing activities (C) |
(16.6) |
(115.8) |
|
|
|
|
|
|
Impact
from the change in exchange rates (D) |
(1.0) |
5.6 |
Change in net cash (A) + (B) + (C) + (D) |
(41.2) |
21.2 |
|
|
|
|
|
|
Net cash
at beginning of period |
63.8 |
170.7 |
Change in
net cash |
(41.2) |
21.2 |
Net cash
at end of period |
22.6 |
191.9 |
|
|
|
|
|
|
Free cash flow calculation |
|
|
|
|
|
Net Cash
flow from operating activities |
123.7 |
225.5 |
acquisition of property, plant and equipment and intangible
assets |
(117.9) |
(147.7) |
sale of
property, plant and equipment and intangible assets |
0.9 |
49.4 |
|
|
|
Free cash flow |
6.7 |
127.2 |
|
|
|
APPENDIX V
Quarterly adjusted
revenue breakdown
In € millions |
|
2016 |
|
2015 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine
Services |
|
218.5 |
259.5 |
|
275.7 |
279.0 |
299.8 |
312.2 |
Deepwater offshore vessels |
|
84.2 |
98.6 |
|
106.1 |
101.9 |
109.6 |
113.8 |
Shallow water offshore vessels |
|
73.6 |
94.6 |
|
103.0 |
107.2 |
116.1 |
123.5 |
Crew boats |
|
60.7 |
66.3 |
|
66.6 |
69.9 |
74.2 |
74.9 |
Subsea
Services |
|
60.9 |
50.0 |
|
53.3 |
61.0 |
70.9 |
67.1 |
Other |
|
5.3 |
5.0 |
|
5.2 |
4.1 |
4.5 |
4.3 |
Total adjusted revenues |
|
284.7 |
314.5 |
|
334.2 |
344.1 |
375.2 |
383.6 |
IFRS 11
impact * |
|
(20.1) |
(22.5) |
|
(26.1) |
(23.8) |
(30.1) |
(27.4) |
TOTAL CONSOLIDATED |
|
264.6 |
292.0 |
|
308.1 |
320.2 |
345.1 |
356.3 |
*Effect of consolidation of joint ventures using the equity
method.
Quarterly average
utilization rates for the BOURBON offshore fleet
In % |
|
2016 |
|
2015 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine
Services |
|
64.5 |
70.3 |
|
73.0 |
74.1 |
77.4 |
79.2 |
Deepwater offshore vessels |
|
69.7 |
77.2 |
|
82.6 |
79.8 |
84.0 |
86.0 |
Shallow water offshore vessels |
|
62.5 |
71.3 |
|
76.5 |
75.5 |
78.3 |
84.5 |
Crew boats |
|
63.8 |
67.5 |
|
68.0 |
71.5 |
75.0 |
74.4 |
Subsea
Services |
|
56.0 |
52.3 |
|
54.0 |
64.3 |
70.2 |
75.9 |
"Total fleet excluding Crewboats" |
|
64.5 |
71.7 |
|
76.7 |
76.0 |
79.5 |
84.3 |
"Total fleet" average utilization rate |
|
64.2 |
69.5 |
|
72.1 |
73.7 |
77.1 |
79.1 |
Quarterly average
daily rates for the BOURBON offshore fleet
In US$/day |
|
2016 |
|
2015 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Deepwater
offshore vessels |
|
16,537 |
17,630 |
|
18,360 |
19,518 |
20,286 |
21,942 |
Shallow water offshore
vessels |
|
10,712 |
11,967 |
|
12,205 |
12,880 |
13,507 |
13,882 |
Crew
boats |
|
4,405 |
4,538 |
|
4,530 |
4,632 |
4,732 |
4,934 |
Subsea
Services |
|
39,583 |
44,119 |
|
47,232 |
47,657 |
48,847 |
50,118 |
"Total fleet excluding Crewboats" average
daily
rate |
|
15,265 |
16,299 |
|
16,809 |
17,858 |
18,640 |
19,301 |
Quarterly number of
vessels (end of period)
In number of vessels* |
|
2016 |
|
2015 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine
Services |
|
490 |
492 |
|
488 |
484 |
483 |
479 |
Deepwater offshore vessels |
|
89 |
89 |
|
88 |
86 |
82 |
79 |
Shallow water offshore vessels |
133 |
133 |
133 |
134 |
138 |
138 |
Crew boats |
268 |
270 |
267 |
264 |
263 |
262 |
Subsea
Services |
|
22 |
22 |
|
22 |
22 |
22 |
21 |
FLEET TOTAL |
|
512 |
514 |
|
510 |
506 |
505 |
500 |
*Vessels operated by BOURBON (including vessels owned or on
bareboat charter).
Quarterly deliveries
of vessels
In number of vessels |
|
2016 |
|
2015 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine
Services |
|
0 |
4 |
|
5 |
6 |
4 |
0 |
Deepwater offshore vessels |
|
0 |
1 |
|
2 |
4 |
3 |
0 |
Shallow water offshore vessels |
0 |
0 |
0 |
0 |
0 |
0 |
Crew boats |
0 |
3 |
3 |
2 |
1 |
0 |
Subsea
Services |
|
0 |
0 |
|
0 |
0 |
1 |
0 |
FLEET TOTAL |
|
0 |
4 |
|
5 |
6 |
5 |
0 |
Half-year adjusted
revenue breakdown
In € millions |
|
2016
H1 |
|
2015 |
|
|
H2 |
H1 |
Marine
Services |
|
478.0 |
|
554.7 |
612.0 |
Deepwater offshore vessels |
|
182.8 |
|
208.1 |
223.4 |
Shallow water offshore vessels |
|
168.2 |
|
210.2 |
239.6 |
Crew boats |
|
127.0 |
|
136.4 |
149.1 |
Subsea
Services |
|
110.8 |
|
114.3 |
138.0 |
Other |
|
10.4 |
|
9.3 |
8.8 |
Total adjusted revenues |
|
599.2 |
|
678.3 |
758.8 |
IFRS 11
impact * |
|
(42.6) |
|
(50.0) |
(57.5) |
TOTAL CONSOLIDATED |
|
556.6 |
|
628.3 |
701.3 |
*Effect of consolidation of joint ventures using the equity
method.
Half-year average
utilization rates for the BOURBON offshore fleet
In % |
|
2016
H1 |
|
2015 |
|
|
H2 |
H1 |
Marine
Services |
|
67.4 |
|
73.6 |
78.3 |
Deepwater offshore vessels |
|
73.4 |
|
81.4 |
84.9 |
Shallow water offshore vessels |
|
66.9 |
|
76.0 |
81.4 |
Crew boats |
|
65.6 |
|
69.9 |
74.7 |
Subsea
Services |
|
54.1 |
|
59.0 |
73.1 |
"Total fleet excluding Crewboats" |
|
68.1 |
|
76.4 |
81.9 |
"Total fleet" average utilization rate |
|
66.8 |
|
73.0 |
78.1 |
Half-year average
daily rates for the BOURBON offshore fleet
In US$/day |
|
2016
H1 |
|
2015 |
|
|
H2 |
H1 |
Deepwater
offshore vessels |
|
17,114 |
|
18,718 |
21,097 |
Shallow
water offshore vessels |
|
11,289 |
|
12,507 |
13,732 |
Crew
boats |
|
4,478 |
|
4,579 |
4,837 |
Subsea
Services |
|
41,501 |
|
47,459 |
49,718 |
"Total fleet excluding Crewboats" average daily
rate |
|
15,741 |
|
17,237 |
19,012 |
Half-year deliveries
of vessels
In number of vessels |
|
2016
H1 |
|
2015 |
|
|
H2 |
H1 |
Marine
Services |
|
4 |
|
11 |
4 |
Deepwater Offshore vessels |
|
1 |
|
6 |
3 |
Shallow water Offshore |
0 |
0 |
0 |
Crew boats |
3 |
5 |
1 |
Subsea
Services |
|
0 |
|
0 |
1 |
FLEET TOTAL |
|
4 |
|
11 |
5 |
Contractualization
rates for the BOURBON offshore fleet (end of period)
|
|
6/30/2016 |
|
12/31/2015 |
6/30/2015 |
Deepwater
offshore vessels |
|
46.1% |
|
52.3% |
76.5% |
Shallow
water offshore vessels |
|
42.1% |
|
45.9% |
65.2% |
Crew
boats |
|
41.8% |
|
51.7% |
62.6% |
Subsea
Services |
|
36.5% |
|
45.5% |
47.6% |
Breakdown of BOURBON
adjusted revenues by geographical region
In € millions |
Second quarter |
First half |
Q2 2016 |
Q2
2015 |
Change |
H1 2016 |
H1
2015 |
Change |
Africa |
162.9 |
212.5 |
-23.3% |
349.5 |
432.3 |
-19.2% |
Europe
& Mediterranean/Middle East |
36.9 |
57.2 |
-35.4% |
70.6 |
116.3 |
-39.3% |
Americas |
51.9 |
68.9 |
-24.7% |
118.3 |
133.1 |
-11.2% |
Asia |
32.9 |
36.6 |
-10.0% |
60.8 |
77.1 |
-21.2% |
|
|
2016 |
|
2015 |
In € millions |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Africa |
|
162.9 |
186.5 |
|
193.3 |
188.7 |
212.5 |
219.8 |
Europe
& Mediterranean/Middle East |
|
36.9 |
33.7 |
|
45.5 |
53.2 |
57.2 |
59.1 |
Americas |
|
51.9 |
66.4 |
|
62.6 |
68.1 |
68.9 |
64.2 |
Asia |
|
32.9 |
27.8 |
|
32.9 |
34.1 |
36.6 |
40.5 |
Other key
indicators
Quarterly
breakdown
|
|
2016 |
|
2015 |
|
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Average
€/US$ exchange rate for the quarter (in €) |
|
1.13 |
1.10 |
|
1.10 |
1.11 |
1.11 |
1.13 |
€/US$
exchange rate at closing (in €) |
|
1.11 |
1.14 |
|
1.09 |
1.12 |
1.12 |
1.08 |
Average
price of Brent for the quarter (in US$/bbl) |
|
46 |
34 |
|
44 |
50 |
62 |
54 |
Half-yearly
breakdown
|
|
2016
H1 |
|
2015 |
|
|
|
H2 |
H1 |
Average
€/US$ exchange rate for the half year (in €) |
|
1.12 |
|
1.10 |
1.12 |
€/US$
exchange rate at closing (in €) |
|
1.11 |
|
1.11 |
1.12 |
Average
price of Brent for the half year (in US$/bbl) |
|
40 |
|
47 |
58 |
Financial
Glossary
Adjusted
data: internal reporting (and thus adjusted financial
information) records the performance of operational joint ventures
in which the Group has joint control by the full consolidation
method. 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).
EBITDA:
operating margin before depreciation, amortization and
impairment.
EBITDAR:
EBITDA excluding costs of bareboat leases.
EBIT: EBITDA
after increases and reversals of amortization, depreciation and
provisions and share in income/loss of associates, but excluding
capital gains on equity interests sold.
Capital committed
(or employed): including (i) shareholders' equity, (ii)
provisions (including net deferred tax), (iii) net debt; they are
also defined as the sum (i) of net non-current assets (including
advances on fixed assets), (ii) working capital requirement, and
(iii) net assets held for sale.
Average capital
employed excl. advances: is understood as the average of the
capital committed at the beginning of the period and end of the
period, excluding advances on fixed assets.
Free
cash-flows: net cash flows for operational business after
including incoming payments and disbursements related to
acquisitions and sales of property, plant and equipment and
intangible assets.
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
more than 10,000 skilled employees. Through its 34 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 2015,
BOURBON'S revenue came to €1,329.6 million and as of June 30, 2016,
the company operated a fleet of 513 vessels.
Placed by ICB
(Industry Classification Benchmark) in the "Oil Services" sector,
BOURBON is listed on the Euronext Paris, Compartment B.
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
Vilizara Lazarova
+33 1 44 824 634
vilizara.lazarova@consultants.publicis.fr
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BOURBON via Globenewswire