Marseilles, March 14, 2019
BOURBON
2018 Annual Results
Stabilization of
activity over the last 3 quarters in a prolonged cyclical
downturn
First benefits of
the deployment of the #BOURBONINMOTION action
plan
Positive
free cash flow at €102 million
-
317 vessels in operation (full-time equivalent)
with a utilization rate that has stabilized over the last few
quarters at 82.3% (compared to 82.4% in 2017) and daily rates
slightly up over the last three quarters.
-
Adjusted EBITDAR stands at €142.7 million
(consolidated EBITDAR of €130.5 million), impacted by an
unfavorable exchange rate and a decrease in activity for Bourbon
Subsea Services.
-
#BOURBONINMOTION strategic action plan: signing of the first
integrated service contracts and deployment of operational models'
transformation as part of the Smart Shipping
program.
-
The group has decided to close its financial
statements with regards to the going concern in light of the trust
it has in the outcome of the discussions with lenders and the
active search of new financial partners.
|
|
2018 |
2017 |
Change % |
Operational indicators |
|
|
|
Number of
vessels (FTE)* |
500.1 |
511.5 |
-2.2% |
Total
fleet in operation (FTE) |
317.1 |
333.7 |
-5.0% |
Number of
stacked vessels (FTE) |
182.9 |
178.2 |
+2.6% |
Utilization rate of the fleet in operation (%) |
82.3 |
82.4 |
-0.1pt |
Average
utilization rate (%) |
52.2 |
53.7 |
-1.5pt |
Average
daily rate ($/d) |
7,942 |
8,725 |
-9.0% |
* FTE : Full Time Equivalent |
|
|
|
In € millions, unless otherwise noted |
2018 |
2017 |
Change
% |
Financial performance |
|
|
|
Adjusteda revenues |
689.5 |
860.6 |
-19.9% |
(change at constant rate) |
|
|
-13.0% |
Operational and general costs |
(546.9) |
(608.3) |
-10.1% |
Adjusteda EBITDAR (ex.
cap. gain) |
142.7 |
252.4 |
-43.5% |
EBITDAR / Revenues |
20.7% |
29.3% |
|
Bareboat
charters |
(148.3) |
(164.4) |
-9.8% |
Adjusteda EBITDA |
(4.3) |
87.8 |
-104.9% |
Impairment |
(75.7) |
(196.8) |
-61.5% |
Adjusteda EBIT |
(313.9) |
(403.9) |
-22.3% |
EBIT |
(320.3) |
(406.6) |
-21.2% |
Net
income (group share) |
(457.8) |
(576.3) |
-20.5% |
"BOURBON's 2018
results reflect the 4th year of our
industry's cyclical downturn. However, for the first time since
2014, our utilization rates and daily rates have stabilized over
the last three quarters, showing the gradual recovery in our
customers' activity. We generated positive free cash flow of
slightly over €100 million, reflecting the continued efforts of our
teams to manage costs.
Today, we are
focusing on implementing our strategic action plan #BOURBONINMOTION in order to regain room for maneuver through the
development of new services, a drastic G&A reduction plan and
the transformation of our operational models via our Smart Shipping
program", announced Gaël Bodénès,
Chief Executive Officer of
BOURBON Corporation.
(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). 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. Furthermore,
internal reporting (and again the adjusted financial information) does not
take into account IAS 29 (Financial Reporting in Hyperinflationary
Economies), applicable for the first time in 2017 (retroactively
from January, 1) to an operational joint venture in
Angola.
The reconciliation between the adjusted data and
the consolidated data can be found in Appendix I on page 10
Adjusted revenues came out at €689.5 million, representing a
decline of 19.9% on the previous year, impacted by an unfavorable
exchange rate, the reduction in the number of chartering days,
project delays in the Subsea activity and delays to reactivate our
vessels. At constant exchange rates, the decline in revenue would
have been 13%.
The number of stacked vessels and the utilization rate of the fleet
in operation have stabilized, reflecting reactivations and a timid
market recovery.
Operating and general costs have
continued to decrease, capturing the first benefits of the
deployment of the #BOURBONINMOTION plan and notably the Smart G&A program.
Implemented in October 2018, this program should lead to additional
full-year savings in general costs, in addition to the 35% savings
already generated since 2014. Operating and general costs were,
however, impacted in 2018 by transformation costs due notably to
the efforts to streamline our operating companies and onshore
maintenance bases as well as additional expenses related to ongoing
renegotiations with financial partners.
As a result, the EBITDAR/adjusted
revenues margin amounted to 20.7%, down by 8.6 points on the
previous year. At constant exchange rates, the decline would have
been 3.1 points to 26.2%.
Adjusted EBIT for 2018 registered
an impairment loss of -€75.7 million, following impairment tests
carried out as of December 31, 2018 and exceptional depreciations
recorded on certain non-strategic vessels held for sale.
Net income, group share, stood at
-€457.8 million compared to -€576.3 million in the previous year.
It includes a financial loss of -€116.6 million.
Consolidated Capital Employed |
12/31/2018 |
12/31/2017 |
In € millions |
|
|
|
Net
non-current Assets |
1,704.1 |
2,028.3 |
Non-current Assets held for sale |
12.0 |
- |
Working
Capital |
(79.0) |
102.0 |
|
|
|
Total Capital Employed |
1,637.1 |
2,130.3 |
|
|
|
Shareholders' equity |
201.0 |
643.6 |
Non-current liabilities (provisions and deferred taxes) |
158.5 |
121.5 |
Net
debt |
1,277.6 |
1,365.2 |
|
|
|
Total Capital Employed |
1,637.1 |
2,130.3 |
|
|
|
In addition to usual depreciations
and amortizations, net non-current assets decreased by €312.2
million, in line with our will to streamline our fleet by disposing
of "non-smart" and non-strategic vessels. 15 vessels were sold and
six were scrapped. This decrease is also related to impairment
losses recorded as of December 31, 2018.
The working capital requirement was
negative at -€79.0 million compared to +€102 million as of December
31, 2017, mainly due to the unpaid bareboat charter debt, inventory
reductions and the decrease in trade receivables.
Consolidated Shareholders' equity
amounted to €201.0 million as of December 31, 2018, down by €442.6
million due to the loss recorded for the year.
In accordance with IFRS, €1,052.2
million in borrowings were reclassified as current liabilities as
of December 31, 2018. These are the loans which are the subject of
ongoing discussions and covered by a general waiver, borrowings for
which payments have been suspended and borrowings that have
contractual clauses which may entail early repayment.
Consolidated cash remained
generally stable over 2018 with a slight €6 million increase:
The positive cash flows generated
by operations, at €135.8 million benefited from the bareboat
charter payment suspension.
Vessel sales (including 8
"non-smart" vessels and 2 non-strategic vessels) enabled cash
inflows of €13.5 million, whilst planned vessel dry dock expenses
and other investments remained at the same level as the previous
year. Cash flows used in investing activities amounted to -€31.7
million.
Cash flows used in financing
activities were -€95.5 million. These mainly reflect the suspension
of the servicing of the majority of the Group's debt within the
context of ongoing negotiations with its lenders.
BOURBON confirms that the
discussions with its main financial partners and the active search
for new financing are ongoing, in order to balance the servicing of
its debt with its performance.
In this context, several offers
under conditions notably due diligences have been received by the
group proposing in particular new financing and a debt reduction
including for some of them, conversion of part of this debt into
equity.
At this stage, the terms and
conditions of these offers, including the financial parameters, are
being evaluated by the group and its advisors. March 13th, 2019, the
Board of Directors carried out a preliminary review of these
propositions. BOURBON specifies that no decision or commitment has
been made and that no exclusivity has been granted to any of the
financial partners it is in discussion with. The company remains
confident in its ability to find such a solution and will notify
the market in due time according to regulation.
This situation raises a material
uncertainty with regards to the going concern. The Group has,
however, prepared its consolidated financial statements at December
31, 2018 maintaining the going concern assumption given:
-
The confidence it has in the outcome of the discussions with its
lenders and debt-holders
-
The active search for new financial partners which has resulted in
the receipt of several proposals under conditions
-
The cash flow generated by the business allowing the group to meet
its current operating needs over the next 12 months.
After four years of drastic
reductions, the oil and gas Majors have started to increase their
investment commitments again, mainly focusing on Deepwater offshore
drilling campaigns and maintenance activities for Shallow water
offshore fields in particular. This recovery is already seen in
demand for OSV vessels in several market segments and several
regions, notably West Africa, the Caribbean zone and the North
Sea.
However, it will only be
sustainable if the market manages to absorb the global vessel
overcapacity and if the main Offshore services players find
financial solutions to allow them to reactivate the most modern
vessels.
In this complex environment,
BOURBON is focusing on its #BOURBONINMOTION strategic action plan, which will enable it to
regain room for maneuver and position itself in order to take
advantage of the recovery under optimum competitive conditions.
The first results for the various
focus points of the action plan are tangible:
-
Service-oriented business models: first
successes have been recorded by the three stand-alone companies. An
integrated logistics contract has just been signed by Bourbon
Marine & Logistics with Shell in Bulgaria, Bourbon Mobility is
currently deploying its first on-board entertainment services and
Bourbon Subsea Services has won significant turnkey contracts in
floating wind turbines.
-
Cost structure: adapting the company's size to
the new economic environment is key, and we are achieving it
through our 2 programs Smart G&A and
Smart Shipping. After having deployed the
Smart Shipping program in pilot mode on six
vessels in 2018, the teams are mobilized to deploy it in industrial
mode in 2019.
BOURBON MARINE
& LOGISTICS
|
|
2018 |
2017 |
Change % |
Operational indicators |
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
214.5 |
220.5 |
-2.7% |
Total
fleet in operation (FTE) |
126.7 |
123.6 |
+2.5% |
Number of
stacked vessels (FTE) |
87.8 |
96.9 |
-9.4% |
|
|
|
|
Utilization rate of the fleet in operation (%) |
87.1 |
87.4 |
-0.3pt |
|
|
|
|
Average
utilization rate (%) |
51.4 |
49.0 |
+2.4pts |
Deepwater offshore vessels |
62.4 |
62.2 |
+0.2pt |
Shallow water offshore vessels |
44.0 |
40.8 |
+3.2pts |
|
|
|
|
Average
daily rate ($/d) |
10,378 |
11,542 |
-10.1% |
Deepwater offshore vessels |
12,895 |
14,389 |
-10.4% |
Shallow water offshore vessels |
7,939 |
8,669 |
-8.4% |
* FTE : Full Time
Equivalent
|
|
|
|
In € millions, unless otherwise
noted |
2018 |
2017 |
Change % |
Financial performance |
|
|
|
|
|
|
|
Adjusted
Revenues |
357.3 |
411.2 |
-13.1% |
Deepwater offshore vessels |
217.7 |
256.9 |
-15.3% |
Shallow water offshore vessels |
139.6 |
154.2 |
-9.5% |
|
|
|
|
Operational & General Costs |
(283.9) |
(304.9) |
-6.9% |
|
|
|
|
Adjusted
EBITDAR (ex. capital gains) |
73.3 |
106.2 |
-31.0% |
EBITDAR / Revenues |
20.5% |
25.8% |
-5.3pts |
|
|
|
|
Bareboat
Charters |
(104.6) |
(119.0) |
-12.1% |
Adjusted
EBITDA |
(30.6) |
(13.2) |
ns |
|
|
|
|
Impairment |
(69.0) |
(167.2) |
-58.8% |
Adjusted
EBIT |
(224.2) |
(358.1) |
-37.4% |
The 2018 results reflect activity
stabilization, with average utilization rates up 2.4 points
compared to 2017, mainly driven by the Shallow water Offshore
activity. Six vessels have also been reactivated.
The 13.1% decrease in adjusted
revenues is mainly due to the decrease in average daily rates
corresponding to the renewals of old contracts at current market
rates. However, the new contracts are signed at stabilized rates
and even very slightly increased rates at the end of 2018.
The reduction in costs amounts to
almost 7%, mainly due to the adaptation of the cost structure to
the decrease in revenue (site restructuring and closure) as well as
the start of the Smart Shipping program
leading to the reduction in on-board teams and improvements to
safety and technical reliability.
The sale of 8 "non-smart" vessels
took place at a slower pace than expected, due to the overcapacity
in the OSV vessel market.
BOURBON
MOBILITY
|
|
2018 |
2017 |
Change % |
Operational indicators |
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
265.3 |
269.0 |
-1.4% |
Total
fleet in operation (FTE) |
175.6 |
193.9 |
-9.4% |
Number of
stacked vessels (FTE) |
89.7 |
75.1 |
+19.4% |
|
|
|
|
Utilization rate of the fleet in operation (%) |
80.2 |
79.0 |
+1.2pt |
|
|
|
|
Average
utilization rate (%) |
53.1 |
56.9 |
-3.8pts |
|
|
|
|
Average
daily rate ($/d) |
4,308 |
4,418 |
-2.5% |
* FTE : Full Time
Equivalent
|
|
|
|
In € millions, unless otherwise noted |
2018 |
2017 |
Change % |
Financial performance |
|
|
|
|
|
|
|
Adjusted
Revenues |
187.7 |
216.3 |
-13.2% |
|
|
|
|
Operational & General Costs |
(155.4) |
(160.8) |
-3.4% |
|
|
|
|
Adjusted
EBITDAR (ex. capital gains) |
32.3 |
55.4 |
-41.8% |
EBITDAR / Revenues |
17.2% |
25.6% |
-8.4pts |
|
|
|
|
Bareboat
Charters |
- |
- |
- |
Adjusted
EBITDA |
33.2 |
55.5 |
-40.2% |
|
|
|
|
Impairment |
(5.2) |
(9.8) |
-46.9% |
Adjusted
EBIT |
(33.8) |
(16.4) |
+106,2% |
Down by 13.2% compared to 2017
(including -5 pts due to exchange rate effects), 2018 adjusted
revenues was mainly impacted by a slower than expected reactivation
of Surfers and a higher maintenance and repair activity than 2017
(notably large long-distance crewliner-type transport vessels).
As the fleet's technical
availability rate deteriorated in 2018, Bourbon Mobility carried
out significant efforts to streamline onshore maintenance bases to
prepare for the recovery and raise our operating standards, notably
with the opening of a new base in Angola and the temporary
expansion of the Congo base. Margins were down 8.4 points, directly
impacted by the decrease in the number of chartering days.
Business recovery is manifest in
certain markets, including Nigeria and Congo, and is expected to
sustainably consolidate across all West Africa. The teams began to
reactivate and reposition Surfers in West Africa, in order to meet
the new demand.
BOURBON SUBSEA
SERVICES
|
|
2018 |
2017 |
Change % |
Operational indicators |
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
20.3 |
22.0 |
-7.7% |
Total
fleet in operation (FTE) |
14.8 |
15.8 |
-6.3% |
Number of
stacked vessels (FTE) |
5.5 |
6.2 |
-11.3% |
|
|
|
|
Utilization rate of the fleet in operation (%) |
66.5 |
84.4 |
-17.9pts |
|
|
|
|
Average
utilization rate (%) |
48.5 |
60.7 |
-12.2pts |
|
|
|
|
Average
daily rate ($/d) |
32,592 |
35,328 |
-7.7% |
* FTE : Full Time
Equivalent
|
|
|
|
In € millions, unless otherwise
noted |
2018 |
2017 |
Change % |
Financial performance |
|
|
|
|
|
|
|
Adjusted
Revenues |
133.6 |
220.1 |
-39.3% |
|
|
|
|
Operational & General Costs |
(100.1) |
(134.1) |
-25.4% |
|
|
|
|
Adjusted
EBITDAR (ex. capital gains) |
33.4 |
86.0 |
-61.1% |
EBITDAR / Revenues |
25.0% |
39.1% |
-14.1pts |
|
|
|
|
Bareboat
Charters |
(43.7) |
(45.4) |
-3.7% |
Adjusted
EBITDA |
(10.3) |
40.6 |
ns |
|
|
|
|
Impairment |
(1.6) |
(19.8) |
-92.1% |
Adjusted
EBIT |
(54.4) |
(27.6) |
+96.6% |
Activity saw a significant
decrease in 2018, impacted by the reduction in the order book for
oil field construction from contractors, and the increase in local
content constraints. The decrease of almost 40% in 2018 adjusted
revenues is mainly due to the weakness of activity and as a result
utilization rates, project delays that started in Q3 and the sale
of one vessel. In these market conditions, Bourbon Subsea Services
will continue to consider selling its oldest vessels.
Today repositioned in three
geographic zones - West Africa, Mediterranean/Middle East-India and
South-East Asia - the fleet allows for flexible management of
different market dynamics.
Having installed the first 2.4 MW
floating wind turbine in Scotland, Bourbon Subsea Services will
continue to diversify in 2019, notably in Offshore wind turbines in
Portugal. Turnkey projects represented almost 6% of 2018
revenue.
OTHERS
In € millions, unless otherwise
noted |
2018 |
2017 |
Change % |
Financial performance |
|
|
|
|
|
|
|
Adjusted
Revenues |
10.9 |
13.1 |
-16.7% |
|
|
|
|
Operational & General Costs |
(7.3) |
(8.3) |
-12.0% |
|
|
|
|
Adjusted
EBITDAR (ex. capital gains) |
3.6 |
4.7 |
-23.5% |
EBITDAR / Revenues |
33.1% |
36.1% |
-2.9pts |
|
|
|
|
Adjusted
EBITDA |
3.6 |
4.9 |
-25.5% |
Adjusted
EBIT |
(1.6) |
(1.8) |
-13.3% |
Activities included are those that
do not fit into either Marine & Logistics, Mobility or Subsea
Services segments. The majority of the total represents earnings
from miscellaneous ship management activities.
ADDITIONAL
INFORMATION
-
BOURBON's results will continue to be affected
by the €/US$ exchange rate.
-
The 2018 consolidated financial statements were
approved by the Board of Directors on March 13, 2019, under the
going concern accounting principle. The material uncertainty under
going concern will be covered in a specific part of the statutory
auditors' report.
-
The consolidated financial statements have been
audited. The statutory auditors' report will be issued after
completion of the procedures required for the filing of the
Registration Document.
-
The Board of Directors will not recommend any
dividend for this year at the next Annual Shareholders'
Meeting
-
BOURBON Corporation's General management will
comment on the results during an audio webcast scheduled today at
9:00 am Paris local time. The presentation will be followed by a
Q&A session. The replay of the audio webcast will be available
during the day on our website:
https://www.bourbonoffshore.com/en/bourbon-full-year-results-2018
FINANCIAL
CALENDAR
2019
1st Quarter financial information press release |
May 2,
2019 |
Annual
Shareholders' Meeting |
June 28,
2019 |
1st Half Year
Results 2019 press release and presentation |
September 5, 2019 |
APPENDIX I
Reconciliation of
adjusted financial information with the consolidated financial
statements
Adjustment items are related the
consolidation of joint ventures according to the equity method as
per IFRS 11. Adjusted data for 2017 does not take account of
standard IAS 29 (Financial Reporting in Hyperinflationary
Economies), applicable for the first time for an operational joint
venture in Angola. At December 31, 2018 and for the comparative
period presented, adjustment items are as follows:
|
|
|
|
In millions of euros |
2018 Adjusted |
Restatements* |
2018
Consolidated |
Revenues |
689.5 |
(55.6) |
633.9 |
Direct Costs & General and Administrative costs |
(546.9) |
43.5 |
(503.3) |
EBITDAR (excluding capital
gains) |
142.7 |
(12.2) |
130.5 |
Bareboat charter costs |
(148.3) |
- |
(148.3) |
EBITDA (excluding capital gains) |
(5.6) |
(12.2) |
(17.8) |
Capital gain |
1.3 |
- |
1.3 |
EBITDA |
(4.3) |
(12.2) |
(16.5) |
Depreciation, Amortization & Provisions |
(233.8) |
5.3 |
(228.6) |
Impairment |
(75.7) |
- |
(75.7) |
Share of results from companies under the equity
method** |
0.2 |
0.3 |
0.5 |
Capital gains on equity interests sold *** |
- |
0.1 |
0.1 |
EBIT |
(313.9) |
(6.3) |
(320.2) |
*Effect of consolidation of
jointly controlled companies using the equity method (IFRS
11) |
** Including the application
of IAS 29 & *** not included in adjusted EBIT |
|
In millions of euros |
2017 Adjusted |
Restatements* |
2017
Consolidated |
Revenues |
860.6 |
(67.0) |
793.6 |
Direct Costs & General and Administrative costs |
(608.3) |
54.7 |
(553.6) |
EBITDAR (excluding capital
gains) |
252.4 |
(12.3) |
240.0 |
Bareboat charter costs |
(164.4) |
- |
(164.4) |
EBITDA (excluding capital gains) |
88.0 |
(12.3) |
75.7 |
Capital gain |
(0.2) |
- |
(0.2) |
EBITDA |
87.8 |
(12.3) |
75.4 |
Depreciation, Amortization & Provisions |
(294.9) |
5.9 |
(288.9) |
Impairment |
(196.8) |
- |
(196.8) |
Share of results from companies under the equity
method** |
- |
3.7 |
3.7 |
EBIT |
(403.9) |
(2.7) |
(406.6) |
*Effect of consolidation of
jointly controlled companies using the equity method (IFRS
11) ** Including the application of IAS
29
** Including the application of IAS 29 |
APPENDIX II
Simplified
Consolidated Income Statement
In millions of euros (except per share data) |
2018 |
2017 |
Change
2018/2017 |
|
|
|
|
Revenues |
633.9 |
793.6 |
(20.1%) |
Direct
costs |
(395.9) |
(456.4) |
(13.3%) |
General
& Administrative costs |
(107.5) |
(97.2) |
10.5% |
EBITDAR excluding capital gains |
130.5 |
240.0 |
(45.6%) |
Bareboat
charter costs |
(148.3) |
(164.4) |
(9.8%) |
EBITDA excluding capital gains |
(17.8) |
75.7 |
ns |
Capital
gain |
1.3 |
(0.2) |
ns |
Gross operating income EBITDA |
(16.5) |
75.4 |
ns |
|
|
|
|
|
|
|
|
Depreciation, Amortization & Provisions |
(228.6) |
(288.9) |
(20.9%) |
Impairment |
(75.7) |
(196.8) |
(61.5%) |
Share of
results from companies under the equity method |
0.5 |
3.7 |
(85.2%) |
Capital
gains on equity interests sold |
0.1 |
- |
ns |
Operating income (EBIT) after share of results from
companies under equity method |
(320.2) |
(406.6) |
(21.3%) |
|
|
|
|
|
|
|
|
Financial
profit/loss |
(116.6) |
(189.5) |
(38.4%) |
Income
tax |
(14.5) |
(12.8) |
13.4% |
Net Income |
(451.3) |
(608.9) |
(25.9%) |
|
|
|
|
|
|
|
|
Minority
interests |
(6.5) |
32.6 |
ns |
Net income (Group share) |
(457.8) |
(576.3) |
(20.5%) |
|
|
|
|
|
|
|
|
Earnings
per share |
(5.90) |
(7.47) |
|
Weighted
average number of shares outstanding |
77,373,958 |
77,098,675 |
|
|
|
|
|
APPENDIX III
Simplified
Consolidated Balance Sheet
In millions of euros |
12/31/2018 |
12/31/2017 |
|
12/31/2018 |
12/31/2017 |
|
|
|
Shareholders' equity |
201.0 |
643.6 |
|
|
|
|
|
|
Net
property, plant and equipment |
1,638.2 |
1,923.2 |
Financial
debt > 1 year |
44.8 |
183.8 |
Other
non-current assets |
83.5 |
90.3 |
Other
non-current liabilities |
108.9 |
122.9 |
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
1,721.7 |
2,013.5 |
TOTAL NON-CURRENT LIABILITIES |
153.7 |
306.8 |
|
|
|
|
|
|
Cash on
hand and in banks |
217.1 |
243.6 |
Financial
debt < 1 year |
1,449.9 |
1,425.0 |
Other
currents assets |
408.4 |
485.2 |
Other
current liabilities |
554.6 |
367.1 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
625.5 |
728.9 |
TOTAL CURRENT LIABILITIES |
2,004.5 |
1,792.0 |
|
|
|
|
|
|
Non-current assets held for sale |
12.0 |
- |
Liabilities
directly associated with non-current assets classified as held for
sale |
- |
- |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
2,158.2 |
2,098.8 |
TOTAL ASSETS |
2,359.2 |
2,742.4 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
2,359,2 |
2,742.4 |
APPENDIX IV
Simplified
Consolidated Cash Flow Statement
In millions of euros |
2018 |
2017 |
|
|
|
Cash flow from operating activities |
|
|
consolidated net income (loss) |
(451.3) |
(608.9) |
cash flow
from operating activities |
587.2 |
759.6 |
Net cash flow from operating activities (A) |
135.8 |
150.7 |
|
|
|
|
|
|
Cash flow from investing activities |
|
|
acquisition of property, plant and equipment and intangible
assets |
(47.1) |
(47.1) |
sale of
property, plant and equipment and intangible assets |
13.5 |
24.2 |
other cash
flow from investing activities |
2.0 |
20.6 |
Net Cash flow from investing activities (B) |
(31.7) |
(2.3) |
|
|
|
|
|
|
Cash flow from financing activities |
|
|
net
increase (decrease) in borrowings |
(75.3) |
94.1 |
Perpetual
bond issue |
- |
- |
dividends
paid to shareholders of the group |
- |
(8.5) |
Dividends
paid to non-controlling interests |
(3.5) |
(7.6) |
cost of
net debt |
(17.8) |
(56.2) |
other cash
flow from financing activities |
1.0 |
(0.2) |
Net Cash flow used in financing activities (C) |
(95.5) |
21.6 |
|
|
|
|
|
|
Impact
from the change in exchange rates (D) and other
reclassifications |
(2.6) |
9.0 |
Change in net cash (A) + (B) + (C) + (D) |
6.0 |
179.0 |
|
|
|
|
|
|
Net cash
at beginning of period |
167.2 |
(11.8) |
Change in
net cash |
6.0 |
179.0 |
Net cash
at end of period |
173.2 |
167.2 |
|
|
|
APPENDIX V
Consolidated Sources and uses of Cash
In millions of euros |
2018 |
2017 |
|
|
|
|
|
Cash generated by operations |
125.1 |
|
131.4 |
|
Vessels in
service (A) |
|
111.7 |
|
107.2 |
Vessels
sale |
|
13.5 |
|
24.2 |
|
|
|
|
|
Cash out for : |
(29.5) |
|
(85.3) |
|
Interest |
|
(17.8) |
|
(56.2) |
Taxes
(B) |
|
(8.2) |
|
(13.0) |
Dividends |
|
(3.5) |
|
(16.1) |
|
|
|
|
|
Net Cash from activity |
95.7 |
|
46.1 |
|
|
|
|
|
|
Net debt
change |
(83.9) |
|
(75.8) |
|
Perpetual
bond |
- |
|
- |
|
|
|
|
|
|
Use of cash for |
(14.7) |
|
9.4 |
|
Investments |
|
(47.1) |
|
(47.1) |
Working
capital (C) |
|
32.4 |
|
56.5 |
|
|
|
|
|
Other
sources and uses of cash |
3.0 |
|
20.3 |
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
102.2 |
|
127.8 |
|
Net Cash
flow from operating activities (A+B+C) |
|
135.8 |
|
150.7 |
Acquisition of property, plant and equipment and intangible
assets |
|
(47.1) |
|
(47.1) |
Sale of
property, plant and equipment and intangible assets |
|
13.5 |
|
24.2 |
|
|
|
|
|
APPENDIX VI
Quarterly revenue
breakdown
In € millions |
|
2018 |
|
2017 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
88.0 |
87.0 |
89.9 |
92.4 |
|
100.2 |
97 .7 |
107.4 |
105.9 |
Deepwater offshore vessels |
|
53.0 |
52.4 |
55.0 |
57.4 |
|
60.0 |
59.9 |
68.3 |
68.8 |
Shallow water offshore vessels |
|
35.0 |
34.6 |
35.0 |
35.0 |
|
40.2 |
37.8 |
39.1 |
37.1 |
Bourbon
Mobility |
|
46.1 |
46.3 |
47.1 |
48.2 |
|
51.0 |
51.4 |
55.0 |
58.9 |
Bourbon
Subsea Services |
|
38.2 |
37.9 |
30.2 |
27.2 |
|
43.6 |
52.1 |
67.8 |
56.6 |
Others |
|
3.6 |
2.3 |
1.9 |
3.1 |
|
2.1 |
3.0 |
3.8 |
4.1 |
Total adjusted revenues |
|
175.9 |
173.5 |
169.2 |
171.0 |
|
196.9 |
204.3 |
234.0 |
225.5 |
IFRS 11
impact* |
|
(13.7) |
(13.4) |
(15.2) |
(13.3) |
|
(15.3) |
(11.9) |
(19.2) |
(20.6) |
TOTAL CONSOLIDATED |
|
162.2 |
160.2 |
153.9 |
157.6 |
|
181.6 |
192.4 |
214.7 |
204.9 |
*Effect of
consolidation of joint ventures using the equity method
Quarterly average
utilization rates for the fleet in operation
In % |
|
2018 |
|
2017 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
88.1 |
86.7 |
84.9 |
89.0 |
|
86.8 |
86.3 |
89.1 |
88.0 |
Deepwater offshore vessels |
|
86.6 |
86.9 |
83.5 |
88.1 |
|
83.0 |
86.1 |
88.0 |
86.2 |
Shallow water offshore vessels |
|
89.7 |
86.6 |
86.2 |
90.0 |
|
90.6 |
86.6 |
90.2 |
90.1 |
Bourbon
Mobility |
|
78.0 |
77.8 |
81.1 |
84.3 |
|
82.8 |
78.1 |
75.3 |
80.1 |
Bourbon
Subsea Services |
|
74.0 |
73.9 |
60.9 |
55.7 |
|
80.6 |
89.6 |
83.3 |
85.2 |
Average utilization rate |
|
81.8 |
81.2 |
81.7 |
84.9 |
|
84.3 |
81.8 |
80.6 |
83.0 |
Quarterly average
utilization rates for the fleet
In % |
|
2018 |
|
2017 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
50.5 |
51.0 |
51.6 |
52.7 |
|
51.9 |
50.2 |
48.2 |
45.8 |
Deepwater offshore vessels |
|
61.0 |
60.4 |
63.0 |
65.2 |
|
61.3 |
62.2 |
60.3 |
61.0 |
Shallow water offshore vessels |
|
43.2 |
44.4 |
43.9 |
44.3 |
|
45.6 |
42.1 |
40.0 |
35.6 |
Bourbon
Mobility |
|
52.5 |
51.8 |
53.8 |
54.4 |
|
55.0 |
55.1 |
56.4 |
61.4 |
Bourbon
Subsea Services |
|
54.9 |
54.3 |
45.4 |
39.0 |
|
56.7 |
63.4 |
65.7 |
57.5 |
Average utilization rate |
|
51.7 |
51.6 |
52.5 |
53.0 |
|
53.7 |
53.4 |
53.3 |
54.5 |
Quarterly average
daily rates for the fleet
In US$/day |
|
2018 |
|
2017 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
10,177 |
10,128 |
10,360 |
10,911 |
|
10,802 |
11,082 |
11,830 |
12,501 |
Deepwater offshore vessels |
|
12,701 |
12,705 |
12,873 |
13,577 |
|
13,660 |
13,781 |
14,863 |
15,084 |
Shallow water offshore vessels |
|
7,694 |
7,709 |
7,924 |
8,292 |
|
8,220 |
8,371 |
8,749 |
9,534 |
Bourbon
Mobility |
|
4,239 |
4,285 |
4,326 |
4,549 |
|
4,422 |
4,453 |
4,393 |
4,270 |
Bourbon
Subsea Services |
|
33,207 |
30,321 |
30,571 |
34,933 |
|
31,425 |
34,304 |
37,976 |
37,488 |
Average daily rate |
|
7,989 |
7,854 |
7,786 |
8,179 |
|
8,299 |
8,668 |
9,075 |
8,769 |
Quarterly number of
vessels (end of period)
In number of vessels* |
|
2018 |
|
2017 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
211 |
212 |
214 |
216 |
|
217 |
220 |
221 |
222 |
Deepwater offshore vessels |
|
87 |
87 |
87 |
87 |
|
86 |
89 |
89 |
89 |
Shallow water offshore vessels |
124 |
125 |
127 |
129 |
131 |
131 |
132 |
133 |
Bourbon
Mobility |
252 |
260 |
266 |
269 |
269 |
269 |
269 |
269 |
Bourbon
Subsea Services |
|
20 |
20 |
20 |
21 |
|
22 |
22 |
22 |
22 |
FLEET TOTAL |
|
483 |
492 |
500 |
506 |
|
508 |
511 |
512 |
513 |
*Vessels operated by
BOURBON (including vessels owned or on bareboat charter)
Yearly average
utilization rates for the fleet in operation
In % |
|
Full Year |
|
2018 |
2017 |
Bourbon
Marine & Logistics |
|
87.1 |
87.4 |
Deepwater offshore vessels |
|
86.2 |
85.7 |
Shallow water offshore vessels |
|
88.0 |
89.3 |
Bourbon Mobility |
|
80.2 |
79.0 |
Bourbon
Subsea Services |
|
66.5 |
84.4 |
Average utilization rate |
|
82.3 |
82.4 |
Yearly average
utilization rates for the fleet
In % |
|
Full year |
|
2018 |
2017 |
Bourbon
Marine & Logistics |
|
51.4 |
49.0 |
Deepwater offshore vessels |
|
62.4 |
61.2 |
Shallow water offshore vessels |
|
44.0 |
40.8 |
Bourbon Mobility |
|
53.1 |
56.9 |
Bourbon
Subsea Services |
|
48.5 |
60.7 |
Average utilization rate |
|
52.2 |
53.7 |
Yearly average daily
rates for the fleet
In US$/day |
|
Full year |
|
2018 |
2017 |
Bourbon
Marine & Logistics |
|
10,378 |
11,542 |
Deepwater offshore vessels |
|
12,895 |
14,389 |
Shallow water offshore vessels |
|
7,939 |
8,669 |
Bourbon Mobility |
|
4,308 |
4,418 |
Bourbon
Subsea Services |
|
32,592 |
35,328 |
Average daily rate |
|
7,942 |
8,725 |
Breakdown of
adjusted revenues by geographical region
In € millions |
Quarter |
Full Year |
Q4 2018 |
Q3
2018 |
Change |
Q4
2017 |
2018 |
2017 |
Change |
Africa |
101.7 |
90.6 |
+12.2% |
113.4 |
381.7 |
497.7 |
-23.3% |
Europe
& Mediterranean/Middle East |
33.4 |
40.5 |
-17.4% |
31.6 |
136.4 |
123.0 |
+10.8% |
Americas |
21.0 |
22.3 |
-5.6% |
32.3 |
94.5 |
147.6 |
-36.0% |
Asia |
19.7 |
20.2 |
-2.3% |
19.7 |
77.0 |
92.3 |
-16.6% |
In € millions |
|
2018 |
|
2017 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Africa |
|
101.7 |
90.6 |
89.4 |
99.9 |
|
113.4 |
118.9 |
135.3 |
130.1 |
Europe & Mediterranean
/ Middle East |
|
33.4 |
40.5 |
36.3 |
26.2 |
|
31.6 |
31.1 |
31.6 |
28.8 |
Americas |
|
21.0 |
22.3 |
24.3 |
27.0 |
|
32.3 |
36.0 |
38.3 |
41.3 |
Asia |
|
19.7 |
20.2 |
19.2 |
17.9 |
|
19.7 |
18.3 |
29.0 |
25.3 |
Other key
indicators
Quarterly
breakdown
|
|
2018 |
|
2017 |
|
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Average
€/US$ exchange rate for the quarter (in €) |
|
1.14 |
1.16 |
1.19 |
1.23 |
|
1.18 |
1.17 |
1.10 |
1.06 |
€/US$
exchange rate at closing (in €) |
|
1.15 |
1.16 |
1.17 |
1.23 |
|
1.20 |
1.18 |
1.14 |
1.07 |
Average
price of Brent for the quarter (in US$/bbl) |
|
69 |
75 |
75 |
67 |
|
61 |
55 |
51 |
54 |
Full year
breakdown
|
|
Full Year |
|
|
2018 |
2017 |
Average
€/US$ exchange rate (in €) |
|
1.18 |
1.13 |
€/US$
exchange rate at closing (in €) |
|
1.15 |
1.20 |
Average
price of Brent (in US$/bbl) |
|
71 |
54 |
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). In addition, internal reporting does not take account of
IAS 29 (Financial Reporting in Hyper-inflationary Economies), which
was applicable for the first time in 2017 to an operating
joint-venture in Angola.
EBITDAR:
revenue less direct operating costs (except bare-boat rental costs)
and general and administrative costs.
EBITDA:
operating margin before depreciation, amortization and
impairment.
EBIT: EBITDA
after increases and reversals of amortization, depreciation
provisions and impairment and share in income/loss of associates,
but excluding capital gains on equity interests sold.
Operating income
(EBIT) after share of results from companies under equity
method: EBIT after share of results from companies under equity
method.
Capital
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.
Free
cash-flows: net cash flows from operating activities after
including incoming payments and disbursements related to
acquisitions and sales of property, plant and equipment and
intangible assets.
Utilization
rate: over a period, number of revenue-generating days divided
by the number of calendar days.
Utilization rate
of the fleet in operation: over a period, number of
revenue-generating days divided by the number of calendar days, for
non-stacked vessels.
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 8,400 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
three operating activities (Marine & Logistics, Mobility and
Subsea Services) and also protects the French coastline for the
French Navy.
In 2018,
BOURBON'S revenue came to €689.5 million and the company operated a
fleet of 483 vessels.
Placed by ICB
(Industry Classification Benchmark) in the "Oil Services" sector,
BOURBON is listed on the Euronext Paris, Compartment B.
Contacts
BOURBON |
Media relations agency
Publicis Consultants |
Investor Relations, analysts,
shareholders |
Vilizara
Lazarova |
+33 140
138 607
Investor-relations@bourbon-online.com |
+33 144
824 634
vilizara.lazarova@consultants.publicis.fr |
|
|
|
|
Corporate Communication |
|
Christelle Loisel |
|
+33 491
136 732
christelle.loisel@bourbon-online.com |
|
|
|
PDF version
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announcement is distributed by West Corporation on behalf of West
Corporation clients.
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