Marseilles, September 6, 2018
BOURBON
First Half 2018 Results
Adjusted
revenues down by 15.2% in a market environment that
continues
to
be challenging
Ongoing
control of operating costs
-
Adjusted revenues stood at €340.1 million, down
9.6% at constant exchange rates compared to the second half of
2017, mainly impacted by declining daily rates and Subsea activity
reaching a low point.
-
The average utilization rate held up at 52.7%,
compared to 53.5% in the second half of 2017.
-
Adjusted costs remained under control (down 8.3%
compared to the second half of 2017).
-
The number of stacked vessels stabilized over
the period reflecting, on the one hand, the gradual reactivation of
vessels and, on the other, the implementation of the non-strategic
vessels disposal plan.
-
Adjusted EBITDAR was €70.6 million (consolidated
EBITDAR amounted to €62.3 million).
-
Free cash flow rose to €69.2 million compared to
€51.8 million in the second half of 2017.
-
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 reopened discussions with lenders and
the active search of new financial partners.
|
|
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
Operational indicators |
|
|
|
|
|
Number of
vessels (FTE)* |
505.0 |
510.6 |
-1.1% |
513.5 |
-1.7% |
Total
fleet in operation (FTE) |
320.3 |
328.5 |
-2.5% |
338.6 |
-5.4% |
Number of
stacked vessels (FTE) |
184.7 |
182.1 |
+1.4% |
174.9 |
+5.6% |
Utilization rate of the fleet in operation (%) |
83.0 |
83.1 |
-0.1 pt |
81.7 |
+1,3 pt |
Average
utilization rate (%) |
52.7 |
53.5 |
-0.8 pt |
53.8 |
-1.1 pt |
Average
daily rate ($/d) |
7,888 |
8,453 |
-6.7% |
8,948 |
-11.8% |
* FTE : Full Time Equivalent |
|
|
In € millions, unless otherwise noted |
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
Financial performance |
|
|
|
|
|
Adjusteda revenues |
340.1 |
401.2 |
-15.2% |
459.5 |
-26.0% |
(change at constant rate) |
|
|
-9.6% |
|
-17.1% |
Bourbon Marine & Logistics |
182.3 |
197.9 |
-7.9% |
213.3 |
-14,5% |
Bourbon Mobility |
95.3 |
102.4 |
-6.9% |
113.8 |
-16.3% |
Bourbon Subsea Services |
57.4 |
95.7 |
-40.0% |
124.4 |
-53.8% |
Others |
5.0 |
5.1 |
-2.3% |
8.0 |
-36.7% |
Operational and general costs |
(269.5) |
(293.9) |
-8.3% |
(314.3) |
-14.3% |
Adjusteda EBITDAR (ex.
cap. gain) |
70.6 |
107.3 |
-34.2% |
145.1 |
-51.4% |
EBITDAR / Revenues |
20.7% |
26.7% |
-6.0 pts |
31.6 % |
-10,8 pts |
Bareboat
charters |
(73.4) |
(78.8) |
-6.8% |
(85.6) |
-14.2% |
Adjusteda EBITDA |
(2.2) |
28.2 |
-107.7% |
59.6 |
-103.7% |
Impairment |
(44.7) |
(196.8) |
-77.3% |
- |
ns |
Adjusteda EBIT |
(153.5) |
(316.9) |
-51.6% |
(87.0) |
+76.5% |
EBIT |
(158.0) |
(315.8) |
-50.0% |
(90.8) |
+74.0% |
Net income
(group share) |
(197.1) |
(406.1) |
-51.5% |
(170.1) |
+15.9% |
|
|
|
|
|
|
"While market
conditions remained difficult in the first half of 2018, continued
efforts made by our teams to bring costs under control combined
with the continuing implementation of our strategic plan, #BOURBONINMOTION, enabled us to
maintain our operational performance and prepare ourselves to take
advantage of the expected turnaround,"
stated 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
1st Half 2018
Financial Results
Adjusted revenues came out at €340.1 million, a decline of
15.2% on the previous half year, impacted by an unfavorable
exchange rate, together with delays to projects in the Subsea
activity and a reduction in the number of chartering days. Recovery
in daily rates continues to be difficult.
The number of stacked vessels stabilized over the period
reflecting the reactivation of certain vessels and the sale of some
non-strategic assets.
Operating costs (net of additional charges for stacked
vessels) and general & administrative costs declined a further
8.3% compared to the previous half year despite additional charges
related to ongoing renegotiations with financial partners. This
positive trend was the consequence of the tight control of
operating costs.
As a result, adjusted EBITDAR margin amounted to 20.7%, down
six points on the previous half year.
Adjusted EBIT in the first half registers an impairment loss
of -€44.7 million in the Marine & Logistics - Deepwater
Offshore segment following impairment tests carried out at June 30,
2018. This impairment stems from a 0.5 point increase in the
discount rate used to carry out impairment tests compared to
December 31, 2017, as well as the slower than expected
recovery in activity.
Net income, group share, stood at -€197.1 million compared to
-€406.1 million in the previous half year.
Consolidated Capital Employed |
06/30/2018 |
12/31/2017 |
In € millions |
|
|
|
Net
non-current Assets |
1,920.3 |
2,028.3 |
Non-current Assets held for sale |
2.1 |
- |
Working
Capital |
2.3 |
102.0 |
|
|
|
Total Capital Employed |
1,924.7 |
2,130.3 |
|
|
|
Shareholders' equity |
453.1 |
643.6 |
Non-current liabilities (provisions and deferred taxes) |
131.5 |
121.5 |
Net
debt |
1,340.1 |
1,365.2 |
|
|
|
Total Capital Employed |
1,924.7 |
2,130.3 |
|
|
|
The €205.6 million reduction in
capital employed in the first half of 2018 was due mainly to the
loss reported over the half year.
In accordance with IFRS,
borrowings in the amount of €1,195.3 million were recognized as
current liabilities as of June 30, 2018. These concern the loans
which are the object of ongoing discussions and covered by a
general waiver, as announced on July 10, 2018 (see below),
borrowings for which payments have been suspended and borrowings
that have contractual clauses which may entail early repayment
acceleration. It is specified that these clauses have not been
activated.
The group's consolidated cash position improved by €37.7 million
over the six-month period, which was marked by:
-
Positive cash flow from operating activities in the amount of €80.8
million, up €20.5 million compared to the second half of 2017. The
non-payment of bareboat charter leases enabled cash generated by
operations to be preserved despite the drop in activity;
-
Cash inflow of around €10 million over the six-month period
generated by the sale of 7 vessels (of which 5 non-smart and 2
non-strategic vessels). These partially offset costs related to dry
docks of vessels, making for a total impact of €11.4 million over
the period;
-
Cash flow from financing in the amount of -€31.7 million,
reflecting the servicing suspension of the majority of the group's
debt within the context of ongoing negotiations with its
lenders.
Indeed, the group has entered into further discussions with its
lenders both in France and abroad, to balance the servicing of its
debt with the expected but gradual recovery in the market recovery,
and the corresponding upturn in the group's performance.
As announced on July 10, 2018, the group signed a
general waiver with its leasers and debt holders representing
the majority of its debt. This waiver authorizes it to postpone
loan payments and debt servicing. Discussions are actively carrying
on with its lenders.
In accordance with IFRS, the company had to reflect, at closing,
the payability of its debt by reclassifying it as current
liabilities.
This situation raises a material uncertainty with regards to the
going concern. The group has however prepared its consolidated
financial statements for the period ending June 30, 2018,
maintaining the going concern assumption given:
-
The confidence it has in the outcome of the reopened discussions
with its leasers and debt-holders
-
The active research for new financial partners
-
The cash flow generated by the business allowing the group to meet
its current operating needs over the next 12 months.
Although oil prices have
stabilized at over $65-70/barrel, the recovery in oil companies'
investments in offshore projects is still slow but is expected to
pick up throughout 2019, with a positive impact on vessel
utilization rates.
The maritime services market will,
however, continue to suffer from consistently low rates which are
being heavily impacted by persistent Offshore Support Vessel (OSV)
overcapacity. The global fleet of stacked vessels is assessed at
more than 1,000 vessels which could take 3 years before returning
to service. An increase in chartering prices is therefore expected
in the medium term.
In this complex environment,
BOURBON has chosen to review its existing business model in order
to prepare for the expected recovery and is implementing its
strategic plan, #BOURBONINMOTION, announced last February:
-
To better serve its clients by steering its business model towards
more integrated services and reorganizing the group around three
stand-alone companies: Bourbon Marine & Logistics, Bourbon
Subsea Services, and Bourbon Mobility;
-
To deliver operational excellence at optimum cost by deploying the
Smart shipping program, connecting the fleet of 132 modern Supply
vessels (the smart fleet) and disposing of the fleet that can no
longer be operated to BOURBON's new standards (the non-smart
fleet);
-
To rise to the human challenge through effective change
management.
BOURBON MARINE
& LOGISTICS
|
|
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
216.5 |
219.5 |
-1.4% |
221.5 |
-2.3% |
Total
fleet in operation (FTE) |
130.0 |
129.5 |
+0.4% |
117.6 |
+10.5% |
Number of
stacked vessels (FTE) |
86.5 |
90.0 |
-3.9% |
103.9 |
-16.7% |
|
|
|
|
|
|
Utilization rate of the fleet in operation (%) |
86.4 |
86.6 |
-0.2 pt |
88.5 |
-2.1 pts |
|
|
|
|
|
|
Average
utilization rate (%) |
51.9 |
51.1 |
+0.8 pt |
47.0 |
+4.9 pts |
Deepwater offshore vessels |
63.6 |
61.8 |
+1.8 pts |
60.6 |
+3.0 pts |
Shallow water offshore vessels |
44.1 |
43.8 |
+0.3 pt |
37.8 |
+6.3 pts |
|
|
|
|
|
|
Average
daily rate ($/d) |
10,468 |
10,913 |
-4.1% |
12,182 |
-14.1% |
Deepwater offshore vessels |
12,993 |
13,674 |
-5.0% |
15,016 |
-13.5% |
Shallow water offshore vessels |
8,022 |
8,285 |
-3.2% |
9,128 |
-12.1% |
*
FTE : Full Time Equivalent
|
|
|
In € millions, unless otherwise
noted |
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Revenues |
182.3 |
197.9 |
-7.9% |
213.3 |
-14.5% |
Deepwater offshore vessels |
112.4 |
119.9 |
-6.3% |
137.0 |
-18.0% |
Shallow water offshore vessels |
70.0 |
78.0 |
-10.2% |
76.2 |
-8.2% |
|
|
|
|
|
|
Operational & General Costs |
(143.0) |
(152.1) |
-6.0% |
(152.8) |
-6.4% |
|
|
|
|
|
|
Adjusted
EBITDAR (ex. capital gains) |
39.3 |
45.7 |
-14.0% |
60.5 |
-35.0% |
EBITDAR / Revenues |
21,6% |
23,1% |
-1,6 pts |
28.4% |
-6.8 pts |
|
|
|
|
|
|
Bareboat
Charters |
(51.9) |
(56.9) |
-8.8% |
(62.0) |
-16.3% |
Adjusted
EBITDA |
(12.1) |
(11.6) |
+4.5% |
(1.6) |
ns |
|
|
|
|
|
|
Impairment |
(44.7) |
(167.2) |
-73.2% |
- |
ns |
Adjusted
EBIT |
(112.7) |
(264.6) |
-57.4% |
(93.5) |
+20.6% |
The group's half year results
reflect market conditions that continue to be difficult and are
being impacted by vessel overcapacity, continuing to curb our
ability to raise daily rates. Costs remain well controlled (down 6%
on the preceding half year) and reflect our strong employees'
commitment to operating efficiency.
Reflecting a modest improvement in
the market, the average utilization rate edged up to 51.9% compared
with 51.1% in the second half of 2017, on the back of an increase
of almost two points in the activity levels of Deepwater Offshore
vessels. The sharp increase in the number of tenders in the second
quarter bodes well for a recovery in activity in 2019.
Adjusted revenues lost around 8%
on H2 2017 levels, due mainly to a 4% drop in average daily rates,
with a more pronounced decline in the Deepwater Offshore segment
(-5%).
Adjusted EBITDAR margin decreased
marginally by 1.5 point compared to the second half of 2017, the
drop in revenues being offset by good cost management.
BOURBON
MOBILITY
|
|
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
267.9 |
269.0 |
-0.4% |
269.0 |
-0.4% |
Total
fleet in operation (FTE) |
175.5 |
183.4 |
-4.3% |
204.0 |
-14.0% |
Number of
stacked vessels (FTE) |
92.4 |
85.6 |
+8.0% |
65.0 |
+42.2% |
|
|
|
|
|
|
Utilization rate of the fleet in operation (%) |
82.6 |
80.5 |
+2.1 pts |
77.6 |
+5.0 pts |
|
|
|
|
|
|
Average
utilization rate (%) |
54.0 |
55.0 |
-1.0 pt |
58.9 |
-4.9 pts |
|
|
|
|
|
|
Average
daily rate ($/d) |
4,391 |
4,429 |
-1.0% |
4,355 |
+0.8% |
*
FTE : Full Time Equivalent
|
|
|
In € millions, unless otherwise noted |
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Revenues |
95.3 |
102.4 |
-6.9% |
113.8 |
-16.3% |
|
|
|
|
|
|
Operational & General Costs |
(77.7) |
(76.4) |
+1.6% |
(84.4) |
-8.0% |
|
|
|
|
|
|
Adjusted
EBITDAR (ex. capital gains) |
17.6 |
26.0 |
-32.2% |
29.4 |
-40.1% |
EBITDAR / Revenues |
18.5% |
25.4% |
-6.9 pts |
25.9% |
-7.4 pts |
|
|
|
|
|
|
Bareboat
Charters |
- |
- |
- |
- |
- |
Adjusted
EBITDA |
17.9 |
26.0 |
-31.1% |
29.5 |
-39.4% |
|
|
|
|
|
|
Impairment |
- |
(9.8) |
ns |
- |
ns |
Adjusted
EBIT |
(11.8) |
(22.0) |
-46.2% |
5.6 |
ns |
Crew boat activity remained stable
compared to the second half of 2017 on a constant exchange rate
basis (down -1.4%), but fell by -6.9% owing to dollar weakness.
This confirms stabilizing market trends which were already noted in
the first quarter. The number of passengers transported in the
first half of 2018 totaled 1,397,726, stable compared to the second
half of 2017 (1,395,469 passengers). As such, average daily rates
in H1 2018 also remained relatively stable at $4,391 (-1%) compared
to the second half of 2017.
Fleet destacking began in the
second quarter of 2018 (89.8 stacked vessels compared to 95.2 in
the first quarter (FTE)) in order to meet growing demand for
short-term contracts in the "Crewliner" and "Interfield"
activities.
The adjusted operating margin
declined by -6.9 points due to the impact of fleet destacking and
exceptional maintenance activity.
BOURBON SUBSEA
SERVICES
|
|
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
20.6 |
22.0 |
-6.2% |
22.0 |
-6.2% |
Total
fleet in operation (FTE) |
14.9 |
15.5 |
-3.9% |
16.1 |
-7.5% |
Number of
stacked vessels (FTE) |
5.7 |
6.5 |
-11.4% |
5.9 |
-3.2% |
|
|
|
|
|
|
Utilization rate of the fleet in operation (%) |
58.9 |
85.2 |
-26.3 pts |
84.2 |
-25.3 pts |
|
|
|
|
|
|
Average
utilization rate (%) |
42.6 |
60.2 |
-17.6 pts |
61.6 |
-19.0 pts |
|
|
|
|
|
|
Average
daily rate ($/d) |
32,526 |
32,608 |
-0.3% |
37,774 |
-13.9% |
* FTE : Full Time
Equivalent
|
|
|
In € millions, unless otherwise
noted |
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Revenues |
57.4 |
95.7 |
-40.0% |
124.4 |
-53.8% |
|
|
|
|
|
|
Operational & General Costs |
(44.9) |
(62.1) |
-27.6% |
(72.1) |
-37.6% |
|
|
|
|
|
|
Adjusted
EBITDAR (ex. capital gains) |
12.5 |
33.6 |
-62.8% |
52.3 |
-76.1% |
EBITDAR / Revenues |
21.8% |
35.1% |
-13.4 pts |
42.1% |
-20.3 pts |
|
|
|
|
|
|
Bareboat
Charters |
(21.5) |
(21.8) |
-1.6% |
(23.6) |
-8.8% |
Adjusted
EBITDA |
(9.1) |
11.8 |
ns |
28.8 |
ns |
|
|
|
|
|
|
Impairment |
- |
(19.8) |
ns |
- |
ns |
Adjusted
EBIT |
(30.0) |
(29.1) |
+3.1% |
1.4 |
ns |
Business touched a low point in
the first half of 2018, affected by weak contractor construction
activity since the end of 2017 and by contracts underway being
delayed to the third quarter of 2018. In addition, although average
chartering rates have remained stable since the second half of
2017, they continue to be weakened by a difficult market
environment.
These weaknesses, combined with
the effect of an unfavorable currency exchange rate, were not
offset by other services such as turnkey projects which represent
only 5.4% of first half adjusted revenues.
This 36% drop in adjusted revenues
at constant rate had a direct impact on profitability with an
adjusted EBITDAR of €12.5 million, corresponding to an EBITDAR
margin of 21.8%, down 13.4 points on the previous half year.
Bourbon Subsea Services won a
contract to install the first semi-submersible floating wind farm
off the coast of Scotland. This diversification activity will
continue to bear fruit over the coming semesters.
OTHERS
In € millions, unless otherwise
noted |
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Revenues |
5.0 |
5.1 |
-2.3% |
8.0 |
-36.7% |
|
|
|
|
|
|
Operational & General Costs |
(3.9) |
(3.2) |
+20.3% |
(5.1) |
-23.9% |
|
|
|
|
|
|
Adjusted
EBITDAR (ex. capital gains) |
1.1 |
1.9 |
-40.7% |
2.8 |
-60.0% |
EBITDAR / Revenues |
22.4% |
37.0% |
-14.5 pts |
35.5% |
-13.1 pts |
|
|
|
|
|
|
Adjusted
EBITDA |
1.1 |
2.0 |
-44.4% |
2.8 |
-60.0% |
Adjusted
EBIT |
1.0 |
(1.3) |
ns |
(0.5) |
ns |
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
-
The Board of Directors of BOURBON
approved on September 3, 2018 the interim consolidated financial
statements for the first six-month period ending June 30, 2018, on
upon the recommendation of the Audit Committee. The Statutory
Auditors performed a limited review of the interim financial
statements.
-
BOURBON's results will continue to be affected
by the €/US$ exchange rate.
-
BOURBON recalls having announced on July
10th the general
waiver signature with its leasers and debt holders representing the
majority of its debt, allowing the group to withhold the payments
of its loans and the servicing of its debt.
-
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:
http://www.bourbonoffshore.com/en/half-year-results-2018
FINANCIAL
CALENDAR
2018
3rd Quarter
& 9 months revenues press release |
November 8, 2018 |
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. At June 30, 2018 and
for the comparative period presented, adjustment items are as
follows:
|
|
|
|
In € millions |
H1 2018
Adjusted |
Adjustments* |
H1 2018
Consolidated |
Revenues |
340.1 |
(28.6) |
311.5 |
Direct Costs & General and Administrative costs |
(269.5) |
20.3 |
(249.2) |
EBITDAR (excluding capital
gains) |
70.6 |
(8.3) |
62.3 |
Bareboat charter costs |
(73.4) |
- |
(73.4) |
EBITDA (excluding capital gains) |
(2.8) |
(8.3) |
(11.1) |
Capital gain |
0.7 |
- |
0.7 |
EBITDA |
(2.2) |
(8.3) |
(10.4) |
Depreciation, Amortization & Provisions |
(106.6) |
2.7 |
(104.0) |
Impairment |
(44.7) |
- |
(44.7) |
Share of results from companies under the equity method
** |
- |
1.0 |
1.0 |
EBIT |
(153.5) |
(4.5) |
(158.0) |
*Effect of consolidation of
jointly controlled companies using the equity method (IFRS
11) |
** included
the application of IAS 29 |
In € millions |
H2 2017
Adjusted |
Adjustments * |
H2 2017
Consolidated |
Revenues |
401.2 |
(27.2) |
374.0 |
Direct Costs & General and Administrative costs |
(293.9) |
23.2 |
(270.7) |
EBITDAR (excluding capital
gains) |
107.3 |
(4.0) |
103.3 |
Bareboat charter costs |
(78.8) |
- |
(78.8) |
EBITDA (excluding capital gains) |
28.5 |
(4.0) |
24.5 |
Capital gain |
(0.3) |
- |
(0.3) |
EBITDA |
28.2 |
(4.0) |
24.2 |
Depreciation, Amortization & Provisions |
(148.3) |
3.0 |
(145.3) |
Impairment |
(196.8) |
- |
(196.8) |
Share of results from companies under the equity
method |
- |
2.1 |
2.1 |
EBIT |
(316.9) |
1.1 |
(315.8) |
*Effect of consolidation of
jointly controlled companies using the equity method (IFRS
11) |
** Included the application of IAS
29 |
|
|
|
In € millions |
H1 2017
Adjusted |
Adjustments * |
H1 2017
Consolidated |
Revenues |
459.5 |
(39.8) |
419.7 |
Direct Costs & General and Administrative costs |
(314.3) |
31.5 |
(282.9) |
EBITDAR (excluding capital
gains) |
145.1 |
(8.3) |
136.8 |
Bareboat charter costs |
(85.6) |
- |
(85.6) |
EBITDA (excluding capital gains) |
59.5 |
(8.3) |
51.2 |
Capital gain |
- |
- |
- |
EBITDA |
59.6 |
(8.3) |
51.2 |
Depreciation, Amortization & Provisions |
(146.6) |
2.9 |
(143.7) |
Impairment |
- |
- |
- |
Share of results from companies under the equity
method |
- |
1.6 |
1.6 |
EBIT |
(87.0) |
(3.8) |
(90.8) |
*Effect of consolidation of
jointly controlled companies using the equity method
(IFRS11) |
APPENDIX II
Simplified
Consolidated Income Statement
In € millions (except per share
data) |
H1 2018 |
H2
2017 |
Change
H1 2018 / H2 2017 |
H1
2017 |
Change
H1 2018 / H2 2017 |
|
|
|
|
|
|
Revenues |
311.5 |
374.0 |
-16.7% |
419.7 |
-25.8% |
Direct
costs |
(194.7) |
(224.5) |
-13.3% |
(231.9) |
-16.0% |
General
& Administrative costs |
(54.5) |
(46.2) |
+18.0% |
(51.0) |
+6.9% |
EBITDAR excluding capital gains |
62.3 |
103.3 |
-39.6% |
136.8 |
-54.4% |
Bareboat
charter costs |
(73.4) |
(78.8) |
-6.8% |
(85.6) |
-14.2% |
EBITDA excluding capital gains |
(11.1) |
24.5 |
ns |
51.2 |
ns |
Capital
gain |
0.7 |
(0.3) |
ns |
- |
ns |
Gross operating income EBITDA |
(10.4) |
24.2 |
ns |
51.2 |
ns |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Amortization & Provisions |
(104.0) |
(145.3) |
-28.4% |
(143.7) |
-27.6% |
Impairment |
(44.7) |
(196.8) |
-77.3% |
- |
ns |
Share of
results from companies under the equity method |
1.0 |
2.1 |
-50.0% |
1.6 |
-36.1% |
Profit on
transferred interests |
0.1 |
|
ns |
|
ns |
Operating income (EBIT) after share of results from
companies under equity method |
(158.0) |
(315.8) |
-49.9% |
(90.8) |
+74.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
profit/loss |
(29.8) |
(119.6) |
-75.1% |
(69.8) |
-57.3% |
Income
tax |
(5.8) |
(3.1) |
+88.7% |
(9.7) |
-40.1% |
Net Income |
(193.7) |
(438.5) |
-55.8% |
(170.4) |
+13.7% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
(3.4) |
32.4 |
ns |
0.2 |
ns |
Net income (Group share) |
(197.1) |
(406.1) |
-51.5% |
(170.1) |
+15.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share |
(2.55) |
|
|
2.21 |
|
Weighted
average number of shares outstanding |
77,373,341 |
|
|
77,080,103 |
|
|
|
|
|
|
|
APPENDIX III
Simplified
Consolidated Balance Sheet
In € millions |
06/30/2018 |
12/31/2017 |
|
06/30/2018 |
12/31/2017 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
453.1 |
643.6 |
|
|
|
|
|
|
Net
property, plant and equipment |
1,829.9 |
1,923.2 |
Financial
debt > 1 year |
87.3 |
183.8 |
Other
non-current assets |
87.4 |
90.3 |
Other
non-current liabilities |
119.4 |
122.9 |
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
1,917.4 |
2,013.5 |
TOTAL NON-CURRENT LIABILITIES |
206.8 |
306.8 |
|
|
|
|
|
|
Cash on
hand and in banks |
228.6 |
243.6 |
Financial
debt < 1 year |
1,481.4 |
1,425.0 |
Other
currents assets |
449.7 |
485.2 |
Other
current liabilities |
456.5 |
367.1 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
678.3 |
728.9 |
TOTAL CURRENT LIABILITIES |
1,937.9 |
1,792.0 |
|
|
|
|
|
|
Non-current assets held for sale |
2.1 |
- |
Liabilities
directly associated with non-current assets classified as held for
sale |
- |
- |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
2,144.6 |
2,098.8 |
TOTAL ASSETS |
2,597.8 |
2,742.4 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
2,597.8 |
2,742.4 |
APPENDIX IV
Simplified
Consolidated Cash Flow Statement
In € millions |
H1 2018 |
H2 2017 |
H1 2017 |
|
|
|
|
Net cash flow from operating activities (A) |
80.8 |
60.3 |
90.4 |
|
|
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
Acquisition of property, plant and equipment and intangible
assets |
(21.8) |
(30.1) |
(17.0) |
Sale of
property, plant and equipment and intangible assets |
10.2 |
21.6 |
2.6 |
Other cash
flow from investing activities |
0.2 |
10.7 |
9.9 |
Net Cash flow from investing activities (B) |
(11.4) |
2.3 |
(4.5) |
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
|
|
Net
increase (decrease) in borrowings |
(17.2) |
169.9 |
(75.8) |
Perpetual
bond issue |
- |
- |
- |
Dividends
paid to shareholders of the group |
- |
(8.5) |
- |
Dividends
paid to non-controlling interests |
(3.0) |
(7.6) |
- |
Cost of
net debt |
(13.4) |
(32.8) |
(23.4) |
Other cash
flow from financing activities |
- |
(0.1) |
(0.1) |
|
|
|
|
Net Cash flow used in financing activities (C) |
(33.6) |
120.9 |
(99.3) |
|
|
|
|
|
|
|
|
Impact
from the change in exchange rates (D) and other
reclassifications |
1.9 |
(3.3) |
12.3 |
Change in net cash (A) + (B) + (C) + (D) |
37.7 |
180.1 |
(1.1) |
|
|
|
|
|
|
|
|
Net cash
at beginning of period |
167.2 |
(12.9) |
(11.8) |
Change in
net cash |
37.7 |
180.1 |
(1.1) |
Net cash
at end of period |
204.9 |
167.2 |
(12.9) |
|
|
|
|
APPENDIX V
Consolidated Sources and uses of Cash
In € millions |
H1 2018 |
H 2 2017 |
H1 2017 |
|
|
|
|
|
|
|
Cash generated by operations |
71.1 |
|
49.8 |
|
81.6 |
|
Vessels in
service (A) |
|
60.9 |
|
28.1 |
|
79.0 |
Vessels
sale |
|
10.2 |
|
21.6 |
|
2.6 |
|
|
|
|
|
|
|
Cash out for : |
(19.0) |
|
(53.9) |
|
(31.4) |
|
Interest |
|
(13.4) |
|
(32.8) |
|
(23.4) |
Taxes
(B) |
|
(2.6) |
|
(4.9) |
|
(8.0) |
Dividends |
|
(3.0) |
|
(16.1) |
|
- |
|
|
|
|
|
|
|
Net Cash from activity |
52.1 |
|
(4.1) |
|
50.2 |
|
|
|
|
|
|
|
|
Net debt
change |
(53.0) |
|
(13.5) |
|
(62.4) |
|
Perpetual
bond |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
Use of cash for |
0.7 |
|
7.0 |
|
2.4 |
|
Investments |
|
(21.8) |
|
(30.1) |
|
(17.0) |
Working
capital (C) |
|
22.5 |
|
37.1 |
|
19.4 |
|
|
|
|
|
|
|
Other
sources and uses of cash |
0.2 |
|
10.6 |
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
69.2 |
|
51.8 |
|
76.0 |
|
Net Cash
flow from operating activities (A+B+C) |
|
80.8 |
|
60.3 |
|
90.4 |
Acquisition of property, plant and equipment and
intangible assets |
|
(21.8) |
|
(30.1) |
|
(17.0) |
Sale of
property, plant and equipment and intangible assets |
|
10.2 |
|
21.6 |
|
2.6 |
|
|
|
|
|
|
|
APPENDIX VI
Quarterly revenue
breakdown
In € millions |
|
2018 |
|
2017 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
89.9 |
92.4 |
|
100.2 |
97 .7 |
107.4 |
105.9 |
Deepwater offshore vessels |
|
55.0 |
57.4 |
|
60.0 |
59.9 |
68.3 |
68.8 |
Shallow water offshore vessels |
|
35.0 |
35.0 |
|
40.2 |
37.8 |
39.1 |
37.1 |
Bourbon
Mobility |
|
47.1 |
48.2 |
|
51.0 |
51.4 |
55.0 |
58.9 |
Subsea
Services |
|
30.2 |
27.2 |
|
43.6 |
52.1 |
67.8 |
56.6 |
Others |
|
1.9 |
3.1 |
|
2.1 |
3.0 |
3.8 |
4.1 |
Total adjusted revenues |
|
169.3 |
171.0 |
|
196.9 |
204.3 |
234.0 |
225.5 |
IFRS 11
impact* |
|
(15.4) |
(13.3) |
|
(15.3) |
(11.9) |
(19.2) |
(20.6) |
TOTAL CONSOLIDATED |
|
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 offshore fleet in operation
In % |
|
2018 |
|
2017 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
84.9 |
89.0 |
|
86.8 |
86.3 |
89.1 |
88.0 |
Deepwater offshore vessels |
|
83.5 |
88.1 |
|
83.0 |
86.1 |
88.0 |
86.2 |
Shallow water offshore vessels |
|
86.2 |
90.0 |
|
90.6 |
86.6 |
90.2 |
90.1 |
Bourbon
Mobility |
|
81.1 |
84.3 |
|
82.8 |
78.1 |
75.3 |
80.1 |
Subsea
Services |
|
60.9 |
55.7 |
|
80.6 |
89.6 |
83.3 |
85.2 |
Average utilization rate |
|
81.7 |
84.9 |
|
84.3 |
81.8 |
80.6 |
83.0 |
Quarterly average
utilization rates for the offshore fleet
In % |
|
2018 |
|
2017 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
51.6 |
52.7 |
|
51.9 |
50.2 |
48.2 |
45.8 |
Deepwater offshore vessels |
|
63.0 |
65.2 |
|
61.3 |
62.2 |
60.3 |
61.0 |
Shallow water offshore vessels |
|
43.9 |
44.3 |
|
45.6 |
42.1 |
40.0 |
35.6 |
Bourbon
Mobility |
|
53.8 |
54.4 |
|
55.0 |
55.1 |
56.4 |
61.4 |
Subsea
Services |
|
45.4 |
39.0 |
|
56.7 |
63.4 |
65.7 |
57.5 |
Average utilization rate |
|
52.5 |
53.0 |
|
53.7 |
53.4 |
53.3 |
54.5 |
Quarterly average
daily rates for the offshore fleet
In US$/day |
|
2018 |
|
2017 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
10,360 |
10,911 |
|
10,802 |
11,082 |
11,830 |
12,501 |
Deepwater offshore vessels |
|
12,873 |
13,577 |
|
13,660 |
13,781 |
14,863 |
15,084 |
Shallow water offshore vessels |
|
7,924 |
8,292 |
|
8,220 |
8,371 |
8,749 |
9,534 |
Bourbon
Mobility |
|
4,326 |
4,549 |
|
4,422 |
4,453 |
4,393 |
4,270 |
Bourbon
Subsea Services |
|
30,571 |
34,933 |
|
31,425 |
34,304 |
37,976 |
37,488 |
Average daily rate |
|
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 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
214 |
216 |
|
217 |
220 |
221 |
222 |
Deepwater offshore vessels |
|
87 |
87 |
|
86 |
89 |
89 |
89 |
Shallow water offshore vessels |
127 |
129 |
131 |
131 |
132 |
133 |
Bourbon
Mobility |
266 |
269 |
269 |
269 |
269 |
269 |
Bourbon
Subsea Services |
|
20 |
21 |
|
22 |
22 |
22 |
22 |
FLEET TOTAL |
|
500 |
506 |
|
508 |
511 |
512 |
513 |
*Vessels operated by
BOURBON (including vessels owned or on bareboat charter)
Half-year adjusted
revenue breakdown
In € millions |
|
2018
H1 |
|
2017 |
|
|
H2 |
H1 |
Bourbon
Marine & Logistics |
|
182.3 |
|
197.9 |
213.3 |
Deepwater offshore vessels |
|
112.4 |
|
119.9 |
137.0 |
Shallow water offshore vessels |
|
70.0 |
|
78.0 |
76.2 |
Bourbon Mobility |
|
95.3 |
|
102.4 |
113.8 |
Bourbon
Subsea Services |
|
57.4 |
|
95.7 |
124.4 |
Other |
|
5.0 |
|
5.1 |
8.0 |
Total ajusted revenue |
|
340.1 |
|
401.2 |
459.5 |
Ajustements * |
|
(28.6) |
|
(27.2) |
(39.8) |
TOTAL CONSOLIDATED |
|
311.5 |
|
374.0 |
419.7 |
*Effect of
consolidation of joint ventures using the equity method
Half-year average
utilization rates for the offshore fleet in operation
In % |
|
2018
H1 |
|
2017 |
|
|
H2 |
H1 |
Bourbon
Marine & Logistics |
|
86.4 |
|
86.6 |
88.5 |
Deepwater offshore vessels |
|
84.9 |
|
84.5 |
87.0 |
Shallow water offshore vessels |
|
87.9 |
|
88.6 |
90.2 |
Bourbon Mobility |
|
82.6 |
|
80.5 |
77.6 |
Bourbon
Subsea Services |
|
58.9 |
|
85.2 |
84.2 |
Average utilization rate |
|
83.0 |
|
83.1 |
81.7 |
Half-year average
utilization rates for the offshore fleet
In % |
|
2018
H1 |
|
2017 |
|
|
H2 |
H1 |
Bourbon
Marine & Logistics |
|
51.9 |
|
51.1 |
47.0 |
Deepwater offshore vessels |
|
63.6 |
|
61.8 |
60.6 |
Shallow water offshore vessels |
|
44.1 |
|
43.8 |
37.8 |
Bourbon Mobility |
|
54.0 |
|
55.0 |
58.9 |
Bourbon
Subsea Services |
|
42.6 |
|
60.2 |
61.6 |
Average utilization rate |
|
52.7 |
|
53.5 |
53.8 |
Half-year average
daily rates for the offshore fleet
In US$/day |
|
2018
H1 |
|
2017 |
|
|
H2 |
H1 |
Bourbon
Marine & Logistics |
|
10,468 |
|
10,913 |
12,182 |
Deepwater offshore vessels |
|
12,993 |
|
13,674 |
15,016 |
Shallow water offshore vessels |
|
8,022 |
|
8,285 |
9,128 |
Bourbon Mobility |
|
4,391 |
|
4,429 |
4,355 |
Bourbon
Subsea Services |
|
32,526 |
|
32,608 |
37,774 |
Average daily rate |
|
7,888 |
|
8,453 |
8,948 |
Contractualization
rates for the offshore fleet (end of period)
|
|
06/30/2018 |
|
12/31/2017 |
06/30/2017 |
Bourbon
Marine & Logistics |
|
|
|
|
|
Deepwater offshore vessels |
|
52.3% |
|
38.4% |
36.0% |
Shallow water offshore vessels |
|
28.3% |
|
35.1% |
31.1% |
Bourbon
Mobility |
|
35.0% |
|
37.9% |
41.3% |
Bourbon
Subsea Services |
|
25.0% |
|
27.3% |
22.7% |
Total contractualization rates |
|
35.9% |
|
36.8% |
36.9% |
Breakdown of
revenues by geographical region
In € millions |
Quarter |
Semester |
Q2 2018 |
Q1
2018 |
Change |
Q2
2017 |
H1 2018 |
H2
2017 |
Change |
H1
2017 |
Africa |
89.4 |
99.9 |
-10.5% |
135.3 |
189.4 |
232.4 |
-18.5% |
265.4 |
Europe
& Mediterranean/Middle East |
36.3 |
26.2 |
+38.8% |
31.6 |
62.5 |
62.6 |
-0.1% |
60.4 |
Americas |
24.3 |
27.0 |
-9.8% |
38.1 |
51.3 |
68.2 |
-24.8% |
79.4 |
Asia |
19.2 |
17.9 |
+7.4% |
29.0 |
37.1 |
38.0 |
-2.4% |
54.3 |
In € millions |
|
2018 |
|
2017 |
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Africa |
|
89.4 |
99.9 |
|
113.4 |
118.9 |
135.3 |
130.1 |
Europe & Mediterranean
/ Middle East |
|
36.3 |
26.2 |
|
31.6 |
31.1 |
31.6 |
28.8 |
Americas |
|
24.3 |
27.0 |
|
32.3 |
36.0 |
38.3 |
41.3 |
Asia |
|
19.2 |
17.9 |
|
19.7 |
18.3 |
29.0 |
25.3 |
Other key
indicators
Quarterly
breakdown
|
|
2018 |
|
2017 |
|
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Average
€/US$ exchange rate for the quarter (in €) |
|
1.19 |
1.23 |
|
1.18 |
1.17 |
1.10 |
1.06 |
€/US$
exchange rate at closing (in €) |
|
1.17 |
1.23 |
|
1.20 |
1.18 |
1.14 |
1.07 |
Average
price of Brent for the quarter (in US$/bbl) |
|
75 |
67 |
|
61 |
55 |
51 |
54 |
Half-year
breakdown
|
|
2018
H1 |
|
2017 |
|
|
|
H2 |
H1 |
Average
€/US$ exchange rate for the half year (in €) |
|
1.21 |
|
1.18 |
1.08 |
€/US$
exchange rate at closing (in €) |
|
1.17 |
|
1.20 |
1.14 |
Average
price of Brent for the half year (in US$/bbl) |
|
71 |
|
57 |
52 |
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.
EBITDA:
operating margin before depreciation, amortization and
impairment.
EBITDAR:
revenue less direct operating costs (except bare-boat rental costs)
and general and administrative costs.
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.
Average capital
employed excl. installments: is understood as the average of
the capital employed at the beginning of the period and end of the
period, excluding installments on fixed assets.
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.
Contractualization rate: ratio between the number of
vessels under long term contract and total number of vessels
operated by BOURBON, long term contract being defined as having a
remaining term equal or superior to 6 months.
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 2017,
BOURBON'S revenue came to €860.6 million and the company operated a
fleet of 508 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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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