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 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 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 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 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
- Income statement (adjusted data)
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.
- Cash flow (see appendix IV: Simplified Consolidated
Cash Flow Statement)
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.
Outlook
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 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 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 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 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 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 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 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 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 $4,391 (-1%) compared to the
second half of 2017.
Fleet destacking began in the second quarter of
2018 (89.8 stacked vessels compared to 95.2 in the first quarter
(FTE)) in order to meet growing demand for short-term contracts in
the "Crewliner" and "Interfield" activities.
The adjusted operating margin declined by -6.9
points due to the impact of fleet destacking and exceptional
maintenance activity.
BOURBON SUBSEA SERVICES
|
|
|
H1 2018 |
H2 2017 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 2018 / H2 2017 |
| Operational indicators |
|
|
|
|
|
| |
|
|
|
|
|
| Number of vessels (FTE)* |
20.6 |
22.0 |
-6.2% |
22.0 |
-6.2% |
| Total fleet in operation (FTE) |
14.9 |
15.5 |
-3.9% |
16.1 |
-7.5% |
| Number of stacked vessels (FTE) |
5.7 |
6.5 |
-11.4% |
5.9 |
-3.2% |
| |
|
|
|
|
|
| Utilization rate of the fleet in operation (%) |
58.9 |
85.2 |
-26.3 pts |
84.2 |
-25.3 pts |
| |
|
|
|
|
|
| Average utilization rate (%) |
42.6 |
60.2 |
-17.6 pts |
61.6 |
-19.0 pts |
| |
|
|
|
|
|
| Average daily rate ($/d) |
32,526 |
32,608 |
-0.3% |
37,774 |
-13.9% |
| * FTE : Full Time Equivalent |
|
|
| In € millions, unless otherwise noted |
H1 2018 |
H2 2017 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 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 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 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
statementsAdjustment 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 2018Consolidated |
|
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 2017Consolidated |
|
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 2017Consolidated |
|
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 |
ChangeH1 2018 / H2 2017 |
H1 2017 |
ChangeH1 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 andintangible
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 |
|
2018H1 |
|
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 % |
|
2018H1 |
|
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 % |
|
2018H1 |
|
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 |
|
2018H1 |
|
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$/bbl) |
|
75 |
67 |
|
61 |
55 |
51 |
54 |
Half-year breakdown
|
|
|
2018H1 |
|
2017 |
|
|
|
|
H2 |
H1 |
|
Average €/US$ 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 agencyPublicis Consultants |
|
Investor Relations, analysts, shareholders |
Vilizara
Lazarova |
| +33 140
138 607 Investor-relations@bourbon-online.com |
+33 144
824 634vilizara.lazarova@consultants.publicis.fr |
|
|
|
|
|
|
Corporate Communication |
|
|
Christelle Loisel |
|
| +33 491
136 732christelle.loisel@bourbon-online.com |
|
|
|