PARIS, March 4, 2015 (GLOBE NEWSWIRE) --
- Adjusted EBITDAR increased 10.9% for the year versus 2013,
benefiting from continued strong cost control during the year and
its margin, as a percentage of revenues, increased almost 2 full
points to 36.1%
- EBIT decreased 54% compared with 2013, reflecting higher
bareboat charter costs, less capital gains and provisions made for
classification dry dock costs for vessels on bareboat charter
- Net Income, Group share aided by an improved financial profit,
reflects a stronger US dollar towards the end of 2014 and a reduced
cost of debt versus 2013
- Free cash flow reached €466.1 million, a 5.2% increase over
2013, including vessel sales, enabling the continued reduction in
net debt to €1.349 billion, totaling €802 million reduction since
June 30, 2013
- Proposed dividend payment of €1.00 per share to shareholders,
stable versus 2013
|
H2 2014 |
H2 2013 (restated) |
Var H2 2014 / H2 2013 |
H1 2014 |
2014 |
2013 (restated) |
Var 2014 / 2013 |
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|
|
Operational indicators |
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|
|
|
|
|
|
Number of vessels (FTE)* |
496.7 |
476.1 |
+4.3% |
487.9 |
492.2 |
468.2 |
+5.1% |
Number of vessels (end of period)** |
505 |
485 |
+20
vessels |
501 |
505 |
485 |
+20
vessels |
Technical availability rate (%) |
95.8% |
95.5% |
+0.3
pt |
95.2% |
95.5% |
94.5% |
+1.0
pt |
Average utilization rate (%) |
80.5% |
83.2% |
-2.7
pts |
81.5% |
81.0 |
83.3 |
-2.3
pts |
Average daily rate $/d |
12,442 |
11,901 |
+4.5% |
12,207 |
12,254 |
11,754 |
+4.3% |
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|
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|
|
* FTE: full time
equivalent. ** Vessels
operated by BOURBON (including vessels owned or on bareboat
charter). |
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|
Financial performance |
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|
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|
Adjusteda Revenues |
727.6 |
664.1 |
+9.6% |
657.7 |
1,385.3 |
1,311.9 |
+5.6% |
(change at constant rate) |
|
|
|
|
|
|
+6.7% |
Adjusteda Costs (excl. bareboat charters) |
(454.4) |
(436.8) |
+4.0% |
(431.4) |
(885.8) |
(861.6) |
+2.8% |
Adjusteda EBITDAR (ex. cap. Gain) |
273.2 |
227.3 |
+20.2% |
226.3 |
499.5 |
450.3 |
+10.9% |
EBITDAR / Revenues |
37.5% |
34.2% |
+3.3
pts |
34.4% |
36.1% |
34.3% |
+1.8
pts |
Adjusteda EBITDA |
258.7 |
354.7 |
-27.1% |
190.9 |
449.6 |
575.7 |
-21.9% |
Adjusteda EBIT |
97.1 |
210.5 |
-53.9% |
41.5 |
138.6 |
302.6 |
-54.2% |
IFRS 11 impact *** |
(0.9) |
(1.6) |
-46.9% |
(0.8) |
(1.6) |
(2.7) |
-38.4% |
EBIT |
96.2 |
208.9 |
-53.9% |
40.7 |
137.0 |
299.9 |
-54.3% |
Net income |
88.1 |
112.5 |
-21.7% |
10.6 |
98.7 |
143.4 |
-31.2% |
Net income (group share) |
78.5 |
100.5 |
-21.9% |
(4.8) |
73.7 |
115.0 |
-35.9% |
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*** Effect of consolidation of jointly
controlled companies using the equity method. (a) See page 2.
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Average utilization rate (excl. crew boats) |
86.6% |
90.0% |
-3.4
pts |
89.9% |
87.7% |
89.5% |
-1.8
pts |
Average daily rate (excluding crew boats $/d) |
19,938 |
19,459 |
+2.5% |
19,541 |
19,658 |
19,447 |
+1.1% |
"2014 was highlighted by an improvement in
the profitability of the fleet, reflected by the cost reductions
that were already well underway", says Christian Lefèvre, Chief
Executive Officer of BOURBON. "Cost reduction remains a
priority for the upcoming quarters in order for BOURBON to adapt to
reduced activity levels." a) see appendix I for details
Consolidated results for the 2nd half and full year 2014 were
established for the first time according to the new accounting
standards IFRS 10, IFRS 11 and IFRS 12, IAS 27 amended and IAS 28
amended relating to consolidation which became mandatory as of
January 1, 2014. Specifically, joint ventures on which BOURBON has
joint control are now consolidated using the equity method which
replaces the proportionate consolidation method. Comparative
figures are restated accordingly.
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). The principles of internal
reporting do not reflect the application of the new IFRS 10, IFRS
11 and IFRS 12, IAS 27 amended and IAS 28 amended. Consequently,
joint ventures are still proportionately consolidated, as in
previous years.
2014 market and operational highlights
- A significant decline in the price of oil in the 2nd half of
2014 has further affected investments by the oil & gas
companies and deepened their cost cutting measures
- The high number of deliveries of new deepwater PSVs coming from
shipyards is creating overcapacity in a market that is already
under pressure from the current oil price environment
- BOURBON is focused on operational excellence in service
execution:
- Safety remains a strength at BOURBON, with TRIR (Total
Recordable Incident Rate per million hours worked) of 0.76
- Technical availability of 95.5% in 2014; target of 95% at the
end of 2015 has been achieved one year in advance
- BOURBON is continuing its focus on cost control through its
standardization policy, which showed in significant cost reductions
during 2014
- Utilization rates excluding Crew boats historically have been
within an 87%-92% tunnel, in line with long-term expectations; 2014
performance was in the lower part of this range
Full year 2014 results highlights
- Adjusted EBITDAR increased almost 11% for the year, with
increases in Deepwater, Shallow water and Subsea, aided by
continued cost control overall and an increase in average
utilization rates in the 4th quarter
- 2014 saw the impact of the transition of our business model
towards more rented vessels; this translates to an increase in rent
charges, with its corresponding impact on adjusted EBITDA
(decreased 21.9% vs. 2013) as well as provisions for classification
dry dock expenses that impacts adjusted EBIT (decreased 54.2% vs.
2013)
- For the second year, BOURBON generated more than €400 million
in free cash flow as a result of strong vessel sales, despite a
still significant investment related cash outflow, enabling a
further reduction in Net Debt in 2014 of more than €350 million
MARINE SERVICES
Operational Business Indicators |
H2 2014 |
H2 2013 |
Var H2 2014/ H2 2013 |
H1 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Number of vessels FTE * |
476.7 |
456.5 |
+4.4% |
469.9 |
473.3 |
448.6 |
+5.5% |
Technical availability rate |
95.9% |
95.6% |
+0.3 pts |
95.3% |
95.6% |
94.6% |
+1.0 pt |
Average utilization rate |
80.5% |
82.9% |
-2.4 pts |
81.2% |
80.8% |
83.0% |
-2.2 pts |
* Vessels operated by
BOURBON (including vessels owned or on bareboat charter). |
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Adjusted Financial Performance In millions of euros |
H2
2014 |
H2
2013 |
Var
H2 2014/ H2 2013 |
H1
2014 |
2014 |
2013 |
Var 2014/
2013 |
Revenues |
589.3 |
537.4 |
+9.7% |
543.1 |
1,132.3 |
1,064.7 |
+6.4% |
costs (excluding bareboat charter costs) |
(375.1) |
(361.2) |
+3.8% |
(364.3) |
(739.4) |
(712.6) |
+3.8% |
EBITDAR (excluding capital gains) |
214.2 |
176.2 |
+21.6% |
178.7 |
392.9 |
352.0 |
+11.6% |
EBITDAR (excluding capital gains) / Revenues |
36.3% |
32.8% |
+3.5 pts |
32.9% |
34.7% |
33.1% |
+1.6 pts |
EBITDA |
185.3 |
270.3 |
-31.4% |
138.9 |
324.1 |
444.2 |
-27.0% |
EBIT |
54.8 |
150.9 |
-63.6% |
12.4 |
67.3 |
218.5 |
-69.2% |
Adjusted EBITDAR as a percent of adjusted
revenues increased overall, with improvements in both the Deepwater
and Shallow water segments as a result of the focus on cost
control. The reduction in adjusted EBITDA versus 2013 was a
combined result of the higher level of bareboat charter costs and
lower capital gains adjusted. EBIT reduced versus the year ago
period with slight increase in depreciation and amortization
related to the increase in fleet size as well as the additional
provisions for dry docks for the vessels on bareboat charter.
Marine Services : Deepwater offshore
vessels
Operational Business Indicators |
H2 2014 |
H2 2013 |
Var H2 2014/ H2 2013 |
H1 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Number of vessels FTE * |
75.3 |
71.6 |
+5.2% |
72.2 |
73.7 |
71.8 |
+2.6% |
Technical availability rate |
92.3% |
95.9% |
-3.6 pts |
92.9% |
92.6% |
95.2% |
-2.6 pts |
Average utilization rate |
85.8% |
89.4% |
-3.6 pts |
87.9% |
86.9% |
88.9% |
-2 pts |
Average daily rate (in US$/day) |
23,350 |
22,482 |
+3.9% |
23,008 |
22,967 |
22,156 |
+3.7% |
* Vessels operated by
BOURBON (including vessels owned or on bareboat charter). |
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Adjusted Financial Performance In millions of euros |
H2
2014 |
H2
2013 |
Var
H2 2014/ H2 2013 |
H1
2014 |
2014 |
2013 |
Var 2014/
2013 |
Revenues |
212.4 |
196.3 |
+8.2% |
190.7 |
403.2 |
391.6 |
+3.0% |
costs (excluding bareboat charter costs) |
(123.9) |
(125.5) |
-1.3% |
(116.6) |
(240.5) |
(245.3) |
-2.0% |
EBITDAR (excluding capital gains) |
88.5 |
70.7 |
+25.1% |
74.1 |
162.6 |
146.2 |
+11.2% |
EBITDAR (excluding capital gains) / Revenues |
41.7% |
36.0% |
+5.7 pts |
38.8% |
40.3% |
37.3% |
+3 pts |
EBITDA |
76.1 |
122.9 |
-38.1% |
50.0 |
126.2 |
196.5 |
-35.8% |
A significant 3 point increase in adjusted
EBITDAR/revenues ratio compared with 2013 was due to an overall
reduction in costs as the fleet grew by 2.6% in FTE terms, with
revenues growth in line with the increase in the fleet. The
increase in bareboat charters and decrease in capital gains on the
sale of vessels contributed to the reduced adjusted EBITDA versus
2013. The reduced technical availability is a result of the high
level of maintenance during the year.
Marine Services : Shallow water
offshore vessels
Operational Business Indicators |
H2 2014 |
H2 2013 |
Var H2 2014/ H2 2013 |
H1 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Number of vessels FTE * |
134.4 |
115.1 |
+16.8% |
128.0 |
131.2 |
109.6 |
+19.7% |
Technical availability rate |
96.6% |
96.1% |
+0.5 pts |
96.5% |
96.5% |
96.1% |
+0.4 pts |
Average utilization rate |
87.8% |
90.2% |
-2.4 pts |
89.5% |
88.6% |
89.8% |
-1.2 pts |
Average daily rate (in US$/day) |
14,307 |
13,877 |
+3.1% |
14,070 |
14,177 |
13,978 |
+1.4% |
* Vessels operated by
BOURBON (including vessels owned or on bareboat charter). |
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Adjusted Financial Performance In millions of euros |
H2
2014 |
H2
2013 |
Var H2
2014/ H2 2013 |
H1
2014 |
2014 |
2013 |
Var 2014/
2013 |
Revenues |
234.8 |
193.0 |
+21.7% |
211.5 |
446.3 |
376.0 |
+18.7% |
costs (excluding bareboat charter costs) |
(154.3) |
(129.8) |
+18.9% |
(142.2) |
(296.5) |
(257.5) |
+15.1% |
EBITDAR (excluding capital gains) |
80.5 |
63.2 |
+27.4% |
69.3 |
149.8 |
118.4 |
+26.5% |
EBITDAR (excluding capital gains) / Revenues |
34.3% |
32.7% |
+1.6 pts |
32.8% |
33.6% |
31.5% |
+2.1 pts |
EBITDA |
64.0 |
105.1 |
-39.1% |
53.5 |
117.5 |
160.4 |
-26.7% |
The increase in revenues was close to matching
the increase fleet size in 2014 compared with 2013 (+19.7% FTEs),
while the adjusted EBITDAR/Revenues ratio increased more than 2
points as a result of continued progress on the cost control
programs at BOURBON. Technical availability rate in this segment
has remained above the 2015 target, making further gains on the
high performance seen in 2013. The rental cost of the additional
vessels under bareboat charter in 2014 and a lower amount of
capital gains on the vessels sold have combined to reduced adjusted
EBITDA results compared with last year.
Marine Services : Crew boat
vessels
Operational Business Indicators |
H2 2014 |
H2 2013 |
Var H2 2014/ H2 2013 |
H1 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Number of vessels FTE * |
267.0 |
269.9 |
-1.1% |
269.7 |
268.4 |
267.1 |
+0.5% |
Technical availability rate |
96.6% |
95.3% |
+1.3 pts |
95.4% |
96.0% |
93.8% |
+2.2 pts |
Average utilization rate |
75.3% |
78.0% |
-2.7 pts |
75.5% |
75.4% |
78.7% |
-3.3 pts |
Average daily rate (in US$/day) |
5,066 |
5,270 |
-3.9% |
5,250 |
5,100 |
5,198 |
-1.9% |
* Vessels operated by
BOURBON (including vessels owned or on bareboat charter). |
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|
Adjusted Financial Performance In millions of euros |
H2
2014 |
H2
2013 |
Var
H2 2014/ H2 2013 |
H1
2014 |
2014 |
2013 |
Var
2014/ 2013 |
Revenues |
142.0 |
148.1 |
-4.1% |
140.9 |
282.9 |
297.2 |
-4.8% |
costs (excluding bareboat charter costs) |
(96.9) |
(105.9) |
-8.5% |
(105.5) |
(202.4) |
(209.8) |
-3.5% |
EBITDAR (excluding capital gains) |
45.1 |
42.2 |
+6.9% |
35.3 |
80.5 |
87.3 |
-7.9% |
EBITDAR (excluding capital gains) / Revenues |
31.8% |
28.5% |
+3.3 pts |
25.1% |
28.4% |
29,4% |
-0.9 pts |
EBITDA |
45.1 |
42.2 |
+6.9% |
35.3 |
80.5 |
87.3 |
-7.9% |
In 2014, there was a significant 3.5% decrease
in costs versus 2013, while the operating fleet size (in FTEs)
remained stable. As a result, the adjusted EBITDAR/revenues ratio
only decreased 0.9 points versus 2013 despite revenues declining
4.8%. The second half of 2014 saw cost control improve even further
with costs lower by 8.5%, boosting adjusted EBITDAR/revenues by 3.3
points year on year. Technical availability in the Crew boat
segment has exceeded the 2015 target a year early by attaining 96%
in 2014, a strong increase of 2.2 points versus the prior year with
reduced maintenance during the year.
Subsea Services
Operational Business Indicators |
H2 2014 |
H2 2013 |
Var H2 2014/ H2 2013 |
H1 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Number of vessels FTE * |
19.0 |
18.6 |
+2.2% |
17.0 |
18.0 |
18.6 |
-3.2% |
Technical availability rate |
93.6% |
94.1% |
-0.5 pts |
93.3% |
93.5% |
93.4% |
+0.1 pt |
Average utilization rate |
81.7% |
91.3% |
-9.6 pts |
88.8% |
85.0% |
90.2% |
-5.2 pts |
Average daily rate (in US$/day) |
48,622 |
42,226 |
+15.1% |
46,452 |
47,470 |
41,190 |
+15.2% |
* Vessels operated by
BOURBON (including vessels owned or on bareboat charter). |
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|
Adjusted Financial Performance In millions of euros |
H2
2014 |
H2
2013 |
Var H2
2014/ H2 2013 |
H1
2014 |
2014 |
2013 |
Var 2014/
2013 |
Revenues |
124.9 |
114.3 |
+9.2% |
105.3 |
230.2 |
223.3 |
+3.1% |
costs (excluding bareboat charter costs) |
(68.3) |
(65.6) |
+4.0% |
(59.7) |
(127.9) |
(129.5) |
-1.2% |
EBITDAR (excluding capital gains) |
56.6 |
48.7 |
+16.3% |
45.6 |
102.2 |
93.8 |
+9.0% |
EBITDAR (excluding capital gains) / Revenues |
45.3% |
42.6% |
+2.7 pts |
43.3% |
44.4% |
42.0% |
+2.4 pts |
EBITDA |
71.0 |
82.0 |
-13.4% |
50.1 |
121.2 |
127.1 |
-4.6% |
EBIT |
42.3 |
58.9 |
-28.3% |
29.8 |
72.0 |
83.6 |
-13.9% |
The combination of new Bourbon Evolution 800
fleet entries and cost reductions versus the year ago period
enabled adjusted EBITDAR to increase 9% and as a percentage of
adjusted revenues, an increase of 2.4 points to 44.4%. The
additional vessels sold and retained under bareboat charter have
resulted in reductions in adjusted EBITDA, with adjusted EBIT
reduced further due to the provisions for dry dock expenses for
these same vessels.
Other
|
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Adjusted Financial Performance In millions of euros |
H2
2014 |
H2
2013 |
Var
H2 2014/ H2 2013 |
H1
2014 |
2014 |
2013 |
Var
2014/ 2013 |
Revenues |
13.5 |
12.3 |
+9.0% |
9.4 |
22.8 |
24.0 |
-4.8% |
costs (excluding bareboat charter costs) |
(11.1) |
(9.9) |
+11.5% |
(7.4) |
(18.5) |
(19.5) |
-5.2% |
EBITDAR (excluding capital gains) |
2.4 |
2.4 |
-1.2% |
1.9 |
4.3 |
4.5 |
-2.9% |
EBITDAR (excluding capital gains) / Revenues |
17.8% |
19.7% |
-1.8 pts |
20.7% |
19.0% |
18.6% |
+0.4 pts |
EBITDA |
2.4 |
2.5 |
-2.0% |
1.9 |
4.3 |
4.5 |
-3.4% |
EBIT |
0.0 |
0.7 |
-101% |
(0.7) |
(0.7) |
0.5 |
n/s |
Using chartered vessels has two advantages for
BOURBON: it makes it possible to meet client demands and generate
contracts while new vessels are being built and added to the fleet.
Using chartered vessels also enables BOURBON to offer vessels that
are not part of its regular line of services when needed for global
calls for tenders. Volatility of "Other" revenues is largely due to
the variation in the number of chartered vessels during the
period.
Consolidated Capital Employed |
12/31/2014 |
12/31/2013 |
In millions of euros |
|
|
|
Net non-current Assets |
2,777.7 |
2,554.7 |
Assets held for sale |
28.2 |
498.5 |
Working Capital |
268.9 |
198.9 |
|
|
|
Total Capital Employed |
3,074.8 |
3,252.1 |
|
|
|
Shareholders equity |
1,625.0 |
1,484.8 |
Non-current liabilities (provisions and deferred taxes) |
101.4 |
65.3 |
Net debt |
1,348.5 |
1,702.0 |
|
|
|
Total Capital Employed |
3,074.8 |
3,252.1 |
|
|
|
Net non-current assets increased due to the
delivery of vessels beyond that which are part of the vessel sale
and bareboat charter agreements. Meanwhile, the decrease in assets
held for sale reflects the trasnfer of vessels during 2014 that
were part of the sale agreements with ICBCL and Standard Chartered
Bank.
The gearing ratio has continued to decline over
the course of 2014, reaching 0.83 as of December 31, 2014,
declining from 1.15 a year earlier. The gearing ratio is now almost
50% lower than it was at the end of June 2013 (1.53), after which
the impact of the vessel sale proceeds began to impact net debt.
Since the start of the Asset Smart action plan, $US1,643 million
worth of vessels have been sold, with an additional 5 vessels
remaining to be transferred to Minsheng Financial Leasing for
approximately $US145 million under the agreement signed in the 4th
quarter 2014.
Consolidated Sources and uses of Cash In millions of
euros |
2014 |
2013 |
|
|
|
|
|
Cash generated by operations |
1,123.3 |
|
959.9 |
|
Vessels in service (A) |
|
406.0 |
|
395.1 |
Vessels sale |
|
717.3 |
|
564.8 |
|
|
|
|
|
Cash out for : |
(156.1) |
|
(179.5) |
|
Interest |
|
(55.7) |
|
(70.5) |
Taxes (B) |
|
(15.3) |
|
(38.3) |
Dividends |
|
(85.1) |
|
(70.7) |
|
|
|
|
|
Net Cash from activity |
967.1 |
|
780.5 |
|
|
|
|
|
|
Net debt change |
(430.1) |
|
(307.7) |
|
Perpetual bond |
98.7 |
|
0.0 |
|
|
|
|
|
|
Use of cash for |
(641.9) |
|
(478.7) |
|
Investments |
|
(567.6) |
|
(451.4) |
Working capital (C) |
|
(74.3) |
|
(27.3) |
|
|
|
|
|
Other sources and uses of cash |
6.2 |
|
6.0 |
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
466.1 |
|
442.9 |
|
Net Cash flow from operating activities (A+B+C) |
|
316.4 |
|
329.5 |
Acquisition of property, plant and equipment and intangible
assets |
|
(567.6) |
|
(451.4) |
Sale of property, plant and equipment and intangible assets |
|
717.3 |
|
564.8 |
|
|
|
|
|
The two primary sources of cash generation for
BOURBON are from the vessels in service as a ship operator and the
sale of vessels as a ship owner. From these sources of cash, the
stakeholders such as banks, government entities and shareholders
receive a portion in the form of interest, taxes and dividends.
Another use of cash is for the continued high level of investment
in assets for the business and required working capital increases.
These various uses of cash make the speed of debt reduction less
rapid, though still significant.
The free cash flow generated through the
combined vessel operator and vessel owner elements of the business
has made a significant improvement since the beginning of the
vessel sale and bareboat charter program, having generated total
free cash flows of over €900 million in the past 2 years. This has
enabled BOURBON to reduce its net debt by approximately €802
million since June 30, 2013 while taking delivery of 59 new vessels
during this period.
OUTLOOK The oil service industry is in
the midst of a down cycle. Bourbon's past investment strategy and
its focus on operational excellence has prepared it well to
navigate the entire business cycle. Operational resilience factors
already in place puts BOURBON in a good position to face the
current challenging market.
One such factor is the well-balanced split of
revenue generation among the different segments and activities in
which BOURBON operates. The current equilibrium represents a
significantly greater balance compared with 2006, for example, when
Deepwater revenues made up almost 60% of total revenues. The result
is a increased shares of less volatile markets in the development
and production markets compared to exploration activities.
A second factor is the diversified portfolio of
clients. As BOURBON has grown its range of services offered and its
worldwide geographical footprint through its partnerships, it now
services not only international oil companies but also National Oil
companies, medium sized/independent oil companies and
contractors.
Safety is the highest priority for both BOURBON
and it's clients and the safety performance of BOURBON's fleet is
among the industry leaders, and this is a key factor in being a
preferred supplier of services for clients.
BOURBON's past investment strategy of assembling
a fleet of modern, innovative and safe vessels has proven its value
to the market, evidenced by average utilization rates of its
vessels exceeding that for it's peers throughout the cycle. Vessels
equipped with diesel electric propulsion and dynamic positioning
has brought cost reductions to its customers, in addition to the
savings resulting from its industrial maintenance program.
These factors, combined with the financial
strength of the company, partly as a result of the Asset Smart
action plan, will help BOURBON to be more resilient during this
phase of the cycle.
The two debt ratio targets announced with the
Asset Smart action plan (maximum debt/equity of 0.5 and maximum net
debt/EBITDA of 2.0) remain targets for BOURBON, though they could
be delayed due to current market conditions. For the same reasons,
while the target of bareboat charter costs to reach no more than
30% of EBITDAR remains in place, the timing and planned level of
vessel sale and bareboat charters may be revised over time.
Taking into account the weak oil price and the
reduced activity in the oil services market, BOURBON is adapting,
having reinforced its action plan to reduce costs. BOURBON
anticipates a stable or slight decrease in revenues for 2015 and a
slight decrease in the margin of EBITDAR/revenues.
MAJOR OPERATIONS AND HIGHLIGHTS
- In late October 2014, BOURBON successfully completed a €100
million perpetual, deeply subordinated bond issue; this issue is
accounted for as equity under IFRS standards and the prospectus is
available on BOURBON's web site under 'regulated information'
- BOURBON's sale of vessels to ICBCL is now complete, with the
transfer of 46 vessels for total proceeds of US$1.4 billion,
comprised of 8 Deepwater vessels, 31 Shallow water vessels and 7
Subsea vessels
- The sale agreement with Standard Chartered Bank for the sale of
6 vessels has also been completed as scheduled during 2014, with a
total of 3 Deepwater vessels and 3 Shallow water vessels
transferred for total proceeds of US$151 million
- At the beginning of December 2014, BOURBON signed an agreement
with Minsheng Financial Leasing Co. for the sale and bareboat
charter of 8 vessels for a total amount of approximately US$202
million. The ownership of 3 vessels has been transferred for
approximately US$57 million. The remaining 5 vessels will be
transferred to MFL during 2015.
ADDITIONAL INFORMATION
- BOURBON's results will continue to be influenced by the €/US$
exchange rate
- BOURBON set up €/US$ hedging contracts at an average exchange
rate of €1 = 1.2332 to partially cover its estimated EBITDA
exposure in 2015
- The 2014 financial statements were closed by the Board of
Directors on February 23, 2015
- The auditing procedures have been completed and the audit
report relating to certification is in the process of being
issued
- At the next Annual General Meeting, The Board will propose a
dividend payment to shareholders of €1.00 per share, with an
ex-dividend date of June 2, 2015 and a payment date of June 4,
2015
FINANCIAL CALENDAR
2015 1st Quarter Revenues press
release |
April 29, 2015 |
Annual
Shareholder's Meeting |
May 21,
2015 |
APPENDIX I
Reconciliation of adjusted financial information
with the consolidated financial statements
The adjustment items are the effects of the
consolidation of joint ventures according to the equity method. At
December 31, 2014 and for the comparative period 2013, adjustment
elements are:
|
|
|
|
In millions of euros |
2013 Adjusted |
IFRS 11 Impact* |
2013 Consolidated |
Revenues |
1,311.9 |
(22.3) |
1,289.6 |
Direct Costs & General and Administrative costs |
(861.6) |
6.7 |
(854.9) |
EBITDAR (excluding capital gains) |
450.3 |
(15.6) |
434.7 |
Bareboat charter costs |
(13.1) |
- |
(13.1) |
EBITDA (excluding capital gains) |
437.2 |
(15.6) |
421.6 |
Capital gain |
138.5 |
- |
138.5 |
EBITDA |
575.7 |
(15.6) |
560.1 |
Depreciation, Amortization & Provisions |
(273.1) |
4.1 |
(269.0) |
Share of results from companies under the equity method |
0.0 |
8.8 |
8.8 |
EBIT |
302.6 |
(2.7) |
299.9 |
*Effect of
consolidation of jointly controlled companies using the equity
method. |
|
In millions of euros |
2014 Adjusted |
IFRS 11 Impact* |
2014 Consolidated |
Revenues |
1,385.3 |
(38.9) |
1,346.4 |
Direct Costs & General and Administrative costs |
(885.8) |
27.6 |
(858.3) |
EBITDAR (excluding capital gains) |
499.5 |
(11.3) |
488.1 |
Bareboat charter costs |
(110.6) |
- |
(110.6) |
EBITDA (excluding capital gains) |
388.8 |
(11.3) |
377.5 |
Capital gain |
60.8 |
- |
60.8 |
EBITDA |
449.6 |
(11.3) |
438.3 |
Depreciation, Amortization & Provisions |
(311.0) |
4.0 |
(307.0) |
Share of results from companies under the equity method |
0.0 |
5.7 |
5.7 |
EBIT |
138.6 |
(1.6) |
137.0 |
*Effect of
consolidation of jointly controlled companies using the equity
method. |
APPENDIX II
Simplified Income Statement
In millions of euros (except per share data) |
H2 2014 |
H2 2013 (restated) * |
Var H2 2014 / H2 2013 |
2014 |
2013 (restated) * |
Var 2014 / 2013 |
|
|
|
|
|
|
|
Revenues |
703.8 |
650.2 |
+8.2% |
1,346.4 |
1,289.6 |
+4.4% |
Direct costs |
(369.1) |
(361.1) |
+2.2% |
(720.5) |
(719.2) |
+0.2% |
General & Administrative costs |
(67.3) |
(70.1) |
-4.0% |
(137.8) |
(135.7) |
+1.5% |
EBITDAR excluding capital gains |
267.4 |
219.0 |
+22.1% |
488.1 |
434.7 |
+12.3% |
Bareboat charter costs |
(65.4) |
(9.7) |
ns |
(110.6) |
(13.1) |
ns |
EBITDA excluding capital gains |
202.0 |
209.3 |
-3.5% |
377.5 |
421.6 |
-10.5% |
Capital gain |
50.9 |
137.2 |
-62.9% |
60.8 |
138.5 |
-56.1% |
Gross operating income EBITDA |
252.9 |
346.4 |
-27.0% |
438.3 |
560.1 |
-21.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Amortization & Provisions |
(158.9) |
(142.0) |
+11.9% |
(307.0) |
(269.0) |
+14.1% |
Share of results from companies under the equity method |
2.2 |
4.5 |
-50.9% |
5.7 |
8.8 |
-35.9% |
Operating income (EBIT) |
96.2 |
208.9 |
-53.9% |
137.0 |
299.9 |
-54.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial profit/loss |
5.7 |
(90.4) |
-106.3% |
(9.0) |
(133.4) |
-93.2% |
Income tax |
(13.8) |
(9.9) |
+40.4% |
(29.2) |
(27.0) |
+8.4% |
Income on equity interests sold |
- |
3.9 |
-100% |
- |
3.9 |
-100% |
Income from discontinued operations |
- |
- |
- |
- |
- |
- |
Net Income |
88.1 |
112.5 |
-21.7% |
98.7 |
143.4 |
-31.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
(9.6) |
(12.0) |
-20.0% |
(25.0) |
(28.4) |
-12.1% |
Net income (Group share) |
78.5 |
100.5 |
-21.9% |
73.7 |
115.0 |
-35.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
- |
- |
- |
1.03 |
1.61 |
- |
Weighted average number of shares outstanding |
- |
- |
- |
71,586,734 |
71,580,591 |
- |
|
|
|
|
|
|
|
*Consolidated 2013 figures have been restated
according to the implementation of the new accounting
standards.
APPENDIX III
Simplified Consolidated Balance Sheet
In millions of euros |
12/31/2014 |
12/31/2013 (restated)* |
|
12/31/2014 |
12/31/2013 (restated)* |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
1,625.0 |
1,484.8 |
|
|
|
|
|
|
Net property, plant and equipment |
2,576.8 |
2,473.8 |
Financial
debt > 1 year |
1,082.5 |
1,308.5 |
Other non-current assets |
256.8 |
143.7 |
Other
non-current liabilities |
152.5 |
124.3 |
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
2,833.6 |
2,617.5 |
TOTAL NON-CURRENT LIABILITIES |
1,235.0 |
1,432.8 |
|
|
|
|
|
|
Cash on hand and in banks |
352.4 |
768.2 |
Financial
debt < 1 year |
618.4 |
1,161.7 |
Other currents assets |
603.2 |
495.1 |
Other
current liabilities |
339.0 |
299.9 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
955.6 |
1,263.3 |
TOTAL CURRENT LIABILITIES |
957.4 |
1,461.6 |
|
|
|
|
|
|
Non-current assets held for sale |
28.2 |
498.5 |
Liabilities
directly associated with non-current assets classified as held for
sale |
- |
- |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
2,192.5 |
2,894.4 |
TOTAL ASSETS |
3,817.4 |
4,379.2 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
3,817.4 |
4,379.2 |
*Consolidated 2013 figures have been restated
according to the implementation of the new accounting
standards.
APPENDIX IV
Simplified Consolidated Cash Flow
Statement
In millions of euros |
2014 |
2013 (restated) * |
|
|
|
Cash flow from operating activities |
|
|
consolidated net income (loss) |
98.7 |
143.4 |
cash flow from operating activities |
217.7 |
186.1 |
Net cash flow from operating activities (A) |
316.4 |
329.5 |
|
|
|
|
|
|
Cash flow from investing activities |
|
|
acquisition of property, plant and equipment and intangible
assets |
(567.6) |
(451.4) |
sale of property, plant and equipment and intangible assets |
717.3 |
564.8 |
other cash flow from investing activities |
1.9 |
0.7 |
Net Cash flow from investing activities (B) |
151.5 |
114.0 |
|
|
|
|
|
|
Cash flow from financing activities |
|
|
net increase (decrease) in borrowings |
(366.7) |
(238.7) |
Perpetual bond issue |
98.7 |
- |
dividends paid to shareholders of the group |
(71.6) |
(53.4) |
cost of net debt |
(55.7) |
(70.5) |
other cash flow from financing activities |
(9.2) |
(12.0) |
Net Cash flow used in financing activities (C) |
(404.5) |
(374.6) |
|
|
|
|
|
|
Impact from the change in exchange rates (D) |
8.3 |
(8.3) |
Change in net cash (A) + (B) + (C) + (D) |
71.7 |
60.7 |
|
|
|
|
|
|
Net cash at beginning of period |
99.0 |
38.3 |
Change in net cash |
71.7 |
60.7 |
Net cash at end of period |
170.7 |
99.0 |
|
|
|
* Consolidated 2013 figures have been restated
according to the implementation of the new accounting
standards.
APPENDIX V
Quarterly revenue breakdown
In millions of euros |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
306.1 |
283.1 |
272.7 |
270.3 |
|
270.3 |
267.0 |
268.7 |
258.5 |
Deepwater offshore vessels |
|
108.4 |
104.0 |
97.1 |
93.6 |
|
95.7 |
100.6 |
102.3 |
93.0 |
Shallow water offshore vessels |
|
124.6 |
110.3 |
106.3 |
105.1 |
|
100.0 |
93.0 |
90.1 |
92.8 |
Crew boats |
|
73.2 |
68.8 |
69.3 |
71.6 |
|
74.7 |
73.4 |
76.3 |
72.8 |
Subsea Services |
|
62.9 |
61.9 |
53.3 |
52.0 |
|
55.4 |
58.9 |
57.3 |
51.6 |
Other |
|
7.2 |
6.3 |
4.6 |
4.7 |
|
5.8 |
6.5 |
6.7 |
4.9 |
Total adjusted revenues |
|
376.3 |
351.3 |
330.6 |
327.1 |
|
331.6 |
332.4 |
332.8 |
315.1 |
IFRS 11 impact* |
|
(13.3) |
(10.5) |
(8.1) |
(7.0) |
|
(6.0) |
(7.8) |
(4.3) |
(4.2) |
TOTAL CONSOLIDATED ** |
|
363.0 |
340.8 |
322.6 |
320.0 |
|
325.6 |
324.6 |
328.5 |
310.9 |
*Effect of consolidation of joint ventures using
the equity method ** Consolidated 2013 figures have been restated
according to the implementation of the new accounting
standards.
Quarterly average utilization rates for the
BOURBON offshore fleet
In % |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
81.7 |
79.4 |
80.0 |
82.4 |
|
83.3 |
82.4 |
82.4 |
83.9 |
Deepwater offshore vessels |
|
85.8 |
85.7 |
87.2 |
88.6 |
|
90.1 |
88.8 |
90.0 |
86.6 |
Shallow water offshore vessels |
|
89.1 |
86.6 |
87.8 |
91.2 |
|
90.2 |
90.2 |
89.1 |
89.8 |
Crew boats |
|
76.7 |
74.0 |
74.3 |
76.6 |
|
78.4 |
77.5 |
77.7 |
80.8 |
Subsea Services |
|
82.8 |
81.1 |
83.9 |
94.4 |
|
89.2 |
93.6 |
88.0 |
90.6 |
"Total fleet excluding Crew boats" |
|
87.5 |
85.8 |
87.3 |
90.6 |
|
90.1 |
90.0 |
89.3 |
88.7 |
"Total fleet" average utilization rate |
|
81.7 |
79.4 |
80.2 |
82.8 |
|
83.5 |
82.9 |
82.6 |
84.2 |
Quarterly average daily rates for the BOURBON
offshore fleet
In US$/day |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Deepwater offshore vessels |
|
23,093 |
23,887 |
23,219 |
22,839 |
|
22,241 |
22,683 |
22,092 |
21,392 |
Shallow water offshore vessels |
|
14,452 |
14,152 |
14,006 |
14,199 |
|
14,013 |
13,728 |
13,850 |
14,315 |
Crew boats |
|
5,067 |
5,113 |
5,197 |
5,323 |
|
5,309 |
5,204 |
5,122 |
5,034 |
Subsea Services |
|
48,063 |
50,992 |
46,868 |
45,407 |
|
43,120 |
41,331 |
40,644 |
40,405 |
"Total fleet excluding Crew boats" average daily rate |
|
19,871 |
20,247 |
19,588 |
19,497 |
|
19,329 |
19,573 |
19,458 |
19,427 |
Quarterly number of vessels (end of
period)
In number of vessels* |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
483 |
481 |
481 |
479 |
|
466 |
459 |
452 |
445 |
Deepwater offshore vessels |
|
79 |
75 |
74 |
73 |
|
72 |
71 |
73 |
73 |
Shallow water offshore vessels |
139 |
135 |
133 |
130 |
122 |
117 |
109 |
105 |
Crew boats |
265 |
271 |
274 |
276 |
272 |
271 |
270 |
267 |
Subsea Services |
|
21 |
19 |
19 |
18 |
|
18 |
19 |
19 |
19 |
FLEET TOTAL |
|
504 |
500 |
500 |
497 |
|
484 |
478 |
471 |
464 |
*Vessels operated by BOURBON (including vessels
owned or on bareboat charter)
Quarterly deliveries of vessels
In number of vessels |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
10 |
5 |
8 |
12 |
|
10 |
9 |
9 |
9 |
Deepwater offshore vessels |
|
5 |
1 |
1 |
2 |
|
1 |
0 |
1 |
1 |
Shallow water offshore vessels |
4 |
2 |
3 |
6 |
5 |
8 |
4 |
3 |
Crew boats |
1 |
2 |
4 |
4 |
4 |
1 |
4 |
5 |
Subsea Services |
|
2 |
0 |
1 |
2 |
|
0 |
0 |
0 |
1 |
FLEET TOTAL |
|
12 |
5 |
9 |
14 |
|
10 |
9 |
9 |
10 |
Yearly revenue breakdown
In millions of euros |
|
Full Year |
|
2014 |
2013 |
Marine Services |
|
1,132.3 |
1,064.7 |
Deepwater offshore vessels |
|
403.2 |
391.6 |
Shallow water offshore vessels |
|
446.3 |
376.0 |
Crew boats |
|
282.9 |
297.2 |
Subsea Services |
|
230.2 |
223.3 |
Other |
|
22.8 |
24.0 |
Total adjusted revenues |
|
1,385.3 |
1,311.9 |
IFRS 11 impact* |
|
(38.9) |
(22.3) |
TOTAL CONSOLIDATED** |
|
1,346.4 |
1,289.6 |
*Effect of consolidation of joint ventures using
the equity method ** Consolidated 2013 figures have been restated
according to the implementation of the new accounting
standards.
Yearly average utilization rates for the BOURBON
offshore fleet
In % |
|
Full Year |
|
2014 |
2013 |
Marine Services |
|
80.8 |
83.0 |
Deepwater offshore vessels |
|
86.9 |
88.9 |
Shallow water offshore vessels |
|
88.6 |
89.8 |
Crew boats |
|
75.4 |
78.7 |
Subsea Services |
|
85.0 |
90.2 |
"Total fleet excluding Crew boats" |
|
87.7 |
89.5 |
"Total fleet" average utilization rate |
|
81.0 |
83.3 |
Yearly average daily rates for the BOURBON
offshore fleet
In US$/day |
|
Full Year |
|
2014 |
2013 |
Deepwater offshore vessels |
|
22,967 |
22,156 |
Shallow water offshore vessels |
|
14,177 |
13,978 |
Crew boats |
|
5,100 |
5,198 |
Subsea Services |
|
47,470 |
41,190 |
"Total fleet excluding Crew boats" average daily rate |
|
19,658 |
19,447 |
Yearly deliveries of vessels
In number of vessels |
|
Full Year |
|
2014 |
2013 |
Marine Services |
|
35 |
37 |
Deepwater Offshore vessels |
|
9 |
3 |
Shallow water Offshore |
15 |
20 |
Crew boats |
11 |
14 |
Subsea Services |
|
5 |
1 |
FLEET TOTAL |
|
40 |
38 |
Breakdown of BOURBON revenues by geographical
region
In millions of euros |
4th quarter |
Full Year |
Q4 2014 |
Q4 2013 |
Change |
2014 |
2013 |
Change |
Africa |
218.7 |
186.1 |
+17.5% |
794.9 |
750.4 |
+5.9% |
Europe & Mediterranean/Middle East |
63.2 |
56.7 |
+11.3% |
228.5 |
228.0 |
+0.2% |
Americas |
49.7 |
46.7 |
+6.4% |
189.7 |
187.5 |
+1.2% |
Asia |
44.6 |
42.0 |
+6.2% |
172.3 |
145.9 |
+18.0% |
Other key indicators
Quarterly breakdown
|
|
2014 |
|
2013 |
|
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Average €/US$ exchange rate for the quarter (in €) |
|
1.25 |
1.33 |
1.37 |
1.37 |
|
1.36 |
1.32 |
1.31 |
1.32 |
€/US$ exchange rate at closing (in €) |
|
1.21 |
1.26 |
1.37 |
1.38 |
|
1.38 |
1.35 |
1.31 |
1.28 |
Average price of Brent for the quarter (in US$/bbl) |
|
76 |
102 |
110 |
108 |
|
109 |
110 |
102 |
112 |
Annual breakdown
|
|
|
Full Year |
|
|
|
2014 |
2013 |
Average 12-month €/US$ exchange rate in (€) |
|
|
1.33 |
1.33 |
€/US$ exchange rate at closing (in €) |
|
|
1.21 |
1.38 |
Average 12-month price of Brent (in US$/bbl) |
|
|
99 |
109 |
About BOURBON
Among the market leaders in marine services for
offshore oil & gas, BOURBON offers the most demanding oil &
gas companies a wide range of marine services, both surface and
sub-surface, for offshore oil & gas fields and wind farms.
These extensive services rely on a broad range of the
latest-generation vessels and the expertise of more than 11,000
skilled employees. Through its 28 operating subsidiaries the group
provides local services as close as possible to customers and their
operations throughout the world, of the highest standards of
service and safety.
BOURBON provides two operating Activities
(Marine Services and Subsea Services) and also protects the French
coastline for the French Navy.
In 2014, BOURBON'S revenue came to €1,346.4
million and the company operated a fleet of 505 vessels as of
December 31, 2014. Under the "BOURBON 2015 Leadership Strategy"
plan, the group has built a vast fleet of innovative,
high-performance mass produced offshore vessels.
Placed by ICB (Industry Classification
Benchmark) in the "Oil Services" sector, BOURBON is listed on the
Euronext Paris, Compartment A.
Contacts
BOURBON
Investor Relations, analysts, shareholders
James Fraser, CFA +33 491 133 545
james.fraser@bourbon-online.com
Corporate Communications Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com
Media relations agency Publicis Consultants
Jérôme Goaer +33 144 824 624
jerome.goaer@consultants.publicis.fr Véronique Duhoux
+33 144 824 633
veronique.duhoux@consultants.publicis.fr Vilizara Lazarova
+33 144 824 634
vilizara.lazarova@consultants.publicis.fr
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