BOURBON - Press Release: 1st Half 2015 Results
(Thomson Reuters ONE) -
Paris, September 9, 2015
BOURBON 1(st) Half 2015 Results: Adjusted EBITDAR generated by the fleet reached
?290.4 million, a 26% increase compared with the 1(st) half 2014
* Record adjusted EBITDAR is the result of:
* Fleet size increase of 2.6%
* 96.4% availability rate, well above target
* Positive impact of the US$ exchange rate
* In the first half of 2015, adjusted EBIT of ?48.8 million, excluding capital
gain, increased 40% compared with H1 2014 and was stable compared with the
previous semester due to:
* Good cost management
* Positive impact of adjusted EBITDAR generated
* Negative impact of utilization rate (-3.4pt) and of the average daily
rates in dollars (-2.6%)
* Net Loss (group share) limited to ?19.2 million
* During the first half of 2015, free cash flow amounted to ?127 million
+-------+----------+------------+----------+
In ? millions, unless otherwise |H1 2015| H1 2014 |var H1 2015/| H2 2014 |
noted | |(restated)| H1 2014 |(restated)|
+-----------------------------------+-------+----------+------------+----------+
| | | | | |
| | | | | |
|Operational indicators | | | | |
| | | | | |
| | | | | |
| | | | | |
| * Number of vessels (FTE)* | 500.6 | 487.9 | +2.6% | 496.7 |
| | | | | |
| * Number of vessels (end of | 506 | 501 |+ 5 vessels | 505 |
| period)** | | | | |
| | | | | |
| * Technical availability rate (%)| 96.4% | 95.2% | +1.2 pts | 95.8% |
| | | | | |
| * Average utilization rate (%) | 78.1% | 81.5% | -3.4 pts | 80.5% |
| | | | | |
| * Average daily rate $/d |11,885 | 12,207 | -2.6% | 12,442 |
| | | | | |
| | | | | |
+-----------------------------------+-------+----------+------------+----------+
* FTE: full time equivalent.
** vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-----------------------------------+-------+----------+------------+----------+
| | | | | |
| | | | | |
|Financial performance | | | | |
| | | | | |
| * Adjusted(a) Revenues | 758.8 | 670.9 | +13.1% | 750.2 |
| | | | | |
|(change at constant rate) | | | -1.7% | -6.8%|
| | | | | |
| * Adjusted(a) Costs (excl. |(468.4)| (440.5) | +6.3% | (470.9) |
| bareboat charters) | | | | |
| | | | | |
| * Adjusted(a) EBITDAR (ex. cap. | 290.4 | 230.4 | +26.0% | 279.2 |
| gain) | | | | |
| | | | | |
|EBITDAR / Revenues | 38.3%| 34.3%| +3.9 pts | 37.2%|
| | | | | |
| * Adjusted(a) EBITDA | 205.0 | 195.1 | +5.1% | 264.7 |
| | | | | |
| * Adjusted(a) EBIT | 51.1 | 44.7 | +14.5% | 100.7 |
| | | | | |
| * IFRS 11 impact *** | (6.4) | (3.9) | +62.6% | (4.4) |
| | | | | |
| * EBIT | 44.8 | 40.7 | +9.9% | 96.2 |
| | | | | |
| * Net income | (3.7) | 10.6 | n/s | 88.1 |
| | | | | |
| * Net income (group share) |(19.2) | (4.8) | n/s | 78.5 |
+-----------------------------------+-------+----------+------------+----------+
*** effect of consolidation of jointly controlled companies using the equity
method.
(a) see page 2
+------------------------------------------------+------+------+------+------+
|Average utilization rate (excl. crew boats) |81.9% |88.9% |-7 pts|86.6% |
| | | | | |
|Average daily rate (excluding crew boats, US$/d)|19,012|19,541|-2.7% |19,938|
+------------------------------------------------+------+------+------+------+
"In the current market environment, clients are looking to their service
providers to help them achieve their cost reduction objectives", says Christian
Lefèvre, Chief Executive Officer of BOURBON. "BOURBON has been responding to its
clients' needs through cost control initiatives and improving operational
efficiency. In the first half of 2015, we have once again exceeded the targets
set, by achieving a technical availability rate of 96.4% for the entire fleet.
Thus, BOURBON is delivering to its clients the safest, most efficient and cost
effective operation possible."
(a) Adjusted data:
The adjusted financial information is presented by Activity and by Segment based
on the internal reporting system and shows internal segment information used by
the principal operating decision maker to manage and measure the performance of
BOURBON (IFRS 8). As of January 1, 2015, the internal reporting (and thus the
adjusted financial information) records the performance of operational joint
ventures on which the group has joint control using the full integration method.
Adjusted comparative figures are restated accordingly.
Half year 2015 market and operational highlights
* The global deepwater PSV fleet is facing overcapacity as projects cancelled
and postponed are mostly in deepwater exploration projects
* BOURBON is focused on operational excellence in execution:
* Safety remains a strength at BOURBON, with TRIR (Total Recordable
Incident Rate per million hours worked) improving to 0.69
* Strong Technical availability of 96.4% in the first half of 2015 far
exceeds our BOURBON 2015 target of 95%
* Cost control remains a high priority in order to continuously improve
the efficiency of the fleet
Half year 2015 results highlights
* At constant exchange rates, the reduction in adjusted costs (excluding
bareboat charters) for the 1st half 2015 versus 2nd half 2014 is
approximately 3%
* EBITDAR as a percent of revenues, which increased almost 4 points compared
with the 1(st) half 2014, showed stable, high performance in Deepwater and
significant improvements in Shallow water, Crew boats and Subsea, all
showing the benefits of continued cost control efforts
* There was an increase in bareboat charter costs in the first half 2015
compared with the same period last year, from ?45.2 million to ?87.8
million, as the vessels sold over the course of 2014 had their full rental
cost impact during the current period as well as the impact of the ?/$
exchange rate increasing the euro value of the rents
* Compared with the 1(st) half 2014, Financial profit/loss was primarily
impacted by foreign exchange differences, partially offset by a slight
reduction in cost of debt
MARINE SERVICES
+-------+----------+-------------+------------------+
| | |var H1 2015 /| |
Operational Business |H1 2015| H1 2014 | | H2 2014 |
Indicators | | | H1 2014 | |
+--------------------------+-------+----------+-------------+------------------+
|Number of vessels FTE * | 479.3 | 469.9 | +2.0% | 476.7 |
+--------------------------+-------+----------+-------------+------------------+
|Technical availability | 96.5% | 95.3% | +1.2 pts | 95.9% |
|rate | | | | |
+--------------------------+-------+----------+-------------+------------------+
|Average utilization rate | 78.3% | 81.2% | -2.9 pts | 80.5% |
+--------------------------+-------+----------+-------------+------------------+
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-------+----------+-------------+------------------+
Adjusted Financial | | H1 2014 |var H1 2015/ | |
Performance |H1 2015|(restated)| |H2 2014 (restated)|
In ? millions | | | H1 2014 | |
+--------------------------+-------+----------+-------------+------------------+
|Revenues | 612.0 | 551.8 | +10.9% | 604.1 |
+--------------------------+-------+----------+-------------+------------------+
|costs (excluding bareboat |(389.8)| (372.1) | +4.8% | (389.2) |
|charter costs) | | | | |
+--------------------------+-------+----------+-------------+------------------+
|EBITDAR (excluding capital| 222.3 | 179.7 | +23.7% | 214.9 |
|gains) | | | | |
+--------------------------+-------+----------+-------------+------------------+
|EBITDAR (excluding capital| 36.3% | 32.6% | +3.7 pts | 35.6% |
|gains) / Revenues | | | | |
+--------------------------+-------+----------+-------------+------------------+
|EBITDA | 162.2 | 139.9 | +15.9% | 186.0 |
+--------------------------+-------+----------+-------------+------------------+
|EBIT | 35.0 | 13.4 | n/s | 54.9 |
+--------------------------+-------+----------+-------------+------------------+
The adjusted EBITDAR/Revenue margin increased almost 4 points year on year,
which was partially aided by the favorable exchange rates and also reflecting
improved cost control. The cost control efforts are also seen when comparing
total costs versus the second half of 2014 as costs remained flat. The stacking
of vessels also contributed to the improvement in costs during the period.
Marine Services: Deepwater offshore vessels
+-------+----------+-------------+----------+
Operational Business Indicators |H1 2015| H1 2014 |var H1 2015 /| H2 2014 |
| | | H1 2014 | |
+----------------------------------+-------+----------+-------------+----------+
|Number of vessels FTE * | 78.6 | 72.2 | +8.9% | 75.3 |
+----------------------------------+-------+----------+-------------+----------+
|Technical availability rate | 96.1% | 92.9% | +3.2 pts | 92.3% |
+----------------------------------+-------+----------+-------------+----------+
|Average utilization rate | 84.9% | 87.9% | -3 pts | 85.8% |
+----------------------------------+-------+----------+-------------+----------+
|Average daily rate ($/day) |21,097 | 23,008 | -8.3% | 23,350 |
+----------------------------------+-------+----------+-------------+----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter)
+-------+----------+-------------+----------+
Adjusted Financial Performance |H1 2015| H1 2014 |var H1 2015 /| H2 2014 |
In ? millions | |(restated)| H1 2014 |(restated)|
+----------------------------------+-------+----------+-------------+----------+
|Revenues | 223.4 | 194.0 | +15.2% | 217.7 |
+----------------------------------+-------+----------+-------------+----------+
|costs (excluding bareboat charter |(136.6)| (118.8) | +15.0% | (129.1) |
|costs) | | | | |
+----------------------------------+-------+----------+-------------+----------+
|EBITDAR (excluding capital gains) | 86.7 | 75.2 | +15.4% | 88.6 |
+----------------------------------+-------+----------+-------------+----------+
|EBITDAR / Revenues | 38.8% | 38.8% | +0.1 pt | 40.7% |
+----------------------------------+-------+----------+-------------+----------+
|EBITDA | 58.6 | 51.1 | +14.7% | 76.2 |
+----------------------------------+-------+----------+-------------+----------+
The good growth in adjusted EBITDAR enabled the margin as a percentage of
revenues to remain stable compared with a year ago, while being slightly aided
by the stacking of vessels (up to 6 during the period). Adjusted EBITDA
increased 15% while absorbing a significant increase in the amount of bareboat
charter costs. There was a significant improvement in the technical availability
rate as a result of a decrease in the amount of classification drydocks during
the period.
Marine Services: Shallow water offshore vessels
+-------+----------+-------------+----------+
Operational Business Indicators |H1 2015| H1 2014 |var H1 2015 /| H2 2014 |
| | | H1 2014 | |
+----------------------------------+-------+----------+-------------+----------+
|Number of vessels FTE* | 138.1 | 128.0 | +7.9% | 134.4 |
+----------------------------------+-------+----------+-------------+----------+
|Technical availability rate | 97.7% | 96.5% | +1.2 pts | 96.6% |
+----------------------------------+-------+----------+-------------+----------+
|Average utilization rate | 81.4% | 89.5% | -8.1 pts | 87.8% |
+----------------------------------+-------+----------+-------------+----------+
|Average daily rate (in US$/day) |13,732 | 14,070 | -2.4% | 14,307 |
+----------------------------------+-------+----------+-------------+----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-------+----------+-------------+----------+
Adjusted Financial Performance |H1 2015| H1 2014 |var H1 2015 /| H2 2014 |
In ? millions | |(restated)| H1 2014 |(restated)|
+----------------------------------+-------+----------+-------------+----------+
|Revenues | 239.6 | 214.9 | +11.5% | 240.8 |
+----------------------------------+-------+----------+-------------+----------+
|costs (excluding bareboat charter |(152.0)| (145.7) | +4.3% | (160.4) |
|costs) | | | | |
+----------------------------------+-------+----------+-------------+----------+
|EBITDAR (excluding capital gains) | 87.5 | 69.2 | +26.6% | 80.4 |
+----------------------------------+-------+----------+-------------+----------+
|EBITDAR / Revenues | 36.5% | 32.2% | +4.4 pts | 33.4% |
+----------------------------------+-------+----------+-------------+----------+
|EBITDA | 55.5 | 53.4 | +4.0% | 63.9 |
+----------------------------------+-------+----------+-------------+----------+
Good cost control combined with revenue growth aided by the strength of the US
dollar lead to a 26% increase in adjusted EBITDAR compared with the prior year
period and a strong 4.4 point increase in the margin as a percentage of adjusted
revenues. The stacking of up to 20 vessels during the period also contributed to
the reduction of costs as stacked vessels have minimal operating costs. A
further improvement in the technical availability rates to almost 98% due to
lower levels of maintenance compared with the prior periods enabled the Shallow
water segment to once again exceed the 2015 year-end target.
Marine Services: Crewboat vessels
+-------+-----------------+-------------+-----------------+
Operational |H1 2015| H1 2014 |var H1 2015 /| H2 2014 |
Business Indicators | | | H1 2014 | |
+--------------------+-------+-----------------+-------------+-----------------+
|Number of vessels | 262.6 | 269.7 | -2.6% | 267.0 |
|FTE | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|Technical | 96.1% | 95.4% | +0.7 pts | 96.6% |
|availability rate | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|Average utilization | 74.7% | 75.5% | -0.8 pts | 75.3% |
|rate | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|Average daily rate | 4,837 | 5,250 | -7.9% | 5,066 |
|(in US$/day) | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
+-------+-----------------+-------------+-----------------+
Adjusted Financial | | H1 2014 |var H1 2015 /| H2 2014 |
Performance |H1 2015| (restated) | H1 2014 | (restated) |
In ? millions | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|Revenues | 149.1 | 142.9 | +4.3% | 145.6 |
+--------------------+-------+-----------------+-------------+-----------------+
|costs (excluding | | | | |
|bareboat charter |(101.1)| (107.6) | -6.0% | (99.7) |
|costs) | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|EBITDAR (excluding | 48.0 | 35.4 | +35.7% | 45.9 |
|capital gains) | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|EBITDAR / Revenues | 32.2% | 24.7% | +7.4 pts | 31.5% |
+--------------------+-------+-----------------+-------------+-----------------+
|EBITDA | 48.0 | 35.4 | +35.7% | 45.9 |
+--------------------+-------+-----------------+-------------+-----------------+
Costs reduced by a greater percentage than the reduction of the fleet compared
with the same period last year and when combined with the increase in adjusted
revenues, the result is a significant increase in adjusted EBITDAR by over 35%
and a more than 7 point increase as a percentage of revenues.
Subsea Services
+-------+-----------------+-------------+-----------------+
Operational |H1 2015| H1 2014 |var H1 2015 /| H2 2014 |
Business Indicators | | | H1 2014 | |
+--------------------+-------+-----------------+-------------+-----------------+
|Number of vessels | 20.2 | 17.0 | +18.8% | 19.0 |
|FTE* | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|Technical | 93.8% | 93.3% | +0.5 pts | 93.6% |
|availability rate | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|Average utilization | 73.1% | 88.8% | -15.7 pts | 81.7% |
|rate | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|Average daily rate |49,718 | 46,452 | +7.0% | 48,622 |
|(in US$/day) | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-------+-----------------+-------------+-----------------+
Adjusted Financial | | H1 2014 |var H1 2015 /| H2 2014 |
Performance |H1 2015| (restated) | H1 2014 | (restated) |
In ? millions | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|Revenues | 138.0 | 110.9 | +24.5% | 133.3 |
+--------------------+-------+-----------------+-------------+-----------------+
|costs (excluding | | | | |
|bareboat charter |(72.6) | (62.1) | +17.1% | (71.5) |
|costs) | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|EBITDAR (excluding | 65.3 | 48.8 | +33.9% | 61.9 |
|capital gains) | | | | |
+--------------------+-------+-----------------+-------------+-----------------+
|EBITDAR / Revenues | 47.4% | 44.0% | +3.3 pts | 46.4% |
+--------------------+-------+-----------------+-------------+-----------------+
|EBITDA | 40.0 | 53.3 | -24.9% | 76.3 |
+--------------------+-------+-----------------+-------------+-----------------+
|EBIT | 16.2 | 32.1 | -49.4% | 45.8 |
+--------------------+-------+-----------------+-------------+-----------------+
Benefitting from a combination of cost reductions and the stacking of vessels,
overall costs only increased by 17%, while the fleet grew by a slightly larger
proportion. Combined with the nearly 25% growth in adjusted revenues, Subsea
Services was able to increase its margin as a percentage of adjusted revenues to
over 47% compared with the 1(st) half 2014. The reduction in adjusted EBITDA and
EBIT compared with a year ago mostly reflects the increase in bareboat charter
costs and that the 2014 results included a capital gain.
Other
+-------+------------------+-------------+-----------------+
Adjusted Financial | | |var H1 2015 /| H2 2014 |
Performance |H1 2015|H1 2014 (restated)| H1 2014 | (restated) |
In ? millions | | | | |
+-------------------+-------+------------------+-------------+-----------------+
|Revenues | 8.8 | 8.3 | +6.6% | 12.7 |
+-------------------+-------+------------------+-------------+-----------------+
|costs | (6.0) | (6.4) | -5.5% | (10.3) |
+-------------------+-------+------------------+-------------+-----------------+
|EBITDAR (excluding | 2.8 | 1.9 | +47.2% | 2.5 |
|capital gains) | | | | |
+-------------------+-------+------------------+-------------+-----------------+
|EBITDAR / Revenues | 31.7% | 22.9% | +8.7 pts | 19.2% |
+-------------------+-------+------------------+-------------+-----------------+
|EBITDA | 2.8 | 1.9 | +47.2% | 2.5 |
+-------------------+-------+------------------+-------------+-----------------+
|EBIT | (0.1) | (0.8) | n/s | 0.0 |
+-------------------+-------+------------------+-------------+-----------------+
Activities included are those that do not properly fit into either Marine
Services or Subsea Services. Making up the majority of the total are earnings
from such items as miscellaneous ship management activities, logistics as well
as from the cement carrier Endeavor. The higher revenues in H2 2014 were due
primarily to the charter of a vessel to meet client needs prior to the
availability of a BOURBON owned and operated vessel.
+---------+----------+
Consolidated Capital Employed | | |
|6/30/2015|12/31/2014|
In ? millions | | |
+-------------------------------------------------------+---------+----------+
| | | |
| | | |
|Net non-current Assets | 2,810.5| 2,777.7|
| | | |
|Assets held for sale | 39.0| 28.2|
| | | |
|Working Capital | 218.9| 268.9|
| | | |
| | | |
| | | |
|Total Capital Employed | 3,068.4| 3,074.8|
| | | |
| | | |
| | | |
|Shareholders equity | 1,613.4| 1,625.0|
| | | |
|Non-current liabilities (provisions and deferred taxes)| 116.3| 101.4|
| | | |
|Net debt | 1,338.8| 1,348.5|
| | | |
| | | |
| | | |
|Total Capital Employed | 3,068.4| 3,074.8|
| | | |
| | | |
+-------------------------------------------------------+---------+----------+
Net non-current assets increased due to the delivery of vessels that are not
part of the vessel sale and bareboat charter agreements. The assets held for
sale increased sligthly, albeit from a very low level, reflecting the ongoing
fleet management activities of the group.
The significant reduction in gearing ratio (net debt/shareholders equity) is
seen when comparing to the end of June 2013, when vessel sale proceeds began to
impact net debt. This reduction was significant with a 46% reduction in the
ratio from 1.53 to the current level of 0.83 thanks to total proceeds from the
disposal of vessels of $US1.7 billion.
+---------------+---------------+
Consolidated Sources and uses of Cash | H1 2015 | H1 2014 |
In ? millions | | |
+----------------------------------------------+---------------+---------------+
| | | |
| | | |
|Cash generated by operations | 266.5 | 593.7 |
| | | |
|Vessels in service (A) | 217.0 | 167.0 |
| | | |
|Vessel sales | 49.4 | 426.7 |
| | | |
| | | |
| | | |
|Cash out for: |(127.5) |(114.7) |
| | | |
|Interest | (25.2) | (27.6) |
| | | |
|Taxes (B) | (15.7) | (4.5) |
| | | |
|Dividends | (86.6) | (82.6) |
| | | |
| | | |
| | | |
|Net Cash from activity | 139.0 | 479.1 |
| | | |
| | | |
| | | |
|Net debt changes |(45.3) |(150.1) |
| | | |
| | | |
|Perpetual bond | 19.8 | - |
| | | |
| | | |
| | | |
| | | |
|Use of cash for: |(123.6) |(343.0) |
| | | |
|Investments | (147.7)| (284.1)|
| | | |
|Working capital (C) | 24.1 | (59.0) |
| | | |
| | | |
| | | |
|Other sources and uses of cash | 10.1 | 14.1 |
| | | |
| | | |
+----------------------------------------------+---------------+---------------+
| | | |
| | | |
|Free cash flow | 127.2 | 246.2 |
| | | |
|Net Cash flow from operating activities | 225.5 | 103.5 |
|(A+B+C) | | |
| | | |
|Acquisition of property, plant and equipment | (147.7)| (284.1)|
|and intangible assets | | |
| | | |
|Sale of property, plant and equipment and | 49.4 | 426.7 |
|intangible assets | | |
| | | |
| | | |
+----------------------------------------------+---------------+---------------+
The two primary sources of cash generation for BOURBON are from the vessels in
service as a ship operator and the sale of vessels as a ship owner. From these
sources of cash, the stakeholders such as banks, government entities and
shareholders receive a portion in the form of interest, taxes and dividends.
Another use of cash is for investment in assets for the business and required
working capital increases. These various uses of cash make the speed of debt
reduction less rapid, though still significant.
The free cash flow generated through the combined vessel operator and vessel
owner elements of the business has made a significant improvement since the
beginning of the vessel sale and bareboat charter program, moving from a
negative free cash flow position in H1 2013 to a strong positive free cash flow
of close to ?130 million at the end of H1 2015. This has enabled BOURBON to
reduce its net debt significantly over this period.
OUTLOOK
The drop in the oil price and the uncertainty of the price recovery will
continue to affect the development of new deepwater fields and the level of
activity in shallow water fields.
BOURBON will continue to adapt to conditions and maintain its focus on cost
control. Among the measures taken, BOURBON will continue to temporarily stack
certain vessels which have no anticipated activity for 3 months and currently
expects that there will be up to 35 supply vessels stacked during the 2(nd) half
of 2015.
The continued pressure on the industry underscores the need for BOURBON to
continue focusing on the four pillars of excellence in service execution, cost
reduction, maintaining close contact with customers and their needs (while
favoring utilization rates).
Due to high uncertainties in the offshore market and the impact of foreign
exchange on its performances, BOURBON is not changing its full year objectives
and is still anticipating a stable or slight decrease in adjusted revenues for
2015 and a slight decrease in the margin of adjusted EBITDAR/revenues.
MAJOR OPERATIONS AND HIGHLIGHTS
* As an update to the sale agreement with Minsheng Financial Leasing Co. for
the sale and bareboat charter of 8 vessels, the ownership of 3 vessels had
been transferred at the end of 2014 for approximately US$57 million. Of the
remaining 5 vessels, 2 have been transferred (both Deepwater) during the
first half for proceeds of approximately US$54 million, with the remaining
3 vessels to be transferred to MFL during the 2(nd) half 2015.
ADDITIONAL INFORMATION
* The accounts for the first half of 2015 were approved by the Board of
Directors on the recommendation of the Audit Committee
* The accounts for the first half of 2015 underwent a limited examination by
the statutory auditors
* BOURBON's results will continue to be influenced by the ?/US$ exchange rate
FINANCIAL CALENDAR
3rd Quarter 2015 financial information press release November 4, 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 June 30, 2015 and for the comparative periods
presented, adjustment elements are:
+----------------+---------------+------------+
|H1 2015 Adjusted|IFRS 11 Impact*| H1 2015 |
In millions of euros | | |Consolidated|
+--------------------------------+----------------+---------------+------------+
|Revenues | 758.8 | (57.5) | 701.3 |
| | | | |
|Direct Costs & General and | | | |
|Administrative costs | (468.4) | 44.3 | (424.2) |
+--------------------------------+----------------+---------------+------------+
|EBITDAR (excluding capital | | | |
|gains) | 290.4 | (13.2) | 277.2 |
+--------------------------------+----------------+---------------+------------+
|Bareboat charter costs | (87.8) | - | (87.8) |
+--------------------------------+----------------+---------------+------------+
|EBITDA (excluding capital gains)| 202.6 | (13.2) | 189.4 |
+--------------------------------+----------------+---------------+------------+
|Capital gain | 2.4 | - | 2.4 |
+--------------------------------+----------------+---------------+------------+
|EBITDA | 205.0 | (13.2) | 191.8 |
+--------------------------------+----------------+---------------+------------+
|Depreciation, Amortization & | | | |
|Provisions | (153.8) | 2.6 | (151.2) |
| | | | |
|Share of results from companies | | | |
|under the equity method | - | 4.2 | 4.2 |
+--------------------------------+----------------+---------------+------------+
|EBIT | 51.1 | (6.4) | 44.8 |
+--------------------------------+----------------+---------------+------------+
*effect of consolidation of jointly controlled companies using the equity
method.
+----------------+---------------+------------+
|H2 2014 Adjusted|IFRS 11 Impact*| H2 2014 |
In millions of euros | (restated) | |Consolidated|
+--------------------------------+----------------+---------------+------------+
|Revenues | 750.2 | (46.4) | 703.8 |
| | | | |
|Direct Costs & General and | | | |
|Administrative costs | (470.9) | 34.5 | (436.4) |
+--------------------------------+----------------+---------------+------------+
|EBITDAR (excluding capital | | | |
|gains) | 279.2 | (11.8) | 267.4 |
+--------------------------------+----------------+---------------+------------+
|Bareboat charter costs | (65.4) | - | (65.4) |
+--------------------------------+----------------+---------------+------------+
|EBITDA (excluding capital gains)| 213.8 | (11.8) | 202.0 |
+--------------------------------+----------------+---------------+------------+
|Capital gain | 50.9 | - | 50.9 |
+--------------------------------+----------------+---------------+------------+
|EBITDA | 264.7 | (11.8) | 252.9 |
+--------------------------------+----------------+---------------+------------+
|Depreciation, Amortization & | | | |
|Provisions | (164.1) | 5.2 | (158.9) |
| | | | |
|Share of results from companies | | | |
|under the equity method | - | 2.2 | 2.2 |
+--------------------------------+----------------+---------------+------------+
|EBIT | 100.7 | (4.4) | 96.2 |
+--------------------------------+----------------+---------------+------------+
*effect of consolidation of jointly controlled companies using the equity
method.
+----------------+---------------+------------+
|H1 2014 Adjusted|IFRS 11 Impact*| H1 2014 |
In millions of euros | (restated) | |Consolidated|
+--------------------------------+----------------+---------------+------------+
|Revenues | 670.9 | (28.3) | 642.6 |
| | | | |
|Direct Costs & General and | | | |
|Administrative costs | (440.5) | 18.7 | (421.8) |
+--------------------------------+----------------+---------------+------------+
|EBITDAR (excluding capital | | | |
|gains) | 230.4 | (9.6) | 220.8 |
+--------------------------------+----------------+---------------+------------+
|Bareboat charter costs | (45.2) | - | (45.2) |
+--------------------------------+----------------+---------------+------------+
|EBITDA (excluding capital gains)| 185.2 | (9.6) | 175.6 |
+--------------------------------+----------------+---------------+------------+
|Capital gain | 9.9 | - | 9.9 |
+--------------------------------+----------------+---------------+------------+
|EBITDA | 195.1 | (9.6) | 185.4 |
+--------------------------------+----------------+---------------+------------+
|Depreciation, Amortization & | | | |
|Provisions | (150.4) | 2.2 | (148.1) |
| | | | |
|Share of results from companies | | | |
|under the equity method | - | 3.5 | 3.5 |
+--------------------------------+----------------+---------------+------------+
|EBIT | 44.7 | (3.9) | 40.7 |
+--------------------------------+----------------+---------------+------------+
*effect of consolidation of jointly controlled companies using the equity
method.
APPENDIX II
Simplified Consolidated Income Statement
+----------+----------+-------------+-------+
In ? millions (except per share | H1 2015 | H1 2014 |var H1 2015 /|H2 2014|
data) | | | H1 2014 | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Revenues | 701.3 | 642.6 | +9.1% | 703.8 |
| | | | | |
|Direct costs | (357.3) | (351.3) | +1.7% |(369.1)|
| | | | | |
|General & Administrative costs | (66.8) | (70.5) | -5.2% |(67.3) |
| | | | | |
| | | | | |
| | | | | |
|EBITDAR excluding capital gains | 277.2 | 220.8 | +25.5% | 267.4 |
| | | | | |
| | | | | |
| | | | | |
|Bareboat charter costs | (87.8) | (45.2) | +94.1% |(65.4) |
| | | | | |
| | | | | |
| | | | | |
|EBITDA excluding capital gains | 189.4 | 175.6 | +7.9% | 202.0 |
| | | | | |
| | | | | |
| | | | | |
|Capital gain | 2.4 | 9.9 | -76.1% | 50.9 |
| | | | | |
|Gross operating income (EBITDA) | 191.8 | 185.4 | +3.4% | 252.9 |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Depreciation, Amortization & | (151.2) | (148.1) | +2.1% |(158.9)|
|Provisions | | | | |
| | | | | |
|Share of results from companies | 4.2 | 3.5 | +21.5% | 2.2 |
|under the equity method | | | | |
| | | | | |
|Operating income (EBIT) | 44.8 | 40.7 | +9.9% | 96.2 |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Financial profit/loss | (34.2) | (14.7) | n/s | 5.7 |
| | | | | |
|Income tax | (14.3) | (15.4) | -6.9% |(13.8) |
| | | | | |
|Net Income | (3.7) | 10.6 | n/s | 88.1 |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Minority interests | (15.5) | (15.4) | +0.5% | (9.6) |
| | | | | |
|Net income (Group share) | (19.2) | (4.8) | n/s | 78.5 |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Earnings per share | (0.27) | (0.07) | | - |
| | | | | |
|Weighted average number of shares |71,578,168|71,586,260| | - |
|outstanding | | | | |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
APPENDIX III
Simplified Consolidated Balance Sheet
+---------+----------+ +---------+----------+
In ? millions |6/30/2015|12/31/2014| |6/30/2015|12/31/2014|
+----------------+---------+----------+-------------------+---------+----------+
| | | | |
| | | +-------------------+---------+----------+
| | | |Shareholders' | 1,613.4 | 1,625.0 |
| | | |equity | | |
| | | +-------------------+---------+----------+
| | | | | | |
| | | | | | |
|Net property, | | |Financial debt > 1 | | |
|plant and | 2,592.0 | 2,576.8 |year | 1,203.6 | 1,082.5 |
|equipment | | | | | |
| | | | | | |
|Other non- | 272.9 | 256.8 |Other non-current | 163.6 | 152.5 |
|current assets | | |liabilities | | |
| | | | | | |
| | | | | | |
+----------------+---------+----------+-------------------+---------+----------+
|TOTAL NON- | 2,864.9 | 2,833.6 |TOTAL NON-CURRENT | 1,367.2 | 1,235.0 |
|CURRENT ASSETS | | |LIABILITIES | | |
+----------------+---------+----------+-------------------+---------+----------+
| | | | | | |
| | | | | | |
|Cash on hand and| 404.4 | 352.4 |Financial debt < 1 | 539.5 | 618.4 |
|in banks | | |year | | |
| | | | | | |
|Other currents | 567.3 | 603.2 |Other current | 355.4 | 339.0 |
|assets | | |liabilities | | |
| | | | | | |
| | | | | | |
+----------------+---------+----------+-------------------+---------+----------+
|TOTAL CURRENT | 971.7 | 955.6 |TOTAL CURRENT | 894.9 | 957.4 |
|ASSETS | | |LIABILITIES | | |
+----------------+---------+----------+-------------------+---------+----------+
| | | | | | |
| | | | | | |
| | | |Liabilities | | |
|Non-current | | |directly associated| | |
|assets held for | 39.0 | 28.2 |with non-current | - | - |
|sale | | |assets classified | | |
| | | |as held for sale | | |
| | | | | | |
| | | | | | |
| | | +-------------------+---------+----------+
| | | |TOTAL LIABILITIES | 2,262.2 | 2,192.5 |
+----------------+---------+----------+-------------------+---------+----------+
| | | |TOTAL LIABILITIES &| | |
|TOTAL ASSETS | 3875.6 | 3,817.4 |SHAREHOLDERS' | 3,875.6 | 3,817.4 |
| | | |EQUITY | | |
+----------------+---------+----------+-------------------+---------+----------+
APPENDIX IV
Simplified Consolidated Cash Flow Statement
+-------+-------+
In ? millions |H1 2015|H1 2014|
+--------------------------------------------------------------+-------+-------+
| | | |
|Cash flow from operating activities | | |
| | | |
| | | |
|consolidated net income (loss) | (3.7) | 10.6 |
| | | |
|Other adjustments to cash flow from operating activities | 229.2 | 93.0 |
| | | |
| | | |
| | | |
|Net cash flow from operating activities (A) | 225.5 | 103.5 |
| | | |
| | | |
+--------------------------------------------------------------+-------+-------+
| | | |
| | | |
|Cash flow from investing activities | | |
| | | |
| | | |
| | | |
|acquisition of property, plant and equipment and intangible |(147.7)|(284.1)|
|assets | | |
| | | |
|sale of property, plant and equipment and intangible assets | 49.4 | 426.7 |
| | | |
|other cash flow from investing activities | 4.2 | 13.1 |
| | | |
| | | |
| | | |
|Net Cash flow used in investing activities (B) |(94.1) | 155.8 |
| | | |
| | | |
+--------------------------------------------------------------+-------+-------+
| | | |
| | | |
|Cash flow from financing activities | | |
| | | |
| | | |
| | | |
|net increase (decrease) in borrowings |(29.7) |(306.2)|
| | | |
|dividends paid to shareholders of the group |(71.6) |(71.6) |
| | | |
|cost of net debt |(25.2) |(27.6) |
| | | |
|other cash flow from financing activities | 10.7 |(10.0) |
| | | |
| | | |
| | | |
|Net Cash flow used in financing activities (C) |(115.8)|(415.4)|
| | | |
| | | |
+--------------------------------------------------------------+-------+-------+
| | | |
| | | |
|Impact from the change in exchange rates (D) | 5.6 | 2.8 |
| | | |
|Change in net cash (A) + (B) + (C) + (D) | 21.2 |(153.3)|
| | | |
| | | |
+--------------------------------------------------------------+-------+-------+
| | | |
| | | |
|Net cash at beginning of period | 170.7 | 99.0 |
| | | |
Unternehmensinformation / Kurzprofil:
Datum: 09.09.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 418680
Anzahl Zeichen: 65543
contact information:
Town:
Paris
Kategorie:
Business News
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