BOURBON: 1st Half 2016 Results
(Thomson Reuters ONE) -
Paris, September 8, 2016
BOURBON 1(st) Half 2016 Results
In an Offshore services market that reached a low point, BOURBON achieved a
solid adjusted EBITDAR, even though it declined 21% compared with the 1(st) half
2015
* Operationally, the half year period recorded an exceptional performance in
terms of safety (TRIR of 0.60) and technical availability of the
fleet (97.6%)
* Adjusted EBITDAR reached ?228.8 million compared with ?290.4 million in
1(st) half 2015, with a stability of the margin at 38.2% of adjusted
revenues compared with 38.3% for the same period a year ago, even as the
full time equivalent number of stacked vessels, excluding Crew boats,
increased from 18.6 vessels in the 1(st) half 2015 to 53.6 vessels for the
1(st) half 2016
* Adjusted direct costs declined by 22.4%; the cost reduction for vessels in
operation and the reduction in general & administrative costs compensated
for the increase in total costs for the stacked vessels
* During the 1(st) half, the reduction in adjusted revenues, the stability of
the depreciation & amortization of the entire fleet, the impact of various
non-recurring provisions and the loss on exchange realized in Nigeria, Egypt
and Mexico have reduced the adjusted operating profit to -?24.8
million and the Net Income, Group share to -?104.3 million
* While BOURBON took delivery of 4 vessels during the 1(st) half, including
the Bourbon Arctic in February 2016, the free cash flow generated in the
period remained slightly positive at ?6.7 million
"BOURBON is reinforcing its resistance capacity in the bottom of the cycle
thanks to the action plan "Stronger for longer" that encompasses operational
excellence, cost optimization, cash preservation and an appropriate debt
structure", says Jacques de Chateauvieux, Chairman and Chief Executive Officer
of BOURBON Corporation.
"However, we are convinced that the model of tomorrow will not return to that of
pre-crisis and we are already preparing new responses to changes seen in the
clients' expectations."
+-------+-------+------------+-------+
|H1 2016|H1 2015|var H1 2016/|H2 2015|
In ? millions, unless otherwise noted | | | H1 2015 | |
+-----------------------------------------+-------+-------+------------+-------+
| | | | | |
| | | | | |
|Operational indicators | | | | |
| | | | | |
| | | | | |
| | | | | |
| * Number of vessels (FTE)* | 511.3 | 500.6 | +2.1% | 505.4 |
| | | | | |
| * Number of vessels (end of period)** | 513 | 506 | +7 vessels | 511 |
| | | | | |
| * Technical availability rate (%) | 97.6% | 96.4% | +1.3 pts | 96.5% |
| | | | | |
| * Average utilization rate (%) | 66.8% | 78.1% | -11.3 pts | 73.0% |
| | | | | |
| * Average daily rate $/d | 9,961 |11,885 | -16.2% |10,920 |
| | | | | |
| | | | | |
+-----------------------------------------+-------+-------+------------+-------+
* FTE: full time equivalent.
** Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-----------------------------------------+-------+-------+------------+-------+
| | | | | |
| | | | | |
|Financial performance | | | | |
| | | | | |
| * Adjusted(a) Revenues | 599.2 | 758.8 | -21.0% | 678.3 |
| | | | | |
|(change at constant rate) | | | -19.6%| -12.6%|
| | | | | |
| * Adjusted(a) Costs (excl. bareboat |(370.3)|(468.4)| -20.9% |(421.0)|
| charters) | | | | |
| | | | | |
| * Adjusted(a) EBITDAR (ex. cap. gains) | 228.8 | 290.4 | -21.2% | 257.3 |
| | | | | |
|Adjusted EBITDAR / Revenues | 38.2%| 38.3%| -0.1 pt| 37.9%|
| | | | | |
| * Adjusted(a) EBITDA | 134.4 | 205.0 | -34.4% | 166.3 |
| | | | | |
| * Adjusted(a) EBIT |(24.8) | 51.1 | n/s | 15.0 |
| | | | | |
| * IFRS 11 impact *** | (3.6) | (6.4) | -43.7% |(11.9) |
| | | | | |
| * EBIT |(28.3) | 44.8 | n/s | 3.0 |
| | | | | |
| * Net income |(87.3) | (3.7) | n/s |(39.7) |
| | | | | |
| * Net income (group share) |(104.3)|(19.2) | n/s |(57.4) |
+-----------------------------------------+-------+-------+------------+-------+
*** Effect of consolidation of jointly controlled companies using the equity
method.
+-----------------------------------------------+------+------+---------+------+
|Average utilization rate (excl. crew boats) |68.1% |81.9% |-13.8 pts|76.4% |
| | | | | |
|Average daily rate (excluding crew boats, |15,741|19,012| -17.2% |17,237|
|US$/d) | | | | |
+-----------------------------------------------+------+------+---------+------+
(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.
Half year 2016 market and operational highlights
* The global deepwater PSV market continues to face overcapacity during the
prolonged downturn in the oil & gas sector as offshore activity is still
significantly affected by the reductions in investments in new and existing
projects by oil & gas companies
* BOURBON is focused on operational excellence in execution:
* Safety remains a strength at BOURBON, with TRIR (Total Recordable
Incident Rate per million hours worked) of 0.60
* Strong Technical availability rate of 97.6% in the 1(st) half of 2016
* Cost control remains a high priority in order to continuously improve
the efficiency of the fleet
Half year 2016 results highlights
* Continued cost control efforts which included both efficiency gains as well
as proactive stacking activity resulted in a reduction in costs (direct
costs and G&A) of approximately 21% compared with the same period a year ago
* The high margin of adjusted EBITDAR as a percent of revenues was stable
overall compared with the 1(st) half 2015
MARINE SERVICES
+-------+-------+-------------+-------+
| | |var H1 2016 /| |
Operational Business Indicators |H1 2016|H1 2015| |H2 2015|
| | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Number of vessels FTE * | 488.3 | 479.3 | +1.9% | 482.9 |
+----------------------------------------+-------+-------+-------------+-------+
|Technical availability rate | 97.6% | 96.5% | +1.1 pts | 96.5% |
+----------------------------------------+-------+-------+-------------+-------+
|Average utilization rate | 67.4% | 78.3% | -10.9 pts | 73.6% |
+----------------------------------------+-------+-------+-------------+-------+
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-------+-------+-------------+-------+
Adjusted Financial Performance | | |var H1 2016/ | |
In ? millions |H1 2016|H1 2015| |H2 2015|
| | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Revenues | 478.0 | 612.0 | -21.9% | 554.7 |
+----------------------------------------+-------+-------+-------------+-------+
|costs (excluding bareboat charter costs)|(308.2)|(389.8)| -20.9% |(355.0)|
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR (excluding capital gains) | 169.8 | 222.3 | -23.6% | 199.7 |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR (excluding capital gains) / | 35.5% | 36.3% | -0.8 pts | 36.0% |
|Revenues | | | | |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDA | 103.5 | 162.2 | -36.2% | 132.7 |
+----------------------------------------+-------+-------+-------------+-------+
|EBIT |(22.6) | 35.0 | n/s | 6.5 |
+----------------------------------------+-------+-------+-------------+-------+
The good resilience of the Crew boat segment and cost reductions of almost 21%
compared with the same period a year ago enabled Marine Services activity to
maintain a high margin (adjusted EBITDAR/revenues) that was only slightly below
the margin for the 1(st) half 2015. This decrease in costs was due to the
proactive stacking of vessels as well as operational efficiency improvements. A
slight increase in bareboat charter costs compared with a year ago combined with
lower adjusted EBITDAR resulted in the significant decline in both adjusted
EBITDA and adjusted EBIT.
Marine Services: Deepwater offshore vessels
+-------+-------+-------------+-------+
Operational Business Indicators |H1 2016|H1 2015|var H1 2016 /|H2 2015|
| | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Number of vessels FTE * | 88.7 | 78.6 | +12.8% | 85.1 |
+----------------------------------------+-------+-------+-------------+-------+
|Technical availability rate | 95.4% | 96.1% | -0.7 pts | 95.4% |
+----------------------------------------+-------+-------+-------------+-------+
|Average utilization rate | 73.4% | 84.9% | -11.5 pts | 81.4% |
+----------------------------------------+-------+-------+-------------+-------+
|Average daily rate ($/day) |17,114 |21,097 | -18.9% |18,718 |
+----------------------------------------+-------+-------+-------------+-------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter)
+-------+-------+-------------+-------+
Adjusted Financial Performance |H1 2016|H1 2015|var H1 2016 /|H2 2015|
In ? millions | | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Revenues | 182.8 | 223.4 | -18.2% | 208.1 |
+----------------------------------------+-------+-------+-------------+-------+
|costs (excluding bareboat charter costs)|(112.9)|(136.6)| -17.4% |(123.5)|
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR (excluding capital gains) | 69.9 | 86.7 | -19.4% | 84.6 |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR / Revenues | 38.2% | 38.8% | -0.6 pts | 40.6% |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDA | 36.1 | 58.6 | -38.5% | 51.3 |
+----------------------------------------+-------+-------+-------------+-------+
Global market conditions continue to put downward pressure on the average daily
rate and the average utilization rate. Costs were reduced by over 17% in the
1(st) half of 2016, in line with the reduction in adjusted revenues, while
absorbing an increase in the fleet of nearly 13%, thus enabling the Deepwater
offshore segment to keep the margin mostly stable versus a year ago. A reduced
level of adjusted EBITDAR combined with a slight increase in the bareboat
charter costs versus a year ago lead to an adjusted EBITDA reduction of 38.5%
Marine Services: Shallow water offshore vessels
+-------+-------+-------------+-------+
Operational Business Indicators |H1 2016|H1 2015|var H1 2016 /|H2 2015|
| | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Number of vessels FTE* | 133.0 | 138.1 | -3.7% | 135.1 |
+----------------------------------------+-------+-------+-------------+-------+
|Technical availability rate | 98.7% | 97.7% | +1.0 pts | 97.5% |
+----------------------------------------+-------+-------+-------------+-------+
|Average utilization rate | 66.9% | 81.4% | -14.5 pts | 76.0% |
+----------------------------------------+-------+-------+-------------+-------+
|Average daily rate (in US$/day) |11,289 |13,732 | -17.8% |12,507 |
+----------------------------------------+-------+-------+-------------+-------+
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-------+-------+-------------+-------+
Adjusted Financial Performance |H1 2016|H1 2015|var H1 2016 /|H2 2015|
In ? millions | | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Revenues | 168.2 | 239.6 | -29.8% | 210.2 |
+----------------------------------------+-------+-------+-------------+-------+
|costs (excluding bareboat charter costs)|(107.2)|(152.0)| -29.5% |(133.7)|
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR (excluding capital gains) | 61.0 | 87.5 | -30.3% | 76.4 |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR / Revenues | 36.3% | 36.5% | -0.2 pts | 36.4% |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDA | 28.2 | 55.5 | -49.2% | 42.5 |
+----------------------------------------+-------+-------+-------------+-------+
In the context of a very difficult market, BOURBON chose to take further
proactive cost reduction measures by stacking additional vessels. Up to 46
vessels were stacked in the 1(st) half of this year. Therefore, the stable
margin (adjusted EBITDAR/revenues) over the past 3 periods reflects the gains in
cost control largely offsetting the reductions in adjusted revenues. Fleet
availability has reached almost 99% in the 1(st) half of 2016 due to low
maintenance downtime thanks to our modern and reliable fleet of Bourbon Liberty
ships.
Marine Services: Crew boat vessels
+-------+-------+-------------+-------+
Operational Business Indicators |H1 2016|H1 2015|var H1 2016 /|H2 2015|
| | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Number of vessels FTE | 266.6 | 262.6 | +1.5% | 262.8 |
+----------------------------------------+-------+-------+-------------+-------+
|Technical availability rate | 97.9% | 96.1% | +1.8 pts | 96.3% |
+----------------------------------------+-------+-------+-------------+-------+
|Average utilization rate | 65.6% | 74.7% | -9.1 pts | 69.9% |
+----------------------------------------+-------+-------+-------------+-------+
|Average daily rate (in US$/day) | 4,478 | 4,837 | -7.4% | 4,579 |
+----------------------------------------+-------+-------+-------------+-------+
+-------+-------+-------------+-------+
Adjusted Financial Performance |H1 2016|H1 2015|var H1 2016 /|H2 2015|
In ? millions | | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Revenues | 127.0 | 149.1 | -14.8% | 136.4 |
+----------------------------------------+-------+-------+-------------+-------+
|costs (excluding bareboat charter costs)|(88.1) |(101.1)| -12.8% |(97.7) |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR (excluding capital gains) | 38.8 | 48.0 | -19.1% | 38.7 |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR / Revenues | 30.6% | 32.2% | -1.6 pts | 28.4% |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDA | 39.2 | 48.0 | -18.3% | 38.8 |
+----------------------------------------+-------+-------+-------------+-------+
The margin of adjusted EBITDAR/revenues declined compared with the 1(st) half of
2015. However, the margin increased 2.2 points compared with the 2(nd) half
2015 as a result of aggressive cost reductions and the improvement in activity
in the crew boats.
Subsea Services
+-------+-------+-------------+-------+
Operational Business Indicators |H1 2016|H1 2015|var H1 2016 /|H2 2015|
| | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Number of vessels FTE* | 22.0 | 20.2 | +8.9% | 21.4 |
+----------------------------------------+-------+-------+-------------+-------+
|Technical availability rate | 96.1% | 93.8% | +2.3 pts | 96.7% |
+----------------------------------------+-------+-------+-------------+-------+
|Average utilization rate | 54.1% | 73.1% | -19.0 pts | 59.0% |
+----------------------------------------+-------+-------+-------------+-------+
|Average daily rate (in US$/day) |41,501 |49,718 | -16.5% |47,459 |
+----------------------------------------+-------+-------+-------------+-------+
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-------+-------+-------------+-------+
Adjusted Financial Performance |H1 2016|H1 2015|var H1 2016 /|H2 2015|
In ? millions | | | H1 2015 | |
+----------------------------------------+-------+-------+-------------+-------+
|Revenues | 110.8 | 138.0 | -19.7% | 114.3 |
+----------------------------------------+-------+-------+-------------+-------+
|costs (excluding bareboat charter costs)|(54.5) |(72.6) | -24.9% |(60.0) |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR (excluding capital gains) | 56.3 | 65.3 | -13.8% | 54.3 |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDAR / Revenues | 50.8% | 47.4% | +3.5 pts | 47.5% |
+----------------------------------------+-------+-------+-------------+-------+
|EBITDA | 28.1 | 40.0 | -29.7% | 30.4 |
+----------------------------------------+-------+-------+-------------+-------+
|EBIT | 4.0 | 16.2 | -75.5% | 6.5 |
+----------------------------------------+-------+-------+-------------+-------+
The margin of adjusted EBITDAR/revenues of Subsea Services activity increased
3.5 points in H1 2016 compared with a year ago due to cost control efforts that
more than offset the decline in adjusted revenues during the period as well as
the rebound in Subsea activity since the 1(st) quarter 2016. This is reflected
in the 13.8% decline in adjusted EBITDAR while adjusted revenues declined almost
20%. There was a slight increase in bareboat charter costs and stable
depreciation and amortization compared with the year ago period which, following
a lower level of adjusted EBITDAR, lead to a significant percentage decline in
adjusted EBITDA and adjusted EBIT.
Other
+-------+-------+-------------+-------+
Adjusted Financial Performance |H1 2016|H1 2015|var H1 2016 /|H2 2015|
In ? millions | | | H1 2015 | |
+---------------------------------+-------+-------+-------------+-------+
|Revenues | 10.4 | 8.8 | +17.5% | 9.3 |
+---------------------------------+-------+-------+-------------+-------+
|costs | (7.6) | (6.0) | +26.4% | (6.1) |
+---------------------------------+-------+-------+-------------+-------+
|EBITDAR (excluding capital gains)| 2.7 | 2.8 | -1.7% | 3.2 |
+---------------------------------+-------+-------+-------------+-------+
|EBITDAR / Revenues | 26.5% | 31.7% | -5.2 pts | 34.9% |
+---------------------------------+-------+-------+-------------+-------+
|EBITDA | 2.7 | 2.8 | -1.7% | 3.2 |
+---------------------------------+-------+-------+-------------+-------+
|EBIT | (6.1) | (0.1) | n/s | 2.0 |
+---------------------------------+-------+-------+-------------+-------+
Activities included are those that do not 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.
+---------+----------+
Consolidated Capital Employed | | |
|6/30/2016|12/31/2015|
In ? millions | | |
+-------------------------------------------------------+---------+----------+
| | | |
| | | |
|Net non-current Assets | 2,769.2| 2,725.9|
| | | |
|Assets held for sale | -| 72.4|
| | | |
|Working Capital | 205.8| 269.7|
| | | |
| | | |
| | | |
|Total Capital Employed | 2,975.0| 3,068.0|
| | | |
| | | |
| | | |
|Shareholders equity | 1,396.4| 1,564.3|
| | | |
|Non-current liabilities (provisions and deferred taxes)| 132.4| 108.2|
| | | |
|Net Debt | 1,446.2| 1,395.5|
| | | |
| | | |
| | | |
|Total Capital Employed | 2,975.0| 3,068.0|
| | | |
| | | |
+-------------------------------------------------------+---------+----------+
Net non-current assets increased slightly due to the delivery of vessels that
are not part of the vessel sale and bareboat charter agreements.
At the beginning of December 2014, BOURBON signed an agreement with Minsheng
Financial leasing Co. for the sale and retention under bareboat charter of 8
vessels for an overall amount of approximately $US 202 million. As of
December 31, 2015, 5 vessels had been sold for approximately $US 111 million.
The 3 remaining vessels to be sold had been accounted for in accordance with
IFRS 5 on December 31, 2015. During the 1(st) half 2016, it was decided to not
sell the remaining 3 vessels delivered at the end of 2015. According to IFRS 5,
following the change in the plan to sell those non-current assets, BOURBON
ceased to classify those assets as held for sale and reclassified them into
tangible fixed assets.
+--------------+---------------+
Consolidated Sources and uses of Cash | H1 2016 | H1 2015 |
In ? millions | | |
+-----------------------------------------------+--------------+---------------+
| | | |
| | | |
|Cash generated by operations |111.8 | 266.5 |
| | | |
|Vessels in service (A) | 110.9 | 217.0 |
| | | |
|Vessel sales | 0.9 | 49.4 |
| | | |
| | | |
| | | |
|Cash out for: |(40.6) |(127.5) |
| | | |
|Interest | (23.5) | (25.2) |
| | | |
|Taxes (B) | (11.7) | (15.7) |
| | | |
|Dividends | (5.3) | (86.6) |
| | | |
| | | |
| | | |
|Net Cash from activity | 71.2 | 139.0 |
| | | |
| | | |
| | | |
|Net debt changes | 56.6 |(45.3) |
| | | |
| | | |
|Perpetual bond | - | 19.8 |
| | | |
| | | |
| | | |
| | | |
|Use of cash for: |(93.4) |(123.6) |
| | | |
|Investments | (117.9)| (147.7)|
| | | |
|Working capital (C) | 24.5 | 24.1 |
| | | |
| | | |
| | | |
|Other sources and uses of cash |(34.4) | 10.1 |
| | | |
| | | |
+-----------------------------------------------+--------------+---------------+
| | | |
| | | |
|Free cash flow | 6.7 | 127.2 |
| | | |
|Net Cash flow from operating activities (A+B+C)| 123.7 | 225.5 |
| | | |
|Acquisition of property, plant and equipment | (117.9)| (147.7)|
|and intangible assets | | |
| | | |
|Sale of property, plant and equipment and | 0.9 | 49.4 |
|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. This enabled movement
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 before the effects of
the market downturn has reduced free cash flow, though as a result of BOURBON's
resilience, it still remains positive in the 1(st) half 2016.
OUTLOOK
After the drastic reduction of the level of investments of oil & gas companies
over the past couple years, oil producers are now thinking of the future,
particularly to maintain their level of production in the medium term. However,
the inevitable rebound in activity will take some time to reach Offshore marine
services.
For the Deepwater and Shallow water segments, the market will continue to be
affected by the overcapacity of vessels but the level of activity should remain
stable at the current level.
Crew boat activity should benefit from a slight increase in activity in the
producing fields and the decrease in utilization of helicopters for cost
reduction reasons.
Subsea activity reached its low point in the 1(st) quarter 2016 and the
improvement in the utilization rate in the 2(nd) quarter should continue for the
following quarters.
BOURBON now anticipates a full year 2016 adjusted revenue reduction in the order
of magnitude experienced year on year during the 1(st) semester and a slight
decrease in adjusted EBITDAR/revenues margin. In the 2(nd) half, BOURBON will
take delivery of only 1 crew boat and will generate positive free cash flow.
The rebalanced outlook of supply and demand of oil in 2017 should have a
positive effect for BOURBON with its unique, modern and innovative fleet in its
4 segments.
ADDITIONAL INFORMATION
* The accounts for the 1(st) half of 2016 were approved by the Board of
Directors on the recommendation of the Audit Committee
* The accounts for the 1(st) half of 2016 underwent a limited examination by
the statutory auditors
* BOURBON's results will continue to be influenced by the ?/US$ exchange rate
FINANCIAL CALENDAR
3(rd )Quarter 2016 financial information press release November 3, 2016
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, 2016 and for the comparative periods
presented, adjustment elements are:
+----------------+---------------+------------+
|H1 2016 Adjusted|IFRS 11 Impact*| H1 2016 |
In millions of euros | | |Consolidated|
+--------------------------------+----------------+---------------+------------+
|Revenues | 599.2 | (42.6) | 556.6 |
| | | | |
|Direct Costs & General and | | | |
|Administrative costs | (370.3) | 36.9 | (333.4) |
+--------------------------------+----------------+---------------+------------+
|EBITDAR (excluding capital | | | |
|gains) | 228.8 | (5.7) | 223.2 |
+--------------------------------+----------------+---------------+------------+
|Bareboat charter costs | (93.4) | - | (93.4) |
+--------------------------------+----------------+---------------+------------+
|EBITDA (excluding capital gains)| 135.4 | (5.7) | 129.7 |
+--------------------------------+----------------+---------------+------------+
|Capital gain | (1.0) | 1.4 | 0.4 |
+--------------------------------+----------------+---------------+------------+
|EBITDA | 134.4 | (4.2) | 130.1 |
+--------------------------------+----------------+---------------+------------+
|Depreciation, Amortization & | | | |
|Provisions | (159.1) | 2.1 | (157.0) |
| | | | |
|Share of results from companies | | | |
|under the equity method | - | (1.4) | (1.4) |
+--------------------------------+----------------+---------------+------------+
|EBIT | (24.8) | (3.6) | (28.3) |
+--------------------------------+----------------+---------------+------------+
*Effect of consolidation of jointly controlled companies using the equity
method.
+----------------+---------------+------------+
|H2 2015 Adjusted|IFRS 11 Impact*| H2 2015 |
In millions of euros | | |Consolidated|
+--------------------------------+----------------+---------------+------------+
|Revenues | 678.3 | (50.0) | 628.3 |
| | | | |
|Direct Costs & General and | | | |
|Administrative costs | (421.0) | 35.9 | (385.1) |
+--------------------------------+----------------+---------------+------------+
|EBITDAR (excluding capital | | | |
|gains) | 257.3 | (14.0) | 243.2 |
+--------------------------------+----------------+---------------+------------+
|Bareboat charter costs | (91.4) | - | (91.4) |
+--------------------------------+----------------+---------------+------------+
|EBITDA (excluding capital gains)| 165.9 | (14.0) | 151.8 |
+--------------------------------+----------------+---------------+------------+
|Capital gain | 0.4 | (2.4) | (1.9) |
+--------------------------------+----------------+---------------+------------+
|EBITDA | 166.3 | (16.4) | 149.9 |
+--------------------------------+----------------+---------------+------------+
|Depreciation, Amortization & | | | |
|Provisions | (151.4) | 2.9 | (148.4) |
| | | | |
|Share of results from companies | | | |
|under the equity method | - | 1.6 | 1.6 |
+--------------------------------+----------------+---------------+------------+
|EBIT | 15.0 | (11.9) | 3.0 |
+--------------------------------+----------------+---------------+------------+
*Effect of consolidation of jointly controlled companies using the equity
method.
+----------------+---------------+------------+
|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.
APPENDIX II
Simplified Consolidated Income Statement
+----------+----------+-------------+-------+
In ? millions (except per share | H1 2016 | H1 2015 |var H1 2016 /|H2 2015|
data) | | | H1 2015 | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Revenues | 556.6 | 701.3 | -20.6% | 628.3 |
| | | | | |
|Direct costs | (275.0) | (357.3) | -23.0% |(320.9)|
| | | | | |
|General & Administrative costs | (58.3) | (66.8) | -12.7% |(64.2) |
| | | | | |
| | | | | |
| | | | | |
|EBITDAR excluding capital gains | 223.2 | 277.2 | -19.5% | 243.2 |
| | | | | |
| | | | | |
| | | | | |
|Bareboat charter costs | (93.4) | (87.8) | +6.5% |(91.4) |
| | | | | |
| | | | | |
| | | | | |
|EBITDA excluding capital gains | 129.7 | 189.4 | -31.5% | 151.8 |
| | | | | |
| | | | | |
| | | | | |
|Capital gain | 0.4 | 2.4 | -83.5% | (1.9) |
| | | | | |
|Gross operating income (EBITDA) | 130.1 | 191.8 | -32.1% | 149.9 |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Depreciation, Amortization & | (157.0) | (151.2) | +3.9% |(148.4)|
|Provisions | | | | |
| | | | | |
|Share of results from companies | (1.4) | 4.2 | n/s | 1.6 |
|under the equity method | | | | |
| | | | | |
|Operating income (EBIT) | (28.3) | 44.8 | n/s | 3.0 |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Financial profit/loss | (36.5) | (34.2) | +6.9% |(26.6) |
| | | | | |
|Income tax | (22.5) | (14.3) | +56.8% |(16.1) |
| | | | | |
|Net Income | (87.3) | (3.7) | n/s |(39.7) |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Minority interests | (16.9) | (15.5) | +9.1% |(17.7) |
| | | | | |
|Net income (Group share) | (104.3) | (19.2) | n/s |(57.4) |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
| | | | | |
| | | | | |
|Earnings per share | (1.37) | (0.25) | | - |
| | | | | |
|Weighted average number of shares |75,889,707|76,314,440| | - |
|outstanding | | | | |
| | | | | |
| | | | | |
+----------------------------------+----------+----------+-------------+-------+
APPENDIX III
Simplified Consolidated Balance Sheet
+---------+----------+ +---------+----------+
In ? millions |6/30/2016|12/31/2015| |6/30/2016|12/31/2015|
+----------------+---------+----------+-------------------+---------+----------+
| | | | |
| | | +-------------------+---------+----------+
| | | |Shareholders' | 1,396.4 | 1,564.3 |
| | | |equity | | |
| | | +-------------------+---------+----------+
| | | | | | |
| | | | | | |
|Net property, | | |Financial debt > 1 | | |
|plant and | 2,546.0 | 2,503.0 |year | 1,105.2 | 1,127.5 |
|equipment | | | | | |
| | | | | | |
|Other non- | 270.7 | 276.7 |Other non-current | 166.0 | 158.8 |
|current assets | | |liabilities | | |
| | | | | | |
| | | | | | |
+----------------+---------+----------+-------------------+---------+----------+
|TOTAL NON- | 2,816.7 | 2,779.7 |TOTAL NON-CURRENT | 1,271.3 | 1,286.3 |
|CURRENT ASSETS | | |LIABILITIES | | |
+----------------+---------+----------+-------------------+---------+----------+
| | | | | | |
| | | | | | |
|Cash on hand and| 314.4 | 263.3 |Financial debt < 1 | 655.4 | 531.3 |
|in banks | | |year | | |
| | | | | | |
|Other currents | 588.3 | 575.6 |Other current | 396.4 | 309.2 |
|assets | | |liabilities | | |
| | | | | | |
| | | | | | |
+----------------+---------+----------+-------------------+---------+----------+
|TOTAL CURRENT | 902.7 | 839.0 |TOTAL CURRENT | 1,051.8 | 840.5 |
|ASSETS | | |LIABILITIES | | |
+----------------+---------+----------+-------------------+---------+----------+
| | | | | | |
| | | | | | |
| | | |Liabilities | | |
|Non-current | | |directly associated| | |
|assets held for | - | 72.4 |with non-current | - | - |
|sale | | |assets classified | | |
| | | |as held for sale | | |
| | | | | | |
| | | | | | |
| | | +-------------------+---------+----------+
| | | |TOTAL LIABILITIES | 2,323.1 | 2,126.8 |
+----------------+---------+----------+-------------------+---------+----------+
| | | |TOTAL LIABILITIES &| | |
|TOTAL ASSETS | 3,719.4 | 3,691.1 |SHAREHOLDERS' | 3,719.4 | 3,691.1 |
| | | |EQUITY | | |
+----------------+---------+----------+-------------------+---------+----------+
APPENDIX IV
Simplified Consolidated Cash Flow Statement
+-------+-------+
In ? millions |H1 2016|H1 2015|
+--------------------------------------------------------------+-------+-------+
| | | |
|Cash flow from operating activities | | |
| | | |
| | | |
| | | |
|consolidated net income (loss) |(87.3) | (3.7) |
| | | |
|Other adjustments to cash flow from operating activities | 211.0 | 229.2 |
| | | |
| | | |
| | | |
|Net cash flow from operating activities (A) | 123.7 | 225.5 |
| | | |
| | | |
+--------------------------------------------------------------+-------+-------+
| | | |
| | | |
|Cash flow from investing activities | | |
| | | |
| | | |
| | | |
|acquisition of property, plant and equipment and intangible |(117.9)|(147.7)|
|assets | | |
| | | |
|sale of property, plant and equipment and intangible assets | 0.9 | 49.4 |
| | | |
|other cash flow from investing activities |(30.3) | 4.2 |
| | | |
| | | |
| | | |
|Net Cash flow used in investing activities (B) |(147.3)|(94.1) |
| | | |
| | | |
+--------------------------------------------------------------+-------+-------+
| | | |
| | | |
|Cash flow from financing activities | | |
| | | |
| | | |
| | | |
|net increase (decrease) in borrowings | 16.4 |(29.7) |
| | | |
|dividends paid to shareholders of the group | - |(71.6) |
| | | |
|cost of net debt |(23.5) |(25.2) |
| | | |
|other cash flow from financing activities | (9.4) | 10.7 |
| | | |
| | | |
| | | |
|Net Cash flow used in financing activities (C) |(16.6) |(115.8)|
| | | |
| | | |
+--------------------------------------------------------------+-------+-------+
| | | |
| | | |
|Impact from the change in exchange rates (D) | (1.0) | 5.6 |
| | | |
|Change in net cash (A) + (B) + (C) + (D) |(41.2) | 21.2 |
| | | |
| | | |
+--------------------------------------------------------------+-------+-------+
| | | |
| | | |
|Net cash at beginning of period | 63.8 | 170.7 |
| | | |
|Change in net cash |(41.2) | 21.2 |
| | | |
|Net cash at end of period | 22.6 | 191.9 |
| | | |
| | | |
+--------------------------------------------------------------+-------+-------+
| | | |
| | | |
|Free cash flow calculation | | |
| | | |
| | | |
| | | |
|Net Cash flow from operating activities | 123.7 | 225.5 |
| | | |
|acquisition of property, plant and equipment and intangible |(117.9)|(147.7)|
|assets | | |
| | | |
|sale of property, plant and equipment and intangible assets | 0.9 | 49.4 |
| | | |
| | | |
|
Unternehmensinformation / Kurzprofil:
Datum: 08.09.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 493427
Anzahl Zeichen: 65492
contact information:
Town:
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Kategorie:
Business News
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