BOURBON: Full Year 2016
(Thomson Reuters ONE) -
Paris, March 16, 2017
BOURBON 2016 Annual Results: Results strongly impacted by an unprecedented
crisis in offshore oil and gas services
+------------------------------------------------------------------------------+
| |
| |
| * Adjusted revenues of ?1.1 billion (Consolidated revenues of ?1.021 |
| billion) |
| * Adjusted EBITDAR of ?383 million (Consolidated EBITDAR of ?366.8 million) |
| * EBIT impacted by a ?36 million impairment loss |
| |
| * Net income, group share of -?279.6 million |
| |
| * Positive free cash flow of ?64.7 million |
| |
| * Agreement signed with the main financial partners to reorganize the major |
| part of the group's financial debt |
| |
| * Proposal from the Board of Directors to the Shareholders Meeting to pay a |
| dividend of ?0.25 per share, payable in cash or shares |
| |
| |
+------------------------------------------------------------------------------+
"The marine services industry is going through the most acute crisis of the last
40 years due to the sharp slowdown in offshore oil and gas. It is therefore a
question of willingness to adapt to weather the crisis, but also to put in place
the company's transformation, because tomorrow will not see a return to
yesterday's model", says Jacques de Chateauvieux, Chairman and Chief Executive
Officer of BOURBON Corporation.
"BOURBON is building on the confidence of its customers, local partners and
employees, as well as its financial partners, to implement the "Stronger for
longer" action plan and accelerate its transformation plan."
"Stronger for longer" action plan
One of the objectives of this plan is to improve the company's cash flow and
reduce the need for new funding in future years.
Thus, BOURBON has signed an agreement with its financial partners to reschedule
the maturities of most of its debt, as illustrated below:
* Out of long and medium-term debt totaling ?692 million, ?365 million of
repayments due between 2016 and 2018 have been rescheduled and reduced to an
amount of ?63 million not repayable until 2018. The remainder of the debt,
i.e. ?629 million, will henceforth be repaid progressively between 2019 and
2025; the weighted average of the spreads applicable to these facilities
will initially represent approximately 2.1% from October 1, 2017, then
approximately 3.1% from January 1, 2020 and lastly approximately 4% from
January 1, 2022 ;
* Short term facilities amounting to ?196.8 million will be refinanced and
maintained at this level from 2017 to 2020 inclusive, before being repaid
progressively afterwards, while ?22 million in short-term credits will be
maintained and repaid progressively as from 2018; the weighted average of
the spreads applicable to these facilities will initially and from the
completion date represent 1.9%, then 2.9% from January 1, 2020 and lastly
3.9% from January 1, 2022 ;
* In the context of such agreements, additional debts due in 2017 in an amount
of ?143 million will be rescheduled in order to benefit from progressive
repayment until 2022, after the completion of discussions, some of which are
to be finalized by June 2017 ;
* The finalization of the restructuring agreed with the group's main financial
partners is subject to conditions to be fulfilled by June 30, and no later
than July 15, 2017. These include standard conditions, namely documentary,
as well as the repayment of an advance granted to JACCAR Holdings during the
negotiation of the proposed acquisition of gas operations and the
arrangement of new funding, which will be limited to a maximum of ?240
million during the period 2017 - 2019 ;
* The hence restructured loans will be subject to new covenants. These
agreements limit, in certain conditions, investments and dividends whose
share payable in cash should not exceed ?10 million. These points will be
detailed in the 2016 BOURBON Corporation Registration Document.
In accordance with IFRS, borrowings in the amount of ?732.1 million were
recognized as current liabilities as of December 31, 2016. Such borrowings were
those subject to the reorganization agreement (they were previously the subject
of standstill agreements), those subject to a breach of covenant, and lastly
those having contractual clauses that could lead to repayment acceleration, even
if such clauses had not been activated.
+-------+-------+----------+--------+-------+-------+----------+
|H2 2016|H2 2015| Change |H1 2016 | 2016 | 2015 | Change |
| | | H2/H2 | | | |2016/2015 |
+---------------+-------+-------+----------+--------+-------+-------+----------+
|Operational | | | | | | | |
|indicators | | | | | | | |
| | | | | | | | |
|Number of | 513.3 | 505.4 | +1.6% | 511.3 | 512.3 | 503.0 | +1.9% |
|vessels (FTE)* | | | | | | | |
| | | | | | | | |
|Number of | | | | | | | |
|vessels (end of| 514 | 511 |+3 vessels| 513 | 514 | 511 |+3 vessels|
|period)** | | | | | | | |
| | | | | | | | |
|Technical | | | | | | | |
|availability | 97.4% | 96.5% | +0.9 pt | 97,6% | 97.5% | 96.4% | +1.1 pt |
|rate (%) | | | | | | | |
| | | | | | | | |
|Average | | | | | | | |
|utilization | 58.6% | 73.0% |-14.4 pts | 66.8% | 62.7% | 75.5% |-12.8 pts |
|rate (%) | | | | | | | |
| | | | | | | | |
|Average daily | 9,193 |10,920 | -15.8% | 9,961 | 9,586 |11,381 | -15.8% |
|rate $/d | | | | | | | |
+---------------+-------+-------+----------+--------+-------+-------+----------+
* FTE: full time equivalent.
** Vessels operated by BOURBON (including
vessels owned or on bareboat charter).
+---------------+-------+-------+----------+--------+-------+-------+----------+
|Financial | | | | | | | |
|performance | | | | | | | |
| | | | | | | | |
|Adjusted(a) | 503.4 | 678.3 | -25.8% | 599.2 |1,102.6|1,437.1| -23.3% |
|Revenues | | | | | | | |
| | | | | | | | |
|(change at | | | | | | | -23.2% |
|constant rate) | | | | | | | |
| | | | | | | | |
|Adjusted(a) | | | | | | | |
|Costs (excl. |(349.3)|(421.0)| -17.0% |(370.3) |(719.6)|(889.5)| -19,1% |
|bareboat | | | | | | | |
|charters) | | | | | | | |
| | | | | | | | |
|Adjusted(a) | | | | | | | |
|EBITDAR (ex. | 154.2 | 257.3 | -40.1% | 228.8 | 383.0 | 547.7 | -30.1% |
|cap. Gain) | | | | | | | |
| | | | | | | | |
| EBITDAR / | 30.6%| 37.9%| | 38.2%| 34.7% | 38.1% | |
|Revenues | | | | | | | |
| | | | | | | | |
|Adjusted(a) | 58.9 | 166.3 | -64.6% | 134.4 | 193.3 | 371.3 | -47.9% |
|EBITDA | | | | | | | |
| | | | | | | | |
|Impairment |(36.0) | - | - | |(36.0) | - | - |
| | | | | | | | |
|Adjusted(a) |(140.4)| 15.0 | ns | (24.8) |(165.1)| 66.1 | ns |
|EBIT | | | | | | | |
| | | | | | | | |
|IFRS 11 impact | (6.6) |(11.9) | -44.8% | (3.6) |(10.2) |(18.3) | -44.4% |
|*** | | | | | | | |
| | | | | | | | |
|EBIT |(147.0)| 3.0 | ns | (28.3) |(175.3)| 47.8 | ns |
| | | | | | | | |
|Net income |(175.7)|(39.7) | ns | (87.3) |(263.0)|(43.4) | ns |
| | | | | | | | |
|Net income |(175.3)|(57.4) | ns |(104.3) |(279.6)|(76.6) | ns |
|(group share) | | | | | | | |
| | | | | | | | |
| | | | | | | | |
+---------------+-------+-------+----------+--------+-------+-------+----------+
*** Effect of consolidation of jointly controlled companies using the equity
method.
(a) See page 2.
+----------------------+------+------+---------+------+------+------+---------+-
|Average utilization | | | | | | | |
|rate (excl. crew |55.2% |76.4% |-21.2 pts|68.1% |61.6% |79.1% |-17.5 pts|
|boats) | | | | | | | |
| | | | | | | | |
|Average daily rate | | | | | | | |
|(excluding crew boats |15,123|17,237| -12.3% |15,741|15,466|18,089| -14.5% |
|$/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). 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.
The reconciliation between the adjusted data and the consolidated data can be
found in Annex I on page 12.
Market highlights and 2016 operations
* Oil prices sank to a low of $26 a barrel in January 2016, before closing the
year at a high of $55. This second consecutive year of muted investment from
oil companies caused a sharp decline in offshore business and overcapacity
of deepwater offshore PSVs.
* In 2016, more than 3 million passengers were transported on board Crew boats
between oil fields and logistics bases onshore and between oil field
platforms.
* 100(th) subsea well connections operations for the MPSV Vissolela for the
same client, and a total of more than 450 subsea connections since the
Subsea activity creation.
* Employed on a term contract by Lundin Petroleum in the Barents sea, the
Bourbon Arctic successfully performed more than 130 anchors operations since
June 2016, proving its versatile capabilities (AH, PSV, ROV, Stand-by/Oil
Recovery Operations) in harsh and remote areas.
* BOURBON continues to enjoy a strong presence in the Mediterranean with
several successes on the Egyptian sector in 2016. Its Bourbon Liberty 200
series have been supporting several offshore projects, with phases up to 8
BOURBON vessels mobilized on fields.
* Deployment of an innovative and economical solution for the stimulation of
deepsea oil wells in Nigeria, in response to the need to optimize the yield
of existing fields.
Full year 2016 results highlights
* Ongoing cost control efforts, which include both efficiency gains and
proactive vessel stacking, have delivered a significant cost-reduction (in
operating and general costs) of 19% compared with 2015. For the full year
2016, 70.6 supply vessels full time equivalent were stacked, i.e 29% of the
supply fleet.
* Following impairment tests carried out as of December 31, 2016, a ?36
million impairment loss was recognized on goodwill and assets allocated to
the Deepwater offshore segment.
* The objectives announced by BOURBON at year-end 2015, namely:
* a moderate decline of adjusted revenues
* a slight reduction in operating margin
* an appreciable increase in free cash flow,
could not be attained amid an unprecedented cyclical downturn. BOURBON has
however maintained an adjusted EBITDAR/revenue margin of 34.7% and generated
positive free cash flow of ?64.7 million.
MARINE SERVICES
+-------+-------+---------+-------+-------+-------+------------+
| | | | | | | |
Operational |H2 2016|H2 2015| Change |H1 2016| 2016 | 2015 | Change |
Business | | | H2 /H2 | | | | 2016/2015 |
Indicators | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Number of | 490.3 | 482.9 | +1.5% | 488.3 | 489.3 | 481.2 | +1.7% |
|vessels FTE * | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Technical | | | | | | | |
|availability | 97.4% | 96.5% | +0.9 pt | 97.6% | 97.6% | 96.5% | +1.1 pt |
|rate | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Average | | | | | | | |
|utilization | 58.5% | 73.6% |-15.1 pts| 67.4% | 62.9% | 75.9% | -13.0 pts |
|rate | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
+-------+-------+---------+-------+-------+-------+------------+
Adjusted | | | | | | | |
Financial | | | Change | | | | Change |
Performance |H2 2016|H2 2015| H2 /H2 |H1 2016| 2016 | 2015 | 2016/2015 |
In millions of | | | | | | | |
euros | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Revenues | 386.1 | 554.7 | -30.4% | 478.0 | 864.1 |1,166.7| -25.9% |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|costs | | | | | | | |
|(excluding |(277.7)|(355.0)| -21.8% |(308.2)|(585.9)|(744.7)| -21.3% |
|bareboat | | | | | | | |
|charter costs) | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|EBITDAR | | | | | | | |
|(excluding | 108.4 | 199.7 | -45.7% | 169.8 | 278.2 | 422.0 | -34.1% |
|capital gains) | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|EBITDAR | | | | | | | |
|(excluding | 28.1% | 36.0% |-7.9 pts | 35.5% | 32.2% | 36.2% | -4.0 pts |
|capital gains) | | | | | | | |
|/ Revenues | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|EBITDA | 40.7 | 132.7 | -69.3% | 103.5 | 144.2 | 294.8 | -51.1% |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Impairment |(36.0) | - | - | - |(36.0) | - | - |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|EBIT |(133.1)| 6.5 | ns |(22.6) |(155.7)| 41.5 | ns |
+---------------+-------+-------+---------+-------+-------+-------+------------+
The resilience of the Crew boats segment and a cost-reduction of more than 21%
enabled the Marine Services activity maintain an adjusted EBITDAR/revenue margin
of 32.2% (down 4 points from last year). The Crew boats activity is essentially
linked to field production/maintenance and deepwater offshore field construction
phases, while the Supply vessels business essentially depends on drilling, which
fell to a low in 2016.
The fall in adjusted EBITDAR coupled with the increase in bareboat charter costs
explains the significant decline in adjusted EBITDA.
Following impairment tests performed as of December 31, 2016, a ?36 million
impairment loss was recognized on Deepwater offshore goodwill and assets,
impacting adjusted EBIT for the Marine Services activity.
Marine Services : Deepwater offshore vessels
+-------+-------+---------+-------+-------+-------+------------+
| | | | | | | |
Operational |H2 2016|H2 2015| Change |H1 2016| 2016 | 2015 | Change |
Business | | | H2/H2 | | | | 2016/2015 |
Indicators | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Number of | 89.0 | 85.1 | +4.6% | 88.7 | 88.8 | 81.9 | +8.5% |
|vessels FTE * | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Technical | | | | | | | |
|availability | 94.8% | 95.4% | -0.6 pt | 95.4% | 95.1% | 95.7% | -0.6 pt |
|rate | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Average | | | | | | | |
|utilization | 63.4% | 81.4% |-18.0 pts| 73.4% | 68.4% | 83.1% | -14.7 pts |
|rate | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Average daily | | | | | | | |
|rate (in |15,945 |18,718 | -14.8 % |17,114 |16,524 |19,804 | -16.6% |
|US$/day) | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
+-------+-------+---------+-------+-------+-------+------------+
Adjusted | | | | | | | |
Financial | | | Change | | | | Change |
Performance |H2 2016|H2 2015| H2/H2 |H1 2016| 2016 | 2015 | 2016/2015 |
In millions of | | | | | | | |
euros | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|Revenues | 154.2 | 208.1 | -25.9% | 182.8 | 337.0 | 431.5 | -21.9% |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|costs | | | | | | | |
|(excluding |(108.8)|(123.5)| -11.9% |(112.9)|(221.7)|(260.2)| -14.8% |
|bareboat | | | | | | | |
|charter costs) | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|EBITDAR | | | | | | | |
|(excluding | 45.4 | 84.6 | -46.3% | 69.9 | 115.3 | 171.3 | -32.7% |
|capital gains) | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|EBITDAR | | | | | | | |
|(excluding | 29.4% | 40.6% |-11.2 pts| 38.2% | 34.2% | 39.7% | -5.5 pts |
|capital gains) | | | | | | | |
|/ Revenues | | | | | | | |
+---------------+-------+-------+---------+-------+-------+-------+------------+
|EBITDA | 11.3 | 51.3 | -77.9 % | 36.1 | 47.4 | 110.0 | -56.9% |
+---------------+-------+-------+---------+-------+-------+-------+------------+
The sharp decline in drilling activity and vessel overcapacity in this segment
have significantly impacted utilization rates (-14.7 points) and daily rates (-
16.6%).
Cost reduction and proactive vessel stacking cushioned the fall in EBITDAR
margin on adjusted revenues of 5.5 points.
The 6.9% increase in bareboat charter costs reflects the full-year effect of the
latest vessels delivered at the end of the first half of 2015. This affected
adjusted EBITDA, which stood at ?47.4 million in 2016, down 56.9% from the
previous year.
Marine Services : Shallow water offshore vessels
+-------+-------+---------+-------+-------+-------+---------+
| | | | | | | |
Operational |H2 2016|H2 2015| Change |H1 2016| 2016 | 2015 | Change |
Business | | | H2/H2 | | | |2016/2015|
Indicators | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|Number of vessels | 133.0 | 135.1 | -1.5% | 133.0 | 133.0 | 136.6 | -2.6% |
|FTE * | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|Technical | 99.4% | 97.5% | +1,9 pt | 98.7% | 99.0% | 97.6% | +1.4 pt |
|availability rate | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|1Average | 48.9% | 76.0% |-27.1 pts| 66.9% | 57.9% | 78.7% |-20.8 pts|
|utilization rate | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|Average daily rate|10,148 |12,507 | -18.9% |11,289 |10,848 |13,137 | -17.4% |
|(in US$/day) | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
+-------+-------+---------+-------+-------+-------+---------+
Adjusted Financial| | | | | | | |
Performance |H2 2016|H2 2015| Change |H1 2016| 2016 | 2015 | Change |
In millions of | | | H2/H2 | | | |2016/2015|
euros | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|Revenues | 111.0 | 210.2 | -47.2% | 168.2 | 279.2 | 449.8 | -37.9% |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|costs (excluding | | | | | | | |
|bareboat charter |(80.0) |(133.7)| -40.2% |(107.2)|(187.2)|(285.8)| -34.5% |
|costs) | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|EBITDAR | | | | | | | |
|(excluding capital| 31.0 | 76.4 | -59.4% | 61.0 | 92.1 | 164.0 | -43.9% |
|gains) | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|EBITDAR (excluding| | | | | | | |
|capital gains) / | 27.9% | 36.4% |-8.4 pts | 36.3% | 33.0% | 36.5% |-3.5 pts |
|Revenues | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|EBITDA | (2.6) | 42.5 | ns | 28.2 | 25.6 | 98.0 | 73.9% |
+------------------+-------+-------+---------+-------+-------+-------+---------+
Drilling activities in the Shallow water offshore segment saw a significant
reduction in 2016. Average fleet utilization rates fell by 20.8 points, while
daily rates were down 17.4%.
Good fleet management, with technical availability reaching 99% during the year,
together with effective cost control and vessel stacking policy, limited the
fall in margin to 3.5 points.
Adjusted EBITDA was ?25.6 million, down 73.9%.
Marine Services : Crew boat vessels
+-------+-------+--------+---------+-----+-----+-------------+
| | | | | | | |
Operational |H2 2016|H2 2015|Change | H1 2016 |2016 |2015 | Change |
Business | | | H2/H2 | | | | 2016/2015 |
Indicators | | | | | | | |
+-----------------+-------+-------+--------+---------+-----+-----+-------------+
|Number of vessels| 268.3 | 262.8 | +2.1 % | 266.6 |267.5|262.7| +1.8% |
|FTE * | | | | | | | |
+-----------------+-------+-------+--------+---------+-----+-----+-------------+
|Technical | 97.4% | 96.3% |+1.1 pt | 97.9% |97.6%|96.2%| +1.4 pt |
|availability rate| | | | | | | |
+-----------------+-------+-------+--------+---------+-----+-----+-------------+
|Average | 61.6% | 69.9% |-8.3 pts| 65.6% |65.6%|72.3%| -8.7 pts |
|utilization rate | | | | | | | |
+-----------------+-------+-------+--------+---------+-----+-----+-------------+
|Average daily | 4,364 | 4,579 | -4.7% | 4,478 |4,394|4,697| -6.5% |
|rate (in US$/day)| | | | | | | |
+-----------------+-------+-------+--------+---------+-----+-----+-------------+
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
+-------+-------+--------+-------+-------+-------+-------------+
Adjusted | | | | | | | |
Financial | | |Change | | | | Change |
Performance |H2 2016|H2 2015| H2/H2 |H1 2016| 2016 | 2015 | 2016/2015 |
In millions of | | | | | | | |
euros | | | | | | | |
+---------------+-------+-------+--------+-------+-------+-------+-------------+
|Revenues | 120.8 | 136.4 | -11.4% | 127.0 | 247.8 | 285.5 | -13.2% |
+---------------+-------+-------+--------+-------+-------+-------+-------------+
|costs | | | | | | | |
|(excluding |(88.9) |(97.7) | -9.0% |(88.1) |(177.0)|(198.8)| -11.0% |
|bareboat | | | | | | | |
|charter costs) | | | | | | | |
+---------------+-------+-------+--------+-------+-------+-------+-------------+
|EBITDAR | | | | | | | |
|(excluding | 31.9 | 38.7 | -17.5% | 38.8 | 70.8 | 86.7 | -18.4% |
|capital gains) | | | | | | | |
+---------------+-------+-------+--------+-------+-------+-------+-------------+
|EBITDAR | | | | | | | |
|(excluding | 26.4% | 28.4% |-2.0 pts| 30.6% | 28.6% | 30.4% | -1.8 pt |
|capital gains) | | | | | | | |
|/ Revenues | | | | | | | |
+---------------+-------+-------+--------+-------+-------+-------+-------------+
|EBITDA | 31.9 | 38.8 | -17.8% | 39.2 | 71.2 | 86.8 | -18.0% |
+---------------+-------+-------+--------+-------+-------+-------+-------------+
The Crew boats segment proved more resilient in the cyclical downturn. Average
utilization rates and daily rates only slipped by 8.7 points and 6.5%
respectively.
The lower operating costs enabled to contain the 1.8 point contraction in
EBITDAR margin; adjusted EBITDA stood at ?71.2 million, down 18%.
This performance confirms BOURBON's expertise in this segment.
Subsea Services
+-------+-------+--------+-------+-------+-------+------------+
| | | | | | | |
Operational |H2 2016|H2 2015| Change |H1 2016| 2016 | 2015 | Change |
Business | | | H2/H2 | | | | 2016/2015 |
Indicators | | | | | | | |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|Number of | 22.0 | 21.5 | +2.6% | 22.0 | 22.0 | 20.9 | +5.5% |
|vessels FTE * | | | | | | | |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|Technical | | | | | | | |
|availability | 96.5% | 96.7% |-0.2 pt | 96.1% | 96.8% | 95.3% | +1.5 pt |
|rate | | | | | | | |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|Average | 60.1% | 59.0% |+1.1 pt | 54.1% | 57.1% | 65,8% | -8.7 pts |
|utilization rate| | | | | | | |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|Average daily | | | | | | | |
|rate (in |36,062 |47,459 | -24.0% |41,501 |38,624 |48,365 | -20.1% |
|US$/day) | | | | | | | |
+----------------+-------+-------+--------+-------+-------+-------+------------+
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
+-------+-------+--------+-------+-------+-------+------------+
Adjusted | | | | | | | |
Financial | | | Change | | | | Change |
Performance |H2 2016|H2 2015| H2/H2 |H1 2016| 2016 | 2015 | 2016/2015 |
In millions of | | | | | | | |
euros | | | | | | | |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|Revenues | 106.3 | 114.3 | -7.0% | 110.8 | 217.2 | 252.3 | -13.9% |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|costs (excluding| | | | | | | |
|bareboat charter|(64.5) |(60.0) | +7.5% |(54.5) |(119.0)|(132.7)| -10.3% |
|costs) | | | | | | | |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|EBITDAR | | | | | | | |
|(excluding | 41.8 | 54.3 | -23.0% | 56.3 | 98.1 | 119.6 | -18.0% |
|capital gains) | | | | | | | |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|EBITDAR | | | | | | | |
|(excluding | 39.3% | 47.5% |-8.2 pts| 50.8% | 45.2% | 47.4% | -2.2 pts |
|capital gains) /| | | | | | | |
|Revenues | | | | | | | |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|EBITDA | 14.3 | 30.4 | -53.0% | 28.1 | 42.4 | 70.4 | -39.8 % |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|Impairment | - | - | - | - | - | - | - |
+----------------+-------+-------+--------+-------+-------+-------+------------+
|EBIT |(10.6) | 6.5 | ns | 4.0 | (6.6) | 22.7 | ns |
+----------------+-------+-------+--------+-------+-------+-------+------------+
The utilization rate in the second half of 2016 was 6 points higher than in the
first half. This was due to more intense spot activity and diversification of
geographical areas in Asia and the Middle East.
Adjusted EBITDAR/revenue margin for Subsea Services activity is 45.2%, a slide
of only 2.2 points from the previous year. The lower costs partly offset the
fall of 8.7 points in utilization rates and 20.1% in average daily rates.
Other
+-------+-------+-------+-------+------+------+--------------+
Adjusted | | | | | | | |
Financial | | |Change | | | | Change |
Performance |H2 2016|H2 2015|H2 /H2 |H1 2016| 2016 | 2015 | 2016/2015 |
In millions of | | | | | | | |
euros | | | | | | | |
+-----------------+-------+-------+-------+-------+------+------+--------------+
|Revenues | 11.0 | 9.3 |+18.3% | 10.4 | 21.3 | 18.1 | +17.9% |
+-----------------+-------+-------+-------+-------+------+------+--------------+
|costs (excluding | | | | | | | |
|bareboat charter | (7.0) | (6.1) |+15.9% | (7.6) |(14.6)|(12.1)| +21.2% |
|costs) | | | | | | | |
+-----------------+-------+-------+-------+-------+------+------+--------------+
|EBITDAR | | | | | | | |
|(excluding | 4.0 | 3.2 |+22.7% | 2.7 | 6.7 | 6.0 | +11.3% |
|capital gains) | | | | | | | |
+-----------------+-------+-------+-------+-------+------+------+--------------+
|EBITDAR | | | | | | | |
|(excluding | 36.2% | 34.9% |+1.3 pt| 26.5% |31.4% |33.3% | -1.9 pt |
|capital gains) / | | | | | | | |
|Revenues | | | | | | | |
+-----------------+-------+-------+-------+-------+------+------+--------------+
|EBITDA | 4.0 | 3.2 |+22.7% | 2.7 | 6.7 | 6.0 | +11.3% |
+-----------------+-------+-------+-------+-------+------+------+--------------+
|EBIT | 3.3 | 2.0 |+65.8% | (6.1) |(2.8) | 1.9 | ns |
+-----------------+-------+-------+-------+-------+------+------+--------------+
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 | | |
|12/31/2016|12/31/2015|
In millions of euros | | |
+-------------------------------------------------------+----------+----------+
| | | |
| | | |
|Net non-current Assets | 2,654.5| 2,725.9|
| | | |
|Assets held for sale | -| 72.4|
| | | |
|Working Capital | 198.0| 269.7|
| | | |
| | | |
| | | |
|Total Capital Employed | 2,852.5| 3,068.0|
| | | |
| | | |
| | | |
|Shareholders equity | 1,255.5| 1,564.3|
| | | |
|Non-current liabilities (provisions and deferred taxes)| 128.7| 108.2|
| | | |
|Net debt | 1,468.2| 1,395.5|
| | | |
| | | |
| | | |
|Total Capital Employed | 2,852.5| 3,068.0|
| | | |
| | | |
+-------------------------------------------------------+----------+----------+
At the beginning of December 2014, BOURBON signed an agreement with Minsheng
Financial Leasing Co. for the sale and bareboat charter of eight vessels for a
total amount of approximately US$202 million. As of December 31, 2015, five
vessels had been transferred for approximately US$111 million. The three
remaining vessels had been recognized in accordance with IFRS 5 as of December
31, 2015. During the first half of 2016, it was decided that the last three
vessels delivered at the end of 2015 would not be sold. Under IFRS 5, these non-
current assets were reclassified in property, plant and equipment following the
change in disposal plan.
+---------------+---------------+
Consolidated Sources and uses of Cash | 2016 | 2015 |
In millions of euros | | |
+----------------------------------------------+---------------+---------------+
| | | |
| | | |
|Cash generated by operations | 153.3 | 411.2 |
| | | |
|Vessels in service (A) | 148.1| 352.5|
| | | |
|Vessels sale | 5.2| 58.7|
| | | |
| | | |
| | | |
|Cash out for : |(117.1) |(180.3) |
| | | |
|Interest | (47.2)| (49.3)|
| | | |
|Taxes (B) | (25.9)| (37.5)|
| | | |
|Dividends | (43.9)| (93.5)|
| | | |
| | | |
| | | |
|Net Cash from activity | 36.2 | 231.0 |
| | | |
| | | |
| | | |
|Net debt change | 59.7 | 22.8 |
| | | |
|Perpetual bond | - | 19.8 |
| | | |
| | | |
| | | |
|Use of cash for | (62.7) |(283.7) |
| | | |
|Investments | (154.3)| (298.2)|
| | | |
|Working capital (C) | 91.6| 14.5|
| | | |
| | | |
| | | |
|Other sources and uses of cash | 33.3 | 10.1 |
| | | |
| | | |
+----------------------------------------------+---------------+---------------+
| | | |
| | | |
|Free cash flow | 64.7 | 90.0 |
| | | |
|Net Cash flow from operating activities | 213.8| 329.5|
|(A+B+C) | | |
| | | |
|Acquisition of property, plant and equipment | (154.3)| (298.2)|
|and intangible assets | | |
| | | |
|Sale of property, plant and equipment and | 5.2| 58.7|
|intangible assets | | |
| | | |
| | | |
+----------------------------------------------+---------------+---------------+
OUTLOOK
Positive signs are now visible of a recovery in exploration and production
investment, especially in onshore, while offshore is expected to rebound at the
end of 2017 and in 2018.
These are the result of stabilizing oil prices and the need for oil and gas
majors to maintain production levels and find new reserves in the medium term.
Production support activity and maintenance operations on existing fields are
expected to resume gradually over the next few quarters.
In this context, the progress made in the Subsea and Crew boats segments in
terms of utilization rates is set to continue.
However, the Deepwater and Shallow Water Offshore segments will continue to feel
the effects of the cyclical downturn in 2017.
BOURBON is therefore pursuing its efforts to streamline operations, cut costs
and protect cash, while maintaining its focus on operational excellence.
ADDITIONAL INFORMATION
* BOURBON's earnings will continue to be affected by the ?/US$ exchange rate.
* BOURBON has set up ?/US$ hedging contracts at an average exchange rate of ?1
= US$ 1.10 to partially cover its estimated EBITDA exposure in 2017.
* On financial perspective, the step-up clause application would increase the
interest margin applicable to the perpetual deeply-subordinated notes to
6.5% in October 2017.
* The 2016 financial statements were closed by the Board of Directors at its
meeting on March 13. The financial statements were prepared on a going
concern basis, after examining the conditions to be met under the
restructuring agreement signed with the group's financial partners and the
likelihood of their achievement.
* The auditing procedures have been completed and the audit report relating to
certification is in the process of being issued.
* At the next Shareholders' Meeting, the Board of Directors will propose the
payment of a dividend of ?0.25 per share, in cash or in shares, in line with
the terms and conditions of the agreement signed with its
financial partners, with an ex-dividend date set for June 8 and a payment
date set for July 17.
FINANCIAL CALENDAR
2017 1(st) Quarter revenues press release May 4, 2017
Combined General Shareholders' Meeting May 23, 2017
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, 2016 and for the comparative
period presented, adjustment elements are:
+-------------+---------------+------------+
|2016 Adjusted|IFRS 11 Impact*| 2016 |
In millions of euros | | |Consolidated|
+-----------------------------------+-------------+---------------+------------+
|Revenues | 1,102.6 | (82) | 1,020.6 |
| | | | |
|Direct Costs & General and | | | |
|Administrative costs | (719.6) | 65.7 | (653.8) |
+-----------------------------------+-------------+---------------+------------+
|EBITDAR (excluding capital gains) | 383.0 | (16.2) | 366.8 |
+-----------------------------------+-------------+---------------+------------+
|Bareboat charter costs | (188.7) | - | (188.7) |
+-----------------------------------+-------------+---------------+------------+
|EBITDA (excluding capital gains) | 194.4 | (16.2) | 178.1 |
+-----------------------------------+-------------+---------------+------------+
|Capital gain | (1.0) | 1.4 | 0.4 |
+-----------------------------------+-------------+---------------+------------+
|EBITDA | 193.3 | (14.8) | 178.5 |
+-----------------------------------+-------------+---------------+------------+
|Depreciation, Amortization & | | | |
|Provisions | (322.5) | 6.1 | (316.4) |
| | | | |
|Impairment | (36.0) | - | (36.0) |
+-----------------------------------+-------------+---------------+------------+
|Share of results from companies | | | |
|under the equity method | - | (1.4) | (1.4) |
+-----------------------------------+-------------+---------------+------------+
|EBIT | (165.1) | (10.2) | (175.3) |
+-----------------------------------+-------------+---------------+------------+
*Effect of consolidation of jointly controlled companies using the equity
method.
+-------------+---------------+------------+
|2015 Adjusted|IFRS 11 Impact*| 2015 |
In millions of euros | | |Consolidated|
+-----------------------------------+-------------+---------------+------------+
|Revenues | 1,437.1 | (107.5) | 1,329.6 |
| | | | |
|Direct Costs & General and | | | |
|Administrative costs | (889.5) | 80.2 | (809.2) |
+-----------------------------------+-------------+---------------+------------+
|EBITDAR (excluding capital gains) | 547.7 | (27.3) | 520.4 |
+-----------------------------------+-------------+---------------+------------+
|Bareboat charter costs | (179.1) | - | (179.1) |
+-----------------------------------+-------------+---------------+------------+
|EBITDA (excluding capital gains) | 368.5 | (27.3) | 341.2 |
+-----------------------------------+-------------+---------------+------------+
|Capital gain | 2.8 | (2.4) | 0.4 |
+-----------------------------------+-------------+---------------+------------+
|EBITDA | 371.3 | (29.6) | 341.7 |
+-----------------------------------+-------------+---------------+------------+
|Depreciation, Amortization & | | | |
|Provisions | (305.2) | 5.5 | (299.7) |
| | | | |
|Share of results from companies | | | |
|under the equity method | - | 5.8 | 5.8 |
+-----------------------------------+-------------+---------------+------------+
|EBIT | 66.1 | (18.3) | 47.8 |
+-----------------------------------+-------------+---------------+------------+
*Effect of consolidation of jointly controlled companies using the equity
method.
APPENDIX II
Simplified Consolidated Income Statement
+--------+-------+------+-----------+----------+---------+
In millions of euros | | |Change| | | Change |
(except per share |H2 2016 |H2 2015|H2/H2 | 2016 | 2015 |2016/2015|
data) | | | | | | |
+---------------------+--------+-------+------+-----------+----------+---------+
| | | | | | | |
| | | | | | | |
|Revenues | 464.1 | 628.3 |-26.1%| 1,020.6 | 1,329.6 | -23.2% |
| | | | | | | |
|Direct costs |(263.8) |(320.9)|-17.8%| (538.8) | (678.2) | -21.0% |
| | | | | | | |
|General & | (56.7) |(64.2) |-11.7%| (115.0) | (131.0) | -12.2% |
|Administrative costs | | | | | | |
| | | | | | | |
|EBITDAR excluding | 143.6 | 243.2 |-41.0%| 366.8 | 520.4 | -29.5% |
|capital gains | | | | | | |
| | | | | | | |
|Bareboat charter | (95.2) |(91.4) |+4.2% | (188.7) | (179.1) | +5.3% |
|costs | | | | | | |
| | | | | | | |
|EBITDA excluding | 48.4 | 151.8 |-68.1%| 178.1 | 341.2 | -47.8% |
|capital gains | | | | | | |
| | | | | | | |
|Capital gain | - | (1.9) | ns | 0.4 | 0.4 | - |
| | | | | | | |
|Gross operating | 48.4 | 149.9 |-67.7%| 178.5 | 341.7 | -47.8% |
|income EBITDA | | | | | | |
| | | | | | | |
| | | | | | | |
+---------------------+--------+-------+------+-----------+----------+---------+
| |(159.4)(| | | | | |
| | | | | | | |
|Depreciation, | | | | | | |
|Amortization & |(159.4) |(148.4)|+7.4% | (316.4) | (299.7) | +5.6% |
|Provisions | | | | | | |
| | | | | | | |
|Impairment | (36.0) | - | ns | (36.0) | - | ns |
| | | | | | | |
|Share of results from| | | | | | |
|companies under the | 0.0 | 1.6 | ns | (1.4) | 5.8 | ns |
|equity method | | | | | | |
| | | | | | | |
|Operating income | | | | | | |
|(EBIT) after share of| | | | | | |
|results from |(147.0) | 3.0 | ns | (175.3) | 47.8 | ns |
|companies under | | | | | | |
|equity method | | | | | | |
| | | | | | | |
| | | | | | | |
+---------------------+--------+-------+------+-----------+----------+---------+
| | | | | | (60.8- | |
| | | | | | | |
|Financial profit/loss| (27.2) |(26.6) |+2.3% | (63.8) | (60.8) | +4,9% |
| | | | | | | |
|Income tax | (1.4) |(16.1) |-91.1%| (23.9) | (30.5) | -21,5% |
| | | | | | | |
|Net Income |(175.7) |(39.7) | ns | (263.0) | (43.4) | ns |
| | | | | | | |
| | | | | | | |
+---------------------+--------+-------+------+-----------+----------+---------+
| | | | | | | |
| | | | | | | |
|Minority interests | 0.4 |(17.7) | ns | (16.6) | (33.2) | |
| | | | | | | |
|Net income (Group |(175.3) |(57.4) | ns | (279.6) | (76.6) | ns |
|share) | | | | | | |
| | | | | | | |
| | | | | | | |
+---------------------+--------+-------+------+-----------+----------+---------+
| | | | | | | |
| | | | | | | |
|Earnings per share | - | - | | (3.68) | (1.01) | |
| | | | | | | |
|Weighted average | | | | | | |
|number of shares | - | - | |75,906, 668|76,240,762| |
|outstanding | | | | |
Unternehmensinformation / Kurzprofil:
Datum: 16.03.2017 - 07:02 Uhr
Sprache: Deutsch
News-ID 530529
Anzahl Zeichen: 65551
contact information:
Town:
Paris
Kategorie:
Business News
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