BOURBON: First Half 2017 Results
(Thomson Reuters ONE) -
Paris, September 7, 2017
BOURBON First Half 2017 Results:
Performance still largely impacted by a continuously challenging
Offshore oil and gas services market
+------------------------------------------------------------------------------+
| |
| |
| * Adjusted revenue of ?459.5 million, down 8.7% compared with the second |
| half of 2016 (consolidated revenue of ?419.7 million) |
| * Adjusted costs down by 10% compared with the second half of 2016, enabling|
| margin rates to stabilize (+1 point) compared with the second half of 2016|
| * Adjusted EBITDA stable at ?59.6 million (consolidated EBITDA amounted to |
| ?51.2 million) |
| * Consolidated EBIT of -?90.8 million |
| |
| * Net income, group share of -?170.1 million, impacted by unrealized foreign|
| exchange losses amounting to ?50 million |
| |
| * Positive free cash flow of ?76 million, up by 31% compared to the 2(nd) |
| semester 2016 |
+------------------------------------------------------------------------------+
"In a cyclical downturn whose duration remains uncertain, BOURBON is committed
to creating the necessary conditions to face the challenge on all fronts,
particularly when it comes to implementing the transformation plan, maintaining
operational excellence for clients and ensuring autonomous financing capacity in
a low-activity market context," declares Jacques de Chateauvieux, Chairman and
CEO of BOURBON Corporation. "From this standpoint, the debt reorganization
concluded at the end of July is an important step in the 'Stronger for longer'
action plan".
+-------+-------+-------------+-------+-------------+
| | |var H1 2017 /| |var H1 2017 /|
In ? millions, unless |H1 2017|H1 2016| H1 2016 |H2 2016| H2 2016 |
otherwise noted | | | | | |
+--------------------------+-------+-------+-------------+-------+-------------+
| | | | | | |
| | | | | | |
|Operational indicators | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| * Number of vessels | 513.5 | 511.3 | 0.4% | 513.3 | - |
| (FTE)* | | | | | |
| | | | | | |
| * Number of vessels (end| 513 | 513 | - | 514 | -1 vessel |
| of period)** | | | | | |
| | | | | | |
| * Technical availability| 97.3% | 97.6% | -0.3 pt | 97.4% | -0.1 pt |
| rate (%) | | | | | |
| | | | | | |
| * Average utilization | 53.8% | 66.8% | -13.0 pts | 58,6% | -4.8 pts |
| rate (%) | | | | | |
| | | | | | |
| * Average daily rate $/d| 8,948 | 9,961 | -10.2% | 9,193 | -2.7% |
| | | | | | |
| | | | | | |
+--------------------------+-------+-------+-------------+-------+-------------+
(*) FTE: full time equivalent.
(**) Vessels operated by BOURBON (including vessels owned
or on bareboat charter).
+--------------------------+-------+-------+-------------+-------+-------------+
| | | | | | |
| | | | | | |
|Financial performance | | | | | |
| | | | | | |
| * Adjusted(a) Revenues | 459.5 | 599.2 | -23.3% | 503.4 | -8.7% |
| | | | | | |
|(change at constant rate) | | | -24.9%| | -9.2%|
| | | | | | |
| * Adjusted(a) Costs | | | | | |
| (excl. bareboat |(314.3)|(370.3)| -15.1% |(349.3)| -10.0% |
| charters) | | | | | |
| | | | | | |
| * Adjusted(a) EBITDAR | 145.1 | 228.8 | -36.6% | 154.2 | -5.9% |
| (ex. cap. gains) | | | | | |
| | | | | | |
|Adjusted EBITDAR / | 31.6%| 38.2%| | 30.6%| |
|Revenues | | | | | |
| | | | | | |
| * Adjusted(a) EBITDA | 59.6 | 134.4 | -55.7% | 58.9 | 1.1% |
| | | | | | |
| * Impairment | - | - | |(36.0) | |
| | | | | | |
| * Adjusted(a) EBIT |(87.0) |(24.8) | n/s |(140.4)| -38.0% |
| | | | | | |
| * IFRS 11 impact *** | (3.8) | (3.6) | 7.0% | (6.6) | -41.7% |
| | | | | | |
| * EBIT |(90.8) |(28.3) | n/s |(147.0)| -38.2% |
| | | | | | |
| * Net income |(170.4)|(87.3) | n/s |(175.7)| -3.0% |
| | | | | | |
| * Net income (group |(170.1)|(104.3)| n/s |(175.3)| -2.9% |
| share) | | | | | |
+--------------------------+-------+-------+-------------+-------+-------------+
(***) Effect of consolidation of jointly controlled companies using the equity
method.
+--------------------------------------+------+------+---------+------+--------+
|Average utilization rate (excl. Crew |48.3% |68.1% |-19.8 pts|55.2% |-6.9 pts|
|boats) | | | | | |
| | | | | | |
|Average daily rate (excluding Crew |15,133|15,741| -3.9% |15,123| 0.1% |
|boats, US$/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). 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 10.
Market highlights and 1(st) Half 2017 operations
* In the first half of 2017, the Offshore services market continued to face a
standstill on investment by the oil companies and consequently, a reduction
in activity. The Offshore PSV market continues to be affected by significant
overcapacity and strong pressure on daily rates.
* Successful first well clean-up for the Bourbon Evolution 801: contracted by
TOTAL, the MPSV conducted a well restarting operation on the Nigerian OFON
field, lasting some thirty hours in January 2017.
* BOURBON carried out the mooring installation of the first floating wind
turbine in France for Ecole Centrale de Nantes (ECN) as part of the European
project FLOATGEN* on the SEM-REV experimental test site, off Le Croisic.
Responsible for the overall project management, BOURBON supervised the
surveys and engineering, the site preparation and the execution of the
mooring system installation, thereby confirming its expertise in the
renewable energy market.
* BOURBON and Kongsberg Maritime, who have been partners for many years,
signed a strategic agreement to jointly develop autonomous connected
vessels.
1(st )Half 2017 results highlights
* Sustained cost control efforts enabled a significant reduction of 10% in
direct and general costs compared with the second half of 2016 and 15.1%
compared with the first half of 2016. Proactive vessels stacking policy
was maintained: 100 supply vessels were stacked as of June 30, 2017.
* Financial income was impacted by unrealized foreign exchange losses
amounting to ?50 million, mainly due to the weakening of the US dollar.
* BOURBON improved its free cash flow generation which stands up at ?76
million for the first semester 2017 against ?58 million for the second half
of 2016, thanks in particular to a decrease in capital expenditure and dry
docks costs, divided by 2.
MARINE SERVICES
+-------+-------+---------+-------+---------+
| | | var | | var |
|H1 2017|H1 2016|H1 2017 /|H2 2016|H1 2017 /|
Operational Business Indicators | | | | | |
| | | H1 2016 | | H2 2016 |
+----------------------------------+-------+-------+---------+-------+---------+
|Number of vessels FTE * | 490.5 | 488.3 | 0.5% | 490.3 | - |
+----------------------------------+-------+-------+---------+-------+---------+
|Technical availability rate | 97.2 | 97.6% | -0.4 pt | 97.4% | -0.2 pt |
+----------------------------------+-------+-------+---------+-------+---------+
|Average utilization rate | 53.5% | 67.4% |-13.9 pts| 58.5% |-5.0 pts |
+----------------------------------+-------+-------+---------+-------+---------+
* Vessels operated by BOURBON (including vessels owned or on
bareboat charter).
+-------+-------+---------+-------+---------+
| | | var | | var |
Adjusted Financial Performance |H1 2017|H1 2016|H1 2017 /|H2 2016|H1 2017 /|
In ? millions | | | | | |
| | | H1 2016 | | H2 2016 |
+----------------------------------+-------+-------+---------+-------+---------+
|Revenues | 327.1 | 478.0 | -31.6% | 386.1 | -15.3% |
+----------------------------------+-------+-------+---------+-------+---------+
|costs (excluding bareboat charter |(237.2)|(308.2)| -23.0% |(277.7)| -14.6% |
|costs) | | | | | |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDAR (excluding capital gains) | 90.0 | 169.8 | -47.0% | 108.4 | -17.0% |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDAR (excluding capital gains) | 27.5% | 35.5% |-8.0 pts | 28.1% | -0.6 pt |
|/ Revenues | | | | | |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDA | 28.0 | 103.5 | -73.0% | 40.7 | -31.3% |
+----------------------------------+-------+-------+---------+-------+---------+
|Impairment | - | - | |(36.0) | |
+----------------------------------+-------+-------+---------+-------+---------+
|EBIT |(87.9) |(22.6) | n/s |(133.1)| -34.0% |
+----------------------------------+-------+-------+---------+-------+---------+
The reduction in revenue reflects strong pressure on daily rates and slightly
lower utilization rates. The Shallow water Offshore segment has been the most
affected in these difficult market conditions.
Sustained cost-reduction efforts enabled the Marine services business to
preserve an EBITDAR/adjusted revenue margin of 27.5%.
Marine Services : Deepwater offshore vessels
+-------+-------+---------+-------+---------+
| | | var | | var |
Operational Business Indicators |H1 2017|H1 2016|H1 2017 /|H2 2016|H1 2017 /|
| | | H1 2016 | | H2 2016 |
+----------------------------------+-------+-------+---------+-------+---------+
|Number of vessels FTE * | 89.0 | 88.7 | 0.3% | 89.0 | - |
+----------------------------------+-------+-------+---------+-------+---------+
|Technical availability rate | 96.8 | 95.4% |+1.4 pts | 94.8% |+2.0 pts |
+----------------------------------+-------+-------+---------+-------+---------+
|Average utilization rate | 60.6% | 73.4% |-12.8 pts| 63.4% |-2.8 pts |
+----------------------------------+-------+-------+---------+-------+---------+
|Average daily rate ($/day) |15,016 |17,114 | -12.3% |15,945 | -5.8% |
+----------------------------------+-------+-------+---------+-------+---------+
* Vessels operated by BOURBON (including vessels owned or on
bareboat charter)
+-------+-------+---------+-------+---------+
Adjusted Financial Performance | | | var | | var |
In ? millions |H1 2017|H1 2016|H1 2017 /|H2 2016|H1 2017 /|
| | | H1 2016 | | H2 2016 |
+----------------------------------+-------+-------+---------+-------+---------+
|Revenues | 137.0 | 182.8 | -25.0% | 154.2 | -11.1% |
+----------------------------------+-------+-------+---------+-------+---------+
|costs (excluding bareboat charter |(91.7) |(112.9)| -18.8% |(108,8)| -15.7% |
|costs) | | | | | |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDAR (excluding capital gains) | 45.4 | 69.9 | -35.1% | 45.4 | -0.2% |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDAR / Revenues | 33.1% | 38.2% |-5.2 pts | 29.4% |+3.6 pts |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDA | 13.0 | 36.1 | -64.0% | 11.3 | 14.7% |
+----------------------------------+-------+-------+---------+-------+---------+
The decline in drilling activity and vessel overcapacity in this segment
continued to impact utilization rates (-2.8 points) and daily rates (-5.8%)
compared to the second semester 2016.
Cost reduction and proactive vessel stacking allowed to slightly improve the
EBITDAR/adjusted revenue margin by 3.6 points compared to the previous half
year.
Marine Services : Shallow water offshore vessels
+-------+-------+-------------+-------+---------+
Operational Business | | | var | | var |
Indicators |H1 2017|H1 2016| H1 2017 / |H2 2016|H1 2017 /|
| | | H1 2016 | | H2 2016 |
+------------------------------+-------+-------+-------------+-------+---------+
|Number of vessels FTE* | 132.5 | 133.0 | -0.4% | 133.0 | -0.4% |
+------------------------------+-------+-------+-------------+-------+---------+
|Technical availability rate | 99.4% | 98.7% | +0.7 pt | 99.4% | - |
+------------------------------+-------+-------+-------------+-------+---------+
|Average utilization rate | 37.8% | 66.9% | -29.1 pts | 48.9% |-11.1 pts|
+------------------------------+-------+-------+-------------+-------+---------+
|Average daily rate (in | 9,128 |11,289 | -19.1% |10,148 | -10.1% |
|US$/day) | | | | | |
+------------------------------+-------+-------+-------------+-------+---------+
* Vessels operated by BOURBON (including vessels owned or on
bareboat charter).
+-------+-------+-------------+-------+---------+
Adjusted Financial Performance| | |var H1 2017 /| | var |
In ? millions |H1 2017|H1 2016| H1 2016 |H2 2016|H1 2017 /|
| | | | | H2 2016 |
+------------------------------+-------+-------+-------------+-------+---------+
|Revenues | 76.2 | 168.2 | -54.7% | 111.0 | -31.4% |
+------------------------------+-------+-------+-------------+-------+---------+
|costs (excluding bareboat |(61.1) |(107.2)| -43.0% |(80.0) | -23.7% |
|charter costs) | | | | | |
+------------------------------+-------+-------+-------------+-------+---------+
|EBITDAR (excluding capital | 15.2 | 61.0 | -75.2% | 31.0 | -51.1% |
|gains) | | | | | |
+------------------------------+-------+-------+-------------+-------+---------+
|EBITDAR / Revenues | 19.9% | 36.3% | -16.4 pts | 27.9% |-8.0 pts |
+------------------------------+-------+-------+-------------+-------+---------+
|EBITDA |(14.6) | 28.2 | n/s | (2.6) | n/s |
+------------------------------+-------+-------+-------------+-------+---------+
In the context of a weak drilling activity, the main driver of this segment,
revenue decreased by 31% and margins dropped by 8 points compared with the
second half of 2016. After hitting a low in the first quarter, activity
recovered in the second quarter, mainly driven by Egypt and the end of the
monsoon season in Asia. The segment recorded revenue growth of 5.3% and a rise
of 4.3 points in utilization rates between the first and second quarters of
2017.
Marine Services : Crew boat vessels
+-------+-------+---------+-------+---------+
| | | var | | var |
Operational Business Indicators |H1 2017|H1 2016|H1 2017 /|H2 2016|H1 2017 /|
| | | H1 2016 | | H2 2016 |
+----------------------------------+-------+-------+---------+-------+---------+
|Number of vessels FTE | 269.0 | 266.6 | +0.9% | 268.3 | 0.2% |
+----------------------------------+-------+-------+---------+-------+---------+
|Technical availability rate | 96.3% | 97.9% |-1.6 pts | 97.4% |-1.1 pts |
+----------------------------------+-------+-------+---------+-------+---------+
|Average utilization rate | 58.9% | 65.6% |-6.7 pts | 61.6% |-2.7 pts |
+----------------------------------+-------+-------+---------+-------+---------+
|Average daily rate (in US$/day) | 4,355 | 4,478 | -2.7% | 4,364 | -0.2% |
+----------------------------------+-------+-------+---------+-------+---------+
+-------+-------+---------+-------+---------+
Adjusted Financial Performance | | | var | | var |
In ? millions |H1 2017|H1 2016|H1 2017 /|H2 2016|H1 2017 /|
| | | H1 2016 | | H2 2016 |
+----------------------------------+-------+-------+---------+-------+---------+
|Revenues | 113.8 | 127.0 | -10.3% | 120.8 | -5.8% |
+----------------------------------+-------+-------+---------+-------+---------+
|costs (excluding bareboat charter |(84.4) |(88.1) | -4.2% |(88.9) | -5.0% |
|costs) | | | | | |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDAR (excluding capital gains) | 29.4 | 38.8 | -24.2% | 31.9 | -7.8% |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDAR / Revenues | 25.9% | 30.6% |-4.7 pts | 26.4% | -0.6 pt |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDA | 29.5 | 39.2 | -24.7% | 31.9 | -7.6% |
+----------------------------------+-------+-------+---------+-------+---------+
The Crew boats segment saw a decrease in revenue this half-year, mainly due to
the reduction in contractors' activity in West Africa. Average utilization rates
and daily rates fell by 2.7 points and 0.2% respectively compared with the
second half of 2016.
The EBITDAR/adjusted revenue margin was stable compared with the previous half-
year due to effective cost control and the proactive stacking of vessels.
Subsea Services
+-------+-------+---------+-------+---------+
| | | var | | var |
Operational Business Indicators |H1 2017|H1 2016|H1 2017 /|H2 2016|H1 2017 /|
| | | H1 2016 | | H2 2016 |
+----------------------------------+-------+-------+---------+-------+---------+
|Number of vessels FTE* | 22.0 | 22.0 | - | 22.0 | - |
+----------------------------------+-------+-------+---------+-------+---------+
|Technical availability rate | 97.7% | 96.1% |+1.6 pts | 96.5% |+1.2 pts |
+----------------------------------+-------+-------+---------+-------+---------+
|Average utilization rate | 61.6% | 54.1% |+7.5 pts | 60.1% |+1.5 pts |
+----------------------------------+-------+-------+---------+-------+---------+
|Average daily rate (in US$/day) |37,774 |41,501 | -9.0% |36,062 | 4.7% |
+----------------------------------+-------+-------+---------+-------+---------+
* Vessels operated by BOURBON (including vessels owned or on
bareboat charter).
+-------+-------+---------+-------+---------+
Adjusted Financial Performance | | | var | | var |
In ? millions |H1 2017|H1 2016|H1 2017 /|H2 2016|H1 2017 /|
| | | H1 2016 | | H2 2016 |
+----------------------------------+-------+-------+---------+-------+---------+
|Revenues | 124.4 | 110.8 | 12.2% | 106.3 | 17.0% |
+----------------------------------+-------+-------+---------+-------+---------+
|costs (excluding bareboat charter |(72.1) |(54.5) | 32.1% |(64.5) | 11.7% |
|costs) | | | | | |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDAR (excluding capital gains) | 52.3 | 56.3 | -7.1% | 41.8 | 25.2% |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDAR / Revenues | 42.1% | 50.8% |-8.7 pts | 39.3% |+2.7 pts |
+----------------------------------+-------+-------+---------+-------+---------+
|EBITDA | 28.8 | 28.1 | 2.3% | 14.3 | 101.6% |
+----------------------------------+-------+-------+---------+-------+---------+
|Impairment | - | - | | - | |
+----------------------------------+-------+-------+---------+-------+---------+
|EBIT | 1.4 | 4.0 | -63.9% |(10.6) | n/s |
+----------------------------------+-------+-------+---------+-------+---------+
The average utilization rate held up well with a rise of 1.5 points in this
half-year compared with the previous semester.
Turnkey projects in Africa and Asia contributed to revenue growth in this half-
year, as well as to the increase in EBITDAR compared with the second half of
2016.
Despite significant pressure on daily rates, the IMR (Inspection, Maintenance
and Repair) market remained indeed stable due to its essential nature in
maintaining production in Deepwater offshore.
Other
+-------+-------+---------+-------+---------+
Adjusted Financial Performance | | | var | | var |
In ? millions |H1 2017|H1 2016|H1 2017 /|H2 2016|H1 2017 /|
| | | H1 2016 | | H2 2016 |
+---------------------------------+-------+-------+---------+-------+---------+
|Revenues | 8.0 | 10.4 | -23.2% | 11.0 | -27.7% |
+---------------------------------+-------+-------+---------+-------+---------+
|costs | (5.1) | (7.6) | -32.6% | (7.0) | -26.9% |
+---------------------------------+-------+-------+---------+-------+---------+
|EBITDAR (excluding capital gains)| 2.8 | 2.7 | 2.9% | 4.0 | -29.1% |
+---------------------------------+-------+-------+---------+-------+---------+
|EBITDAR / Revenues | 35.5% | 26.5% |+9.0 pts | 36.2% | -0.7 pt |
+---------------------------------+-------+-------+---------+-------+---------+
|EBITDA | 2.8 | 2.7 | +2.9% | 4.0 | -29.1% |
+---------------------------------+-------+-------+---------+-------+---------+
|EBIT | (0.5) | (6.1) | -91.7% | 3.3 | n/s |
+---------------------------------+-------+-------+---------+-------+---------+
Activities included are those that do not fit into either Marine Services or
Subsea Services. For the most part, they correspond to the results of various
ship management and logistics activities and to the cement carrier Endeavor,
which was sold in July 2017.
+----------+----------+
Consolidated Capital Employed | | |
|06/30/2017|12/31/2016|
In millions of euros | | |
+-------------------------------------------------------+----------+----------+
| | | |
| | | |
|Net non-current Assets | 2,427.0| 2,654.5|
| | | |
|Working Capital | 181.2| 198.0|
| | | |
| | | |
| | | |
|Total Capital Employed | 2,608.2| 2,852.5|
| | | |
| | | |
| | | |
|Shareholders equity | 1,098.0| 1,255.5|
| | | |
|Non-current liabilities (provisions and deferred taxes)| 134.7| 128.7|
| | | |
|Net debt | 1,375.4| 1,468.2|
| | | |
| | | |
| | | |
|Total Capital Employed | 2,608.2| 2,852.5|
| | | |
| | | |
+-------------------------------------------------------+----------+----------+
+-------------+-------------+--------------+
Consolidated Sources and uses of | | | |
Cash | H1 2017 | H2 2016 | H1 2016 |
| | | |
In ? millions | | | |
+-----------------------------------+-------------+-------------+--------------+
| | | | |
| | | | |
|Cash generated by operations | 81.6 | 41.5 |111.8 |
| | | | |
|Vessels in service (A) | 79.0 | 37.1 | 110.9 |
| | | | |
|Vessel sales | 2.6 | 4.4 | 0.9 |
| | | | |
| | | | |
| | | | |
|Cash out for: |(31.4) |(76.5) |(40.6) |
| | | | |
|Interest | (23.4)| (23.7)| (23.5) |
| | | | |
|Taxes (B) | (8.0) | (14.2)| (11.7) |
| | | | |
|Dividends | - | (38.6)| (5.3) |
| | | | |
| | | | |
| | | | |
|Net Cash from activity | 50.2 |(35.0) | 71.2 |
| | | | |
| | | | |
| | | | |
|Net debt changes |(62.4) | 3.1 | 56.6 |
| | | | |
|Perpetual bond | - | - | - |
| | | | |
| | | | |
| | | | |
|Use of cash for: | 2.4 | 30.8 |(93.4) |
| | | | |
|Investments | (17.0)| (36.4)| (117.9)|
| | | | |
|Working capital (C) | 19.4 | 67.1 | 24.5 |
| | | | |
| | | | |
| | | | |
|Other sources and uses of cash | 9.8 | 1.1 |(34.4) |
| | | | |
| | | | |
+-----------------------------------+-------------+-------------+--------------+
| | | | |
| | | | |
|Free cash flow | 76.0 | 58.0 | 6.7 |
| | | | |
|Net Cash flow from operating | 90.4 | 90.1 | 123.7 |
|activities (A+B+C) | | | |
| | | | |
|Acquisition of property, plant and | (17.0)| (36.4)| (117.9)|
|equipment and intangible assets | | | |
| | | | |
|Sale of property, plant and | 2.6 | 4.4 | 0.9 |
|equipment and intangible assets | | | |
| | | | |
| | | | |
+-----------------------------------+-------------+-------------+--------------+
OUTLOOK
With oil prices having stabilized at around US$50, oil companies have adapted
and started again exploration-production projects. Demand remains low; however,
signs of a gradual return to drilling and development of existing oilfields are
visible in certain countries.
In this context, utilization rates can be expected to stabilize in the Subsea
and Crew boats segments. The Deepwater offshore and Shallow water offshore
segments will see a slight upturn in activity, however at prices that are
expected to remain under heavy pressure due to the continued impact of vessel
overcapacity on the market.
In order to face this major market change, the group has launched a
transformation plan and is pursuing in particular its efforts to streamline
operations, cut costs and protect cash, while maintaining its focus on
operational excellence.
ADDITIONAL INFORMATION
* 1(st) half of 2017 accounts were approved by the Board of Directors on the
recommendation of the Audit Committee. They underwent a limited examination
by the statutory auditors.
* BOURBON's results will continue to be influenced by the ?/US$ exchange rate.
* As a reminder, on July 28, BOURBON finalized its debt rescheduling agreement
with its financial partners. In accordance with IFRS, the loans in question
have been retained under short-term debt at June 30, 2017. Finalization of
the restructuring agreement will enable these loans to be reclassified under
medium and long-term debt.
* 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.
* In terms of financing, the Board of Directors decided not to exercise the
option to redeem Perpetual Deeply Subordinated Notes in October 2017.
Application of the step-up clause will then bring the coupon to "CMS EUR 3
years + 650 bp".
FINANCIAL CALENDAR
2017 3(rd) Quarter revenues press release November 9, 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 June 30, 2017 and for the comparative period
presented, adjustment elements are:
+----------------+---------------+------------+
|H1 2017 Adjusted|IFRS 11 Impact*| H1 2017 |
In millions of euros | | |Consolidated|
+--------------------------------+----------------+---------------+------------+
|Revenues | 459.5 | (39.8) | 419.7 |
| | | | |
|Direct Costs & General and | | | |
|Administrative costs | (314.3) | 31.5 | (282.9) |
+--------------------------------+----------------+---------------+------------+
|EBITDAR (excluding capital | | | |
|gains) | 145.1 | (8.3) | 136.8 |
+--------------------------------+----------------+---------------+------------+
|Bareboat charter costs | (85.6) | - | (85.6) |
+--------------------------------+----------------+---------------+------------+
|EBITDA (excluding capital gains)| 59.5 | (8.3) | 51.2 |
+--------------------------------+----------------+---------------+------------+
|Capital gain | - | - | - |
+--------------------------------+----------------+---------------+------------+
|EBITDA | 59.6 | (8.3) | 51.2 |
+--------------------------------+----------------+---------------+------------+
|Depreciation, Amortization & | | | |
|Provisions | (146.6) | 2.9 | (143.7) |
| | | | |
|Impairment | - | - | - |
+--------------------------------+----------------+---------------+------------+
|Share of results from companies | | | |
|under the equity method | - | 1.6 | 1.6 |
+--------------------------------+----------------+---------------+------------+
|EBIT | (87.0) | (3.8) | (90.8) |
+--------------------------------+----------------+---------------+------------+
*Effect of consolidation of jointly controlled companies using the equity
method.
+----------------+---------------+------------+
|H2 2016 Adjusted|IFRS 11 Impact*| H2 2016 |
In millions of euros | | |Consolidated|
+--------------------------------+----------------+---------------+------------+
|Revenues | 503.4 | (39.4) | 464.1 |
| | | | |
|Direct Costs & General and | | | |
|Administrative costs | (349.3) | 28.8 | (320.5) |
+--------------------------------+----------------+---------------+------------+
|EBITDAR (excluding capital | | | |
|gains) | 154.2 | (10.6) | 143.6 |
+--------------------------------+----------------+---------------+------------+
|Bareboat charter costs | (95.2) | - | (95.2) |
+--------------------------------+----------------+---------------+------------+
|EBITDA (excluding capital gains)| 58.9 | (10.6) | 48.4 |
+--------------------------------+----------------+---------------+------------+
|Capital gain | - | - | - |
+--------------------------------+----------------+---------------+------------+
|EBITDA | 58.9 | (10.6) | 48.4 |
+--------------------------------+----------------+---------------+------------+
|Depreciation, Amortization & | | | |
|Provisions | (163.3) | 4.0 | (159.4) |
| | | | |
|Impairment | (36.0) | - | (36.0) |
+--------------------------------+----------------+---------------+------------+
|Share of results from companies | | | |
|under the equity method | - | - | - |
+--------------------------------+----------------+---------------+------------+
|EBIT | (140.4) | (6.6) | (147.0) |
+--------------------------------+----------------+---------------+------------+
*Effect of consolidation of jointly controlled companies using the equity
method.
+----------------+---------------+------------+
|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.
APPENDIX II
Consolidated Income Statement
+----------+----------+-------------+-------+------------+
In ? millions | | |var H1 2017 /| |var H1 2017 |
(except per share | H1 2017 | H1 2016 | H1 2016 |H2 2016| / |
data) | | | | | H2 2016 |
+---------------------+----------+----------+-------------+-------+------------+
| | | | | | |
| | | | | | |
|Revenues | 419.7 | 556.6 | -24.6% | 464.1 | -9.6% |
| | | | | | |
|Direct costs | (231.9) | (275.0) | -15.7% |(263.8)| -12.1% |
| | | | | | |
|General & | (51.0) | (58.3) | -12.6% |(56.7) | -10.0% |
|Administrative costs | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|EBITDAR excluding | 136.8 | 223.2 | -38.7% | 143.6 | -4.7% |
|capital gains | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|Bareboat charter | (85.6) | (93.4) | -8.4% |(95.2) | -10.1% |
|costs | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|EBITDA excluding | 51.2 | 129.7 | -60.6% | 48.4 | 5.8% |
|capital gains | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|Capital gain | - | 0.4 | -88.6% | - | n/s |
| | | | | | |
|Gross operating | 51.2 | 130.1 | -60,6% | 48.4 | 5.9% |
|income (EBITDA) | | | | | |
| | | | | | |
| | | | | | |
+---------------------+----------+----------+-------------+-------+------------+
| | | | | | |
| | | | | | |
|Depreciation, | | | | | |
|Amortization & | (143.7) | (157.0) | -8.5% |(159.4)| -9.8% |
|Provisions | | | | | |
| | | | | | |
|Impairment | - | - | |(36.0) | |
| | | | | | |
|Share of results from| | | | | |
|companies under the | 1.6 | (1.4) | n/s | - | n/s |
|equity method | | | | | |
| | | | | | |
|Operating income | (90.8) | (28.3) | n/s |(147.0)| -38.2% |
|(EBIT) | | | | | |
| | | | | | |
| | | | | | |
+---------------------+----------+----------+-------------+-------+------------+
| | | | | | |
| | | | | | |
|Financial profit/loss| (69.8) | (36.5) | 91.2% |(27.2) | n/s |
| | | | | | |
|Income tax | (9.7) | (22.5) | -56.9% | (1.4) | n/s |
| | | | | | |
|Net Income | (170.4) | (87.3) | 95.6% |(175.7)| -3.0% |
| | | | | | |
| | | | | | |
+---------------------+----------+----------+-------------+-------+------------+
| | | | | | |
| | | | | | |
|Minority interests | 0.2 | (16.9) | -101.3% | 0.4 | -37.5% |
| | | | | | |
|Net income (Group | (170.1) | (104.3) | 63.2% |(175.3)| -2.9% |
|share) | | | | | |
| | | | | | |
| | | | | | |
+---------------------+----------+----------+-------------+-------+------------+
| | | | | | |
| | | | | | |
|Earnings per share | (2.21) | (1.35) | | - | |
| | | | | | |
|Weighted average | | | | | |
|number of shares |77,080,103|77,046,318| | - | |
|outstanding | | | | | |
| | | | | | |
| | | | | | |
+---------------------+----------+----------+-------------+-------+------------+
APPENDIX III
Simplified Consolidated Balance Sheet
+----------+----------+ +----------+----------+
In millions of |06/30/2017|12/31/2016| |06/30/2017|12/31/2016|
euros | | | | | |
+---------------+----------+----------+------------------+----------+----------+
| | | | |
| | | +------------------+----------+----------+
| | | |Shareholders' | 1,098.0 | 1,255.5 |
| | | |equity | | |
| | | +------------------+----------+----------+
| | | | | | |
| | | | | | |
|Net property, | | |Financial debt > | | |
|plant and | 2,283.0 | 2,437.6 |1 year | 286.4 | 218.7 |
|equipment | | | | | |
| | | | | | |
|Other non- | 141.8 | 243.5 |Other non-current | 132.4 | 151.1 |
|current assets | | |liabilities | | |
| | | | | | |
| | | | | | |
+---------------+----------+----------+------------------+----------+----------+
|TOTAL NON- | 2,424.8 | 2,681.0 |TOTAL NON-CURRENT | 418.8 | 369.7 |
|CURRENT ASSETS | | |LIABILITIES | | |
+---------------+----------+----------+------------------+----------+----------+
| | | | | | |
| | | | | | |
|Cash on hand | 279.3 | 281.5 |Financial debt < | 1,368.3 | 1,531.1 |
|and in banks | | |1 year | | |
| | | | | | |
|Other currents | 608.3 | 597.3 |Other current | 427.2 | 403.5 |
|assets | | |liabilities | | |
| | | | | | |
| | | | | | |
+---------------+----------+----------+------------------+----------+----------+
|TOTAL CURRENT | 887.6 | 878.8 |TOTAL CURRENT | 1,795.6 | 1,934.5 |
|ASSETS | | |LIABILITIES | | |
+---------------+----------+----------+------------------+----------+----------+
| | | | | | |
| | | | | | |
| | | |Liabilities | | |
|Non-current | | |directly | | |
|assets held for| - | - |associated with | - | - |
|sale | | |non-current assets| | |
| | | |classified as held| | |
| | | |for sale | | |
| | | | | | |
| | | | | | |
| | | +------------------+----------+----------+
| | | |TOTAL LIABILITIES | 2,214.4 | 2,304.3 |
+---------------+----------+----------+------------------+----------+----------+
| | | |TOTAL LIABILITIES | | |
|TOTAL ASSETS | 3,312.4 | 3,559.8 |& SHAREHOLDERS' | 3,312.4 | 3,559.8 |
| | | |EQUITY | | |
+---------------+----------+----------+------------------+----------+----------+
APPENDIX IV
Simplified Consolidated Cash Flow Statement
+-------+-------+-------+
In ? millions |H1 2017|H1 2016|H2 2016|
+------------------------------------------------------+-------+-------+-------+
| | | | |
| | | | |
|Net cash flow from operating activities (A) | 90.4 | 123.7 | 90.1 |
| | | | |
| | | | |
+------------------------------------------------------+-------+-------+-------+
| | | | |
| | | | |
|Cash flow from investing activities | | | |
| | | | |
| | | | |
| | | | |
|acquisition of property, plant and equipment and |(17.0) |(117.9)|(36.4) |
|intangible assets | | | |
| | | | |
|sale of property, plant and equipment and intangible | 2.6 | 0.9 | 4.4 |
|assets | | | |
| | | | |
|other cash flow from investing activities | 9.9 |(30.3) | 1.4 |
| | | | |
| | | | |
| | | | |
|Net Cash flow used in investing activities (B) | (4.5) |(147.3)|(30.7) |
| | | | |
| | | | |
+------------------------------------------------------+-------+-------+-------+
| | | | |
| | | | |
|Cash flow from financing activities | | | |
| | | | |
| | | | |
| | | | |
|net increase (decrease) in borrowings |(75.8) | 16.4 |(32.6) |
| | | | |
|Issuance of perpetual bonds | - | - | - |
| | | | |
|dividends paid to shareholders of the group | - | - |(25.5) |
| | | | |
|Dividends paid to non-controlling interests | - | (5.3) |(13.2) |
| | | | |
|cost of net debt |(23.4) |(23.5) |(23.7) |
| | | | |
|other cash flow from financing activities | (0.1) | (4.1) | (0.3) |
| | | | |
| | | | |
| | | | |
|Net Cash flow used in financing activities (C) |(99.3) |(16.6) |(95.2) |
| | | | |
| | | | |
+--------------------------------------
Unternehmensinformation / Kurzprofil:
Datum: 07.09.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 559014
Anzahl Zeichen: 65547
contact information:
Town:
Paris
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 217 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"BOURBON: First Half 2017 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
BOURBON (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
