BOURBON: Strong First Half 2009 Results Boosted by Growth in Offshore
– EBITDA up 27.9%
– Net Income, Group Share of
Jacques de Chateauvieux, Chairman and Chief Executive of BOURBON, said:
“BOURBON’s good results are a positive step along the road outlined in the
strategic plan Horizon 2012. They show the beneficial effect of medium and
long-term shipping contracts, which smooth out the consequences of market
fluctuations. Our strategy, which is to invest in a fleet of modern offshore
vessels to bring down customers’ costs, results in a high utilization rate
during periods of generally reduced demand.”
In millions of euros 1st Half 2009 1st Half 2008 Change
Revenues 482.1 433.6 +11.2%
Gross operating income excluding
capital gains 175.6 131.8 +33.2%
Operating income excluding capital
gains 114.9 84.1 +36.6%
Capital gains 1.0 6.3 n.s
Gross operating income (EBITDA) 176.6 138.1 +27.9%
Operating income (EBIT) 115.9 90.4 +28.2%
Net financial income / (loss) (17.9) (14.2) +26.5%
Share in income : (loss) of associates (0.0) 2 .9 n.s
Income tax (5.8) (4.3) +36.5%
Net income from discontinued (1.6) 8.6 n.s
operations and gains on equity
interests sold
Minority interests (8.3) (5.3) n.s
Net income, group share 82.3 78.2 +5.1%
First half 2009 results reflect continued organic growth in the Offshore
Division, which accounted for 85% of capital employed as of
Revenues came in at
2008 at current exchange rates.
EBITDA of
Offshore fleet and currency gains. During the first half, the Group posted
of 2008.
Operating income amounted to
first half of 2008.
Net income Group share was
first half of 2008.
Return on capital employed, measured by the ratio of EBITDA to average
capital employed excluding payments on account, is 18.1%, in line with the
18% objective announced for 2012 in the strategic plan.
– OFFSHORE DIVISION
With a revenue growth of 43.1% to
exchange rates), the Offshore Division is performing even better than the
Horizon 2012 plan’s objective of 21% average annual growth.
Revenues posted by the fleet of owned vessels surged by 49.8% to
million
from the full effect on the first half of vessels commissioned in 2008 and
delivery of 13 supply vessels (10 of which are vessels in the Bourbon Liberty
series).
EBITDA came in at
revenues grows consistently from year to year, bolstered by the combination
of a favourable dollar rate and a positive product mix (increased proportion
of revenue earned with own vessels).
Operating income which includes a EUR4 million provision write-back,
amounted to EUR104.4 million, which is almost double the figure for the first
half of 2008.
In millions of euros 1st Half 2009 1st Half 2008 Change
Revenues 407.7 285.0 +43.1%
from owned vessels 363.8 242.9 +49.8%
from chartered vessels 43.8 42.1 +4.1%
Gross operating income excluding
capital gains 157.5 94.0 +67.6%
% of revenues 38.6% 33.0%
Operating income excluding capital gains 103.2 46.5 +121.9%
% of revenues 25.3% 16.3%
Capital gains 1.2 6.3 n.s
Gross operating income (EBITDA) 158.7 100.3 +58.3%
Operating income (EBIT) 104.4 52.8 +97.7%
Marine Services
Revenues posted by the fully owned Marine Services fleet soared by 53%
year on year, largely due to the new vessels brought into service over the
past 12 months (23 supply and 42 crewboats). This growth confirms the success
of the new generation vessels, the Bourbon Liberty series, which customers
particularly appreciate for the logistics cost savings they provide in a
depressed market environment.
Although still at a relatively high utilization rate (an average of 91%
for supply vessels), the average usage rate is down slightly as a result of
the current preference in the oil industry for short term contracts, and due
to the fact that transit costs are not charged for new vessels sailing from
the shipyards to operating zones.
EBITDA excluding capital gains amounted to
compared with the previous year.
In millions of euros 1st Half 2009 1st Half 2008 Change
Revenues 338.2 228.7 +47.9%
from owned vessels 302.5 197.7 +53.0%
from chartered vessels 35.7 31.0 +15.3%
Gross operating income excluding
capital gains 132.0 77.1 +71.2%
% of revenues 39.0% 33.7%
Capital gains 1.2 6.3 n.s
Gross operating income (EBITDA) 133.2 83.4 +59.7%
Subsea Services
Subsea Services owned fleet revenues increased by 35.8%, boosted by the
full effect of 2 IMR vessels brought into service in 2008 and a favourable
dollar exchange rate. Although year on year chartered business volumes has
decreased, the share of chartered vessels still remains higher than in Marine
Services.
EBITDA stands at EUR25.5 million, up 50.9% compared with the previous
year.
In millions of euros 1st Half 2009 1st Half 2008 Change
Revenues 69.4 56.3 +23.3%
from owned vessels 61.3 45.2 +35.8%
from chartered vessels 8.1 11.2 -27.0%
Gross operating income excluding 25.5 16.9 +50.9%
capital gains
% of revenues 36.7% 30.0%
Capital gains - - n.s
Gross operating income (EBITDA) 25.5 16.9 +50.9%
- BULK DIVISION
The market for bulk transport has been hit by the fall in freight rates
(-75% on the Baltic Supramax Index compared to the first half of 2008), only
partially compensated by the strengthening of the dollar. In this context
BOURBON has seen its revenues drop 54.6% to
long-term commitment to customers enabling us to spread the impact of market
fluctuations over time.
During the first half, the Bulk Division’s own fleet was strengthened by
the commissioning of 3 Supramax bulk carriers and a cement carrier. This
brought the number of owned vessels up to 9 as of
given the current situation, BOURBON has reduced the number of chartered
vessels. Given that the proportion of revenue earned by the owned fleet has
increased, the ratio of EBITDA to revenues improved to 34.5%.
The Division posted EBITDA of EUR20.9 million and operating income of
EUR17.2 million.
In millions of euros 1st Half 2009 1st Half 2008 Change
Revenues 60.5 133.4 -54.6%
Gross operating income excluding
capital gains 20.9 38.8 -46.2%
% of revenues 34.5% 29.1%
Operating income excluding capital gains 17.2 37.1 -53.8%
% of revenues 28.3% 27.8%
Capital gains - - n.s
Gross operating income (EBITDA) 20.9 38.8 -46.2%
Operating income (EBIT) 17.2 37.1 -53.8%
- OUTLOOK
Offshore Division
Despite uncertainties as to the impact of the economic upturn on the
demand for oil and the accelerating fall in oil field production following
capital expenditure cuts, the oil and gas services activity is expected to
grow over the medium term. BOURBON is well positioned today to face up to the
effects of excess capacity and to take full advantage of the future effects
of the business upturn.
Its modern and high productivity fleet helps minimize customer costs and
the Bourbon Liberty series brings to the continental offshore market
substitution vessels with the same specifications as those operating in deep
offshore.
Consequently, the progress made in implementing the Horizon 2012 Plan in
2008 and continuing into the first half of 2009 will ensure achievement of
the plan’s objectives.
Bulk Division
The current levels of the Bulk Division market should hold up during the
second half year 2009. Beyond that the key elements that will dictate market
conditions and which are so difficult to assess will be the demand for
freight, the rate of delivery of new vessels and the effective rate of
demolition of old vessels. During the second half the Bulk Division’s
activity will be boosted, benefiting fully from new vessels commissioned in
the first half.
BOURBON
2009 financial performance will not be affected significantly by
movements in the euro/dollar exchange rate due to forward sales of dollars at
a rate of
– FINANCIAL CALENDAR
– Third quarter 2009 revenue release
– Fourth quarter and full-year 2009 revenue release
– Presentation of 2009 annual results
About BOURBON
With 6,300 professionals and a fleet of 335 owned vessels and 141 units
on order, BOURBON is currently present in more than 28 countries
BOURBON offers a broad range of offshore oil and gas marine services.
Under the Horizon 2012 plan, BOURBON intends to become the leader in modern
offshore oil and gas marine services by offering the most demanding clients
worldwide, a full line of innovative, high performance and new-generation
vessels and a modular offer of Inspection, Maintenance and Repair services
through its Subsea Services Activity.
BOURBON also specializes in bulk transport and protects the French
coastline for the French Navy.
Classified by ICB (Industry Classification Benchmark) in the “Oil
Services” sector, BOURBON is listed for trading on Euronext Paris,
Compartment A, and is included in the Deferred Settlement Service SRD and in
the SBF 120 and Dow Jones Stoxx 600 indices.
Contacts
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+33(0)1-57-32-85-92
stephanie.elbaz@consultants.publicis.fr
Elodie Woillez
+33(0)1-57-32-86-97
elodie.woillez@consultants.publicis.fr
BOURBON
Investors-Analysts-Shareholders Relations
Patrick Mangaud
+33(0)1-40-13-86-09
patrick.mangaud@bourbon-online.com
Communication Department
Christa Roqueblave
+33(0)1-40-13-86-06
christa.roqueblave@bourbon-online.com
http://www.bourbon-online.com
SOURCE BOURBON MANAGEMENT