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HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters

Era Helicopters · Mar 26, 2014 · 19 slides

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Slides

  1. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 1
    Howard Weil 42nd Annual Energy Conference March 26, 2014 0
  2. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 2
    Non-GAAP Financial Measures Reconciliation This presentation includes EBITDA and Adjusted EBITDA as supplemental measures of the Companys operating performance. EBITDA is defined as Earnings before Interest (includes interest income,…
  3. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 3
    Company Overview Founded in Alaska in 1948, Era is the longest-serving 2013 Revenue by End Market helicopter transport company in the U.S. Air Medical FBO Flightseeing Services 3% 2% Spin-off from SEACOR effective January 31, 2013…
  4. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 4
    Areas of Operation 24 Canada 1 Norway 2 Alaska 1 3 Sweden UK 100 17 Continental United States Spain 3 1 12 India Mexico Brazil 1 Uruguay Australia Australia Aircraft in Region ( of aircraft) Training Center Joint…
  5. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 5
    Fleet Snapshot Fleet by Type Fleet by Ownership Heavy, 9, Managed, 6, 5% Leased, 4, 4% 2% Joint EC225 Ventured, 8, 5% Light Single, 59, 36% A119 AW139 AS350 Bell 212 Medium, 61, Bell 412 37% S76A/A++ S76C+/C++ A109…
  6. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 6
    Helicopter Order and Options Book Remaining Amount Delivery Class Type Number Firm Cancellable Current Order Book 2014 Medium AW139 2 18.9 2014 Heavy AW189 3 42.6 2015 Heavy AW189 2 33.6 2016 Heavy AW189 3 51.4 2016 Heavy…
  7. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 7
    Investment Highlights Stable and Growing Strong Customer End Markets Relationships Sound Industry Residual Value Structure Retention Substantial Attractive Growth Net Asset Value Profile 7
  8. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 8
    Sound Industry Structure Significant Barriers to Entry 4 OEMs: AgustaWestland, Airbus (Eurocopter), Sikorsky, Bell Limited Production Capacity Lead time for new technology offshore-class helicopters is approximately 12-24 months as…
  9. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 9
    Stable and Growing End Markets Global Deepwater Platform With Helipad Count 75% of Eras 219 225 operating fleet is 209 servicing production, 200 201 200 189 pipelines, and 182 176 government services, 175 171 the most stable…
  10. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 10
    Expected Regional Growth (Rigs and Deepwater Platforms) North Sea 5% 6% 41 43 18 19 US Gulf of Mexico Dec-13 Dec-14 Dec-13 Dec-14 5% 28% Southeast Asia West Africa 25% 12% 6% 7% 58 61 25 50 37 20 15 33 31 33 14 39…
  11. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 11
    Residual Value Retention Given helicopters retain significant value Helicopter Value Retention over their useful lives, Era has (Indexed Resale Value) 100 consistently sold helicopters at a premium to book value 80 Premium to…
  12. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 12
    Historical Financial Performance Fiscal Year ending December 31 Hurricane Macondo Incident Hurricane EC225 Suspension Ike (6 month deepwater Issac (25% of Era fleet 350 drilling moratorium) value on ground for 9 45% months) 299…
  13. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 13
    Capitalization and Financial Policy December 31, 2013 Era continues to generate substantial free (000s) cash flow Cash and cash equivalents 31,335 Flexibility to fund growth via organic and Revolving credit facility 55,000 strategic…
  14. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 14
    Net Asset Value 50 45 40 35 30 25 20 15 22-Jan 22-Feb 22-Mar 22-Apr 22-May 22-Jun 22-Jul 22-Aug 22-Sep 22-Oct 22-Nov 22-Dec 22-Jan 22-Feb NAV per Share (excl. deferred taxes) Stock Price NAV per Share (net of…
  15. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 15
    Appendix 15
  16. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 16
    Fleet Overview Joint Average Owned Ventured Leased-In Managed Total Age(1) Heavy: EC225 9 9 4 Total Heavy 9 9 Medium: AW139 34 1 35 4 Bell 212 11 11 35 Bell 412 6 6 32 S76 A/A++ 3 3 27 S76 C+/C++ 5 1 6 7 Total Medium 59 1 1…
  17. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 17
    NAV per Share Calculation (as of 12/31/13) (in million, except share data) + FMV of Helicopters 917 + NBV of Other PP&E 129 + Working Capital 75 + Other Net Tangible Assets 46 - Long-term Debt (279) - Deferred Taxes (210) Net…
  18. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 18
    Financial Highlights Fiscal Year ( millions) 2008 2009 2010 2011 2012 2013 Q4 '13 Q4 '12 Revenue 248.6 235.7 235.4 258.1 272.9 299.0 76.0 70.9 Operating Expenses 181.5 148.0 147.2 162.7 167.2 186.6 45.2 42.3 G&A 20.1 21.4 25.8 31.9…
  19. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Era Helicopters – slide 19
    Reconciliation of Non-GAAP Financial Measures Historically, SEACOR charged its corporate costs and overhead charges to all of its operating divisions These charges have been excluded from Adjusted EBITDA to more accurately reflect Eras…

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