Fourth quarter FY14 earnings presentation Bristow Group Inc. May 22, 2014
Fourth quarter FY14 earnings call agenda Introduction Linda McNeill, Director Investor Relations CEO remarks and operational highlights Bill Chiles, President and CEO Current and future financial performance Jonathan Baliff, SVP…
Chief Executive Officer comments Bill Chiles, President and CEO 4
Operational safety review Commercial Air Accident Rate* per 100,000 Lost Work Case Rate* per 200,000 flight hours (fiscal year) man hours (cumulative) 1.5 1.26 1 0.59 0.59 0.58 0.40 0.44 0.41 0.36 0.32 0.5 0.29 0.26 0.22 3 0 A M…
Q4 and FY14 highlights Q4 operating revenue of 404.6M (15.4% increase FY14 operating revenue of 1.5B (12.8% increase from Q4 FY13, 8.3% increase from Q3 FY14) from FY13) Q4 GAAP EPS of 0.83 (25.2% decrease from Q4 FY14 GAAP EPS of…
Europe (EBU) Europe contributed 44% of Bristow operating revenue and 45% of adjusted EBITDAR* in Q4 FY14 Operating revenue increased to 170.7M in Q4 FY14 from 129.3M in Q4 FY13 with the net addition of seven LACE and an overall…
CAP 1145 will make the helicopter industry safer The UK CAA proposed new rules are designed to increase safety in the North Sea. Some of the actions include: No offshore flights if the sea state exceeds level 6 (June 1, 2014). No…
UK SAR update From the start of the GAP SAR contract in June 1, 2013 through March 31, 2014, we have conducted 233 missions and rescued and/or assisted 205 persons Sumburgh and Stornoway bases generated 12.6M of revenue in Q4 FY14…
West Africa (WASBU) Nigeria contributed 22% of Bristow operating revenue and 20% of adjusted EBITDAR* in Q4 FY14 Operating revenue increased by 13.2% to 83.8M in Q4 FY14 from 74.0M in Q4 FY13 due to improved LACE rates, ad hoc…
North America (NABU) North America contributed 14% of Bristow operating revenue and 14% of adjusted EBITDAR* in Q4 FY14 Operating revenue decreased slightly to 55.6M in Q4 FY14 from 56.3M in Q4 FY13 primarily due to a reduction in…
Australia (AUSBU) Australia contributed 10% of Bristow operating revenue and 7% of adjusted EBITDAR* in Q4 FY14 Operating revenue stayed flat at 40.6M in Q4 FY14 relative to Q4 FY13 Adjusted EBITDAR decreased to 9.7M in Q4 FY14…
Other International (OIBU) Other International contributed 10% of Bristow operating revenue and 14% of adjusted EBITDAR* in Q4 FY14 Operating revenue increased to 38.0M in Q4 FY14 vs. 34.8M in Q4 FY13 due to start-up contract in…
Financial discussion Jonathan Baliff, SVP and CFO 14
Financial highlights: Adjusted EPS summary Q4 FY13 to Q4 FY14 adjusted EPS bridge 0.16 0.02 0.16 1.35 1.01 Q4 FY13 Operations Corporate and Other FX Changes Q4 FY14 FY13 to FY14 adjusted EPS bridge 0.42 0.09…
Financial highlights: Adjusted EBITDAR summary Q4 FY13 to Q4 FY14 adjusted EBITDAR bridge (in millions) 1.0 0.9 122.9 19.8 103.0 Q4 FY13 Operations Corporate and Other FX Changes Q4 FY14 FY13 to FY14 adjusted EBITDAR…
LACE and LACE rate continue to increase led by new technology a/c and improved utilization/terms 300 Consolidated commercial aircraft Large Aircraft Equivalent (LACE)* LACE* LACE Rate* ( in millions) 279 170 12 264 261 10.00 250 241…
Recent quarterly and yearly BVA: Significant year-over-year improvement in FY14 Absolute BVA* Q1 FY13 Q4 FY14 Q4 FY14 BVA is positive 28.7M 35 30 28.7 FY14 consolidated BVA is 25 22.4 in millions positive 64.7M, a 42.0M 20…
Our progress on BVA yields stronger liquidity for growth and record dividends and share repurchases . . . Net cash provided by operating activities* Total liquidity 300 600 530 250 500 415 204 in millions 402 in…
. . . as Bristows net asset FMV provides a consistent strategy for our share buy backs 95 85 83.39 76.44 75 69.44 65 55 48.63 45 35 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13…
FY15 guidance reflects the growing contributions from our investments . . . FY15 adjusted EPS guidance range is 4.70 - 5.20, excluding special items and a/c sales. Other specific items include: FY15 guidance Average LACE (Large…
. . . as the legacy continues Bristow will strive to achieve Target Zero and participate in UK and industry-wide efforts to dramatically improve safety Management kept its financial promises in FY14 as we continued to differentiate…
Appendix 23
Organizational chart - as of March 31, 2014 Operated Aircraft Affiliated Aircraft Bristow owned and/or operated 363 Bristow affiliates and joint aircraft as of March 31, 2014 ventures operated 131 aircraft as of March 31, 2014…
Aircraft Fleet medium and large as of March 31, 2014 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Large Helicopters Large capacity 16-25 passengers AS332 L Super Puma 18 Twin Turbine 18 - 18 - AW189 16 Twin Turbine - -…
Aircraft Fleet small, training and fixed as of March 31, 2014 (continued) Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Small capacity 4-7 passengers Small Helicopters Bell 206B 4 Turbine 1 2 3 - Bell 206 L Series 6…
Operating lease strategy: lowering the cost and amount of capital needed to grow Leased aircraft as of March 31, 2014 Small Medium Large Total Leased LACE Total LACE % Leased EBU - 1 20 21 21 56 37% WASBU - 1 1 2 2 23 7% NABU 5 13…
Consolidated fleet changes and aircraft sales for Q4 FY14 Fleet changes Held for sale aircraft in consolidated fleet Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 FY14 Small Medium Large Training Total Fleet Count Beginning 351 353 350 345 351…
Operating revenue, LACE and LACE rate by BU Operating Revenue, LACE, and LACE Rate by BU as of March 31, 2014 1 2,3 Op revenue LACE LACE Rate EBU 607 56 10.84 WASBU 315 23 13.99 NABU 229 34 6.84 AUSBU 149 22 6.76 OIBU 134 24…
Order and options book as of March 31, 2014 1 ORDER BOOK OPTIONS BOOK Helicopter Helicopter Class Delivery Date Location Contracted Class Delivery Date 1 Large June 2015 2 Medium June 2014 OIBU 1 of 2 1 Medium June 2015 1 Medium…
Order and options book as of March 31, 2014 (continued) UK SAR CONFIGURED ORDER BOOK Helicopter Class Delivery Date Location Contracted 1 Large September 2014 EBU 1 of 1 1 Large September 2014 EBU 1 of 1 2 Large December 2014 EBU 2…
Adjusted EBITDAR margin* trend FY11 FY12 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year EBU 29.8% 31.5% 34.6% 34.4% 32.7% 33.0% 31.4% 30.7% 36.1% 32.9% WASBU 33.7% 36.9% 35.8% 34.3% 35.2% 29.5% 35.5% 37.2% 36.6% 35.0% NABU 20.8% 25.8%…
Adjusted EBITDAR* reconciliation Fiscal year ended, 3/31/2011 3/31/2012 ( in millions) Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net income 20.9 38.8 42.3 31.2 133.3 21.2 3.0 26.5 14.6 65.2 Income tax expense 8.5 3.3 -11.8 7.1 7.1 6.6 -1.9…
Net asset fair market value (FMV) per share calculation UK SAR contribution March 31, 2014 FY16 - FY17 Implied (in millions) (+) FMV of a/c 2,000 88 2,088 (+) FMV of leased a/c 919 391 1,310 (+) NBV of PPE w/o a/c 637 113 750 (+)…
Bristow Value Added (BVA) Sample calculation for Q4 FY13 and Q4 FY14 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q4 FY14…
Gross cash flow reconciliation (in millions) Gross cash flow reconciliation Q4 FY13 Q4 FY14 Net Income 40.4 30.3 Depreciation and amortization 26.7 25.6 Interest expense 10.3 8.2 Interest income (0.3) (0.4) Rent 18.3 31.1 Other…
Adjusted gross operating assets reconciliation (i n mi l l i ons ) Adjusted gross operating assets reconciliation Q4 FY13 Q4 FY14 Total assets 2,951 3,398 Accumulated depreciation 494 523 Capitalized operating leases 327 428 Cash…
GAAP reconciliation Three Months Ended Twelve Months Ended March 31, March 31, 2014 2013 2014 2013 (In thousands, except per share amounts) Adjusted operating income .......................................................... 68,401…
Leverage reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of March 31, 2014 841.3 1,756.6 2,597.9 32.4% Adjust for: Unfunded Pension Liability 86.8 86.8 NPV of Lease Obligations…
Contact Us Bristow Group Inc. (NYSE: BRS) 2103 City West Blvd., 4th Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com 42
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