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COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters

Era Helicopters · Dec 2, 2014 · 22 slides

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Slides

  1. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 1
    Cowen and Company 4th Annual Ultimate Energy Conference December 2, 20140
  2. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE 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. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 3
    Company Overview Founded in Alaska in 1948, Era is the longest-serving LTM Revenue by End Market helicopter transport company in the U.S. Air Medical FBO Flightseeing Services 3% 2% 4% Spin-off from SEACOR effective January 31, 2013…
  4. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 4
    Areas of Operation 23 Canada 1 Norway 2 Alaska 3 Sweden UK 105 10 Continental United States Spain 3 12 India 1 Colombia Brazil Australia Australia Aircraft in Region ( of aircraft) Training Center Joint Venture…
  5. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 5
    Fleet Snapshot Fleet by Type Fleet by Ownership Heavy, 9, Managed, 7, 6% Leased, 4, 4% 3% Joint EC225 Ventured, 1, Light Single, 1% 52, 32% A119 AW139 AS350 Bell 212 Bell 412 Medium, 62, S76A++ 39% S76C+/C++ A109…
  6. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 6
    Helicopter Order and Options Book Remaining Amount Delivery Class Type Number Firm Cancellable Current Order Book 2014 Heavy AW189 3 33.2 2015 Heavy AW189 2 13.2 15.5 2015 Heavy S92 1 17.2 2016 Heavy AW189 3 47.4 2016 Heavy…
  7. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 7
    Brazil Update An Inflection Point By May 2015, all of Aeroleos Current Aeroleo Fleet existing helicopters are expected to be operating on long-term contracts (fully utilized for the first time) 2 additional AW139s are being sent…
  8. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 8
    Houma Base Expansion Houma, LA base expansion project progressing Base Plan When completed, it will be the premier helicopter operating facility in the Gulf Coast area Expected total cost of 22mm 11mm incurred to date Customers…
  9. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 9
    Investment Highlights Stable and Growing Strong Customer End Markets Relationships Sound Industry Residual Value Structure Retention Substantial Attractive Growth Net Asset Value Profile 9
  10. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 10
    Stable and Growing End Markets Global Deepwater Platform With Helipad Count 75% of Eras 219 225 operating fleet is 209 200 201 servicing 200 189 production, 176 182 171 pipelines, and 175 159 government 145 150 services,…
  11. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE 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 Since 2004,…
  12. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE 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 45% 9 months) 299…
  13. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 13
    Healthy Leverage Metrics and Ample Liquidity to Pursue Opportunities Leverage Metrics 7.0x 6.4x 6.0x 5.7x 5.9x 5.5x 5.3x 5.3x 6.0x 5.0x 4.0x 3.0x 2.0x 3.3x 3.0x 3.1x 3.2x 3.2x 2.8x 2.6x 1.0x 0.0x Mar13 Jun13 Sep13 Dec13 Mar14 Jun14…
  14. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 14
    Appendix 14
  15. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 15
    Fleet Overview Joint Average Owned Ventured Leased-In Managed Total Age(a) Heavy: EC225 9 9 4 Total Heavy 9 9 Medium: AW139 38 1 39 5 B212 9 9 36 B412 6 6 33 S76 A/A++ 2 2 24 S76 C+/C++ 5 1 6 8 Total Medium 60 1 1 62 Light…
  16. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 16
    Capitalization and Financial Policy September 30, 2014 Era continues to generate substantial free (000s) cash flow before growth capex Cash and cash equivalents 40,357 Flexibility to deploy capital for attractive Credit facility 55,000…
  17. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 17
    NAV per Share Calculation (as of 9/30/2014) (in million, except share data) + FMV of Helicopters 927 + NBV of Other PP&E 128 + Working Capital 78 + Other Net Tangible Assets 44 - Long-term Debt (280) - Deferred Taxes (217) Net…
  18. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 18
    Operating Revenues by Line of Service Three Months Ended (000s) 30-Sep-14 30-Jun-14 31-Mar-14 31-Dec-13 30-Sep-13 Oil and gas:(a) U.S. Gulf of Mexico 52,870 51,715 49,141 45,435 40,503 Alaska 7,984 9,305 6,197 6,885 14,003…
  19. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 19
    Flight Hours by Line of Service Three Months Ended 30-Sep-14 30-Jun-14 31-Mar-14 31-Dec-13 30-Sep-13 Oil and gas:(a) U.S. Gulf of Mexico 10,594 11,065 9,447 10,304 10,003 Alaska 939 1,122 682 895 2,860 International 57 62 60…
  20. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 20
    Financial Highlights Fiscal Year 9 Mos. Ended Sept. 30, ( millions) 2009 2010 2011 2012 2013 2014 2013 Revenue 235.7 235.4 258.1 272.9 299.0 256.5 223.0 Operating Expenses 148.0 147.2 162.7 167.2 186.6 158.6 141.4 G&A 21.4 25.8 31.9 34.8…
  21. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 21
    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…
  22. COWEN AND COMPANY 4(TH) ANNUAL ULTIMATE ENERGY CONFERENCE – Era Helicopters – slide 22
    Quarterly Reconciliation of Non-GAAP Financial Measures Quarterly Historical EBITDA and Adjusted EBITDA Three Months Ended (USD in thousands) 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 Net Income (Loss)…

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