Skip to main content CREDIT SUISSE ENERGY SUMMIT – Bristow Group Investor Presentation | Shale Experts
Loading...
Pm

CREDIT SUISSE ENERGY SUMMIT – Bristow Group

Bristow Group · Feb 4, 2013 · 37 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 1
    Credit Suisse S isse Energ Energy S Summit mmit Bristow Group p Inc. February 4-7, 2013
  2. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 2
    Forward-looking statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about our future business…
  3. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 3
    Bristow is the leading provider of helicopter services and is a unique investment in oil field services Bristow flies crews and light cargo to production platforms, vessels and rigs 20 countries 556 aircraft 3,400 employees…
  4. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 4
    Why Bristow Bristow is the largest of only two global helicopter providers Bristow is stable as we have long term contracts that serve mostly production Bristow is growing with demand not dependent on economic or commodity cycles…
  5. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 5
    TARGET ZERO, our industry leading safety program, creates differentiation and client loyalty Safety is our primary core value Bristows Target Zero program is now the leading example emulated industry-wide Safety Performance accounts…
  6. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 6
    Our value proposition is based on three principles: secular growth, growth financial safety safety, and balanced return Investment: FY 2012 - 2016 Long term value for our shareholders 2. Prudent Balance Sheet management with…
  7. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 7
    1. Bristow services are utilized in every phase of offshore oil and gas activity activity, especially production Largest share of revenues (60%) relates to Typical revenues by segment oil and gas production, providing stability and…
  8. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 8
    Bristows contract structure generates predictable cashflow: Significant operating leverage Two tiered contract structure includes both: Fixed monthly standing charge to reserve helicopter capacity Variable fees based on hours flown…
  9. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 9
    EC225 Fleet update p During an October 2012 flight to an offshore platform, an EC225 helicopter flown by another operator performed a controlled ditching due to gear shaft failure. UK and Norwegian CAAs issued safety directives,…
  10. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 10
    Our growth tracker has been updated for FY14- FY18 with 474 a/c opportunities (11% increase) Old 3 Technology Greenland 44 101 208 11 2 107430 Russia / Caspian 27 New 9 56 17 Europe 9 17 26 51 N th A North America…
  11. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 11
    We manage our opportunities through the purchase of 114 a/c options and committed orders Bristow uses specific opportunities to create 474 aircraft opportunities identified our order book Opportunities are 430 demand for New…
  12. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 12
    2. Bristow enjoys the strongest balance sheet in our industry with ample liquidity liquidity, cash flow and asset value Prudent Adjusted Debt/Capital Ratio less than 44% with a BBB- Balance rating from Standard & Poors Poor s for…
  13. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 13
    Our focus on returns has yielded much higher operating cash flow generation . . . Net cash provided by operating activities* 250 Full fiscal year 231 YTD (f YTD (from Apr 1 to Dec 31) A 1 D 31) 200 195 151 150 128 in…
  14. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 14
    . . . leading to a robust cash and liquidity position 500 Total Liquidity 450 450 431 402 400 350 232 300 in millions 261 262 250 200 200 116 178 150 78 100 199 144 144 140 140 50 100…
  15. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 15
    . . . And growth in our asset values Our net asset value (NAV) primarily consists of the fair market value of the fleet, which has resilient value through downturns In the past two years, Bristow has increased our NAV per share by…
  16. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 16
    3. Bristow has a proven commitment to a balanced return for our shareholders as demonstrated in the past year FY12 quarterly dividend initiated at 0 0.15/share 15/share Regular Dividend increased by 33% to 0.20/share in Dividend…
  17. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 17
    Bristow has also delivered consistent financial performance over the past year Annual adjusted EPS guidance has been raised to 3.60 - 3.85 per share from 3.25 - 3.55 per share LACE C ((Large a ge AirCraft C a t Equivalent) qu a…
  18. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 18
    Conclusions Safety continues to be our number one priority as we strive to achieve Target Zero We see continued improvement in revenue generation through new contract awards across all business units coupled with an ongoing…
  19. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 19
    Contact us Bristow B i t Group G Inc. I (NYSE: (NYSE BRS) 2103 City West Blvd., 4th Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com 19
  20. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 20
    Appendix 20
  21. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 21
    Organizational Chart - as of December 31, 2012 Operated Aircraft Affiliated Aircraft Bristow owned and/or operated Bristow affiliates and joint 356 aircraft as of December 31 31, ventures operated 200 aircraft 2012 as of…
  22. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 22
    Aircraft Fleet Medium and Large As of December 31 31, 2012 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Large capacity 18-25 passengers Large Helicopters AS332L Super Puma 18 Twin Turbine 20 - 20 - AW189 16 Twin…
  23. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 23
    Aircraft Fleet Small, Training and Fixed As of December 31 31, 2012 (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-3 6…
  24. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 24
    Operating lease strategy: lowering the cost and amount of capital needed to grow Leased aircraft as of December 31, 2012 Small Medium Large Total Leased LACE Total LACE % Leased EBU - - 10 10 10 51 20% WASBU - 1 - 1 1 20 3% NABU…
  25. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 25
    Consolidated fleet changes and aircraft sales for Q3 FY13 Fleet changes Q1 FY13 Q2 FY13 Q3 FY13 YTD Held for sale aircraft in consolidated fleet Fleet Count Beginning 361 357 349 361 Small Medium Large Total Delivered - B412EP 1 1…
  26. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 26
    Operating revenue, LACE and LACE Rate by BU Operating Revenue Revenue, LACE, LACE and LACE Rate by BU YTD FY13 1 2,3 Op revenue LACE LACE Rate EBU 373 51 9.74 WASBU 208 20 13.71 NABU 169 39 5.84 AUSBU 118 17 9 55 9.55 IBU…
  27. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 27
    Historical LACE and LACE Rate by BU LACE 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EBU 42 43 48 46 44 46 46 45 47 45 51 WASBU 24 24 21 22 23 22 22 22 22 22 20 NABU 39 35 34 29 30 29 30 30 30 31 39 AUSBU 20 23 24 20 19 20 20…
  28. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 28
    Order and options book as of December 31, 2012 ORDER BOOK* OPTIONS BOOK Helicopter Helicopter Class Delivery Date Location Contracted Class Delivery Date 4 Large March 2013 EBU 4 of 4 1 Large June 2014 2 Large September 2013 NABU 1…
  29. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 29
    Adjusted EBITDAR margin* trend (fiscal year ended) 2010 2011 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year EBU 31.2% 31.7% 31.9% 28.0% 30.8% 29.8% 31.5% 34.6% 34.4% 32.7% WASBU 31.7% 36.8% 33.7% 39.1% 36.0% 33.7% 36.9% 35.8% 34.3%…
  30. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 30
    Adjusted EBITDAR* reconciliation Fiscal year ended, 3/31/2010 3/31/2011 ( in millions) Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net income 24.0 33.7 27.1 28.7 113.5 20.9 38.8 42.3 31.2 133.3 Income tax expense 9.5 11.2 5.7 2.6 29.0 8.5 3.3…
  31. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 31
    Bristow Value Added (BVA) Sample calculation for Q3 FY13 and Q3 FY12 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q3 FY13…
  32. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 32
    Gross Operating Asset Presentation (in millions) Gross Cash Flow Reconciliation Q3 FY13 Q Q3 FY12 Q Net Income 36 26 Depreciation and Amortization 25 23 Interest Expense 15 10 Interest Income Interest Income (0) (0) Rent 18 13…
  33. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 33
    Gross Operating Asset Presentation (in millions) Adjusted Gross Operating Assets Reconciliation Q3 FY13 Q3 FY12 Total Assets 3,051 2,766 Accumulated Depreciation 480 477 Capitalized Operating Leases 244 143 Cash and Cash…
  34. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 34
    GAAP reconciliation Three Months Ended Nine Months Ended December 31, December 31, 2012 2011 2012 2011 (In thousands) Adjusted operating income 66,724 46,418 160,000 119,900 Gain (loss) on disposal of assets 7,396 (2,865) 819…
  35. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 35
    Leverage Reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of December 31, 2013 900.6 1,616.8 2,517.4 35.8% Adjust for: Unfunded Pension Liability 115.7 115.7 NPV of Lease…
  36. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 36
    Net Asset Value (NAV) Comparison: 12/31/2003 to 12/31/2012 65.00 53.60 55.00 52.89 45.00 44.06 35 00 35.00 25.00 15.00 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Book value per…
  37. CREDIT SUISSE ENERGY SUMMIT – Bristow Group – slide 37
    Contact Us Bristow B i t Group G Inc. I (NYSE: (NYSE BRS) 2103 City West Blvd., 4th Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com 37

From the store

Browse maps, data & reports in the Shale Experts store