Third Quarter FY 2013 Earnings Presentation Bristow Group Inc. February 5, 2013
Fourth quarter 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 and…
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,…
Chief Executive Officer comments Bill Chiles, President and CEO 4
Operational safety review Total Recordable Injury Rate* per 200,000 man- Commercial Air Accident Rate* per 100,000 hours (cumulative) Flight Hours (Fiscal Year) 1 0.5 0.32 0.35 0.31 3 0.22 0.16 0.11 0.12 0.10 0.13 0 A M J J A…
Q3 FY13 Highlights Q3 operating revenue of 347M (16.8% increase from Q3 FY12, 6.4% increase from Q2 FY13) Q3 GAAP EPS of 1.00 (42.9% increase from Q3 FY12, 22% increase from Q2 FY13) Q3 adjusted EPS* of 1.17 (53.9% increase from Q3…
Market environment outlook Brent prices are expected to remain above 100 per barrel Offshore production continues to comprise a large and growing portion our key customers future investment The number of deep water drilling rigs…
EC225 Fleet update 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,…
Europe (EBU) Europe represented 37% of Bristow operating revenue and 40% of adjusted EBITDAR* in Q3 FY13 Operating revenue increased to 124.4M in Q3 FY13 from 106.8M in Q3 FY12 with the addition of new a/c and increased flying…
West Africa (WASBU) Nigeria represented 23% of Bristow operating revenue and 22% of adjusted EBITDAR* in Q3 FY13 Operating revenue increased by 14.5% to 76.5M in Q3 FY13 from 66.9M in Q3 FY12 due to improvement in contract pricing…
North America (NABU) North America represented 18% of Bristow operating revenue and 14% of adjusted EBITDAR* in Q3 FY13 Operating revenue increased 39.8% to 59.3M in Q3 FY13 from 42.4M as a result of a shift toward larger a/c and…
Australia (AUSBU) Australia represented 12% of Bristow operating revenue and 9% of adjusted EBITDAR* in Q3 FY13 Operating revenue increased 24.1% to 41.6M in Q3 FY13 from 33.5M in Q3 FY12 due to increased flying activity and ad hoc…
Other International (OIBU) Other International represented 10% of Bristow operating revenue and 15% of adjusted EBITDAR* in Q3 FY13 Operating revenue decreased to 32M in Q3 FY13 vs 37.2M in Q3 FY12 due to the end of short-term…
Financial discussion Jonathan Baliff, SVP and CFO 14
Financial highlights Q3: Adjusted EPS and EBITDAR Summary Q3FY2012 to Q3FY2013 adjusted EPS bridge 0.07 0.09 0.43 1.17 0.76 Q3FY2012 Operations Corporate and Other FX Changes Q3FY2013 Q3FY2012 to Q3FY2013 adjusted…
Financial highlights YTD: Adjusted EPS and EBITDAR Summary YTD FY2012 to YTD FY2013 adjusted EPS bridge 0.12 0.15 0.87 2.77 1.93 YTD FY2012 Operations Corporate and Other FX Changes YTD FY2013 YTD FY2012 to YTD FY2013…
LACE rate continues to increase led by new technology a/c and improved utilization Consolidated commerical aircraft Large Aircraft Equivalent (LACE)* 170 10 350 8.49 7.89 295 290 7.15 8 300 279 268 256 6.14 6.49 250 160 6 200…
BVA Seven Quarters Year over year improvement for Q3 FY13 Q3 FY13 BVA is positive 9.3M, BVA* Q1 FY12 Q3 FY13 which is a 8.2M improvement 20 over Q3 FY12 13.6 YTD FY13 consolidated BVA is 15 positive 13.3M, a 27.6M 10 9.3…
Our progress on BVA yields stronger operating cash flow generation in Q3 FY13 Net cash provided by operating activities* 250 Full fiscal year 231 YTD (from Apr 1 to Dec 31) 200 195 151 150 128 in millions 100 203 194…
Bristows creates value through disciplined fleet growth and driving higher returns Our net asset value (NAV), primarily consists of the fair market value of the fleet In the past two years, Bristow has increased our NAV per share by…
Financial highlights: FY13 guidance revised EPS guidance range of 3.60 - 3.85, excluding aircraft sales and special items LACE (Large AirCraft Equivalent) 156 - 158 Depreciation expense 90 - 95M LACE Rate 8.25 - 8.55M Interest…
Financial highlights: Long term adjusted earnings guidance Our 5 year historical adj. EPS benefitted from the industry shift 3.9 5 Year Historical Adjusted EPS and CAGR to deeper water E&P 3.73 3.7 Bristows historic adj. EPS has…
Conclusions Safety continues to be our 1 priority as we strive to achieve Target Zero We anticipate continued improvement in revenue generation through new contract awards across all business units Higher year-over-year EBITDAR…
Appendix 24
Organizational Chart - as of December 31, 2012 Bristow NABU EBU WASBU AUSBU OIBU BRS Academy 17% 37% 21% 12% 10% 3% U.S. GoM 76/7 UK 42/4 Nigeria 43/7 Australia 25/11 Mexico 11/5 Florida 56/1 Alaska 16/3 Norway 16/4 Brazil…
Aircraft Fleet Medium and Large As of December 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 Turbine…
Aircraft Fleet Small, Training and Fixed As of December 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…
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…
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…
Operating revenue, LACE and LACE Rate by BU Operating Revenue, LACE, and LACE Rate by BU YTD FY13 Op revenue1 LACE LACE Rate2,3 EBU 373 51 9.74 WASBU 208 20 13.71 NABU 169 39 5.84 AUSBU 118 17 9.55 IBU 97 27 4.76 Total 965…
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…
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%…
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…
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…
Gross Operating Asset Presentation (in millions) Gross Cash Flow Reconciliation Q3 FY13 Q3 FY12 Net Income 36 26 Depreciation and Amortization 25 23 Interest Expense 15 10 Interest Income (0) (0) Rent 18 13 Other…
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…
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…
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 25.00 15.00 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Book value per share NAV…
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 41
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