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CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group

Bristow Group · Sep 20, 2012 · 38 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 SMALL AND MID CAP CONFERENCE – Bristow Group – slide 1
    Credit S C Suisse S Small and Mid C Cap Conference Bristow Group Inc. September 20-21, 20 21 2012
  2. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 2
    Forward-looking g 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 SMALL AND MID CAP CONFERENCE – 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 20 countries 551 aircraft 3,400 3,400…
  4. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 4
    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…
  5. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 5
    Why Bristow Changes like Client Promise and BVA generate cash for organic and external growth Bristow has changed its client and capital allocation approach (Client Promise/Bristow Value Added) to generate better cash returns and…
  6. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 6
    CHANGE: Bristow is making an investment in Cougar, Canadas Canada s premier helicopter services provider Bristow has reached agreement with Canadian owned VIH Aviation Group (VIHAG) to invest in its subsidiary Cougar Helicopters Inc.…
  7. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 7
    Cougar provides scale, stability and growth to our North American Business Unit Bristow gains exposure to the Canadian market through this alliance where Cougar has successfully operated for 15 years with unmatched infrastructure and…
  8. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 8
    Our equity investment and purchase of eight modern aircraft is prudently financed and immediately accretive Bristows strong liquidity position makes the investment both financially attractive and financeable within our prudent balance…
  9. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 9
    BV and FMV per share updated for the Cougar Investment including eight S-92s BV and FMV per Share () 58 55.29 53 48 45.94 43 42.29 38 J A S O N D J F M A M J Book value of equity per share FMV of assets per share Avg…
  10. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 10
    CONCLUSION: Bristow enjoys the strongest balance sheet in our industry with ample cash flow for EPS Growth Prudent Adjusted Debt/Capital Ratio less than 45% with a BBB- Balance rating g from Standard & Poors for secured debt Sheet…
  11. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 11
    Appendix 11
  12. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 12
    CHANGE: Bristows Client Promise initiative is gaining traction and is behind our organic margin improvement Target Zero accidents, downtime and complaints programs deliver value to operators operators. More zero-accident zero…
  13. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 13
    CHANGE: Bristow Value Added (BVA) makes employees treat the cost of capital like any other expense . . . BVA is the key measure to define Bristows financial success and charges managers for the capital they use every day BVA has…
  14. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 14
    . . . Leading to our operating lease initiative: lowering the cost and amount of capital needed to grow Leased aircraft as of June 30, 2012 Large Medium Small Total Leased LACE Total LACE % Leased EBU 8 - - 8 8 47 17% WASBU - 1 - 1 1…
  15. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 15
    CHANGE: Our focus on BVA has yielded much higher operating cash flow generation . . . Net cash provided by operating activities 320 231.3 280 240 195.4 200 151.4 127.9 160 in milliions 120 80 40 52.9 55.4…
  16. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 16
    . . . And when combined with leasing, creates a significantly higher cash and liquidity position Total Liquidity 450 402 400 387 350 300 261 227 262 250 in millions 200 178 116 150 78 100 145 160 140 50 100 0…
  17. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 17
    . . . Which allows us to pursue the larger scope of organic growth identified between FY13 and FY17 Old Technology 80 3 5 107 69 Russia / Caspian 348 33 56 7 24 27 Europe New Technology 12 10 5 20 N th A North…
  18. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 18
    . . . With the market outlook even better in FY13 The overall market both in terms of tender activity and pricing is improving Overall activity N North th Sea S tender t d activity ti it remains i att historic hi t i llevels l…
  19. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 19
    Providing investors with a unique combination of growth and balanced return opportunities in various market environments We can provide a balanced return, but some years we will Go Go Faster Faster depending on price signals The…
  20. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 20
    Europe (EBU) Europe represented 39% of Bristow operating revenue and 42% of adjusted EBITDAR* in Q1 FY13 Operating revenue increased to 123.2M in Q1 FY13 from 108.3M in Q1 FY12 with the addition of four large aircraft and…
  21. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 21
    West Africa (WASBU) Nigeria represented 21% of Bristow operating revenue and 22% of adjusted EBITDAR* in Q1 FY13 Operating revenue of 66.4M in Q1 FY13 increased 27% from 52.3M in Q1 FY12 due to strong activity and a 12% increase in…
  22. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 22
    North America (NABU) North America represented 17% of Bristow operating revenue and 13% of adjusted EBITDAR* in Q1 FY13 Adjusted EBITDAR doubled to 12.2M in Q1 FY13 vs. 6 3M iin Q1 FY12 and 6.3M d adjusted dj t d EBITDAR margin…
  23. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 23
    Australia (AUSBU) Australia represented 12% of Bristow operating revenue and 11% of adjusted EBITDAR* in Q1 FY13 Operating revenue of 38.2M in Q1 FY13 decreased f from 40.9M 40 9M iin Q1 FY12 d due tto a d decrease iin overallll…
  24. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 24
    Other International (OIBU) Other International represented 11% of Bristow operating revenue and 12% of adjusted EBITDAR* in Q1 FY13 Operating revenue decreased to 33.2M in Q1 FY13 vs. 34.5M i Q1 FY12 d in due tto d decrease iin…
  25. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 25
    Organizational chart - as of June 30, 2012 Operated Aircraft Bristow owned and/or operated 357 aircraft as of June 30, 2012 Affiliated Aircraft Key Bristow affiliates and joint ventures operated 194 aircraft Corporate as of…
  26. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 26
    Aircraft fleet medium and large as of June 3030, 2012 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Medium capacity 12-16 passengers Large Helicopters AS332L Super Puma 18 Twin Turbine 23 - 23 - AW189 16 Twin Turbine - -…
  27. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 27
    Aircraft fleet small, training and fixed as of June 3030, 2012 (continued) Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Small Helicopters Bell 206B 4 Turbine 1 2 3 - Bell 206 L-3 L3 6 Turbine 4 6 10 - Small…
  28. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 28
    Order and options p book as of June 30, 2012 ORDER BOOK* OPTIONS BOOK Helicopter Helicopter Class Delivery Date Location Contracted Class Delivery Date 3 L Large D December b 2012 EBU 3 1 L Large S September b 2013 2 Large…
  29. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 29
    Consolidated fleet changes and aircraft sales for Q1 FY13 Fleet changes Aircraft held for sale by BU Q 1 FY13 EBU WASBU NABU AUSBU OIBU Total Fleet Count Beginning Period 361 Large 3 - - 3 - 6 Delivered Medium 2 1 - 1 7 11 S-92 2…
  30. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 30
    Operating Revenue, LACE and LACE Rate by BU Operating Revenue, LACE, and LACE Rate by BU as of June J ne 30 30, 2012 Operating revenue 1 LACE LACE Rate 2, 3 EBU 123.2 47 10.60 WASBU 66.4 22 12.35 NABU 52.6 30 7.05 AUSBU 38 2…
  31. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 31
    Historical LACE and LACE Rate by BU LACE 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EBU 42 43 48 46 44 46 46 45 47 WASBU 24 24 21 22 23 22 22 22 22 NABU 39 35 34 29 30 29 30 30 30 AUSBU 20 23 24 20 19 20 20 19 18 OIBU 33 33 33 38…
  32. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 32
    Adjusted j EBITDAR margin* g trend 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% 35.2% NABU 18.3%…
  33. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 33
    Adjusted j EBITDAR* reconciliation Fiscal year ended 3/31/2010 3/31/2011 ( in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year 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…
  34. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 34
    Gross cash flow presentation p ( in millions) Gross Cash Flow Reconciliation Q1 FY12 Q1 FY13 Net Income Net Income 21 24 Depreciation and Amortization 23 21 Interest Expense 9 9 Interest Income (0) (0) R t Rent 9 16 Other…
  35. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 35
    Gross operating p g asset p presentation ( i n mi l l i ons ) Adjusted Gross Operating Assets Reconciliation Q1 FY12 Q1 FY13 Total Assets 2,701 2,740 Accumulated Depreciation 463 468 Capitalized Operating Leases 136 194 Cash and…
  36. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 36
    GAAP reconciliation Three Months Ended June 30, 2012 2011 (In thousands, except per share amounts) Adjusted operating income .......................................... 47,470 34,989 Gain (loss) on disposal of assets…
  37. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 37
    Leverage g reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of June 30, 2012 736.3 1,540.7 2,277.0 32.3% Adjust for: U f d d pension Unfunded i liability li bilit 109.8 109 8…
  38. CREDIT SUISSE SMALL AND MID CAP CONFERENCE – Bristow Group – slide 38
    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 38

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