Fourth Quarter FY 2012 Earnings Presentation Bristow Group Inc. May 24, 2012
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 CFO -…
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- hours (cumulative) Air Accident Rate* per 100,000 0.3 0.25 0.28 Flight Hours (Fiscal Year) 0.23 0.25 0.22 0.23 3 0.18 0.19 0.20 0.22 0 0 2 0 A M J J A S O…
Q4 and FY12 highlights Q4 operating revenue of 318.7M (16.4% increase FY12 operating revenue of 1.2B (7.6% increase from Q4 FY11, 7.4% increase from Q3 FY12) from FY11) Q4 GAAP EPS of 0.39 (53.6% decrease from Q4 FY12 GAAP EPS of…
Current market environment Price of oil continues to fluctuate given political instability in the Middle East and North Africa coupled with the uncertainty in Europe Global E & P spending remains strong with approximately 12% and 13%…
Europe (EBU) Europe represents 39% of Bristow operating revenue and 41% of adjusted EBITDAR* in Q4 FY12 Operating revenue increased to 121.0M from 101.2M in Q4 FY11 due to increased flying activity Adjusted EBITDAR margin…
West Africa (WASBU) Nigeria represents 22% of Bristow operating revenue and 23% of adjusted EBITDAR* in Q4 FY12 Operating revenue of 66.2M in Q4 FY12 increased from 50.8M in Q4 FY11 due to new contracts and price increases…
Australia (AUSBU) Australia represented 14% of Bristow operating revenue and adjusted EBITDAR* in Q4 FY12 Operating revenue of 43.4M in Q4 FY12 increased f rom 40.8M in Q4 FY11 due to increased utilization Adjusted EBITDAR…
Other International (OIBU) Other International represented 11% of Bristow operating revenue and 14% of adjusted EBITDAR* in Q4 FY12 Operating revenue decreased to 34.6M in Q4 FY12 vs. 36.3M in Q4 FY11 due to exiting Libya and was…
North America (NABU) North America represents 14% of Bristow operating revenue and 8% of adjusted EBITDAR in Q4 FY12 Adjusted EBITDAR increased to 8.2M in Q4 FY12 vs. 3.4M in Q4 FY11 Adjusted EBITDAR margin of 19.4% in Q4 FY12…
Financial discussion Jonathan Baliff, SVP and CFO 13
Financial highlights: Adjusted EPS Summary Q4FY11 to Q4 FY12 adjusted EPS bridge FY11 to FY12 adjusted EPS * Adjusted EPS amounts exclude gains and losses on dispositions of assets and any special items during the period. See…
Financial highlights: Adjusted EBITDAR Summary Q4FY11 to Q4 FY12 adjusted EBITDAR bridge (in millions) FY11 to FY12 adjusted EBITDAR bridge (in millions) * Adjusted EBITDAR amounts exclude gains and losses on dispositions of…
BVA Six Quarters Sequential quarterly improvement FY12 consolidated BVA is -0.7M, representing 8.4M BVA Q3 FY11 Q4 FY12 year-over-year increase Positive change in BVA driven is by: Revenue growth in in millions Europe, West…
LACE rate increases drove BVA and cash flow improvement as overall LACE declined due to aircraft sales Consolidated commerical aircraft Large Aircraft Equivalent (LACE) 168 9 7.89 350 324 165 8 7.15 295 290 6.49 300 279 162 7 268…
Adjusted EBITDAR margin has returned to pre- recession levels Calculated by taking adjusted EBITDAR divided by operating revenue; adjusted EBITDAR excludes special items and asset dispositions 18
Our progress on BVA has yielded increased operating cash flow generation in FY12 Bristow generated 53% more operating cash flow in FY12 compared to FY11 280 Net cash provided by operating activities 240 231.3 195.4 200 160…
Operating lease strategy: lowering the cost and amount of capital needed to grow Leased aircraft as of March 31, 2012 Large Medium Small Total Leased LACE Total LACE % Leased EBU 9 - - 9 9 45 20.0% WASBU - 1 - 1 1 22 2.3% AUSBU 1 -…
Changes in fleet strategy have been driven by Client Promise and BVA initiatives In Q2 FY12, management updated our global fleet strategy Inventory which incorporated aspects of Client Promise and BVA Inventory review review…
All of these efforts have led to a robust cash and liquidity position at year end Total liquidity, including cash on Total liquidity as of March 31 hand and unused revolver capacity, has increased by more than 50% from FY11 in…
Financial highlights: FY13 guidance EPS guidance range 3.25 - 3.55 excluding aircraft sales and special items Depreciation and amortization expense 90 95 million SG & A expense 135 - 140 million Interest expense 38 - 43 million…
Conclusions We have built a great company now the focus is on execution Target Zero / Client Promise is the top priority Smarter growth with a prudent capital structure, low cost and capital efficient financings Strong financial…
Appendix 25
Organizational Chart - as of March 31, 2012 Operated Aircraft Bristow owns and/or operates 361 aircraft as of March 31, 2012 Affiliated Aircraft Key Bristow affiliates and joint ventures operate 195 aircraft Corporate as of…
Aircraft Fleet Medium and Large As of March 31, 2012 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Medium capacity 12-16 passengers Large Helicopters AS332L Super Puma 18 Twin Turbine 25 - 25 - AW189 16 Twin Turbine - -…
Aircraft Fleet Small, Training and Fixed As of March 31, 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 6 Turbine 4 6 10 - Small capacity 4-7…
Consolidated Fleet Changes and Aircraft Sales for Q4 FY12 Fleet changes Q 1 FY12 Q 2 FY12 Q 3 FY12 Q 4 FY12 YTD Aircraft held for sale by BU Fleet Count Beginning Period 373 372 366 364 373 Delivered EBU WASBU AUSBU OIBU NABU Total…
Operating Revenue, LACE and LACE rate by BU Operating Revenue, LACE, and LACE Rate by BU as of March 31, 2012 Op revenue* LACE LACE Rate* AUSBU 148.3 19 7.78 NABU 176.5 30 5.79 WASBU 246.3 22 11.46 EBU 449.9 45 10.10 IBU 141.5…
Order and options book as of March 31, 2012 ORDER BOOK* OPTIONS BOOK Helicopter Helicopter Class Delivery Date Location Contracted Class Delivery Date 1 Large June 2012 OIBU 1 of 1 1 Medium June 2013 1 Large June 2012 WASBU 1 of 1 2…
GAAP reconciliation Three Months Ended Fiscal Year Ended March 31, March 31, 2012 2011 2012 2011 (Unaudited) (In thousands, except per share amounts) Adjusted EBITDAR…
Special items reconciliation Three Months Ended March 31, 2012 Adjusted Adjusted Diluted Operating Adjusted Adjusted Earnings Income EBITDAR Net Income Per Share (Unaudited) (In thousands, except per share amounts) Impairment of…
Leverage Reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of March 31, 2012 757.2 1,521.8 2,279.1 33.2% Adjust for: Unfunded Pension Liability 111.7 111.7 NPV of Lease…
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 36
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