Fourth Quarter FY13 Earnings Presentation Bristow Group Inc. May 23, 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 5
Operational safety review Total Recordable Injury Rate* per 200,000 Commercial Air Accident Rate* per 100,000 man-hours (cumulative) Flight Hours (Fiscal Year) 1 3 0.5 0.32 0.35 0.31 0.28 0.28 0.26 0.16 0.11 0.22 0.12 0.10…
Q4 and FY13 highlights Q4 operating revenue of 350.7M (10% increase FY13 operating revenue of 1.3B (12.1% increase from Q4 FY12, 1.2% increase from Q3 FY13) from FY12) Q4 GAAP EPS of 1.11 (184.6% increase from Q4 FY13 GAAP EPS of…
Market environment outlook Despite continued volatility, Brent prices remain above 100 per barrel for the foreseeable future Offshore/deepwater and harsh environment remains a primary driver of IOC and NOC production growth…
EC225 fleet update 80 EC225 continue to be suspended from operations globally with 16 Bristow aircraft affected, mainly located in Aberdeen Eurocopter has indicated that they have determined the root causes of the gear shaft failure…
Europe (EBU) Europe represented 39% of Bristow operating revenue and 42% of adjusted EBITDAR* in Q4 FY13 Operating revenue increased to 129.3M in Q4 FY13 from 121.0M in Q4 FY12 despite decreased flying activity Adjusted EBITDAR…
UK SAR update Ten bases equipped with 22 Stornoway technologically-advanced Sumburgh helicopters Inverness Two training aircraft are scheduled to be delivered in Prestwick FY15 with the revenue anticipated to build between FY16…
West Africa (WASBU) Nigeria represented 22% of Bristow operating revenue and 20% of adjusted EBITDAR* in Q4 FY13 Operating revenue increased by 11.8% to 74.0M in Q4 FY13 from 66.2M in Q4 FY12 due to an increase in flight hours from…
North America (NABU) North America represented 17% of Bristow operating revenue and 14% of adjusted EBITDAR* in Q4 FY13 Operating revenue increased 33% to 56.3M in Q4 FY13 from 42.3M in Q4 FY12 as a result of a shift toward larger…
Australia (AUSBU) Australia represented 12% of Bristow operating revenue and 9% of adjusted EBITDAR* in Q4 FY13 Operating revenue decreased 6.4% to 40.6M in Q4 FY13 from 43.4M in Q4 FY12 due to short-term contract roll-off Adjusted…
Other International (OIBU) Other International represented 10% of Bristow operating revenue and 15% of adjusted EBITDAR* in Q4 FY13 Operating revenue stayed flat at 34.8M in Q4 FY13 vs 34.6M in Q4 FY12 Adjusted EBITDAR increased…
Financial discussion Jonathan Baliff, SVP and CFO 16
Financial highlights: Adjusted EPS Summary Q4 FY12 to Q4 FY13 adjusted EPS bridge 0.08 0.27 0.02 1.22 1.22 1.03 1.01 1.01 Q4 FY12 Operations Corporate and Other FX Changes Q4 FY13 FY12 to FY13 adjusted EPS bridge…
Financial highlights: Adjusted EBITDAR Summary Q4 FY12 to Q4 FY13 adjusted EBITDAR bridge (in millions) 7.9 1.3 12.7 104.3 103.0 103.0 99.5 99.5 Q4 FY12 Operations Corporate and Other FX Changes Q4 FY13 FY12 to FY13…
LACE and LACE rate continue to increase led by new technology a/c and improved utilization/terms Consolidated commerical aircraft Large Aircraft Equivalent (LACE)* 350 170 10 295 290 8.35 300 279 7.89 268 271 7.15 8 250 6.49 160…
Recent quarterly and yearly BVA Significant year-over-year improvement in FY13 Absolute BVA* Q1 FY12 Q4 FY13 Q4 FY13 BVA is positive 9.4M 20 15 13.6 FY13 consolidated BVA is 10 9.3 9.4 in millions positive 22.7M, a 23.4M 5 1.9…
Our progress on BVA yields stronger operating cash flow generation and better liquidity Net cash provided by operating activities* Total liquidity as of March 31, 300 450 415 267 402 400 250 231 350 195 300 216 200 261 262…
Financial highlights: FY14 guidance FY14 adjusted EPS guidance range of 4.20 - 4.50, excluding special items and a/c sales LACE (Large AirCraft Equivalent) 173 - 177 Interest expense 30 - 35M LACE Rate 8.30 - 8.60M Rent expense…
Financial highlights: Long term adjusted earnings guidance Bristows 5 year historical adj. 8 UK SAR expected to contribute 1.00 to adj. EPS by FY18 EPS of 10% growth shows 7 resiliency through economic downturns 6 Our FY13 adj.…
Conclusions Safety continues to be our 1 priority as we strive to achieve Target Zero Record year-over-year revenue, cash flow and bottom line earnings in FY13 demonstrate the uniqueness and strength of our business model and…
Appendix 26
Organizational chart - as of March 31, 2013 Operated Aircraft Affiliated Aircraft Bristow owned and/or operated Bristow affiliates and joint 351 aircraft as of March 31, 2013 ventures operated 201 aircraft as of March 31, 2013…
Aircraft Fleet Medium and Large as of March 31, 2013 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Large Helicopters Large capacity 18-25 passengers AS332L Super Puma 18 Twin Turbine 20 - 20 - AW189 16 Twin Turbine - -…
Aircraft Fleet Small, Training and Fixed as of March 31, 2013 (continued) Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Small Helicopters Small capacity 4-7 passengers 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 March 31, 2013 Small Medium Large Total Leased LACE Total LACE % Leased EBU - 1 16 17 17 55 30% WASBU - 1 - 1 1 21 2% NABU 1 11…
Consolidated fleet changes and aircraft sales for Q4 FY13 Fleet changes Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 YTD Fleet Count Beginning 361 357 349 356 361 Held for sale aircraft in consolidated fleet Delivered - B412EP 1 1 Small…
Operating revenue, LACE and LACE Rate by BU Operating Revenue, LACE, and LACE Rate by BU FY13 1 2,3 Op revenue LACE LACE Rate EBU 502 55 9.13 WASBU 282 21 13.28 NABU 225 37 6.12 AUSBU 159 19 8.58 IBU 132 27 4.94 Total 1,300…
Order and options book as of March 31, 2013 ORDER BOOK* OPTIONS BOOK Helicopter Helicopter Class Delivery Date Location Contracted Class Delivery Date 1 Large June 2013 EBU 4 of 4 1 Large June 2014 2 Large September 2013 NABU 1 of 2…
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 Q4 FY13 and Q4 FY12 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q4 FY13…
Gross cash flow reconciliation (in millions) Gross Cash Flow Reconciliation Q4 FY13 Q4 FY12 Net Income 40.4 14.2 Depreciation and Amortization 26.7 25.3 Interest Expense 10.3 10.0 Interest Income (0.3) (0.1) Rent 18.3 15.1 Other…
GAAP reconciliation Three Months Ended Fiscal Year Ended March 31, March 31, 2013 2012 2013 2012 (In thousands, except per share amounts) (Unaudited) Adjusted EBITDAR…
Leverage reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of March 31, 2013 787.3 1,611.0 2,398.2 32.8% Adjust for: Unfunded Pension Liability 126.6 126.6 NPV of Lease…
Bristow net asset FMV including UK SAR aircraft are expected to remain resilient and higher than current net asset FMV/share 75.00 71.00 The UK SAR aircraft are expected to add 70.00 significant net asset FMV in FY18, even after…
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 43
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