September 09, 2015

BOURBON 1st Half 2015 Results: Adjusted EBITDAR generated by the fleet reached €290.4 million, a 26% increase compared with the 1st half 2014

Paris, 9 september 2015

Record adjusted EBITDAR is the result of:

  • Fleet size increase of 2.6%
  • 96.4% availability rate, well above target
  • Positive impact of the US$ exchange rate

In the first half of 2015, adjusted EBIT of €48.8 million, excluding capital gain,  increased 40% compared with H1 2014 and was stable compared with the previous semester due to:

  • Good cost management
  • Positive impact of adjusted EBITDAR generated
  • Negative impact of utilization rate (-3.4pt) and of the average daily rates in dollars (-2.6%)

Net Loss (group share) limited to €19.2 million
During the first half of 2015, free cash flow amounted to €127 million

In € millions, unless otherwise noted S1 2015

S1 2014

(restated)

S1 2015 / 2014

S2 2014

(restated)

Operational indicators        
  • Number of vessels (FTE)*
500.6 487.9 +2.6% 496.7
  • Number of vessels (end of period)**
506 501 + 5 vessels 505
  • Technical availability rate (%)
96.4% 95.2% +1.2 pts 95.8%
  • Average utilization rate (%)
78.1% 81.5% -3.4 pts 80.5%
  • Average daily rate (US$/day)
11,885 12,207 -2.6% 12,442

* FTE: full time equivalent.
** vessels operated by BOURBON (including vessels owned or on bareboat charter).

Financial performance                                                                                         
  • Adjusteda Revenues
758.8 670.9 +13.1% 750.2
(change at constant rate)     -1.7% -6.8%
  • Adjusteda Costs (excl. bareboat charters)
(468.4) (440.5) +6.3% (470.9)
  • Adjusteda EBITDAR (ex. cap. gain)
290.4 230.4 +26.0 % 279.2
EBITDAR / Revenues 38.3% 34.3%   37.2%
  • Adjusteda EBITDA
205.0 195.1 -5.1% 264.7
  • Adjusteda EBIT

51.1

44.7

+14.5%

100.7
  • IFRS 11 impact ***
(6.4) (3.9) +62.6% (4.4)
  • EBIT
44.8 40.7 +9.9% 96.2
  • Net income  
(3.7) 10.6 n/s 88.1
  • Net income (group share)
(19.2) (4.8) n/s 78.5

*** effect of consolidation of  jointly controlled companies using the equity method.
(a) see page 2

Average utilization rate (excl. crew boats) 81.9%        88.9%       -7 pts                           86.6%       
Average daily rate (excluding crew boats, US$/day) 19,012 19,541 -2.7% 19,938

“In the current market environment, clients are looking to their service providers to help them achieve their cost reduction objectives”, says Christian Lefèvre, Chief Executive Officer of BOURBON. “BOURBON has been responding to its clients’ needs through cost control initiatives and improving operational efficiency. In the first half of 2015, we have once again exceeded the targets set, by achieving a technical availability rate of 96.4% for the entire fleet. Thus, BOURBON is delivering to its clients the safest, most efficient and cost effective operation possible.”