September 26, 2019 7:00 AM

- Adjusted revenue increased by 3.5% to €361.5 million (consolidated revenue €328.5 million) reflecting the slow and gradual improvement in activity

- Adjusted EBITDAR up 15.3% compared to the previous half year

  • Adjusted revenue of €361.5 million, benefiting from a 4% increase in daily rates, average utilization rates up 2.8 points compared to the second half year 2018 and a positive foreign currency effect.
  • The number of laid-up vessels decreased by 10%, reflecting, on the one hand, the progressive return to service of vessels and on the other hand, the implementation of the disposal plan for non-strategic vessels.
  • Adjusted EBITDAR grew at €83.2 million (consolidated EBITDAR of €68.8 million) taking into account financial restructuring costs and favorable non-recurring items.
  • Free cash flow was €36.5 million compared to €33.0 million for the 2nd half year 2018.
  • The group is pursuing negotiations as part of the reorganization proceedings opened since the 7th of August 2019 and has decided to close its financial statements under the going concern basis, given its confidence in its ability meet the necessary conditions for the continuation of its activities.

"The results for the half year illustrate our continued efforts to rationalize the fleet and control costs as well as the commitment of all teams to maintain our standards of operational excellence. The market recovery, whilst slow and very gradual, is a reality. However, rigorous management remains essential to ensuring sustainable growth. We remain extremely vigilant and will maintain true discipline in our investment and our contracts choices, while focusing on transforming our model. The initial successes obtained during the half year are encouraging", declared Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.

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