www.bourbon-online.com 2010 Results Information Meeting March 16, 2011 March 16, 2011 � � � � ���������� B u i l d i n g t o g e t h e r a s e a o f t r u s t
������������ Jacques de Chateauvieux Jacques de Chateauvieux Chairman of the Board of Directors 2
������������ ������������������� ������������������������� �� �� ���� !����� €m + 17% per year + 4% 1000 + 28% per year � Fleet growth � � Improvement in the 100 100 Logarithmic scale utilization rates and dayrates � Improvement in fleet availability 10 0 2002 2009 2010 2015 3
������������ ������������������� "�������!�� ����������� ����������#���� Cash Debt Dividends Surplus New debt operations CAPEX (incl minority reimbursement cash + disposals interests) Horizon 2012 Plan BOURBON BOURBON 2015 2015 Plan Plan Ordered Coming Existing Coming Decided 4
������������ ������������������� "�������!�� ����������� ����������#���� Cash Debt Dividends Surplus New debt operations CAPEX (incl minority reimbursement cash + disposals interests) Horizon 2012 Plan BOURBON BOURBON Plan � � Non engaged investment � � 2015 2015 2015 � � � � � � � � � � � Cash generated by � � � � � � Cash generated by � � � � � Debt for the financing of � Ordered Existing Coming � � � � Decided � � � � �
������������ ������������������� $���������� ����������� ��������������� �% # �&�������� ����������% # ������'���������!� Breakdown of revenues by segment Growth of the fleet Objective and average age in 2010 By segment End 2007-End 2015 (8 years) End 2007-End 2015 (8 years) � Towards 0 accident Shallow Offshore Deepwater offshore � Crew competency ������� ��������� X 2 � Exploration/ Effective management of Development fuel consumption X 7 � ��������� ���������� 95% availability rate Production/ X 3 Maintenance � Reduced operating costs ��� ���� ����������� ��������� Crewboats X 2 6
������������ ������������������� ��!����� ������!� �������! �� �� )��*����&��� ������� ������'��������������������( ��'�'����' ������� ���������� 1,6 1,4 1,2 1,2 1 0,8 0,6 0,4 0,2 0 12/31/2005 12/31/2007 12/31/2009 2015 Source: Energyfiles/Douglas Westwood, 2011 7
"������� ����� �� Laurent RENARD Laurent RENARD Executive Vice President and Chief Financial Officer 9
������� �����%� Fluctuations in Fluctuations in oil oil prices prices at constant rate in 2010 at constant rate in 2010 120 ��� ������� ��� ������� 100 79 1970-2010 1970 2010 90 ����� !"#$ ����� !"#$ 100 61 80 70 80 60 60 50 40 40 30 20 20 10 2010 2009 0 0 1970 1975 1980 1985 1990 1995 2000 2005 2010 Current $ of the day $ courant du jour $2010 1,8 '�(��(��������)*+ '�(��(��������)*+, ,-+�+ -+�+ 1,6 1,6 & &"!����� "!����� 1.39 1,4 1,5 1.33 1,2 1,4 1 1,3 0,8 0,6 1,2 0,4 1,1 0,2 2009 2010 0 1,0 1970 1975 1980 1985 1990 1995 2000 2005 2010 Tx $/€ 10
������� ����.� �����.��� Change% 2010/ 2010 2009 In millions of euros 2009 +14% Number of owned vessels (end of period) 408 358 +4.6% Revenues 849.9 812.8 Gross operating income excluding capital gains 240.1 297.5 -19.3% % of revenues % of revenues 28.2% 28.2% 36.6% 36.6% Capital gains 0.9 1.2 298.7 -19.3% Gross operating income (EBITDA) 240.9 -69.7% Operating income ( EBIT ) 53.5 176.5 3 252 3 258* Capital employed EBITDA / average capital employed excl. installments 10,5% 16,8%** Gross capital expenditures** 659 743 * of which discontinued operations = 407 €m ** including discontinued operations 11
������� ����.� �����.��� Change% 2010/ 2010 2009 In millions of euros 2009 -69.7% Operating income (EBIT) 53.5 176.5 Financial income (32.4) (34.3) � Cost of net debt (54.5) (32.7) � Other financial expenses and income 22.1 (1.5) -16.8% Operations held for sale 31.6 38.0 Others (taxes, minority interests) (14.9) (8.7) -78% Net income 37.8 171.6 Minority interests (1.4) 16.2 -74.8% Net income, Group Share 39.2 155.4 Net earnings per share in € 0.67 2.65 12
������� ����.� �����.��� � EBITDA : Favorable market conditions for Marine Services in a context of fast growing fleet � EBIT : o Depreciation for new vessels o Non-recurring provisions (Brazil, Nigeria) � Financial income : o Net indebteness’ cost increasing o Unrealized gain on financial instruments � Net income : Decline in line with the operational result 13
������� /������� ���������+�,-.�/�0�+�12��/��� ����������3����!������� ���.���������0��(��� +�� - 40 - 9 +55 813 813 850 850 841 841 o Fleet growth o Difficult market o Sharp decline in the use of chartered vessels Marine Subsea � change Other Services Services Pro forma Pro forma 2010 2010 2010 revenues 2010 revenues 2009 2009 revenues revenues at constant at constant revenues revenues exchange rates exchange rates 14
������� /������� �������� ���.���������0��(��� �12�34��3�5��3� �4��63��3�5��3� 660 605 +9% +17,5% 150 127 2009 2010 2009 2010 -++) -+�+ 10% 5% 16% 18% 74% 77% Marine Services Subsea Services Other (including chartered vessels, cement carrier) 15
������� /������� ����4��%# �5/ ���.���������0��(��� 298,7 Marine services : � 7����� 0���� � ������� ���(����8����� ����� � 1�0�9������ .��:�� -58,3 - XX - XX +4,0 +4,0 244 240,9 Marine Subsea Net capital Other � Change Services Services gains Pro forma Pro forma 2010 2010 2010 2010 EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA 2009 2009 at at constant constant exchange rate exchange rate 16
������� /������� ��������� ���.���������0��(��� 240,9 -58,3 -120,5 - XX - XX -13 -34 -34 -11 -8,9 53,5 Depreciation of Increase of Depreciation Non-recurring Other fleet in operation drydocks on new vessels provisions 2010 2010 2010 2010 as of January 1, existing fleet as of (Nigeria, EBITDA EBITDA EBIT EBIT 2009 January 1, 2009 Brazil) 17
)������6������� ����� ����.� �����.��� ��(�,����� Change% 2010/ 2010 2009 2009 390 343 Number of owned vessels (end of period) +13.7% 79.5% 83.0% Utilization rate -3.5 pts � In millions of euros Revenues 660.3 604.9 +9.2% EBITDA excluding capital gains 182.1 240.4 -24.3% Capital gains 0.9 1.7 Gross operating income (EBITDA) 182.9 -24.4% 242.1 27.7% 40.0% % of revenues EBITDA/average capital employed excl. installments 9.8% 16.2% ► 58 new vessels, including 26 Bourbon Liberty vessels ► Unfavorable market: utilization rates and dayrates 18
)������6������� ��������� �00������9������ New Marine Deep 2010 Services Offshore Number of owned vessels (end of period) 390 69 ► High utilization rate thanks Utilization rate 79.5% 90.3% to the high � In millions of euros contractualization rate and contractualization rate and Revenues Revenues 660.3 660.3 308.7 308.7 limited growth of the fleet Direct costs (406.6) (166.5) (+2 vessels) Gross operating margin 253.7 142.2 ► Dayrates down General and administrative costs (71.7) (33.5) EBITDA (excl. Capital gains) 182.1 108.6 % of revenues 27.6% 35.2% 19
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