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BRISTOW GROUP 8-K 2012
Conference Presentation
Howard Weil Energy Conference
Bristow Group Inc.
March 26, 2012
Exhibit 99.1


2
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, operations, capital expenditures, fleet composition, capabilities and results; modeling
information, earnings guidance, expected operating margins and other financial projections; future
dividends, share repurchase and other uses of excess cash; plans, strategies and objectives of our
management, including our plans and strategies to grow earnings and our business, our general
strategy going forward and our business model; expected actions by us and by third parties, including
our customers, competitors and regulators; the valuation of our company and its valuation relative to
relevant financial indices; assumptions underlying or relating to any of the foregoing, including
assumptions regarding factors impacting our business, financial results and industry; and other matters.
Our
forward-looking
statements
reflect
our
views
and
assumptions
on
the
date
of
this
presentation
regarding future events and operating performance. They involve known and unknown risks,
uncertainties
and
other
factors,
many
of
which
may
be
beyond
our
control,
that
may
cause
actual results
to differ materially from any future results, performance or achievements expressed or implied by
the
forward-looking
statements.
These
risks,
uncertainties
and
other
factors
include
those
discussed
under
the
captions
“Risk
Factors”
and “Management’s Discussion and Analysis of Financial Condition
and
Results
of
Operations”
in our Annual Report on Form 10-K for the fiscal year ended March 31, 2011
and our Quarterly Report on Form 10-Q for the quarter ended December 31, 2011.  We do not
undertake any obligation, other than as required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.


3
Bristow is the leading provider of helicopter
transportation services to the global offshore industry
~20 countries
550 aircraft
~3,400 employees
Ticker: BRS
Stock price
*
: $48.15
Market cap
*
: ~$1.8 billion
Secured Ratings: BBB-
/ Ba1
$67
* Based on 36.8  million fully diluted weighted average shares outstanding as of 12/31/2011 and stock price as of 03/16/2012.
Bristow flies crews and light cargo to production platforms, vessels and rigs


4
2.79
2.27
0.58
Industry leading safety record creates marketing
and cost advantage
Safety is our primary core value
Bristow’s ‘Target Zero’
program is now the
leading example emulated industry-wide
Bristow
accident
rate
is
less
than
one
fifth
the
average rates for the oil and gas industry and
all civil helicopters
Safety Performance accounts for 25% of
management incentive compensation
2011 National Ocean Industries Association
(NOIA) Safety and Seas Award Winner
* Averages for most recently available three-year period: Helicopter Association International 2007-2009, International Oil & Gas Producers 2005-2007, Bristow Group, 2009-
2011, excluding Bristow Academy
3-year average air
accident rates
*
per 100K flight hours
Bristow
Oil & Gas industry
All civil helicopters


5
Bristow’s contract and operations structure results in a
more predictable income with significant operating
leverage
Revenue sources
Largest share of revenues (>60%) relates to oil and gas production,
ensuring stability and growth
Bristow contracts earn 65% of revenue without flying in most markets
with a two tier contract structure that includes both:
Fixed or monthly standing charge to reserve helicopter capacity
Variable fees based on hours flown
Operating income


6
Global spending on E&P is expected to increase 10% to $600 billion in
2012 versus $544 billion in 2011; forecast to top $800 billion by 2015
The top 20 E&P spenders globally account for nearly 57% of total
spending. Of these companies, five of them are our top revenue
contributors
Continued cost pressure across the oil field service sector
Increasing international helicopter demand and recovery in the Gulf of
Mexico will cause tightness in the helicopter supply market
34% of five-year projected opportunities are in Latin America, with large
helicopter demand expected to almost double next year and then again
by 2020
Bristow’s order and option book is aligned to meet this market growth;
however we also will need market signals that confirm this potential
revenue growth before investing significantly in new aircraft
Current market environment
Source: Barclays Capital Research December 2011


7
What clients are saying?
Newer assets will be required
Pursuing highest operational standard and will require that of contractors
Higher levels of inspection required to award contracts
Certification of training and personnel competency needed
Bids will call for higher specs than needed to perform the actual job
“Every bid now seems to need partner approvals”
Our clients have sharply increased their focus on risk
related to contractor capabilities, personnel and equipment
These requirements favor Bristow’s business model because of its
financial strength and demonstrated premier service


8
Bristow’s Client Promise is in response to this client focus:
Creating value through differentiation
Target Zero accidents, downtime and complaints
programs deliver value to operators.
More zero-accident flight hours than anyone,
more uptime than anyone,
and hassle-free service
creates confidence in flight. Worldwide.
Lowers client’s offshore operating costs
and improves productivity.
Earns us more business
to improve BVA.


9
Understanding our unique investment thesis and
commitment to our shareholders for the next 5 years
Commitment:
FY 2012 -
2016
Prudent
Balance Sheet
Management
Growth
Capital Return
and
Investment:
FY 2012 -
2016
Our New Balanced
and Unique
Investment Thesis


10
Although this years EPS did not meet our initial expectations,
we have significant and growing operating cash flow
We generated 68% more operating cash flow through Q3 FY12
compared to the same period last year
Nine months ended December 31
Net cash provided by operating activities


11
Understanding the capital structure/allocation changes
as part of our unique investment
Minimum total liquidity of $200M (cash + undrawn
revolver)
Quarterly dividend growth of 10-15% per annum
Excess cash may be distributed to shareholders with
specifics approved by Board of Directors
Balance use of operating cash flow + a/c sales with leases
for a/c purchases and other capex
Leases used for initially no more than 20-30% of total
Bristow LACE
Adjusted Debt/Capital Ratio less than 45%
Capex vs
Leases
Capital
Structure
Liquidity
Capital Return


12
Understanding Bristow’s unique, balanced         
investment thesis
Understanding Bristow’s unique, balanced         
investment thesis
Our “Organic Growth Signal”
is provided
by the commercial markets using outlooks
for ANNUAL EPS Growth.  Currently:
=
OCF + A/C sales –
Depreciation
Market Capitalization
We will aim to provide a balanced return, but some
years we will “hit the gas”
depending on price signals
Our “Capital Return Price Signal”
is
provided by the financial markets using our
current free cash flow yield.  Currently:
Today this equals 7.8%
2.9 %
=
1)
For the nine months ended December 31
2)
Trailing twelve months
Bristow
Cash
Flow Yield
FY07 –
FY11 EPS
Growth
2
1


13
Today’s Key Takeaways
WE
ARE FOCUSED ON EXECUTION
Target Zero will
remain a top
priority
Client Promise
ensures
differentiation
Unique
investment in
oilfield services
Premier service provider with excellent secular expansion opportunities
Growth to be executed with care and discipline
Deepen client relationships with premium market share with the
premium clients
Expand margins and revenue growth through differentiation
Bristow maintains its commitment to prudent balance sheet management
Bristow intends to grow the dividend
Bristow will demonstrate a balanced return for our investors by using
market price signals to grow or harvest our businesses


14
Bristow Group Inc. (NYSE: BRS)
2103 City West Blvd., 4th Floor
Houston, Texas 77042
t
713.267.7600
f
713.267.7620
bristowgroup.com/investorrelations
Contact Us


15
Appendix
Appendix


16
Organizational Chart -
as of December 31, 2011
Business Unit
Corporate
Region
( # of Aircraft / # of Locations)
Joint Venture
Key
Operated Aircraft
Bristow owns and/or operates 364
aircraft as of December 31, 2011
Affiliated Aircraft
Bristow affiliates and joint
ventures operate 186 aircraft
as of December 31, 2011
(* % of YTD FY12 Operating Revenue)
(No. of aircraft)
Bristow
NABU
15%*
AUSBU
12%
EBU
37%
WASBU
21%
OIBU
12%
BRS Academy
3%
U.S.
GoM
80/7
Trinidad
10/1
Alaska
13/3
Mexico –
16/5
Brazil –10/9
Lider  -
77
UK –38/4
Netherlands
4/1
Norway
14/3
FBH -
64
Nigeria
48/7
Australia –30/10
Other
14/1
Russia
7/3
Egypt –
–/ –
India
1/2
Turkmenistan
2/1
PAS -
45
Florida
54/1
Louisiana
15/1
Malaysia
5/2
Denmark
1/1
U.K.
2/1


17
Aircraft Fleet –
Medium and Large
As of December 31, 2011
Next Generation Aircraft
Medium capacity 12-16 passengers
Large capacity 18-25 passengers
Mature Aircraft Models
Aircraft
Type
No. of PAX
Engine
Consl
Unconsl
Total
Ordered
Large Helicopters
AS332L Super Puma
18
Twin Turbine
30
-
30
-
AW189
16
Twin Turbine
-
-
-
6
EC225
25
Twin Turbine
18
-
18
-
Mil MI 8
20
Twin Turbine
7
-
7
-
Sikorsky S-61
18
Twin Turbine
2
-
2
-
Sikorsky S-92
19
Twin Turbine
28
2
30
10
85
2
87
16
LACE
79
Medium Helicopters
AW139
12
Twin Turbine
7
2
9
-
Bell 212
12
Twin Turbine
2
14
16
-
Bell 412
13
Twin Turbine
35
20
55
-
EC155
13
Twin Turbine
3
-
3
-
Sikorsky S-76A/A++
12
Twin Turbine
17
6
23
-
Sikorsky S-76C/C++
12
Twin Turbine
54
28
82
-
118
70
188
-
LACE
55


18
Aircraft Fleet –
Small, Training and Fixed
As of December 31, 2011 (continued)
Next Generation Aircraft
Mature Aircraft Models
Small capacity 4-7 passengers
Training capacity 2-6 passengers
•LACE does not include held for sale, training and fixed wing helicopters


19
Consolidated Fleet Changes and Aircraft Sales for
Q3 FY12
EBU
WASBU
AUSBU
OIBU
NABU
Total
Large
3
    
-
           
3
          
-
      
-
       
6
      
Medium
2
    
1
          
1
          
3
     
1
      
8
      
Small
-
     
2
          
-
           
-
      
-
       
2
      
Total
5
    
3
          
4
          
3
     
1
      
16
    
Aircraft held for sale by BU
* Amounts
stated
in
thousands;
In
Q3
FY12
two
aircraft
were
sold
for
$47.9 million and entered into lease back agreements and two aircraft
interest previously included in CIP were sold for $23.4 million.
Q 1 FY12
Q 2 FY12
Q 3 FY12
YTD
Fleet Count Beginning Period
373
372
       
366
       
373
Delivered
EC225
2
1
3
S-92
2
3
5
Citation XLS
1
1
Total Delivered
2
3
4
9
Removed
Sales
(3)
          
(5)
          
(7)
          
(15)
 
Other*
(4)
          
1
           
(3)
   
Total Removed
(3)
          
(9)
          
(6)
          
(18)
 
372
       
366
       
364
       
364
* Includes destroyed aircraft, lease returns and commencements
Fleet changes
EBU
WASBU
AUSBU
OIBU
NABU
BA
Total
Large
3
-
           
-
           
-
      
2
-
       
5
Medium
-
     
-
           
-
           
-
      
9
-
       
9
Small
-
     
-
           
2
-
      
1
-
       
3
Fixed
-
     
1
-
           
-
      
-
       
-
       
1
Training
-
     
-
           
-
           
-
      
-
       
23
23
Total
3
1
2
-
      
12
23
41
Leased aircraft in consolidated fleet
# of A/C Sold
Cash
Received*
Q1 FY12
3
                
2,478
           
Q2 FY12
5
                
10,674
         
Q3 FY12
9
                
81,248
         
Totals
17
               
94,400
         


20
#
Helicopter
Class
Delivery Date
Location
Contracted
#
Helicopter
Class
Delivery Date
Location
1
Large
March 2012
EBU
1 of 1
4
Medium
June 2012
EBU
1
Large
June 2012
OIBU
1 of 1
1
Medium
December 2012
OIBU
1
Large
June 2012
WASBU
1 of 1
1
Medium
March 2013
OIBU
4
Large
December 2012
EBU
1 of 4
2
Medium
June 2013
OIBU
3
Large
March 2013
EBU
3 of 3
1
Medium
September 2013
OIBU
1
Large
September 2014
NABU
1
Medium
September 2013
AUSBU
1
Large
December 2014
OIBU
1
Large
September 2013
AUSBU
1
Large
March 2015
OIBU
2
Medium
December 2013
AUSBU
1
Large
June 2015
EBU
4
Large
December 2013
EBU
1
Large
March 2016
EBU
1
Large
December 2013
AUSBU
1
Large
June 2016
AUSBU
1
Large
March 2014
AUSBU
16
7 of 16
1
Large
June 2014
AUSBU
1
Large
September 2014
AUSBU
* Six large ordered aircraft expected to enter service late
1
Large
December 2014
AUSBU
  calendar 2014 are subject to the successful development
1
Large
March 2015
AUSBU
  and certification of the aircraft.
1
Large
June 2015
AUSBU
  Order book does not include two large leased aircraft
1
Large
June 2015
NABU
  under contract with delivery dates in June and September
1
Large
September 2015
OIBU
  2012 quarters.
1
Large
September 2015
EBU
1
Large
December 2015
OIBU
1
Large
December 2015
EBU
1
Large
March 2016
OIBU
2
Large
June 2016
EBU
1
Large
September 2016
OIBU
1
Large
September 2016
EBU
1
Large
December 2016
EBU
1
Large
December 2016
AUSBU
1
Large
March 2017
OIBU
1
Large
June 2017
EBU
1
Large
September 2017
OIBU
1
Large
December 2017
OIBU
40
ORDER BOOK*
OPTIONS BOOK
Order and options book as of December 31, 2011
Fair market value of our fleet is ~$1.9
billion as of December 31, 2011.


21
Adjusted EBITDAR margin trend
1)  Calculated by taking adjusted EBITDAR divided by operating revenue
2)  Adjusted EBITDAR excludes special items and asset dispositions


22
Adjusted EBITDAR reconciliation
($ in millions)
2006
2007
2008
2009
Income from continuing operations
$54.5
$72.5
$107.7
$125.5
Income tax expense
$14.7
$38.8
$44.5
$50.5
Interest expense
$14.7
$10.9
$23.8
$35.1
Gain on disposal of assets
($0.1)
($10.6)
($9.4)
($9.1)
Depreciation and amortization
42.1
42.5
54.1
65.5
Special items
(1.4)
(42)
EBITDA Subtotal
125.8
154.1
219.3
225.6
Rental expense
12.1
18.8
22.8
21.1
Adjusted EBITDAR
$137.9
$172.9
$242.1
$246.7
($ in millions)
2010
2011
Income from continuing operations
$113.5
$133.3
Income tax expense
$29.0
$7.1
Interest expense
$42.4
$46.2
Gain on disposal of assets
(18.7)
(10.2)
Depreciation and amortization
74.7
90.9
Special items
1.2
EBITDA Subtotal
240.9
268.5
Rental expense
27.3
29.2
Adjusted EBITDAR
$268.2
$297.7
($ in millions)
YTD FY11
YTD FY12
TTM as of
12/31/2011
12/31/2011
12/31/2011
Income from continuing operations
$102.1
$50.7
$81.9
Income tax expense
0.0
11.8
18.9
Interest expense
36.3
28.2
38.1
Gain on disposal of assets
(3.6)
3.1
(3.5)
Depreciation and amortization
61.6
70.8
100.1
Special items
(1.2)
24.6
27.1
EBITDA Subtotal
195.2
189.1
262.4
Rental expense
21.4
30.9
38.6
Adjusted EBITDAR
$216.7
$220.0
$301.1
March 31,
March 31,


23
Operating margin trend
Bristow Group
Operating Margin Trend
Actual
2008
2009
2010
2011
2012
As Reported
Full Year
Full Year
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
EBU
23.6%
19.3%
17.2%
16.7%
16.1%
18.1%
17.0%
18.0%
18.4%
19.6%
18.8%
18.8%
17.3%
16.8%
15.5%
WASBU
17.9%
21.5%
24.9%
29.3%
25.4%
34.7%
28.5%
26.5%
29.5%
29.8%
24.0%
27.4%
20.6%
25.2%
25.9%
NABU
14.5%
12.1%
8.9%
9.7%
3.3%
2.2%
6.1%
10.1%
16.1%
4.2%
-4.0%
7.5%
3.6%
5.3%
4.3%
AUSBU
17.2%
5.9%
20.1%
23.1%
24.5%
24.5%
23.2%
22.5%
16.3%
17.2%
17.4%
18.2%
10.0%
1.7%
8.7%
OIBU
17.3%
27.0%
21.8%
35.1%
15.5%
1.8%
19.2%
6.9%
30.6%
27.7%
45.8%
28.4%
33.6%
5.8%
32.6%
Consolidated
16.0%
17.8%
15.4%
18.4%
13.1%
15.2%
15.5%
13.6%
17.1%
14.7%
16.1%
15.4%
11.3%
2.9%
13.1%
New methodology (operating income/operating revenue)
2008
2009
2010
2011
2012
Revised *
Full Year
Full Year
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
EBU
29.2%
24.3%
20.9%
20.5%
19.8%
22.4%
20.8%
21.4%
22.1%
25.4%
23.6%
23.6%
21.5%
20.7%
19.5%
WASBU
19.4%
22.8%
26.8%
30.0%
27.3%
35.7%
29.9%
27.1%
30.5%
30.4%
26.1%
28.6%
21.5%
26.4%
27.1%
NABU
14.5%
12.2%
8.9%
9.7%
3.3%
2.2%
6.2%
10.2%
16.4%
4.2%
-4.0%
7.6%
3.6%
11.0%
4.3%
AUSBU
17.9%
6.3%
21.0%
24.5%
25.5%
25.6%
24.3%
23.6%
17.8%
18.8%
19.1%
19.8%
11.1%
1.9%
9.4%
OIBU
17.4%
27.3%
21.9%
35.9%
15.3%
1.9%
19.4%
6.9%
30.9%
28.2%
47.1%
28.8%
34.5%
5.9%
33.5%
Consolidated **
16.4%
14.7%
15.9%
17.4%
14.2%
13.9%
15.3%
14.0%
18.0%
15.3%
18.3%
16.4%
12.2%
13.0%
15.6%
* -
All amounts revised to exclude reimbursable revenue from denominator. 
** -
Revised to exclude aircraft sales from numerator.


24
GAAP reconciliation
Adjusted EBITDA
Gain (loss) on disposal of assets
Special items
Interest expense
Depreciation and amortization
Benefit (provision) for income taxes
Net
income
Adjusted operating income
Gain (loss) on disposal of assets
Special items
Adjusted net income
Gain (loss) on disposal of assets
Special items
Net
income attributable to Bristow Group
Adjusted earnings per share
Gain (loss) on disposal of assets
Special items
Earnings per share
Operating income
Three Months Ended
Months Ended
December 31,
December 31,
2011
2010
2011
2010
Nine
(In thousands, except per share amounts)
68,933
64,435
189,132
195,221
$
$
$
$
(2,865)
(33)
(3,060)
3,582
1,200
(24,610)
1,200
(9,756)
(13,773)
(28,170)
(36,263)
(22,709)
(21,338)
(70,848)
(61,637)
11,823
(33)
(7,118)
(11,779)
26,485
42,314
50,665
102,070
$
$
$
$
46,418
43,172
119,900
132,795
(2,865)
(33)
(3,060)
3,582
3,500
(27,287)
3,500
$
43,553
$
46,639
$
89,553
$
139,877
$
27,790
$
26,285
71,089
$
82,133
$
(2,258)
(27)
2,972
15,501
(19,319)
16,342
(2,482)
25,532
41,759
$
$
$
$
101,447
$
0.76
$
0.71
$
1.93
$
2.24
(0.06)
(0.07)
0.08
0.42
(0.53)
0.45
0.70
1.13
1.34
2.77
49,288
$
$
$
$


25
Special items reconciliation
Three Months Ended
December 31, 2010
Adjusted
Operating
Income
Adjusted
EBITDA
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per
Share
(In thousands, except per share amounts)
3,500
$
3,500
$
2,894
$
0.08
0.11)
0.45
0.42
(
2,300)
3,966)
16,573
(
2,300)
(
$
3,500
$
1,200
$
15,501
Nine Months Ended
December 31, 2011
Adjusted
Operating
Income
Adjusted
EBITDA
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per
Share
(In thousands, except per share amounts)
24,610)
$
24,610)
$
17,579)
$
0.48)
2,677)
1,740)
0.05)
0.53)
$
(
(
(
(
(
(
(
(
$
27,287)
$
24,610)
$
19,319)
(
(
(
Nine Months Ended
December 31, 2010
Adjusted
Operating
Income
Adjusted
EBITDA
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per
Share
(In thousands, except per share amounts)
$
3,500
$
3,500
2,904
$
$
0.08
2,300)
3,900)
0.11)
17,338
0.47
0.45
(
(
(
$
3,500
$
1,200
$
16,342
Retirement of 6 1/8% Senior Notes
Tax items
Total special items
Impairment of inventories
Impairment of assets in Creole, Louisiana
Total special items
Retirement of 6 1/8% Senior Notes
Tax items
Total special items
$
Power-by-the-hour credit
Power-by-the-hour credit


26
Leverage Reconciliation
*Adjusted EBITDAR exclude gains and losses on dispositions of assets
Debt
Investment
Capital
Leverage
(a)
(b)
(c)  = (a) + (b)
(a) / (c)
(in millions)
As of December 31, 2011
$
$    1,523.5
$       2,356.3
35.3%
Adjust for:
Unfunded Pension Liability
97.2
NPV of Lease Obligations
165.0
Guarantees
15.5
Letters of credit
1.7
Adjusted
$
(d)
$    1,523.5
$       2,635.6
42.2%
Calculation of debt to adjusted EBITDAR multiple
Adjusted EBITDAR*:
FY 2012
$
(e)
Annualized
$                                  401.4
= (d) / (e)
832.8
97.2
165.0
15.5
1.7
1,112.1
301.1
3.69:1


27
Bristow Group Inc. (NYSE: BRS)
2103 City West Blvd., 4
th
Floor
Houston, Texas 77042
t
713.267.7600
f
713.267.7620
bristowgroup.com
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