![]() Bristow Group Inc. November 10, 2011 Analyst Day 2011 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; 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; share repurchase and other uses of excess cash; 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 September 30, 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 Map of emergency exits |
![]() 4 Agenda • Introduction • The Bristow vision: gaining altitude CEO) • The future opportunity • Global operations update and business units future strategies (Richard Burman, SVP Operations) • Understanding our unique investment thesis SVP and Chief Financial Officer) • Moving forward with Bristow • Lunch (Greg Milano, Fortuna Advisors) (Linda McNeill, Investor Relations Director) (Bill Chiles, President and (Mark Duncan, SVP Commercial) (Bill Chiles) (Jonathan Baliff, |
![]() 5 The Bristow Vision: Gaining Altitude Bill Chiles, President and CEO |
![]() 6 Objectives for today • Discuss Bristow’s expanding growth opportunities and Client Promise • Operations update and business unit future strategies • Detail new financial initiatives to create a unique, balanced and more valuable investment vehicle • Close intrinsic valuation gap |
![]() 7 Bristow is the leading provider of helicopter transportation services to the global offshore industry • ~20 countries • 552 aircraft • ~3,400 employees • Ticker: BRS • Stock price * : $51.19 • Market cap * : ~$1.9 billion • 2011 TSR: 8.9% $67 * Based on 36.8 million fully diluted weighted average shares outstanding for the three months ended 09/30/2011 and stock price as of 10/28/2011 Bristow flies crews and light cargo to production platforms, vessels and rigs |
![]() 8 Mission and Core Values Clients choose Bristow because we add more value and provide Confidence in flight. Worldwide. Our mission is to provide the safest and most efficient helicopter services and aviation support worldwide. achieve this by focusing on and committing to: • Working in innovative partnerships with customers • Further developing highly professional workforce • Expanding business and extending horizons Through these commitments, we will provide industry-leading value to our customers, employees and shareholders while remaining true to our core values Bristow’s values represent core beliefs about how to conduct business: • Safety – unwavering focus on safety and maintaining a “Target Zero” goal of no accidents • Quality and Excellence – set and achieve high standards in all operations • Integrity – “do the right thing” • Fulfillment – develop talents and enjoy work • Teamwork – communicate openly and respect each other • Profitability – make wise decisions and grow the business Our Mission Our Values We will |
![]() 9 Bristow goals are represented by our “Strategy Temple” |
![]() 10 2.79 2.27 0.39 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 • the average rates for the oil and gas industry and all civil helicopters • Safety Performance accounts for 25% of management incentive compensation * 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 one fifth Bristow accident rate is less than |
![]() 11 Bristow services are utilized in every phase of offshore oil and gas activity • Largest share of revenues (>60%) relates to oil and gas production, ensuring stability and growth • There are ~ 8,000 offshore production installations worldwide—compared with >600 exploratory drilling rigs • ~ 1,700 helicopters servicing oil and gas industry of which Bristow’s fleet is approximately one third • Bristow revenues primarily driven by operating expenditures Typical revenues by segment Exploration 20% Development 10% Production 60% Other 10% H e l i c o p t e r t r a n s p o r t a t i o n s e r v i c e s ABANDONMENT SEISMIC DEVELOPMENT PRODUCTION EXPLORATION |
![]() 12 Bristow’s contract and operations structure results in a more predictable income with significant operating leverage Revenue sources • Our run-rate capex is low as we expense almost all of our overhaul and maintenance �� Bristow contracts earn 65% of revenue without flying in most market • Two tiered contract structure includes both: – Fixed or monthly standing charge to reserve helicopter capacity – Variable fees based on hours flown Operating income Fixed monthly 65% Variable hourly 35% Fixed monthly 70% Variable hourly 30% |
![]() 13 Although Bristow has delivered value to shareholders in 2011 . . . 01/01/11 02/18/11 04/11/11 05/31/11 07/20/11 09/08/11 10/28/11 60 70 80 90 100 110 120 130 (17.8%) (1.3%) 2.2% 8.9% Oil Service Index S&P 500 Simmons Offshore Transportation Service Index Bristow Source: Factset. Note: Simmons Offshore Transportation Service Index includes: Bourbon, Dockwise, DOF, Farstad Shipping, Gulfmark, Hornbeck, Kirby Corp, PHI, Seacor, Sevan Marine, Solstad Offshore and Tidewater. |
![]() 14 . . . we are also making changes to address issues with our commercial, operational and financial profile • Safety and pursuit of Target Zero will remain our top priority • Bristow will remain the premier service provider with excellent secular expansion opportunities, but the growth will be executed with care and discipline • Client Promise ensures differentiation • BVA creates capital allocation discipline commercial and operation managers push performance • Bristow operations will be the model of cost efficiency in helicopter services • Bristow will become the unique investment in oilfield services by balancing growth and capital return with premium value added services with a single financial metric that helps Expand margins and revenue growth Deepen client relationships with premium market share with the premium clients Push capital efficiency and revenue per asset Proactive reduction of our capital charge Bristow will maintain its commitment to prudent balance sheet management Bristow will grow the dividend Bristow will demonstrate a balanced return for our investors by using market price signals to grow or harvest our businesses |
![]() 15 The future opportunity Mark Duncan, SVP Commercial |
![]() 16 • Market outlook and expending growth opportunities • Unique equity partnerships Lider FBH • Client Promise #1 #1 Market outlook for the next five years FY 2012 - 2016 |
![]() 17 Market outlook and expanding growth |
![]() 18 • Total Offshore CAPEX to reach 2008 levels by 2011, ~ $520 billion • At a lower cost base, higher spending translate into even higher activity levels Total spending will recover progressively to 2014 lower costs and high prices drive new developments Source: PFC Energy E&P Spending Model 2008 levels |
![]() 19 • OPEC country expenses have been rising • Middle East unrest has caused large amounts of new spending by governments, which is raising need for oil revenue • Members are aligned on the need for $100 per barrel Brent prices at a minimum OPEC countries need higher oil prices to create political stability 0 20 40 60 80 100 120 $/b OPEC Current Account Threshold Prices 2005 2010 2011F 2012F 2010 Brent actual 2011, 12 Brent forecast |
![]() 20 Offshore reserves remain more open to IOCs than onshore … particularly in deepwater Source: PFC Energy Service Strategies Service; NOCS Service |
![]() 21 Spending in deepwater will see the highest growth during the next decade 2001-2010 2011-2020 Net Growth ONSHORE 2,142 4,266 99.2% SHALLOW WATER 1,064 1,560 46.6% DEEPWATER 541 1,245 130.3% 3,747 7,071 88.7% Source: PFC Energy E&P Spending Model ONSHORE 2,142 57% SHALLOW 1,064 28% DEEP 541 15% Total CAPEX 2001-2010 $3,747 billion ONSHORE 4,266 60% SHALLOW 1,560 22% DEEP 1,245 18% Total CAPEX 2011-2020 $7,071 billion |
![]() 22 • The U.S. GoM, Brazil and Australia will show a significant evolution to farther facilities as new assets are developed • Other regions – i.e. Northwest Europe, West Africa and the Middle East – will not see too much of a change New deepwater infrastructure is moving farther from shore in most regions – new technology helicopters needed Source: PFC Energy Offshore Platform model Evolution of Distance-to-Shore of Offshore Infrastructure 0 50 100 150 200 250 300 350 400 USGOM LATAM MEXICO BRAZIL NW E SSAFR NIGERIA MEAST APAC AUSTR Pre 1990 1990 - 2004 2005 2010 2011+ Max |
![]() 23 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 |
![]() 24 Small Medium Large Opportunity Tracker FY2012-FY2016 441 Bristow growth opportunities indentified . . . Source: Bristow business development October 2011 North America Brazil, Peru, Trinidad Gulf of Guinea Europe Mid East, East Africa, India, Bangladesh Malaysia, Thailand Indonesia Australia Total Opportunities * Total Aircraft Opportunities New replacement aircraft Existing aircraft New growth aircraft 106 56 279 24 |
![]() 25 • Deepwater discoveries have continued and are expected to drive growth • Brazil, U.S., Australia, Angola and Norway dominated deepwater discoveries • But, Equatorial Margin, Asia Pacific and East Africa also rose Source: PFC Energy Global Deepwater Competition Service Note: Discovery count includes all finds; commerciality of some is yet-to-be determined 182 Deepwater Discoveries Announced 2009 – June 2011 * Opportunity Tracker FY2017 and beyond . . . With a wider scope of Bristow growth in the future |
![]() 26 So what’s changed concerning the growth cycle this time around for Bristow? • Higher levels of activity post-recession than the pre-recession levels • Concentration on new technology for more tenders • More volume per overall level of spend advantages helicopter services • Helicopter supply and demand balance is different • Fleet age is significantly younger with better large aircraft capability • Client Promise positions Bristow for premier services, not necessarily all tenders • Bristow’s financial strength is more pronounced |
![]() 27 Unique Equity Partnerships |
![]() 28 Current Opportunity Lider Aviação: Positioned in largest growth market • Brazilian aviation services company focused on two business lines: Offshore helicopter services: 50 helicopters Annual Revenue: ~ $240 M • Extensive infrastructure throughout Brazil (key differentiator) with over 30% market share in helicopter services • 42.5% equity ownership required in May 2009 • EBITDA growth from $33M in 2009 to over $48M projected in 2011 • Offshore helicopter market continues double digit growth • Corporate aviation ac count correlates to GDP: investment climate, GDP growth, Olympics, World Cup • Limited space at airports gives first movers sustainable competitive advantage Corporate/general aviation and other services: 31 charter aircraft Annual revenue: ~ $150 M 28 |
![]() 29 Going Forward (Lider) Lider Aviação: Outlook Going Forward (Bristow) • Strengthen corporate aviation position • Maintain integrated company structure to maximize overhead allocation • Leverage partner relationships to access capital or equipment required for growth • Invest in initiatives to create market differentiation in both segments • Invest in the significant growth of the offshore helicopter sector through deployment of our helicopters at acceptable BVA accretion • Restructure investment to free capital and improve overall equity returns 29 |
![]() 30 Current Opportunity FB Heliservices is a well-known brand in the UK government services with opportunities to expand • JV with Cobham (a FTSE 4.8B GBP company) • Exclusive vehicle for owners to provide military/government helicopter services Engineering support Logistics support 63 helicopters flying over 45,000 hours per year • Bristow has approximately $12M equity investment in FBH with $10-12M in dividends and earnings received in each of the past two years Aircrew (pilots and rear crew) Search and rescue operations • Revenue underpinned by UK Defence Helicopter Flying School (DHFS) contract. 3-5 year extension by direct negotiation • Bid process ongoing for $1.6B DHFS contract replacement (known as MFTS) starting 2016 • Militaries are upgrading fleets and need increased training • Continue to expand government contracted Search and Rescue business (TTAG and Dutch Antilles recent successes) • Expand further into Eastern Europe & Middle East • Evaluate U.S. foreign military work requiring U.S. style capability and license (in conjunction with Bristow Academy) 30 |
![]() 31 Client Promise |
![]() 32 Introduction of the Client Promise Completed • Internal assessment and client research • New Brand Promise was launched at Heli-Expo March 2011 Underway • New sales, pricing and contract negotiations training • Reliability and client service program initiatives • Regional client forums and value chain labs • Global Key Performance Indicators (KPIs) being captured and published Outcome Increasing market share and higher pricing by delivering additional value to clients |
![]() 33 Price: the least important decision factor when choosing helicopter transportation services Safety, equipment availability and reliability, and client service are the top three deciding factors when choosing helicopter transportation services. |
![]() 34 Client promise moves Bristow from being operations driven to service driven Client value: Lowering risk and operating cost and improving productivity through the safest and most reliable service. Bristow value: Improving our ability to generate higher BVA and revenue growth. Future Value Driving markets Sparking innovation Customer value Bristow value Create the future and deliver today Today’s Value Higher revenue from sales, pricing and communications programs |
![]() 35 The Client Promise – expanding Target Zero 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 profitable business to improve Bristow Value Added (BVA). |
![]() 36 Client Promise = Focused on value • Specialized sales and negotiation training in each business unit • More Value Chain Labs with clients • Expand scope of VCLs to incorporate suppliers • Strategic clients targeted through direct communications • Continued growth expected from this initiative Successes • Client Promise training undertaken in every BU • Five Value Chain Labs (VCLs) undertaken with different Clients, each has generated a growth opportunity for Bristow • Global Key Performance Indicators (KPIs) rolled out, first results being delivered • UK Client contract awarded at higher rates, based on superior availability performance • Australia secured contract based on ability to demonstrate better performance metrics • Direct negotiation of five-year contract What future holds |
![]() 37 Client Promise Delivering Value Bristow Group Inc. October-11 MTD YTD Goal Total Recordable Incident Rate (TRIR) 0.22 0.22 0.20 Air Accident Rate (AAR) 0.00 0.91 0.20 All On Time Departure (OTD) 97.6% 96.0% 97% Bristow On Time Departure (BOT) 99.4% 98.9% 97% Service Availability (SAV) 99.7% 99.4% 95% Total Flights delayed (TFD) 1,230 6,508 8,033 Total Lost minutes by Bristow (TLM) 18,409 107,541 120,500 Accolades (TAR) 1.92 1.06 1.00 Complaints (TCR) 0.58 0.36 0.50 Current Year Client Value Added Scorecard |
![]() 38 (0.5) 5.5 13 92.6 111.1 -10 10 30 50 70 90 110 130 Expense Est. current incremental value Identified future value Achieved client savings Total value added Already delivered significant value added for our clients Current known five year outlook as of October, 2011 Additional client value benefits Bristow |
![]() 39 Global operations update and business units future strategies Richard Burman, SVP Operations |
![]() 40 One typical day (video overview) |
![]() Operations outlook for the next five years • Safety • Operating framework • Business Unit strategies and outlook • Year to date performance • Summary FY 2012 - 2016 41 |
![]() Safety Culture • Safety is the first and most important operations value • Systems and processes are important, leadership and culture are essential • Aviation safety paramount • Our safety vision reflects our belief that we can, and will, achieve: Zero Accidents • Zero harm to people • Zero harm to the environment 42 |
![]() Helicopter Flight Analysis Profile (HFDM) playback enhances understanding 43 |
![]() Target Zero (2011) • Local (example: Pigeon English) computer based training implemented • HFDM process globalised • Working at height policy embedded (use of protective head gear) • Just Culture initiative launched • One aviation “accident” (yet to be classified) • Three Lost Work Cases (LWCs) year to date • Total Reportable Injury Rate (TRIR) (Group) 0.22 44 |
![]() Operating philosophy / framework is based on decentralized Business Units with common values and priorities • The Business Units are self sufficient with responsibility and accountability for all key business functions and activities • Safety is the number one priority • Client Promise and BVA performance are also a priority: to drive market share, higher prices and better returns • The five regional Business Units are supported by: Central Operation (COBU) provides heavy maintenance, supply chain, technical records, fleet support, and our design & modification unit Quality, Health, Safety, Environmental (QHSE) group and other support functions 45 |
![]() 46 Bristow is well diversified with 552 aircraft in over 20 countries spread across all continents Business Unit Corporate Region Joint Venture Key Operated Aircraft Bristow owns and/or operates 366 aircraft as of September 30, 2011 Affiliated Aircraft Bristow affiliates and joint ventures operate 186 aircraft as of September 30, 2011 (* % of Q2 FY12 Operating Revenue) ( # of Aircraft / # of Locations) (No. of aircraft) |
![]() 47 Our experienced Global Operations Leadership Team has been working together for a while Richard Burman Senior Vice President Operations Jessie Wheeler Executive Assistant to SVP Operations Danny Holder Director North America Business Unit (New Iberia, USA) Jeremy Akel Director Other Int’l Business Unit (Houston, USA) Mike Imlach Director Europe Business Unit (Aberdeen, UK) Akin Oni Director West Africa Business Unit (Lagos, Nigeria) John Cloggie Director Centralised Operations Business Unit (Aberdeen, UK) Allan Blake Director Australia Business Unit (Perth, Australia) Christine Scholes Director Human Resources (Redhill, UK) Andrew Magowan Legal Director (Redhill, UK) Jonathan Stripling Director Quality, Safety, Standards & Training (Aberdeen, UK) George Bruce Finance Director Global Operations (Aberdeen, UK) Mark Duncan Senior Vice President Commercial Hilary Ware Senior Vice President Administration |
![]() 48 Europe (EBU) is our largest BU with significant growth opportunities to both diversify and increase market share Netherlands Norway Norwich Aberdeen Scasta Stavanger Den Helder Bergen Hammerfest Esbjerg Humberside Kristiansund • Diverse client base with multi year contracts managed as three operating units (Northern North Sea, Southern North Sea, and Norway) • Stable oil and gas market with good returns. Tender activity for 2012 and beyond has significantly increased in current year • Growth opportunities in Search and Rescue (UK Gap SAR and SAR-H), Norway, West of Shetland • Northern North Sea and Norway – Large aircraft market (37 ac); mature long established market; marginal field development in NNS has changed operator profiling • Southern North Sea – Mainly medium types (21 ac) • 75% of fleet new generation ac |
![]() 49 EBU Outlook: Growth is surprisingly resilient Business Overview: • Annual Revenue ~ $550 million • # of LACE: 46 (41 Heavy, 17 Medium) • LACE Rate (annualized): $9.75 million • Market Share: circa 35% Outlook: • Positive, but we must remain cost effective • New incremental work contracted • Fleet transitioning to all new generation aircraft • Market share gains and new tender activity yield need for over 15 new aircraft UK Gap SAR bid Norway West of Shetlands • SAR-H longer term opportunity • Wind farms diversification FY12 operating margin expected to be ~ low twenties Long-term operating margins should remain in the low twenties |
![]() 50 West Africa (WASBU) strategy is to maintain the proven and consistent premier brand Nigeria Lagos Escravos Port Harcourt Warri Osubi Eket Calabar • 50+ year history in Nigeria • Strong market share • Stability returning to Delta Region, PIB awaited – delay in approval of bill is hampering inward investment in the oil and gas sector • Local Content Bill – move to indigenize the sector and emergence of local competitors changing market dynamics • Restructuring taking place to create an AMO entity and to make one of the existing entities a 100% Nigerian company • Focused on leveraging: • Our reputation/safety record/global brand • PAN African’s 100% Nigerian content • Availability of heavies and deep water experience Warri Texaco |
![]() 51 WASBU Outlook: Increased offshore deepwater development and competition and competition Business Overview: • Annual Revenue: circa $250 million • # of LACE: 22 (mostly medium/small aircraft) • LACE Rate (annualized): circa $10.3 million • Market Share: circa 60% Outlook: • Competition re-emerging in the medium term • Introduction of large new technology aircraft to market with increased activity planned • Deep-water opportunities - greater barriers of entry • Twelve month renewal of key Chevron contract • Major bids from Agip, ExxonMobil, and Chevron • Restructuring continues FY12 operating margin expected to be low to mid twenties Long-term operating margins should remain in the mid twenties |
![]() 52 Exmouth Varanus Is Barrow Is Australia (AUSBU) strategy entails a focus on the organic growth and the Client Promise Australia Perth Dongara Essendon Tooradin Broome Truscott Darwin BDI provide support to the Republic of Singapore Air Force Oakey Karratha • Geographically diverse fleet distribution and client base • Organic growth envisaged (30% fleet expansion anticipated by 2014) • Fleet composition evolving to new generation fleet types • Opportunity to expand maintenance support business by branching into other government/military type support contracts (Air 9000 project) • Strong tender activity, outlook is positive for oil and gas • Competitive landscape is changing, emergence of competition in oil and gas marketplace • Service delivery will be key differentiator |
![]() 53 AUSBU Outlook: Mid and Long term outlook is positive Expansion delayed in 1HFY12 Business Overview: • Annual Revenue: circa $160 million • # of LACE: 20 • LACE Rate (annualized): circa $7.3 million • Market Share: circa 65% Outlook: • Some work delayed until second half FY12; expecting strong activity in Q4 • Total market size is increasing as new projects come on line, driven by demand for gas for Asian markets • Additional new technology work confirmed with key operators Woodside and BP • Major bids for Shell, Total, Inpex and Australian military FY12 operating margin expected to be mid teens Long-term operating margins should remain in high teens |
![]() 54 Other International (OIBU) strategy is to develop new markets through geographic R&D and partnerships Consolidated in OIBU Unconsolidated Affiliate • Focused on new and emerging markets as a means to generate and ensure growth and sustainable business levels for the future • Strong focus on growth in Brazil, Trinidad, Equatorial Guinea and SE Asia • Business model and nationalistic influence often requires partnerships with local entities; this leads to focus on dry leases in some cases, and always requires skill in management of JV partners • Periods between contracts often require significant “cost carry”, and investment in start ups |
![]() 55 OIBU Outlook: Lost work in 1HFY12 replaced by emerging growth Business Overview: • Annual Revenue: circa $141 million • # of LACE: 38 • LACE Rate (annualized): $3.7 million • Multiple countries and joint ventures Outlook: • Work in Equatorial Guinea, Bangladesh, as well as increased rates in Trinidad, set to positively impact second half of FY12 • Expansion of medium and large work with Lider in Brazil • Ongoing dry lease business with Heliservicio, Mexico and MHS, Malaysia FY12 operating margin expected to be low twenties Long-term operating margins should remain in the low to mid twenties |
![]() 56 North America (NABU) strategy is to focus on key “must win” contracts • Focused on growth of deep water Gulf of Mexico high end medium & heavy business • Focused on key “must win”, Gulf of Mexico contracts • Build upon or exit Alaska • Consider sale of highly competitive, high risk, low return single engine Gulf of Mexico business • Continue to focus on cost controls and efficiencies • Look to partner where it makes sense to do so |
![]() 57 NABU Outlook: Slow but steady improvement Business Overview: • Annual Revenue: circa $180-200 million • # of LACE: 29 • LACE Rate (annualized): $6.3 million • Market Share: 28% Outlook: • FY12 GoM and Alaska drilling permits continue to be issued but at a slow rate with Large aircraft demand slowly increasing • Well positioned to benefit from accelerated return of activity • Two new S-92s to arrive GoM in Q3/Q4 for multi-year contracted work • Expect more exploration and development drilling to accelerate in FY13 with large contracts coming up for renewal FY12 operating margin expected to be singles digits Long-term operating margins should increase to low - mid teens |
![]() 58 Support and Maintenance Strategy • Prepare for moving out of legacy fleets Outsourcing capability ahead of the planned decline in fleet Managing internal capability and capacity, particularly in New Iberia Optimising direct and indirect staff • Consider alternative support options for new types • EC225, S-92A, AW139, TM, GE Exiting Power-by-the-Hour (PbH) on a case-by-case basis Hybrid PbH or changes to traditional Repair and Overhaul (R&O) Competitive outsourcing of R&O and other support functions • Maximising consignment inventory where appropriate |
![]() 59 Year to date performance • Has been disappointing! • Total flight hours more or less as anticipated but with shortfalls in NABU and AUSBU • Results impacted by: • Higher general and salary inflation • Failure to recover all of that inflation from contract escalation clauses • Project delays, especially in OIBU and AUSBU (personnel carry costs and aircraft utilization issues) • Unprecedented number of aircraft movements (9) and country start ups in OIBU (actual $ cost, plus management time, focus and $) • A large number of somewhat extraordinary items and costs – most of which could not have been anticipated and will not recur in H2FY12 |
![]() 60 Year to date performance: Extraordinary items and costs New type aircraft training costs from prior year $1.1M Norwegian pension actuarial change $2.1M (ongoing) Norwegian Engineers work to rule salary costs $1.5M Lost business resulting from work to rule $1.5M Back dated pay review Engineers Norway $0.7M GAAP change to vacation liability Norway $1.3M (upfront cost) Change from ops to finance leases Norway $1.6M (ongoing) S-92 hard landing Scatsta $0.9M Closure of the Creole base/write down of facility $2.7M FX impact on Lider embedded derivative $3.9M ($6.6m Q2) Extraordinary aircraft damage/insurance claims $0.9M Loss of Libya work and associated costs $0.7M Pilot/Engineer recruitment costs Nigeria (Caverton) $2.5M Total YTD $21.4M Plus OIBU extraordinary fleet movement (largely Q2) and carry costs between work |
![]() 61 Year to date performance: What are we doing about it? • Global cost reduction initiative implemented for remainder of FY12 • Cost efficiencies being sought in UK and New Iberia through Human Resources shared services • Already exploiting additional work in AUSBU and OIBU (commenced after September 30) • Strengthening management team in Norway • Switching Finance Managers in Europe • Reducing overhead in AUSBU by $500,000 (office and management) • Implementing different management support model in OIBU (done) and consolidating the entire team in Redhill, U.K. (next summer) |
![]() 62 Summary: Operations • Ongoing focus on Safety as we continue to strive for Target Zero • The first half of the year has been negatively impacted by several factors, most of which will not recur in the second half of the year • With those issues largely behind us and market share gains/increased activity already in place, and/or scheduled for the second half of the year, operational performance will improve in Q3 and especially Q4 (and beyond) • New medium and heavy aircraft will be introduced into the fleet strategically to leverage existing infrastructure and maximize returns • Client Promise and a tightness in certain fleets (especially the heavies), will lead to higher prices for quality services • We will look to innovate in the areas of maintenance, inventory, and supply chain if business improvement opportunities warrant it |
![]() 63 Understanding our unique investment thesis Jonathan Baliff, SVP and CFO |
![]() 64 Bristow’s new unique investment thesis and commitment to our shareholders for the next 5 years Internal Strategy Temple: FY 2012 - 2016 Our New Balanced and Unique Investment Thesis Prudent Balance Sheet Management Growth Capital Return External Commitment: FY 2012 - 2016 |
![]() 65 Growth: Understanding LACE |
![]() 66 Growth: introduction to LACE and the LACE rate to describe revenue growth and productivity • Large Aircraft Equivalent (LACE) • “LACE” normalizes revenue and is functionally similar to BOE in the E&P business • “LACE” combines Large, Medium and Small aircraft into a simple and similar form of revenue producing asset • “LACE Rate”, Revenue/LACE, will become the “Day Rate” equivalent for our business LACE Math 100% per # of Large Aircraft +50% per # of Medium Aircraft +25% per # of Small Aircraft = Total # of LACE Aircraft x LACE Rate (Revenue/LACE) = Revenue |
![]() 67 LACE and LACE Rate: historical trends demonstrate Bristow growth LACE and LACE Rate excludes Bristow Academy, affiliate aircraft, aircraft held for sale, aircraft construction in progress, and reimbursable revenue *LACE calculated for end of year LACE Rate (Annual) (in millions) $4.92 $5.72 $6.14 $6.49 $7.15 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 FY07 FY08 FY09 FY10 FY11 323 324 295 290 279 156 161 164 159 153 0 50 100 150 200 250 300 350 FY07 FY08 FY09 FY10 FY11 Consolidated commercial aircraft Large Aircraft Equivalent (LACE*) |
![]() 68 LACE simplifies fleet description across regions and time periods EBU WASBU AUSBU OIBU NABU TOTAL FY07* 37 19 12 35 48 156 FY08 43 20 17 32 49 161 FY09 46 23 22 34 40 164 FY10 42 25 22 35 36 159 FY11 45 22 19 37 31 153 Sept 30, 2011 46 22 20 38 29 155 30% 14% 13% 24% 19% 100% * Centralized Operations Business Unit had six aircraft in FY07 LACE The FY07 to FY11 LACE decline is due to the fleet renewal program’s impacts; FY12 shows LACE growing for the first time in 3 years |
![]() ![]() ![]() ![]() ![]() 69 0 2 4 6 8 10 12 FY07 FY08 FY09 FY10 FY11 The general upward LACE Rate trend confirms higher productivity for newer technology aircraft WASBU EBU AUSBU NABU OIBU* LACE Rate by business unit (annual) (in $ millions) ($ millions) EBU WASBU AUSBU OIBU NABU TOTAL FY07 $6.36 $6.45 $5.79 $2.83 $4.65 $4.92 FY08 $6.75 $7.88 $5.52 $3.89 $4.75 $5.72 FY09 $6.95 $8.08 $4.97 $4.30 $6.02 $6.14 FY10 $8.87 $8.34 $5.67 $3.84 $5.23 $6.49 FY11 $8.63 $9.99 $7.92 $3.92 $6.16 $7.15 *As of September 30, 2011 16 LACE aircraft in OIBU were dry leased. |
![]() 70 Capital allocation and cash flow generation: Understanding BVA |
![]() Creating cash thesis: BVA simplified 71 |
![]() Introducing Bristow Value Added (BVA) Treat capital like any other cost • BVA is the key measure to define financial success • BVA is robust enough to captures all trade-offs: Revenue After Tax Margins Asset Intensity Reinvestment Rate Bristow Value Added = Gross Cash Flow – (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5% ) Bristow Value Added calculation for FY2011 $(10.1) = $257 - ( $2,543* X 10.5% ) Differentiation Sustainability Risk * Represents the average gross operating assets for FY2011 72 |
![]() 73 Improvement in BVA year-over-year is proven to drive share price appreciation • Cash flow based and consistent with discount cash flow valuation • Enterprise Value (EV) equals Assets + PV(BVA) • PV(BVA) estimated as simply capitalized BVA • Explanation of valuation is strong in the capital markets Based on largest 1000 US Non-Financial Companies, January 2011 |
![]() BVA calculation: Gross Cash Flow (GCF) is analogous to after tax EBITDA • Gross Cash Flow (GCF) is similar to after tax EBITDA. Empirical research demonstrates that Gross Cash Flow (rather than accounting profit measures such as operating income or earnings) better relate to how investor’s value companies over time. • The use of GCF, rather than an income measure, ensures BVA is a cash based measure. • GCF is designed to be consistent with our definition of Gross Operating Assets and the capital charge. “Adjustments” to GCF: • Plus: Rent (Add Back to Reverse the Charge) • Less: Taxes • Plus (Less): Strategic Equity Investments “Exclusions” from GCF: • D&A • Interest Expense (Income) • Gain/Loss on Sale of Assets • Equity Earnings 74 |
![]() BVA calculation: Gross Operating Assets (GOA) is aligned with GCF • Gross Operating Assets (GOA) is a measure of the tangible resources deployed into the business • They are the assets which contribute to Bristow’s GCF generation and ongoing operations. “Adjustments” to GOA • Gross Book Value PP&E • Capitalized Operating Leases • Strategic Equity Investments • Gains/Losses on Sale of Aircraft “Exclusions” from GOA • Cash • Goodwill and Intangibles • Equity Investments 75 |
![]() BVA calculation: Our current capital charge is 10.5% • Core concept: investors require a minimum rate of return on their investment in Bristow • Bristow’s Capital charge relates but is higher than this minimum rate of return so for purposes of calculating BVA, the current Capital Charge has been designated at 10.5% • By fixing the Capital Charge, operating managers can “focus” on the operational levers available to improve BVA without worrying about shifts in the capital markets • The Capital Charge sets a baseline, but what really matters is the CHANGE in BVA year-on year, as some regions earn higher than this 10.5% 76 |
![]() BVA implementation at Bristow has taken a Five Step Process and has been ongoing for 7 months 1 Define BVA Performance Drivers 2 Integrate BVA into Business Management 3 Capital Advisory Review Board 4 Implement BVA Incentives 5 Conduct Practical BVA Training Comprehensive Understandable Objective Considerations: - Asset Values - Leases - Investments - Taxes Required Return Business plans Budgets Forecasts Capex Pricing M&A Diagnostic tools Team of BVA experts to help reverse rising asset intensity BVA cash on cash analytics: - Region - Customer - A/C Class Improvements via capital deployment, asset sales and inventory control Emphasize BVA Continuous Improvement Considerations: - BVA Goals - Sensitivity - BU vs Corp - Other Factors - etc. Practical, case based training on how BVA should affect decisions Three Rounds: - Introduce BVA - BVA Roll Out with Incentives - BVA Lessons Learned (6-9 months later) 77 |
![]() Example: BVA is “Beyond ROCE” • Capital deployment timing is critical to long term value creation and is ignored in ROCE: Sales Margin Cash Flow Capital % ROCE Cash Flow 10% Capital Charge BVA $2500 10% $250 $1,000 25% $250 $(100) $150 Analysis simplified for illustration purposes “THE PAST” evaluation of a new $2000 investment Evaluation Using BVA $2000 5% $100 $500 20% $100 $(50) $50 $4500 7.8% $350 $1,500 23.3% $350 $(150) $200 Today New Combined 78 |
![]() Prudent balance sheet management: Understanding our new financing strategy 79 |
![]() Bristow needs to combine capital efficiency with our historic commitment to capital prudency FY11 select financial metrics • Bristow is well capitalized, but is not currently creating adequate value because our returns on capital do not exceed the 10.5% capital charge Adjusted Debt / Adjusted Total Capital 35.8% EBITDAR / (Interest + Rent) 3.0x Bristow Value Added (BVA) $(10.1) Adjusted EPS $3.07 • Incremental leverage and operating leases are a way to help operations earn more positive BVA and increase competitiveness 80 |
![]() 81 Capital efficiency and prudent balance sheet management: Where we want to go • Reduce construction in progress (CIP*) • Use more operating leases for aircraft • Faster sale of unprofitable aircraft and redeployment of cash balances • Increased BVA by committing less capital for same cash flow generated • Increased competitiveness as capital efficiency reduces our cost structure * CIP (Construction in Progress) payments made to aircraft manufacturers before aircraft is delivered. Methods for change Expected outcomes |
![]() 82 Capital efficiency and prudent balance sheet management: How we get there Liquidity Capital Return Capex vs Leases • Minimum total liquidity of $200M • 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 Capital Structure • Leases used for initially no more than 20-30% of total Bristow LACE • Adjusted Debt/Capital Ratio less than 45% |
![]() 83 Operating leases reduce capital commitment, create optionality, and increase competitiveness • Basic lease terms are more value added than in the past • Pre-delivery payments to be made by lessor to reduce CIP • End of lease term options – renewal options, purchase or return • Lease rental cost compares very favorably to our WACC given Bristow under-exposure to market • Rule of Thumb: lease capital commitment and imputed debt amount is about half of a total A/C purchase price |
![]() 84 Capital efficiency and prudent balance sheet management: Capital return perspectives Share Repurchase Regular Dividend • Signals management confidence in future business stability and cash generation • Cash flow generation allows for 10-15% annual increase in dividends • Payout ratio and dividend coverage to be monitored as part of increases • Signals management confidence in value of business • Value is key to decision with net book value being one goal post |
![]() 85 Bristow will be a unique, balanced investment The “Growth Price Signal” is provided by the commercial markets and outlook for ANNUAL EPS Growth Cash Flow Yield = OCF + A/C sales – Depreciation Market Capitalization FY07 – FY11 EPS Growth We will aim to provide a balanced return, but some years we will “hit the gas” depending on price signals The “Capital Return Price Signal” is provided by the financial markets and our current free cash flow yield Today this equals 4.5 % 7.1 % = FY12 EPS Guidance: $3.05 - $3.30 |
![]() 86 Operating leases Operating leases Putting it all together for FY12-16: Over $700 million available for further growth and capital return 116 735 1,378 103 1,121 238 497 FY11 balance Operating cash flow Asset sales Aircraft purchases Other capex Maintain optimal capital structure Available for dividend/growth/other capital return |
![]() 87 Moving forward Bill Chiles, President and CEO |
![]() 88 Today’s key takeaways • Secular growth opportunities that were identified for the next five years underpin Bristow’s value creation • Client Promise will enhance Bristow’s premier brand and drive value creation • Disciplined capital allocation through BVA and prudent balance sheet management will provide Bristow’s firm foundation for this growth and value creation • Bristow will balance growth and capital return to create a unique investment vehicle in the oil services sector |
![]() 89 Appendix |
![]() 90 Aircraft Fleet – Medium and Large As of September 30, 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 - Bell 214ST 18 Twin Turbine - - - - EC225 25 Twin Turbine 18 - 18 2 Mil MI 8 20 Twin Turbine 7 - 7 - Sikorsky S-61 18 Twin Turbine 2 - 2 - Sikorsky S-92 19 Twin Turbine 25 2 27 8 82 2 84 10 LACE 76 Medium Helicopters AW139 12 Twin Turbine 7 5 12 - Bell 212 12 Twin Turbine 3 22 25 - Bell 412 13 Twin Turbine 36 35 71 - EC155 13 Twin Turbine 4 - 4 - Sikorsky S-76 A/A++ 12 Twin Turbine 20 6 26 - Sikorsky S-76 C/C++ 12 Twin Turbine 54 28 82 - 124 96 220 - LACE 57 |
![]() 91 Training Helicopters AS355 4 Twin Turbine 2 - 2 - Bell 206B 6 Single Engine 8 - 8 - Robinson R22 2 Piston 11 - 11 - Robinson R44 2 Piston 2 - 2 - Sikorsky 300CB/Cbi 2 Piston 46 - 46 - AS350BB 4 Turbine - 36 36 - Fixed Wing 1 - 1 - 70 36 106 - - Fixed Wing 3 38 41 - Total 366 186 552 10 TOTAL LACE (Large Aircraft Equivalent)* 154 10 Aircraft Fleet – Small, Training and Fixed As of September 30, 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 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Small Helicopters Bell 206B 4 Turbine 2 2 4 - Bell 206 L-3 6 Turbine 4 6 10 - Bell 206 L-4 6 Turbine 30 1 31 - Bell 407 6 Turbine 41 - 41 - BK 117 7 Twin Turbine 2 - 2 - BO-105 4 Twin Turbine 2 - 2 - EC135 7 Twin Turbine 6 3 9 - Agusta 109 8 Twin Turbine - 2 2 - 87 14 101 - LACE 21 |
![]() 92 Consolidated Fleet Changes and Aircraft Sales for Q2 FY12 Q 1 FY12 Q 2 FY12 YTD Fleet Count Beginning Period 373 372 373 Delivered EC225 2 2 4 S-92 1 1 Total Delivered 2 3 5 Removed Sales (3) (5) (8) Other* (4) (4) Total Removed (3) (9) (12) 372 366 366 * Includes net lease returns and commencements # of A/C Sold Cash Received* Gain/ Loss* Q1 FY 12 3 2,478 1,525 Q2 FY 12 5 13,152 3,004 Totals 8 15,630 4,529 * Amounts stated in thousands Aircraft held for sale by BU EBU WASBU AUSBU OIBU NABU Total Large 3 - 3 - - 6 Medium 2 1 4 2 2 11 Small - 2 - - - 2 Total 5 3 7 2 2 19 |
![]() 93 # Helicopter Class Delivery Date Location Contracted # Helicopter Class Delivery Date Location 2 Large December 2011 NABU 2 of 2 2 Medium December 2012 EBU 1 Large December 2011 EBU 1 of 1 3 Large December 2012 EBU 1 Large March 2012 EBU 1 of 1 2 Medium June 2013 EBU 2 Large June 2012 EBU 2 of 2 1 Large September 2013 AUSBU 4 Large September 2012 EBU 1 Medium December 2013 OIBU 6 of 10 4 Large December 2013 EBU 1 Large December 2013 OIBU 1 Medium March 2014 OIBU 1 Large March 2014 OIBU 2 Medium June 2014 OIBU 1 Large June 2014 EBU 1 Medium September 2014 OIBU 1 Medium September 2014 AUSBU 1 Large September 2014 AUSBU 2 Medium December 2014 AUSBU 1 Large December 2014 AUSBU 1 Large March 2015 AUSBU 1 Large June 2015 AUSBU 1 Large September 2015 EBU 1 Large December 2015 EBU 1 Large March 2016 OIBU 1 Large June 2016 EBU 1 Large September 2016 OIBU 1 Large December 2016 EBU 1 Large March 2017 OIBU 1 Large June 2017 EBU 1 Large September 2017 OIBU 1 Large December 2017 OIBU 37 ORDER BOOK OPTIONS BOOK Order and options book as of September 30, 2011 Our order and options book reflects future contracted and line-of-sight work for the next five years with 10 large aircraft ordered and 25 large and 12 medium aircraft on option. * Subsequent to September 30, 2011, we entered into agreements to purchase or lease 8 new technology large aircraft for approximately $144 million that are not reflected in the table above. Fair market value of our fleet is ~$1.9 billion as of September 30, 2011. |
![]() 94 Gross Cash Flow Presentation (in millions) Gross Cash Flow Reconciliation FY2007 FY2008 FY2009 FY2010 FY2011 Net Income 74 104 123 112 132 Depreciation and Amortization 43 54 66 75 91 Interest Expense 11 24 35 42 46 Interest Income (9) (13) (6) (1) (1) Rent 19 23 21 18 29 Other Income/expense-net 9 (2) (3) (3) 4 Earnings of Discontinued Operations 0 4 0 0 0 Gain/loss on Asset Sale (11) (9) (45) (19) (10) Tax Effect from Special Items 2 2 10 4 (15) Earnings (losses) from Unconsolidated Affiliates, Net (11) (13) (13) (12) (20) Non-controlling Interests 1 (0) 2 1 1 Gross Cash Flow $128 $174 $189 $218 $257 |
![]() 95 Gross Operating Asset Presentation (in millions) Adjusted Gross Operating Assets Reconciliation FY2007 FY2008 FY2009 FY2010 FY2011 Total Assets 1,506 1,977 2,335 2,495 2,663 Accumulated Depreciation 300 317 351 404 446 Capitalized Operating Leases 61 63 90 97 132 Cash and Cash Equivalents (184) (290) (301) (78) (116) Assets from Discontinued Operations (26) 0 0 0 0 Investment in Unconsolidated Entities (47) (52) (20) (205) (209) Goodwill (7) (16) (45) (32) (32) Prepaid Pension Cost 0 0 0 0 0 Intangibles (3) (3) (10) (9) (7) Assets Held for Sale: Net (8) (6) (4) (17) (32) Assets Held for Sale: Gross 13 11 11 39 71 Accounts Payable (40) (50) (45) (49) (57) Accrued Maintenance and Repairs (12) (13) (10) (11) (16) Other Accrued Taxes (9) (2) (3) (3) (4) Accrued Wages, Benefits and Related Taxes (36) (36) (40) (36) (35) Other Accrued Liabilities (17) (22) (20) (15) (20) Income Taxes Payable (3) (6) 0 (2) (3) Deferred Revenue (16) (15) (18) (19) (10) ST Deferred Taxes (18) (9) (6) (10) (12) LT Deferred Taxes (76) (92) (120) (143) (148) Adjusted Gross Operating Assets before Lider $1,376 $1,757 $2,144 $2,408 $2,611 |
![]() 96 Operating margin trend 2008 2009 As Reported Full Year Full Year Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 EBU 23.6% 19.3% 17.2% 16.7% 16.1% 18.1% 17.0% 18.0% 18.4% 19.6% 18.8% 18.8% 17.3% 16.8% WASBU 17.9% 21.5% 24.9% 29.3% 25.4% 34.7% 28.5% 26.5% 29.5% 29.8% 24.0% 27.4% 20.6% 25.2% NABU 14.5% 12.1% 8.9% 9.7% 3.3% 2.2% 6.1% 10.1% 16.1% 4.2% -4.0% 7.5% 3.6% 5.3% AUSBU 17.2% 5.9% 20.1% 23.1% 24.5% 24.5% 23.2% 22.5% 16.3% 17.2% 17.4% 18.2% 10.0% 1.7% OIBU 17.3% 27.0% 21.8% 35.1% 15.5% 1.8% 19.2% 6.9% 30.6% 27.7% 45.8% 28.4% 33.6% 5.8% Consolidated 16.0% 17.8% 15.4% 18.4% 13.1% 15.2% 15.5% 13.6% 17.1% 14.7% 16.1% 15.4% 11.3% 2.9% New methodology (operating income/operating revenue) 2008 2009 Revised * Full Year Full Year Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 EBU 29.2% 24.3% 20.9% 20.5% 19.8% 22.4% 20.8% 21.4% 22.1% 25.4% 23.6% 23.6% 21.5% 20.7% WASBU 19.4% 22.8% 26.8% 30.0% 27.3% 35.7% 29.9% 27.1% 30.5% 30.4% 26.1% 28.6% 21.5% 26.4% NABU 14.5% 12.2% 8.9% 9.7% 3.3% 2.2% 6.2% 10.2% 16.4% 4.2% -4.0% 7.6% 3.6% 11.0% AUSBU 17.9% 6.3% 21.0% 24.5% 25.5% 25.6% 24.3% 23.6% 17.8% 18.8% 19.1% 19.8% 11.1% 1.9% OIBU 17.4% 27.3% 21.9% 35.9% 15.3% 1.9% 19.4% 6.9% 30.9% 28.2% 47.1% 28.8% 34.5% 5.9% Consolidated ** 16.4% 14.7% 15.9% 17.4% 14.2% 13.9% 15.3% 14.0% 18.0% 15.3% 18.3% 16.4% 12.2% 13.0% * - All amounts revised to exclude reimbursable revenue from denominator. ** - Revised to exclude aircraft sales from numerator. 2012 2010 2011 2012 2010 2011 |
![]() 97 EBIDTAR reconciliation ($ in millions) 2000 2001 2002 2003 2004 Income from continuing operations $8.8 $27.9 $42.5 $40.3 $49.6 Income tax expense 3.8 13.3 19.1 17.5 18.5 Interest expense 18.5 18.4 15.8 14.9 16.8 Depreciation and amortization 32.0 33.1 33.9 37.5 39.4 EBITDA Subtotal 63.1 92.7 111.4 110.2 124.3 Aircraft rental expense – – – – – EBITDAR $63.1 $92.7 $111.4 $110.2 $124.3 ($ in millions) 2005 2006 2007 2008 2009 Income from continuing operations $49.2 $54.5 $72.5 $107.7 $125.5 Income tax expense $20.4 $14.7 $38.8 $44.5 $50.5 Interest expense $15.7 $14.7 $10.9 $23.8 $35.1 Gain on disposal of assets ($0.1) ($10.6) ($9.4) ($9.1) Depreciation and amortization 40.5 42.1 42.5 54.1 65.5 EBITDA Subtotal 125.8 125.8 154.1 220.7 267.6 Aircraft rental expense – 2.1 6.3 6.3 8.2 EBITDAR $125.8 $127.9 $160.4 $227.0 $275.8 March 31, March 31, |
![]() 98 EBIDTAR reconciliation (continued) ($ 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 EBITDA Subtotal 240.9 267.3 Aircraft rental expense 9.1 5.9 EBITDAR $250.1 $273.2 ($ in millions) YTD FY11 YTD FY12 TTM as of 9/30/2010 9/30/2011 9/30/2011 Income from continuing operations $59.8 $24.2 $97.7 Income tax expense 11.9 4.7 (0.1) Interest expense 22.5 18.4 42.1 Gain on disposal of assets (3.6) 0.2 (6.4) Depreciation and amortization 40.3 48.1 98.7 EBITDA Subtotal 130.8 95.6 232.1 Aircraft rental expense 3.0 2.8 5.8 EBITDAR $133.7 $98.4 $237.9 March 31, |
![]() 99 GAAP reconciliation |
![]() 100 Bristow Group Inc. (NYSE: BRS) 2000 West Sam Houston Parkway South Suite 1700, Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com Contact Us |