 First Quarter FY14 Earnings Presentation Bristow Group Inc. August 6, 2013 Exhibit 99.1 |
 First quarter earnings call agenda Introduction CEO remarks and operational highlights Current and future financial performance Closing remarks Questions and answers Linda McNeill, Director Investor Relations Bill Chiles, President and CEO Jonathan Baliff, SVP and CFO Bill Chiles, President and CEO 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 and adjusted earnings growth guidance, expected operating margins, cash flow stability and other financial projections; future dividends, share repurchases 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; impact of grounding and the effects thereof; 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 fluctuations in the demand for our services; fluctuations in worldwide prices of and demand for natural gas and oil; fluctuations in levels of natural gas and oil exploration and development activities; the impact of competition; actions by customers; the risk of reductions in spending on helicopter services by governmental agencies; changes in tax and other laws and regulations; changes in foreign exchange rates and controls; risks associated with international operations; operating risks inherent in our business, including the possibility of declining safety performance; general economic conditions including the capital and credit markets; our ability to obtain financing; the risk of grounding of segments of our fleet for extended periods of time or indefinitely; our ability to re-deploy our aircraft to regions with greater demand; our ability to acquire additional aircraft and dispose of older aircraft through sales into the aftermarket; the possibility that we do not achieve the anticipated benefit of our fleet investment program; availability of employees; political instability, war or acts of terrorism in any of the countries where we operate; and 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, 2013 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. 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 |
 Chief Executive Officer comments Bill Chiles, President and CEO 4 |
 Operational safety review * Includes consolidated commercial operations only Total Recordable Injury Rate* per 200,000 man-hours (cumulative) Lost Work Case Rate * per 200,000 man-hours (cumulative) Commercial Air Accident Rate * per 100,000 Flight Hours (Fiscal Year) 5 |
 Q1 FY14 highlights * Adjusted EPS and adjusted EBITDAR amounts exclude gains and losses on dispositions of assets and any special items during the period. See reconciliation of these items to GAAP measures in the appendix hereto and in our earnings release for the quarter ended June 30, 2013. ** Please see our earnings release for more information regarding earnings guidance • Q1 operating revenue of $359.5M (12.1% increase from Q1 FY13, 2.5% increase from Q4 FY13) • Q1 GAAP EPS of $0.74 (13.8% increase from Q1 FY13, 33.3% decrease from Q4 FY13) • Q1 adjusted EPS* of $1.00 (23.5% increase from Q1 FY13, 1% decrease from Q4 FY13) • Q1 adjusted EBITDAR* of $102.5M (21.6% increase from Q1 FY13, 0.5% decrease from Q4 FY13) • Excellent top-line performance in Q1 FY14 continues with GAAP EPS up 13.8% and adjusted EPS up 23.5% year-over-year • Adjusted EBITDAR increased 21.6% year-over-year reflecting improved pricing, increased activity, investment in Cougar and improved earnings from Lider • Total liquidity, including cash on hand and availability on our revolving credit facility, was $407 million even after the record capex spend for growth • EPS guidance for the full FY14 is reaffirmed at $4.20 - $4.50** 6 |
 • Oil demand expected to steadily increase, driven by international growth, with oil prices expected to remain above $100 per barrel through 2013 • 2014 client capital expenditures are forecast to increase by ~10%, with a major focus on development of deep-water fields in Brazil, Gulf of Mexico and West Africa • Investment in the North Sea oil and gas industry is at its highest level in over 30 years driven by efforts to replace lost production • Clients are recognizing the critical importance of safe, efficient and reliable helicopter services for their offshore operations • Five year forward demand for our services include ~ 250 opportunities totaling an estimated $16.3 billion in potential revenue Market environment outlook Source: Industry reports and sell-side research 7 |
 • Eurocopter has indicated that the definitive solution to the EC225 gear shaft failure will be a gear shaft redesign with earliest availability expected in mid- CY14 • Interim solutions are being implemented pursuant to regulatory authorities’ airworthiness approvals which include minor aircraft modifications and new maintenance/operating procedures • The current situation will continue until the necessary modifications are made and we are confident that the interim modifications will allow us to operate the EC225 safely • No client contracts have been cancelled; however, in certain instances we have agreed to reduced monthly standing charge billings for the affected aircraft • Bristow estimates that our return to revenue service for the EC225 aircraft will be in the third quarter of our fiscal year 2014 EC225 fleet update 8 |
 • Europe represented 40% of Bristow operating revenue and 38% of adjusted EBITDAR* in Q1 FY14 • Operating revenue increased to $137.2M in Q1 FY14 from $123.2M in Q1 FY13 with the addition of nine large a/c over the comparable quarter • Adjusted EBITDAR increased to $41.5M in Q1 FY14 from $39.7M in Q1 FY13 but adjusted EBITDAR margin decreased to 30.3% in Q1 FY14 from 32.2% in Q1 FY13 due to higher maintenance and salary costs Outlook: • Four GAP SAR a/c now operational from Stornoway and Sumburgh bases • On July 14, 2013, we sold our interest in the FB Entities for £74M • Introduction of new AW189 a/c to the oil and gas market in early calendar year 2014 FY14 adjusted EBITDAR margin expected to be ~ mid thirties Europe (EBU) * Operating revenue and adjusted EBITDAR percentages exclude corporate and other 9 |
 10 Lee-on-Solent Future bases UK SAR update Stornoway started on 7/1/2013 Sumburgh started on 6/1/2013 Humberside Caernarfon Inverness Prestwick Manston St. Athan Newquay • Four GAP SAR a/c now operational from Sumburgh and Stornoway bases • Since the GAP SAR start date we have conducted over 50 missions • Contracts signed for seven S-92s and 11 AW189 a/c to be delivered in FY15 and FY16 Outlook: • Improvement in Bristow’s anticipated cash flow stability once UK SAR is fully operational • UK SAR creates opportunities for SAR growth in other parts of the world • Awaiting tender from the UK government for Falklands SAR Operational bases |
 11 West Africa (WASBU) • Nigeria represented 22% of Bristow operating revenue and 21% of adjusted EBITDAR* in Q1 FY14 • Operating revenue increased by 14.2% to $75.8M in Q1 FY14 from $66.4M in Q1 FY13 due to increased pricing, ad hoc flying and new contracts • Adjusted EBITDAR increased to $23.7M in Q1 FY14 from $21.2M in Q1 FY13; adjusted EBITDAR margin slightly decreased to 31.3% in Q1 FY14 vs. 31.9% in Q1 FY13 due to an increase in maintenance expense Outlook: • Renewal of existing contracts with replacement of old technology a/c with new technology a/c • Continue to see strength in the ad hoc market even with new competition FY14 adjusted EBITDAR margin expected to be ~ low thirties * Operating revenue and adjusted EBITDAR percentages exclude corporate and other |
 12 • North America represented 17% of Bristow operating revenue and 15% of adjusted EBITDAR* in Q1 FY14 • Operating revenue increased 10.7% to $58.2M in Q1 FY14 from $52.6M in Q1 FY13 primarily as a result of the addition of eight aircraft dry leased to Cougar in Canada • Adjusted EBITDAR increased to $17.0M in Q1 FY14 vs. $12.2M in Q1 FY13 and adjusted EBITDAR margin increased to 29.2% vs. 23.2% in Q1 FY13 Outlook: • Cougar continues its excellent performance and is in discussions with a client to add more large a/c into the region • We continue to divest small a/c in response to clients’ changing demand toward deepwater • S-92 went on contract in June with more large a/c to follow in the coming quarters FY14 adjusted EBITDAR margin expected to be ~ low thirties North America (NABU) * Operating revenue and adjusted EBITDAR percentages exclude corporate and other Bristow operated bases Cougar operated bases |
 13 Australia (AUSBU) • Australia represented 11% of Bristow operating revenue and 6% of adjusted EBITDAR* in Q1 FY14 • Operating revenue stayed flat at $38.2M in both Q1 FY14 and Q1 FY13 • Adjusted EBITDAR decreased to $6.8M in Q1 FY14 from $10.3M in Q1 FY13 and adjusted EBITDAR margin decreased to 17.7% in Q1 FY14 from 27.0% in Q1 FY13 due to the end of short- term contracts and costs incurred with the introduction of new large a/c type Outlook: • INPEX contract to start in Q4 FY14 • Large a/c commenced on a one year contract on August 1 with improved terms; two more large a/c to commence before the calendar year end • Opportunities being discussed with new clients for work commencing in FY15 FY14 adjusted EBITDAR margin expected to be ~ low twenties * Operating revenue and adjusted EBITDAR percentages exclude corporate and other |
 14 Other International (OIBU) Other International (OIBU) • Other International represented 10% of Bristow operating revenue and 20% of adjusted EBITDAR* in Q1 FY14 • Operating revenue slightly decreased to $32.9M in Q1 FY14 vs. $33.2M in Q1 FY13 due to the end of short- term contracts in Guyana and the Baltic Sea • Adjusted EBITDAR increased 84.7% to $22.2M in Q1 FY14 vs. $12.0M in Q1 FY13 and adjusted EBITDAR margin increased to 67.4% in Q1 FY14 from 36.2% in Q1 FY13 due to increased earnings from unconsolidated affiliates, primarily Lider in Brazil * Operating revenue and adjusted EBITDAR percentages exclude corporate and other Outlook: • Contract award in Tanzania for three medium a/c to start in January 2014 for three years • Further potential contracts in East and North Africa, Trinidad and Russia • Continued excellent performance from Lider with S-92 fleet operating at full capacity with further medium and large a/c bids from Petrobras expected before year end FY14 adjusted EBITDAR margin expected to be ~ low to mid forties |
 15 Financial discussion Jonathan Baliff, SVP and CFO |
 16 Financial highlights: Adjusted EPS and EBITDAR Summary Q1 FY13 to Q1 FY14 adjusted EPS bridge Q1 FY13 to Q1 FY14 adjusted EBITDAR bridge (in millions) Note: Adjusted EPS and adjusted EBITDAR amounts exclude gains and losses on dispositions of assets and any special items during the period. See reconciliation of these items to GAAP in our earnings release for the quarter ended June 30, 2013. |
 17 LACE and LACE rate continue to increase led by new technology a/c and improved utilization/terms LACE and LACE rate are higher than the pre-financial crisis level with 173-177 LACE and $8.30-8.60 LACE rate guidance * See appendix hereto for more information on LACE and LACE Rate. LACE and LACE Rate excludes Bristow Academy, affiliate a/c, aircraft held for sale, a/c construction in progress, and reimbursable revenue. |
 18 Quarterly BVA is in line with yearly cyclicality * Bristow Value Added (BVA) is calculated by taking gross cash flow less the product of gross operating assets times a capital charge of 10.5%. Example calculation for Q1 FY14 and Q1 FY13 can be found in the appendix hereto. • Q1 FY14 BVA is positive $1.5M, coming in approx. the same as Q1 FY13 • Year-over-year change in BVA is driven by: Organic capital spend was the highest in Bristow’s history Major maintenance on 332L and costs associated with future contracts Excellent top line growth offsets some of these gross operating asset and cost increases • OIBU and WASBU are key improved performers year-over-year Absolute BVA* Q1 FY12 – Q1 FY14 |
 19 Our progress on BVA yields stronger liquidity for growth . . . Net cash provided by operating activities* * See 10-Q for more information on cash flow provided by operating activities Total liquidity |
 20 . . . and a new quarterly dividend policy based on payout ratio to provide more predictability * A – Actual; G – Guidance; FY14 dividend payout ratio is calculated based on a dividend of $0.25 per share per quarter using the mid-point of our adjusted earnings guidance. Dividends are subject to quarterly Board of Directors approval and may not meet this ratio. • Annualized quarterly dividend policy has been changed to a 20-30% of forward adjusted EPS payout ratio • This is in line with the market as a whole and provides flexibility in various economic and interest rate environments • A forward payout ratio tied to the earnings guidance reflects confidence in business growth and provides modeling predictability |
 21 LACE (Large AirCraft Equivalent) ~173 - 177 Interest expense ~ $30 - $35M LACE Rate ~ $8.30 - $8.60M Rent expense (a/c only) ~$85 - $90M G & A expense (all inclusive) ~ $155 - $165M Tax rate* ~ 21 - 24% Depreciation expense ~ $95 - $100M Adj. EPS guidance $4.20 - $4.50 Financial highlights: FY14 guidance is reaffirmed • FY14 adjusted EPS guidance range of $4.20 - $4.50, excluding special items and a/c sales. Other specific items include: * Assuming FY14 revenue earned in same regions and same mix as in FY13 Long term adjusted EPS growth of 10 - 15% combined with a 20 - 30% dividend payout policy reflects management’s commitment to deliver a more stable, growing and predictable total return for shareholders |
 22 Conclusions • Safety continues to be our #1 core value as we strive to achieve Target Zero • Clients are turning to Bristow as their provider of choice, recognizing our size, global reach, and financial and operational safety • Continued revenue growth in oil and gas comes from both industry expansion and market share gains • Excellent cash flow from core business allows Bristow to implement new dividend policy that creates an even more predictable return for shareholders |
 23 Appendix |
 24 Organizational chart - as of June 30, 2013 Business Unit (% of FY13 Operating Revenue) Corporate Region ( # of a/c / # of Locations) Joint Venture (# of a/c) Key Operated Aircraft Bristow owned and/or operated 353 aircraft as of June 30, 2013 Affiliated Aircraft Bristow affiliates and joint ventures operated 198 aircraft as of June 30, 2013 * Includes corporate and other ** On July 14, 2013, we sold our interest in the FB Entities |
 25 Aircraft Fleet – Medium and Large as of June 30, 2013 Next Generation Aircraft Medium capacity 12-16 passengers Large capacity 18-25 passengers Mature Aircraft Fair market value of our owned fleet is ~$2.0 billion and leased fleet is ~$600 million Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Large Helicopters AS332L Super Puma 18 Twin Turbine 20 - 20 - AW189 16 Twin Turbine - - - 17 EC175 16 Twin Turbine - - - 5 EC225 25 Twin Turbine 20 - 20 3 Mil MI 8 20 Twin Turbine 7 - 7 - Sikorsky S-61 18 Twin Turbine 2 - 2 - Sikorsky S-92 19 Twin Turbine 48 7 55 19 97 7 104 44 LACE 97 Medium Helicopters AW139 12 Twin Turbine 11 2 13 4 Bell 212 12 Twin Turbine - 14 14 - Bell 412 13 Twin Turbine 29 17 46 - EC155 13 Twin Turbine 1 - 1 - Sikorsky S-76A/A++ 12 Twin Turbine 5 5 10 - Sikorsky S-76C/C++ 12 Twin Turbine 51 34 85 - Sikorsky S-76D 12 Twin Turbine - - - 10 97 72 169 14 LACE 47 |
 26 Aircraft Fleet – Small, Training and Fixed as of June 30, 2013 (continued) Mature Aircraft 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 AS350BB 4 Turbine - 2 2 - Bell 206B 4 Turbine 1 2 3 - Bell 206 L Series 6 Turbine 28 7 35 - Bell 407 6 Turbine 37 - 37 - BK 117 7 Twin Turbine 2 - 2 - BO-105 4 Twin Turbine 2 - 2 - EC135 7 Twin Turbine 6 3 9 - 76 14 90 - LACE 17 Training Helicopters Agusta 109 8 Twin turbine - 2 2 - AS 350BB 4 Turbine - 36 36 - AS 355 5 Twin turbine 3 - 3 - AW 139 12 Twin turbine - 3 3 - Bell 206B 4 Single Engine 12 - 12 - Bell 212 12 Twin turbine - 8 8 - Bell 412 13 Twin turbine - 15 15 - Robinson R22 2 Piston 13 - 13 - Robinson R44 4 Piston 6 - 6 - Sikorsky 300CB/CBi 2 Piston 45 - 45 - Fixed Wing 1 - 1 - 80 64 144 - Fixed Wing 3 41 44 - Total 353 198 551 58 TOTAL LACE (Large Aircraft Equivalent)* 161 Next Generation Aircraft |
 27 Operating lease strategy: lowering the cost and amount of capital needed to grow • Of the 72 a/c currently leased in our fleet, 39 are commercial and 33 are training (30 LACE) • 30 LACE a/c represent approximately 19% of our commercial fleet • Our goal is for commercial fleet operating leases to account for approximately 20-30% of our LACE Leased aircraft as of June 30, 2013 See 10-Q Note 5 “Commitments and contingencies” for more information provided on operating leases Small Medium Large Total Leased LACE Total LACE % Leased EBU - 1 17 18 18 57 31% WASBU - 1 - 1 1 21 2% NABU 1 12 2 15 8 37 22% AUSBU 2 - 3 5 4 19 18% OIBU - - - - - 27 - Total 3 14 22 39 30 161 19% |
 28 Consolidated fleet changes and aircraft sales for Q1 FY14 See 10-Q Note 5 “Commitments and contingencies” for more information provided on operating leases Small Medium Large Total EBU - - - - WASBU - - - - NABU 7 - - 7 AUSBU - - - - OIBU 1 4 - 5 Total 8 4 - 12 Held for sale aircraft in consolidated fleet Small Medium Large Training Total EBU - 1 17 - 18 WASBU - 1 - - 1 NABU 1 12 2 - 15 AUSBU 2 - 3 - 5 OIBU - - - - - Academy - - - 33 33 Total 3 14 22 33 72 Leased aircraft in consolidated fleet # of A/C Sold Cash Received* Q1 FY14 4 1.9 $ Totals 4 1.9 $ * Amounts stated in millions Q1 FY14 Fleet Count Beginning 351 Delivered Large 3 Medium 3 Total Delivered 6 Removed Sales (4) Total Removed (4) 353 Fleet changes |
 29 Op revenue LACE LACE Rate EBU $137 57 $9.63 WASBU 76 21 14.26 NABU 58 37 6.34 AUSBU 38 19 8.04 OIBU 33 27 4.97 Total $353 161 $8.78 Operating Revenue, LACE, and LACE Rate by BU Q1 FY14 Operating revenue, LACE and LACE Rate by BU 4 1) $ in millions 2) LACE Rate is annualized 3) $ in millions per LACE 4) Includes corporate and other 1 2,3 |
   30 Historical LACE and LACE Rate by BU 1) $ in millions 2) LACE Rate is annualized 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EBU 42 43 48 46 44 46 46 45 47 45 51 55 57 WASBU 24 24 21 22 23 22 22 22 22 22 20 21 21 NABU 39 35 34 29 30 29 30 30 30 31 39 37 37 AUSBU 20 23 24 20 19 20 20 19 18 17 17 19 19 OIBU 33 33 33 38 39 38 38 34 32 28 27 27 27 Consolidated 157 158 159 154 154 154 155 149 147 142 154 158 161 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EBU $8.20 $8.50 $7.90 $8.40 $9.80 $9.60 $9.63 $10.09 $10.60 $11.03 $9.74 $9.13 $9.63 WASBU 9.70 9.40 10.70 9.90 9.10 10.30 11.17 11.46 12.35 12.24 13.71 13.28 14.26 NABU 5.40 6.10 6.00 6.60 5.80 6.30 5.89 5.79 7.05 7.11 5.84 6.12 6.34 AUSBU 6.80 6.00 6.00 7.50 8.60 7.10 6.96 7.78 8.48 9.29 9.55 8.58 8.04 OIBU 3.90 4.10 4.40 3.90 3.50 3.70 3.78 4.22 4.22 4.62 4.76 4.94 4.97 Consolidated 6.70 6.90 6.90 7.10 7.30 7.40 7.43 7.89 8.55 8.95 8.49 8.35 8.78 LACE 2011 2012 2011 2012 LACE Rate 1,2 2013 2013 |
  31 Order and options book as of July 11, 2013 # Helicopter Class Delivery Date 1 Medium March 2014 1 Large June 2014 1 Medium June 2014 1 Large September 2014 1 Medium September 2014 3 Large December 2014 4 Medium December 2014 4 Large March 2015 2 Medium March 2015 3 Large June 2015 3 Medium June 2015 3 Large September 2015 2 Medium September 2015 3 Large December 2015 2 Medium December 2015 3 Large March 2016 2 Medium March 2016 4 Large June 2016 2 Medium June 2016 4 Large September 2016 1 Medium September 2016 4 Large December 2016 1 Medium December 2016 3 Large March 2017 1 Medium March 2017 3 Large June 2017 1 Medium June 2017 3 Large September 2017 1 Medium September 2017 2 Large December 2017 1 Medium December 2017 70 OPTIONS BOOK # Helicopter Class Delivery Date Location Contracted 1 Large September 2013 WASBU 1 of 1 1 Large September 2013 EBU 1 of 1 4 Medium September 2013 NABU 1 of 4 2 Medium September 2013 OIBU 2 of 2 1 Medium December 2013 IBU 1 of 1 1 Medium December 2013 NABU 4 Large December 2013 EBU 2 of 4 1 Large December 2013 AUSBU 1 of 1 1 Medium March 2014 WASBU 2 Large March 2014 OIBU 1 Large March 2014 NABU 1 of 1 2 Medium June 2014 WASBU 2 Large June 2014 EBU 2 Medium September 2014 OIBU 1 Medium September 2014 WASBU 2 Large September 2014 EBU 2 of 2 1 Large September 2014 AUSBU 1 of 1 1 Large September 2014 WASBU 1 Large December 2014 WASBU 1 Large March 2015 EBU 2 Large June 2015 NABU 1 Large June 2015 EBU 1 Large September 2015 NABU 2 Large December 2015 NABU 1 Large March 2016 EBU 1 Large June 2016 EBU 40 13 of 40 ORDER BOOK* * 22 large a/c on order and 13 a/c on option are subject to the successful development and certification of the aircraft |
 32 Order and options book as of July 11, 2013 (continued) # Helicopter Class Delivery Date Location Contracted 2 Large June 2014 EBU 2 of 2 4 Large December 2014 EBU 4 of 4 4 Large March 2015 EBU 4 of 4 2 Large June 2015 EBU 2 of 2 4 Large September 2015 EBU 4 of 4 2 Large December 2015 EBU 2 of 2 18 18 of 18 SAR CONFIGURED ORDER BOOK* * On July 11, 2013, we ordered 11 AW189, which are reflected in this table |
 33 Adjusted EBITDAR margin* trend Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year EBU 29.8% 31.5% 34.6% 34.4% 32.7% 33.0% 31.4% 30.7% 36.1% 32.9% WASBU 33.7% 36.9% 35.8% 34.3% 35.2% 29.5% 35.5% 37.2% 36.6% 35.0% NABU 20.8% 25.8% 15.9% 8.5% 18.5% 14.3% 20.6% 14.8% 19.4% 17.3% AUSBU 33.2% 26.1% 27.0% 31.1% 29.3% 20.2% 14.4% 23.5% 35.6% 24.3% OIBU 18.3% 40.2% 37.4% 59.4% 39.3% 48.1% 19.1% 47.8% 42.9% 39.5% Consolidated 23.8% 27.5% 25.9% 29.6% 26.7% 23.4% 24.0% 27.6% 31.2% 26.6% 2014 Q1 Q2 Q3 Q4 Full Year Q1 EBU 32.2% 34.6% 39.5% 38.3% 36.2% 30.3% WASBU 31.9% 26.5% 35.0% 31.8% 31.5% 31.3% NABU 23.2% 20.7% 29.1% 29.5% 25.7% 29.2% AUSBU 27.0% 28.0% 27.3% 26.0% 27.1% 17.7% OIBU 36.2% 44.2% 55.7% 51.6% 46.6% 67.4% Consolidated 26.3% 26.1% 31.5% 29.4% 28.3% 28.5% 2011 2013 2012 * Adjusted EBITDAR excludes special items and asset dispositions and margin is calculated by taking adjusted EBITDAR divided by operating revenue |
 34 Adjusted EBITDAR* reconciliation * Adjusted EBITDAR excludes special items and asset dispositions ($ in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Net income $20.9 $38.8 $42.3 $31.2 $133.3 $21.2 $3.0 $26.5 $14.6 $65.2 Income tax expense 8.5 3.3 -11.8 7.1 7.1 6.6 -1.9 7.1 2.4 14.2 Interest expense 11.1 11.5 13.8 9.9 46.2 9.0 9.5 9.8 10.0 38.1 Gain on disposal of assets -1.7 -1.9 0.0 -5.1 -8.7 -1.4 1.6 2.9 28.6 31.7 Depreciation and amortization 19.3 21.0 21.3 27.7 89.4 22.7 25.4 22.7 25.3 96.1 Special items 0.0 0.0 -1.2 2.4 1.2 0.0 24.6 0.0 3.4 28.1 Adjusted EBITDA Subtotal 58.1 72.7 64.4 73.3 268.5 58.1 62.1 68.9 84.3 273.4 Rental expense 6.6 6.1 8.7 7.7 29.2 9.0 9.1 12.8 15.1 46.0 Adjusted EBITDAR $64.7 $78.8 $73.1 $81.1 $297.7 $67.0 $71.2 $81.8 $99.5 $319.5 3/31/2014 ($ in millions) Q1 Q2 Q3 Q4 Full Year Q1 Net income $24.2 $30.4 $36.7 $40.4 $131.7 $26.9 Income tax expense 6.2 8.3 7.8 12.7 35.0 7.6 Interest expense 8.8 8.6 14.7 10.3 42.4 20.4 Gain on disposal of assets 5.3 1.3 -7.4 -7.2 -8.1 1.7 Depreciation and amortization 21.4 23.3 24.9 26.7 96.3 22.8 Special items 2.2 -2.8 14.9 1.9 16.2 0.0 Adjusted EBITDA Subtotal 68.0 69.2 91.6 84.8 313.5 79.4 Rental expense 16.3 15.3 17.6 18.3 67.4 23.1 Adjusted EBITDAR $84.3 $84.5 $109.2 $103.0 $381.0 $102.5 Fiscal year ended, 3/31/2011 3/31/2012 3/31/2013 Fiscal year ended, |
 35 Bristow Value Added (BVA) Sample calculation for Q1 FY14 and Q1 FY13 Bristow Value Added = Gross Cash Flow – (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q1 FY14 $1.5 = $90.6* - ( $3,394* X 2.625%**) Bristow Value Added calculation for Q1 FY13 $1.9 = $80.0* - ( $2,976* X 2.625%**) * Reconciliation for these items follows right after this slide ** Quarterly capital charge of 2.625% is based on annual capital charge of 10.5% |
 36 Gross cash flow reconciliation (in millions) Gross Cash Flow Reconciliation Q1 FY13 Q1 FY14 Net Income $23.7 $26.9 Depreciation and Amortization 21.4 22.8 Interest Expense 8.8 20.4 Interest Income (0.1) (0.1) Rent 16.3 23.1 Other Income/expense-net 0.9 1.4 Earnings of Discontinued Operations - - Gain/loss on Asset Sale 5.3 1.7 Special Items 2.2 - Tax Effect from Special Items (1.6) (3.2) Earnings (losses) from Unconsolidated Affiliates, Net (2.0) (14.0) Non-controlling Interests 0.5 0.0 Gross Cash Flow (before Lider) 75.3 79.0 Gross Cash Flow -Lider proportional 4.7 11.6 Gross Cash Flow after Lider $80.0 $90.6 |
 37 Adjusted gross operating assets reconciliation (in millions) Adjusted Gross Operating Assets Reconciliation Q1 FY13 Q1 FY14 Total Assets $2,740 $3,058 Accumulated Depreciation 468 507 Capitalized Operating Leases 194 315 Cash and Cash Equivalents (227) (160) Investment in Unconsolidated Entities (201) (277) Goodwill (29) (29) Intangibles (4) (3) Assets Held for Sale: Net (18) (14) Assets Held for Sale: Gross 86 33 Adj. for gains & losses on assets sales 116 84 Accounts Payable (58) (73) Accrued Maintenance and Repairs (16) (16) Other Accrued Taxes (7) (8) Accrued Wages, Benefits and Related Taxes (43) (48) Other Accrued Liabilities (27) (20) Income Taxes Payable (10) (7) Deferred Revenue (13) (24) ST Deferred Taxes (15) (4) LT Deferred Taxes (142) (160) Adjusted Gross Operating Assets before Lider $2,794 $3,156 Adjusted Gross Operating Assets-Lider proportional 182 237 Adjusted Gross Operating Assets after Lider $2,976 $3,394 |
 38 GAAP reconciliation (i) See information about special items in 10-Q or earnings release for Q1 FY14 (ii) These amounts are presented after applying the appropriate tax effect to each item and dividing by the weighted average shares outstanding during the related period to calculate the earnings per share impact |
 39 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 June 30, 2013 889.8 $ 1,627.9 $ 2,517.7 $ 35.3% Adjust for: Unfunded Pension Liability 121.5 121.5 NPV of Lease Obligations 315.7 315.7 Letters of credit 2.5 2.5 Adjusted 1,329.5 $ (d) 1,627.9 $ 2,957.4 $ 45.0% Calculation of debt to adjusted EBITDAR multiple TTM Adjusted EBITDAR*: FY 2014 399.2 $ (e) = (d) / (e) 3.33:1 |
 40 Bristow net asset FMV including UK SAR aircraft are expected to remain resilient and higher than current net asset FMV/share |
 41 Bristow Group Inc. (NYSE: BRS) 2103 City West Blvd., 4 Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com Contact Us th |