 May
21, 2015 Fourth quarter FY15 earnings presentation
Bristow Group Inc.
Exhibit 99.1 |
| May
21, 2015 Fourth quarter FY15 earnings presentation
Bristow Group Inc.
Exhibit 99.1 |
 2
Fourth quarter FY15 earnings call agenda
Introduction
CEO remarks and safety review
Operational highlights
Current and future financial performance
Closing remarks
Questions and answers
Linda McNeill, Director Investor Relations
Jonathan Baliff, President and CEO
Jeremy Akel, SVP and COO
John Briscoe, SVP and CFO
Jonathan Baliff, President and CEO |
 3
Forward-looking statements
Statements
contained
in
this
presentation
that
state
the
Company’s
or
management’s
intentions,
hopes,
beliefs,
expectations
or
predictions
of
the
future
are
forward-looking
statements.
These
forward-looking
statements
include
statements
regarding
earnings
guidance
and
earnings
growth,
expected
contract
revenue,
customer
activity
levels,
capital
deployment
strategy,
operational
and
capital
performance,
shareholder
return,
liquidity,
market
and
industry
conditions.
It
is
important
to
note
that
the
Company’s
actual
results
could
differ
materially
from
those
projected
in
such
forward-looking
statements.
Risks
and
uncertainties
include
without
limitation:
fluctuations
in
the
demand
for
our
services;
fluctuations
in
worldwide
prices
of
and
supply
and
demand
for
oil
and
natural
gas;
fluctuations
in
levels
of
oil
and
natural
gas
production,
exploration
and
development
activities;
the
impact
of
competition;
actions
by
clients;
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
and
Operational
Excellence
programs;
availability
of
employees
with
the
necessary
skills;
and
political
instability,
war
or
acts
of
terrorism
in
any
of
the
countries
in
which
we
operate.
Additional
information
concerning
factors
that
could
cause
actual
results
to
differ
materially
from
those
in
the
forward-looking
statements
is
contained
from
time
to
time
in
the
Company’s
SEC
filings,
including
but
not
limited
to
the
Company’s
annual
report
on
Form
10-K
for
the
fiscal
year
ended
March
31,
2015.
Bristow
Group
Inc.
disclaims
any
intention
or
obligation
to
revise
any
forward-looking
statements,
including
financial
estimates,
whether
as
a
result
of
new
information,
future
events
or
otherwise. |
 CEO
remarks and safety review Jonathan Baliff, President and CEO
|
 5
FY15 operational safety review
1)
AAR includes commercial operations for Bristow Group and consolidated affiliates,
Eastern Airways and Airnorth 2)
TRIR for FY15 includes consolidated commercial operations, corporate, Bristow
Academy, Eastern Airways, and Airnorth employees Total Recordable Injury Rate² (TRIR) per
200,000 man hours (cumulative)
FY15
Air
Accident
Rate
1
(AAR)
per
100,000 flight hours (fiscal year)
0
0
•
Achieved one full year of global
Target Zero in August 2014 and
two consecutive years with zero
air accidents in March 2015
•
FY15 Total Recordable Injury Rate
of 0.23, a 12% improvement from
FY14
•
NABU and WASBU were Target
Zero for air and ground in FY15
•
FY15 saw the successful launch
of HeliOffshore with vital work
ongoing for industry “Safety
Through Collaboration” |
 6
FY15 highlights
•
High reliability and excellent client service led to 13.9%
revenue growth to $1.7 billion in FY15
•
Proactive cost and capital efficiency led to FY15 adjusted
EBITDAR* of $474 million, BVA** of $100 million, and
operating cash flow of $253 million
•
On-time, on-budget launch of $2.5 billion UK SAR contract
•
Expanded our integrated point-to-point logistics service
offering to Australia through the acquisition of Airnorth
•
Increased quarterly dividend by 6% to $0.34 per share;
more than doubled since its initiation in 2011 at $0.15/share
*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
and
fiscal
year
ended
March
31,
2015.
**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
can
be
found
in
the
appendix
hereto.
. |
 7
Bristow market perspectives
Overall
market
perspective
•
Bristow continues to believe this is not just a supply-oriented
decline, but is driven by weaker than expected demand for
oil
•
Bristow believes in a U-shaped recovery that will continue for
18-24 months from today
•
Delayed recovery and oil price volatility may defer final
investment decisions on key unsanctioned offshore projects
•
Although production-oriented services (like aviation) are doing
better than most in OFS, available aircraft capacity continues to
increase
•
Our clients continue to be aggressive in lowering their costs to
maximize returns on their offshore portfolios
•
The severity of this downturn is not uniform among regions, with
geographies like the North Sea more acutely impacted
Offshore
aviation
market
perspective |
 Operational highlights
Jeremy Akel, SVP and COO |
 9
•
Europe contributed 44% of Bristow operating
revenue and 37% of adjusted EBITDAR* in Q4
FY15
•
Operating revenue increased 3.8% to $177.2M in
Q4 FY15 from $170.7M in Q4 FY14
•
Adjusted EBITDAR decreased 16.6% to $53.1M in
Q4 FY15 from $63.6M in Q4 FY14 with adjusted
EBITDAR margin of 29.9% in Q4 FY15 vs. 37.3% in
Q4 FY14
Outlook:
Clients continue to seek efficiencies in a
challenging operating cost environment
UK SAR revenue mitigates against adverse
market conditions
Beginning in FY16, European operations
(including SAR) will be included in the Europe
Caspian region, along with Turkmenistan
FY16 adjusted EBITDAR margin for Europe
Caspian expected to be ~high thirties
Europe (EBU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other Inverness |
 10
UK SAR update
•
From the start of the Gap SAR contract on June 1, 2013 through March 31, 2015, we
have conducted 583 missions and rescued and/or assisted 581 people
•
Sumburgh and Stornoway (Gap SAR) bases generated a total of $11.1M of operating
revenue in Q4 FY15 and $87.2M since the beginning of the contract
•
Commenced operations from Humberside and Inverness on schedule on April 1, 2015;
14 aircraft expected to be on revenue service by the end of FY16
UK SAR
Q1
Q2
Q3
Q4
FY16
GAP SAR
Total FY16
Cumulative LACE
4
8
10
14
14
4
18
Quarterly adjusted EBITDAR ($M)
$7 - $9
$14 - $17
$20 - $23
$29 - $31
$70 - $80
$15 - $25
$85 - $105
UK SAR - Expected FY16 |
 11
West Africa (WASBU)
•
West Africa (Nigeria) contributed 19% of Bristow
operating revenue and 25% of adjusted
EBITDAR* in Q4 FY15
•
Operating revenue decreased to $75.3M in Q4
FY15 from $83.8M in Q4 FY14
•
Adjusted EBITDAR increased to $35.9M in Q4
FY15 from $27.8M in Q4 FY14 and adjusted
EBITDAR margin increased to 47.7% in Q4
FY15 vs. 33.2% in Q4 FY14
Outlook:
Activity expected to remain steady in Nigeria
despite the downturn
Eastern expansion into Nigeria commences
mid-June and is expected to be a key
differentiator
Beginning in FY16, WASBU will be included
in our Africa region, along with Tanzania and
Egypt (PAS)
FY16 adjusted EBITDAR margin for Africa
expected to be ~mid thirties
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other |
 12
•
North America contributed 14% of Bristow operating
revenue and 20% of adjusted EBITDAR* in Q4
FY15
•
Operating revenue increased to $58.3M in Q4 FY15
from $55.6M in Q4 FY14
•
Adjusted EBITDAR increased to $28.2M in
Q4 FY15 vs. $19.7M in Q4 FY14 while adjusted
EBITDAR margin increased to 48.3% from 35.4% in
Q4 FY14
Outlook:
Ad hoc and small aircraft demand in the GoM is
contracting
Additional opportunities in the Caribbean and
South America supporting exploration programs
Beginning in FY16, NABU will be included in our
Americas region, along with Trinidad and South
America (including Líder)
Americas FY16 adjusted EBITDAR margin
expected to be ~mid thirties
North America (NABU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other Bristow operated bases
Cougar operated bases |
 13
Australia (AUSBU)
•
Australia contributed 16% of Bristow operating
revenue and 12% of adjusted EBITDAR* in Q4 FY15
•
Operating revenue increased by 55.0% to $62.9M in
Q4 FY15 from $40.6M in Q4 FY14
•
Adjusted EBITDAR increased 80.4% to $17.6 million
in Q4 FY15 from $9.7M in Q4 FY14 and adjusted
EBITDAR margin increased to 27.9% in Q4 FY15
from 24.0% in Q4 FY14
Outlook:
Additional opportunities exist in offshore
development activity and the expansion of our
fixed wing network
Airnorth is expected to generate ~$80-90M in
operating revenue and $20-25M in adjusted
EBITDAR in FY16
Beginning in FY16, AUSBU will be included in our
Asia Pacific region, along with Malaysia and
Sakhalin
FY16 adjusted EBITDAR margin for Asia Pacific
expected to be ~mid twenties
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other |
 14
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other Consolidated in OIBU
Unconsolidated Affiliate
Other International (OIBU)
•
Other International contributed 8% of Bristow
operating revenue and 5% of adjusted EBITDAR* in
Q4 FY15
•
Operating revenue decreased to $31.8M in Q4 FY15
vs. $38.0M in Q4 FY14
•
Adjusted EBITDAR decreased to $7.5M in Q4 FY15
vs. $20.2M in Q4 FY14 and adjusted EBITDAR margin
decreased to 23.6% in Q4 FY15 from 53.3% in Q4
FY14
Outlook:
Beginning in FY16, OIBU operations will be
included in the new geographic regions as
discussed on the previous pages |
 15
Líder update
* Reconciliation of adjusted EBITDAR, leverage and BVA provided in the
appendix Líder adjusted EBITDAR*
•
Q1 CY15 EBITDAR was $21.9 million, down
25% from Q1 CY14 due to reduced activity with
Petrobras
•
Absolute BVA contribution to Bristow from Líder
was $2.4M* in Q4 FY15
•
Adjusted debt to TTM adjusted EBITDAR
increased to 3.3x as of March 31, 2015 from
3.0x as of March 31, 2014
Outlook:
Petrobras strategic plan review could
delay medium and large aircraft tender
awards and startup
Petrobras activity expected to level or
decrease in FY16 before ramping
back up in FY17
Beginning in FY16, Líder results will
be included in our Americas region |
 Current financial performance
and guidance for the future
John Briscoe, SVP and CFO |
 17
$1.35
$0.91
$0.12
$0.26
$0.30
Q4 FY14
Operations
Corporate and Other
FX Changes
Q4 FY15
Financial highlights:
Adjusted EBITDAR and adjusted EPS summary year-over-year
Q4 FY14 to Q4 FY15 adjusted EPS bridge
$122.9
$126.3
$24.6
$7.7
$13.5
Q4 FY14
Operations
Corporate and Other
FX Changes
Q4 FY15
Q4 FY14 to Q4 FY15 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 March 31, 2015.
|
 18
Brazilian real per USD
Source: Factset |
 19
LACE and LACE rate
FY16 average LACE guidance range initiated at 170-180 and average LACE rate
guidance range initiated at $8.00 -
$9.00 million
*See appendix hereto for more information on LACE and LACE rate. Consolidated
commercial aircraft, LACE and LACE rate exclude Bristow Academy, affiliate aircraft, fixed
wing aircraft, aircraft held for sale, aircraft construction in progress and
reimbursable revenue. |
 20
Bristow Value Added (BVA) drives improving Gross Cash
Flow (GCF) performance
•
Q4 FY15 absolute BVA is positive $29.3M, a $0.6M or 2% increase
from Q4 FY14
•
Year-over-year change in BVA is driven by:
Revenue growth
Margin improvement
Capital efficiency efforts
•
EBU and NABU generated key improvements year-over-year
Note: BVA is computed by subtracting a capital charge (10.5%) for the use of gross
invested capital from after tax operating cash flow. GCF Return % is based
on trailing twelve months after tax operating cash flows (Gross Cash Flow) over average quarterly gross invested capital (Gross Operating Assets).
Refer to the appendix for additional details. |
 21
Our progress on BVA yields stronger operating cash flow
for growth, dividends and share repurchases
Net
cash
provided
by
operating
activities
1
Total
liquidity
2
1)
See 10-K for more information on cash flow provided by operating
activities. 2)
At period end
261
402
415
530
370 |
 22
FY16 guidance initiated
•
FY16 adjusted EPS guidance range is initiated at $3.90 -
$4.40,
excluding special items and aircraft sales. FY16 guidance
includes:
*Assuming
FY16
revenue
earned
in
same
regions
and
same
mix
as
in
FY15.
Average LACE (Large AirCraft
Equivalent)
~170-180
Interest expense
~ $35 - $45M
Average LACE Rate
~ $8.00 - $9.00M
Rent expense (aircraft only)
~$185 - $195M
G & A expense (all inclusive)
~ $220 - $240M
Tax rate*
~ 21 - 24%
Depreciation expense
~ $125 - $135M
Adj. EPS guidance
$3.90 - $4.40
FY16 guidance as of March 31, 2015 |
 23
FY16 adjusted EPS guidance bridge from FY15
•
FY15 results adjusted for foreign exchange effect of $0.88 bridges to reported
adjusted EPS of $3.77 (~$4.65 in total)
•
FY16
expected
net
decline
in
oil
and
gas
with
addition
of
UK
SAR
yields
an
approximate
$0.50
adjusted EPS decrease
Bristow
estimates
5%
-
10%
expected
revenue
losses
in
oil
and
gas,
partially
offset
by
$75
-
$95 million of expected cost savings in FY16
UK SAR and other new business expected to add incremental adjusted EPS to
FY16 •
Despite the downturn, Bristow expects adjusted EBITDAR and EPS growth in
FY17 |
 24
Bristow remains well positioned for the future
•
Safety is and will remain our number one priority, as we build on two
consecutive years of air Target Zero and continue to proactively
engage
with the industry through HeliOffshore
•
We continue to differentiate ourselves through first class efficiency and
combined services, making us an indispensable partner to our clients
•
The offshore aviation market will remain challenging as project
sanctioning is delayed and helicopter capacity increases in FY16
•
That being said, we expect improved FY16 BVA and adjusted EBITDAR
due to UK SAR with cost and capital efficiency in response to this
downturn
•
We have a positive outlook for FY17, as we begin to see the full
benefit
from UK SAR contracts and generate more cash given our strong
balance sheet and modern fleet, which is primarily owned versus leased
|
 Appendix |
 26
Organizational chart -
as of March 31, 2015
Business
Unit
(%
of
Q4
FY15
operating
revenue)
Corporate
Region
(
#
of
aircraft
/
#
of
locations)
Joint
Venture
(#
of
aircraft)
Key
Operated Aircraft
Bristow owned and/or operated 371
aircraft as of March 31, 2015
Affiliated Aircraft
Bristow affiliates and joint
ventures operated 130 aircraft
as of March 31, 2015
* Includes corporate and other
EBU
42%
WASBU
18%
NABU
14%
AUSBU
15%
OIBU
8%
BRS Academy
3%*
UK –
85/7
Norway –
21/4
Nigeria –
46/6
U.S. GoM –
59/6
Canada –
9/2
Australia –
40/12
Brazil –
8/4
Egypt –
0/0
Russia –
7/3
Tanzania –
3/1
Trinidad –
11/1
Turkmenistan –
1/1
Florida –
51/1
Louisiana –
13/1
Nevada –
3/1
UK –
4/1
Lider –
85
PAS –
45
Other –
7/1
Falklands –
3/1
Bristow |
 27
New organizational chart -
as of March 31, 2015
Business
Unit
(%
of
Q4
FY15
operating
revenue)
Corporate
Region
(
#
of
aircraft
/
#
of
locations)
Joint
Venture
(#
of
aircraft)
Key
Operated Aircraft
Bristow owned and/or operated 371
aircraft as of March 31, 2015
Affiliated Aircraft
Bristow affiliates and joint
ventures operated 130 aircraft
as of March 31, 2015
* Includes corporate and other
Europe
Caspian
43%
Africa
19%
Americas
21%
Asia Pacific
16%
BRS Academy
1%*
UK –
85/7
Norway –
21/4
Nigeria –
46/6
U.S. GoM –
59/6
Canada –
9/2
Australia –
40/12
Brazil –
8/4
Egypt –
0/0
Russia –
7/3
Tanzania –
3/1
Trinidad –
11/1
Turkmenistan –
1/1
Florida –
51/1
Louisiana –
13/1
Nevada –
3/1
UK –
4/1
Lider –
85
PAS –
45
Other –
7/1
Falklands –
3/1
Bristow |
 28
Organizational changes
Old business unit
New region
EBU
Europe, Eastern Airways and UK
SAR
Europe Caspian
EBU and Turkmenistan
AUSBU
Australia and Airnorth
Asia Pacific
AUSBU, Malaysia and Russia
NABU
U.S. and Canada
Americas
NABU, Trinidad and South
America (including Brazil)
WASBU
Nigeria
Africa
WASBU, Egypt and Tanzania
OIBU
Turkmenistan, Malaysia, Russia,
Egypt, Trinidad, South America
(including Brazil) and Tanzania
Eliminated |
  29
Aircraft fleet –
medium and large
as of March 31, 2015
Next Generation Aircraft
Medium capacity 12-15 passengers
Large capacity 16-25 passengers
Mature Aircraft
Fair
market
value
of
our
owned
fleet
is
~$2.0
billion
and
leased
fleet
is
~$1.6
billion
Aircraft
Type
No. of PAX
Engine
Consl
Unconsl
Total
Ordered
Large Helicopters
AS332 L Super Puma
18
Twin Turbine
4
-
4
-
AW189
16
Twin Turbine
4
-
4
13
H175
16
Twin Turbine
-
-
-
17
H225
19
Twin Turbine
26
-
26
1
Mil Mi 8
20
Twin Turbine
7
-
7
-
Sikorsky S-61
25
Twin Turbine
2
-
2
-
Sikorsky S-92
19
Twin Turbine
69
9
78
6
112
9
121
37
LACE
110
Medium Helicopters
AW139
12
Twin Turbine
26
2
28
1
Bell 212
12
Twin Turbine
-
14
14
-
Bell 412
13
Twin Turbine
21
19
40
-
H155
13
Twin Turbine
1
-
1
-
Sikorsky S-76A/A++
12
Twin Turbine
-
5
5
-
Sikorsky S-76C/C++
12
Twin Turbine
51
34
85
-
Sikorsky S-76D
12
Twin Turbine
3
-
3
7
102
74
176
8
LACE
46
|
 30
Aircraft fleet –
small, training and fixed
as of March 31, 2015 (continued)
Mature Aircraft
Small capacity 4-7 passengers
Training capacity 2-6 passengers
* LACE does not include held for sale, training helicopters and fixed wing
Next Generation Aircraft
Aircraft
Type
No. of PAX
Engine
Consl
Unconsl
Total
Ordered
Small Helicopters
AW109
6
Twin Turbine
-
1
1
AS 350BB
4
Turbine
-
2
2
Bell 206B
4
Turbine
1
2
3
-
Bell 206 L Series
6
Turbine
5
6
11
-
Bell 407
6
Turbine
32
-
32
-
BK-117
7
Twin Turbine
2
-
2
-
H135
6
Twin Turbine
-
3
3
-
40
14
54
-
LACE
10
Training Helicopters
AW109
6
Twin Turbine
2
-
2
-
AS 355
5
Twin turbine
2
-
2
-
Bell 206B
4
Turbine
12
-
12
-
Robinson R22
2
Piston
6
-
6
-
Robinson R44
4
Piston
7
-
7
-
Sikorsky 300CB/CBi
2
Piston
41
-
41
-
Fixed Wing
1
-
1
-
71
-
71
-
Fixed Wing
46
33
79
-
Total
371
130
501
45
TOTAL LACE (Large Aircraft Equivalent)*
166 |
 31
Small
Medium
Large
Total
Leased LACE
Total LACE
% Leased
EBU
-
5
36
41
39
71
54%
WASBU
-
1
1
2
2
20
8%
NABU
1
13
5
19
12
33
35%
AUSBU
2
2
8
12
10
22
44%
OIBU
-
-
-
-
-
21
-
Total
3
21
50
74
61
166
37%
Operating lease strategy: lowering the cost and amount of
capital needed to grow
•
Of the 119 aircraft currently leased in our fleet, 74 are commercial (61 LACE), 28
are training and 17 fixed wing
•
61 LACE aircraft represent approximately 37% of our commercial fleet
•
Our
goal
is
for
commercial
fleet
operating
leases
to
account
for
approximately
35%
of
our
LACE
Leased aircraft as of March 31, 2015
* The percentage of LACE leased is calculated by taking the total LACE for leased
aircraft divided by the total LACE for all aircraft we operate, including both owned and leased aircraft.
See
10-K
Note
7
“Commitments
and
Contingencies”
for
more
information
provided
on
operating
leases.
* |
 32
Consolidated fleet changes and aircraft sales for Q4 FY15
See
10-K
Note
7
“Commitments
and
Contingencies”
for
more
information
provided
on
operating
leases.
Q1 FY15
Q2 FY15
Q3 FY15
Q4 FY15
FY15
Fleet Count Beginning
363
363
363
369
363
Delivered
Large
6
2
4
2
14
Medium
3
-
2
2
7
Total Delivered
9
2
6
4
21
Removed
Sales
(4)
(7)
(4)
(15)
(30)
Other*
(5)
5
4
13
17
Total Removed
(9)
(2)
-
(2)
(13)
363
363
369
371
371
# of aircraft
sold
Cash
received*
Q1 FY15
4
4.7
$
Q2 FY15
7
8.2
$
Q3 FY15
4
2.5
$
Q4 FY15
15
2.0
$
Total
30
17.4
$
* Amounts stated in millions
*Includes writeoffs, lease returns and commencements.
|
 33
Held for sale and leased fleet as of Q4 FY15
See
10-K
Note
7
“Commitments
and
Contingencies”
for
more
information
provided
on
operating
leases.
Small
Medium
Large
Training
Total
EBU
-
-
2
-
2
WASBU
-
3
-
-
3
NABU
-
3
-
-
3
AUSBU
-
-
-
-
-
OIBU
-
4
-
-
4
Academy
-
-
-
-
-
Total
-
10
2
-
12
Held for sale aircraft in consolidated fleet
Small
Medium
Large
Training
Fixed wing
Total
EBU
-
5
36
-
13
54
WASBU
-
1
1
-
-
2
NABU
1
13
5
-
-
19
AUSBU
2
2
8
-
4
16
OIBU
-
-
-
-
-
-
Academy
-
-
-
28
-
28
Total
3
21
50
28
17
119
Leased aircraft in consolidated fleet |
 34
Leased aircraft by region as of Q4 2015
Leased aircraft as of March 31, 2015
Small
Medium
Large
Total
Leased LACE
Total LACE
% Leased
Europe Caspian
-
5
36
41
39
72
54%
Africa
-
1
1
2
2
21
7%
Americas
1
13
5
19
12
45
26%
Asia Pacific
2
2
8
12
10
29
33%
Total
3
21
50
74
61
166
37%
* The percentage of LACE leased is calculated by taking the total LACE for leased
aircraft divided by the total LACE for all aircraft we operate, including both owned and leased aircraft.
See
10-K
Note
7
“Commitments
and
Contingencies”
for
more
information
provided
on
operating
leases.
* |
 35
See
10-K
Note
7
“Commitments
and
Contingencies”
for
more
information
provided
on
operating
leases.
Held for sale and leased fleet by region as of Q4 2015
Small
Medium
Large
Training
Total
Europe Caspian
-
-
2
-
2
Africa
-
3
-
-
3
Americas
-
7
-
-
7
Asia Pacific
-
-
-
-
-
Academy
-
-
-
-
-
Total
-
10
2
-
12
Held for sale aircraft in consolidated fleet
Small
Medium
Large
Training
Fixed wing
Total
Europe Caspian
-
5
36
-
13
54
Africa
-
1
1
-
-
2
Americas
1
13
5
-
-
19
Asia Pacific
2
2
8
-
4
16
Academy
-
-
-
28
-
28
Total
3
21
50
28
17
119
Leased aircraft in consolidated fleet |
 36
Operating revenue, LACE and LACE rate by BU
4
1)
$ in millions
2)
LACE rate is annualized
3)
$ in millions per LACE
4)
Excludes Bristow Academy, Airnorth and Eastern Airways
FY15 op revenue
1
LACE
LACE Rate
2,3,4
EBU
$633
71
$8.91
WASBU
296
20
14.99
NABU
234
33
7.04
AUSBU
197
22
9.18
OIBU
136
21
6.63
Total
$1,528
166
$9.21
as of March 31, 2015
Operating revenue, LACE, and LACE rate by BU |
 37
Operating revenue, LACE and LACE rate by region
4
1)
$ in millions
2)
LACE rate is annualized
3)
$ in millions per LACE
4)
Excludes Bristow Academy, Airnorth and Eastern Airways
FY15 op revenue
1
LACE
LACE Rate
2,3,4
Europe Caspian
$642
72
$8.97
Africa
316
21
14.88
Americas
348
45
7.77
Asia Pacific
226
29
7.93
Total
$1,528
166
$9.21
as of March 31, 2015
Operating revenue, LACE, and LACE rate by region |
 38
Historical LACE by BU
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
EBU
45
45
45
42
42
43
48
46
44
46
46
45
WASBU
23
23
24
25
24
24
21
22
23
22
22
22
NABU
39
36
36
36
39
35
34
29
30
29
30
30
AUSBU
20
20
22
22
20
23
24
20
19
20
20
19
OIBU
36
34
34
35
33
33
33
38
39
38
38
34
Consolidated
163
158
161
160
157
158
159
154
154
154
155
149
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
EBU
47
45
51
55
57
59
59
56
61
65
70
71
WASBU
22
22
20
21
21
21
22
23
23
23
20
20
NABU
30
31
39
37
37
33
34
34
33
32
34
33
AUSBU
18
17
17
19
19
19
20
22
23
24
24
22
OIBU
32
28
27
27
27
28
31
24
25
23
22
21
Consolidated
147
142
154
158
161
160
165
158
163
166
168
166
LACE
FY11
FY12
FY10
FY13
FY14
FY15 |
 39
Historical LACE by region
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Europe Caspian
48
46
52
56
58
60
60
57
62
68
70
72
Africa
23
23
21
21
21
22
23
24
24
24
22
21
Americas
48
46
53
52
51
48
48
47
47
45
46
45
Asia Pacific
29
28
28
30
30
30
34
30
31
29
31
29
Consolidated
147
142
154
158
161
160
165
158
163
166
168
166
FY13
FY14
FY15
LACE |
 40
Historical LACE rate by BU
1)
$ in millions
2)
LACE rate is annualized
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
EBU
$8.36
$8.28
$8.40
$8.76
$8.20
$8.50
$7.90
$8.40
$9.80
$9.60
$9.63
$10.09
WASBU
9.08
8.81
8.66
8.34
9.70
9.40
10.70
9.90
9.10
10.30
11.17
11.46
NABU
5.05
5.44
5.26
5.23
5.40
6.10
6.00
6.60
5.80
6.30
5.89
5.79
AUSBU
5.38
5.56
5.59
5.67
6.80
6.00
6.00
7.50
8.60
7.10
6.96
7.78
OIBU
3.66
4.09
4.06
3.78
3.90
4.10
4.40
3.90
3.50
3.70
3.78
4.22
Consolidated
$6.31
$6.52
$6.49
$6.45
$6.70
$6.90
$6.90
$7.10
$7.30
$7.40
$7.43
$7.89
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
EBU
$10.60
$11.03
$9.74
$9.13
$9.63
$9.95
$10.30
$10.84
$10.60
$9.78
$9.33
$8.91
WASBU
12.35
12.24
13.71
13.28
14.26
14.62
14.17
13.99
14.21
14.23
16.04
14.99
NABU
7.05
7.11
5.84
6.12
6.34
7.13
6.75
6.84
7.02
7.04
7.00
7.04
AUSBU
8.48
9.29
9.55
8.58
8.04
7.74
7.21
6.76
8.27
8.72
8.29
9.18
OIBU
4.22
4.62
4.76
4.94
4.97
4.73
4.58
5.57
5.80
6.20
6.44
6.63
Consolidated
$8.55
$8.95
$8.49
$8.35
$8.78
$9.07
$8.97
$9.34
$9.55
$9.43
$9.33
$9.21
LACE Rate
1,2
FY10
FY11
FY12
FY13
FY14
FY15 |
 41
Historical LACE rate by region
1)
$ in millions
2)
LACE rate is annualized
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Europe Caspian
$10.50
$10.94
$9.70
$9.12
$9.63
$9.96
$10.31
$10.86
$10.57
$9.77
$9.38
$8.97
Africa
11.54
11.70
13.06
13.28
14.26
13.95
13.25
13.34
14.10
14.11
15.86
14.88
Americas
6.11
6.53
5.89
6.13
6.66
7.35
7.18
7.30
7.44
7.64
7.58
7.77
Asia Pacific
6.91
7.49
7.64
7.23
6.88
6.48
5.50
6.42
7.14
7.55
7.36
7.93
Consolidated
$8.55
$8.95
$8.49
$8.35
$8.78
$9.07
$8.97
$9.34
$9.55
$9.43
$9.33
$9.21
FY13
FY14
FY15
LACE Rate
1,2 |
 42
Flight hours by BU
Q1
Q2
Q3
Q4
FY13
Q1
Q2
Q3
Q4
FY14
EBU
17,236
15,900
14,399
13,807
61,342
16,294
16,871
16,428
19,537
69,130
WASBU
10,754
10,635
11,060
10,941
43,390
11,716
11,396
11,485
10,984
45,581
NABU
20,169
20,561
17,159
15,014
72,903
15,922
16,419
12,345
11,322
56,008
AUSBU
2,792
2,961
3,247
3,084
12,084
2,794
2,263
2,406
2,915
10,378
OIBU
4,177
4,981
3,868
4,404
17,430
3,365
3,633
3,584
3,721
14,303
Consolidated
55,128
55,038
49,733
47,250
207,149
50,091
50,582
46,248
48,479
195,400
Q1
Q2
Q3
Q4
FY15
EBU
24,038
24,224
23,327
21,755
93,344
WASBU
10,684
10,452
10,495
9,327
40,958
NABU
11,820
11,346
12,249
9,950
45,365
AUSBU
2,845
2,681
3,047
5,719
14,292
OIBU
3,791
3,604
3,915
3,544
14,854
Consolidated
53,178
52,307
53,033
50,295
208,813
FY15
Flight hours by BU
FY13
FY14 |
 43
Flight hours by region
Q1
Q2
Q3
Q4
FY13
Q1
Q2
Q3
Q4
FY14
Europe Caspian
17,354
16,062
14,610
14,111
62,137
16,457
17,056
16,597
19,706
69,816
Africa
10,754
10,634
11,061
10,941
43,390
11,716
11,395
11,509
11,383
46,003
Americas
22,697
22,952
19,480
17,429
82,558
18,225
18,982
14,737
13,548
65,492
Asia Pacific
4,323
5,390
4,582
4,769
19,064
3,693
3,149
3,405
3,842
14,089
Consolidated
55,128
55,038
49,733
47,250
207,149
50,091
50,582
46,248
48,479
195,400
Q1
Q2
Q3
Q4
FY15
Europe Caspian
24,181
24,340
23,495
21,860
93,876
Africa
11,058
10,855
11,004
9,719
42,636
Americas
14,261
13,537
14,384
12,201
54,383
Asia Pacific
3,678
3,575
4,150
6,515
17,918
Consolidated
53,178
52,307
53,033
50,295
208,813
FY15
Flight hours by region
FY13
FY14 |
  44
Order and options book as of March 31, 2015
1)
17 large aircraft on order are subject to the successful development and
certification of the aircraft 2)
SAR configured
#
Helicopter
Class
Delivery Date
1
Large
June-16
3
Medium
June-16
2
Large
September-16
2
Medium
September-16
4
Large
December-16
1
Medium
December-16
2
Large
March-17
1
Medium
March-17
2
Large
June-17
1
Medium
June-17
2
Large
September-17
1
Medium
September-17
3
Large
December-17
3
Medium
December-17
2
Medium
March-18
30
OPTIONS BOOK
#
Helicopter
Class
Delivery Date
Location
Contracted
3
Medium
June-15
Africa
1
Medium
June-15
Americas
1 of 1
2
Large
September-15
Europe Caspian
2
1
Large
September-15
Americas
1 of 1
4
Medium
September-15
Africa
1
Large
December-15
Asia Pacific
1 of 1
1
Large
December-15
Asia Pacific
2
1 of 1
1
Large
December-15
Europe Caspian
2
3
Large
December-15
Europe Caspian
1
Large
March-16
Europe Caspian
1
Large
June-16
Europe Caspian
3
Large
December-16
TBD
1
Large
March-17
TBD
2
Large
June-17
TBD
1
Large
September-17
TBD
2
Large
December-17
TBD
1
Large
March-18
TBD
1
Large
June-18
TBD
1
Large
September-18
TBD
1
Large
December-18
TBD
1
Large
March-19
TBD
1
Large
June-19
TBD
1
Large
September-19
TBD
1
Large
December-19
TBD
36
4 of 36
ORDER BOOK
1 |
 45
Order and options book as of March 31, 2015 (continued)
#
Helicopter
Class
Delivery Date
Location
Contracted
5
Large
June-15
Europe Caspian
5 of 5
2
Large
June-15
Europe Caspian
2 of 2
2
Large
September-15
Europe Caspian
2 of 2
2
Large
December-15
Europe Caspian
2 of 2
11
11 of 11
The aircraft that are indicated in grey italics will be leased upon delivery
UK SAR CONFIGURED ORDER BOOK |
 46
Total net asset FMV with and without leased aircraft FMV
NOTE: The gray shaded area represents the range of FMV with and without the impact
of leased aircraft (upper range includes leased aircraft and related NPV of lease payments; lower
range excludes FMV of leased aircraft as well as the NPV of lease
payments). |
 47
Net asset FMV reconciliation as of March 31, 2015
(in millions)
Including leases
Excluding leases
(+) FMV of aircraft
$1,968
$1,968
(+) FMV of leased aircraft
$1,645
-
(+) NBV of PPE without aircraft
$528
528
(+) Working capital
$203
203
(-) LT debt
($846)
(846)
(-) Leased imputed debt
($640)
-
(-) Pension liability
($100)
(100)
Net asset FMV
$2,759
$1,753
# of common shares
35.2
35.2
Net asset FMV per share
$78.43
$49.85
March 31, 2015 |
 48
Adjusted EBITDAR margin* trend by BU
*
Adjusted
EBITDAR
excludes
special
items
and
asset
dispositions
and
margin
is
calculated
by
taking
adjusted
EBITDAR
divided
by
operating
revenue
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
EBU
33.0%
31.4%
30.7%
36.1%
32.9%
32.2%
34.6%
39.5%
38.3%
36.2%
WASBU
29.5%
35.5%
37.2%
36.6%
35.0%
31.9%
26.5%
35.0%
31.8%
31.5%
NABU
14.3%
20.6%
14.8%
19.4%
17.3%
23.2%
20.7%
29.1%
29.5%
25.7%
AUSBU
20.2%
14.4%
23.5%
35.6%
24.3%
27.0%
28.0%
27.3%
26.0%
27.1%
OIBU
48.1%
19.1%
47.8%
42.9%
39.5%
36.2%
44.2%
55.7%
51.6%
46.6%
Consolidated
23.4%
24.0%
27.6%
31.2%
26.6%
26.3%
26.1%
31.5%
29.4%
28.3%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
EBU
30.3%
35.3%
35.3%
37.3%
34.7%
34.1%
33.7%
33.1%
29.9%
32.8%
WASBU
31.3%
30.4%
33.5%
33.2%
32.1%
25.6%
31.1%
34.6%
47.7%
34.6%
NABU
29.2%
31.0%
33.1%
35.4%
32.1%
39.7%
32.4%
40.0%
48.3%
40.2%
AUSBU
17.7%
21.0%
15.0%
24.0%
19.6%
23.7%
22.6%
25.4%
27.9%
25.2%
OIBU
67.4%
39.3%
33.2%
53.3%
47.7%
41.4%
18.5%
20.7%
23.6%
26.2%
Consolidated
28.5%
28.7%
27.0%
30.4%
28.6%
29.2%
25.4%
25.3%
30.2%
27.4%
FY12
FY13
FY14
FY15 |
 49
Adjusted EBITDAR margin* trend by region
*
Adjusted
EBITDAR
excludes
special
items
and
asset
dispositions
and
margin
is
calculated
by
taking
adjusted
EBITDAR
divided
by
operating
revenue
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Europe Caspian
31.9%
34.4%
39.1%
35.6%
35.3%
30.3%
35.2%
35.4%
37.7%
34.9%
Africa
31.5%
26.5%
35.0%
32.0%
31.4%
34.1%
30.1%
31.7%
36.6%
33.3%
Americas
28.4%
27.7%
37.6%
39.7%
33.5%
42.2%
35.6%
37.2%
38.1%
37.8%
Asia Pacific
34.1%
36.6%
34.2%
28.7%
33.3%
25.0%
23.3%
17.4%
28.3%
23.8%
Consolidated
26.3%
26.1%
31.5%
29.4%
28.3%
28.5%
28.7%
27.0%
30.4%
28.6%
Q1
Q2
Q3
Q4
Europe Caspian
34.1%
33.4%
32.8%
30.8%
32.8%
Africa
25.9%
30.7%
34.5%
48.6%
34.7%
Americas
44.3%
31.3%
37.6%
40.5%
38.5%
Asia Pacific
23.5%
22.7%
24.5%
29.2%
25.2%
Consolidated
29.2%
25.4%
25.3%
30.2%
27.4%
FY13
FY15
FY14 |
 50
Adjusted EBITDAR* reconciliation
* Adjusted EBITDAR excludes special items and asset dispositions
($ in millions)
Q1
Q2
Q3
Q4
FY12
Q1
Q2
Q3
Q4
FY13
Net income
$21
$3
$26
$15
$65
$24
$30
$37
$40
$132
Income tax expense
$7
-$2
$7
$2
$14
$6
$8
$8
$13
$35
Interest expense
$9
$9
$10
$10
$38
$9
$9
$15
$10
$42
Gain on disposal of assets
-$1
$2
$3
$29
$32
$5
$1
-$7
-$7
-$8
Depreciation and amortization
$23
$25
$23
$25
$96
$21
$23
$25
$27
$96
Special items
$0
$25
$0
$3
$28
$2
-$2
$15
$2
$16
Adjusted EBITDA Subtotal
$58
$62
$69
$84
$273
$68
$70
$92
$85
$314
Rental expense
$9
$9
$13
$15
$46
$16
$15
$18
$18
$67
Adjusted EBITDAR
$67
$71
$82
$99
$319
$84
$85
$109
$103
$381
($ in millions)
Q1
Q2
Q3
Q4
FY14
Q1
Q2
Q3
Q4
FY15
Net income
$27
$110
$19
$32
$188
$45
$28
$0
$16
$89
Income tax expense
$8
$41
$3
$6
$57
$12
$6
$1
$4
$23
Interest expense
$20
$9
$7
$8
$45
$7
$8
$7
$8
$30
Gain on disposal of assets
$2
$3
-$4
$0
$1
-$1
$0
$26
$10
$36
Depreciation and amortization
$23
$24
$24
$26
$96
$25
$28
$24
$37
$114
Special items
$0
-$102
$24
$20
-$59
$6
$7
$5
$1
$17
Adjusted EBITDA Subtotal
$79
$85
$72
$92
$328
$95
$77
$63
$75
$309
Rental expense
$23
$23
$28
$31
$106
$33
$35
$46
$50
$165
Adjusted EBITDAR
$102
$109
$101
$123
$434
$128
$112
$109
$125
$474
Fiscal year ended,
3/31/2012
3/31/2013
3/31/2014
Fiscal year ended,
3/31/2015 |
 51
Bristow Value Added (BVA)
Sample calculation for Q4 FY15 and Q4 FY14
Bristow Value Added = Gross Cash Flow –
(Gross Operating Assets X Capital Charge)
BVA = GCF –
(GOA x 10.5%**)
Bristow Value Added calculation for Q4 FY15
$29.3 = $128.0* –
($3,759* x 2.625%**)
Bristow Value Added calculation for Q4 FY14
$28.7 = $119.4* –
($3,453* 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% |
 52
Bristow gross cash flow reconciliation
(in millions)
Gross cash flow reconciliation
Q4 FY14
Q4 FY15
Net income
30
15
Depreciation and amortization
26
37
Interest expense
8
8
Interest income
(0)
(0)
Rent
31
50
Other income/expense-net
2
(0)
Gain/loss on asset sale
(0)
10
Special items
24
1
Tax effect from special items
(2)
(5)
Earnings (losses) from unconsolidated affiliates, net
(12)
2
Non-controlling interests
2
1
Gross cash flow before Líder
$109
$119
Gross cash flow - Líder proportional
10
9
Gross cash flow after Líder
$119
$128 |
 53
Bristow adjusted gross operating assets reconciliation
(in millions)
Adjusted gross operating assets reconciliation
Q4 FY14
Q4 FY15
Total assets
3,398
3,231
Accumulated depreciation
523
509
Capitalized operating leases
428
623
Cash and cash equivalents
(204)
(104)
Investment in unconsolidated entities
(263)
(216)
Goodwill
(57)
(76)
Intangibles
(19)
(18)
Assets held for sale: net
(29)
(58)
Assets held for sale: gross
73
84
Adj. for gains & losses on assets sales
(21)
102
Accounts payable
(90)
(84)
Accrued maintenance and repairs
(17)
(23)
Other accrued taxes
(9)
(13)
Accrued wages, benefits and related taxes
(71)
(82)
Other accrued liabilities
(212)
(139)
Income taxes payable
(14)
(8)
Deferred revenue
(31)
(37)
ST deferred taxes
(12)
(18)
LT deferred taxes
(170)
(166)
Adjusted gross operating assets before Líder
3,203
3,506
Adjusted gross operating assets - Líder proportional
250
253
Adjusted gross operating assets after Líder
$3,453
3,759
|
 54
Líder Bristow Value Added (BVA)
Sample calculation for Q4 FY15 and Q4 FY14
Bristow Value Added = Gross Cash Flow –
(Gross Operating Assets X Capital Charge)
BVA = GCF –
(GOA x 10.5%** )
Bristow Value Added calculation for Q4 FY15
$2.4 = $9.0* –
($253* x 2.625%**)
Bristow Value Added calculation for Q4 FY14
$3.2 = $9.8* –
($250* x 2.625%**)
*Reconciliation for these items follows right after this slide
**Quarterly capital charge of 2.625% is based on annual capital charge of
10.5% |
 55
Líder gross cash flow reconciliation
($ in millions)
Gross cash flow reconciliation
Q4 FY14
Q4 FY15
Net income (loss)
(35)
$
(0)
$
Depreciation and amortization
3
3
Rent
7
7
Interest expense
4
2
Interest income
(1)
2
FX (gains) losses
3
16
Other income/expense-net
(1)
(12)
Special Adjustment- remove Lider tax per income stmt.
45
5
Earnings (losses) from unconsolidated affiliates, net
0
Non-controlling Interests
0
0
Gross cash flow
25
22
Special item outside of Líder - add Bristow tax calc.
(2)
(1)
Gross cash flow
23
21
Líder proportional consolidation - GCF
10
$
9
$
|
 56
Líder adjusted gross operating assets reconciliation
($ in millions)
Adjusted gross operating assets reconciliation
Q4 FY14
Q4 FY15
Total assets
580
$
588
$
Cash and cash equivalents
(73)
(69)
Accumulated depreciation
74
76
Capitalized operating leases
145
136
Investments & escrow deposits
(33)
(42)
Intangibles
(5)
(5)
Intangibles, amortization
4
4
Other, non operating assets
(25)
(23)
Adj. for gains & losses on assets sales
Accounts payable
(28)
(24)
Other payables
(5)
(4)
Other accrued taxes
(8)
Accrued wages, benefits and related taxes
(20)
(15)
Income taxes payable
(7)
(6)
Deferred revenue
(11)
(5)
LT deferred taxes
(7)
-
Adjusted gross operating assets
589
604
Líder proportional consolidation GOA
250
$
253
$
|
 57
Líder's adjusted EBITDAR* reconciliation
* Adjusted EBITDAR excludes special items and asset dispositions
($ in millions)
Q1 CY14
Q2 CY14
Q3 CY14
Q4 CY14
Q1 CY15
Gross revenue
121.2
113.7
116.4
100.9
80.2
(-) Revenue deductions
(5.9)
(7.3)
(7.7)
(6.1)
(4.5)
Net operating revenue
115.3
106.4
108.7
94.8
75.7
(-) Cost of products and services
(90.8)
(79.5)
(82.0)
(72.1)
(56.3)
Gross profit
24.5
26.9
26.6
22.7
19.4
(-) Selling and administrative expenses
(7.0)
(7.5)
(8.8)
(9.0)
(5.6)
(+) Equity income of associates
0.5
0.8
(0.6)
(0.2)
(0.7)
(+) Other operating income/expenses
0.2
0.2
0.2
(1.0)
-
Operating result
18.3
20.4
17.5
12.5
13.1
(+) Depreciation and amortization
3.4
3.5
3.5
3.3
2.9
EBITDA
21.6
23.9
21.0
15.8
16.0
Leasing costs
7.4
7.3
7.4
6.8
5.8
Adjusted EBITDAR
29.1
31.2
28.4
22.6
21.9
|
 58
GAAP reconciliation
1)
See information about special items in 10-K or earnings release for Q4
FY15 2)
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
2015
2014
2015
2014
Adjusted operating income
$49,261
$68,401
$210,564
$217,348
Gain (loss) on disposal of assets
(10,255)
81
(35,849)
8,068
Special items
1
(11,304)
(21,061)
(28,841)
(1,272)
Operating income
$27,702
$47,421
$145,874
$224,144
Adjusted EBITDAR
$126,330
$122,923
$473,824
$380,966
Gain (loss) on disposal of assets
(10,255)
81
(35,849)
8,068
Special items
1
(925)
(20,485)
(17,132)
(16,204)
Depreciation and amortization
(37,129)
(25,645)
(114,293)
(96,284)
Rent expense
(49,928)
(31,139)
(164,767)
(67,423)
Interest expense
(7,895)
(8,237)
(30,310)
(42,446)
Provision for income taxes
(4,390)
(5,529)
(22,766)
(35,002)
Net income
$15,808
$31,969
$88,707
$131,675
Adjusted net income
$31,804
$49,129
$133,963
$137,846
Gain (loss) on disposal of assets
2
(8,087)
60
(28,528)
6,373
Special items
1,2
(8,640)
(18,871)
(21,135)
(14,117)
Net income (loss) attributable to Bristow Group
$15,077
$30,318
$84,300
$130,102
Adjusted diluted earnings per share
$0.91
$1.35
$3.77
$3.78
Gain (loss) on disposal of assets
2
(0.23)
-
(0.80)
0.17
Special items
1,2
(0.25)
(0.52)
(0.59)
(0.39)
Diluted earnings (loss) per share
$0.43
$0.83
$2.37
$3.57
Three months ended
March 31,
Fiscal year ended
December 31,
(In thousands, except per share amounts) |
 59
Bristow leverage reconciliation
*Adjusted EBITDAR excludes gains and losses on dispositions of assets
Debt
Investment
Capital
Leverage
(a)
(b)
(c) = (a) + (b)
(a) / (c)
(in millions)
As of March 31, 2015
864.4
$
1,618.8
$
2,483.2
$
34.8%
Adjust for:
Unfunded Pension Liability
99.6
99.6
NPV of Lease Obligations
640.0
640.0
Letters of credit
10.7
10.7
Adjusted
1,614.7
$
(d)
1,618.8
$
3,233
$
49.9%
Calculation of debt to adjusted EBITDAR multiple
TTM Adjusted EBITDAR*:
FY 2015
473.8
$
(e)
= (d) / (e)
3.41:1 |
 60
Líder leverage reconciliation
(in millions)
Mar-14
Mar-15
Total book debt
296
$
300
$
NPV of leases
63
41
Total adjusted debt
359
341
TTM adjusted EBITDAR
120
$
104
$
Adjusted debt / TTM adj. EBITDAR
3.0x
3.3x |
 61
We are Bristow |
 62
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
Contact us |