0001193125-12-246205.txt : 20120524 0001193125-12-246205.hdr.sgml : 20120524 20120524094959 ACCESSION NUMBER: 0001193125-12-246205 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20120524 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120524 DATE AS OF CHANGE: 20120524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bristow Group Inc CENTRAL INDEX KEY: 0000073887 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, NONSCHEDULED [4522] IRS NUMBER: 720679819 STATE OF INCORPORATION: DE FISCAL YEAR END: 1104 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31617 FILM NUMBER: 12865923 BUSINESS ADDRESS: STREET 1: 2103 CITY WEST BLVD. STREET 2: 4TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77042 BUSINESS PHONE: 7132677600 MAIL ADDRESS: STREET 1: 2103 CITY WEST BLVD. STREET 2: 4TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77042 FORMER COMPANY: FORMER CONFORMED NAME: OFFSHORE LOGISTICS INC DATE OF NAME CHANGE: 19920703 8-K 1 d356498d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 24, 2012

 

 

Bristow Group Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-31617   72-0679819

(State or other jurisdiction

of incorporation or organization)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

2103 City West Blvd.,

4th Floor

Houston, Texas

  77042
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (713) 267-7600

Former Name or Former Address, if Changed Since Last Report: NONE

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 7.01. Regulation FD Disclosure.

On May 24, 2012, Bristow Group Inc. posted the Fourth Quarter FY2012 Earnings Presentation to its website at www.bristowgroup.com. This presentation is attached hereto as Exhibit 99.1.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

 

99.1 Fourth Quarter FY2012 Earnings Presentation posted on May 24, 2012.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    BRISTOW GROUP INC.
Date: May 24, 2012   By:   /s/ Randall A. Stafford
    Randall A. Stafford
   

Senior Vice President and General Counsel,

Corporate Secretary

EX-99.1 2 d356498dex991.htm FOURTH QUARTER FY2012 EARNINGS PRESENTATION Fourth Quarter FY2012 Earnings Presentation
Fourth Quarter FY 2012
Earnings Presentation
Bristow Group Inc.
May 24, 2012
Exhibit 99.1


2
Fourth quarter earnings call agenda
Introduction
CEO remarks and operational highlights
Current and future financial performance
-
Q4 and FY12 Financial discussion
-
FY13 –
Moving Forward
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


3
Forward-looking statements
This presentation may contain “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include statements about our future business,
operations, capital expenditures, fleet composition, capabilities and results; modeling information,
earnings guidance, expected operating margins and other financial projections; future dividends, share
repurchase and other uses of excess cash; plans, strategies and objectives of our management,
including our plans and strategies to grow earnings and our business, our general strategy going forward
and our business model; expected actions by us and by third parties, including our customers,
competitors and regulators; the valuation of our company and its valuation relative to relevant financial
indices; assumptions underlying or relating to any of the foregoing, including assumptions regarding
factors impacting our business, financial results and industry; and other matters. Our forward-looking
statements reflect our views and assumptions on the date of this presentation regarding future events
and operating performance. They involve known and unknown risks, uncertainties and other factors,
many of which may be beyond our control, that may cause actual results to differ materially from any
future results, performance or achievements expressed or implied by the forward-looking statements.
These risks, uncertainties and other factors include those discussed under the captions “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our
Annual Report on Form 10-K for the fiscal year-ended March 31, 2012.  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.


4
Chief Executive Officer comments
,
President
and
CEO
Bill
Chiles


5
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)
Air Accident Rate* per 100,000
Flight Hours (Fiscal Year)
FY12
FY12
0.78
0.78
0
0.54
0
0.53
0
1
2
3
2007
2008
2009
2010
2011
2012
0
0
0.25
0.18
0.28
0.23
0.25
0.22
0.19
0.20
0.22
0.23
0
0.3
A
M
J
J
A
S
O
N
D
J
F
M
0
0
0.25
0.18
0.28
0.23
0.20
0.17
0.15
0.13
0.15
0.14
0
0.3
A
M
J
J
A
S
O
N
D
J
F
M


6
Q4 and FY12 highlights
Increased LACE Rate with high utilization yielded an excellent quarter for Bristow with adjusted EPS of $1.22
Record cash flow of over $230 million from operations in FY12, an increase of over 50% from the same period
last year
Total liquidity (cash plus undrawn revolver capacity) of $402 million is over 50% increase from $261 million in
FY11
Board of Directors approved 33% increase in the quarterly dividend
Bristow’s
earnings
per
diluted
share
guidance
for
the
full
FY13
is
$3.25
-
$3.55
Q4 operating revenue of $318.7M (16.4% increase
from Q4 FY11, 7.4% increase from Q3 FY12)
Q4 GAAP EPS of $0.39 (53.6% decrease from Q4
FY11, 44.3% decrease from in Q3 FY12)
Q4 adjusted EPS* of $1.22 (41.9% increase from Q4
FY11, 60.5% increase from Q3 FY12)
Q4 adjusted EBITDAR* of $99.5M (22.7% increase
from Q4 FY11, 21.6%
increase from Q3 FY12)
*  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 appendix and our earnings release for the quarter ended March 31, 2012.
FY12 operating revenue of $1.2B (7.6% increase
from FY11)
FY12 GAAP EPS of $1.73 (51.9% decrease from
FY11)
FY12 adjusted EPS* of $3.12 (1.3% increase from
FY11)
FY12 adjusted EBITDAR* of $319.5M (7.3% increase
from FY11)


7
Price of oil continues to fluctuate given political instability in the
Middle East and North Africa coupled with the uncertainty in Europe
Global E & P spending remains strong with approximately 12% and
13% growth expected for 2012 and 2013, respectively
Most of our customers in Australia have locked in pricing for their
existing LNG projects, securing continued operations for this market
Market signals confirm robust offshore market in Europe and
deepwater growth in Latin America, particularly Brazil, U.S. Gulf of
Mexico and West Africa
Based on the number of outstanding global tenders, the
supply/demand balance for new technology medium and large
helicopters is tightening
Current market environment


8
Europe represents 39% of Bristow operating
revenue and 41% of adjusted EBITDAR* in Q4
FY12
Operating revenue increased to $121.0M from
$101.2M in Q4 FY11 due to increased flying
activity
Adjusted EBITDAR margin increased to 36.1%
in Q4 FY12 from 34.4% in Q4 FY11 reflecting
higher activity levels and was 32.9% for FY12
Outlook:
Awarded GAP Search and Rescue contract 
in the Northern North Sea that will require
four large aircraft beginning in July 2013
Historically high bidding activity for
contracts for over 20 large aircraft all
starting between October 2012 –
September 2014
FY13 adjusted EBITDAR margin
expected to be ~ in the low thirties
Europe (EBU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.


9
West Africa (WASBU)
Nigeria represents 22% of Bristow operating
revenue and 23% of adjusted EBITDAR* in Q4
FY12
Operating revenue of $66.2M in Q4 FY12
increased from $50.8M in Q4 FY11 due to new
contracts and price increases
Adjusted EBITDAR margin of 36.6% in Q4 FY12
vs 34.3% in Q4 FY11 and 35% for FY12
Increased activity reflected in increase in flying
hours and ad hoc work over prior year quarter
Outlook:
Opportunities exist for the extension of
several contracts with improved contract
terms
Key changes to our operating model in
order to compete more effectively on a
local basis
FY13 adjusted EBITDAR margin
expected to be ~ low thirties
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.


10
Australia (AUSBU)
Australia represented 14% of Bristow operating
revenue and adjusted EBITDAR* in Q4 FY12
Operating revenue of $43.4M in Q4 FY12
increased f rom $40.8M in Q4 FY11 due to
increased utilization
Adjusted EBITDAR increased to $15.5M in Q4
FY12 from $12.7M in Q4 FY11 and was $36.0M
for FY12
Increase in adjusted EBITDAR margin to 35.6% in
Q4 FY12 from 23.5% in Q3 FY12, reflecting higher
utilization, which increased the adjusted EBITDAR
margin for FY12 to 24.3%
Outlook:
Awaiting the results of a large tender
Some short term contracts roll off in Q1
FY13 and will allow for ad hoc work or
redeployment
FY13 adjusted EBITDAR margin
expected to be ~ mid to high
twenties
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.


11
Other International (OIBU)
Other International represented 11% of Bristow
operating revenue and 14% of adjusted EBITDAR* in
Q4 FY12
Operating
revenue
decreased
to
$34.6M
in
Q4
FY12
vs. $36.3M in Q4 FY11 due to exiting Libya and was
partially offset by new contracts
Adjusted EBITDAR margin of 42.9% in Q4 FY12
decreased over Q4 FY11 of 59.4% and was 39.5% for
FY12 (Lider Impact)
Lider equity earnings decreased to $1.0M in Q4 FY12 
from $6.2M in Q4 FY11, negative $3.3M in FY12 vs.
$8.5M in FY11 due to the foreign exchange impact
and aircraft maintenance in Q4 FY12
Outlook:
Awaiting result of the Petrobras tender for up to
10 large aircraft
Major IOC contract in Brazil extended until
FY14 while adding a fourth medium aircraft
Exploring East Africa as future growth market
FY13 adjusted EBITDAR margin
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.
expected to be ~ low to mid forties


12
North America represents 14% of Bristow operating
revenue and 8% of adjusted EBITDAR in Q4 FY12
Adjusted EBITDAR increased to $8.2M in Q4 FY12 vs.
$3.4M in Q4 FY11
Adjusted EBITDAR margin of 19.4% in Q4 FY12
increased significantly from 8.5% in Q4 FY11; FY12
adjusted EBITDAR margin was 17.3%.
Increase in adjusted EBITDAR margin from prior year
quarter is a result of the higher LACE Rates for larger
aircraft as well as cost management
Outlook:
Activity in the Gulf of Mexico picking up with
continued inquiries for additional medium and
large aircraft to support seismic and deepwater
exploration
Successfully negotiating better contract terms
with several clients in GoM and Alaska
Supply and demand on medium and large
aircraft tightening significantly
FY13 adjusted EBITDAR margin expected
to be ~ low twenties
North America (NABU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.


13
Financial discussion
Jonathan
Baliff
,
SVP
and
CFO


14
Financial highlights:
Adjusted EPS Summary
Q4FY11 to Q4 FY12 adjusted EPS bridge
FY11 to FY12 adjusted EPS
*  Adjusted EPS 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, 2012.


15
Financial highlights:
Adjusted EBITDAR Summary
Q4FY11 to Q4 FY12 adjusted EBITDAR bridge (in millions)
FY11 to FY12 adjusted EBITDAR bridge (in millions)
*  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, 2012.


16
BVA –
Six Quarters
Sequential quarterly improvement
BVA Q3 FY11 –
Q4 FY12
See 10-K for more information on BVA
FY12 consolidated BVA is
-$0.7M, representing 8.4M
year-over-year increase
Positive change in BVA
driven is by:
Revenue growth in
Europe, West Africa,
and North America
Capital efficiency
through leasing of
aircraft and working
capital management
Some margin
improvements


17
LACE rate increases drove BVA and cash flow improvement
as overall LACE declined due to aircraft sales
LACE
and
LACE
Rate
excludes
Bristow
Academy,
affiliate
aircraft,
aircraft
held
for
sale,
aircraft
construction in progress, and reimbursable revenue
($ in millions)
See appendix for more information on LACE and LACE Rate
161
164
159
153
149
5.72
6.14
6.49
7.15
7.89
0
1
2
3
4
5
6
7
8
9
141
144
147
150
153
156
159
162
165
168
FY08
FY09
FY10
FY11
FY12
LACE
LACE Rate
324
295
290
279
268
161
164
159
153
149
0
50
100
150
200
250
300
350
FY08
FY09
FY10
FY11
FY12
Consolidated commerical aircraft
Large Aircraft Equivalent (LACE)


18
Adjusted EBITDAR margin has returned to pre-
recession levels
Calculated by taking adjusted EBITDAR divided by operating revenue; adjusted EBITDAR excludes special items and asset dispositions


19
Our progress on BVA has yielded increased operating
cash flow generation in FY12
Bristow generated 53% more operating cash flow in FY12
compared to FY11
Net cash provided by operating activities
See 10-K for more information on cash flow provided by operating activities
87.6
127.9
195.4
151.4
231.3
0
40
80
120
160
200
240
280
FY08
FY09
FY10
FY11
FY12


20
Operating lease strategy: lowering the cost and amount of
capital needed to grow
We leased nine existing and in-construction aircraft for $171.2 million from
December 2011 to March 2012
Currently
approximately
14%
of
our
commercial
fleet
is
leased
on
a
LACE
basis
The initial aim for the operating leases to account for 20-30% of our LACE
Leased aircraft as of March 31, 2012
Large
Medium
Small
Total
Leased LACE
Total LACE
% Leased
EBU
9
-
-
9
9
45
20.0%
WASBU
-
1
-
1
1
22
2.3%
AUSBU
1
-
2
3
2
19
10.5%
OIBU
1
-
-
1
1
33
3.0%
NABU
2
11
1
14
8
30
25.8%
Total
13
12
3
28
20
149
13.6%


21
Changes in fleet strategy have been driven by Client
Promise and BVA initiatives
In Q2 FY12, management updated our global fleet strategy
which incorporated aspects of Client Promise and BVA
Subsequent pre-tax inventory written down $25.9M (non-cash)
Excellent year for aircraft sales with significant transactions
improving fleet mix
29 aircraft were sold for $53.8M; 12 in Q4 FY12 including nine
AS 332L large aircraft sold for $28.9M
Aircraft
impairments
Seven other AS332Ls impaired, resulting in a non-cash charge
of $23.6M
Non-cash impairment charge of $2.8M on two medium aircraft
to be sold in Q2 FY13
Inventory
review
Aircraft
sales
Aircraft
impairment


22
All of these efforts have led to a robust cash and liquidity
position at year end
Total liquidity as of March 31
Total liquidity, including cash on
hand and unused revolver
capacity, has increased by more
than 50% from FY11
In FY12 cash on hand increased
by ~ 125%
In Q4 FY12 we have also paid
down over $75M of long and short
term debt
Higher liquidity allows for internal
funding of growth and protection in
uncertain economic times


23
Financial highlights:
FY13 guidance
EPS guidance range $3.25 -
$3.55 excluding aircraft sales and special items
Depreciation and amortization expense ~ $90 –
$95 million
SG & A expense ~ $135 -
$140 million
Interest expense ~ $38 -
$43 million
Tax ~
20% -
24 %
(assuming revenue earned in same regions and same mix)
LACE* (Large Aircraft Equivalent) ~ 152-156 (FY13  average)
LACE Rate* ~ $7.90 -
$8.20 million per LACE aircraft per year
Anticipate a second half better than the first half
* Excludes Bristow Academy, aircraft held for sale, CIP, and reimbursable revenue.


24
Conclusions
We have built a great company –
now the focus is on
execution
Target Zero / Client Promise is the top priority
Smarter growth with a prudent capital structure, low cost
and capital efficient financings
Strong financial profile with liquidity, cash flow and a
commitment to credit quality 
Balanced shareholder return: growth and capital return
through dividend increases and opportunistic share
repurchases


25
Appendix


26
Organizational
Chart
-
as
of
March
31,
2012
Business
Unit
(*
%
of
FY12
Operating
Revenue)
Corporate
Region
( # of Aircraft / # of Locations)
Joint
Venture
(No.
of
aircraft)
Key
Operated Aircraft
Bristow owns and/or operates 361
aircraft as of March 31, 2012
Affiliated Aircraft
Bristow affiliates and joint
ventures operate 195 aircraft
as of March 31, 2012


27
Aircraft Fleet –
Medium and Large
As of March 31, 2012
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
25
-
25
-
AW189
16
Twin Turbine
-
-
-
6
EC225
25
Twin Turbine
18
-
18
-
Mil MI 8
20
Twin Turbine
7
-
7
-
Sikorsky S-61
18
Twin Turbine
2
-
2
-
Sikorsky S-92
19
Twin Turbine
30
2
32
9
82
2
84
15
LACE
75
Medium Helicopters
AW139
12
Twin Turbine
7
2
9
-
Bell 212
12
Twin Turbine
2
14
16
-
Bell 412
13
Twin Turbine
34
20
54
-
EC155
13
Twin Turbine
3
-
3
-
Sikorsky S-76A/A++
12
Twin Turbine
16
6
22
-
Sikorsky S-76C/C++
12
Twin Turbine
54
33
87
-
116
75
191
-
LACE
53


28
Aircraft Fleet –
Small, Training and Fixed
As of March 31, 2012 (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
1
2
3
-
Bell 206 L-3
6
Turbine
4
6
10
-
Bell 206 L-4
6
Turbine
29
1
30
-
Bell 407
6
Turbine
39
-
39
-
BK 117
7
Twin Turbine
2
-
2
-
BO-105
4
Twin Turbine
2
-
2
-
EC135
7
Twin Turbine
6
3
9
-
83
12
95
-
LACE
21
Training Helicopters
AW139
12
Twin Turbine
-
3
3
-
Bell 412
13
Twin Turbine
-
8
8
-
Bell 212
12
Twin Turbine
-
15
15
-
AS355
4
Twin Turbine
2
-
2
-
AS350BB
4
Turbine
-
36
36
-
Agusta 109
8
Twin Turbine
-
2
2
-
Bell 206B
6
Single Engine
14
-
14
-
Robinson R22
2
Piston
11
-
11
-
Robinson R44
2
Piston
2
-
2
-
Sikorsky 300CB/Cbi
2
Piston
46
-
46
-
Fixed Wing
1
-
1
-
76
64
140
-
Fixed Wing
4
42
46
-
Total
361
195
556
15
TOTAL LACE (Large Aircraft Equivalent)
149


29
Consolidated Fleet Changes and Aircraft Sales for
Q4 FY12
Q 1 FY12
Q 2 FY12
Q 3 FY12
Q 4 FY12
YTD
Fleet Count Beginning Period
373
372
       
366
       
364
       
373
Delivered
EC225
2
1
3
S-92
2
3
1
6
Bell 412EP
1
1
Citation XLS
1
1
Total Delivered
2
3
4
2
11
Removed
Sales
(3)
          
(5)
          
(7)
          
(10)
        
(25)
 
Other*
(4)
          
1
           
5
           
2
    
Total Removed
(3)
          
(9)
          
(6)
          
(5)
          
(23)
 
372
       
366
       
364
       
361
       
361
* Includes destroyed aircraft, lease returns and commencements
Fleet changes
EBU
WASBU
AUSBU
OIBU
NABU
Total *
Large
3
    
-
           
3
          
1
     
-
       
7
      
Medium
2
    
1
          
1
          
6
     
-
       
10
    
Small
-
     
-
           
-
           
-
      
-
       
-
       
Total
5
    
1
          
4
          
7
     
-
       
17
    
* Table does not include two training helicopters held for sale
Aircraft held for sale by BU
EBU
WASBU
AUSBU
OIBU
NABU
BA
Total
Large
9
-
1
1
2
-
13
Medium
-
1
-
-
11
-
12
Small
-
-
2
-
1
-
3
Fixed
-
1
-
-
-
-
1
Training
-
-
-
-
-
28
28
Total
9
2
3
1
14
28
57
Leased aircraft in consolidated fleet
# of A/C Sold
Cash
Received*
Q1 FY12
3
2,478
Q2 FY12
5
10,674
Q3 FY12
7
9,075
Q4 FY12
14
31,640
Totals
29
53,867
* Amounts stated in thousands


30
Operating Revenue, LACE and LACE rate by BU
Op revenue*
LACE
LACE Rate*
AUSBU
148.3
19
7.78
NABU
176.5
30
5.79
WASBU
246.3
22
11.46
EBU
449.9
45
10.10
IBU
141.5
34
4.22
Total
1,162.5
     
149
7.89
* $ in millions
Operating Revenue, LACE, and LACE Rate by BU
as of March 31, 2012


31
#
Helicopter
Class
Delivery Date
Location
Contracted
#
Helicopter
Class
Delivery Date
1
Large
June 2012
OIBU
1 of 1
1
Medium
June 2013
1
Large
June 2012
WASBU
1 of 1
2
Medium
September 2013
5
Large
December 2012
EBU
3 of 5
1
Large
September 2013
2
Large
March 2013
EBU
2 of 2
2
Medium
December 2013
1
Large
September 2014
NABU
5
Large
December 2013
1
Large
December 2014
OIBU
1
Large
March 2014
1
Large
March 2015
OIBU
1
Large
June 2014
1
Large
June 2015
EBU
1
Medium
September 2014
1
Large
March 2016
EBU
1
Large
September 2014
1
Large
June 2016
AUSBU
2
Medium
December 2014
15
7 of 15
1
Large
December 2014
2
Medium
March 2015
* Six large ordered aircraft expected to enter service late
1
Large
March 2015
  calendar 2014 are subject to the successful development
2
Medium
June 2015
  and certification of the aircraft.
2
Large
June 2015
  Order book does not include two large leased aircraft
2
Large
September 2015
  under contract with delivery dates in June and September
2
Large
December 2015
  2012 quarters.
1
Large
March 2016
2
Large
June2016
2
Large
September 2016
2
Large
December 2016
1
Large
March 2017
1
Large
June2017
1
Large
September 2017
1
Large
December 2017
40
ORDER BOOK*
OPTIONS BOOK
Order and options book as of March 31, 2012
Fair market value of our fleet is ~$1.9
billion as of March 31, 2012.


32
Adjusted EBITDAR margin* trend and reconciliation
($ in millions)
2008
2009
2010
2011
2012
Income from continuing operations
$107.7
$125.5
$113.5
$133.3
$65.2
Income tax expense
$44.5
$50.5
$29.0
$7.1
$14.2
Interest expense
$23.8
$35.1
$42.4
$46.2
$38.1
Gain on disposal of assets
($9.4)
($9.1)
(18.7)
(10.2)
31.7
Depreciation and amortization
54.1
65.5
74.7
90.9
96.1
Special items
(1.4)
(42)
1.2
28.1
  EBITDA Subtotal
219.3
225.6
240.9
268.5
273.5
Rental expense
22.8
21.1
27.3
29.2
46.0
Adjusted EBITDAR
$242.1
$246.7
$268.2
$297.7
$319.5
Fiscal year ended March 31,
Q1
Q2
Q3
Q4
YTD
Q1
Q2
Q3
Q4
YTD
Q1
Q2
Q3
Q4
YTD
EBU
31.2%
31.7%
31.9%
28.0%
30.8%
29.8%
31.5%
34.6%
34.4%
32.7%
33.0%
31.4%
30.7%
36.1%
32.9%
WASBU
31.7%
36.8%
33.7%
39.1%
36.0%
33.7%
36.9%
35.8%
34.3%
35.2%
29.5%
35.5%
37.2%
36.6%
35.0%
NABU
18.3%
20.0%
14.9%
17.7%
17.8%
20.8%
25.8%
15.9%
8.5%
18.5%
14.3%
20.6%
14.8%
19.4%
17.3%
AUSBU
26.5%
36.7%
34.4%
31.3%
32.4%
33.2%
26.1%
27.0%
31.1%
29.3%
20.2%
14.4%
23.5%
35.6%
24.3%
OIBU
34.4%
37.6%
25.9%
25.1%
31.0%
18.3%
40.2%
37.4%
59.4%
39.3%
48.1%
19.1%
47.8%
42.9%
39.5%
Consolidated
24.7%
27.8%
24.7%
23.9%
25.3%
23.8%
27.5%
25.9%
29.6%
26.7%
23.4%
24.0%
27.6%
31.2%
26.6%
2010
2011
2012
* Adjusted EBITDAR excludes special items and asset dispositions and calculated by taking adjusted EBITDAR divided by operating revenue


33
GAAP reconciliation
Three Months Ended
Fiscal Year
Ended
March
31,
March
31,
2012
2011
2012
2011
Adjusted EBITDAR
Gain (loss) on disposal of assets
Special items
Rent expense
.............................................................
Interest expense
.......................................................
Depreciation and amortization
................................
Benefit (provision) for income taxes ............................
Net income ......................................................................
Adjusted operating income ...........................................
Gain (loss) on disposal of assets................................
Special items .............................................................
Operating income
.........................................................
Adjusted net income
.....................................................
Gain (loss) on disposal of assets................................
Special items
.............................................................
Net income attributable to Bristow Group........................
Adjusted earnings per share
............................................
Gain (loss) on disposal of assets
Special items
...............................................................
Earnings per share
............................................................
$
99,458
$
81,055
$
319,488
297,714
5,096
(31,670)
(3,451)
(2,445)
(28,061)
(1,245)
(15,143)
(46,041)
(29,184)
(9,960)
(38,130)
(46,187)
(25,296)
(27,740)
(96,144)
(89,377)
(2,422)
(14,201)
(7,104)
$
14,576
31,225
$
65,241
133,295
60,963
$
180,864
$
(31,670)
8,678
(33,428)
(1,806)
$
115,766
$
189,724
$
114,641
$
113,045
(26,008)
7,145
(25,103)
12,125
$
63,530
$
132,315
$
3.12
$
3.08
(0.71)
0.19
(0.68)
0.34
1.73
3.60
(28,610)
(7,071)
$
8,678
$
0.86
0.11
(0.13)
0.84
$
1.12
(0.67)
(0.16)
0.39
182,852
50,057
$
5,096
(5,306)
49,847
$
(28,610)
(6,140)
26,213
$
$
44,558
(24,533)
(5,783)
$
14,242
$
31,711
4,195
(5,038)
$
30,868
$
(9,924)
(7,746)
.........................................................
................................
................................................................
................................
(Unaudited)
(In thousands, except per share amounts)
$
$


34
Special items reconciliation
Three Months Ended
March 31, 2012
Adjusted
Operating
Income
Adjusted
EBITDAR
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
Impairment of inventories
(1)
Impairment of aircraft
(2)
.....................
AS332L sale costs
(3)
.........................
Tax items
(4)
.......................................
Total special items..........................
$
(1,309)
$
(1,309)
$
(934)
(Unaudited)
(In thousands, except per share amounts)
$
(0.03)
(2,690)
(2,661)
(0.07)
(2,142)
(2,142)
(0.04)
(795)
(0.02)
$
(6,141)
$
(3,451)
$
(5,783)
(0.16)
(1,393)
Fiscal Year Ended
March 31, 2012
Adjusted
Operating
Income
Adjusted
EBITDAR
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
Impairment of inventories..........................
Impairment of aircraft
.............................
Impairment
of assets in Creole,
Louisiana
...............................................
AS332L sale costs.................................
Tax items
..............................................
Total special items...............................
$
(25,919)
$
(25,919)
$
(18,514)
$
(0.50)
(2,690)
(2,661)
(0.07)
(2,677)
(1,740)
(0.05)
(2,142)
(2,142)
(1,393)
(0.04)
(795)
(0.02)
$
(33,428)
$
(28,061)
$
(25,103)
(0.68)
(In thousands, except per share amounts)
(Unaudited)
..............


35
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 March 31, 2012
757.2
$                                       
1,521.8
$    
2,279.1
$         
33.2%
Adjust for:
Unfunded Pension Liability
111.7
                                         
111.7
              
NPV of Lease Obligations
190.2
                                         
190.2
              
Guarantees
16.0
                                           
16.0
                
Letters of credit
1.5
                                             
1.5
                   
Adjusted
1,076.7
$                                    
(d)
1,521.8
$    
2,598.5
$         
41.4%
Calculation of debt to adjusted EBITDAR multiple
Adjusted EBITDAR*:
FY 2012
319.5
$                                       
(e)
Annualized
426.0
$                                       
= (d) / (e)
3.37:1


36
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
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