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Presentation by Jacques de Chateauvieux Growth and financial discipline Presentation by Jacques de Chateauvieux, Chairman of the Board of Directors, at BOURBON’s Combined General Meeting 2012
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Growth and financial discipline to serve the BOURBON 2015 Leadership Strategy plan
Transcript of « Growth and financial discipline » presentation
Presentation by Jacques de Chateauvieux
Growth and financial disciplinePresentation by Jacques de Chateauvieux,
Chairman of the Board of Directors, at BOURBON’s Combined General Meeting 2012
Growth and financial disciplineto serve the BOURBON 2015 Leadership Strategy plan
BOURBON focuses on offshore marine services, with the objective of the World No. 1 position in 2015.
2003-2009: 20% increase in shareholders' equity per year; 78% of investments financed by operations and the disposal of non-strategic assets.
2010-2011: 87% of investments financed by operations and the disposal of non-strategic assets, despite the decline of the offshore market and the delivery of a large number of new BOURBON vessels.
Growth of the fleet and financial discipline: operating debt only represents 36.5% of the market value of the assets.
Record level of offshore activity for oil companies confirms the realistic nature of the 17% growth target in the BOURBON 2015 Leadership Strategy plan.
2012-2015: the majority of the investments including the remaining €500 million to be2012-2015: the majority of the investments, including the remaining €500 million to be committed to the BOURBON 2015 Leadership Strategy plan, will be financed from cash generated by operations.
The expected growth in shareholder’s equity and return to the mean of the valuation indexes will boost BOURBON’s value.
BOURBON’s focus on marine services since 2010
World No.1 in offshore oil and gas marine services
% gross offshore investments 2003 - 2011
100
% offshore EBITDA 2003 - 2011
100 100
82 8376
85 84 85
7279
66 69 71
90
40 38
48
2003 2004 2005 2006 2007 2008 2009 2010 2011 2003 2004 2005 2006 2007 2008 2009 2010 2011
3
Growth and financial discipline: BOURBON 2003-2009 (7 years)
Capital employed
3,258
EBITDA and investments In millions of euros In millions of euros1000
1,200
+15% per year600
800
1000
2003 2009
+20% per year
0
200
400
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2003 2009
Shareholder's equity Debt and provisions
4000
Financing of investmentsIn millions of e ros
Offshore EBITDA BOURBON EBITDA Gross offshore investments
2000
3000
4000
24%
22%
In millions of euros
1000
2000
54%
100%
4
0Cash generated from operations
Interest, tax and dividends
Net cash from activity
Asset disposals Change in net debt
Investments (Assets + WCR)
Leadership strategy: growth - profitability - productivity
BOURBON 2015
Horizon 2012
A l th f Off h 17% 21%Annual average growth of Offshore revenues 17% 21%
EBITDA / Offshore revenues (in 2015) 45% 41%
EBITDA / capital employed (in 2015) 20% 18%
Fleet availability rate > 95% -
Index of operating costs at constant rates(in 2015)
-4% -
Existing fleetDec. 31, 2009
On order for Horizon 2012
BOURBON 2015 new order
TOTALnumber of vessels
Continental offshore 82 22 30 134
Deepwater offshore + Subsea 52 44 50 146
TOTAL supply vessels 134 66 80 280Crewboats 223 33 64 320
5
Crewboats 223 33 64 320
TOTAL FLEET 357 99 144 600
Decline in the offshore marketalongside delivery of a large number of supply vessels
95
In %
90
Change in utilization rate of supply vessels (AHTS/PSV/ IMR)
92%
85
87%
85
89 9 9
8
Number of supply vessels delivered
80
5
86
8
53
6 6
23
75Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
6
Growth and financial discipline: BOURBON 2010-2011 (2 years)
High self-financing capacity maintainedCapital employed
3 2583,397
EBITDA and investments In millions of euros In millions of euros
3,258
600
800
1000
2010 2011
0
200
400
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20152010 2011
Shareholder's equity Debt and provisions
1200
Financing of investmentsIn millions of e ros
Offshore EBITDA BOURBON EBITDA Gross offshore investments
600
1200
57%
13%
In millions of euros
0
600
30%
57%100%
7
Cash generated from operations
Interest, tax and dividends
Net cash from activity
Asset disposals Change in net debt
Investments (Assets + WCR)
A modern fleet and moderate use of debt
€3,410m(B)
Crewboats257 €915m
Operating debt / Net assets = 49.9%
Operating debt /
Continental offshore
p gValue of assets = 36.5%
91D t ff h
€2,493m
(A)
70
Deepwater offshore
€1,244m
(C)18
Subsea436
Number of vessels Value of assetsNet operating debt
8
A = Book value of assets in operation B = Valuation of the fleet by brokers C = Net operating debt
A fleet due to receive the equivalent of the World No.5 in 30 months
107 vessels under construction at December 31, 2011 with installments of €711m already paid
€1,585m Comprehensive range
28
Innovation
44€711m
Innovation
C i i i i i
26
Construction in series at competitive shipyards
Reduction of clients’ costs9
Reduction of clients costs
107
9
Number of vessels on orderInstallments debt
Fast-growing activity with price per barrel of US $100and offshore activity of oil companies at a record level
Exploration – Production expenditure: +45% from 2011 to 2015
Rigs on order / to be installedRigs on order / to be installed
Deepwater offshore drilling rigs Continental offshore drilling rigs
94
($600m
88
($170m
/ unit) / unit)
152
FPSO Well heads
152
($500m / unit)
+2,000
10
Growth and financial discipline: BOURBON 2012-2015 (4 years)
€500m investments under the plan remain to be committed at June 30, 2012 Capital employed
In millions of euros
3 3974, 000
EBITDA and investments
+4% per yearIn millions of euros
600
800
1000 3, 397 +4% per year
0
200
400
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20152011 2015
3000
2011 2015Shareholder's equity Debt and provisions
Financing of investmentsIn millions of e ros
Offshore EBITDA BOURBON EBITDA Gross offshore investments
2000
3000
not
In millions of euros
0
1000
committed
committed± 100%
11
0Cash generated from
operationsInterest, tax and
dividendsNet cash from activity Change in net debt Investments
(Assets + WCR)
Future growth in the net position and valuation index returnto average will boost BOURBON’s value
2 62 2 553
Valuation index 2003-2011Stock market capitalization / net position, Group share
1.57 1.69
2.62 2.552.21
1.161.52
1,5
2
2,5
0.781.06
0
0,5
1
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20152003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
G h f i i (G h )
1 280 1 386 1 402 1 363
2,0002000
2500
Growth of net position (Group share)2003-2011
In millions of euros
365525
706 8201,123
1,280 1,386 1,402 1,363
500
1000
1500
12
02003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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