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UPDATE 1st Semester 2002 12 September 2002 REMINDER Since January 2002, the Groupe Bourbon accounts have been reported on the following bases : proportional 66.66% consolidation of the distribution business

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UPDATE 1st Semester 2002 12 September 2002

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UPDATE

1st Semester 2002

12 September 2002


REMINDER

Since January 2002, the Groupe Bourbon accounts have been reported on the following bases :

  • proportional 66.66% consolidation of the distribution business

  • reclassification of the industrial fishery branch in the item «  other business »,

  • the standards applied in the Maritime Services branch have been adjusted to compare with those of listed corporations in the profession :

    • amortization extends from a period of 8 to 12 years to a period of 8 to 20 years

    • financial expenses for ships under construction are now capital expenditure

    • capital gains on vessels sold are accounted in Operations


Milestones : 1st semester 2002

  • A good first semester, both for operations and income

  • Opening of shopping mall in Le Port (Réunion)

  • Permit granted for for a second shopping mall in Mauritius

  • Startup of Exxon contract in Angola

  • Acquisition of a 51 % share in Island Offshore II and a 25 % stake in Havila Supply

  • Transfer of Rivage Guadeloupe following closure of coastal cruise business


Groupe Bourbon

1st semester 2002

Turnover= 446.5 M€

Current operating income= 40.8 M€

Net result, group shareholding= 26.2 M€


Key figures. 1st semester 2002

  • Increase in turnover of distribution and maritime services branches respectively 13.1% and 6.6%.

  • Turnover from international business now represents 40%, as compared with 31.4% last year.

  • Increase in EBITDA and current operating income reflect a good first semester.

  • The cash flow generated, one of Groupe Bourbon’s strengths, helps finance the investment program announced.


In millions of €

June 02

June 01

pro forma

%

2001

pro forma

Turnover (sales)

446.5

415.6

7.4 %

852.2

EBITDA

74.3

59.5

23.9 %

135.7

EBIT

40.8

28.8

41.7 %

71.0

Net result. group shareholdings

26.2

14.3

83.2 %

48.9

Cash flow

69.2

41.9

67.6 %

109.6

Net investment

105.9

75.3

-

107.8

Key figures, 1st semester 2002


Turnover1st semester 2002

8 %

Other business

38 %

Maritime Services

40 %

International

54 %

Distribution

60 %

France (Réunion)


Turnover, 1st semester 2002Distribution and Maritime

30 %

Bulk transport

33 %

Towage &

Assistance

16 %

International

84 %

France (Réunion)

37 %

Offshore oil


Other business

SUGAR in VIETNAM

  • The sugar business in Vietnam posted a first semester in line with forecasts, with sales backed up into the second semester.

    INDUSTRIAL FISHING

  • As usual, the first semester accounted for the bulk of the year’s results.

  • Business still depends on the quotas apportioned by the French government.


Other businessKey figures, 1st semester 2002


Distribution

1st semester 2002


DistributionMilestones, 1st semester 2002

  • Growth of business in line with the 2002-2006 business plan, both for France (Réunion) and on an international scale.

  • In Réunion, the mall-based hypermarket still generates the best results.

  • Opening of the Sacré Coeur shopping mall (22000 square meters) with :

    • a Jumbo Score covering 5700 square meters.

    • four specialist medium-sized stores (household appliances, culture, sports and textiles) and a 3000 square-meter Bricorama

    • 35 boutiques.

  • Construction begun on second shopping mall for Mauritius.

    Reminder : figures as shown correspond to 66.66 % of business handled


DistributionKey figures, 1st semester 2002

  • The increase in turnover follows store openings in Reunion in 2002 and in Mayotte and Vietnam in 2001, together with consolidation of Mauritius.

  • Increased earnings reflect our careful control of logistics and operating costs.

  • Investments for the semester went principally into completion of the Le Port shopping mall (Reunion) and acquisitions required for expansion in Mauritius.

    Reminder : figures as shown correspond to 66.66 % of business handled


DistributionKey figures, 1st semester 2002


Distribution France (Réunion)Key figures, 1st semester 2002

  • The share of turnover brought in by the Cora and Jumbo hypermarkets increases to reach 73% of total, a two percentage point increase over last year.

  • The current operating income mirrors the adjustment of cost markons begun in 2001 and careful management of overheads, notably payroll expenses.

  • The cash-and-carry business and the integrated food-processing workshops both contribute positively to growth of income.

    Reminder : figures as shown correspond to 66.66 % of business handled


Distribution France (Réunion)Key figures, 1st semester 2002


International distributionKey figures, 1st semester 2002

  • Growth in turnover should be considered in the light of the store openings in the 1st semester of 2001 (Vietnam and Mayotte) and of the consolidation of Mauritius.

  • Good performances from the Mayotte hypermarket

  • The dip in business in Madagascar was limited to 10% ; the second semester should bring the return of normal results.

  • The store name changeover in Mauritius was warmly welcomed by clients.

  • After a sluggish first six months in Vietnam, business seems to be picking up in the second semester.

    Reminder : figures as shown correspond to 66.66 % of business handled


International distributionKey figures, 1st semester 2002


DistributionOutlook and prospects

  • Opening of the Le Port shopping mall - a new mass marketing concept for Reunion :

    • Hypermarket devoting generous space to foodstuffs and fresh products

    • Home furnishings and cultural goods centralized in specialist stores under their own trade names : Home City and Agora.

    • Extended shopping facilities and and wider choice of restaurants and eateries.

  • International development in 2003 will benefit from new sales outlets currently under construction :

    • The Riche Terre shopping mall with a Cora hypermarket of 6000 square metres in Mauritius

    • New Score stores in Mayotte and Madagascar

    • Extension of Mien Dong Cora (+ 1500 sqm) in downtown Ho Chi Minh City.


Maritime services

1st semester 2002


Maritime servicesMilestones, 1st semester 2002

  • Business in line with expectations, including :

    • marked progression in offshore work

    • stabilization of towage activity

    • bulk transport turnover affected by the drop in freight rates.

  • Accelerated growth in terms of outfit (Island Offshore II) and human resources (Havily Supply).

  • Increase in current operating income, where absolute value allows for Groupe Chambon’s adoption of the standard accounting practices for the profession.

  • Partnership policy, notably in Angola, will henceforth boost net result for group share.

  • Semester characterized by a drop in the US$ and a correspondingly positive incidence on financial operations, with a 4.2M€ unrealized exchange gain.


  • Maritime servicesKey figures, 1st semester 2002

    • Increase in turnover fuelled by strong growth in offshore oil work (+ 54.5%).

    • EBITDA benefits from continued interaction between the three activities.

    • Semester figures show operating margin in line with target set for 2006.

    • Investments reflect shareholdings taken in Island Offshore (51 %) and Havila (25 %) for a total of 42 M€.


    Maritime servicesKey figures, 1st semester 2002


    Offshore oilfieldsKey figures, 1st semester 2002

    • The consolidation of Delba Maritima and the two-year charter of a vessel for a client in Angola :

      • boost growth for the semester by 26%

      • but account for a 7% drop in the EBE/turnover ratio

    • Offshore business is developing according to plan, notably with the extension of the Exxon contract in Angola.

    • Investments reflect acquisitions in Norway, the launching of a PSV and a crewboat and progress payments on work in hand.


    Offshore oil businessKey figures, 1st semester 2002

    77.6

    18.1

    59.5


    Towage & AssistanceKey figures, 1st semester 2002

    • Business stable over the semester, as expected for a mature activity

    • Operating ratios improved by reorganization in France and overseas growth

    • Investments levels reduced in view of the massive investments made over 1998 - 2000.

    • Shoreline protection activity pending renewal of tenders for the Abeille Flandre and the Languedoc.


    Towage & AssistanceKey figures, 1st semester 2002


    Bulk transportKey figures, 1st semester 2002

    • 5.5 million metric tons transported as compared with 5.8 million in the first semester of 2001

    • Drop in freight rates accounts for that in value of turnover

    • Profitability of business still remains satisfactory

    • Third 49,000 ton bulker, built in China, delivered in July 2002


    Bulk transportKey figures, 1st semester 2002


    Maritime servicesOutlook and prospects

    • The French government has confirmed renewal of shoreline protection measures.

    • National and European regulations expected for harbor towage business.

    • A major investment program (27 vessels currently under construction) to back the needs of our development policy in the deep-water offshore business


    Marine support for deepsea offshore fields

    Strategy regarding marine support for deepsea offshore oilfields


    Marine support for deepsea offshore fields

    • The market in 2001

    Approx.165

    vessels

    163 vessels

    Approx.

    1200 vessels

    Approx.

    450 vessels

    5 vessels

    Approx.

    550 vessels

    46 vessels

    18 vessels

    Approx. 280

    vessels

    40 vessels

    44 vessels

    Approx. 40 vessels

    Approx. 260

    vessels

    15 vessels

    Deepwater offshore vessels

    Standard offshore vessels


    Market growth

    Oil production from deepsea drilling will

    increase by 15% per year between 2000 and 2005

    Overall world output

    100 -

    TCAM (1970-2000) : 1.7%

    50 -

    2.2%

    (2000-2010) :

    Offshore

    10 -

    Oil

    TCAM (1970-2000) : 4.6%

    production

    3.1%

    (2000-2010) :

    (in Mb/day.)

    Deepwater output

    1 -

    TCAM (1985-2000) : 19.8%

    14.9%

    (2000-2005) :

    0

    1960

    1970

    1980

    1990

    2000

    2010

    Years


    Market growth

    Oil companies are going deeper and

    deeper to find oil and gas

    3 000

    2 600

    (D)

    2 500

    2 000

    1 853

    Traditional offshore

    Depth

    (in meters)

    1 500

    Deepsea operations

    753

    1 000

    314

    500

    114

    60

    0

    1980

    2005

    1970

    1990

    2000

    1960

    Year


    Market growth

    On the long term, the advantages of deepwater offshore

    business far outweigh inconveniences, mainly cost-related

    For

    Against

    Plus

    Moins

    Technical difficulties multiply with depth

    Gradual depletion of standard offshore resources

    Deepwater fields much larger than standard fields

    Operating costs - development and production - multiply with depth

    Production from deepwater fields 2 to 3 times greater than standard fields

    Development can be temporarily restricted (linked to oil prices)

    Greater geographical diversification (reduced country risk)


    Market growth

    Average offshore productivity : deepsea / standard

    Examples of fields (2001) :

    70 000

    Plus

    Moins

    Name

    Zone

    Depth

    Production

    60 000

    ((in B/DOE)

    -

    50 000

    Average

    Arkwright

    UK

    95m

    4 500

    (1)

    productivity

    40 000

    Sygna

    Norway

    250m

    (in barrels

    11 000

    per day oil

    30 000

    GoMex

    Tahoe

    II

    450m

    26 000

    equivalent

    (B/DOE))

    20 000

    Petronius

    GoMex

    525m

    31 000

    10 000

    Barracuda

    Brazil

    1 050m

    45 000

    0

    100-299

    300-499

    0-99

    500-999

    1500+

    1000-1499

    Mensa

    GoMex

    1 590m

    52 000

    Depth

    Girassol

    Africa

    1 400 m

    120 000-200 000

    (in meters)

    Traditional offshore

    Deepwater drilling


    Market growth

    Proven oil reserves discovered to date (2001)

    and estimated by 2008 in deepwater fields

    25 000

    2008

    Plus

    Moins

    20 000

    15 000

    Volume

    2001

    (millions

    10 000

    of barrels)

    2008

    5 000

    2001

    0

    Gulf of

    Mexico

    North

    Sea

    Others

    West

    Africa

    Brazil


    Market growth

    Growth of fields and reserves under production

    - 2001 -

    - 2008 -

    200

    200

    North

    Sea

    70

    70

    Number

    of

    fields

    under

    production

    60

    60

    North

    Sea

    Gulf

    of

    Mex

    50

    50

    Gulf

    of

    Mex

    40

    40

    Brazil

    30

    30

    West

    Africa

    20

    20

    (2)

    Brazil

    West

    Africa

    (2)

    10

    10

    0

    0

    20 000

    40 000

    60 000

    20 000

    40 000

    60 000

    Proven reserves (mmbbl)

    Proven reserves (mmbbl)


    Products and markets

    Operations / Development

    Production

    Production

    Repairs/

    Maintenance

    Crew

    boat

    Anchoring

    Supply

    Towage

    Near : standard

    crewboats : 300

    Proche :

    ROVs

    main. &

    repairs,

    cons.

    support

    Crew

    boat

    classique 300

    Traditional

    offshore

    AHTS / standard supply vessels

    1 471

    AHTS /

    Supply

    classiques

    Distant : Surfers

    70

    Eloigné :

    Surfers

    1 471

    70

    74

    North

    Sea

    Helicopters

    Hélicoptères

    ROVs

    main. &

    repairs,

    cons.

    support

    Tugs

    Tugs

    special-

    purpose

    PSVs

    50

    50

    ROV

    Maintenance/

    • special-purpose

    • AHTS

    • 10,000 bhp

    PSV

    Réparation

    AHTS spécifiques

    spécifiques

    Support de

    > 10

    Kbhp

    Near : standard

    crewboats

    Proche :

    > 2 000

    dwt

    > 2 000

    dwt

    construction

    Crew

    boat

    < 10 ans

    < 10 ans

    classique

    158

    152

    2

    Deepwater

    offshore

    2

    Distant but calm:

    Surfers :10

    )

    Eloigné calme :

    Surfers

    10

    Distant & difficult :

    helicopters

    Eloigné difficile :

    Hélicoptère

    MSV 19

    MSV 19


    A marine services marketwith an annual growth rate of 15 %

    80 % of new vessels required for

    West Africa, Brazil and the Gulf of Mexico

    170-180

    180

    160-170

    160-170

    165

    160

    2008

    140

    100-110

    120

    130

    110

    Number

    of

    vessels

    110

    -

    -

    -

    100

    140

    120

    120

    80

    60

    40

    2001

    2008

    40

    44

    46

    163

    38

    20

    2001

    0

    North

    Sea

    West

    Africa

    Brazil

    Gulf of

    Mexico

    Others


    The Golden Triangleof deepwater offshore

    By 2008, the three markets of Africa, Brazil and the Gulf

    of Mexico will represent the same volume of deepwater business

    Approx. 165

    Approx. 200

    vessels

    vessels

    5 vessels

    Approx.

    Approx. 1200

    vessels, of

    which 240

    under

    renewal

    Approx.

    450 vessels

    400 vessels

    160-170

    -

    vessels

    170-180

    40 vessels

    vessels

    160-170

    Approx. 280

    vessels

    vessels

    Approx. 260

    Approx. 30

    vessels

    20 vessels

    vessels

    Deepwater offshore vessels

    Standard offshore vessels


    Possible strategies

    1

    1

    Gulf of Mex

    Brazil

    Africa

    North Sea

    MSV

    2

    deepsea AHTS

    3

    Petrobras

    deepsea PSV

    Exxon

    Exxon

    TotalFinaElf

    standard AHTS

    TotalFinaElf

    Chevron

    Chevron

    standard PSV

    Shell

    Shell

    B.P

    Tugboat

    Passenger


    Groupe Bourbon strategy

    Accelerate growth to gain

    market shares :

    through acquisitions and partnerships

    and by adapting teams, organization, management

    and supervision to a strategy of rapid growth

    Island Offshore

    Vessels

    Les vessels

    Delba Maritima

    Organization,

    teams and

    skills

    Market

    shares

    Havila

    L'organisation.

    Les parts


    Groupe Bourbon strategy

    • Bourbon’s financial structure allows the group to bankroll fast-lane growth

      in the offshore business.


    Structure of tied-up capital

    The strategy followed and the corresponding investments will increase bottom-line tied-up capital.

    As at June 30th 2002 :

    • in the asset column, net fixed assets represent 91 % of tied-up capital

    • in the liabilities column, net debts account for 52 % of tied-up capital


    Structure of tied-up capital

    M€

    834

    900

    758

    800

    700

    600

    500

    434

    400

    400

    300

    200

    76

    100

    0

    Working capital

    requirements

    Net fixed

    assets

    Tied-up capital

    Shareholders’

    equity &

    reserves

    Net debts


    Fixed assets and net debts

    Groupe Bourbon indebtedness corresponds to :

    • financing of assets which have high strategic value and/or are easily transferrable (sales positions, new vessels)

    • around three years of cash flow, guaranteed and self-renewing (medium-term contracts).

      Groupe Bourbon’s overall debts represent just 70 % of the gross value of its vessels.


    Fixed assets and net debts

    M€

    1148

    1148

    1200

    1148

    1200

    Other business

    214

    Autres

    214

    1000

    Distribution

    1000

    Distribution

    758

    Maritime

    Maritime

    758

    291

    800

    758

    291

    800

    161

    161

    600

    600

    434

    196

    434

    196

    400

    400

    643

    643

    401

    401

    130*

    130*

    200

    200

    0

    0

    Immobilisations

    Immobilisations

    Dettes nettes

    Cash flow annuel

    Net fixed

    assets

    Gross fixed

    assets

    Net debts

    Annual cash flow

    brutes

    nettes

    * on the basis of a ratio net debts / 3.3 times annual cash flow

    ( average over past three years)

    * sur la base d'un ratio dettes nettes / cash flow annuel de 3.3 fois


    Groupe Bourbon

    1st semester 2002

    September 12th, 2002


    Exercise of stock warrantsand increase of capital

    On September 9th 2002, the board of directors noted that all stock warrants had been surrendered. Upon issue of the corresponding 368 172 shares, the position was :

    Financière Jaccar

    • Overall Groupe Bourbon shares now total 7,032,000

    • the increase of capital amounted to 17.8 M€

    32 %

    Public

    58 %

    10 %

    Gevaert


    GROUPE BOURBON

    Updates for 2002 / 2003

    • Turnover for third quarter of 200212 Nov 2002

    • Turnover for fourth quarter of 200212 Feb 2003

    • Annual accounts meeting26 March 2003

    • Turnover for first quarter of 200312 May 2003

    • General meeting (Reunion Island)27 May 2003


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