Bristow Group Inc - FORM 8-K - EX-99.1 - INVESTOR RELATIONS PRESENTATION POSTED AUGUST 21, 2012 - August 21, 2012

Attached files

file filename
8-K - FORM 8-K - Bristow Group Incd400020d8k.htm
Bristow Group Inc.
Investor Relations Presentation
August  2012
Exhibit 99.1

2
Forward-looking statements
This presentation may contain “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include statements about our future business,
operations, capital expenditures, fleet composition, capabilities and results; modeling information,
earnings 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 and our Quarterly Report on
Form 10-Q for the quarter ended June 30, 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.

3
Bristow is the leading provider of helicopter services
and is a unique investment in oil field services
•
~20 countries
•
551 aircraft
•
~3,400 employees
•
Ticker: BRS
•
Stock price
*
: $45.77/share
•
Market cap
*
: ~$1.7 billion
•
Quarterly dividend of $0.20/share
$67
Bristow flies crews and light cargo to production platforms, vessels and rigs
* Based on 36.4 million fully diluted weighted average shares outstanding for the three months ended 06/30/2012 and stock price as of July 31, 2012

4
•
Safety is our primary core value
•
Bristow’s ‘Target Zero’
program is now the leading example
emulated industry-wide
•
Safety Performance accounts for 25% of management
incentive compensation
•
2011 National Ocean Industries Association (NOIA) Safety
in Seas Award Winner
our
industry
leading
safety
program,
creates differentiation and client loyalty
,
TARGET ZERO                                            

5
Bristow services are utilized in every phase of
offshore oil and gas activity, especially production
•
Largest share of revenues (>60%) relates to
oil and gas production, providing stability and
growth opportunities
•
There are ~ 8,000 offshore production
installations worldwide —
compared with
>600 exploratory drilling rigs
•
~ 1,700 helicopters are servicing the
worldwide oil and gas industry of which
Bristow’s fleet is approximately one-third
•
Bristow revenues are primarily driven by
operating expenditures
Typical revenues by segment
PRODUCTION
Exploration
20%
Development
10%
Production
60%
Other 10%
SEISMIC
EXPLORATION
DEVELOPMENT
ABANDONMENT
H e l i c o p t e r     t r a n s p o r t a t i o n     s e r v i c e s

6
Bristow’s contract and operations structure generates more
predictable income with significant operating leverage
Revenue sources
•
Two tiered contract structure includes both:
–
Fixed or monthly standing charge to reserve helicopter
capacity
–
Variable fees based on hours flown with fuel pass through
•
Bristow contracts earn 65% of revenue without flying
Operating income
Fixed
monthly
70%
Variable
hourly
30%
Fixed
monthly
65%
Variable
hourly
35%

7
Why Bristow?
$275
•
Bristow has changed
its client and capital allocation approach
(Client Promise/Bristow Value Added) to generate better cash
returns and fund it’s growth
•
Bristow is enjoying improved pricing
for its services with better
utilization especially in North America
•
Bristow is growing
with demand not dependent on economic or
commodity cycles
•
Bristow’s
asset
values
continue
to
be
resilient
even
in
depressed
economic
times
as
there
is
strong
demand
for
helicopters
outside
of
exploration
and
production
(E&P)
•
Bristow cash flow has increased
53% since FY11 and is more
than 2 times higher than our next four competitors* combined
* Four competitors are CHC, ERA, Inaer Aviation, and PHI. Data from latest filings as of July 29, 2012. ERA based on S-1 pro-forma.

8
CHANGE:
Bristow’s Client Promise initiative is gaining
traction and is behind our margin improvement
Target Zero accidents, downtime and complaints
programs deliver value to operators.
More zero-accident flight hours than anyone,
more uptime than anyone,
and hassle-free service
creates confidence in flight. Worldwide.
Lowers client’s offshore operating costs
and improves productivity.
Earns us more business
to improve BVA.

9
CHANGE:
Bristow Value Added (BVA) makes employees
treat the cost of capital like any other expense
•
BVA is the key measure to define Bristow’s financial success
and charges managers for the capital they use every day
•
BVA has changed i) the way working capital is managed, and
ii) has led to our operating lease initiative
*     Reconciliation for these items is in the appendix
**   Quarterly capital charge of 2.625% is based on annual capital charge of 10.5%
BRISTOW VALUE ADDED CALCULATION SAMPLE
BVA =Gross Cash Flow –
(Gross Operating Assets X Capital Charge)
BVA
=
GCF
-
(
GOA
X
10.5%**
)
Bristow Value Added calculation for Q1 FY12
($15.4)
=
$60*
-
(
$2,874*
X
2.625%**
)
Bristow Value Added calculation for Q1 FY13
$1.9
=
$80*
-
(
$2,976*
X
2.625%**
)

10
•
Of the 56 aircraft currently leased in our fleet, 30 are training and 26 are
commercial (18 LACE)
•
18 LACE aircraft represent approximately 12% of our commercial fleet
•
Our
goal
is
for
commercial
fleet
operating
leases
to
account
for
20-30%
of
our
LACE
Leased aircraft as of June 30, 2012
Large
Medium
Small
Total
Leased LACE
Total LACE
% Leased
EBU
8
-
-
8
8
47
17%
WASBU
-
1
-
1
1
22
2%
NABU
2
11
1
14
8
30
26%
AUSBU
1
-
2
3
2
18
11%
OIBU
-
-
-
-
-
32
0%
Total
11
12
3
26
18
147
12%
amount of capital needed to grow
Operating
lease
initiative:
lowering
the
cost
and

11
Net cash provided by operating activities
See June 30, 2012 10-Q for more information on cash flow provided by operating activities
Our focus on BVA has yielded much higher operating
29.6
35.0
25.7
52.9
55.4
127.9
195.4
151.4
231.3
0
40
80
120
160
200
240
280
320
FY09
FY10
FY11
FY12
Q1 FY13
cash flow generation . . .

12
. . . And when combined with leasing, creates a
significantly higher cash and liquidity position
Total Liquidity
178
261
100
145
140
160
78
116
262
227
0
50
100
150
200
250
300
350
400
450
31-Mar-10
31-Mar-11
31-Mar-12
30-Jun-12
Undrawn borrowing capacity
Cash
402
387

13
56
9
5
109
40
8
5
North America
Brazil, Peru,
Trinidad
Gulf of Guinea
Mid East, East Africa,
India, Bangladesh
Malaysia, Thailand
Indonesia
Australia
Small
Medium
Large
Total Opportunities *
. . . Which allows us to pursue the larger scope of growth
opportunities identified between FY13 and FY17
30
40
228
160
11
31
24
27
12
7
Europe
Russia / Caspian
69
20
10
33
3
5

14
Overall
activity
above pre-
2008 levels
•
The overall market both in terms of tender activity and pricing is
improving
•
North Sea tender activity remains at historic levels
•
Aircraft supply is tightening with significant search and rescue
(SAR) requirements (both governmental and O&G) and faster
Brazilian expansion
Brazil growth 
accelerates
NABU
market
returning
•
Petrobras board approved 52 incremental aircraft through FY15
with a focus on heavy aircraft. First ten were awarded, of which
Lider will provide five, and a new bid is expected later this year
for the next tranche.
•
International demand outside of Brazil expected to be at least
equal to Brazilian demand suggesting further tightening of
supply/demand for large a/c
•
Most clients increasing activity in USGoM as rigs go back to
work
•
Eastern Canada new drilling activity increasing with Statoil,
ExxonMobil and Chevron
. . .  With the market outlook even better in FY13

15
CONCLUSION:
Bristow enjoys the strongest balance sheet
in our industry with ample liquidity, cash flow and asset value
Ample
Liquidity with
underlying
asset value
Significant
Cash Flow
generation
•
Bristow generated 53% more operating cash flow in
FY12 compared to FY11. Operating cash flow in Q1
FY13 was 5% higher than Q1 FY12 and 48% higher
than the sequential Q4 FY12
•
Bristow closed Q1 FY13 with almost $400 million of
liquidity
•
Fair market value of aircraft is well above share price at
June 30, 2012
Prudent
Balance
Sheet
management
•
Adjusted Debt/Capital Ratio less than 45% with a BBB-
rating from Standard & Poor’s for secured debt
•
Operating lease strategy used to finance growth with a
competitive cost of capital

16
The
“Growth
Price
Signal”
is
provided
by the commercial markets and outlook
for  ANNUAL EPS Growth
Cash
Flow Yield
=
OCF
+
A/C
sales
–
Depreciation
Market Capitalization
We can provide a balanced return, but some years we
will “Go Faster”
depending on price signals
The
“Capital
Return
Price
Signal”
is
provided by the financial markets and
our current free cash flow yield
Today this equals  13.5 %*
FY13
EPS
Guidance:
$3.25
-
$3.55
FY12 –
FY13 EPS
Midpoint
Growth
9.0 %
=
*Trailing twelve months as of June 30, 2012
Conclusion:
Bristow
provides
investors
with
unique
combination of growth and balanced return

17
Appendix

18
Bristow’s asset values are resilient as there is strong
demand for helicopters outside of oil field services

19
•
Europe represented 39% of Bristow operating
revenue and 42% of adjusted EBITDAR* in Q1
FY13
•
Operating revenue increased to $123.2M in Q1
FY13 from $108.3M in Q1 FY12 with the
addition of four large aircraft and increased
activity with new and existing contracts in the
UK and Norway
•
Adjusted EBITDAR increased to $39.7M in Q1
FY13 from $35.7M in Q1 FY12, while adjusted
EBITDAR margin remained relatively flat at
32.2% in Q1 FY13 versus 33.0% in Q1 FY12
•
Outlook:
•
Bristow is shortlisted for UK SAR program
with results to be announced in early 2013
•
High activity continues as demonstrated by
new awards for nine aircraft recently
announced.  Additional awards are
anticipated next quarter.
FY13 adjusted EBITDAR margin
expected to be ~ low thirties
Europe (EBU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

20
West Africa (WASBU)
•
Nigeria represented 21% of Bristow operating
revenue and 22% of adjusted EBITDAR* in Q1 FY13
•
Operating revenue of $66.4M in Q1 FY13 increased
27% from $52.3M in Q1 FY12 due to strong activity
and a 12% increase in flight hours compared to Q1
FY12
•
Adjusted EBITDAR increased to $21.2M in Q1 FY13
from $15.4M in Q1 FY12 with adjusted EBITDAR
margin of 32% in Q1 FY13 vs 30% in Q1 FY12
Outlook:
•
Improved service through Client Promise
initiative continues to drive strong results: Two
existing contracts extended with better pricing
and terms
•
Upcoming heavy maintenance on several
aircraft will impact Q2 and Q3 FY13
•
We continue to work on optimizing the
operating model in this business unit as part
of the local content initiative
FY13 adjusted EBITDAR margin expected
to be ~ low thirties
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

21
•
•
North America represented 17% of Bristow operating
revenue and 13% of adjusted EBITDAR* in Q1 FY13
•
Adjusted EBITDAR doubled to $12.2M in Q1 FY13 vs.
$6.3M in Q1 FY12 and adjusted EBITDAR margin was
23.2% in Q1 FY13 versus 14.3% in Q1 FY12
•
Sequential improvement of almost 50% in adjusted
EBITDAR from $8.2M in Q4 FY12 to $12.2M in the
current quarter
•
Business model performed with key parameters
significantly better; several mid-teen price increases;
large aircraft working and costs contained
Outlook:
•
Our business is improving in FY13 similar to other
oil
service
sector
recoveries
-
more
rigs,
more
people, and more investment
•
Client Promise initiative continues to deliver
positive results
FY13 adjusted EBITDAR expected to be ~ low
twenties
North America (NABU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

22
Australia (AUSBU)
•
Australia represented 12% of Bristow operating
revenue and 11% of adjusted EBITDAR* in Q1 FY13
•
Operating revenue of $38.2M in Q1 FY13 decreased
from $40.9M in Q1 FY12 due to a decrease in overall
flight activity
•
Adjusted EBITDAR increased to $10.3M in Q1 FY13
from $8.3M in Q1 FY12 and adjusted EBITDAR
margin increased to 27.0% in Q1 FY13 from 20.2% in
Q1 FY12 reflecting better asset utilization along with
lower operating costs
Outlook:
•
INPEX award of a ten-year contract for up to
six large aircraft with an option to add a long
term SAR aircraft with the start date in FY14
•
Aircraft
will
be
redeployed
as
short-
term
contracts roll off; will impact performance in Q2
and Q3 FY13
•
An additional medium aircraft contract award
with improved terms
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.
FY13 adjusted EBITDAR margin expected
to be ~ mid to high twenties

23
Other International (OIBU)
•
Other International represented 11% of Bristow operating revenue
and 12% of adjusted EBITDAR* in Q1 FY13
•
Operating revenue decreased  to $33.2M in Q1 FY13 vs. $34.5M
in Q1 FY12 due to decrease in activity in Ghana and the end of a
contract in the Baltic Sea
•
Adjusted EBITDAR margin of 36.2% in Q1 FY13 decreased from
48.1% in Q1 FY12 due primarily to decreased earnings from
unconsolidated affiliates (particularly Lider in Brazil), activity
reduction in Mexico, and increased operating costs in Trinidad
•
Lider equity earnings decreased to $0.0M in Q1 FY13  compared
to $2.7M in Q1 FY12
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.
Outlook:
•
•
•
FY13 adjusted EBITDAR margin expected to be ~ low
to mid forties
Potential new opportunities in Caspian, East Africa, Southeast Asia
and the Caribbean
Petrobras awarded Lider contracts for five new large aircraft, with
one leased by Bristow to Lider, with operations scheduled to
commence starting in August 2012 through April 2013
Lider’s second half of the year is expected to be better than the
first half as operations under new contracts begin. Currency
fluctuations
make
it
difficult
to
predict
if
this
will
translate
into
higher
equity earnings

24
Organizational
chart
-
as
of
June
30,
2012
Business Unit
(% of  FY13 Operating Revenue)
Corporate
Region
( # of Aircraft / # of Locations)
Joint Venture
(# of aircraft)
Key
Operated Aircraft
Bristow owned and/or operated
357 aircraft as of June 30, 2012
Affiliated Aircraft
Bristow affiliates and joint
ventures operated 194 aircraft
as of June 30, 2012
Bristow
NABU
16%
U.S. GoM
–
79/7
Trinidad
–
10
/1
Alaska
–
12/3
Mexico
–
12/5
Brazil –10/9
Lider
-
85
UK –32/4
Norway
–
26/3
FBH -
64
Nigeria
–
45/7
Australia
–28/10
Other
–
12/1
Russia
–
7/3
Egypt
–
–/–
Turkmenistan
–
2/1
PAS
-
45
AUSBU
12%
EBU
39%
Florida
–
58/1
Louisiana
–
14/1
U.K. –
5/1
Malaysia 
–
5/2
WASBU
21%
OIBU
10%
BRS Academy
2%

25
Aircraft fleet –
medium and large
as of June 30, 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
23
-
23
-
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
32
4
36
11
82
4
86
17
LACE
76
Medium Helicopters
AW139
12
Twin Turbine
7
2
9
-
Bell 212
12
Twin Turbine
1
14
15
-
Bell 412
13
Twin Turbine
34
20
54
-
EC155
13
Twin Turbine
3
-
3
-
Sikorsky S-76A/A++
12
Twin Turbine
15
5
20
-
Sikorsky S-76C/C++
12
Twin Turbine
52
31
83
-
112
72
184
-
LACE
51

26
Aircraft fleet –
small, training and fixed
as of June 30, 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
5
-
5
-
AS350BB
4
Turbine
-
36
36
-
Agusta 109
8
Twin Turbine
-
2
2
-
Bell 206B
6
Single Engine
12
-
12
-
Robinson R22
2
Piston
12
-
12
-
Robinson R44
2
Piston
2
-
2
-
Sikorsky 300CB/Cbi
2
Piston
45
-
45
-
Fixed Wing
1
-
1
-
77
64
141
-
Fixed Wing
3
42
45
-
Total
357
194
551
17
TOTAL LACE (Large Aircraft Equivalent)
147

27
#
Helicopter
Class
Delivery Date
Location
Contracted
#
Helicopter
Class
Delivery Date
3
Large
December 2012
EBU
3
1
Large
September 2013
2
Large
December 2012
WASBU
0
1
Large
December 2013
2
Large
March 2013
EBU
2
1
Large
March 2014
1
Large
September 2013
EBU
0
1
Large
June 2014
1
Large
September 2013
NABU
0
1
Large
September 2014
2
Large
December 2013
OIBU
0
1
Large
December 2014
1
Large
September 2014
NABU
0
1
Large
March 2015
1
Large
December 2014
OIBU
0
2
Large
June 2015
1
Large
March 2015
OIBU
0
2
Large
September 2015
1
Large
June 2015
EBU
0
2
Large
December 2015
1
Large
March 2016
EBU
0
1
Large
March 2016
1
Large
June 2016
AUSBU
0
2
Large
June2016
17
5
2
Large
September 2016
2
Large
December 2016
* Six large ordered aircraft expected to enter service beginning
1
Large
March 2017
in calendar year 2014 are subject to the successful development
1
Large
June 2017
and certification of the aircraft.
1
Large
September 2017
1
Large
December 2017
1
Medium
June 2013
4
Medium
December 2013
3
Medium
June 2014
2
Medium
September 2014
2
Medium
June 2015
36
ORDER BOOK*
OPTIONS BOOK
Order and options book as of June 30, 2012

28
Consolidated fleet changes and aircraft sales for
Q1 FY13
Q 1 FY13
Fleet Count Beginning Period
361
Delivered
S-92
2
Total Delivered
2
Removed
Sales
(4)
          
Other*
(2)
          
Total Removed
(6)
          
357
       
* Includes destroyed aircraft, lease returns
  and commencements
Fleet changes
EBU
WASBU
NABU
AUSBU
OIBU
Total
Large
3
-
-
3
-
6
Medium
2
1
-
1
7
11
Small
-
-
-
-
-
-
Total
5
1
-
4
7
17
Aircraft held for sale by BU
Large
8
-
2
1
-
-
11
Medium
-
1
11
-
-
-
12
Small
-
-
1
2
-
-
3
Fixed
-
-
-
-
-
-
-
Training
-
-
-
-
-
30
30
Total
8
1
14
3
-
30
56
Leased aircraft in consolidated fleet
EBU
WASBU
NABU
AUSBU
OIBU
BA
Total
# of A/C Sold
Received*
Q1 FY13
4
19
$            
Totals
4
19
$            
* $ in millions

29
Operating revenue
LACE
LACE Rate
2, 3
EBU
$123.2
47
$10.60
WASBU
66.4
22
12.35
NABU
52.6
30
7.05
AUSBU
38.2
18
8.48
OIBU
4
33.2
32
4.22
Total
$313.6
147
$8.55
Operating Revenue, LACE, and LACE Rate by BU
as of June 30, 2012
Operating Revenue, LACE and LACE Rate by BU
1) $ in millions
2) LACE Rate is annualized
3) $ in millions per LACE
4) OIBU LACE rate is lower than other business units’ LACE rate due to a large proportion of revenue being from dry leases
1

30
Adjusted EBITDAR margin* trend
Q1
Q2
Q3
Q4
Full Year
Q1
Q2
Q3
Q4
Full Year
EBU
31.2%
31.7%
31.9%
28.0%
30.8%
29.8%
31.5%
34.6%
34.4%
32.7%
WASBU
31.7%
36.8%
33.7%
39.1%
36.0%
33.7%
36.9%
35.8%
34.3%
35.2%
NABU
18.3%
20.0%
14.9%
17.7%
17.8%
20.8%
25.8%
15.9%
8.5%
18.5%
AUSBU
26.5%
36.7%
34.4%
31.3%
32.4%
33.2%
26.1%
27.0%
31.1%
29.3%
OIBU
34.4%
37.6%
25.9%
25.1%
31.0%
18.3%
40.2%
37.4%
59.4%
39.3%
Consolidated
24.7%
27.8%
24.7%
23.9%
25.3%
23.8%
27.5%
25.9%
29.6%
26.7%
2013
Q1
Q2
Q3
Q4
Full Year
Q1
EBU
33.0%
31.4%
30.7%
36.1%
32.9%
32.2%
WASBU
29.5%
35.5%
37.2%
36.6%
35.0%
31.9%
NABU
14.3%
20.6%
14.8%
19.4%
17.3%
23.2%
AUSBU
20.2%
14.4%
23.5%
35.6%
24.3%
27.0%
OIBU
48.1%
19.1%
47.8%
42.9%
39.5%
36.2%
Consolidated
23.4%
24.0%
27.6%
31.2%
26.6%
26.3%
2010
2011
2012
* Adjusted EBITDAR excludes special items and asset dispositions and calculated by taking adjusted EBITDAR divided by operating revenue

31
Adjusted EBITDAR* reconciliation
* Adjusted EBITDAR excludes special items and asset dispositions
($ in millions)
Q1
Q2
Q3
Q4
Full Year
Q1
Q2
Q3
Q4
Full Year
Net income
$24.0
$33.7
$27.1
$28.7
$113.5
$20.9
$38.8
$42.3
$31.2
$133.3
Income tax expense
9.5
11.2
5.7
2.6
29.0
8.5
3.3
-11.8
7.1
7.1
Interest expense
10.0
10.6
11.0
10.8
42.4
11.0
11.5
13.8
9.9
46.2
Gain on disposal of assets
-6.0
-4.9
-2.4
-5.3
-18.7
-1.7
-1.9
0.0
-5.1
-8.7
Depreciation and amortization
18.2
18.5
20.7
17.4
74.7
19.3
21.0
21.3
27.7
89.4
Special items
2.6
-2.5
-1.1
1.0
0.0
0.0
0.0
-1.2
2.4
1.2
EBITDA Subtotal
58.2
66.7
60.9
55.1
240.9
58.1
72.7
64.4
73.3
268.5
Rental expense
7.0
7.0
7.2
6.3
27.3
6.6
6.1
8.7
7.7
29.2
Adjusted EBITDAR
$65.2
$73.6
$68.1
$61.3
$268.2
$64.7
$78.8
$73.1
$81.1
$297.7
3/31/2013
($ in millions)
Q1
Q2
Q3
Q4
Full Year
Q1
Net income
$21.2
$3.0
$26.5
$14.6
$65.2
$24.2
Income tax expense
6.6
-1.9
7.1
2.4
14.2
6.2
Interest expense
9.0
9.5
9.8
10.0
38.1
8.8
Gain on disposal of assets
-1.4
1.6
2.9
28.6
31.7
5.3
Depreciation and amortization
22.7
25.4
22.7
25.3
96.1
21.4
Special items
0.0
24.6
0.0
3.4
28.1
2.2
EBITDA Subtotal
58.1
62.1
68.9
84.3
273.4
68.0
Rental expense
9.0
9.1
12.8
15.1
46.0
16.3
Adjusted EBITDAR
$67.0
$71.2
$81.8
$99.5
$319.5
$84.3
3/31/2010
3/31/2011
3/31/2012
Fiscal year ended
Fiscal year ended

32
Bristow Value Added (BVA)
Sample calculation
*     Reconciliation for these items on following two pages
**   Quarterly capital charge of 2.625% is based on annual capital charge of 10.5%
Bristow Value Added = Gross Cash Flow –
(Gross Operating Assets X Capital Charge)
BVA
=
GCF
-
(
GOA
X
10.5%**
)
Bristow Value Added calculation for Q1 FY12
($15.4)
=
$60*
-
(
$2,874*
X
2.625%**
)
Bristow Value Added calculation for Q1 FY13
$1.9
=
$80*
-
(
$2,976*
X
2.625%**
)

33
Gross cash flow presentation
($ in millions)
Gross Cash Flow Reconciliation
Q1 FY12
Q1 FY13
Net Income
$21
$24
Depreciation and Amortization
23
21
Interest Expense
9
9
Interest Income
(0)
(0)
Rent
9
16
Other Income/expense-net
(0)
1
Gain/loss on Asset Sale
(1)
5
Special Items
0
2
Tax Effect from Special Items
0
(2)
Earnings (losses) from Unconsolidated Affiliates, Net
(6)
(2)
Non-controlling Interests
0
1
Gross Cash Flow  before Lider
$54
$75
Gross Cash Flow -
Lider proportional
6
5
Gross Cash Flow  after Lider
$60
$80
Special items:
FY13  includes: $2.2m special charge for severance costs related to the termination of a contract in the Southern North Sea

34
Gross operating asset presentation
($ in millions)
Adjusted Gross Operating Assets Reconciliation
Q1 FY12
Q1 FY13
Total Assets
$2,701
$2,740
Accumulated Depreciation
463
468
Capitalized Operating Leases
136
194
Cash and Cash Equivalents
(117)
(227)
Investment in Unconsolidated Entities
(210)
(201)
Goodwill
(30)
(29)
Intangibles
(7)
(4)
Assets Held for Sale: Net
(34)
(18)
Assets Held for Sale: Gross
77
86
Adj. for gains & losses on assets sales
(0)
116
Accounts Payable
(51)
(58)
Accrued Maintenance and Repairs
(11)
(16)
Other Accrued Taxes
(4)
(7)
Accrued Wages, Benefits and Related Taxes
(33)
(43)
Other Accrued Liabilities
(18)
(27)
Income Taxes Payable
(16)
(10)
Deferred Revenue
(9)
(13)
ST Deferred Taxes
(10)
(15)
LT Deferred Taxes
(155)
(142)
Adjusted Gross Operating Assets before Lider
$2,672
$2,794
Adjusted Gross Operating Assets -
Lider proportional
202
182
Adjusted Gross Operating Assets after Lider
$2,874
$2,976

35
GAAP reconciliation
(i)
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.
Three Months Ended
June 30,
2012
2011
(In thousands, except per
share amounts)
Adjusted operating income
Gain (loss) on disposal of assets
Severance costs for termination of a contract
Operating income
Adjusted EBITDAR
Gain (loss) on disposal of assets
Severance costs for termination of a contract
Depreciation and amortization
Rent expense
Interest expense
Provision for income taxes
Net income
Adjusted net income
$
Gain (loss) on disposal of assets
(i)
Severance costs for termination of a contract
(i)
Net income attributable to Bristow Group
$
Adjusted diluted earnings per share
Gain (loss) on disposal of assets
(i)
Severance costs for termination of a contract
(i)
Diluted earnings per share
$
47,470
$
34,989
(5,315)
1,416
(2,162)
$
84,273
$
67,025
(5,315)
1,416
(2,162)
(21,372)
(22,708)
(16,274)
(8,953)
(8,774)
(8,955)
(6,180)
(6,606)
$
$
$
39,993
$
36,405
24,196
21,219
29,618
$
19,878
(4,234)
1,167
(1,722)
$
23,662
21,045
$
0.81
(0.12)
(0.05)
0.65
$
0.54
0.03
—
0.57
—
—
—

36
Leverage reconciliation
*Adjusted EBITDAR exclude gains and losses on dispositions of assets
Debt
Investment
Capital
Leverage
(a)
(b)
(c)  = (a) + (b)
(a) / (c)
(in millions)
As of June 30, 2012
736.3
$                                  
1,540.7
$    
2,277.0
$       
32.3%
Adjust for:
Unfunded pension liability
109.8
                                    
109.8
            
NPV of all lease obligations
217.0
                                    
217.0
            
Letters of credit
1.5
                                       
1.5
               
Adjusted
1,064.6
$                               
(d)
1,540.7
$    
2,605.3
$       
40.9%
Calculation of debt to adjusted EBITDAR multiple
Adjusted EBITDAR*:
FY 2012
336.8
$                                  
(e)
Annualized
449.1
$                                  
= (d) / (e)
3.16:1

37
Bristow Group Inc. (NYSE: BRS)
2103
City
West
Blvd.,
4
Floor
Houston, Texas 77042
t
713.267.7600
f
713.267.7620
bristowgroup.com
Contact us
th

Bristow Group Inc Reports