Marine services: revenues up 17.7% to 575 million euros, an increase of 19.8% at constant exchange rates
Paris, February 10, 2006, pdf file
BOURBON’s 2005 revenues, including the Retail branch over 9 months, totaled 1021.2 million euros, an increase of 11.2% over 2004 pro forma data. After the deconsolidation of Vindémia as of October 1, 2005, BOURBON recorded revenues of 614.4 million euros, including 575 million euros for Marine services, for the new consolidated entity.
| Revenues in millions of euros | End of Dec 2005 | End of Dec 2004 Pro forma | Change | At constant exchange rates | End of Dec 2004 published |
|---|---|---|---|---|---|
| Marine services | 575.0 | 488.5 | 17.7% | 19.8% | 489.1 |
| Offshore Division | 277.2 | 223.6 | 24.0% | 28.7% | 223.6 |
| Towage & Salvage Division | 114.9 | 106.8 | 7.6% | 7.6% | 106.8 |
| Bulk Division | 182.9 | 158.0 | 15.7% | 15.3% | 158.7 |
| Other | 39.4 | 27.5 | 43.3% | 41.8% | 50.1 |
| BOURBON TOTAL. new scope of consolidation/td> | 614.4 | 516.0 | 19.1% | 20.9% | 539.2 |
| Retail | 407.6 | 403.2 | 1.1% | 2.3% | 575.3 |
| France | 333.2 | 331.1 | 0.6% | 0.6% | 475.3 |
| International | 74.4 | 72.1 | 3.1% | 9.8% | 100.0 |
| BOURBON Total | 1 022.0 | 919.2 | 11.2% | 12.7% | 1 114.5 |
Pro forma : IFRS and scope of consolidation
As of January 1, 2005, BOURBON financial statements have been established under IFRS.
The main differences with the data published in 2004 come from:
The three Divisions of Marine services recorded sharp growth in revenues, which rose 17.7% compared with 2004, representing +19.8% at constant exchange rates.
This growth is the result of the commissioning of 23 new vessels and high freight rates in the Bulk Division.
Revenues for the Offshore Division totaled 277.2 million euros, representing growth of 24% (28.7% at constant exchange rates).
In line with the strategy announced, growth in the business remained steady and benefited primarily from three favorable factors:
In addition, the year 2005 was marked by the expansion of BOURBON’s operations in Angola and Nigeria, with new clients like BP and Shell on long-term contracts.
At the end of 2005, the Towage & Salvage Division confirmed its growth over 2004, with steady activity, primarily in the international segment and overseas.
Revenues were 114.9 million euros, up 7.6%.
The results of this Division were also generated by the commissioning in 2005 of 2 offshore tugs, the Abeille Bourbon and the Abeille Liberté, under contract with the French Navy to protect the French coastline.
The signature in October 2005 of a 25-year towage concession agreement in the future Mediterranean port of Tangiers, Morocco, will induce revenue growth beginning in 2007.
As of December 31, 2005, the Bulk Division posted very strong growth, with revenues of 182.9 million euros, an increase of 15.7%.
With 14 million tons in 2005 compared with 11.6 million tons in 2004, Setaf Saget boosted its volume of shipped merchandise by 20%.
Freight rates were at exceptional levels, although lower on average than 2004 rates. The commissioning of 2 new bulk carriers developed the activity and expanded the portfolio of repeat clients.
The Retail business has been consolidated since October 1, 2005 using the equity method. On a constant consolidated basis, revenues rose 1.1% with strong international performance (+9.8% at constant exchange rates) and slight growth in revenues in France.
In 2006, BOURBON’s activity will be influenced by three main factors:
In this context, the 2003-2007 plan should be achieved, allowing us to initiate the "BOURBON Horizon 2010" strategic plan under favorable conditions.
With an offer of offshore oil and gas marine services, towage, assistance and salvage, and bulk shipping, BOURBON is a major international player in marine services.
Classified by Euronext in the "Oil Services" sector, BOURBON is listed on Eurolist Paris, Compartment A and is included in the MID 100, SBF 120 and Dow Jones Stoxx 600 indices. As of March 28, 2006, the BOURBON share will be included in the Deferred Settlement Service (SRD).