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Strong growth in 1st half 2007 earnings
Paris, August 30, 2007
Gross operating income up 40.2% to €137.9 m
Operating income up 59.8% to €93.7 m
Net income (group share) up 90.2% to €99.3 m
As stated at the time of the publication of the 1st half 2007 revenues, given the proposal sale of the port towing disclosed on July 19, 2007, and in accordance with IFRS, the classification of port towing as "Activities intended for sale" leads to the presentation of operating income (EBIT), excluding port towing.
Coastal protection activities (Les Abeilles International) are now integrated in the Offshore Division.
BOURBON's results for the first half therefore take into account those measures which have also been factored into the pro forma data.
"With Gross Operating Income (EBITDA) of 137.9 million euros, an increase of 40.2%, the first half 2007 confirms the results expected under the BOURBON development plan,"
explained Jacques de Chateauvieux, Chairman and Chief Executive Officer. "In an extremely buoyant offshore market, the proposed acquisition of the port towing business by Grupo Boluda Corporación Marítima confirms the choices of the Horizon 2010 strategic plan, under which most of the investments are dedicated to offshore oil and gas marine services".
| In millions of euros | 1st Half 2007 | 1st Half 2006 pro forma | Change |
|---|---|---|---|
| Revenues | 371.0 | 286.1 | +29.7% |
| Gross operating income (EBITDA) | 137.9 | 98.4 | +40.2% |
| Operating income (EBIT) | 93.7 | 58.6 | +59.8% |
| Net gains from disposals of assets and income from activities intended for sale | 30.8 | 9.3 | |
| Net income | 108.0 | 59.1 | +82.9% |
| Net income (group share) | 99.3 | 52.2 | +90.2% |
| Cash flow | 120.0 | 95.5 | +25.7% |
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