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Groupe
Bourbon posts increased results for the first semester of 2004
Groupe Bourbon's consolidated turnover for the first semester of 2004 increased by 13.2% to reach 545.2 M euros. These figures reflect a satisfactory volume of business in both branches of activity and an exceptionally favourable context for bulk transport. These half-yearly results include two non-recurring items: •
a net pre-tax capital gain of 8.1 M euros from ship sales, which
contributed positively to • a cancellation of prior-period tax provisions of 10.2 M euros, relating to the tonnage tax applicable in late 2003, which proportionally increased the group share of net earnings. RETAILING The Retailing branch represents 19% of the EBITDA (earnings before interest, taxes, depreciation and amortization) and 16% of the group's EBIT (earnings before interest and taxes). Within a developing and highly competitive environment, the "France Réunion" and "International" business consolidated results on a par with those for the first semester of 2003 : - EBIT 9.3 M euros (as compared with 9.5 M eurosfor 2003) MARINE SERVICES The Marine Services make up 75% of the group's EBITDA and 83% of the EBIT.
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EBITDA 36.2 M euros (as compared with 33.7 M euros for 2003)
Throughout this first semester, the offshore marine services, Groupe Bourbon's main development vector, felt the effects (and will continue to do so for a few months) of the reorganization of the North Sea business, (sale of older, traditional offshore vessels and repositioning of the fleet in those deep-water offshore zones where the group traditionally operates). Aside from these perturbations, results are conform with the development of this activity.
- EBITDA 11.7 M euros (as compared with 11.7 M euros for 2003)
This business, by nature a low-growth activity, saw its EBIT benefit from a decrease in its depreciation levels.
- EBITDA 28.3 M euros (as compared with 8.4 M euros for 2003)
Fuelled principally by China's supply requirements, the dry bulk transport market has reached record freight levels since the last quarter of 2003. Moreover, Groupe Bourbon decided to take advantage of these exceptional circumstances to sell off its oldest carrier. This vessel was replaced in August 2004 by the delivery of a new carrier, ordered two years ago, which will enable the company to profit, almost seamlessly, from these highly favourable market conditions. OUTLOOK : With due allowance for the non-recurring items referred to above, the volume of business and results for the second semester should be in line with those for the first half of the year. Paris, september 15th 2004 About Groupe Bourbon: Offering
services on offshore oilfields, in harbour towage, assistance missions
and in bulk transport, Groupe Bourbon ranks as a major international
figure in the maritime service field. Image
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Bourbon |