Turnover increase of 13.9% (21% in constant exchange terms) in Marine Services, Groupe Bourbon's growth vector
May 10th 2005
IFRS standards
As of January 1st 2005, Groupe Bourbon's accounts have been drawn up according to IFRS standards. In comparison with the statements published for 2004, the main differences are as follows :
- for Marine Services business, the turnover for bulk transport is booked according to the progress of a given voyage rather than on completion ;
- for Retailing business, suppliers' contributions have been reclassified as reduced expenses and client purchase vouchers as reduced turnover. |
|
(in millions of euros) |
March 2005
IFRS standards |
March 2004 pro forma
IFRS standards |
variation |
% in constant exchange terms |
|
|
|
|
|
|
|
Groupe Bourbon |
272.8 |
256.5 |
6.4 % |
11.0 % |
|
|
142.3 |
141.1 |
0.8 % |
0.8 % |
|
|
130.5 |
115.4 |
13.1 % |
23.5 % |
|
|
|
|
|
|
|
Marime Services |
130.5 |
114.5 |
13.9 % |
21.0 % |
|
|
59.6 |
52.8 |
12.9 % |
21.9 % |
|
|
27.5 |
26.1 |
5.4 % |
5.4 % |
|
|
42.9 |
34.4 |
24.6 % |
34.3 % |
|
|
|
|
|
|
|
Retailing |
131.1 |
134.7 |
(2.7 %) |
(0.1 %) |
|
|
107.2 |
110.2 |
(2.7 %) |
(2.7 %) |
|
|
23.9 |
24.5 |
(2.5 %) |
11.6 % |
|
|
|
|
|
|
|
Other business |
11.3 |
7.3 |
54.2 % |
59.7 % |
Groupe Bourbon turnover increased by 6.4% (11% in constant exchange terms) in the first quarter of 2005, a figure which reflects :
- high growth in marine services for offshore oilfields business and bulk transport,
- a slight dip in Retailing sales in Reunion Island,
- the effect of exchange fluctuations on the growth of international retailing.
MARINE SERVICES
Turnover from Marine Services activities reached 130.3 million euros for the first quarter of 2005, an increase of + 13.9% (+ 21% in constant exchange terms). This sector is boosted by the expansion of the offshore oil and gas business and by the continuation of record freight rates in the bulk transport trade.
Marine services for offshore oilfields
With a turnover of 59.6 million euros at the end of March 2005 and a growth rate of + 12.9% (indeed + 21.9% at constant exchange terms), the offshore business posts development in line with the forecasts in the 2003-2007 business plan.
The renewal of business in the North Sea fuels development in this sector and allows improved daily rates for new or renewed of contracts in other market fields.
The new additions to the fleet, delivered in 2004, contributed fully to the business for the quarter, notably the large vessels for deep-water offshore work.
Towage, Assistance and Salvage
Increased by international revenue, turnover from the towage and salvage business grew by + 5.4%.
The Abeille Bourbon, now put into service, will add to this growth of business in the second quarter.
Bulk transport
At March 31st 2005, turnover from bulk transport business amounted to 42.7 million euros, an increase of + 24.6% (+ 34.3% in constant exchange terms).
Freight rates have remained high and business has benefited from the delivery of new, 55,000-ton bulk carriers (the Messidor in August 2004 and the Dalior in March 2005).
RETAILING
Revenue from Retailing reached 131.5 million euros, a dip of - 2.7% in comparison with 2004. This dip was registered principally in Reunion, attributed to increased competition in the south of the island.
On an international level, the increase in constant exchange terms was 11.6%, principally in Mayotte and Vietnam, but the increase in the euro more than cancelled sales growth other than in Reunion Island.
OUTLOOK AND PROSPECTS
In the Marine Services, continued high freight rates and confident oil company investments in offshore prospecting and production, including in the North Sea, will keep Groupe Bourbon business at satisfactory levels in 2005.
The number of new vessels under construction and their gradual introduction over the coming months will also increase the group's market share of offshore business, notably in deep-water fields.
Retailing business should remain stable in Reunion and continue to expand overseas in local currencies.
Reminder
The in-kind distribution of dividend in the form of CBo Territoria shares will be made after the close of trading on May 18th 2005. Thus as of May 19th 2005 :
- Groupe Bourbon stock will be quoted exclusive of exceptional in-kind dividends,
- CBo Territoria shares will be quoted on Alternext, an official Euronext Paris market.
Groupe Bourbon's annual meeting, which should notably decide on payment of a dividend of euro 0.56 per share, is scheduled for june 7th 2005. |
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.
Through its subsidiary Vindémia, the group also operates in the world of mass retailing.
Listed on the B section of Euronext's Mid 100 Eurolist, Groupe Bourbon employs some 8720 staff-members and registered a turnover of 1114.3 million euros in 2004. Since February 2004, Groupe Bourbon has been classified by Euronext in the «Oil Services» category.
Groupe Bourbon
Financial relations : Patrick Mangaud, (33) 01 40 13 86 09, patrick@mangaud.com
Communication : Christa Roqueblave, (33) 01 40 13 86 06, christagb@wanadoo.fr
Publicis consultants. Paris
Press relations : Axel Bavière, (33) 01 44 43 73 11, axel.baviere@consultants.publicis.fr
Horizons, La Réunion
Communication : Claire de Chateauvieux, (262) 02 62 312 312, claire.horizons@wanadoo.fr
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