Bristow Group Inc - FORM 8-K - EX-99.1 - August 6, 2013

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8-K - FORM 8-K - Bristow Group Incd580638d8k.htm
First Quarter FY14
Earnings Presentation
Bristow Group Inc.
August 6, 2013
Exhibit 99.1

First quarter earnings call agenda
Introduction
CEO remarks and operational highlights
Current and future financial performance
Closing remarks
Questions and answers
Linda McNeill, Director Investor Relations
Bill Chiles, President and CEO
Jonathan Baliff, SVP and CFO
Bill Chiles, President and CEO
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
and
adjusted
earnings
growth
guidance,
expected
operating
margins,
cash
flow
stability
and
other
financial
projections;
future
dividends,
share
repurchases
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;
impact
of
grounding
and
the
effects
thereof;
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
fluctuations
in
the
demand
for
our
services;
fluctuations
in
worldwide
prices
of
and
demand
for
natural
gas
and
oil;
fluctuations
in
levels
of
natural
gas
and
oil
exploration
and
development
activities;
the
impact
of
competition;
actions
by
customers;
the
risk
of
reductions
in
spending
on
helicopter
services
by
governmental
agencies;
changes
in
tax
and
other
laws
and
regulations;
changes
in
foreign
exchange
rates
and
controls;
risks
associated
with
international
operations;
operating
risks
inherent
in
our
business,
including
the
possibility
of
declining
safety
performance;
general
economic
conditions
including
the
capital
and
credit
markets;
our
ability
to
obtain
financing;
the
risk
of
grounding
of
segments
of
our
fleet
for
extended
periods
of
time
or
indefinitely;
our
ability
to
re-deploy
our
aircraft
to
regions
with
greater
demand;
our
ability
to
acquire
additional
aircraft
and
dispose
of
older
aircraft
through
sales
into
the
aftermarket;
the
possibility
that
we
do
not
achieve
the
anticipated
benefit
of
our
fleet
investment
program;
availability
of
employees;
political
instability,
war
or
acts
of
terrorism
in
any
of
the
countries
where
we
operate;
and
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,
2013
and
our
Quarterly
Report
on
Form
10-Q
for
the
quarter
ended
June
30,
2013.
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

Chief Executive Officer comments
Bill
Chiles,
President
and
CEO
4

Operational safety review
*
Includes
consolidated
commercial
operations
only
Total Recordable Injury Rate* per 200,000
man-hours (cumulative)
Lost Work Case Rate
*
per 200,000
man-hours (cumulative)
Commercial Air Accident Rate
*
per 100,000
Flight Hours (Fiscal Year)
5

Q1 FY14 highlights
*
Adjusted
EPS
and
adjusted
EBITDAR
amounts
exclude
gains
and
losses
on
dispositions
of
assets
and
any
special
items
during
the
period.
See
reconciliation
of
these
items
to
GAAP
measures
in
the
appendix hereto and in our earnings release for the quarter ended June 30, 2013.
**   Please see our earnings release for more information regarding earnings guidance
•
Q1 operating revenue of $359.5M (12.1% increase from Q1 FY13, 2.5% increase from Q4 FY13)
•
Q1 GAAP EPS of $0.74 (13.8% increase from Q1 FY13, 33.3% decrease from Q4 FY13)
•
Q1 adjusted EPS* of $1.00 (23.5% increase from Q1 FY13, 1% decrease from Q4 FY13)
•
Q1
adjusted
EBITDAR*
of
$102.5M
(21.6%
increase
from
Q1
FY13,
0.5%
decrease
from
Q4
FY13)
•
Excellent top-line performance in Q1 FY14 continues with GAAP EPS up 13.8%
and adjusted EPS up 23.5% year-over-year
•
Adjusted EBITDAR increased 21.6% year-over-year reflecting improved pricing,
increased activity, investment in Cougar and improved earnings from Lider
•
Total liquidity, including cash on hand and availability on our revolving credit
facility,
was
$407
million
even
after
the
record
capex
spend
for
growth
•
EPS
guidance
for
the
full
FY14
is
reaffirmed
at
$4.20
-
$4.50**
6

•
Oil demand expected to steadily increase, driven by international
growth, with oil prices expected to remain above $100 per barrel
through 2013
•
2014 client capital expenditures are forecast to increase by ~10%,
with a major focus on development of deep-water fields in Brazil, 
Gulf of Mexico and West Africa
•
Investment in the North Sea oil and gas industry is at its highest
level in over 30 years driven by efforts to replace lost production
•
Clients are recognizing the critical importance of safe, efficient and
reliable helicopter services for their offshore operations
•
Five year forward demand for our services include ~ 250
opportunities totaling an estimated $16.3 billion in potential
revenue
Market environment outlook
Source: Industry reports and sell-side research
7

•
Eurocopter has indicated that the definitive solution to the EC225 gear shaft
failure will be a gear shaft redesign with earliest availability
expected in mid-
CY14
•
Interim solutions are being implemented pursuant to regulatory authorities’
airworthiness approvals which include minor aircraft modifications and new
maintenance/operating procedures
•
The current situation will continue until the necessary modifications are made
and we are confident that the interim modifications will allow us to operate the
EC225 safely
•
No client contracts have been cancelled; however, in certain instances we
have agreed to reduced monthly standing charge billings for the affected
aircraft
•
Bristow estimates that our return to revenue service for the EC225 aircraft will
be in the third quarter of our fiscal year 2014
EC225 fleet update
8

•
Europe represented 40% of Bristow operating
revenue and 38% of adjusted EBITDAR* in Q1
FY14
•
Operating revenue increased to $137.2M in Q1
FY14 from $123.2M in Q1 FY13 with the
addition of nine large a/c over the comparable
quarter
•
Adjusted EBITDAR increased to $41.5M in Q1
FY14 from $39.7M in Q1 FY13 but adjusted
EBITDAR margin decreased to 30.3% in Q1
FY14 from 32.2% in Q1 FY13 due to higher
maintenance and salary costs
Outlook:
•
Four GAP SAR a/c now operational from
Stornoway and Sumburgh bases
•
On July 14, 2013, we sold our interest in the
FB Entities for £74M
•
Introduction of new AW189 a/c to the oil
and gas market in early calendar year 2014
FY14 adjusted EBITDAR margin
expected to be ~ mid thirties
Europe (EBU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other
9

10
Lee-on-Solent 
Future bases
UK SAR update
Stornoway
started on 7/1/2013
Sumburgh
started on 6/1/2013
Humberside
Caernarfon
Inverness
Prestwick
Manston 
St. Athan
Newquay
•
Four GAP SAR a/c now operational
from Sumburgh and Stornoway bases
•
Since the GAP SAR start date we have
conducted over 50 missions
•
Contracts signed for seven S-92s and
11 AW189 a/c to be delivered in FY15
and FY16
Outlook:
•
Improvement in Bristow’s
anticipated cash flow stability once
UK SAR is fully operational
•
UK SAR creates opportunities for
SAR growth in other parts of the
world
•
Awaiting tender from the UK
government for Falklands SAR
Operational bases

11
West Africa (WASBU)
•
Nigeria represented 22% of Bristow operating
revenue and 21% of adjusted EBITDAR* in Q1
FY14
•
Operating revenue increased by 14.2% to $75.8M
in Q1 FY14 from $66.4M in Q1 FY13 due to
increased pricing, ad hoc flying and new contracts
•
Adjusted EBITDAR increased to $23.7M in Q1
FY14 from $21.2M in Q1 FY13; adjusted
EBITDAR margin slightly decreased to 31.3% in
Q1 FY14 vs. 31.9% in Q1 FY13 due to an
increase in maintenance expense
Outlook:
•
Renewal of existing contracts with
replacement of old technology a/c with new
technology a/c
•
Continue to see strength in the ad hoc market
even with new competition
FY14 adjusted EBITDAR margin
expected to be ~ low thirties
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other

12
•
North America represented 17% of Bristow operating
revenue and 15% of adjusted EBITDAR* in Q1 FY14
•
Operating revenue increased 10.7% to $58.2M in Q1
FY14 from $52.6M in Q1 FY13 primarily as a result
of the addition of eight aircraft dry leased to Cougar
in Canada
•
Adjusted EBITDAR increased to $17.0M in Q1 FY14
vs. $12.2M in Q1 FY13 and adjusted EBITDAR
margin increased to 29.2% vs. 23.2% in Q1 FY13
Outlook:
•
Cougar continues its excellent performance and
is in discussions with a client to add more large
a/c into the region
•
We continue to divest small a/c in response to
clients’
changing demand toward deepwater
•
S-92 went on contract in June with more large
a/c to follow in the coming quarters
FY14 adjusted EBITDAR margin
expected to be ~ low thirties
North America (NABU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other
Bristow operated bases
Cougar operated bases

13
Australia (AUSBU)
•
Australia represented 11% of Bristow operating
revenue and 6% of adjusted EBITDAR* in Q1
FY14
•
Operating revenue stayed flat at $38.2M in both
Q1 FY14 and Q1 FY13
•
Adjusted EBITDAR decreased to $6.8M in Q1
FY14 from $10.3M in Q1 FY13 and adjusted
EBITDAR margin decreased to 17.7% in Q1 FY14
from 27.0% in Q1 FY13 due to the end of short-
term contracts and costs incurred with the
introduction of new large a/c type
Outlook:
•
INPEX contract to start in Q4 FY14
•
Large a/c commenced on a one year contract
on August 1 with improved terms; two more
large a/c to commence before the calendar
year end
•
Opportunities being discussed with new clients
for work commencing in FY15
FY14 adjusted EBITDAR margin
expected to be ~ low twenties
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other

14
Other International (OIBU)
Other International (OIBU)
•
Other International represented 10% of Bristow
operating revenue and 20% of adjusted EBITDAR* in
Q1 FY14
•
Operating revenue slightly decreased to $32.9M in Q1
FY14 vs. $33.2M in Q1 FY13 due to the end of short-
term contracts in Guyana and the Baltic Sea
•
Adjusted EBITDAR increased 84.7% to $22.2M  in Q1
FY14 vs. $12.0M in Q1 FY13 and adjusted EBITDAR
margin increased to 67.4% in Q1 FY14 from 36.2% in
Q1 FY13 due to increased earnings from
unconsolidated affiliates, primarily Lider in Brazil
* Operating revenue and adjusted EBITDAR percentages exclude corporate and other
Outlook:
•
Contract award in Tanzania for three medium a/c to start
in January 2014 for three years
•
Further potential contracts in East and North Africa,
Trinidad and Russia
•
Continued excellent performance from Lider with S-92 fleet
operating at full capacity with further medium and large a/c
bids from Petrobras expected before year end
FY14 adjusted EBITDAR margin
expected to be ~ low to mid forties

15
Financial discussion
Jonathan
Baliff,
SVP
and
CFO

16
Financial highlights:
Adjusted EPS and EBITDAR Summary
Q1 FY13 to Q1 FY14 adjusted EPS bridge
Q1 FY13 to Q1 FY14 adjusted EBITDAR bridge (in millions)
Note: Adjusted EPS and adjusted EBITDAR amounts exclude gains and losses on dispositions of assets and any special items during the period. See reconciliation of these items
to GAAP in our earnings release for the quarter ended June 30, 2013.

17
LACE and LACE rate continue to increase led by
new technology a/c and improved utilization/terms
LACE and LACE rate are higher than the pre-financial crisis level with
173-177 LACE and $8.30-8.60 LACE rate guidance
*   See appendix hereto for more information on LACE and LACE Rate. LACE and LACE Rate excludes Bristow Academy, affiliate a/c, aircraft held for sale, a/c 
construction in progress, and reimbursable revenue.

18
Quarterly BVA is in line with yearly cyclicality
*
Bristow
Value
Added
(BVA)
is
calculated
by
taking
gross
cash
flow
less
the
product
of
gross
operating
assets
times
a
capital
charge
of
10.5%.
Example
calculation
for
Q1
FY14
and
Q1
FY13
can
be
found
in
the
appendix
hereto.
•
Q1 FY14 BVA is positive $1.5M, coming in approx. the same as Q1 FY13
•
Year-over-year change in BVA is driven by:
Organic capital spend was the highest in Bristow’s history
Major maintenance on 332L and costs associated with future contracts
Excellent top line growth offsets some of these gross operating asset and cost
increases
•
OIBU and WASBU are key improved performers year-over-year
Absolute BVA* Q1 FY12 –
Q1 FY14

19
Our progress on BVA yields stronger liquidity for
growth . . .
Net cash provided by operating activities*
* See 10-Q for more information on cash flow provided by operating activities
Total liquidity

20
. . . and a new quarterly dividend policy based on
payout ratio to provide more predictability
*     A –
Actual; G –
Guidance; FY14 dividend payout ratio is calculated based on a dividend of $0.25 per share per quarter using the mid-point of our adjusted earnings guidance. 
Dividends are subject to quarterly Board of Directors approval and may not meet this ratio.
•
Annualized quarterly dividend
policy has been changed to a
20-30% of forward adjusted EPS
payout ratio
•
This is in line with the market as
a whole and provides flexibility in
various economic and interest
rate environments
•
A forward payout ratio tied to the
earnings guidance reflects
confidence in business growth
and provides modeling
predictability

21
LACE (Large AirCraft Equivalent)
~173 - 177
Interest expense
~ $30 - $35M
LACE Rate
~ $8.30 - $8.60M
Rent expense (a/c only)
~$85 - $90M
G & A expense (all inclusive)
~ $155 - $165M
Tax rate*
~ 21 - 24%
Depreciation expense
~ $95 - $100M
Adj. EPS guidance
$4.20 - $4.50
Financial highlights:
FY14 guidance is reaffirmed
•
FY14 adjusted EPS guidance range of $4.20 -
$4.50, excluding
special items and a/c sales.  Other specific items include:
* Assuming FY14 revenue earned in same regions and same mix as in FY13
Long term adjusted EPS growth of 10 -
15% combined with a 20 -
30%
dividend payout policy reflects management’s commitment to deliver a
more stable, growing and predictable total return for shareholders

22
Conclusions
•
Safety continues to be our #1 core value as we strive to
achieve Target Zero
•
Clients are turning to Bristow as their provider of choice,
recognizing our size, global reach, and financial and
operational safety
•
Continued revenue growth in oil and gas comes from
both industry expansion and market share gains
•
Excellent cash flow from core business allows Bristow to
implement new dividend policy that creates an even
more predictable return for shareholders

23
Appendix

24
Organizational chart -
as of June 30, 2013
Business Unit (% of  FY13 Operating Revenue)
Corporate
Region
( # of a/c / # of Locations)
Joint Venture  (# of a/c)
Key
Operated Aircraft
Bristow owned and/or operated
353 aircraft as of June 30, 2013
Affiliated Aircraft
Bristow affiliates and joint
ventures operated 198 aircraft
as of June 30, 2013
*   Includes corporate and other
**  On July 14, 2013, we sold our interest in the FB Entities

25
Aircraft Fleet –
Medium and Large
as of June 30, 2013
Next Generation Aircraft
Medium capacity 12-16 passengers
Large capacity 18-25 passengers
Mature Aircraft
Fair
market
value
of
our
owned
fleet
is
~$2.0
billion
and
leased
fleet
is
~$600
million
Aircraft
Type
No. of PAX
Engine
Consl
Unconsl
Total
Ordered
Large Helicopters
AS332L Super Puma
18
Twin Turbine
20
-
20
-
AW189
16
Twin Turbine
-
-
-
17
EC175
16
Twin Turbine
-
-
-
5
EC225
25
Twin Turbine
20
-
20
3
Mil MI 8
20
Twin Turbine
7
-
7
-
Sikorsky S-61
18
Twin Turbine
2
-
2
-
Sikorsky S-92
19
Twin Turbine
48
7
55
19
97
7
104
44
LACE
97
Medium Helicopters
AW139
12
Twin Turbine
11
2
13
4
Bell 212
12
Twin Turbine
-
14
14
-
Bell 412
13
Twin Turbine
29
17
46
-
EC155
13
Twin Turbine
1
-
1
-
Sikorsky S-76A/A++
12
Twin Turbine
5
5
10
-
Sikorsky S-76C/C++
12
Twin Turbine
51
34
85
-
Sikorsky S-76D
12
Twin Turbine
-
-
-
10
97
72
169
14
LACE
47

26
Aircraft Fleet –
Small, Training and Fixed
as of June 30, 2013 (continued)
Mature Aircraft
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
AS350BB
4
Turbine
-
2
2
-
Bell 206B
4
Turbine
1
2
3
-
Bell 206 L Series
6
Turbine
28
7
35
-
Bell 407
6
Turbine
37
-
37
-
BK 117
7
Twin Turbine
2
-
2
-
BO-105
4
Twin Turbine
2
-
2
-
EC135
7
Twin Turbine
6
3
9
-
76
14
90
-
LACE
17
Training Helicopters
Agusta 109
8
Twin turbine
-
2
2
-
AS 350BB
4
Turbine
-
36
36
-
AS 355
5
Twin turbine
3
-
3
-
AW 139
12
Twin turbine
-
3
3
-
Bell 206B
4
Single Engine
12
-
12
-
Bell 212
12
Twin turbine
-
8
8
-
Bell 412
13
Twin turbine
-
15
15
-
Robinson R22
2
Piston
13
-
13
-
Robinson R44
4
Piston
6
-
6
-
Sikorsky 300CB/CBi
2
Piston
45
-
45
-
Fixed Wing
1
-
1
-
80
64
144
-
Fixed Wing
3
41
44
-
Total
353
198
551
58
TOTAL LACE (Large Aircraft Equivalent)*
161
Next Generation Aircraft

27
Operating lease strategy: lowering the cost and amount of
capital needed to grow
•
Of the 72 a/c currently leased in our fleet, 39 are commercial and 33 are training
(30 LACE)
•
30 LACE a/c represent approximately 19% of our commercial fleet
•
Our
goal
is
for
commercial
fleet
operating
leases
to
account
for
approximately
20-30% of our LACE
Leased aircraft as of June 30, 2013
See
10-Q
Note
5
“Commitments
and
contingencies”
for
more
information
provided
on
operating
leases
Small
Medium
Large
Total
Leased LACE
Total LACE
% Leased
EBU
-
           
1
           
17
         
18
         
18
                
57
             
31%
WASBU
-
           
1
           
-
           
1
           
1
                   
21
             
2%
NABU
1
           
12
         
2
           
15
         
8
                   
37
             
22%
AUSBU
2
           
-
           
3
           
5
           
4
                   
19
             
18%
OIBU
-
           
-
           
-
           
-
           
-
                   
27
             
-
           
Total
3
           
14
         
22
         
39
         
30
                
161
           
19%

28
Consolidated fleet changes and aircraft sales for
Q1 FY14
See
10-Q
Note
5
“Commitments
and
contingencies”
for
more
information
provided
on
operating
leases
Small
Medium
Large
Total
EBU
-
        
-
          
-
        
-
         
WASBU
-
        
-
          
-
        
-
         
NABU
7
       
-
          
-
        
7
        
AUSBU
-
        
-
          
-
        
-
         
OIBU
1
       
4
         
-
        
5
        
Total
8
       
4
         
-
        
12
      
Held for sale aircraft in consolidated fleet
Small
Medium
Large
Training
Total
EBU
-
        
1
         
17
     
-
         
18
  
WASBU
-
        
1
         
-
        
-
         
1
    
NABU
1
       
12
       
2
       
-
         
15
  
AUSBU
2
       
-
          
3
       
-
         
5
    
OIBU
-
        
-
          
-
        
-
         
-
    
Academy
-
        
-
          
-
        
33
      
33
  
Total
3
       
14
       
22
     
33
      
72
  
Leased aircraft in consolidated fleet
# of A/C Sold
Cash
Received*
Q1 FY14
4
                
1.9
$            
Totals
4
                
1.9
$            
* Amounts stated in millions
Q1 FY14
Fleet Count Beginning
351
Delivered
Large
3
Medium
3
Total Delivered
6
Removed
Sales
(4)
           
Total Removed
(4)
           
353
Fleet changes

29
Op revenue 
LACE
LACE Rate 
EBU
$137
57
$9.63
WASBU
76
            
21
14.26
NABU
58
            
37
6.34
AUSBU
38
            
19
8.04
OIBU
33
            
27
4.97
Total
$353
161
$8.78
Operating Revenue, LACE, and LACE Rate by BU
Q1 FY14
Operating revenue, LACE and LACE Rate by BU
4
1)
$ in millions
2)
LACE Rate is annualized
3)
$ in millions per LACE
4)
Includes corporate and other
1
2,3

30
Historical LACE and LACE Rate by BU
1) $ in millions
2) LACE Rate is annualized
2014
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
EBU
42
43
48
46
44
46
46
45
47
45
51
55
57
WASBU
24
24
21
22
23
22
22
22
22
22
20
21
21
NABU
39
35
34
29
30
29
30
30
30
31
39
37
37
AUSBU
20
23
24
20
19
20
20
19
18
17
17
19
19
OIBU
33
33
33
38
39
38
38
34
32
28
27
27
27
Consolidated
157
158
159
154
154
154
155
149
147
142
154
158
161
2014
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
EBU
$8.20
$8.50
$7.90
$8.40
$9.80
$9.60
$9.63
$10.09
$10.60
$11.03
$9.74
$9.13
$9.63
WASBU
9.70
9.40
10.70
9.90
9.10
10.30
11.17
11.46
12.35
12.24
13.71
13.28
14.26
NABU
5.40
6.10
6.00
6.60
5.80
6.30
5.89
5.79
7.05
7.11
5.84
6.12
6.34
AUSBU
6.80
6.00
6.00
7.50
8.60
7.10
6.96
7.78
8.48
9.29
9.55
8.58
8.04
OIBU
3.90
4.10
4.40
3.90
3.50
3.70
3.78
4.22
4.22
4.62
4.76
4.94
4.97
Consolidated
6.70
6.90
6.90
7.10
7.30
7.40
7.43
7.89
8.55
8.95
8.49
8.35
8.78
LACE
2011
2012
2011
2012
LACE Rate
1,2
2013
2013

31
Order and options book as of July 11, 2013
#
Helicopter
Class
Delivery Date
1
Medium
March 2014
1
Large
June 2014
1
Medium
June 2014
1
Large
September 2014
1
Medium
September 2014
3
Large
December 2014
4
Medium
December 2014
4
Large
March 2015
2
Medium
March 2015
3
Large
June 2015
3
Medium
June 2015
3
Large
September 2015
2
Medium
September 2015
3
Large
December 2015
2
Medium
December 2015
3
Large
March 2016
2
Medium
March 2016
4
Large
June 2016
2
Medium
June 2016
4
Large
September 2016
1
Medium
September 2016
4
Large
December 2016
1
Medium
December 2016
3
Large
March 2017
1
Medium
March 2017
3
Large
June 2017
1
Medium
June 2017
3
Large
September 2017
1
Medium
September 2017
2
Large
December 2017
1
Medium
December 2017
70
OPTIONS BOOK
#
Helicopter
Class
Delivery Date
Location
Contracted
1
Large
September 2013
WASBU
1 of 1
1
Large
September 2013
EBU
1 of 1
4
Medium
September 2013
NABU
1 of 4
2
Medium
September 2013
OIBU
2 of 2
1
Medium
December 2013
IBU
1 of 1
1
Medium
December 2013
NABU
4
Large
December 2013
EBU
2 of 4
1
Large
December 2013
AUSBU
1 of 1
1
Medium
March 2014
WASBU
2
Large
March 2014
OIBU
1
Large
March 2014
NABU
1 of 1
2
Medium
June 2014
WASBU
2
Large
June 2014
EBU
2
Medium
September 2014
OIBU
1
Medium
September 2014
WASBU
2
Large
September 2014
EBU
2 of 2
1
Large
September 2014
AUSBU
1 of 1
1
Large
September 2014
WASBU
1
Large
December 2014
WASBU
1
Large
March 2015
EBU
2
Large
June 2015
NABU
1
Large
June 2015
EBU
1
Large
September 2015
NABU
2
Large
December 2015
NABU
1
Large
March 2016
EBU
1
Large
June 2016
EBU
40
13 of 40
ORDER BOOK*
*
22
large
a/c
on
order
and
13
a/c
on
option
are
subject
to
the
successful
development
and
certification
of
the
aircraft

32
Order and options book as of July 11, 2013 (continued)
#
Helicopter
Class
Delivery Date
Location
Contracted
2
Large
June 2014
EBU
2 of 2
4
Large
December 2014
EBU
4 of 4
4
Large
March 2015
EBU
4 of 4
2
Large
June 2015
EBU
2 of 2
4
Large
September 2015
EBU
4 of 4
2
Large
December 2015
EBU
2 of 2
18
18 of 18
SAR CONFIGURED ORDER BOOK*
* On July 11, 2013, we ordered 11 AW189, which are reflected in this table

33
Adjusted EBITDAR margin* trend
Q1
Q2
Q3
Q4
Full Year
Q1
Q2
Q3
Q4
Full Year
EBU
29.8%
31.5%
34.6%
34.4%
32.7%
33.0%
31.4%
30.7%
36.1%
32.9%
WASBU
33.7%
36.9%
35.8%
34.3%
35.2%
29.5%
35.5%
37.2%
36.6%
35.0%
NABU
20.8%
25.8%
15.9%
8.5%
18.5%
14.3%
20.6%
14.8%
19.4%
17.3%
AUSBU
33.2%
26.1%
27.0%
31.1%
29.3%
20.2%
14.4%
23.5%
35.6%
24.3%
OIBU
18.3%
40.2%
37.4%
59.4%
39.3%
48.1%
19.1%
47.8%
42.9%
39.5%
Consolidated
23.8%
27.5%
25.9%
29.6%
26.7%
23.4%
24.0%
27.6%
31.2%
26.6%
2014
Q1
Q2
Q3
Q4
Full Year
Q1
EBU
32.2%
34.6%
39.5%
38.3%
36.2%
30.3%
WASBU
31.9%
26.5%
35.0%
31.8%
31.5%
31.3%
NABU
23.2%
20.7%
29.1%
29.5%
25.7%
29.2%
AUSBU
27.0%
28.0%
27.3%
26.0%
27.1%
17.7%
OIBU
36.2%
44.2%
55.7%
51.6%
46.6%
67.4%
Consolidated
26.3%
26.1%
31.5%
29.4%
28.3%
28.5%
2011
2013
2012
* Adjusted EBITDAR excludes special items and asset dispositions and margin is calculated by taking adjusted EBITDAR divided by operating revenue

34
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
$20.9
$38.8
$42.3
$31.2
$133.3
$21.2
$3.0
$26.5
$14.6
$65.2
Income tax expense
8.5
3.3
-11.8
7.1
7.1
6.6
-1.9
7.1
2.4
14.2
Interest expense
11.1
11.5
13.8
9.9
46.2
9.0
9.5
9.8
10.0
38.1
Gain on disposal of assets
-1.7
-1.9
0.0
-5.1
-8.7
-1.4
1.6
2.9
28.6
31.7
Depreciation and amortization
19.3
21.0
21.3
27.7
89.4
22.7
25.4
22.7
25.3
96.1
Special items
0.0
0.0
-1.2
2.4
1.2
0.0
24.6
0.0
3.4
28.1
Adjusted EBITDA Subtotal
58.1
72.7
64.4
73.3
268.5
58.1
62.1
68.9
84.3
273.4
Rental expense
6.6
6.1
8.7
7.7
29.2
9.0
9.1
12.8
15.1
46.0
Adjusted EBITDAR
$64.7
$78.8
$73.1
$81.1
$297.7
$67.0
$71.2
$81.8
$99.5
$319.5
3/31/2014
($ in millions)
Q1
Q2
Q3
Q4
Full Year
Q1
Net income
$24.2
$30.4
$36.7
$40.4
$131.7
$26.9
Income tax expense
6.2
8.3
7.8
12.7
35.0
7.6
Interest expense
8.8
8.6
14.7
10.3
42.4
20.4
Gain on disposal of assets
5.3
1.3
-7.4
-7.2
-8.1
1.7
Depreciation and amortization
21.4
23.3
24.9
26.7
96.3
22.8
Special items
2.2
-2.8
14.9
1.9
16.2
0.0
Adjusted EBITDA Subtotal
68.0
69.2
91.6
84.8
313.5
79.4
Rental expense
16.3
15.3
17.6
18.3
67.4
23.1
Adjusted EBITDAR
$84.3
$84.5
$109.2
$103.0
$381.0
$102.5
Fiscal year ended,
3/31/2011
3/31/2012
3/31/2013
Fiscal year ended,

35
Bristow Value Added (BVA)
Sample calculation for Q1 FY14 and Q1 FY13
Bristow Value Added = Gross Cash Flow –
(Gross Operating Assets X Capital Charge)
BVA          =          GCF    -
(        GOA          X         10.5%** )
Bristow Value Added calculation for Q1 FY14
$1.5
=          $90.6* -
(       $3,394*       X        2.625%**)
Bristow Value Added calculation for Q1 FY13
$1.9            =        
$80.0* -
(       $2,976*       X         2.625%**)
*     Reconciliation for these items follows right after this slide
**   Quarterly capital charge of 2.625% is based on annual capital charge of 10.5%

36
Gross cash flow reconciliation
(in millions)
Gross Cash Flow Reconciliation
Q1 FY13
Q1 FY14
Net Income
$23.7
$26.9
Depreciation and Amortization
21.4
22.8
Interest Expense
8.8
20.4
Interest Income
(0.1)
(0.1)
Rent
16.3
23.1
Other Income/expense-net
0.9
1.4
Earnings of Discontinued Operations
-
-
Gain/loss on Asset Sale
5.3
1.7
Special Items
2.2
-
Tax Effect from Special Items
(1.6)
(3.2)
Earnings (losses) from Unconsolidated Affiliates, Net
(2.0)
(14.0)
Non-controlling Interests
0.5
0.0
Gross Cash Flow (before Lider)
75.3
79.0
Gross Cash Flow -Lider proportional
4.7
11.6
Gross Cash Flow after Lider
$80.0
$90.6

37
Adjusted gross operating assets reconciliation
(in millions)
Adjusted Gross Operating Assets Reconciliation
Q1 FY13
Q1 FY14
Total Assets
$2,740
$3,058
Accumulated Depreciation
468
                  
507
                  
Capitalized Operating Leases
194
                  
315
                  
Cash and Cash Equivalents
(227)
               
(160)
               
Investment in Unconsolidated Entities
(201)
               
(277)
               
Goodwill
(29)
                   
(29)
                   
Intangibles
(4)
                     
(3)
                     
Assets Held for Sale: Net
(18)
                   
(14)
                   
Assets Held for Sale: Gross
86
                    
33
                    
Adj. for gains & losses on assets sales
116
                  
84
                    
Accounts Payable
(58)
                   
(73)
                   
Accrued Maintenance and Repairs
(16)
                   
(16)
                   
Other Accrued Taxes
(7)
                     
(8)
                     
Accrued Wages, Benefits and Related Taxes
(43)
                   
(48)
                   
Other Accrued Liabilities
(27)
                   
(20)
                   
Income Taxes Payable
(10)
                   
(7)
                     
Deferred Revenue
(13)
                   
(24)
                   
ST Deferred Taxes
(15)
                   
(4)
                     
LT Deferred Taxes
(142)
               
(160)
               
Adjusted Gross Operating Assets before Lider
$2,794
$3,156
Adjusted Gross Operating Assets-Lider proportional
182
237
Adjusted Gross Operating Assets after Lider
$2,976
$3,394

38
GAAP reconciliation
(i)  See information about special items in 10-Q or earnings release for Q1 FY14
(ii)
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

39
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, 2013
889.8
$                                  
1,627.9
$             
2,517.7
$       
35.3%
Adjust for:
Unfunded Pension Liability
121.5
                                    
121.5
            
NPV of Lease Obligations
315.7
                                    
315.7
            
Letters of credit
2.5
                                        
2.5
               
Adjusted
1,329.5
$                                
(d)
1,627.9
$             
2,957.4
$       
45.0%
Calculation of debt to adjusted EBITDAR multiple
TTM Adjusted EBITDAR*:
FY 2014
399.2
$                                  
(e)
= (d) / (e)
3.33:1

40
Bristow net asset FMV including UK SAR aircraft  are expected
to remain resilient and higher than current net asset FMV/share

41
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
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Bristow Group Inc Reports