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Marketwired
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CHC Helicopter's Transformation Helps Drive Strong Q4, Full-Year Performance (Extended Version)

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/10/12 -- CHC Helicopter -

--  Company Ends Fiscal 2012 With the Year's Highest Quarterly Revenue
--  Revenue Increases at High Double-Digit Rates for Quarter, Year
--  Profitability Growth Runs Significantly Ahead of Revenue Increase

Continued progress against an ambitious plan to both raise the bar on customer value and improve its own operating efficiency contributed to strong financial results during CHC's fiscal fourth-quarter 2012.

CHC's revenue for the period ended April 30 increased 18 percent to $453 million - the highest quarterly level for fiscal 2012. The company reported a net loss of $48 million for the period. EBITDAR, CHC's primary measure of operating profitability, was $111 million and EBITDA was $64 million, up 31 and 42 percent, respectively.

EBITDAR and EBITDA also grew faster than revenue for the full fiscal year. EBITDAR rose 25 percent and EBITDA increased 43 percent, compared with revenue that was up 17 percent, to $1.69 billion.

Fourth Quarter                Fiscal Year
(in millions)          FY12    FY11   Change(ii)   FY12    FY11   Change(ii)
Revenue                $453    $384         18%  $1,693  $1,445         17%
EBITDAR(i)             $111     $85         31%    $421    $335         25%
EBITDA(i)               $64     $45         42%    $244    $171         43%

(i)   See reconciliation to GAAP measures below.
(ii)  All growth rates in this release are year-over-year unless otherwise
      noted.

CHC President and Chief Executive Officer William Amelio said the strong fourth-quarter and full-year results only begin to illustrate what's possible as CHC streamlines and sharpens its execution in the midst of broad, fast-growing demand for flying and maintenance/repair/overhaul (MRO) services.

"Over the years, helicopter operators like CHC grew rapidly through acquisition, establishing big geographic footprints," said Mr. Amelio. "When you do that, driving consistent tools, systems and processes sometimes takes a back seat, resulting in inefficiency.

"What our people are doing now is dramatically changing CHC - finding the best practices and transformative technologies, creating new ones where we need to, and applying them around the world. We believe that's starting to set us apart from competitors."

Mr. Amelio said that transformation is expected to produce even higher levels of safety and value for customers, along with rapid and profitable growth for CHC.

BUSINESS HIGHLIGHTS

Helicopter Services (flying):

--  Double-digit Q4 growth in flying-services revenue was led by
    Australasia, Americas, Western North Sea and Africa Euro Asia. EBITDAR
    for the quarter rose faster than revenue.
--  Two weeks ago CHC introduced Peter Bartolotta as chief operating officer
    and president of the Helicopter Services segment, succeeding John
    Graber. According to Mr. Amelio, Mr. Bartolotta brings with him strong
    operating expertise and a record of accomplishment in executive roles
    with leading companies such as Lenovo Corp., AlliedSignal/Honeywell and
    IBM.
--  The company is among Stage 2 bidders for a large-scale contract to
    provide search-and-rescue flight services to the United Kingdom
    government. Expectations are that the contract will be formally tendered
    in August and awarded in early 2013. In the fourth quarter, CHC received
    a four-year contract for certain interim U.K. SAR services.
--  CHC believes its new partner in Nigeria could obtain its air operating
    certificate, or AOC, in August. The business there has plans in place
    for an initial base in Snake Island and one to follow at Port Harcourt.
--  The company recently contracted to acquire several new twin-engine
    aircraft: 10 AgustaWestland 139s over the next several years, plus four
    Sikorsky 92s between now and the end of 2014, with options for
    additional volumes of both models. Those new aircraft are in addition to
    more than 20 Eurocopter EC225 heavy helicopters CHC is procuring over
    several years into 2016. The acquisitions are being driven by strong
    demand, and will increase the company's global fleet coverage and
    flexibility.

Heli-One (MRO):

--  Q4 revenue from MRO services was up more than one-third from last year.
    While that included a healthy increase for work on CHC aircraft, revenue
    from contracts with other operators - a major part of Heli-One's growth
    plan - jumped more than 80 percent in the quarter.
--  Heli-One-led initiatives to improve management of key components,
    including better collaboration with helicopter manufacturers, are
    contributing to rising availability of CHC aircraft.
--  Recent MRO contract wins included a 10-year agreement with the German
    Border Police, and for significant power-by-the-hour services with
    Pelita Air Service and Era Helicopters, covering a total of 12 aircraft
    deployed in Europe, Brazil, the Gulf of Mexico and the South China Sea.
--  Last week Heli-One confirmed that it is opening a new operation in
    Rzeszow, Poland. The operation - which is in addition to existing
    facilities in Boundary Bay, British Columbia, Canada; Stavanger, Norway;
    and Fort Collins, Colo., in the United States - will extend the
    company's reach, putting it closer to existing and future customers
    across Europe.

CHC Helicopter is a leader in enabling customers to go further, do more and come home safely, including oil and gas companies, government search-and-rescue agencies and organizations requiring helicopter maintenance, repair and overhaul services through the Heli-One division. The company is headquartered in Vancouver and operates more than 250 aircraft in about 30 countries around the world.

Segment Performance
(Expressed in thousands of United States dollars)

Segment Third Party Revenue
                              For the quarter ended      For the year ended
                                           April 30,               April 30,
                             ----------------------  ----------------------
                                    2012       2011         2012       2011
---------------------------------------------------  ----------------------

Helicopter Services             $388,344   $347,922   $1,520,223 $1,311,983
MRO                               62,772     34,250      166,479    129,222
Corporate and Other                1,841      1,952        5,837      4,255
                             ----------------------  ----------------------
  Consolidated totals           $452,957   $384,124   $1,692,539 $1,445,460
                             ----------------------  ----------------------
                             ----------------------  ----------------------

EBITDAR and EBITDA Summary
                              For the quarter ended      For the year ended
                                           April 30,               April 30,
                             ----------------------  ----------------------
                                    2012       2011         2012       2011
                             ----------------------  ----------------------

Helicopter Services             $102,219    $87,870     $413,401   $370,382
MRO                               34,440     16,629       88,914     43,562
Corporate and Other              (25,434)   (19,534)     (81,737)   (78,568)
                             ----------------------  ----------------------
Consolidated EBITDAR (i)         111,225     84,965      420,578    335,376
Less: aircraft lease and
 associated costs                (47,717)   (40,059)    (176,685)  (164,828)
                             ----------------------  ----------------------
Consolidated EBITDA (i)          $63,508    $44,906     $243,893   $170,548
                             ----------------------  ----------------------
                             ----------------------  ----------------------

(i) See reconciliations to GAAP measures below.


Consolidated Statement of Earnings
(Expressed in thousands of United States dollars)
---------------------------------------------------------------------------

                              For the quarter ended      For the year ended
                           ------------------------------------------------
                               April 30,   April 30,   April 30,   April 30,
                                   2012        2011        2012        2011
---------------------------------------------------------------------------

Revenue                       $ 452,957   $ 384,124 $ 1,692,539 $ 1,445,460

Operating Expenses
  Direct costs                 (368,544)   (318,206) (1,381,900) (1,211,680)
  Earnings from equity
   accounted investees            1,202       1,066       2,844       2,159
  General and
   administration costs         (22,107)    (22,078)    (69,590)    (65,391)
  Amortization                  (32,076)    (26,577)   (112,967)    (99,625)
  Restructuring costs            (6,899)     (1,478)    (22,511)     (4,751)
  Gain on disposal of
   assets                         5,223       4,912       8,169       7,193
  Recovery (impairment) of
   receivables and funded
   residual value
   guarantees                       433      (2,824)        272      (1,919)
  Impairment of intangible
   assets                        (1,506)    (20,143)     (4,218)    (20,608)
  Impairment of assets held
   for sale                        (915)        (42)    (13,469)     (5,239)
---------------------------------------------------------------------------
                               (425,189)   (385,370) (1,593,370) (1,399,861)

Operating income                 27,768      (1,246)     99,169      45,599

Interest on long-term debt      (27,322)    (27,192)   (116,578)    (91,462)
Foreign exchange gain             9,598      17,203       1,795      17,916
Other financing charges          (1,050)     (7,814)    (15,062)    (67,036)
---------------------------------------------------------------------------

Income (loss) from
 continuing operations
 before tax                       8,994     (19,049)    (30,676)    (94,983)

Income tax recovery
 (provision)                    (50,099)     25,210     (48,217)     32,916
---------------------------------------------------------------------------

Income (loss) from
 continuing operations          (41,105)      6,161     (78,893)    (62,067)

Loss from discontinued
 operations, net of tax          (6,579)       (802)    (16,107)     (3,202)
---------------------------------------------------------------------------
Net earnings (loss)            ($47,684)     $5,359    ($95,000)   ($65,269)
---------------------------------------------------------------------------

Net (loss) earnings
 attributable to:
Controlling interest           ($49,304)     $5,766   ($107,422)   ($70,338)
Non-controlling interest          1,620        (407)     12,422       5,069
---------------------------------------------------------------------------
Net earnings                   ($47,684)     $5,359    ($95,000)   ($65,269)
---------------------------------------------------------------------------


Consolidated Statement of Cash Flows
(Expressed in thousands of United States dollars)

                              For the quarter ended      For the year ended
                           ------------------------------------------------
                               April 30,   April 30,   April 30,   April 30,
                                   2012        2011        2012        2011
---------------------------------------------------------------------------

Cash provided by (used in):
Operating activities:
  Net earnings (loss)          ($47,684)     $5,359    ($95,000)   ($65,269)
  Less: loss from
   discontinued operations,
   net of tax                    (6,579)       (802)    (16,107)     (3,202)
---------------------------------------------------------------------------
    Net earnings (loss)
     from continuing
     operations                 (41,105)      6,161     (78,893)    (62,067)

Adjustments to reconcile
 net loss to cash flows
 provided by (used in)
 operating activities:
  Amortization                   32,076      26,577     112,967      99,625
  Gain on disposal of
   assets                        (5,223)     (4,912)     (8,169)     (7,193)
  Impairment (recovery) of
   receivables and funded
   residual value
   guarantees                      (433)      2,824        (272)      1,919
  Impairment of intangible
   assets                         1,506      20,143       4,218      20,608
  Impairment of assets held
   for sale                         915          42      13,469       5,239
  Earnings from equity
   accounted investees           (1,202)     (1,066)     (2,844)     (2,159)
  Deferred income taxes          41,280     (13,874)     32,172     (37,142)
  Non-cash stock based
   compensation expense             (36)       (121)        735       1,655
  Amortization of
   unfavourable contract
   credits                       (2,865)    (14,371)    (11,548)    (22,868)
  Amortization of lease
   related fixed interest
   rate obligations                (763)       (861)     (3,265)     (3,920)
  Amortization of long-term
   debt and lease deferred
   financing costs                2,549        (428)      8,813       7,795
  Write-off of unamortized
   transaction costs on the
   senior facility
   agreement                          -           -           -      47,140
  Non-cash accrued interest
   income on funded
   residual value
   guarantees                    (1,721)     (1,726)     (7,358)     (6,923)
  Mark to market loss
   (gain) on derivative
   instruments                   (5,759)     16,075       5,380       9,350
  Non-cash defined benefit
   pension expense                2,257       4,778      15,573      21,966
  Defined benefit
   contributions and
   benefits paid                 (4,394)     (6,522)    (44,480)    (30,117)
  Increase to deferred
   lease financing costs          1,699        (519)     (6,981)     (2,621)
  Unrealized loss (gain) on
   foreign currency
   exchange translation            (176)      4,873      (1,965)      8,529
  Other                           6,110       5,966      10,675       6,168
Decrease in cash resulting
 from changes in operating
 assets and liabilities          (8,864)    (22,237)    (22,626)    (12,694)
---------------------------------------------------------------------------
Cash provided by operating
 activities                      15,851      20,802      15,601      42,290
---------------------------------------------------------------------------

Financing activities:
  Sold interest in accounts
   receivable, net of
   collections                  (15,454)    (19,364)     27,203     (25,309)
  Proceeds from the senior
   secured notes                      -           -           -   1,082,389
  Repayment of the senior
   credit facility debt               -           -           -  (1,020,550)
  Redemption of senior
   subordinated notes                 -           -           -        (129)
  Settlement of interest
   rate swap and other
   breakage fees                      -           -           -     (45,711)
  Proceeds from issuance of
   share capital                 20,000         146     100,000         146
  Long-term debt proceeds       267,853     125,000     867,853     262,800
  Long-term debt and
   capital lease obligation
   repayments                  (221,065)    (94,924)   (786,808)   (213,920)
  Increase in senior
   secured notes, senior
   credit facility, and
   revolver deferred
   financing costs               (1,033)       (985)     (1,033)    (42,721)
---------------------------------------------------------------------------
Cash provided by (used in)
 financing activities            50,301       9,873     207,215      (3,005)
---------------------------------------------------------------------------

Investing activities:
  Property and equipment
   additions                   (123,576)    (48,431)   (376,624)   (228,804)
  Proceeds from disposal of
   property and equipment        53,021       1,386     218,259      61,768
  Proceeds from the sale of
   the flight training
   operations to CAE                  -      29,779           -      29,779
  Aircraft deposits, net of
   lease inception refunds       12,053     (12,319)    (47,307)    (28,253)
  Restricted cash                  (157)     12,540     (13,135)      4,755
  Distribution from equity
   investments                      198           -       1,134           -
---------------------------------------------------------------------------
Cash used in investing
 activities                     (58,461)    (17,045)   (217,673)   (160,755)
---------------------------------------------------------------------------

Cash provided by (used in)
 continuing operations            7,691      13,630       5,143    (121,470)

Cash flows provided by
 (used in) discontinued
 operations:
  Cash flows provided by
   (used in) operating
   activities                     3,935        (877)      2,240      (1,032)
  Cash flows provided by
   (used in) financing
   activities                    (3,935)        877      (2,240)      1,032
---------------------------------------------------------------------------
Cash provided by (used in)
 discontinued operations              -           -           -           -

Effect of exchange rate
 changes on cash and cash
 equivalents                      1,182      11,054     (18,517)     15,431
---------------------------------------------------------------------------
Increase (decrease) in cash
 and cash equivalents
 during the period                8,873      24,684     (13,374)   (106,039)

Cash and cash equivalents,
 beginning of period             46,674      44,237      68,921     174,960

---------------------------------------------------------------------------
Cash and cash equivalents,
 end of period                  $55,547     $68,921     $55,547     $68,921
---------------------------------------------------------------------------


Consolidated Balance Sheets
(Expressed in thousands of United States dollars)
---------------------------------------------------------------------------

                                                         For the year ended
                                                   ------------------------
                                                       April 30    April 30
                                                           2012        2011
---------------------------------------------------------------------------

Assets

Current Assets:
  Cash and cash equivalents                             $55,547     $68,921
  Receivables, net of allowance for doubtful
   accounts of $2.6 million and $0.5 million,
   respectively                                         266,115     222,565
  Income taxes recievable                                20,747      11,457
  Deferred income tax assets                              8,542       7,596
  Inventories                                            90,013     102,224
  Prepaid expenses                                       21,183      17,853
  Other assets                                           33,195      36,234
---------------------------------------------------------------------------
                                                        495,342     466,850

Property and equipment, net                           1,026,860   1,133,499
Investments                                              24,226      23,548
Intangible assets                                       217,890     243,184
Goodwill                                                433,811     448,121
Restricted cash                                          25,994      13,219
Other assets                                            363,103     319,053
Deferred income tax assets                               48,943      90,882
Assets held for sale                                     79,813      49,799
---------------------------------------------------------------------------
                                                     $2,715,982  $2,788,155
---------------------------------------------------------------------------

Liabilities and Shareholder's Equity

Current Liabilities:
  Payables and accruals                                $363,064    $364,848
  Deferred revenue                                       23,737      24,183
  Income taxes payable                                   43,581      29,132
  Deferred income tax liabilities                        11,729      13,035
  Current facility secured by accounts receivable        45,566      21,571
  Other liabilites                                       23,648      32,306
  Current portion of long-term debt                      17,701     106,642
---------------------------------------------------------------------------
                                                        529,026     591,717
Long-term debt                                        1,269,379   1,184,844
Liabilities held for sale                                     -       1,608
Deferred revenue                                         43,517      37,799
Other liabilities                                       191,521     188,654
Deferred income tax liabilities                          20,072      36,170
---------------------------------------------------------------------------
Total liabilities                                     2,053,515   2,040,792

Redeemable non-controlling interests                      1,675       3,087
Capital stock: Par value 1 Euro;
  Authorized and issued:
    1,228,377,770 and 1,184,793,767, respectively     1,607,101   1,547,101
Contributed surplus                                      55,318      14,583
Deficit                                                (940,031)   (832,609)
Accumulated other comprehensive earnings (loss)         (61,596)     15,201
---------------------------------------------------------------------------
                                                     $2,715,982  $2,788,155
---------------------------------------------------------------------------

Non-GAAP Financial Measures:

This earnings release includes non-GAAP financial measures, segment earnings before interest, taxes, depreciation, amortization and aircraft lease rent and associated costs ("segment EBITDAR (adjusted)") referred to above as EBITDAR and earnings before interest, taxes, depreciation and amortization ("EBITDA") that are not required by, or presented in accordance with U.S. GAAP. These non-GAAP measures are not performance measures under U.S. GAAP and should not be considered as alternatives to net earnings (loss) or any other performance or liquidity measures derived in accordance with GAAP. In addition, these measures may not be comparable to similarly titled measures of other companies. CHC has provided a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure. CHC has chosen to include segment EBITDAR (adjusted) as we consider this to be a significant indicator of our financial performance and use this measure to assist us in allocating available capital resources. We have also included EBITDA as this measure may be useful to our debt holders as it correlates with Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA may provide useful information to investors as it is a measure used to calculate certain financial covenants related to our revolving credit facility and certain covenants in the indenture. CHC has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in the Annual Report on Form 10-K or below. We have also presented a detailed discussion of the reasons for including non-GAAP financial measures and the limitations associated with those measures as part of the "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the Annual Report on Form 10-K. CHC encourages investors to review these reconciliations and the non-GAAP discussion in conjunction with our presentation of these non-GAAP financial measures.

EBITDA - Non-GAAP
 Reconciliation
(Expressed in thousands of
 United States dollars)

                              For the quarter ended      For the year ended
                                           April 30,               April 30,
                             ----------------------  ----------------------
                                    2012       2011         2012       2011
                             ----------------------  ----------------------

  Helicopter Services           $102,219    $87,870     $413,401   $370,382
  MRO                             34,440     16,629       88,914     43,562
  Corporate and Other            (25,434)   (19,534)     (81,737)   (78,568)
                             ----------------------  ----------------------
Consolidated EBITDAR             111,225     84,965      420,578    335,376
Less: aircraft lease and
 associated costs                (47,717)   (40,059)    (176,685)  (164,828)
                             ----------------------------------------------
Consolidated EBITDA               63,508     44,906      243,893    170,548
  Amortization                   (32,076)   (26,577)    (112,967)   (99,625)
  Restructuring costs             (6,899)    (1,478)     (22,511)    (4,751)
  Gain on disposal of assets       5,223      4,912        8,169      7,193
  Recovery (impairment) of
   receivables and funded
   residual value guarantees         433     (2,824)         272     (1,919)
  Impairment of intangible
   assets                         (1,506)   (20,143)      (4,218)   (20,608)
  Impairment of assets held
   for sale                         (915)       (42)     (13,469)    (5,239)
---------------------------------------------------  ----------------------
Operating income                  27,768     (1,246)      99,169     45,599

Interest on long-term debt       (27,322)   (27,192)    (116,578)   (91,462)
Foreign exchange gain              9,598     17,203        1,795     17,916
Other financing charges           (1,050)    (7,814)     (15,062)   (67,036)
---------------------------------------------------  ----------------------
Income (loss) from continuing
 operations before tax             8,994    (19,049)     (30,676)   (94,983)
Income tax recovery
 (provision)                     (50,099)    25,210      (48,217)    32,916
---------------------------------------------------  ----------------------
Income (loss) from continuing
 operations                      (41,105)     6,161      (78,893)   (62,067)
Loss from discontinued
 operations, net of tax           (6,579)      (802)     (16,107)    (3,202)
---------------------------------------------------  ----------------------
Net earnings (loss)             ($47,684)    $5,359     ($95,000)  ($65,269)
---------------------------------------------------------------------------

Forward-Looking Statements:

This press release contains forward-looking statements and information within the meaning of certain securities laws, including the "safe harbor" provision of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, projections, conclusions, forecasts and other statements are "forward-looking statements". While these forward-looking statements represent our best current judgment, the actual results could differ materially from the conclusions, forecasts or projections contained in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection in the forward-looking information contained herein. Such factors include, but are not limited to, the following: exchange rate fluctuations, trade credit risk, industry exposure, inflation, contract loss, inability to maintain government issued licenses, inability to obtain necessary aircraft or insurance, competition, political, economic and regulatory uncertainty, loss of key personnel, work stoppages due to labor disputes, and future material acquisitions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. The Company disclaims any intentions or obligations to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Please refer to our annual report on Form 10-K and other filings, in particular any discussion of risk factors or forward-looking statements, which are filed with the SEC and available at the SEC's website (www.sec.gov), for a full discussion of the risks and other factors that may impact any estimates or forward-looking statements made herein.

Contacts:
CHC Helicopter
Investor Relations
(604) 247-7052
investor@chc.ca

CHC Helicopter
Communications
(604) 232-8273
communications@chc.ca
www.chc.ca

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