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Accelerating Performance 2013 ANNUAL REPORT ACCELERATING PERFORMANCE THE PURSUIT OF OPERATIONAL EXCELLENCE ADJUSTED EBITDAR* BY OPERATIONAL AREA ADJUSTED EBITDAR FISCAL YEAR 2013 FISCAL YEAR 2013 ($ in millions) *Excludes corporate and other DEAR FELLOW SHAREHOLDERS: Bristow had an extraordinary year, delivering a solid fi nancial performance and ending the year on a high note with the award of the U.K. search and rescue (SAR) contract. Our operational excellence focus on safety, clients, execution and fi nancial prudence will now benefi t the people of the United Kingdom as we provide this lifesaving service. 1 AIR ACCIDENT RATE* TOTAL RECORDABLE INJURY RATE* PER 100,000 FLIGHT HOURS PER 200,000 MANHOURS *Includes commercial operations only * Includes commercial operations TARGET ZERO and corporate only CULTURE OF SAFETY 2 In all aspects of our business, we are units that are delivering a great fi nancial performance. We’ve also made striving for operational excellence, safety performance every day and we some wise decisions that contributed to improving our service delivery and our demonstrate our core values in the our excellent fi nancial performance this overall value to clients. It is principally transparency of our safety statistics. fi scal year despite some challenges, about our passion — for excellence, Our fi scal year 2013 consolidated including the suspension of the teamwork, innovation and industry fi gures for global operations were: Air Eurocopter EC225 fl eet that began in leadership. These are the attributes Accident Rate (AAR) of 0.96; Lost our second fi scal quarter. that create great operational and safety Work Case Rate (LWCR) of 0.15; and A lot of credit goes to a disciplined performance and make a compelling Total Recordable Injury Rate (TRIR) of capital allocation philosophy that argument to clients and governments to 0.30. Unfortunately, there were four enables us to make growth investments award us their business. separate air accidents during the fi scal for our clients while maintaining the We told you last year our focus year—one at Bristow Academy and resources needed to manage adverse would be on Moving Forward, and our three in our commercial operations, market conditions when they arise. This employees certainly achieved this, one of which was fatal to the pilot. has led to a fi scal year 2013 fi nancial delivering outstanding commercial, These accidents are unacceptable in performance that includes: operational and fi nancial performance an organization that consistently strives • BVA of $22.7 million, up $23.4 for the fi scal year. for a target of zero accidents, injuries million over fi scal year 2012 and harm to the environment, so we are • Adjusted earnings per share of $3.78, Reaffi rming Our Focus on reaffi rming our goal to reach Target Zero compared with $3.12 a year ago Target Zero Safety safety incidents in all of our operations • Adjusted EBITDAR of $381.0 million, First, I’ll talk about safety because it is by rolling out a strategic safety plan compared with $319.5 million in our number one core value. Over the that focuses on enhancing safety fi scal year 2012 past few years, we have made great awareness in our culture and training. • Cash fl ow from operations of $267.0 strides toward achieving Target Zero million, up 15 percent year-over-year safety. This was recently recognized Outstanding Financial Performance These results came from the by the Flight Safety Foundation, which We also have done a great job on continued hard work of our employees awarded its 2012 Presidential Citation delivering both growth and an increased who accomplished extraordinary things, to Bristow’s Target Zero safety program, return to our shareholders. Not only is it including (1) the global team involved citing its innovative and knowledge- critical to have safe operations, but we in getting our clients back to work sharing components that contribute to also need balance sheet safety, which after the EC225 suspension; (2) our global aviation safety. we’ve achieved through Bristow Value employees in Nigeria, who conducted When I think about where we are Added (BVA) and a more balanced 16 major maintenance inspections in “best in class,” I always say it’s in capital structure. So we’re achieving the second and third quarters; (3) our safety fi rst, because we have business consistency and sustainability in our employees in our Other International SAFETY. EVERY DAY. EVERY FLIGHT. EVERY OPERATION. 3 EARNINGS PER SHARE ADJUSTED FOR SPECIAL ITEMS AND AIRCRAFT SALES Business Unit, who reduced Similarly, Bristow’s interest in Líder solid growth in nearly every market in receivables to the lowest level in the Aviação, Brazil’s largest provider of which we operate. company, and (4) our employees in helicopter and executive aviation Activity in the U.S. Gulf of Mexico the North American Business Unit, services, is adding value. Líder’s is coming back quickly and is moving who improved fi nancial results earnings contribution increased to above pre-Macondo levels. The North signifi cantly over last year. These $14.8 million in fi scal year 2013 from a Sea market also continues to grow are just a few of the countless loss of $3.3 million in fi scal year 2012. despite the uncertainties related to the examples of the accomplishments The increase in earnings from Líder was EC225 aircraft suspension. The global of our global team. primarily due to additional aircraft on growth trend translates into a helicopter One of our wise decisions during improved contract terms combined with supply/demand balance that is very tight the fi scal year was our $250 million improvements in cost management that at present, and the events surrounding investment in the Canadian Atlantic, allowed more earnings to drop to the the EC225 only make it tighter. including helicopters, ground assets bottom line. We will be pursuing approximately and a minority interest in privately As a sign of our fi nancial strength, 70 opportunities for large helicopter held Cougar Helicopters. Since the our Board of Directors declared a transportation in our markets, all starting transaction closed in early October 25 percent increase in the quarterly between mid-calendar year 2013 and the 2012, Cougar has already made dividend on our common stock to end of calendar year 2014, supporting meaningful contributions to our results. $0.25 per share from $0.20 per share. our continuing efforts to grow wisely. With this investment, Bristow gains This continues our Board’s commitment access to a growing exploration and to a balanced and strong return for Expanding Our Search and production market off the Canadian our shareholders. Rescue Business Atlantic coast and in the Arctic, I am especially proud to say that on employing eight Bristow-owned Positive Outlook for Key Markets March 26, 2013, Bristow Helicopters Sikorsky S-92 helicopters that can also Our management team feels optimistic signed a contract with the U.K. perform search and rescue missions. that we are well positioned to take Department for Transport (DfT) to In addition, our Cougar affi liate has an advantage of opportunities in both provide SAR services to the Maritime exceptionally aligned and dedicated international and domestic markets. & Coastguard Agency (MCA) that is workforce that will operate safely and This is the fi rst time since the Macondo responsible for delivering the U.K.’s work to grow their business. accident in 2010 that we are seeing national SAR services. This partnership 4 I am especially proud to say that on March 26, 2013, we signed a contract with the U.K. Department for Transport (DfT) to provide SAR services to the Maritime & Coastguard Agency (MCA) that is responsible for delivering the U.K.’s national SAR services. will deliver leading-edge SAR service BECAUSE OF OUR 10 additional Sikorsky S-92s with with new aircraft and advanced FINANCIAL STRENGTH, options for 16 more from 2013 through technologies to the people of the U.K. WE WERE ABLE TO 2017. We also committed to six Operations are anticipated to begin in QUICKLY PURSUE THE AgustaWestland AW189s for delivery 2015 and run through 2026. EXPANSION OF OUR FLEET starting 2013 through 2016, and fi ve Bristow Helicopters, which has OF HEAVY AIRCRAFT TO Eurocopter EC175s for delivery in 2015. operated in the U.K. for 50 years, will SUPPORT OUR CLIENTS. Further, we repositioned existing aircraft operate from 10 SAR bases strategically and returned to service six AS332 located at airfi elds near areas of high hours and conducted over 15,000 helicopters that were not affected by incident rates. New facilities will be missions, during which more than government safety directives. established at Inverness, Manston, 7,000 people have been rescued. Our efforts to minimize the impact on Prestwick, Caernarfon, Humberside, This win is a big endorsement of our our clients from the EC225 suspension Newquay and St. Athan. Existing reputation for operational excellence. have paid off, as no client contracts facilities at Lee-on-Solent and have been cancelled. To date, the Sumburgh will continue to be used, Overcoming a Signifi cant Challenge situation has not had a material effect and the base at Stornoway will be Our fi nancial strength and operational on our fi nancial results. refurbished. We anticipate the SAR resilience was tested this fi scal year Much of the credit for this workforce to number in the range of by the Eurocopter EC225 suspension extraordinary performance goes to 350, drawn from a combination of of operations following the discovery our commercial and business unit Bristow and ex-military personnel. of cracks in the vertical shaft of other leaders who worked together to position This is the largest government SAR operators’ gearboxes.
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