November 07, 2019 9:00 AM

Adjusted revenue for Q3 2019 amounted to €177.7 million (consolidated revenue of €164.3 million), down 3.2% compared to Q2

  • Adjusted revenue for Q3 2019 was down by 3.2% compared to the previous quarter, impacted in particular by the planned maintenance of series-built vessels and the decrease in Subsea activity.
  • Fleet rationalization continued, as a result on the one hand, of the progressive return to service of vessels and, on the other, of the implementation of the sales and scrapping plan for non-strategic vessels.
  • The average utilization rate decreased slightly to 53.8% compared to 54.7% in Q2 2019, affected by planned maintenance and the reallocation of vessels to strategic zones.
  • Average daily rates decreased by 1.7%, impacted by the Subsea segment, and in particular, the end of two long-term charter contracts in India.

" The market recovery is a reality, but our reactivation efforts and the maintenance of series-built vessels have impacted utilization rates and revenue. In a particularly difficult context for the company, our teams have been intensely mobilized to maintain the service provided to customers. The signing of a 3-year cooperation agreement with one of our largest customers for the deployment of our Smart Shipping program in Angola is a strong symbol of this," declared Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.

 

(a) Adjusted data:

The adjusted financial information is presented by Activity and by Segment based on the internal reporting system and shows internal segment information used by the principal operating decision-maker to manage and measure the performance of BOURBON (IFRS 8). Internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method. Furthermore, internal reporting (and again the adjusted financial information) does not take into account IAS 29 (Financial Reporting in Hyperinflationary Economies), applicable for the first time in 2017 (retroactively from January 1) to an operational joint venture in Angola.

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