Edition:
United Kingdom

Bourbon Corporation Presents Its New Strategic Action Plan #Bourboninmotion​


Tuesday, 13 Feb 2018 

Feb 13 (Reuters) - BOURBON CORPORATION SA ::‍BOURBON PRESENTS ITS NEW STRATEGIC ACTION PLAN #BOURBONINMOTION​.‍BOURBON MUST FOCUS MORE THAN EVER ON OPERATIONAL EXCELLENCE, FLEET UTILIZATION RATES, COST REDUCTION PROGRAM AND FREE CASH FLOW PRESERVATION-CEO​.‍REORGANIZING ACTIVITIES OF BOURBON CORPORATION INTO THREE DISTINCT AFFILIATES: BOURBON MARINE & LOGISTICS, BOURBON SUBSEA SERVICES AND BOURBON MOBILITY​.FY ‍ADJUSTED EBITDAR EXPECTED TO BE AROUND EUR 250 MILLION​.PLANNED DISPOSAL OF 41 OWNED VESSELS IS EXPECTED TO GENERATE AN IMPAIRMENT LOSS OF ABOUT €170 MILLION IN THE 2017 FINANCIAL STATEMENTS‍​.‍FY 2017 CONSOLIDATED NET LOSS FOR 2017 IS EXPECTED AT AROUND EUR 600 MILLION​.FY 2017 ‍POSITIVE FREE CASH FLOW 2017 EXPECTED OVER EUR 100 MILLION​.‍MAIN OBJECTIVE OF IMPROVING OPERATIONAL EXCELLENCE AT OPTIMUM COST, "SMART SHIPPING" PROGRAM WILL CONNECT FLEET OF 132 MODERN SUPPLY VESSELS (KNOWN AS "SMART FLEET") OF BOURBON MARINE & LOGISTICS​.‍SMART SHIPPING" PROGRAM WILL REPRESENT AN INVESTMENT OF EUR 75 MILLION OVER THREE YEARS AND ENABLE A SUSTAINABLE REDUCTION IN VESSEL OPERATING COSTS​.‍WITHIN BOURBON MARINE & LOGISTICS' TRADITIONAL FLEET OF 65 VESSELS, 41 OLDEST VESSELS, WILL BE SOLD AT CURRENT MARKET PRICE​.41 OLDEST VESSELS WILL BE SOLD AT CURRENT MARKET PRICE.‍PLANNED DISPOSAL OF 41 VESSELS IS EXPECTED TO GENERATE IMPAIRMENT LOSS OF ABOUT EUR 170 MILLION IN 2017 FINANCIAL STATEMENTS​. 

Company Quote

1.85
0.054 +3.01%
24 May 2019