HNZ Group Reports 2016 Year-End Results
HNZ Group, an international provider of helicopter transportation and related support services, announced revenue of $212.3 million (versus $188.7 last year) flying 40,828 hours
HNZ Group, March 16, 2017 - MONTREAL - HNZ Group Inc., an international provider of helicopter transportation and related support services, today announced its financial and operating results for the fourth quarter and fiscal year ended December 31, 2016.
For the twelve-month period ended December 31, 2016, revenue totaled $212.3 million, compared with revenue of $188.7 million in the corresponding period of 2015. This increase is explained by higher offshore revenue of $13.8 million, an increase in ancillary revenue of $7.5 million and an increase in onshore revenue of $2.3 million. The Corporation flew 40,828 hours over the twelve-month period ended December 31, 2016, compared to 40,680 hours in 2015.
Adjusted EBITDAR and Adjusted EBITDA for the twelve-month period amounted to $45.2 million and $27.1 million respectively, compared to $32.6 million and $22.0 million a year earlier.
Net income attributable to the Shareholders of the Corporation totaled $3.4 million or $0.26 per share, compared to a net loss of $13.8 million, or ($1.05) per share in 2015. Cash flows related to operating activities were $12.9 million for the twelve-month period versus $13.4 million in the corresponding period a year earlier.
Adjusted Net Free Cash Flows for the twelve months ended December 31, 2016 totaled $10.6 million, compared to $10.3 million for the same period a year ago.
“Looking forward, we remain focused on expanding our presence in the offshore market which represented close to 45% of total revenue in 2016. In the past 12 months, HNZ’s long-term visibility was enhanced as multi-year contracts were secured. These include the new INPEX-led Ichthys LNG offshore project and, subsequent to year-end, the Nova Scotia Emergency Health contract extension and expansion until 2032, as well as a three year Nova Scotia offshore operations contract. We are well positioned to take advantage of strategic growth opportunities through acquisitions, joint ventures and diversification,” concluded Mr. Wall.
About HNZ Group Inc.: HNZ Group Inc. (TSX: HNZ) is an international provider of helicopter transportation and related support services with operations in Canada, Australia, New Zealand, Norway, Antarctica, the United States and Southeast Asia.
The Corporation operates in excess of 115 helicopters to support offshore and onshore charter activities under a number of different brands.
Offshore operations are provided under the Norsk brand in Norway and HNZ elsewhere in the world, while onshore charter operations are under the Canadian Helicopters brand in Canada, Acasta in Northern Canada and the HNZ brand in AsiaPacific and Antarctica.
Clients consist of multinational companies and government agencies including offshore and onshore oil and gas, mineral exploration, military support, hydro and utilities, forest management, construction, air ambulance and search and rescue. In addition to charter services, it provides ancillary services which include third-party repair and maintenance services and advanced flight training by the internationally recognized HNZ Topflight training center in Penticton, British Columbia.
The Corporation is headquartered near Montreal, Canada and employs approximately 600 personnel from 37 locations around the world. Revenue from offshore and ancillary operations is mostly earned evenly throughout the year while onshore operations follow a seasonal pattern with the highest revenue occurring from May to October.
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