Investors Relations

2011 ANNUAL REPORT

SUBSTANTIAL INCREASE IN 2011 NET INCOME

  • Net income for the year ended December 31, 2011 increased to $3.6 million, reflecting a substantial growth in profitability, compared to 2.2 million 2010, which included a significant loss in the Ice Block Making, partially offset by a net income from discontinued operations.
  • Net income from continuing operations increased to $1.3 million) in 2011. The increase was mainly due to higher contributions from the Oil & Gas activities, Food & Beverage, combined with a lower loss in 2011 from the Agriculture segment.

SOLID FINANCIAL POSITION

  • The Company's balance sheet position remained solid, with cash and cash equivalents of $988,214 as at December 31, 2011.

STRONG BACKLOG

  • The Company's backlog for its four revenue categories: Oil & Gas, Food & Beverage, Agriculture $3.6 million at December 31, 2011, compared to $2.2 million at the end of 2010

2012 OUTLOOK

  • In addition to its solid financial position and strong backlog, the Company's capacity to operate in different categories of activity as well as industry segments, combined with the fact that it has permanent offices in over 3 countries, provide it with the basis for expected growth in profitability for 2012, in line with its long-term financial objective of annual growth in net income between 7% and 12%, however the Company remains cautious given the uncertainties regarding the global economic situation. Dividends from the joint venture with James Fisher Angola are poised to be huge in 2012 as the JV just two major contracts with BP Exploration valued at several millions.

BASIS OF PRESENTATION

Management's Discussion and Analysis is designed to provide the reader with a greater understanding of the Company's business, the Company's business strategy and performance, the Company's expectations of the future, and how the Company manages risk and capital resources.

FORWARD-LOOKING STATEMENTS

The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes.
Many factors and assumptions could have an impact on the materialization of the Company's projections, including, but not limited to, project performance, cost overruns, performance of joint venture partners, ability to attract and retain qualified personnel, subcontractors and suppliers, economic and political conditions, and other factors that are beyond its control. The Company cautions that the foregoing list of factors is not exhaustive.

2.1 OUR BUSINESS STRATEGY

Bouclier's business strategy is based on three key components and provides the flexibility necessary to remain attuned to market demands and to adapt to a rapidly changing environment. These three key components are:

  • Maintain world-class expertise in the technical sectors where we have already achieved it, and attain the same level of expertise in other sectors;
  • Develop well-established Agriculture bases in several key geographic areas
  • Continue to selectively invest in infrastructure and mining concessions.

This business strategy, along with Bouclier's strong operating efficiencies, the strong culture of financial accountability among its workforce, and the diversity of its revenue base, has permitted the Company to consistently sustain good results for over a decade and to pay increasing dividends to its shareholders.

RESULTS BY SEGMENT USED FOR ACCOUNTABILITY

The Company's results are evaluated by segment. The segments regroup related activities within Bouclier consistent with the way management performance is assessed.