Bristow Group Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES (Tables)

VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity investments and advances as of December 31, 2015 and 2014 were as follows (in thousands):



	Ownership	2015		2014
Dart	50%	$	23,892	$	25,942
Era Training Center	50%	4,996		5,722
Heli-Union Era Australia	47%	10		89
		$	28,898	$	31,753

The Company owns a 50% interest in Aeróleo, which is a VIE. The Company impaired its investment in Aeróleo in 2012, and the carrying amount as of December 31, 2015 and 2014 was $0. Pursuant to a new shareholders’ agreement entered into on October 1, 2015 (see Note 4), the Company is the primary beneficiary, and Aeróleo is now a consolidated entity. The Company also owned a 50% interest in Era do Brazil, a VIE, prior to October 1, 2015. As the primary beneficiary, the Company has been consolidating this entity since September 30, 2012. On October 1, 2015, the Company acquired the remaining 50% interest, and Era do Brazil is now a wholly-owned subsidiary.

Combined Condensed Financial Statements

Summarized financial information for the Company’s equity investments and advances in Dart as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and 2013 was as follows (in thousands):



	2015		2014
Current assets	$	22,507	$	22,447
Non-current assets	30,776		34,309
Current liabilities	4,225		4,386
Non-current liabilities	8,850		8,907



	2015			2014		2013
Operating revenues	$	33,190		$	40,174	$	39,185
Costs and expenses:
Operating and administrative	32,869			31,755		31,538
Depreciation and amortization	4,224			4,129		5,213
Total costs and expenses	37,093			35,884		36,751
Operating income	$	(3,903	)	$	4,290	$	2,434
Net income	$	(3,150	)	$	2,172	$	789

Summarized financial information for the Company’s equity investments and advances in all other investees as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and 2013 was as follows (in thousands):



	2015		2014
Current assets	$	703	$	1,151
Non-current assets	5,159		5,899
Current liabilities	597		465
Non-current liabilities	3,984		4,298



	2015			2014			2013
Operating revenues	$	622		$	2,737		$	4,682
Costs and expenses:
Operating and administrative	685			750			1,035
Depreciation and amortization	740			2,370			3,450
Total costs and expenses	1,425			3,120			4,485
Operating income	$	(803	)	$	(383	)	$	197
Net income (loss)	$	(1,064	)	$	(749	)	$	(476	)