EARNINGS PRESENTATION SECOND QUARTER ENDED MAY 31, 2010 JULY 14, 2010 3:00 PM UK TIME seabed-to-surface
Highlights Solid quarterly performance: Continuing operations: Revenue of 581 million Adjusted EBITDA(a) of 121 million Adjusted EBITDA margin of 20.9% Net income of 63 million Diluted EPS of 0.25 Performance reflects:…
Medium-term fundamentals remain strong More stable oil price underpins confidence in our business SURF market: Continue to see strong tendering activity worldwide Expect some of the delayed major SURF contracts, particularly in West…
Short-term: limited visibility in the North Sea and Gulf of Mexico North Sea: Visibility activity remains somewhat limited Significant increase in tendering in H1 2010 Projects slow to come to award Pricing environment for…
Confident in the future Continue to perform strongly and to deliver excellent execution for our clients Order in take in the quarter relatively low, resulting in backlog falling to 2.3 billion, excluding joint ventures Remain…
Well positioned to capture opportunities Continued, focused investment in people and assets Confidence in the future demonstrated by ongoing fleet development: Good progress continues on Acergy Borealis; work proceeding to plan;…
Summary Remain confident in our performance and in the future Guidance for fiscal year 2010 reiterated For continuing operations: Revenue in line with 2009 an Adjusted EBITDA margin lower than 2009 outturn, namely lower than 22.1%…
Financial highlights Three-Months Ended Six-Months Ended In millions, except share and per share data May 31, May 31, May 31, May 31, 2010 2009 2010 2009 Unaudited Unaudited Unaudited Unaudited Continuing operations: Revenue 580.9…
Regional performance continuing operations Territory 1 - Acergy Northern Europe and Canada Quarter ended May.31 Six months ended May.31 m m 131 269 121 212 (5) (5) (6) (3) Revenue Net operating (loss) Revenue Net operating…
Regional performance continuing operations Territory 1 - Acergy Asia and Middle East Quarter ended May.31 Six months ended May.31 m m 81 169 54 101 41 62 15 28 Revenue Net operating income Revenue Net operating income Q210…
Regional performance continuing operations Territory 2 - Acergy Africa and Mediterranean Quarter ended May.31 Six months ended May.31 m m 316 658 208 436 83 174 41 78 Revenue Net operating income Revenue Net operating income…
Regional performance continuing operations Territory 2 - Acergy North America and Mexico Quarter ended May.31 Six months ended May.31 m m 34 29 13 8 0.4 (5) 0.9 (9) Revenue Net operating (loss) Revenue Net operating (loss) /…
Regional performance continuing operations Territory 2 - Acergy South America Quarter ended May.31 Six months ended May.31 m m 186 101 115 60 10 9 18 4 Revenue Net operating income Revenue Net operating income Q210 Q209…
Regional performance continuing operations Corporate Quarter ended May.31 Six months ended May.31 m m Revenue Net operating Revenue Net operating (loss) / income (loss) / income 19 11 2 3 (24) 2 4 (35) Q210 Q209 Q210 Q209…
Cashflow highlights In millions Three-Months Ended Six-Months Ended May 31, 2010 May 31, 2010 Unaudited Unaudited Net income total operations 67.3 124.9 Depreciation and amortisation and Impairment 27.7 62.1 Non cash items (12.9)…
Balance sheet highlights In millions as at May 31, November May 31, 2010 30, 2009 2009 Unaudited Audited (1) Unaudited Property, plant and equipment 1,017.5 821.8 850.2 Interest in associates and joint ventures 181.8 190.3 164.1…
Appendices seabed-to-surface July 14, 2010 slide 18
Major project progression Continuing Projects 100m, between 5% and 95% complete as at May 31, 2010 - excl. long-term ship charters Moho Bilondo (Congo) EPC4A (Nigeria) PazFlor (Angola) ALNG (Angola) Block 17/18…
Backlog analysis continuing operations In millions as at: May.31.10 Feb.28.10 May.31.09 (1) Backlog 2,251 2,469 2,415 (2) Pre-Backlog 205 309 99 (1) Backlog excludes amounts related to discontinued operations as of May.31.10: 15…
Segmental analysis continuing operations For the three months Territory 1 Territory 2 ended May 31, 2010 Total Acergy Acergy Acergy Acergy Acergy Acergy continuing NEC AME AFMED NAMEX SAM Corporate In millions operations Revenue…
Segmental analysis continuing operations For the six months Territory 1 Territory 2 ended May 31, 2010 Total Acergy Acergy Acergy Acergy Acergy Acergy continuing NEC AME AFMED NAMEX SAM Corporate In millions operations Revenue…
Regional performance discontinued operations Discontinued Operations Quarter ended May.31 Six months ended May.31 m m 17 49 37 7 13 2 1 6 Revenue Net operating income Revenue Net operating income Q210 Q209 Q210 Q209…
Adjusted EBITDA (a) Adjusted EBITDA: The Group calculates Adjusted EBITDA from continuing operations (adjusted earnings before interest, income taxation, depreciation and amortisation) as net income from continuing operations plus…
Reconciliation of Net Income to Adjusted EBITDA Three-Months Ended Three-Months Ended May 31, 2010 May 31, 2009 Total Total In millions (except percentages) Continuing Discontinued Continuing Discontinued operations operations Net…
Reconciliation of Net Operating Income to Adjusted EBITDA Three-Months Ended Three-Months Ended May 31, 2010 May 31, 2009 Total Total In millions (except percentages) Continuing Discontinued Continuing Discontinued operations…
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