EARNINGS PRESENTATION THIRD QUARTER ENDED AUGUST 31, 2010 OCTOBER 13, 2010 3:00 PM UK TIME seabed-to-surface
Highlights Strong quarterly performance: Continuing operations: Revenue of 495 million Adjusted EBITDA(a) of 124 million Adjusted EBITDA(a) margin of 24.9% Net income of 59 million Diluted EPS of 0.24 Performance reflects:…
Updated Guidance for fiscal year 2010 Consistently strong results throughout 2010 Confident of our ability to continue to control costs and deliver very good operational performance Updated guidance for fiscal year 2010: On track…
Medium-term fundamentals remain strong The oil price continues to build confidence in the industry and underpins momentum in our sector SURF environment is improving: First of the large SURF contracts awarded, including CLOV to…
North Sea activity visibility remains somewhat limited Significant increase in tendering, especially in the UK Projects remain slow to come to award in Norway Pricing environment for shorter-term work remains competitive Project…
Conventional and hook-up activity remains strong Conventional and hook-up activity in West Africa expected to remain strong in short and medium-term Acergys substantial local presence remains a competitive strength Supports…
Acergy in 2011 Maintain a disciplined approach to costs, risk and pricing building quality backlog and executing strongly 2011 a year of transition: Good level of activity anticipated Prior year delays in project awards and…
Well positioned to capture future growth opportunities In a more challenging market we have achieved our key objective as we remained focused on: Execution: Performed strongly and delivered excellent execution for clients in safe…
Conclusion Very please with the progress we have made We are today where we want and need to be We have world-class engineering, project management and the right fleet of assets to support our clients ambitions in all regions and…
Financial highlights Three-Months Ended Nine-Months Ended In millions, except share and per share data Aug 31, Aug 31, Aug 31, Aug 31, 2010 2009 2010 2009 Unaudited Unaudited Unaudited Unaudited Continuing operations: Revenue 495.1…
Regional performance continuing operations Territory 1 - Acergy Northern Europe and Canada Quarter ended Aug.31 Nine months ended Aug.31 m m 485 217 378 166 27 34 20 31 Revenue Net operating income Revenue Net operating…
Regional performance continuing operations Territory 1 - Acergy Asia and Middle East Quarter ended Aug.31 Nine months ended Aug.31 m m 173 43 144 82 20 5 27 (0.1) Revenue Net operating Revenue Net operating income…
Regional performance continuing operations Territory 2 - Acergy Africa and Mediterranean Quarter ended Aug.31 Nine months ended Aug.31 m m 262 244 920 680 217 43 27 106 Revenue Net operating income Revenue Net operating…
Regional performance continuing operations Territory 2 - Acergy North America and Mexico Quarter ended Aug.31 Nine months ended Aug.31 m m 47 13 11 17 4 12 (0.4) (9) Revenue Net operating (loss) Revenue Net operating (loss)…
Regional performance continuing operations Territory 2 - Acergy South America Quarter ended Aug.31 Nine months ended Aug.31 m m 46 225 39 161 7 24 (4) 5 Revenue Net operating (loss) Revenue Net operating income / income…
Regional performance continuing operations Corporate Quarter ended Aug.31 Nine months ended Aug.31 m m Revenue Net operating 6 (loss) / income 5 4 24 2 8 6 (31) Revenue Net operating income Q310 Q309 Q310 Q309 Third…
Cashflow highlights In millions Three-Months Ended Nine-Months Ended Aug 31, 2010 Aug 31, 2010 Unaudited Unaudited Net income total operations 64.4 189.3 Depreciation and amortisation and Impairment 34.8 96.9 Non cash items 27.6…
Balance sheet highlights In millions as at Aug 31, November Aug 31, 2010 30, 2009 2009 Unaudited Audited (1) Unaudited Property, plant and equipment 1,202.3 821.8 845.4 Interest in associates and joint ventures 194.4 190.3 175.1…
Acergy and Subsea 7 Combination Proposed combination will create a global leader in seabed-to- surface engineering and construction Positive feedback from shareholders, clients and our people On track with plans: Combination EGM…
Appendices seabed-to-surface October 13, 2010 slide 21
Major project progression Continuing Projects 100m, between 5% and 95% complete as at August 31, 2010 - excl. long-term ship charters Moho Bilondo (Congo) EPC4A (Nigeria) PazFlor (Angola) ALNG (Angola) Block 17/18 (Angola)…
Backlog analysis continuing operations In millions as at: Aug.31.10 May.31.10 Aug.31.09 (1) Backlog 3,496 2,251 2,628 (2) Pre-Backlog 214 205 42 (1) Backlog excludes amounts related to discontinued operations as of Aug.31.10: 14…
Segmental analysis continuing operations For the three months Territory 1 Territory 2 ended August 31, 2010 Total Acergy Acergy Acergy Acergy Acergy Acergy continuing NEC AME AFMED NAMEX SAM Corporate In millions operations…
Segmental analysis continuing operations For the nine months Territory 1 Territory 2 ended August 31, 2010 Total Acergy Acergy Acergy Acergy Acergy Acergy continuing NEC AME AFMED NAMEX SAM Corporate In millions operations…
Discontinued operations performance Quarter ended Aug.31 Nine months ended Aug.31 m m 36 85 46 8 8 21 5 11 Revenue Net operating income Revenue Net operating income Q310 Q309 Q310 Q309 Positive contribution from the…
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 Aug 31, 2010 Aug 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 Aug.31, 2010 Aug 31, 2009 Total Total In millions (except percentages) Continuing Discontinued Continuing Discontinued operations…
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