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Q1 2010 EARNINGS CALL – Acergy Sa

Acergy Sa · Apr 14, 2010 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2010 EARNINGS CALL – Acergy Sa – slide 1
    EARNINGS PRESENTATION FIRST QUARTER ENDED FEBRUARY 28, 2010 APRIL 14, 2010 3:00 PM UK TIME seabed-to-surface
  2. Q1 2010 EARNINGS CALL – Acergy Sa – slide 2
    Highlights Very strong first quarter performance: Continuing operations: Revenue of 576 million Adjusted EBITDA(a) of 135 million Adjusted EBITDA margin of 23.5% Net income of 53 million Diluted EPS of 0.23 Factors contributing…
  3. Q1 2010 EARNINGS CALL – Acergy Sa – slide 3
    2010 Guidance Guidance for fiscal year 2010 reiterated Continuing operations: Revenue in line with 2009 an Adjusted EBITDA margin lower than 2009 outturn, namely lower than 22.1% Emerging factors for consideration for 2010…
  4. Q1 2010 EARNINGS CALL – Acergy Sa – slide 4
    Medium-term fundamentals remain strong Stronger oil price and more stable macro environment inspiring greater confidence in industry SURF market: Increased tendering activity worldwide Encouraged that certain major SURF contracts,…
  5. Q1 2010 EARNINGS CALL – Acergy Sa – slide 5
    Well positioned to capture growth opportunities Focused investment in our people and assets has served Acergy well Successfully managed our cost base without compromising our long- term strategy Invested in our assets, including…
  6. Q1 2010 EARNINGS CALL – Acergy Sa – slide 6
    Financial Highlights Three-Months Ended In millions, except share and per share data Feb.28, Feb.28, 2010 2009 Unaudited Unaudited Continuing operations: Revenue 575.8 503.1 (a) Adjusted EBITDA 135.2 101.8 Gross profit 147.0…
  7. Q1 2010 EARNINGS CALL – Acergy Sa – slide 7
    Regional Performance continuing operations Territory 1 - Acergy Northern Europe and Canada Quarter ended Feb.28 m 138 91 (1) 2 Revenue Net operating (loss) / income Q110 Q109 First Quarter 2010: As expected, lower activity…
  8. Q1 2010 EARNINGS CALL – Acergy Sa – slide 8
    Regional Performance continuing operations Territory 1 - Acergy Asia and Middle East Quarter ended Feb.28 m 87 47 21 13 Revenue Net operating income Q110 Q109 First Quarter 2010: Good operational progress on Pluto and BHP…
  9. Q1 2010 EARNINGS CALL – Acergy Sa – slide 9
    Regional Performance continuing operations Territory 2 - Acergy Africa and Mediterranean Quarter ended Feb.28 m 342 228 91 37 Revenue Net operating income Q110 Q109 First Quarter 2010: Excellent progress on a number of…
  10. Q1 2010 EARNINGS CALL – Acergy Sa – slide 10
    Regional Performance continuing operations Territory 2 - Acergy North America and Mexico Quarter ended Feb.28 m 4 5 1 (4) Revenue Net operating (loss) / income Q110 Q109 First Quarter 2010: Absence of active projects…
  11. Q1 2010 EARNINGS CALL – Acergy Sa – slide 11
    Regional Performance continuing operations Territory 2 - Acergy South America Quarter ended Feb.28 m 85 55 5 8 Revenue Net operating income Q110 Q109 First Quarter 2010: Anticipated lower activity levels partly offset by…
  12. Q1 2010 EARNINGS CALL – Acergy Sa – slide 12
    Regional Performance continuing operations Corporate Quarter ended Feb.28 m Revenue Net operating (loss) / income 8 1 0 (11) Q110 Q109 First Quarter 2010: Lower utilisation of corporate vessels due to dry-docks and fire…
  13. Q1 2010 EARNINGS CALL – Acergy Sa – slide 13
    Cashflow Highlights In millions Three-Months Ended February 28, 2010 Unaudited Net income total operations 57.6 Depreciation and amortisation and Impairment 34.4 Other changes in operating assets and liabilities (101.6) Other non…
  14. Q1 2010 EARNINGS CALL – Acergy Sa – slide 14
    Balance Sheet Highlights In millions as at February November February 28, 2010 30, 2009 28, 2009 Unaudited Audited (1) Unaudited Property, plant and equipment 940.5 821.8 899.3 Interest in associates and joint ventures 193.2 190.3…
  15. Q1 2010 EARNINGS CALL – Acergy Sa – slide 15
    Appendices seabed-to-surface April 14, 2010 slide 16
  16. Q1 2010 EARNINGS CALL – Acergy Sa – slide 16
    Major Project Progression Continuing Projects 100m, between 5% and 95% complete as at February 28, 2010 - excl. long-term ship charters Moho Bilondo (Congo) Block 15 (Angola) EPC4A (Nigeria) PazFlor (Angola) ALNG (Angola)…
  17. Q1 2010 EARNINGS CALL – Acergy Sa – slide 17
    Backlog analysis continuing operations In millions as at: Feb.28.10 Nov.30.09 Feb.28.09 (1) Backlog 2,469 2,848 2,432 (2) Pre-Backlog 309 249 75 (1) Backlog excludes amounts related to discontinued operations as of Feb.28.10: 25…
  18. Q1 2010 EARNINGS CALL – Acergy Sa – slide 18
    Segmental Analysis continuing operations For the three months Territory 1 Territory 2 ended Feb.28.10 Total Acergy Acergy Acergy Acergy Acergy Acergy continuing NEC AME AFMED NAMEX SAM Corporate In millions operations Revenue…
  19. Q1 2010 EARNINGS CALL – Acergy Sa – slide 19
    Regional Performance discontinued operations Discontinued Operations Quarter ended Feb.28 m 35 32 7 5 Revenue Net operating income Q110 Q109 Positive contribution from the Mexilhao Trunkline Project…
  20. Q1 2010 EARNINGS CALL – Acergy Sa – slide 20
    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…
  21. Q1 2010 EARNINGS CALL – Acergy Sa – slide 21
    Reconciliation of Net Income to Adjusted EBITDA Three-Months Ended Three-Months Ended February 28, 2010 February 28, 2009 Total Total In millions (except percentages) Continuing Discontinued Continuing Discontinued operations…

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