Dresser-Rand Group Inc. (NYSE: DRC) First Quarter 2013 Conference Call April 26, 2013 Copyright 2009
1Q13 Overview and Highlights Sales and net income up 16% and 39%, respectively, vs. 1Q12 Operating income 65.5 million + 27% vs. 1Q12 Strong aftermarket bookings Light new unit bookings Reiterating full year operating income and…
Strategically Significant Alliance Agreements Statoil 4th consecutive frame agreement Strong relationship that extends over more than 15 years Covers the provision of spare parts, services, compressors and power generation equipment…
Aftermarket Bookings March YTD ( in Millions) 450 399 385 1Q13 bookings 4% higher vs. 1Q12 300 Parts bookings especially strong +13% Continued progress adding 150 service contracts 0 1Q12 1Q13 Copyright 2011 Strong…
New Unit Bookings March YTD ( in Millions) 1Q13 39% lower vs. 1Q12 500 442 Decrease reflects lumpy nature of the new units segment 400 1Q12 booked one order 150 1Q13 no single order 50 300 269 Major 1Q13 new unit awards: Floating…
Bookings Twelve Months ended 3/31/13 ( in Millions) 3,163 Bookings for the last 3,200 3,004 twelve months Total 5% lower vs. 2,400 1,480 1,547 same period a year ago New unit 13% lower 1,600 Aftermarket 5% higher Bookings in the…
Backlog by Segment ( in Millions) 3,000 2,864 Backlog of 2.9 billion 2,747 4% higher than at 3/31/12 2,500 573 656 2,000 New unit backlog up 2% vs. last year 1,500 2,174 2,208 1.5 billion 1,000 scheduled to ship in 500 2013…
Sales by Segment ( in Millions) Total sales up 16% 800 766 Higher volume, and to a 662 lesser extent, price increases 600 323 New Unit sales up 20% 294 Principally due to higher 400 volume Aftermarket sales up 10% 443 Volume…
First Quarter 2013 Results ( in Millions) 1Q13 1Q12 Change Revenues 766.4 661.8 16% Cost of Sales 594.4 516.9 15% - % of Revenues 77.6% 78.1% Selling & Administrative 94.5 88.7 7% Realignment Expense 1.6 0.0 Research & Development…
New Unit Operating Income & Margins ( in Millions) 30 28.6 9.0% 1Q13 operating income increased vs. prior year 20.2 principally due to higher 20 6.5% volume 5.5% 6.0% 1Q13 margin increased due to operating leverage 10 on higher…
Aftermarket Operating Income & Margins ( in Millions) 80 22% 1Q13 operating 66.4 income increased vs. 1Q12 principally due to 60 20.5% 20% 53.3 higher volume 40 18% 1Q13 operating margin 18.1% increased vs. 1Q12 from the…
Operating Cash Flow ( in Millions) Three Months Ended 3/31/13 3/31/12 Net Income 34 24 D&A 24 21 Stock-based Compensation 11 7 Amort. of Debt Financing Costs 1 1 Pension Contributions (6) (12) Working Capital (A) (84) (22) Other…
Net Working Capital ( in Millions) 3/31/13 12/31/12 Accts. Receivable, Net 513 566 Inventories, Gross 959 970 Less Progress Payments (341) (418) Inventories, Net 618 553 Prepaid Expenses 80 67 Accounts Payable & Accruals (623)…
Change in End User Mix Driving Higher NWC ( in Millions) 5 Yr. Avg. 12/31//2012 3/31/13 NWC 80 higher vs. 12/31/12 2007 -2011 Actual Actual Accts Rec. - Net 350 566 513 NOC business: Inventories - Net 329 553 618 Significant portion…
Cash Flow ( in Millions) Three Months Ended 3/31/13 3/31/12 Net Cash Provided by Oper. Activities (45) 10 Investing Activities (31) (56) Financing Activities 111 38 Effect of Exchange Rates (1) 3 Net Change in Cash 34 (5)…
Liquidity ( in Millions) 400 Liquidity more than adequate 356 331 to meet operating needs 123 300 157 Outstanding under 764 revolver: 200 233 Borrowings 417 174 Letters of Credit 173 100 Additional Letters of Credit 0 and Bank…
Net Debt to Capital at End of Period ( in Millions) 65% Total debt 1,148 51% 56% Sr. Sub. Notes - 375 45% 46% Sr. Secured Credit facility 42% 43% 37% - 719 32% 23% Other - 54 20% 14% Net debt 966 9% 11% -3% Net debt to…
2013 Outlook ( and Shares in Millions, except Bookings & Revenues are in Billions) * * Bias toward the lower half Executing consistent strategy Copyright 2011 Continued Strength of our End Markets 19
Second Quarter 2013 Outlook Continued seasonality in 1st Half OI as a % of Full Year business 50% 46% 48% Over the 2005 to 2012 period: 40% 39% 37% 35% 33% 1st half OI ranged between 22% 1st Half 2013 30% 26% and 48% of full…
D-R Strategic Evolution Investing to Accelerate Profitable Growth Time Frame (2010 - 2012) (2013 - 2015) Selling & marketing Market launch and existing products & commercialization of services investments for new products &…
Appendix Copyright 2009
NWC Reconciliation to GAAP ( in Millions) 12/31/2012 3/31/2013 Current Assets 1,356.0 1,422.9 Less: Current Liabilities (963.0) (905.3) GAAP Net Working Capital (NWC) 393.0 517.6 Adjustments: Cash and Cash Equivalents (140.4)…
GAAP Reconciliation - Net Debt to Capital ( in Millions) December 31, March 31, 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total Debt 598.2 505.6 370.3 370.1 370.0 370.0 1,029.7 1,050.8 1,148.1 Less Cash (98.0) (146.8) (206.2)…
GAAP Reconciliation - Net Debt to EBITDA ( in Millions) Twelve Months Ended 2005 2006 2007 2008 2009 2010 2011 2012 1Q13 Net Income 37.1 78.8 106.7 197.7 210.8 146.7 120.3 179.0 188.3 Income Taxes 15.5 58.5 60.9 103.6 101.1 69.0…
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