Dresser--Rand Group Inc Dresser Inc. (NYSE: DRC) Fourth Quarter 2010 Conference Call February 25, 25 2011 Copyright 2009 9
2010 was a Good Year Best-in-class safety performance for our industry - total recordable injury rate (TRIR) of 0.5 05 New Units bookings up 66% Aft Aftermarket k t bookings b ki up 10% Operating Income of 263 million New…
Echogen Power Systems Acquired 20% minority interest Technology drives value proposition - lower cost, compact footprint, higher energy recovery Expands DRC product portfolio Strengthens ability to compete in waste heat recovery…
Bookings December YTD ( in i Millions) Milli ) 2,600 2010 Total Bookings 35% 2,236 higher than 2009 2,080 2010 bookings by market: 1,662 , 1,560 Upstream 44% Midstream 11% 1 040 1,040 Downstream 35% 520 Other 10% 0…
New Unit Bookings December YTD ( in i Millions) Milli ) 1,250 1,210 2010 New Unit Bookings 66% higher than 2009 4Q 480 1,000 2010 Bookings by market: Upstream 61% 727 750 Midstream 3% 4Q 370 Downstream 25% 500 Environmental…
Major 4Q10 New Unit Bookings Five major upstream project awards: a floating, production, storage and offloading (FPSO) vessel, vessel a semi-submersible, a tension leg platform and two fixed-leg platforms. Equipment supplied: 11…
Aftermarket Bookings December YTD ( in Millions) 1,100 1,026 2010 - 92 or 10% higher vs. 934 year ago despite; 880 4Q 273 4Q 240 Sluggish Sl i hNNorth th A American i and d Western European 660 downstream Sanctioned country…
Backlog by Segment ( in Millions) Backlog of 2 billion was 1,965 2,000 15% higher than 12/09 1 712 1,712 354 341 New unit backlog up 18% vs. 1,500 last year 1,000 1 billion scheduled to 1,611 ship in 2011 1,371 500 Aftermarket…
Sales by Segment ( in Millions) 600 563 537 Total sales down 5% 278 282 New Unit sales down 10% 400 Aftermarket sales up 1% 285 255 200 0 4Q09 4Q10 Copyright 2011 N New U Units it Aft Aftermarket k t 10
Fourth Quarter 2010 Results ( in i Millions) Milli ) 4Q10 4Q09 Change Revenues 537.2 562.5 -4% Cost of Sales 381.2 394.2 -3% - % of Revenues 71.0% 70.1% Selling & Administrative 81.5 79.9 2% Research & Development 46 4.6 57 5.7…
New Unit Operating Income & Margins ( in Millions) 50 16.0% 4Q10 margin decline 14.0% primarily attributable to 39.8 mix and lower volume 40 11.0% 12.0% Pension charge reduced 30 28.0 4Q09 margin by 100 8.0% basis points 20…
Operating Cash Flow ( in Millions)) Twelve Months Ended 12/31/10 12/31/09 Net Income 147 211 D&A 52 51 Stock-based Compensation 14 11 Amort. of Debt Financing Costs 3 3 Deferred Income Taxes / Other 7 3 Pension Contributions (7)…
Net Working Capital ( in Millions) 12/31/10 12/31/09 Accts. Receivable, Net 304 290 Inventories, Gross 501 618 Less Progress Payments (209) (265) Inventories, Net 292 353 Prepaid Expenses 36 25 Accounts Payable & Accruals (401)…
Cash Flow ( in Millions)) Twelve Months Ended 12/31/10 12/31/09 Net Cash Provided by Oper.Activities 376 130 Investing Activities (106) (63) Financing g Activities ((68)) 2 Effect of Exchange Rate (4) 7 Net Change in Cash…
Liquidity ( in i Millions) Milli ) 750 750 Liquidity more than adequate 421 to meet operating needs 600 555 223 Outstanding g Letters of Credit 450 issued under the revolver 171 300 332 33 329 150 Additional Letters of…
Capital Structure at End of Year Net Debt to Capital 20% 20% Strong balance sheet 15% 10% Net debt to total capital (3)% 11% 5% Total debt 370 (7 3/8% Notes) 0% -3% -5% Cash exceeds total debt by 51 '08 '09 '10 million…
2011 Market Outlook New Units New Unit market continuing strong Expect new unit bookings of 1.2 to 1.4 billion for 2011 E Expect t Q1 b bookings ki off 250 to t 300 million illi Aftermarket Market largely unchanged from…
2011 Financial Summary ( and Shares in Millions) New Units Revenue Up 10% Aftermarket Revenue Up 10% Operating Income 260 to 300 - New Unit Operating Margins Low Double Digits - Aftermarket Operating Margins 22% to 24% -…
First Quarter 2011 Outlook Very low backlog of new unit orders scheduled to ship in Q1 170 million Fourth F h quarter 2010 aftermarket f k bookings b ki h heavily il b backend k d loaded 45% booked in December will ship in Q2…
Appendix Copyright 2009 9
NWC Reconciliation to GAAP ( in Millions) 2010 2009 Current Assets 1,084.2 936.3 Less: Current Liabilities (669.1) (585.4) GAAP Net Working Capital (NWC) 415 1 415.1 350 9 350.9 Adjustments: Cash and Cash Equivalents (420.8)…
Net Debt Reconciliation to GAAP ( in Millions) At 12/31 2010 2009 Total Debt 370 370 Less Cash (421) (223) Net Debt (51) 147 Copyright 2011 24
Net Debt to GAAP EBITDA ( in i Millions) Milli ) At 12/31 2010 2009 GAAP EBITDA 301 395 Total Debt 370 370 Less Cash (421) (223) Net Debt (51) 147 Net Debt to EBITDA (0 2) (0.2) 04 0.4 Copyright 2011 25
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