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(2) Certain statements made in this presentation may include “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the US Securities Exchange Act of 1934. These statements may be identified by the use of words like “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “forecast”, “project,” “will,” “should,” “seek,” and similar expressions. The forwardlooking statements reflect our current views and assumptions and are subject to risks and uncertainties. The following factors, and others which are discussed in our public filings and submissions with the U.S. Securities and Exchange Commission, are among those that may cause actual and future results and trends to differ materially from our forward-looking statements: the general economic conditions and competition in the markets and businesses in which we operate; our relationship with significant clients; the outcome of legal and administrative proceedings or governmental enquiries; uncertainties inherent in operating internationally; the impact of laws and regulations; and operating hazards, including spills and environmental damage. Many of these factors are beyond our ability to control or predict. Given these factors, you should not place undue reliance on the forward-looking statements.. seabed-to-surface July 9, 2008 slide 2. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. Forward-Looking Statements.
(3) . Strong quarterly results, in line with expectations. . Very positive feedback from clients . Reputation for successfully delivering most demanding projects. . Quality of assets, engineering and project management skills. . Strategy focused on key offshore markets with medium-term strong and sustainable growth characteristics. . Uncertainty on short term market trends . Ongoing delays of contract awards in some geographical areas. . As anticipated, new tonnage available in certain regions. . Continued good medium term visibility. . Well positioned to capitalise on medium and long-term growth opportunities. seabed-to-surface July 9, 2008 slide 3. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. Overview.
(4) Financial Highlights In $ millions. Three-Months Ended May 31, 2008 Unaudited. May 31, 2007 Unaudited. Six-Months Ended May 31, 2008 Unaudited. May 31, 2007 Unaudited. Continuing operations: Net operating revenue. 742.4. 634.0. 1,378.3. 1,199.8. Adjusted EBITDA(a). 133.9. 105.1. 235.4. 176.1. Net operating income. 105.9. 82.7. 179.4. 132.6. Income tax provision. (37.8). (42.5). (66.7). (58.6). 61.8. 48.2. Net income – discontinued operations. -. 0.6. 102.9 -. 82.1 4.9. Net income – total group. 61.8. 48.8. 102.9. 87.0. Earnings per share – Fully diluted. 0.35. 0.25. 0.55. 0.44. 207.1. 191.2. 188.6. 193.7. Weighted-average number of common shares and common shares equivalents outstanding - Diluted (a). Refer to appendix for Adjusted EBITDA definition and reconciliation to Net operating income and Net Income.. seabed-to-surface July 9, 2008 slide 4. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. Net income – continuing operations.
(5) Cashflow Highlights Three-Months Ended. Six-Months Ended. May 31, 2008. May 31, 2008. Net Income attributable to equity holders. 65.7. 103.8. Depreciation and amortisation. 28.0. 56.0. Other non cash items from operations. (6.2). (9.3). (85.7). (53.5). Changes in working capital Net cash from operating activities Capital expenditure Proceeds from sale of assets Advances to non consolidated JVs. 1.8 (74.5). (115.9). 0.7. 1.6. (6.8). (6.8). Net cash from investing activities Share buyback. 97.0. (80.6) (138.3). (121.1) (138.3). Exercise of share options. 2.6. 3.0. Dividends paid to shareholders. -. -. Dividends paid to minority interests Net cash from financing activities Effect of exchange rate changes on cash Change in cash and cash equivalents seabed-to-surface July 9, 2008 slide 5. (8.1). (8.1) (143.8) 2.6 (220.0). (143.4) 14.6 (152.9). WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. In $ millions.
(6) Balance Sheet Highlights. Property, plant and equipment Interest in associates Trade and other receivables Other accrued income and prepaid expenses Cash and cash equivalents Other assets. May 31, 2008 Unaudited. November 30, 2007(a) Audited. May 31, 2007 Unaudited. 885.1 140.1 478.9 291.9 429.8 172.1. 814.2 106.4 506.4 273.4 582.7 143.7. 756.4 97.2 456.9 192.0 500.2 131.9. Total assets. 2,397.9. 2,426.8. 2,134.6. Total equity. 769.5. 819.0. 724.3. Borrowings Trade and other payables Construction contracts – amounts due to clients Current income tax liabilities Other liabilities. 394.3 755.5 259.4 87.0 132.2. 386.6 742.1 197.6 157.3 124.2. 378.5 682.8 209.7 33.9 105.4. Total liabilities. 1,628.4. 1,607.8. 1,410.3. Total equity and liabilities. 2,397.9. 2,426.8. 2,134.6. (a) These figures have been extracted from the transition to International Financial Reporting Standards publication.. seabed-to-surface July 9, 2008 slide 6. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. In $ millions as at.
(7) Category. Revenue. EBITDA Margin. Tax rate. Capital Expenditure. seabed-to-surface July 9, 2008 slide 7. Original Guidance. Comments. $3.0bn. Unchanged. Moderate improvement over 2006 and 2007. Unchanged. 35% for underlying operations. Progress towards 35%. $200m commitment. $300m commitment. $300m cash. Up to $325m cash. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. Full Year 2008 guidance.
(8) Regional Business Performance Acergy Africa and Mediterranean 500. 1,000 375.3. $ Millions. 346.4. 250 82.7. 734.8 628.2. 500 140.2. 52.6. 0. 63.8. 0. Net Operating Revenue 2008. Net Operating Income 2007. Net Operating Revenue 2008. Net Operating Income 2007. . High activity level during the quarter. . Offshore completion of Moho Bilondo and Mondo projects. . Good contributions from projects in offshore installation. . Acergy Polaris commenced dry-dock, on schedule for year-end completion. seabed-to-surface July 9, 2008 slide 8. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. $ Millions. Six Months Ended May 31. Quarter Ended May 31.
(9) Regional Business Performance Acergy Northern Europe and Canada. 211.4. 200. 500. 216.2. 100 10.8. 0 Net Operating Revenue 2008. 32.2. $ Millions. $ Millions. 300. Six Months Ended May 31 454.0 343.9. 250 71.6 4.6. 0. Net Operating Income 2007. Net Operating Revenue 2008. Net Operating Income 2007. . Good project performance from SURF, IMR and Survey activities. . Marathon Volund Project progressed well. . Good vessel utilisation during the quarter. . Offset by zero utilisation of the Acergy Piper. seabed-to-surface July 9, 2008 slide 9. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. Quarter Ended May 31.
(10) Regional Business Performance Acergy North America and Mexico Quarter Ended May 31. 10. 6.3. 5.6. 0.9. 0. 0.2. Net Operating Revenue. 2008. 0.2. Net Operating Income. 2007. 5 1.5. 0. 0.6. Net Operating Revenue. (0.6). Net Operating Income (Loss). -5. 2008. 2007. . Continued project management and engineering support for lump sum SURF projects in Brazil – PRA-1 and Frade. . Commencement of Perdido Project for 2009 installation. seabed-to-surface July 9, 2008 slide 10. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. 5. $ Millions. $ Millions. 10. Six Months Ended May 31.
(11) Regional Business Performance Acergy South America Quarter Ended May 31. 140. 220. Six Months Ended May 31. 209.3. 53.9. 60 20 -20. 1.3. Net Operating Revenue 2008. 140 83.7. 60 8.0. (0.3). Net Operating Income (Loss) 2007. -20. Net Operating Revenue 2008. (3.4). Net Operating Income (Loss) 2007. . Higher activity levels – PRA-1 completed; Frade operations progressing. . Three ships on long term service arrangements achieved full utilisation. . Petrobras obtained restricted environmental permit post quarter end, consequently Acergy Piper mobilised and commenced transit to Brazil. . Net operating income impacted by ongoing negotiations regarding delays to the Mexilhao Trunkline Project. seabed-to-surface July 9, 2008 slide 11. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. 100. $ Millions. $ Millions. 111.0.
(12) Regional Business Performance Acergy Asia and Middle East Quarter Ended May 31. 110. 60. 87.3. 16.9 8.2. 70 32.4. 30. 5.5. (8.2). 0 Net Operating Revenue 2008. Net Operating Income (Loss). -10. Net Operating Revenue. 2007. 2008. (6.9). Net Operating Income (Loss) 2007. . Higher activity, including completion of the Maari Project. . Good project performance, albeit most projects in early stages. . SapuraAcergy joint venture remained loss making. . Sapura 3000 delivered and the vessel performed well on the Kikeh Project. seabed-to-surface July 9, 2008 slide 12. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. $ Millions. 20. $ Millions. 43.2. 40. -20. Six Months Ended May 31.
(13) Major Project Progression Continuing Projects >$100m, between 5% and 95% c omplete as at May 31, 2008 - excl. long-term ship charters in Brazil and the North Sea. Moho Bilondo (Congo) Tombua Landana (Angola) Kizomba C - Saxi Batuque (Angola). Marathon Volund (N.Sea) Mexilhao (Brazil) Frade (Brazil) 0% Acergy Africa & Mediterranean seabed-to-surface July 9, 2008 slide 13. 20%. 40%. 60%. Acergy Northern Europe and Canada. 80%. 100%. Acergy South America. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. Block 15 (Angola).
(14) Backlog Analysis In $ millions as at:. May.31.08. Feb.29.08. May.31.07. 3,649. 3,972. 3,031. 241. 368. 522. Backlog Pre-Backlog (1). (1). Pre-backlog reflects the stated value of signed letters of intent and the expected value of escalations on frame agreements. Backlog by Award Date. Backlog by Execution Date. 100% 80%. 2006 12%. 2007 44%. 2005 8%. 2010+ 29%. 2008 35%. 60%. 9% 25%. South America. 22%. North America & Mexico. 40% 2008 36%. 2009 36%. 20%. Northern Europe & Canada. 43%. 0% May.31.08 seabed-to-surface July 9, 2008 slide 14. Asia & Middle East. Africa & Mediterranean. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. Backlog by Region.
(15) Summary Strong financial and operational performance: . Revenue increased 17%. . Gross profit increased 20%. . Adjusted EBITDA margin increased to 18.0%. . Net income increased 29%. . Successful offshore completion of a number of complex and technically challenging deepwater projects. . Completion of the $300m share buyback programme reflecting the Board’s long-term confidence. . Continued short-term cyclicality expected - fundamentals remain strong. seabed-to-surface July 9, 2008 slide 15. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. .
(16) Appendix In $ millions (except percentages) Net operating income from continuing operations Depreciation and amortisation Impairments. Three-Months Ended. Six-Months Ended. May 31, 2008 Unaudited. May 31, 2008 Unaudited. 105.9. 82.7. 179.4. Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA(a) from Continuing Operations In $ millions (except percentages). 132.6. 28.0. 22.2. 56.0. 43.3. -. 0.2. -. 0.2. 133.9. 105.1. 235.4. 176.1. Net operating revenue from continuing operations. 742.4. 634.0. 1,378.3. 1,199.8. Adjusted EBITDA %. 18.0%. 16.6%. 17.1%. 14.7%. Six-Months Ended. May 31, 2008 Unaudited. May 31, 2008 Unaudited. Net income from continuing operations. 61.8. 48.2. 102.9. 82.1. Depreciation and amortisation. 28.0. 22.2. 56.0. 43.3. Impairments Investment income. Adjusted EBITDA. Three-Months Ended. -. 0.2. -. (7.9). Other gains and losses. 4.0. (7.4). Finance costs. 5.2. 7.3. 14.4. 14.6. 37.8. 42.5. 66.7. 58.6. Adjusted EBITDA. 133.9. 105.1. 235.4. 176.1. Net operating revenue from continuing operations. 742.4. 634.0. 1,378.3. 1,199.8. Adjusted EBITDA %. 18.0%. 16.6%. Income tax provision. (8.6). 0.2. (2.9). 4.0. 17.1%. (16.7) (6.0). 14.7%. Adjusted EBITDA: The group calculates Adjusted EBITDA from continuing operations (adjusted earnings before interest, income taxes, depreciation and amortisation) as net income from continuing operations plus finance costs, other gains and losses, taxes, depreciation and amortisation and adjusted to exclude investment income and impairment of property, plant and equipment. Adjusted EBITDA margin from continuing operations is defined as Adjusted EBITDA divided by net operating revenue from continuing operations. Management believes that Adjusted EBITDA and Adjusted EBITDA margin from continuing operations are important indicators of our operational strength and the performance of our business. Adjusted EBITDA and Adjusted EBITDA margin from continuing operations have not been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB nor as endorsed for use in the European Union. These non-IFRS measures provide management with a meaningful comparison amongst our various regions, as it eliminates the effects of financing and depreciation. Adjusted EBITDA margin from continuing operations is also a useful ratio to compare our performance to our competitors and is widely used by shareholders and analysts following the group’s performance. Adjusted EBITDA and Adjusted EBITDA margin from continuing operations as presented by the group may not be comparable to similarly titled measures reported by other companies. Such supplementary adjustments to EBITDA may not be in accordance with current practices or the rules and regulations adopted by the US Securities and Exchange Commission (the “SEC”) that apply to reports filed under the Securities Exchange Act of 1934. Accordingly, the SEC may require that Adjusted EBITDA and Adjusted EBITDA margin from continuing operations be presented differently in filings made with the SEC than as presented in this release, or not be presented at all. Adjusted EBITDA and Adjusted EBITDA margin from continuing operations are not measures determined in accordance with IFRS and should not be considered as an alternative to, or more meaningful than, net income (as determined in accordance with IFRS), as a measure of the group’s operating results or cash flows from operations (as determined in accordance with IFRS) or as a measure of the group’s liquidity. The reconciliation of the group’s net income from continuing operations to Adjusted EBITDA from continuing operations is included in this release. This presentation includes the supplemental calculation of Adjusted EBITDA from continuing operations calculated as net operating income from continuing operations, plus depreciation and amortisation and impairment charges on property, plant and equipment. Management believes that this supplemental presentation of Adjusted EBITDA from continuing operations is also useful as it is more in line with the presentation of similarly titled measures by companies within Acergy’s peer group and therefore believes it to be a helpful calculation for those evaluating companies within Acergy’s industry.. (a). seabed-to-surface July 9, 2008 slide 16. WorldReginfo - f86cb5e1-199d-4cff-a468-f2b9f8cb3260. Reconciliation of Net Operating Income from Continuing Operations to Adjusted EBITDA(a) from Continuing Operations.
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