posted
time to watch again...announced 670 mil project and they have huge sell off due to tax auditing. I will be looking to buy tomorrow when the rest of the chumps get out...
-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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posted
jiddy, tried to find a support level but could not. Are you in this one for a long precision or a short position?
Spoke too soon. I did find a support level. You broke the support level of 23.00 today. And you also closed below that level.
Not knowing if you're in a long position or a short position cannot say whether it would be a bear or bull situation for you.
------------------------------------------------ Disclaimer:In regards to possible legal issues, be advised:
The above information is not a recommendation from myself to others to buy or sell, nor does it provide to other individuals a recommended timeframe for the entry,exit for a stock transaction.
Any individual can use the information as they so choose, but in doing so, that individual accepts full responsibility for results from the use of the information.
I, Chuck, can accept no responsibility or liability for any other person's use of the information for their personal trading. -------------------------------------------------------------------------------- ------------
posted
still tanking here... how do i go about finding bottom?
-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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posted
I would wait until the fed meeting and then see if this company brings any positive news for next year.There has been rumors of many bad news items for next week.May be better to just wait and see a more positive move upwards before you buy.
-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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Acergy S.A. -- Board Change Monday December 10, 5:28 pm ET
LONDON--(MARKET WIRE)--Dec 10, 2007 -- Acergy S.A. (NasdaqGS:ACGY - News) (Oslo:ACY.OL - News) announces that Tom Ehret, Chief Executive Officer since early 2003 and Director since 2004, has informed the Board of Directors that he intends to retire from his position as Chief Executive during 2008. The Board has appointed consultants to assist in identifying candidates for the Chief Executive position and the process is well advanced. Mr Ehret will continue in post for an appropriate period after the appointment of his successor to ensure an efficient handover. ADVERTISEMENT
Mr Ehret has accepted the invitation of the Board to continue as a non-Executive Director, following the handover to the new Chief Executive Officer.
Mark Woolveridge, Chairman, Acergy S.A., said:
"On behalf of the Board, I would like to thank Tom for his outstanding contribution to the Group. Following his appointment in 2003, Tom led the team which transformed the Group's fortunes, positioning Acergy as a global leader in the offshore engineering and construction market and creating an independent future for the business. The Group and its shareholders have gained greatly from Tom's stewardship and we look forward to continuing to benefit from his knowledge and support once his successor has been appointed."
Tom Ehret, Chief Executive Officer, Acergy S.A., said:
"I have greatly enjoyed the last five years and I am proud of what we have achieved in delivering Acergy's transformation and its subsequent dynamic growth. The Group today has a leading market position, with strong growth prospects across all regions worldwide. Until a new Chief Executive is appointed and in post, I remain enthusiastically committed to the tasks in hand of delivering our growth plans for 2007/08 and extending our industry leadership. For the longer term future, I am delighted that the Board has invited me to continue my involvement with Acergy in a non-executive capacity."
Notes to Editors
Corporate Developments 2003 - 2007 -- Tom Ehret joined Stolt Offshore as Chief Executive Officer, March 2003 -- Corporate Recovery Plan launched and executed between 2003 - 2004 * Company restructured into a pure play, independent offshore engineering and construction company focussed on the global SURF and IMR markets * Disposal of surplus assets and businesses; new equity raised -- Acergy returned to profitability, 2004 -- Investment in new assets for the growing SURF market, 2006 -- Stolt Offshore name change to Acergy, early 2006 -- Achieved 35% net operating revenue CAGR for 2004 to 2007 -- Refinanced $400 million credit and guarantee facility, issued $500 million convertible bond, initiated $300 million share buyback plan in 2006 -- Paid first ever dividend, 2007 -- Growth in work force from 5,300 in 2004 to 8,000 in 2007 -- Record revenue of approximately $2.7 billion expected for fiscal year 2007 -- Record backlog at 2007 year end of $3.1 billion
Acergy S.A. is a seabed-to-surface engineering and construction contractor for the offshore oil and gas industry worldwide. We plan, design and deliver complex, integrated projects in harsh and challenging environments. We operate internationally as one group -- globally aware and locally sensitive, sharing our expertise and experience to create innovative solutions. We are more than solution providers, we are solution partners -- ready to make long-term investments in our people, assets, know-how and relationships in support of our clients.
Forward-Looking Statements: Certain statements made in this announcement 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," "project," "will," "should," "seek," and similar expressions. These statements include, but are not limited to, statements as to the intention of Mr. Ehret to retire from his position as Chief Executive Officer and the timing of such retirement, statements as to the process of identifying candidates for the Chief Executive position and statements as to Mr. Ehret's continuation as a non-Executive Director of Acergy S.A. The forward-looking 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 government 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.
posted
$21.40 - ACGY THIS ONE GONNA MOve UP SOON!!
1- Projects to be announced 2- ISO certification to be announced 3- New CEO
-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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quote:Originally posted by jdiddy: $21.40 - ACGY THIS ONE GONNA MOve UP SOON!!
1- Projects to be announced 2- ISO certification to be announced 3- New CEO
$22.11 ON the move!!
-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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Acergy S.A. Announces First Quarter Results Wednesday April 9, 7:28 am ET
LONDON--(MARKET WIRE)--Apr 9, 2008 -- Acergy S.A. (NasdaqGS:ACGY - News) (Oslo:ACY.OL - News), announced today results for the first quarter which ended on February 29, 2008 published in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
Financial Highlights
Three Months Ended --------------------- Feb.29.08 Feb.28.07 In $ millions Unaudited Unaudited ------------- --------- --------- Net operating revenue from continuing operations 635.9 565.8 Gross profit 123.3 95.7 Net operating income from continuing operations 73.5 49.9 Net income before income taxes from continuing operations 70.0 50.0 Income tax provision (28.9) (16.1) Net income from continuing operations 41.1 33.9 Income from discontinued operations - 4.3 Net income 41.1 38.2
Three Months Ended --------------------- Feb.29.08 Feb.28.07 PER SHARE DATA (Diluted) Unaudited Unaudited ------------- --------- --------- Earnings per share from continuing operations $ 0.20 $ 0.17 Earnings per share from discontinued operations - $ 0.02 Net earnings per share $ 0.20 $ 0.19 Weighted-average number of common shares outstanding (millions) 191.0 196.0
Quarter Highlights
-- Net operating revenue increased 12% to $636 million (Q1 2007: $566 million)
-- Gross profit increased 29% to $123 million (Q1 2007: $96 million)
-- Adjusted EBITDA(a) increased 43% to $102 million (Q1 2007: $71 million); delivering a margin of 16.0% (Q1 2007: 12.5%)
-- Net income from continuing operations increased 21% to $41 million (Q1 2007: $34 million)
-- Major deepwater contracts, Moho Bilondo, Mondo and PRA-1 nearing physical completion
-- Acergy awarded over $1 billion in new contracts during the quarter
-- Two new vessels: Acergy Viking and Sapura 3000 joined the fleet
Post Quarter Highlights
-- Jean P. Cahuzac to become Chief Executive Officer on April 14, 2008
-- Purchase option on the Acergy Petrel exercised
-- Continued returns to shareholders through share buyback programme: $132 million since year end, reflecting the Board's confidence in the business ADVERTISEMENT
Tom Ehret, Chief Executive Officer, said:
"In my final quarterly report, I am pleased to announce that Acergy has made strong financial, commercial and operational progress. In headline terms, we report a very solid set of results, and I am pleased to note that we have achieved a strong margin improvement during a quarter which is traditionally the most challenging for the Group. Looking at the order book, we have secured a strong flow of awards recently, and continue to be successful in winning important contracts.
Operationally, we have successfully executed a number of complex and technically challenging deepwater projects, including Moho Bilondo, Mondo and PRA-1; all of which are nearing physical completion. These achievements together prove the organisation's strength in depth, while the addition of further ships to our fleet, ensures that Acergy will have the appropriate capacity to execute our growing backlog.
I am delighted to be passing the baton to Jean P. Cahuzac, who has a tremendous knowledge of our industry and a great breadth and depth of management experience. I remain confident that Acergy is ideally positioned to continue to deliver shareholder value."
Operating Review
Acergy Africa and Mediterranean -- Net operating revenue increased to $359.5 million (Q1 2007: $281.8 million) driven by high activity levels, particularly projects in the installation phase, including EPC2B, Moho Bilondo and Mondo, while Tombua Landana and Saxi Batuque commenced installation work. Net operating income increased to $57.5 million (Q1 2007: $11.2 million) driven by good contributions from all projects in offshore installation. Commercial activity continues to remain high with a number of contracts both in the deepwater and more conventional water depths coming to the market. The region was also awarded the PazFlor contract during the quarter.
Acergy Northern Europe and Canada -- During the first quarter of 2008, the region experienced a more typically seasonal market than during the unusually active first quarter of 2007. In line with our expectations net operating revenue fell to $132.5 million (Q1 2007: $237.8 million). The decline was due to the absence of trunkline activity, as the strong revenue from the Eldfisk trunkline project in 2007 was not repeated and lower SURF activity in the quarter due to fewer ships operating in the region. A net operating loss of $6.2 million (Q1 2007: operating income of $39.4 million) reflected zero utilisation of the Acergy Piper, the absence of trunkline contribution, lower fixed cost recovery due to lower SURF activity and finance costs relating to Norwegian pensions and embedded derivatives. A number of important contracts have been awarded, including Deep Panuke, offshore Canada.
Acergy North America and Mexico -- Net operating revenue was $0.6 million (Q1 2007: $0.4 million) with net operating income of $0.7 million (Q1 2007: net loss of $0.8 million). The region was awarded Perdido, its first ultra deepwater contract in the Gulf of Mexico.
Acergy South America -- Net operating revenue increased to $98.3 million (Q1 2007: $29.8 million) driven by good revenue recognition from all projects. PRA-1 Project neared physical completion during the quarter, while the Frade Project is still in early stages. The Mexilhao trunkline project continued under an interim arrangement with Petrobras, whilst our client is awaiting the environmental permit. The three ships on long term service agreements to Petrobras achieved full utilisation. Net operating income of $6.7 million (Q1 2007: net loss of $3.1 million) reflected good SURF activity.
Acergy Asia and Middle East -- Net operating revenue increased to $44.1 million (Q1 2007: $15.5 million) following the completion of the Vincent project and good progress on the Maari project. Net operating loss was $2.7 million (Q1 2007: operating income $1.3 million) as good project performance was more than offset by a further loss from the SapuraAcergy joint venture. Whilst the Pluto contract awarded during the quarter provides encouraging momentum, the emerging deepwater SURF market is expected to remain more volatile than other regions where the market is better established.
Non-consolidated Joint Ventures
The first quarter contribution was $10.6 million (Q1 2007: $2.1 million). Strong contributions from NKT Flexibles and Seaway Heavy Lifting were partially offset by a loss in the SapuraAcergy joint venture arising from increased costs on the Kikeh project and mark to market of an interest rate swap.
Following the quarter end, NKT Flexibles announced plans to increase production capacity by 65% at its Kalundborg factory over the next three years, financed from within the existing joint venture.
Asset Development
The Acergy Viking and Sapura 3000 were delivered during the quarter. An opportunity to exercise an attractive purchase option on the Acergy Petrel was executed following the quarter end, adding approximately $30 million to capital expenditure. The Skandi Acergy is expected to join the fleet during the third quarter, followed by the Acergy Merlin at the end of 2008.
As previously announced, 2008 is expected to see an above average level of dry docks, before we return to typical levels in 2009.
Financial Review
Net operating revenue from continuing operations for the first quarter of 2008 increased 12% to $636 million (Q1 2007: $566 million) due to significantly higher activity levels in West Africa, Brazil and Asia, offset by the expected return to lower activity levels in the North Sea.
Gross profit increased 29% to $123 million (Q1 2007: $96 million) as the volume and quality of our project execution during the quarter continued to improve.
Our share of net income from non-consolidated joint ventures increased to $11 million (Q1 2007: $2 million). The major contributors were NKT Flexibles and Seaway Heavy Lifting while the SapuraAcergy joint venture remained loss-making.
Selling, general and administrative (SG&A) expenses increased 25% to $60 million (Q1 2007: $48 million) due to the weakening US dollar, costs in the North America and Mexico region allocated to discontinued operations in Q1 2007, costs relating to ongoing tax audits and growth in infrastructure costs in South America.
Net operating income from continuing operations for the first quarter was $74 million (Q1 2007: $50 million). This 48% increase was due to a higher level of activity and improved project performance partially offset by higher SG&A expenses.
The Adjusted EBITDA margin from continuing operations for the three months was 16.0% (Q1 2007: 12.5%).
The income tax provision for the quarter was $29 million, reflecting an effective rate of 41% after a small prior year adjustment.
Net income from continuing operations was $41 million (Q1 2007: $34 million) reflecting the higher level of activity, strongly improved project performance and a solid contribution from the non-consolidated joint ventures.
The cash and cash equivalents position at the quarter end was $650 million. Strong cash generation from operations was offset by planned capital expenditure at $41 million. Total advance revenues from clients at the quarter end stood at $253 million (Q1 2007: $244 million).
At quarter end, Acergy S.A. held directly 6,295,732 treasury shares representing 3.23% of the total issued shares, as well as indirectly holding 879,121 treasury shares, representing 0.45% of the total issued shares.
Since the quarter end, Acergy S.A. has bought back a further 5,809,350 shares for a value of $125 million, representing 2.98% of the total issued shares.
Current Trading
The backlog for continuing operations as at February 29, 2008 was approximately $4.0 billion, of which $1.9 billion is expected to be executed in the remainder of 2008. We also held an additional $368 million in pre-backlog.
In $ millions as at: Feb.29.08 Nov.30.07 Feb.28.07 -------------------- --------- --------- --------- Backlog 3,972 3,175 2,557 Pre-Backlog (1) 368 366 470
(1) Pre-backlog reflects the stated value of letters of intent and the expected value of escalations on frame agreements
The results for the first quarter 2008 combined with this backlog, provide a good platform for delivery of our full year guidance.
Outlook
We have a leading market position with good growth prospects across all of our regions. A number of large deepwater projects in West Africa, following significant delays, have been awarded and the number of contracts in deepwater and more conventional water depths coming to market remains high. Demand in Brazil remains robust with significant developments improving the potential of this market. The deepwater markets in Asia and the Gulf of Mexico are expected to continue to grow in years to come, while the SURF market in the North Sea is stable in 2008, with further growth expected in 2009. The demand for subsea engineering and construction services is expected to remain strong beyond 2010.
Overall, the fundamentals for our business remain robust as operators continue to introduce offshore oil and gas development programmes driving significant increases in their E&P capital expenditure programmes. This is further evidenced by high activity levels in seismic and significant drilling capacity increases worldwide, in response to depleting reserves and higher global demand for hydrocarbons. With increasing size and complexity, project awards will remain irregular, and we expect to see continued short term cyclicality in our business despite strong medium and long term fundamentals.
2007 US GAAP to IFRS transition
Subsequent to the issuance of the Company's audited report on March 19, 2008 in relation to its transition to International Financial Reporting Standards, the Company has corrected an error in the calculation of the basic and diluted earnings per share reported on page 8 of that report, and which can be found on page 12 of this announcement. A revised version of the full report will be made available on our website www.acergy-group.com
Acergy S.A. is a seabed-to-surface engineering and construction contractor for the offshore oil and gas industry worldwide. We plan, design and deliver complex, integrated projects in harsh and challenging environments. We operate internationally as one group -- globally aware and locally sensitive, sharing our expertise and experience to create innovative solutions. We are more than solution providers, we are solution partners -- ready to make long-term investments in our people, assets, know-how and relationships in support of our clients.
(a) 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 release also includes a 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.
Forward-Looking Statements: Certain statements made in this announcement 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. These statements include, but are not limited to, statements as to the expected date of commencement of Jean Cahuzac as our new CEO, statements as to management's confidence in our business and our ability to continue to deliver shareholder value, statements as to the expectation of deepwater and conventional water depth contracts coming to market, statements as to the expected impact of contracts awarded, statements as to expectations of a volatile SURF market in our Asia and Middle East region, statements as to an expected increase in production capacity in NKT Flexibles' Kalundborg factory, statements as to expectations of new vessels joining our fleet and the timing thereof, statements as to expectations of an extraordinary level of dry docks and the timing thereof, statements as to expectations regarding our backlog and pre backlog, statements as to the growth prospects across our markets, including expectations regarding the deepwater markets in Asia and the Gulf of Mexico, and the SURF market in the North Sea and expectations regarding the demand for subsea engineering and construction services and statements as to expectations of a continued cyclicality in our business. The forward-looking 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: our ability to recover costs on significant projects; 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 timely delivery of ships on order and the timely completion of ship conversion programmes; 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.
Conference Call Information --------------------------- Lines will open 30 minutes prior to conference call.
Date: Wednesday April 9, 2008 Time: 3.00pm UK Time
Conference Dial In Numbers: --------------------------- UK Toll Free : 0800 626606 USA Toll Free : 1 866 804 8688 France : 0805 770051 Norway : 800 369 16 Netherlands : 0800 837 8000 Germany : 0800 700 5019
International Dial In: +44 (0) 207 740 9501
Passcode : 932584
Replay Facility Details ----------------------- A replay facility will be available for the following period:
Date: Thursday April 10, 2008 Time: 1.00pm UK Time
Date: Wednesday April 16, 2008 Time: 1.00pm UK Time
Conference Replay Dial In Number: ---------------------------------
International Dial In: +44 (0) 207 136 9233
Passcode : 95591279
Alternatively, a live webcast and a playback facility will be available on our website www.acergy-group.com
ACERGY S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In $ millions, except share and per share data)
Three Three Months Months Ended Ended February February 29, 2008 28, 2007 Unaudited Unaudited --------- ---------
Net operating revenue from continuing operations 635.9 565.8 Operating expenses (512.6) (470.1) --------- --------- Gross profit 123.3 95.7
Selling, general and administrative expenses (59.7) (48.3) Other operating income/(loss), net (0.7) 0.4 Share of net income of non-consolidated joint ventures 10.6 2.1 --------- --------- Net operating income from continuing operations 73.5 49.9
Investment income 5.7 8.8 Other gains and losses - (1.4) Finance costs (9.2) (7.3) --------- --------- Net income before taxes from continuing operations 70.0 50.0
Income tax provision (28.9) (16.1) --------- --------- Net income from continuing operations 41.1 33.9
Income from discontinued operations - 4.3 --------- --------- Net income for the Period 41.1 38.2 ========= ========= Attributable to: Equity Holders 38.1 37.5 Minority Interests 3.0 0.7 --------- --------- Net income 41.1 38.2 ========= =========
PER SHARE DATA Net earnings per Common Share and Common Share equivalent Basic Continuing operations 0.20 0.18 Discontinued operations - 0.02 --------- --------- Net earnings 0.20 0.20 ========= =========
Weighted Average number of Common Shares and Common Share equivalents outstanding Basic 188.1 190.8 Diluted 191.0 196.0
SELECTED INFORMATION - CONTINUING OPERATIONS Cash outflows for capital expenditures 41.4 53.0 Depreciation and amortisation 28.0 21.1
ACERGY S.A. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In $ millions)
As at As at As at February November February 29, 2008 30, 2007 28, 2007 ASSETS Unaudited Audited(a) Unaudited Non-current assets Intangible assets 3.7 3.7 4.0 Property, plant and equipment 828.7 814.2 702.3 Interest in associates 128.7 106.4 91.8 Loans and receivables 60.9 40.9 50.0 Deferred income tax assets 61.5 59.9 50.7 --------- ----------- --------- Total non-current assets 1,083.5 1,025.1 898.8
Current assets Inventories 33.5 29.2 23.6 Trade and other receivables(b) 491.4 506.4 344.4 Other accrued income and prepaid expenses 241.2 273.4 142.5 Restricted cash balances 6.8 8.9 6.8 Assets held for sale 1.1 1.1 1.6 Cash and cash equivalents 649.8 582.7 728.7 --------- ----------- --------- Total current assets 1,423.8 1,401.7 1,247.6 --------- ----------- --------- Total assets 2,507.3 2,426.8 2,146.4 ========= =========== =========
EQUITY Capital and reserves attributable to equity holders Share capital 389.9 389.9 389.9 Own shares (116.6) (111.2) (100.3) Paid-in surplus 494.3 492.9 501.5 Equity reserve 110.7 110.7 110.7 Translation reserve 35.5 29.1 (1.6) Accumulated deficit (52.0) (88.6) (127.1) Other reserves (8.5) (21.9) (20.6) --------- ----------- --------- Equity attributable to equity holders of the parent 853.3 800.9 752.5 Minority interest 21.4 18.1 19.4 --------- ----------- --------- Total equity 874.7 819.0 771.9
Current liabilities Trade and other payables 688.0 742.1 632.9 Construction contracts - amounts due to clients 252.7 197.6 243.9 Current income tax liabilities 167.8 157.3 23.7 Borrowings 4.0 3.2 3.2 --------- ----------- --------- Total current liabilities 1,112.5 1,100.2 903.7 --------- ----------- --------- Total liabilities 1,632.6 1,607.8 1,374.5 --------- ----------- --------- Total equity and liabilities 2,507.3 2,426.8 2,146.4 ========= =========== =========
(a) These figures have been extracted from the transition to International Financial Reporting Standards publication.
(b) As at February 29, 2008 a total of $11.0 million of claims or variation orders not formally agreed with clients has been included in trade and other receivables. This compares to $2.6 million and $nil million of claims and variation orders included in trade and other receivables as at November 30, 2007 and February 28, 2007 respectively.
ACERGY S.A. AND SUBSIDIARIES STATEMENT OF MOVEMENT OF ACCUMULATED DEFICIT FOR THREE MONTHS ENDED FEBRUARY 29, 2008 (In $ millions)
Balance, November 30, 2007 (88.6)
Net income for three months ended February 29, 2008 38.1
Dividends paid -
Loss on sale of own shares (1.5)
--------- Balance, February 29, 2008 (52.0) =========
ACERGY S.A. AND SUBSIDIARIES SEGMENTAL ANALYSIS (In $ millions)
The group has six reportable segments based on the geographic distribution of its activities as follows: the Acergy Africa and Mediterranean region covers activities in Africa and the Mediterranean; the Acergy Northern Europe and Canada region includes all activities in Northern Europe, Eastern Canada, Tunisia and Azerbaijan; the Acergy North America and Mexico region includes all activities in the United States, Mexico, Central America and Western Canada; the Acergy South America region incorporates activities in South America and the islands of the southern Atlantic Ocean; the Acergy Asia and Middle East region includes all activities in Asia Pacific, India and the Middle East (excluding the Caspian Sea) and including the SapuraAcergy joint venture. The Acergy Corporate region includes all activities that serve more than one region. These include the activities of the SHL and NKT joint ventures. Also included are assets which have global mobility including construction and flowline support ships, ROVs and other mobile assets that are not allocated to any one segment; management of offshore personnel; captive insurance activities; and Management and corporate services provided for the benefit of the whole group, including design engineering, finance and legal departments.
For the three months ended February 29, 2008 Acergy Acergy Acergy North Africa North- Amer- & ern ica Acergy Acergy Medit- Europe & South Asia & Acergy erran- & Mexico Amer- Middle Corpo- ean Canada (b) ica East rate Total ------ ------ ----- ----- ----- ------ ------ Net operating revenue(a) 359.5 132.5 0.6 98.3 44.1 0.9 635.9 Net operating income/(loss) 57.5 (6.2) 0.7 6.7 (2.7) 17.5 73.5 Investment income 5.7 Other gains and losses - Finance costs (9.2) ------ ------ ----- ----- ----- ------ ------ Net income before taxes from continuing operations 70.0
For the three months ended February 28, 2007 Acergy Acergy Acergy North Africa North- Amer- & ern ica Acergy Acergy Medit- Europe & South Asia & Acergy erran- & Mexico Amer- Middle Corpo- ean Canada (b) ica East rate Total ------ ------ ----- ----- ----- ------ ------ Net operating revenue(a) 281.8 237.8 0.4 29.8 15.5 0.5 565.8 Net operating income/(loss) 11.2 39.4 (0.8) (3.1) 1.3 1.9 49.9 Investment income 8.8 Other gains and losses (1.4) Finance costs (7.3) ------ ------ ----- ----- ----- ------ ------ Net income before taxes from continuing operations 50.0
(a) Three clients each individually accounted for more than 10% of our revenue from continuing operations for the quarter ended February 29, 2008. The revenue from these customers was $346.7 million and was attributable to Acergy Africa and Mediterranean, Acergy Northern Europe and Canada and Acergy South America. In the quarter ended February 28, 2007, two clients accounted for more than 10% of our revenue from continuing operations. The revenue from these clients was $229.1 million for the quarter and was attributable to Acergy Africa and Mediterranean, Acergy Northern Europe and Canada and Acergy Asia and Middle East regions.
(b) Losses from discontinued operations are excluded.
ACERGY S.A. AND SUBSIDIARIES RECONCILIATION OF NET OPERATING INCOME FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA FROM CONTINUING OPERATIONS (In $ millions, except percentages)
Three Three Months Months Ended Ended February February 29, 2008 28, 2007
Unaudited Unaudited
Net operating income from continuing operations 73.5 49.9
ACERGY S.A. AND SUBSIDIARIES RECONCILIATION OF NET INCOME FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA FROM CONTINUING OPERATIONS (In $ millions, except percentages
Three Three Months Months Ended Ended February February 29, 2008 28, 2007
Unaudited Unaudited Net income from continuing operations 41.1 33.9
ACERGY S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS UNDER IFRS (In $ millions, except share and per share data)
CORRECTION OF 2007 IFRS TRANSITION
Subsequent to the issuance of the Company’s audited report on March 19, 2008 in relation to its transition to International Financial Reporting Standards, the Company has corrected an error in the calculation of the basic and diluted earnings per share reported on page 8 of that report. A revised version of the full report will be made available on our website http://www.acergy-group.com
Three Three Three Three Twelve Months Months Months Months Months Ended Ended Ended Ended Ended February May August November November 28, 2007 31, 2007 31, 2007 30, 2007 30, 2007 Unaudited Unaudited Unaudited Unaudited Audited ========== ========== ========== ========= ========== PER SHARE DATA
Net earnings per Common Share and Common Share equivalent Basic Continuing operations 0.18 0.26 0.39 (0.18) 0.65 Discontinued operations 0.02 - - 0.01 0.03 ---------- ---------- ---------- --------- ---------- Net earnings 0.20 0.26 0.39 (0.17) 0.68 ========== ========== ========== ========= ==========
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-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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quote:Originally posted by jdiddy: $21.40 - ACGY THIS ONE GONNA MOve UP SOON!!
1- Projects to be announced 2- ISO certification to be announced 3- New CEO
$24.65
-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 890 | From: H-town | Registered: Nov 2006
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