EX-99.2 3 dex992.htm EARNINGS PRESENTATION FOR THIRD QUARTER Earnings Presentation for Third Quarter
seabed-to-surface
EARNINGS PRESENTATION
THIRD QUARTER ENDED
AUGUST 31, 2010
OCTOBER 13, 2010
3:00 PM UK TIME
Exhibit 99.2

seabed-to-surface
October 13, 2010
slide 2
Forward-Looking Statements
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 approximate value of the contract award, expectations as to the Group’s performance in 2010, expectations
as to Acergy’s approach to costs, risk, pricing, execution and position and direction of the market in 2011, the continued
commercial negotiations relating to the Marathon Volund Project, the impact of the sale and deconsolidation of the Sonamet joint
venture, expectations regarding our backlog and pre-backlog, statements regarding the trading outlook, including our visibility
for 2010 and 2011, the expected impact of a continued competitive pricing environment, the anticipated Conventional activity
levels in West Africa, the anticipation that delayed major SURF contracts will come to market and the timing of the offshore
installation phase of such projects, the expectation for SURF contracts to increase in size and complexity in the medium-term,
our ability to capture growth opportunities, the expected timing for completion of the proposed Combination with Subsea 7 Inc.,
the composition of the Board of Directors of the combined Company and the expected date of the Extraordinary General Meeting
of shareholders to consider the Combination. 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: actions by regulatory authorities or other third parties; unanticipated costs and
difficulties related to the integration of Acergy S.A. and Subsea 7 Inc. and our ability to achieve benefits therefrom; unanticipated
delays, costs and difficulties related to the combination transaction, including satisfaction of closing conditions; 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.
This communication does not constitute an offer to purchase, sell, or exchange or the solicitation of an offer to sell, purchase, or
exchange any securities of Subsea 7 or Acergy.
Certain statements made in this announcement may include “forward-looking statements”

seabed-to-surface
October 13, 2010
slide 3
Highlights
Strong quarterly performance:
Continuing operations:
Revenue of $495 million
Adjusted EBITDA
(a)
of $124 million
Adjusted EBITDA
(a)
margin of 24.9%
Net income of $59 million
Diluted EPS of $0.24
Performance reflects:
Timing of operations on projects
Strong execution of contracts signed prior to 2009 with good profit
margins
Continued strength of Conventional activity in West Africa
Contract awards improve backlog to $3.5 billion
(a)
Refer to appendix for Adjusted EBITDA and Adjusted EBITDA margin definition and reconciliation to Net operating income and Net income.

seabed-to-surface
October 13, 2010
slide 4
Consistently strong results throughout 2010
Confident of our ability to continue to control costs and deliver very
good operational performance
Updated guidance for fiscal year 2010:
On track to meet 2010 revenue expectations
2010
Adjusted
EBITDA
margin
for
continuing
operations
should
now
be
slightly ahead of the 2009 result
Updated Guidance for fiscal year 2010

seabed-to-surface
October 13, 2010
slide 5
Medium-term
fundamentals
remain
strong
The oil price continues to build confidence in the industry and
underpins momentum in our sector
SURF environment is improving:
First of the large SURF contracts awarded, including CLOV to Acergy
Continue to see strong tendering activity worldwide and good growth
potential
Anticipate
a
number
of
major
contracts
coming
to
award
late
2010
and
in
2011 in West Africa, China, Brazil, Australia and other countries
Given the size and complexity of these new major SURF projects –
offshore installation expected to commence beyond 2011 and in some
cases beyond 2012
Could see some delays in the award of major SURF projects in Gulf of
Mexico

seabed-to-surface
October 13, 2010
slide 6
North Sea activity visibility remains somewhat
Significant increase in tendering, especially in the UK
Projects remain slow to come to award in Norway
Pricing environment for shorter-term work remains competitive
Project awards in 2010 expected to create margin headwind in 2011
limited

seabed-to-surface
October 13, 2010
slide 7
Conventional
and
hook-up
activity
remains
strong
Conventional and hook-up activity in West Africa expected to remain
strong in short and medium-term
Acergy’s substantial local presence remains a competitive strength
Supports continuity of activity and maintains good level of backlog
Further activity expected over the next 12 months at good margins

seabed-to-surface
October 13, 2010
slide 8
Maintain
a
disciplined
approach
to
costs,
risk
and
pricing
–
building
quality backlog and executing strongly
2011
–
a
year
of
transition:
Good level of activity anticipated
Prior year delays in project awards and competitive market for shorter-
term work could see some impact on overall margins in 2011
New contract awards will drive backlog and momentum
Improvement in margins on these new contracts anticipated but positive 
impact of this ramp up visible in 2012 and beyond
Acergy
in 2011

seabed-to-surface
October 13, 2010
slide 9
Well
positioned
to
capture
future
growth
In a more challenging market we have achieved our key objective
as we remained focused on:
Execution:
Performed
strongly
and
delivered
excellent
execution
for
clients
in
safe
and
efficient manner
Building large projects backlog:
At the right price and on the right terms
Driving efficiencies:
Reducing costs and improving processes without impeding our ability to grow
when market rebounds
Focused on renewal and enhancement of our fleet:
Strong balance sheet and actions have enabled us to capitalise on
opportunities to achieve our fleet ambitions
opportunities

seabed-to-surface
October 13, 2010
slide 10
Very please with the progress we have made
We are today where we want and need to be
We have world-class engineering, project management and the
right fleet of assets to support our clients ambitions in all regions
and all water depths
Our long-term strategy remains focused on global SURF activities
–
significant opportunities lie ahead
Conclusion

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October 13, 2010
slide 11
($)
($)
Financial
highlights
(a)
Three-Months Ended
Nine-Months Ended
In $ millions, except share and per share data
Aug
31, 
2010
Unaudited
Aug
31,   
2009
Unaudited
Aug
31, 
2010
Unaudited
Aug
31,   
2009
Unaudited
Continuing operations:
Revenue
495.1
558.3
1,651.8
1,586.9
Adjusted EBITDA
123.5
110.0
380.1
325.0
Gross profit
126.3
115.9
436.2
358.3
Net operating income
88.7
76.9
283.2
229.2
Taxation
(30.3)
(30.8)
(85.7)
(62.4)
58.9
64.7
174.3
179.8
5.5
2.0
15.0
4.8
Net income
64.4
66.7
189.3
184.6
Continuing operations
0.24
0.29
0.74
0.89
Discontinued operations
0.03
0.01
0.07
0.03
Total operations  ($)
0.27
0.30
0.81
0.92
206.8m
183.9m
206.6m
183.7m
Weighted average number of common shares and
common
share
equivalents
outstanding
-
diluted
Income
–
continuing
operations
Net
income
–
discontinued
operations
Refer to appendix for Adjusted EBITDA and Adjusted EBITDA margin definition and reconciliation to Net operating income and Net income.
(a)
Earnings
per
share
–
diluted

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October 13, 2010
slide 12
Regional
performance
–
continuing
operations
Territory 1 -
Acergy Northern Europe and Canada
Third Quarter 2010:
As
expected,
lower
activity
levels
during
the
quarter
reflecting
the
ongoing
challenging
market
environment and fewer large projects in installation phase
Good operational progress on the BP Skarv, Deep Panuke, Gjoa
Riser, DONG Trym
and the DSVi
frame agreement
Lower activity levels and ongoing margin pressure due to prevailing market conditions and the
rescheduling of certain vessels for offshore operations, partially offset by good vessel
utilisation and strong operational performance across the project portfolio
Commercial
negotiations
on
Marathon
Volund
Project
continue
Quarter ended Aug.31
$m
Nine months ended Aug.31
$m
166
27
217
34
Revenue
Net operating income
Q310
Q309
378
20
485
31
Revenue
Net operating income
Q310
Q309

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October 13, 2010
slide 13
Regional
performance
–
continuing
operations
Territory 1 -
Acergy Asia and Middle East
Third Quarter 2010:
Lower anticipated activity levels due to the completion of projects which were in their
offshore phases in the prior period, partially offset by the final close out of the Pluto Project
Strong contribution from the SapuraAcergy
joint venture, reflecting good progress on the
Gumusut
Project and the completion of the Iwaki Project during the quarter
Quarter ended Aug.31
$m
82
173
27
144
Revenue
Net operating income
Q310
Q309
Nine months ended Aug.31
$m
5
20
43
(0.1)
Revenue
Net operating
income/(loss)
Q310
Q309

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October 13, 2010
slide 14
Regional
performance
–
continuing
operations
Territory 2 -
Acergy Africa and Mediterranean
Third Quarter 2010:
Good operational progress on a number of major projects: PazFlor, Block 17/18, EPC4A,
Angola
LNG,
and
a
good
contribution
from
Sonamet,
which
remained
fully
consolidated
during
the quarter
PazFlor
commenced offshore operations post quarter end
Acquisition of Antares, a new shallow water barge for conventional activity including pipelay
and hook-up projects in West Africa
Quarter ended Aug.31
$m
262
43
244
27
Revenue
Net operating income
Q310
Q309
217
920
106
680
Revenue
Net operating income
Q310
Q309
Nine months ended Aug.31
$m

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October 13, 2010
slide 15
Regional
performance
–
continuing
operations
Territory 2 -
Acergy North America and Mexico
Third Quarter 2010:
Lower
activity
levels,
partially
offset
by
the
contribution
from
the
MEGI
project,
offshore
Equatorial Guinea
Lower activity levels and the completion of offshore operations on the cross-regional Frade
Project and the Perdido
Projects in the third quarter 2009 was partially offset by good
progress on the MEGI Project
Quarter ended Aug.31
$m
Nine months ended Aug.31
$m
(0.4)
11
4
13
Q310
Q309
Revenue
Net operating (loss)
/ income
Revenue
Net operating (loss)
/ income
12
(9)
47
17
Q310
Q309

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October 13, 2010
slide 16
Regional
performance
–
continuing
operations
Territory 2 -
Acergy South America
Third Quarter 2010:
Activity reflects the ships on long-term service agreements to Petrobras, including the Polar
Queen, which commenced operations in 2010
Good
performance
on
the
Polar
Queen,
Pertinacia
and
Acergy
Harrier,
offset
by
the
Acergy
Condor
which was in dry-dock for the quarter
Q3
2009
also
reflected
the
completion
of
offshore
operations
on
the
Frade
Project
Acquisition
of
the
Polar
Queen
during
the
quarter
and
the
Pertinacia,
post
quarter
end
both
of which are currently on long-term service contract for Petrobras
Quarter ended Aug.31
$m
5
161
24
225
Revenue
Net operating income
Q310
Q309
Nine months ended Aug.31
$m
(4)
46
7
39
Q310
Q309
Revenue
Net operating (loss)
/ income

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October 13, 2010
slide 17
(31)
8
24
6
Q310
Q309
Regional
performance
–
continuing
operations
Corporate
Third Quarter 2010:
Strong contribution from SHL and a positive albeit lower contribution from NKT Flexibles
Higher professional fees arising from the proposed combination and ongoing legal
restructuring organisational optimisation
Revenue
Net operating
(loss) / income
Quarter ended Aug.31
$m
Nine months ended Aug.31
$m
6
4
2
5
Revenue
Net operating income
Q310
Q309

seabed-to-surface
October 13, 2010
slide 18
In $ millions
Three-Months Ended
Nine-Months Ended
Aug 31, 2010
Unaudited
Aug 31, 2010
Unaudited
Net income – total operations
64.4
189.3
Depreciation and amortisation and Impairment
Non cash items
Tax paid
Changes in working capital
34.8
27.6
(11.9)
(0.6)
96.9
(25.9)
(55.5)
(139.7)
Net cash generated from operating activities
114.3
65.1
Capital expenditure
Payment for intangible assets
Proceeds from sale of assets (net of costs of sale)
Dividends from associates & JVs
Increase in investment in non-consolidated JVs
(169.6)
(0.7)
-
14.3
-
(355.6)
(5.6)
0.9
28.3
(14.0)
Net cash used in investing activities
(156.0)
(346.0)
Repayment of borrowings and issuance costs
Exercise of share options
Interest paid on convertible loan note
Dividends paid to shareholders
Dividends paid to minority interests
(18.4)
0.4
-
(42.2)
-
(16.8)
2.6
(5.6)
(42.2)
(9.8)
Net cash used in financing activities
(60.2)
(71.8)
Effect of exchange rate changes on cash
8.2
(34.3)
Change in cash and cash equivalents 
(93.7)
(387.0)
Cashflow
highlights

seabed-to-surface
October 13, 2010
slide 19
Balance
sheet
highlights
In $ millions as at
Aug
31,
2010 
Unaudited
November
30, 2009
Audited
(1)
Aug
31,
2009
Unaudited
Property, plant and equipment
1,202.3
821.8
845.4
Interest
in
associates
and
joint
ventures
194.4
190.3
175.1
Trade and other receivables
367.4
297.9
304.7
Assets held for sale
242.8
263.6
243.6
Other accrued
income
and
prepaid expenses
162.4
212.8
219.2
Cash and cash equivalents
547.9
907.6
807.0
Other assets
134.4
139.1
126.2
Total assets
2,851.6
2,833.1
2,721.2
Total equity
1,079.6
1,099.2
1,002.6
Non-current portion of borrowings
430.3
415.8
411.2
Trade and other payables
577.0
624.1
545.6
Deferred revenue
282.5
279.8
319.9
Current tax liabilities
128.2
97.9
114.2
Liabilities directly associated with assets held for sale
166.9
174.9
173.4
Other liabilities
187.1
141.4
154.3
Total liabilities
1,772.0
1,733.9
1,718.6
Total equity and liabilities
2,851.6
2,833.1
2,721.2
(1)
(2)
(2)
As at August 31, 2010 cash balances of $547.9 million exclude $76.3 million relating to Sonamet which as at this date is classified as an asset held for sale.
These figures have been extracted from the Audited Consolidated Financial Statements for 2009.

seabed-to-surface
October 13, 2010
slide 20
Acergy
and
Subsea
7
Combination
Proposed combination will create a global leader in seabed-to-
surface engineering and construction
Positive feedback from shareholders, clients and our people
On track with plans:
Combination EGM –
November 9, 2010
Fillings submitted to relevant competition authorities
Unconditional clearance granted by US and Norwegian authorities
Currently anticipate completion in January 2011, subject to shareholder
approval and other customary closing conditions
Significantly enhanced capabilities of the enlarged combined Group
Even better positioned to benefit from market upturn beyond 2011

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October 13, 2010
slide 21
Appendices

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October 13, 2010
slide 22
Major project progression
Continuing Projects >$100m, between 5% and 95% complete
as at August 31, 2010 - excl. long-term ship charters
0%
20%
40%
60%
80%
100%
Gumusut (Malaysia)
Deep Panuke (Canada)
Oso (Nigeria)
Block 17/18 (Angola)
ALNG (Angola)
PazFlor (Angola)
EPC4A (Nigeria)
Moho Bilondo (Congo)
Acergy AFMED
Acergy NEC
SapuraAcergy JV

seabed-to-surface
October 13, 2010
slide 23
Backlog by Segment
SAM
16%
NEC
8%
AFMED
75%
Backlog by Service Capability
Backlog analysis –
continuing operations
Backlog by Award Date
<2007
7%
2010
49%
2009
25%
2008
19%
Backlog by Execution Date
2011
48%
2012+
37%
2010
15%
In $ millions as at:
Aug.31.10
May.31.10
Aug.31.09
Backlog
(1)
3,496
2,251
2,628
Pre-Backlog
(2)
214
205
42
(1)
Backlog excludes amounts related to discontinued operations as of Aug.31.10: $14 million, May.31.10: $15 million, Aug.31.09: $72 million
(2)
Pre-backlog reflects the stated value of letters of intent and the expected value of escalations on frame agreements
Conventional
23%
IMR/
Survey
2%
NAMEX
1%
SURF
75%

seabed-to-surface
October 13, 2010
slide 24
Segmental analysis –
continuing operations
Territory 1
Territory 2
For the three months
ended August 31, 2010
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
165.9
4.7
262.0
10.9
45.8
5.8
495.1
Net operating (loss) / income
26.5
19.9
43.1
(0.4)
(4.0)
3.6
88.7
   Investment income
3.1
   Other gains and losses
2.5
   Finance costs
(5.1)
Net income before taxation from continuing operations 
89.2
 
 
 
 
 
 
 
Territory 1
Territory 2
For the three months
ended August 31, 2009
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
216.6
43.2
243.7
13.3
39.3
2.2
558.3
Net operating (loss) / income 
34.1
(0.1)
27.2
4.1
6.5
5.1
76.9
    Investment income
1.4
    Other gains and losses
25.1
    Finance costs
(7.9)
Net income before taxation from continuing operations
95.5

seabed-to-surface
October 13, 2010
slide 25
Segmental analysis –
continuing operations
Territory 1
Territory 2
For the nine months    
ended August 31, 2010
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
377.6
173.4
919.8
11.8
161.0
8.2
1,651.8
Net operating (loss) / income
20.1
81.9
217.2
(9.3)
4.6
(31.3)
283.2
   Investment income
7.2
   Other gains and losses
(12.4)
   Finance costs
(18.0)
Net income before taxation from continuing operations 
260.0
 
 
 
 
 
 
 
Territory 1
Territory 2
For the nine months    
ended August 31, 2009
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
485.3
144.0
679.6
46.8
225.3
5.9
1,586.9
Net operating (loss) / income 
31.1
27.4
105.9
16.8
24.3
23.7
229.2
    Investment income
4.8
    Other gains and losses
31.1
    Finance costs
(22.9)
Net income before taxation from continuing operations
242.2

seabed-to-surface
October 13, 2010
slide 26
Positive contribution from the Mexilhao Trunkline Project
Discontinued operations performance
Quarter ended Aug.31
$m
8
8
5
36
Revenue
Net operating income
Q310
Q309
46
21
85
11
Revenue
Net operating income
Q310
Q309
Nine months ended Aug.31
$m

seabed-to-surface
October 13, 2010
slide 27
Adjusted EBITDA
(a)
Adjusted EBITDA: 
income taxation, depreciation and amortisation) as net income from continuing operations plus finance costs, other gains
and losses, taxation, depreciation and amortisation and adjusted to exclude investment income and impairment of
property, plant and equipment and intangibles. Adjusted EBITDA margin from continuing operations is defined as Adjusted
EBITDA divided by 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 adopted for use in the
European Union.  These non-IFRS measures provide management with a meaningful comparison amongst our various
regions, as they eliminate the effects of financing and depreciation.  Adjusted EBITDA margin from continuing operations
may also be a useful ratio to compare our performance to our competitors and is widely used by shareholders and
analysts following the Group’s performance. However, 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 and intangibles.  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.  Adjusted EBITDA for discontinued operations is calculated as per methodology outlined above. 
Adjusted EBITDA for total operations is the total of continuing operations and discontinued operations.
The
Group
calculates
Adjusted
EBITDA
from
continuing
operations
(adjusted
earnings
before
interest,

seabed-to-surface
October 13, 2010
slide 28
Reconciliation of Net Income to Adjusted EBITDA
Three-Months Ended
Aug 31, 2010
Three-Months Ended
Aug 31, 2009
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net income
58.9
5.5
64.4
64.7
2.0
66.7
Depreciation and amortisation
27.8
-
27.8
33.1
-
33.1
Impairments
7.0
-
7.0
-
-
-
Investment income
(3.1)
-
(3.1)
(1.4)
-
(1.4)
Other gains and losses
(2.5)
-
(2.5)
(25.1)
(0.2)
(25.3)
Finance costs
5.1
-
5.1
7.9
-
7.9
Taxation
30.3
2.0
32.3
30.8
2.7
33.5
Adjusted EBITDA
123.5
7.5
131.0
110.0
4.5
114.5
Revenue 
495.1
8.1
503.2
558.3
36.3
594.6
Adjusted EBITDA %
24.9%
92.6%
26.0%
19.7%
12.4%
19.3%
Nine-Months Ended
Aug 31, 2010
Nine-Months Ended
Aug 31, 2009
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net income
174.3
15.0
189.3
179.8
4.8
184.6
Depreciation and amortisation
86.1
-
86.1
95.8
-
95.8
Impairments
10.8
-
10.8
-
-
-
Investment income
(7.2)
-
(7.2)
(4.8)
-
(4.8)
Other gains and losses
12.4
0.2
12.6
(31.1)
2.2
(28.9)
Finance costs
18.0
-
18.0
22.9
-
22.9
Taxation
85.7
5.6
91.3
62.4
3.9
66.3
Adjusted EBITDA
380.1
20.8
400.9
325.0
10.9
335.9
Revenue 
1,651.8
45.5
1,697.3
1,586.9
85.3
1,672.2
Adjusted EBITDA %
23.0%
45.7%
23.6%
20.5%
12.8%
20.1%

seabed-to-surface
October 13, 2010
slide 29
Reconciliation of Net Operating Income to
Adjusted EBITDA
Three-Months Ended
Aug.31, 2010
Three-Months Ended
Aug 31, 2009
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net operating income
88.7
7.5
96.2
76.9
4.5
81.4
Depreciation and amortisation
27.8
-
27.8
33.1
-
33.1
Impairments
7.0
-
7.0
-
-
-
Adjusted EBITDA
123.5
7.5
131.0
110.0
4.5
114.5
Revenue 
495.1
8.1
503.2
558.3
36.3
594.6
Adjusted EBITDA %
24.9%
92.6%
26.0%
19.7%
12.4%
19.3%
Nine-Months Ended
Aug
31,
2010
Aug
31,
2009
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net operating income
283.2
20.8
304.0
229.2
10.9
240.1
Depreciation and amortisation
86.1
-
86.1
95.8
-
95.8
Impairments
10.8
-
10.8
-
-
-
Adjusted EBITDA
380.1
400.9
325.0
10.9
335.9
Revenue
1,651.8
45.5
1,697.3
1,586.9
85.3
1,672.2
Adjusted EBITDA %
23.0%
45.7
%
23.6%
20.5%
12.8%
20.1%
20.8
Nine-Months Ended