2008 2007 2006 2005 2004 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% 5.0% 1.5% 1.0% 4.5% 4.3% 15.9% * Period Ended * Reflects acquisition from Ingersoll Rand in 2004 Capex as a % of Sales 2009 ~ 1 to 2% of sales Manufacturing strategy allows for low capital expenditures Aftermarket segment low capital intensity Custom-engineered equipment ~12 to 15 month cycle time Customer advance payments and progress payments finance working capital 1.1% 1.3% 1.3% 1.4% 1.8% 0.0% 0.5% 1.0% 1.5% 2.0% 2004 2005 2006 2007 2008 13 Strong Balance Sheet Net Debt to Capital Net Debt to Adjusted EBITDA 60% 40% 20% 0% 13% 20% 14% 32% 45% 56% 7 3/8% Notes Mature 2014 No Revolver Borrowings / $180 Used for Letters of Credit Net debt to total capital 13% Total debt $370 Net debt $172 Liquidity at 9/30/09 = $518 Cash $198 Revolver Availability $320 4.8 2.7 1.4 0.6 0.6 0.4 0.0 1.0 2.0 3.0 4.0 5.0 14 Outlook Traditional Market Opportunities Offshore production / FPSO (100+ next 5 yrs.) Tracking ~ 60 LNG projects (more than 20 FLNG) FLNG project Peter Brotherhood acquisition / Samsung Techwin Upstream Midstream Downstream Pipelines & storage (growth in Asia, China, India, US) Coal bed methane & shale opportunities Acquisitions strengthen position (Arrow
From opaque to sheer, fishnet, patterned and fleece-lined, they work with anything from ballet flats to trench coats
Then, you will be able to create different combinations
Foldover Sweetheart Neck Buckle Belted PU Tube Dress | SHEIN | Leather belted dresses for parties, Leather tube top dress, Strapless leather dress outfit Skip to content Explore When autocomplete results are available use up and down arrows to review and enter to select
The floor-length design is enhanced by exquisite pleating details, making it perfect for formal events
Dresses remained a staple, but the A-line, shirtwaist and shift silhouettes common in the early part of the decade gave way to something more fluid and body-conscious by mid-decade
