2011 Annual Report - SBM Offshore

More documents

Recommendations

Info

1.3 Snapshot 2011 (US$ mln.) 2011 2010 Movement % Comment Financial Results Net profit (440.6) 276.0 (716.6) (259.6%) Yme and Deep Panuke platform impairments Net profit per share (US$) (2.77) 1.44 (4.21) (292.4%) Average number of shares slightly higher Turnover 3,156.8 3,055.8 101.0 3.3% Lease and Operate revenues increased EBITDA 813.2 712.4 100.8 14.1% Higher Turnkey Systems contribution EBIT (340.6) 362.4 (703) (194.0%) Yme and Deep Panuke impairments;; Turnkey Systems and Services results up. EBIT: Turnover (%) (10.8) 11.9 (22.7) (190.8%) Yme and Deep Panuke impairments;; Turnkey Systems and Services results up. Capital expenditure 840.6 519.0 321.6 62.0% Excludes investments in finance leases Total Equity 1,349.0 2,123.4 (774.4) (36.5%) Net loss and hedge portfolio value decreased Net cash 164.7 103.4 61.3 59.3% Normal level Net debt 1,958.5 1,644.4 314.1 19.1% Lease fleet investments Capital employed 3,354.3 3,877.7 (523.4) (13.5%) Equity decrease partially offset by higher net debt Net Debt: Unadjusted EBITDA 2.41 2.49 (0.08) (3.2%) Within all bank covenants Net Debt: Total equity (%) 145.2 80.6 64.6 80.1% Increase amplified by hedge revaluations EBITDA interest cover 16.3 8.8 7.5 85.2% Lower interest charge ROACE (%) (9.5) 10.1 (19.6) (194.1%) Operating loss on lower average capital employed ROE on shareholders' equity (%) (28.2) 12.4 (40.6) (327.4%) Net loss on lower average equity New orders: - Leases 3,163.5 1,966.9 1,196.6 60.8% Includes two large FPSOs (finance leases) plus several lease extensions - Turnkey Systems 5,014.7 2,301.7 2713 117.9% Includes two large FPSOs (finance leases), one sale FPSO, two large turrets - Turnkey Services 376.1 263.3 112.8 42.8% One year of turnover equivalent TOTAL 8,554.3 4,531.9 4,022.4 88.8% Backlog: - Leases 11,312.3 9,003.3 2,309.0 25.6% Record level - Turnkey Systems 5,329.8 2,302.7 3027.1 131.5% Two years equivalent turnover - Turnkey Services 270.0 195.5 74.5 38.1% 9 months of turnover TOTAL 16,912.1 11,501.5 5,410.6 47.0% Record, good quality backlog Share price 31/12 (€) 15.92 16.765 (0.845) (5.0%) _ AEX-index 312.5 354.6 (42.1) (11.9%) _ Market capitalisation (€) 2,729.3 2,827.7 (98.4) (3.5%) Share price decrease Market capitalisation (US$) 3,534.5 3,783.5 (249.0) (6.6%) US$ weakened against € Proposed dividend (US$) - 0.71 (0.71) (100.0%) _ Dividend Yield (%) - 3.2 (3.2) (100.0%) _ Enterprise value (EV) 5,493.0 5,427.9 65.1 1.2% Market capitalisation reduced;; net debt increased EV : EBITDA 6.8 7.6 (0.8) (10.8%) EBITDA growth This is a customized selection from the SBM Offshore N.V. Annual Report 2011 6
HSS 2011 2010 Movement % Comment Fatalities 0 0 In line with target LTIFR Offshore Production 0.04 0.10 (0.1) (60.0%) TRI Offshore Production 28 26 2 7.7% TRIFR Offshore Production 1.00 0.87 0.13 14.9% Target of TRIFR < 0.20 LTIFR Onshore Operations 0.12 0.06 0.06 100.0% TRI Onshore Operations 7 6 1 16.7% Wider implementation of SIRS reporting System TRIFR Onshore Operations 0.21 0.18 0.0 16.7% Target of TRIFR < 0.20 Environment CO2 Emissions from Offshore Production in million of tonnes GHG Emissions from Offshore Production in million of tonnes CO2 equivalent Total hydrocarbon Production in million barrels of oil equivalent Human Resources 1.923 2.076 (0.2) (7.4%) Xikomba disconnection and Capixaba first full year of production 2.074 2.139 (0.1) (3%) 161.2 147.8 13.4 9.1% Capixaba first full year of production Total Employees 6,220 5,758 462 8.0% Increase in permanent employees Total Offshore Employees 1,999 1,829 170 9.3% In line with changes in the fleet composition Total Onshore Employees 4,221 3,929 292 7.4% Increase in permanent employees Contract / Permanent ratio 25.2% 28.6% (0.0) (11.9%) Target is 30% Offshore Production Training hours per eligible employee Onshore Operations Training hours per eligbile employee (including PAENAL) This is a customized selection from the SBM Offshore N.V. Annual Report 2011 55.3 41.7 13.6 32.5% Training for staff of new units 18.6 27.7 (9.1) (32.8%) 7
Page 2 and 3: Table of contents 1 Overview 1 1.1
Page 4 and 5: esource, through selected R&D, to m
Page 6 and 7: Business Model The Company generate
Page 10 and 11: 1.4 Stakeholders Information 1.4.1
Page 12 and 13: 1.4.5 Investor Relations The Compan
Page 14 and 15: 1.5 Corporate Strategy 1.5.1 Introd
Page 16 and 17: 1.5.2 Vision, promises and values V
Page 18 and 19: The Company only enters partnership
Page 20 and 21: Supply Chain In line with its Code
Page 22 and 23: 1.6 Corporate Management Systems &
Page 24 and 25: Status updates for the implementati
Page 26 and 27: This is a customized selection from
Page 28 and 29: organisation has been implemented w
Page 30 and 31: 3.1.6 Local Content Brazil In Brazi
Page 32 and 33: New contracts During 2011 the Compa
Page 34 and 35: 3.4 Product and Technology Developm
Page 36 and 37: time, and cost. 3.4.3 Offshore LNG
Page 38 and 39: Appointment of a Managing Director
Page 40 and 41: Loans or guarantees No loans or gua
Page 42 and 43: In case a binding proposal is made,
Page 44 and 45: 3.5.5 Shareholders Share capital At
Page 46 and 47: Dividend The Management Board is au
Page 48 and 49: former notary and presently a lawye
Page 50 and 51: This is a customized selection from
Page 52 and 53: Onshore Operations In addition to t
Page 54 and 55: voluntary basis in Brazil for Occup
Page 56 and 57: Permit-to-Work (Carros) Safety is a
Page 58 and 59:
Although unhappy with the increases
Page 60 and 61:
2012. The primary emissions from th
Page 62 and 63:
3.8 Human Resources 3.8.1 Introduct
Page 64 and 65:
The total headcount is based on all
Page 66 and 67:
This is a customized selection from
Page 68 and 69:
The Employee Share Ownership Plan,
Page 70 and 71:
White Collar Staff Training is base
Page 72 and 73:
3.9 Sustainable Initiatives 3.9.1 C
Page 74 and 75:
3.9.2 Supply Chain in Focus SBM Off
Page 76 and 77:
3.9.3 Local content In a number of
Page 78 and 79:
Equatorial Guinea A very motivated
Page 80 and 81:
the building process, an SBM team a
Page 82 and 83:
This is a customized selection from
Page 84 and 85:
5.1.2 Environmental Reporting Envir
Page 86 and 87:
Total Production of Hydrocarbons Of
Page 88 and 89:
HSS Accident Statistics for Dynamic
Page 90 and 91:
Regional CO2 Emissions Values expre
Page 92 and 93:
Permanent Part Time Employees Headc
Page 94 and 95:
Women Men Equality % of Women in ma
Page 96 and 97:
GRI Index Level C Vision and Strate
Page 98 and 99:
LTIFR = (LTI x 200,000)/ EH Where:
Page 100 and 101:
Powered by TCPDF (www.tcpdf.org) Ke
show all

2011 Annual Report - SBM Offshore

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?