SBM Offshore Annual Report 2011 - PDF

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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
2011 2010 Movement % Comment HSS 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: 1.2.1 Business Model The Company ge
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: 2 Report of the Supervisory Board 2
Page 28 and 29: All Supervisory Directors attended
Page 30 and 31: Organisation A new organisation has
Page 32 and 33: Appointment and Remuneration Commit
Page 34 and 35: 2.1.9 In conclusion The Supervisory
Page 36 and 37: Remuneration Supervisory Board The
Page 38 and 39: The key principles of the RP2011 ha
Page 40 and 41: Short-term Incentive (STI) The STI
Page 42 and 43: Vesting schedule Vesting of the EPS
Page 44 and 45: Employment conditions for statutory
Page 46 and 47: Target number of performance shares
Page 48 and 49: 2.3 Information regarding the Super
Page 50 and 51: Mr. T.M.E. Ehret French, 1952 Funct
Page 52 and 53: 3 Report of the Board of Management
Page 54 and 55: 3.1.3 Risk Management The Company c
Page 56 and 57: conversion, construction and integr
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3.2 SBM Offshore Lease Fleet Downlo
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March 2011 COOL LNG transfer hose c
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Turret for Shell's Prelude FLNG She
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September 2011 Dow Jones Sustainabi
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January 2012 Yme MOPUstor The Comp
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Mooring Systems The Company is the
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3.5 Corporate Governance 3.5.1 Corp
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Risk Management & In Control Statem
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Audit Committee Mr. F.J.G.M. Cremer
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Regulations concerning ownership of
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Responsibility of shareholders In a
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Repurchase of own shares The Manage
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The following information is provid
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This diagram is based on the COSO (
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3.6.10 Risk profile The risks inher
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• strict adherence to the Group M
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Crisis management The Management Sy
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covenants which was achieved in 201
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legal and tax obligations. The Comp
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3.7 HSSE 3.7.1 HSSE Introduction SB
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ISO 14001 certification for Dynamic
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SBM Offshore's 12 Life-Saving Rules
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Skills-KP database The Group HSSE t
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Onshore Operations Some of the coun
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Construction Sites Improved Environ
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Focus on Talent Management & Succes
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Workforce diversity Over the decade
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3.8.4 Employment and remuneration E
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3.8.5 Performance and career develo
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This is a customized selection from
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Anti-Corruption Policy and Complian
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• Reference lists • Organisatio
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quayside large enough to accommodat
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3.9.4 For a better future in Angola
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3.9.5 Leadership & Development Prog
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Michael Wyllie British, 1958 Chief
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• Capital expenditure in 2011 amo
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4.1.4 Order Portfolio The year-end
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In 2010 the corresponding split was
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In accordance with its stated polic
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operate contract which is classifie
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Cash flow/ Liquidities US$ million
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4.2 Financial Statements 4.2.1 Cons
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4.2.3 Consolidated statement of fin
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4.2.5 Consolidated cash flow statem
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• IFRS 1 (amendment) 'First-time
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Segment reporting Operating segment
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Property, plant and equipment Prope
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asis over its useful life, not exce
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the present value of estimated futu
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Deferred tax assets and liabilities
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Warranty provision For most Turnkey
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Dividend distribution Dividend dist
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Period ending 31 December 2011 in t
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Geographical information The classi
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Pensions and other post-employment
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2011 2010 % % Discount rate 2.75 2.
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Year End of vesting period Expiry d
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Expected departures (tranche 1/2/3)
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Note 5. Net financing costs in thou
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Note 9. Dividends paid and proposed
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- Yme and Deep Panuke platforms: th
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2010 in thousands of US$ Developmen
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Other financial assets The item 'Ot
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in thousands of US$ 2011 2010 Nomin
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2011 2010 2011 2010 2011 2010 in th
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Other reserves The other reserves c
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in thousands of US$ Original repaym
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Note 23. Provisions in thousands of
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in thousands of US$ 2011 2010 Withi
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Foreign exchange risk The Company o
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The sensitivity on equity and incom
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Liquidity risk Liquidity risk is th
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in thousands of US$ 2011 2010 Audit
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Note 34. Related party transactions
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4.2.9 Notes to the Company financia
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5. Provisions in thousands of US$ 2
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4.3 Other information 4.3.1 Appropr
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4.4 INDEPENDENT AUDITOR'S REPORT 4.
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4.5 Key figures Key figures in mill
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5.1.2 Environmental Reporting Envir
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Total Production of Hydrocarbons Of
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HSS Accident Statistics for Dynamic
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Regional CO2 Emissions Values expre
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Permanent Part Time Employees Headc
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Women Men Equality % of Women in ma
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GRI Index Level C Vision and Strate
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LTIFR = (LTI x 200,000)/ EH Where:
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