Annual Report 2010 - SBM Offshore

Financial Review / Financial Statements 2010
The following part of the net investment in the lease
is included as part of the current assets within the
balance sheet:
in thousands of US$ 2010 2009
Gross receivable 86,185 83,804
Less: Unearned finance income (9,758) (14,932)
Current portion of finance lease receivable 76,427 68,872
Other financial assets
The item 'Other financial assets' relates to interest
bearing loans that have a remaining term of more than
one year, including interest bearing loans to joint ventures.
Weighted average effective interest amounts to
5.97% (2009: 5.85%). Furthermore, the other financial
assets include an amount of US$ 17.6 million (2009:
US$ 13.4 million) relating to the book value of capitalised
financing costs. Further reference with respect
to the capitalised financing costs is made to note 21 -
Interest-bearing loans and borrowings.
13. Deferred tax assets
The deferred tax assets and liabilities and offsetting of
assets and liabilities can be summarised as follows:
The maximum exposure to credit risk at the reporting
date is the fair value of the interest bearing loans and
the finance lease receivables (2010: US$ 221.1 million,
2009: US$ 363.7 million) taking into account the risk of
recoverability. None of the amounts are past due, and
no reserve for partial impairment (2009: nil) is netted
with the carrying amount. The Company does not hold
any collateral as security.
2010 2009 2010 2009 2010 2009
in thousands of US$ Assets Liabilities Net
Property, plant and equipment 8,067 8,576 - - 8,067 8,576
Intangible assets (387) 240 - - (387) 240
Tax losses 2,575 1,956 - - 2,575 1,956
Other 5,462 2,315 (978) (1,048) 4,484 1,267
Book value at 31 December 15,717 13,087 (978) (1,048) 14,739 12,039
Expected net cash inflow of amounts relating to
deferred tax positions is within one year: US$ 3.7 million
(2009: US$ 3.9 million), between one and five years
US$ 3.3 million (2009: cash outflow US$ 0.7 million)
and after five years US$ 0.8 million (2009: US$ 0.3
million).
150 SBM Offshore – Annual Report 2010