Annual Report 2010 - SBM Offshore

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Notes to the Company financial statements General The separate financial statements are part of the 2010 financial statements of SBM Offshore N.V. With reference to the separate income statement of SBM Offshore N.V., use has been made of the exemption pursuant to Section 402 of Book 2 of the Netherlands Civil Code. Principles for the measurement of assets and liabilities and the determination of the result SBM Offshore N.V. uses the option provided in section 2:362 (8) of the Netherlands Civil Code in that the principles for the recognition and measurement of assets and liabilities and determination of result (hereinafter referred to as principles for recognition and measurement) of the separate financial statements of SBM Offshore N.V. are the same as those applied for the Financial Review / Financial Statements 2010 consolidated financial statements. These consolidated financial statements are prepared according to the standards laid down by the International Accounting Standards Board and adopted by the European Union (referred to as EU-IFRS). Reference is made to the notes to the consolidated financial statements ('Summary of significant accounting policies') for a description of these principles. Participating interests, over which significant influence is exercised, are stated on the basis of the equity method. Results on transactions, involving the transfer of assets and liabilities between SBM Offshore N.V. and its participating interests or between participating interests themselves, are not incorporated insofar as they can be deemed to be unrealised. 1. Property, plant and equipment The movement in the property, plant and equipment during the year can be summarised as follows: in thousands of US$ Other fixed assets Cost 418 Accumulated depreciation and impairment (413) Book value at 1 January 2010 5 Additions - Depreciation (3) Currency differences - Total movements (3) Cost 344 Accumulated depreciation and impairment (342) Book value at 31 December 2010 2 SBM Offshore – Annual Report 2010 175
176 Financial Review / Financial Statements 2010 2. Investment in Group companies and associates The movements in the item Investment in Group companies and associates are as follows: in thousands of US$ 2010 2009 Balance at 1 January 1,701,856 1,251,192 Provisions (50,309) (50,985) Investments at net asset value 1,651,547 1,200,207 Result of Group companies 254,946 237,763 Investments and other changes 64,284 231,638 Dividends received - (20,972) Currency differences (86) 2,911 Movements 319,144 451,340 Balance at 31 December 2,023,855 1,701,856 Provisions (53,164) (50,309) Investments at net asset value 1,970,691 1,651,547 The investments and other changes relate to investments in subsidiaries and other direct equity movements. 3. Other receivables in thousands of US$ 2010 2009 Amounts owed by Group companies 74,407 112,363 Other debtors 1,158 2,418 Total 75,565 114,781 4. Shareholders’ equity For an explanation of the shareholders equity, reference is made to the consolidated statement of changes in equity and note 20 - Equity attributable to shareholders. 5. Provisions in thousands of US$ 2010 2009 Deferred tax liability 978 1,048 Provisions with respect to subsidiaries 6,605 - Total 7,583 1,048
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Annual Report 2010
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Financial Review / Financial Statem
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1 2 Overview 11 Message from the CE
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Semi-Submersible Drilling Rig Tensi
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Deck view of the FPSO Espirito Sant
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I am pleased to report that the Com
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In addition to these main centres,
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Highlights 2010 Financial • Turno
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Shareholders As the shares are bein
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Corporate Strategy In line with the
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Lease and Operate The lease and ope
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World Map of SBM Offshore Project E
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Report of Board of Management Repor
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Report of Board of Management Compo
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Report of Board of Management requi
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Report of Board of Management In co
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Report of Board of Management Remun
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Report of Board of Management Secti
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Report of Board of Management was a
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Report of Board of Management Actua
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Report of Board of Management With
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Report of Board of Management Infor
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Disconnectable Turret of the FPSO O
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Introduction The relatively high oi
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Turnkey Systems A major highlight o
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Top: Deep Panuke Production Field C
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Report of the Board of Management 0
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At the start of 2010, the Company o
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SBM Offshore employees on board an
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contract will be based on a product
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Semi-Submersible Drilling Rigs The
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Semi-Submersible drilling rig 'Delb
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Top: SBM Services repairing the Sof
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y a large buoyant structure when di
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For smaller gas-supply rates, the C
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Corporate Governance Corporate Gove
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If either the GM or the Supervisory
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Appointment and Remuneration Commit
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of the Supervisory Board are meant
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Notice to convene a meeting The not
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Routine inspection on the Yme MOPUs
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• no agreement has been concluded
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Risk Management Risk Management ope
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Strategic Irregular order intake In
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the consequences of the Deepwater H
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Funding risk Success in obtaining n
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Supervisory Board and has been disc
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Michael Wyllie British, 1958 Chief
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Annual Report 2010 - SBM Offshore

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