Annual Report 2010 - SBM Offshore

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Key figures in millions of US Dollars, unless stated otherwise Note 2010 2009 2008 2007 2006 Turnover 3,055.8 2,956.5 3,060.3 2,871,2 1,989.7 New orders 4,531.9 3,739.9 4,365.5 3,822.5 4,915.7 Order portfolio at 31 December 11,501.5 10,032.3 9,246.9 7,954.6 6,992.4 RESULTS Net profit (continuing operations) 276.0 230.0 227.9 266.8 216.3 Dividend 119.8 110.2 135.4 133.3 108.4 Operating profit (EBIT) 362.4 293.4 275.1 302.0 254.3 EBITDA 688.4 613.3 530.1 548.3 477.5 Shareholders’ equity at 31 December 2,073.2 1,802.6 1,234.7 1,333.4 1,118.7 Net debt 1,711.1 1,464.0 1,464.0 874.7 585.8 Cash flow 602.0 549.8 482.9 513.1 439.6 Capital expenditure 519.0 656.0 999.8 551.3 309.0 Depreciation and amortisation 326.0 319.8 255.0 246.3 223.3 Number of employees (average) 3,787.0 3,539.0 3,263.0 2,715.0 2,356.0 Employee benefits 608.1 585.0 590.8 504.1 363.7 RATIOS (%) Shareholders’ equity : net assets 56 57 46 58 58 Current ratio 132 91 79 115 114 Return on average capital employed 10.1 9.7 11.0 15.1 14.6 Return on average shareholders' equity 12.4 14.6 17.7 21.7 21.5 Operating profit (EBIT) : net turnover 11.9 9.9 9.0 10.5 12.8 Net profit : net turnover 9.0 7.8 7.4 9.3 10.9 Cash flow : average shareholder's equity 31 36 38 42 44 Cash flow : average capital employed 17 18 19 26 23 Net debt : total equity 81 81 118 65 52 Enterprise value/EBITDA 8.1 7.7 6.4 9.9 11.3 INFORMATION PER SHARE (US$) Net profit 1 1.44 1.47 1.54 1.85 1.55 Dividend 0.71 0.67 0.93 0.93 0.77 Shareholders' equity at 31 December 2 12.29 10.96 8.48 9.30 7.95 Cash flow SHARE PRICE (€) 1 3.60 3.66 3.34 3.61 3.15 - 31 December 16.77 13.78 9.35 21.60 26.05 - highest 17.16 15.30 26.77 31.52 26.45 - lowest 11.41 9.00 8.72 19.85 17.19 Price / earnings ratio 2 15.8 14.7 8.5 17.3 22.1 Number of shares issued (x 1,000) 168,668 164,460 145.614 143,324 140,716 Market capitalisation (US$ mln) 3,783.5 3,248.9 1,902.9 4,557.6 4,830.6 Turnover by volume (x 1,000) 259,924 279,932 448,354 340,769 308,840 Number of options exercised 1,328,153 604,400 759,200 1,098,040 1,319,580 Number of shares issued re stock dividend 2,628,848 4,221,744 1,300,774 1,432,296 1,606,528 Number of shares issued - 13,896,880 1 Based upon weighted average number of shares. 2 Based upon number of shares outstanding at 31 December. Financial Review / Financial Statements 2010 SBM Offshore – Annual Report 2010 181
Financial Review / Financial Statements 2010 182 SBM Offshore – Annual Report 2010
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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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