2012 Sustainability selection - SBM Offshore

1.3 Snapshot 2012
Snapshot 2012
(US$ mln.) 2012 2011 Movement % Comment
Financial Results
Net profit (74.9) (440.6) 365.7 83.0% US$ 598 mln YME related costs in
2012, US$ 978 mln impairments
Net profit per share (US$) (0.46) (2.77) 2.31 83.4% Decreased net loss
Revenue 3,695.2 3,156.8 538.4 17.1% Increase in Turnkey systems
EBITDA 697.6 813.2 (115.6) (14.2%) Provision for YME settlement costs
partially offset by capital gains on
disposals
EBIT 50.5 (340.6) 391.1 YME and Deep Panuke impacts in
2011 and 2012, offset by divestment
gains in 2012
EBIT: Revenue (%) 1.4 (10.8) 12.2 Impairments and non-recurring items
effect
Capital expenditure 673.0 840.6 (167.6) (19.9%) FPSOs under construction are
finance leases
Total Equity 1,539.8 1,349.0 190.8 14.1% 9.95% private placement
Net cash 748.3 164.7 583.6 354.3% Disposal programme, private
placement, USPP
Net debt 1,782.7 1,958.5 (175.8) (9.0%) New loans offset by repayments and
high year-end cash
Capital employed 3,366.7 3,354.3 12.4 0.4% Private placement, YME impairment,
Net debt reduction
Net Debt: Unadjusted EBITDA 2.56 2.41 Net debt decrease
Net Debt: Total equity (%) 115.8 145.2 (29.4) (20.2%) Private placement, YME impairment,
Net debt reduction
EBITDA interest cover 10.5 16.3 (5.8) (35.6%) Increase of interests associated with
new vessels in operation (Aseng,
Anchieta)
ROACE (%) 1.5 (9.5) 11 Operating result on stable capital
employed
ROE on shareholders' equity (%) (5.8) (28.2) 22.4 Decreased net loss
Total orders:
- Leases 187.6 3,161.4 (2,973.8) (94.1%) YME contract taken off backlog
- Turnkey Systems 942.8 5,014.7 (4,071.9) (81.2%) 1 large turret
- Turnkey Services (*) 191.8 376.1 (184.3) (49.0%) To be merged with Turnkey Systems
for 2013 onwards
TOTAL 1,322.2 8,552.2 (7,230) (84.5%)
Backlog:
- Leases 10,566.0 11,310.2 (744.2) (6.6%) Yme derecognition, still represents 11
year's equivalent revenue
- Turnkey Systems 3,790.9 5,329.8 (1,538.9) (28.9%) 1.5 year's equivalent revenue
- Turnkey Services (*) 180.7 270.0 (89.3) (33.1%) To be merged with Turnkey Systems
for 2013 onwards
TOTAL 14,537.6 16,910 (2,372.4) (14.0%)
(*) To be discontinued as a reporting segment for 2013 onwards. The results will be combined with Turnkey Systems.