2008 Annual Report - SBM Offshore

SBM Offshore Annual Report 2008 / Financial Statements 2008 105Year ended 31 December 2007 Lease % Turnkey % Consolidated(in US$000)Segment revenue 689,729 24.0 2,181,485 76.0 2,871,214Gross margin 223,879 211,711 435,590Other income 522 475 997Unallocated income and expenses ( 134,572)Operating profit (EBIT) 302,015Net financing costs ( 22,352)Share of profit of associates 1,964Income tax ( 14,861)Profit 266,766Assets and liabilitiesSegment assets 2,763,031 789,541 3,552,572Investment in associates 24 47 71Unallocated assets 81,979Total assets 3,634,622Segment liabilities 1,704,472 511,560 2,216,032Unallocated liabilities 80,856Total liabilities 2,296,888Other segment informationCapital expenditure• PP&E 511,373 29,567• Intangible fixed assets – 3,365Depreciation ( 231,211) ( 8,914)Amortisation – –The turnkey segment comprises results from sales of facilities and services. The lease segmentcomprises the total of the earned day-rates and profit of long-term lease and operate contracts, exceptwhen such contracts are accounted for as finance leases. In the case of a finance lease, revenue andcosts of sales are recognised during the construction period within the turnkey segment, and as of thecommencement date of the lease contract the income is shown in the lease segment. There were nocontingent-based rents recognised in the 2008 income statement (2007: nil).