2008 Annual Report - SBM Offshore

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SBM Offshore Annual Report 2008 / Financial Statements 2008 137Company balance sheetAt 31 December in thousands of US Dollars (before appropriation of profit)Notes 2008 2007ASSETSProperty, plant and equipment 1 37 74Investment in Group companies and associates 2 1,251,192 1,332,835Total non-current assets 1,251,229 1,332,909Other receivables 3 24,167 10,502Cash and cash equivalents 3,172 9,430Total current assets 27,339 19,932TOTAL ASSETS 1,278,568 1,352,841EQUITY AND LIABILITIESEquity attributable to shareholdersIssued share capital 50,885 52,750Share premium reserve 383,274 363,057Retained earnings 1,053,780 890,697Other reserves ( 253,211) 26,933Shareholders’ equity 4 1,234,728 1,333,437Provisions 5 0 4,657Group companies 23,450 –Total non-current liabilities 23,450 4,657Other current liabilities 6 9,993 13,911Current income tax liability 10,397 836Total current liabilities 20,390 14,747TOTAL EQUITY AND LIABILITIES 1,278,568 1,352,841Company income statementFor the years ended 31 December in thousands of US Dollars2008 2007Company result ( 21,130) ( 21,245)Result Group companies 244,302 284,130223,172 262,885
138 SBM Offshore Annual Report 2008 / Financial Statements 2008Notes to the Company financial statementsGeneralThe separate financial statements are part of the 2008 financial statements of SBM Offshore N.V. Withreference to the separate income statement of SBM Offshore N.V., use has been made of theexemption 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 resultSBM Offshore N.V. uses the option provided in section 2:362 (8) of the Netherlands Civil Code in thatthe 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 financialstatements of SBM Offshore N.V. are the same as those applied for the consolidated financialstatements. These consolidated financial statements are prepared according to the standards laiddown by the International Accounting Standards Board and adopted by the European Union (referredto as EU-IFRS). Reference is made to pages 94 to 103 for a description of these principles.Participating interests, over which significant influence is exercised, are stated on the basis of theequity method.Results on transactions, involving the transfer of assets and liabilities between SBM Offshore N.V. andits participating interests or between participating interests themselves, are not incorporated insofaras they can be deemed to be unrealised.1. Property, plant The movement in the property, plant and equipment during the year can be summarised as follows:and equipmentIn US$000Other fixedassetsCost 424Accumulated depreciation and impairment (350)Book value at 1 January 2008 74Additions –Depreciation ( 35)Currency differences ( 2)Total movements ( 37)Cost 403Accumulated depreciation and impairment (366)Book value at 31 December 2008 37
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2008 Annual Report - SBM Offshore

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