2008 Annual Report - SBM Offshore

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