2008 Annual Report - SBM Offshore

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SBM Offshore Annual Report 2008 / Financial Review83Section IVFinancial ReviewFinancial Statements 2008Consolidated income statement 90Consolidated balance sheet 91Consolidated statement of changes in equity 92Consolidated cash flow statement 93Notes to the consolidated Financial Statements 94Company balance sheet and income statement 137Notes to the company Financial Statements 138Other information 141Appropriation of profit 141Auditor's report 142Key figures 143FPSO Espirito Santo
84 SBM Offshore Annual Report 2008 / Financial ReviewFinancial ReviewHighlightsThe consolidated result for 2008 is a net profit of US$227.9 million, a 14.6% decrease in comparison with the2007 net profit of US$ 266.8 million. After adjusting fornon recurring sales of assets or activities (net gain US$ 31million in 2008 versus US$ 5 million in 2007) operationalprofits show a decrease of approximately 24.9%.Earnings per share amounted to US$ 1.54, comparedto US$ 1.85 in 2007, but proposed dividend per shareis maintained at US$ 0.93, representing a pay-out ratioof 60%.New orders in the year totalled US$ 4,365 million (split 67%/ 33% between the Turnkey Systems and Services and theLease and Operate segments respectively), compared toUS$ 3,822 million of new orders in 2007.Turnover increased to US$ 3,060 million, a 6.6% increasein comparison with US$ 2,871 million in 2007, mainly as aresult of expanded lease and operate activities.Total order portfolio at the end of the year was US$ 9,247million compared to US$ 7,955 million at the end of 2007,an increase of 16.2%. Of this, 67.9% or US$ 6,278 millionrelates to the non-discounted value of the revenues fromthe Company’s long-term lease contracts in portfolio atyear-end.Operating profit (EBIT) decreased to US$ 275.1 millioncompared with US$ 302.0 million in 2007. EBIT margindecreased to 9.0% compared to 10.5% in 2007 while thenet profit margin decreased to 7.4% (9.3% in 2007). Bothdecreases result mainly from higher materials, equipmentand subcontractors costs than budgeted on certain majorprojects, which severely impactedthe profitability of the Turnkey Systems and Servicessegment in the first half 2008.EBITDA amounted to US$ 530.1 million, compared to US$548.3 million in 2007.The year was marked by the following highlights:• a healthy inflow of new orders, from turnkey contracts(including two orders for FPSOs on a sales basis) anda major upgrade and contract extension for the FPSOCapixaba;• the sale of the FPSO Mystras (50% owned by theCompany) to Agip Energy Natural Resources (NigeriaLtd.) (AENR) in May 2008 and the FPSO TantawanExplorer to Chevron Offshore Thailand Ltd. in August2008 under the client’s contractual purchase options;• the sale of the Alblasserdam South land remainingfrom the Company’s previous Dutch shipbuildingactivities;• the delivery of one major lease project, the FPSOEspirito Santo for Shell in Brazil;• the total investment in fixed assets in 2008 amountedto US$ 1.00 billion, which is much higher than in2007 (US$ 551 million) and which excludes thecosts of completing the investment in the FPSO SaxiBatuque contract which is accounted for as a finance(capital) lease.Segmental information in respect of the two core businessesof the Company during 2008 is provided in the detailedfinancial analysis which follows. Turnover by geographicalarea is included in the Notes to the Consolidated FinancialStatements.
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2008 Annual Report - SBM Offshore

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