2008 Annual Report - SBM Offshore

SBM Offshore Annual Report 2008 / Financial Review87The 2008 tax burden was US$ 9.4 million (4.0% of profitbefore tax), reflecting in particular the profitability of theDutch operations of the Company, combined with therelatively low tax burden elsewhere. This compares to anet tax burden of US$ 14.9 million (5.3% of pre-tax profit)in 2007. The corporate tax burden (excluding withholdingtaxes and other project taxes) for the Company is expectedto average between 5% and 10% of pre-tax profits for theforeseeable future.10.50Dividend per share*in millions of US$FPSO Serpentina Sale0.93 0.930.83 0.770.430.542004 2005 2006 2007 2008Net Profit3002001000in millions of US$FPSO Serpentina Sale267226 216228146922004 2005 2006 2007 2008As reported earlier the dividend proposal will be to maintainthe dividend at the same level as paid in 2008 (US$ 0.93per share), which represents a 60% pay-out ratio, payable50% in cash and 50% in SBM Offshore sharesReturn On average Capital Employed andEquity(Weighted) Average Capital EmployedFor the reasons stated before, no detailed allocation ofnet profit between Lease and Turnkey business segmentsis provided.Weighted average earnings per share*in millions of US$21.51FPSO Serpentina Sale1.851.661.551.541.070.690.502004 2005 2006 2007 20083000 in millions of US$FPSO Serpentina Sale249924001818 18862006180017471828120060002004 2005 2006 2007 2008Capital Employed (Equity + Provisions + Deferred taxliability + Net Debt) at year-end 2008 is US$ 483 millionabove last year’s level due to the increasing investmentsin leased production facilities (and consequently net debt),plus retained profits less adjustments to equity in respectof financial instruments.