2008 Annual Report - SBM Offshore

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SBM Offshore Annual Report 2008 / Financial Statements 2008 93Consolidated cash flow statementFor the years ended 31 December in thousands of US Dollars2008 2007Cash flow from operating activitiesReceipts from customers 2,958,493 2,537,426Payments to suppliers and employees (2,376,261) (2,203,177)Income tax received / (paid) ( 5,254) ( 3,187)Net cash from operating activities 576,978 331,062Cash flow from investing activitiesInterest received 22,861 19,156Interest paid ( 64,017) ( 35,620)Investment in property, plant and equipment ( 987,570) ( 555,757)Investment in intangible fixed assets ( 12,217) ( 3,365)Investment in associated and group companies – –Disposals of property, plant and equipment 9,833 3,659Disposal of intangible fixed assets – –Dividends received from associated companies 2,535 1,964Net cash from investing activities (1,028,575) (569,963)Cash flow from financing activitiesProceeds from issue of shares 12,141 16,898Additions to borrowings and loans 682,350 383,472Repayments of borrowings and loans ( 204,967) ( 170,919)Investments in other financial fixed assets ( 1,488) ( 2,080)Dividends paid to shareholders ( 79,864) ( 58,284)Net cash from financing activities 408,172 169,087Net increase in cash and cash equivalents ( 43,425) ( 69,814)Cash and cash equivalents at 1 January 274,088 339,687Net cash divestments – ( 286)Currency differences ( 526) 4,501Cash and cash equivalents at 31 December 230,137 274,088The reconciliation of the cash and cash equivalents as at 31 December with the corresponding amounts in the balance sheet is asfollows:2008 2007Cash and cash equivalents 230,329 280,684Bank overdrafts ( 192) ( 6,596)Cash and cash equivalents at 31 December 230,137 274,088
94 SBM Offshore Annual Report 2008 / Financial Statements 2008Notes to the consolidated financial statementsGeneral informationSBM Offshore N.V. is a company domiciled in Rotterdam, the Netherlands. The consolidated financial statements for the year ended31 December 2008 comprise the financial statements of SBM Offshore N.V. and its subsidiaries (together referred to as ‘the Company’)and the Company’s interest in associates and jointly controlled entities as at 31 December each year.The Company serves on a global basis the offshore oil and gas industry by supplying engineered products, vessels and systems, andoffshore oil and gas production services. The Company has its listing on the Euronext Amsterdam stock exchange.These consolidated financial statements were authorised for issue on 10 March 2009.Summary of significant accounting policiesThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policieshave been consistently applied to all the years presented, unless otherwise stated.Basis of preparationThe consolidated financial statements of SBM Offshore N.V. have been prepared in accordance with International Financial ReportingStandards (IFRS) and interpretations, adopted by the EU where effective for financial years beginning after 1 January 2008.The financial statements are presented in thousands of US Dollars. The financial statements have been prepared under the historicalcost convention except for derivative financial instruments that are stated at fair value.Preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requiresmanagement to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higherdegree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statementsare disclosed in the paragraph ‘Use of estimates’.(a) Standards, amendments and interpretations effective in 2008.• IFRIC 14, ‘IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction’, provides guidance onassessing the limit of IAS 19 on the amount of pension surplus that can be recognised as an asset. It also explains how the pensionasset or liability may be affected by a statutory or contractual minimum funding requirement. This interpretation does not have anyimpact on the Company’s financial statements, as the Company currently has a pension deficit and is not subject to any minimumrequirements.(b) Standards, amendments and interpretations effective in 2008 but not relevant.The following standards, amendments and interpretations to published standards are mandatory for accounting periods beginning onor after 1 January 2008 but they are not relevant to the Company’s operations:• IFRIC 11, ‘IFRS 2 – Group and treasury share transactions’• IFRIC 12, ‘Service concession arrangements’; and• IFRIC 13, ‘Customer loyalty programmes’(c) Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early bythe Company.• IAS 1 (Revised), ‘Presentation of financial statements’ (effective from 1 January 2009). The revised standard will prohibit thepresentation of items of income and expenses (that is, ‘non-owner changes in equity’) in the statement of changes in equity, requiring‘non-owner changes in equity’ to be presented separately from owner changes in equity. All non-owner changes in equity will berequired to be shown in a performance statement, but entities can choose whether to present one performance statement (thestatement of comprehensive income) or two statements (the income statement and the statement of comprehensive income). Whereentities restate or reclassify comparative information, they will be required to present a restated balance sheet as at the beginningof the comparative period in addition to the current requirement to present balance sheets at the end of the current period andcomparative period. The Company will apply IAS 1 (revised) from 1 January 2009. It is likely that both the income statement and thestatement of comprehensive income will be presented as performance statements.
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2008 Annual Report - SBM Offshore

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