SBM Offshore Full-Year Results 2012

SBM Offshore Full-Year Results 2012 
SCHIEDAM, THE NETHERLANDS -- (Marketwire) -- 02/14/13 --  
Press release 
RESULTS IMPACTED BY LEGACY ISSUES; GOOD UNDERLYING
PERFORMANCE & PROGRESS 14 February 2013 
As in 2011, the 2012 results are overshadowed by the impact of
impairments and
provisions for two legacy projects, which hide the
good underlying performance
in the core FPSO business. Despite
falling short of expectations, revenues were
up 17.1% on 2011 at a
record $3.7 billion, while underlying EBIT margins were in line with
or above expectations. Consistent with the core FPSO strategy
announced in 2012, GustoMSC was divested in the fourth quarter.
Record financing
levels were achieved, notably with the $1.1 billion
project loan for Ilhabela,
and the $ 500 million US Private Placement
for Anchieta. In December, the Company moved further towards a
solution of the Yme MOPUstor(TM) legacy project
and restored the
balance sheet through an equity injection by cornerstone investor
HAL. Order intake was slow, in line with the industry, as a
consequence
of delays in contract awards. 
Commenting on the results, Bruno Chabas, CEO of SBM Offshore, said: 
"For SBM Offshore, 2012 was tougher than we had expected. Even so, we
made significant progress toward unlocking the outstanding potential
of our Company.
In vital respects, such as strategy, structure, ways
of working, increased compliance focus and a renewed management team,
SBM is being transformed. As we move towards closure of our legacy
projects, I am convinced that the quality of performance being
delivered by so many colleagues across the Company will begin
to
manifest itself in our financial results."  
Financial highlights 
- Turnover increased by 17.1 % to US$ 3,695 million in 2012, and
underlying
EBIT by 6.4% to US$ 550 million. 
- Exceptional items: 
Section  book gains of US$ 128 million following the sale of Gusto
MSC and the
Dynamic Installer 
Section  US$ 200 million settlement costs provision for YME 
Section  full impairment of US$ 398 million on the Yme
MOPUstor(TM) 
Section  additional impairment of US$ 29 million for the Deep
Panuke platform 
- The Company ended the year with US$ 748 million in cash, an
additional US$ 750 million undrawn credit facility and  a resulting
net debt position o
f US$
1,783 million, reflecting strong liquidity. 


 
+----------------------------------------------------------------
---------+
|US$ million                          FY 2012     FY 2011        Change   |
+-------------------------------------------------------------------------+
|Turnover                               3,695       3,157         17%     |
+----------------------------                                             |
|EBIT before impairments,                                                 |
|provisions and divestments               550         516          6%     |
+----------------------------                                             |
|EBIT after impairments,                                                  |
|provisions and divestments                51       (341)         n.m.    |
+----------------------------                                             |
|Net Profit / (Loss)                     (75)       (441)         n.m.    |
+----------------------------                                             |
|Investments in fixed assets                                              |
|and finance leases                     1,235       1,413         -13%    |
+----------------------------                                             |
|Operating cashflow                     1,144       1,158          -1%    |
+-------------------------------------------------------------------------+

 
+-------------------------------------------------------------------------+
|                                     FY 2012     FY 2011        Change   |
+-------------------------------------------------------------------------+
|Order Portfolio                       14,538      16,910         -14%    |
+----------------------------                                             |
|Cash                                     748         165         n.m.    |
+----------------------------                                             |
|Net Debt                               1,783       1,959          -9%    |
+----------------------------                                             |
|Solvency ratio                         27.1%       30.0%         -10%    |
+-------------------------------------------------------------------------+

 
Further financial information is provided in the Financial Review
section and
 the Consolidated Financial Statements as included  in
this press release 
Financial outlook 
Despite the remaining uncertainty over the financial impact of the
legacy projects, the Company is confident in the continued growth of
its core FPSO business, and expects to achieve revenue of
approximately $4 billion in 2013. 
To see the full version of this press release please click on the
link below: 
SBM Offshore press release:
http://hugin.info/130754/R/1678108/547576.pdf 
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
that: 
(i) the releases contained herein are protected by copyright and    
other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and     
originality of the information contained therein. 
Source: SBM Offshore N.V. via Thomson Reuters ONE 
[HUG#1678108] 
For further information, please contact: 
Investor Relations
Sebastiaan de Ronde Bresser
Investor Relations Officer
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
E-mail: sebastiaan.derondebresser@sbmoffshore.com
Website: www.sbmoffshore.com 
Media Relations
Anne Guerin-Moens
Group Communications Director
Telephone: (+377) 92 05 30 83
Mobile: (+377) 680 863 691
E-mail: anne.guerin-moens@sbmoffshore.com
Website: www.sbmoffshore.com