SBM OFFSHORE: HALF-YEAR RESULTS 2007 AND UPDATED FULL-YEAR FORECAST
* Half-year profit of US$ 139.2 million represents an increase of 42%
over 2006 (US$ 97.8 million). Return on equity of 23.7% (20.8% in
* Return on capital employed rises to 15.9% (from 13.4% in 2006) for
the six month period;
* New orders amount to US$ 1,807 million for the first six months of
2007. Backlog at 30 June 2007 amounts to US$ 7,408 million;
* Updated 2007 year-end forecast profit increases from US$ 260
million to US$ 265 million.
1. Half-year results 2007
The profit after tax for SBM Offshore N.V. (the Company) for the
first six months of 2007 was US$ 139.2 million (US$ 0.96 per share)
compared with US$ 97.8 million (US$ 0.70 per share) at mid-year 2006.
Profit includes US$ 6 million from non-recurring items, being the
gain on sale of 20% of the Company's interest in FPSO Capixaba to
Queiroz Galvao affiliate STAR, offset by a small loss on the disposal
of the Company's airport interiors and passenger boarding bridges
Turnover for the six months was US$ 1,388.4 million compared with US$
823.0 million for mid year 2006.
EBITDA for the half-year was US$ 268.7 million (US$ 1.90 per share)
compared with US$ 218.6 million (US$ 1.58 per share) at mid-year
EBIT for the six month period was US$ 151.2 million (US$ 1.07 per
share) compared with US$ 115.9 million (US$ 0.84 per share) at
Approximately 53% of EBIT was contributed by the lease and operate
activities with 47% contributed by the turnkey sales and services.
The corresponding segmental split in the first half of 2006 was 66%
lease and operate: 34% turnkey sales.
Net debt to equity at 30 June 2007 stands at 0.64 compared with 0.52
at 31 December 2006.
2. Expectations for the full year 2007
Based upon the result of the first six months and potential
developments over the remainder of the year, the Company expects that
2007 will generate:
* Profit of US$ 265 million (US$ 1.82 per share) including the impact
of the non-recurring items mentioned above, compared with US$ 216
million (US$ 1.55 per share) in 2006;
* EBITDA of US$ 555 million (US$ 3.88 per share), compared with US$
477 million (US$ 3.42 per share) in 2006;
* EBIT of US$ 305 million (US$ 2.13 per share), compared with US$ 254
million (US$ 1.82 per share) in 2006;
* Capital expenditure of US$ 750 million compared with US$ 309
million in 2006.
Contact person: Mr. Sebastiaan de Ronde Bresser
Telephone: (+377) 92 05 85 15
Mobile: (+33) 672 214 360
Fax: (+377) 92 05 89 40
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