Financials
Key Financial Figures
| In USD million |
2008 |
2007 |
2006 |
2005* |
2004* |
| |
| Revenues |
1 917.5 |
1 519.9 |
1 308.4 |
888.0 |
707.5 |
| Adjusted EBITDA |
967.8 |
800.8 |
614.3 |
324.4 |
224.6 |
| Operating profit |
542.7** |
494.5 |
359.5 |
130.2 |
(68.3) |
| Net income |
417.4 |
470.0 |
397.7 |
112.6 |
(134.7) |
| EPS1) |
2.37 |
2.65 |
2.19 |
0.63 |
(0.75) |
| |
| Cashflow from operations |
914.6 |
687.3 |
575.8 |
280.7 |
282.4 |
| Capex |
(450.6) |
(260.4) |
(164.2) |
(90.4) |
(62.4) |
| Multi-client investments |
(290.0) |
(282.8) |
(119.2) |
(55.7) |
(41.1) |
| |
| Total assets |
3 064.8 |
2 875.0 |
1 369.3 |
1 717.6 |
1 852.2 |
| Multi-client library |
294.6 |
173.9 |
92.8 |
146.2 |
244.7 |
| Cash |
113.6 |
204.7 |
142.7 |
144.0 |
168.4 |
| Shareholders equity |
1 139.7 |
740.7 |
603.7 |
329.3 |
222.9 |
| Net interest bearing debt |
1 135.6 |
1 172.7 |
195.5 |
828.7 |
995.3 |
(* bases on US GAAP) (1) PGS delisted its existing shares in relation to the financial restructuring November 5th 2003 and issued 20 million new shares November 6th 2003. The shares were later split 3:1 on June 8th 2005 and again in 3:1 December 18th 2006)
**Including impairments of USD 161.1 million.
Sensitivities
| Technical downtime or yard |
- One month for high capacity vessel could amount to USD 10 million + risk of schedule impact and equipment cost
- Small event may have significant consequence due to time required to retrieval/deployment
|
| Contract versus MultiClient |
- One more 3D vessel month on MultiClient versus contract corresponds to a reduced EBIT of approximately USD 1 million in investment period (assuming 75% pre-funding and Marine EBIT margin of 15-20%)
|
| Marine contract margin |
- One percentage point increased marine contract EBIT margin approximates USD 7 million in increased EBIT/year
|
| Weather |
- Covered in most contracts, but risk increases in a weaker market
|
| MultiClient late sales |
- Regional variability from quarter to quarter
|
| Fuel prices |
- 10% change represents USD ~0.5 million per month of operating cost
- Currently no hedging, but seeking cost adjustment on long contracts
|