Highlights
- Unaudited net profit for 2008 of US$ 227 million (2007: US$ 267 million);
- Year-end order portfolio increases to US$ 9.24 billion (2007: US$ 7.95 billion);
- Record turnover in 2008 of US$ 3.06 billion (2007: US$ 2.87 billion);
- Dividend proposal US$ 0.93 per share (same as 2007) payable 50% in cash, 50% in shares.

1. Financial (unaudited)

The net profit for 2008 is currently estimated at US$ 227 million of which US$ 222 million (US$ 1.54 per share) is attributable to shareholders, compared with US$ 263 million in 2007 (US$ 1.85 per share). All operating companies have made positive contributions to this result which includes estimated variation orders and recoveries from clients where negotiations or discussions are at a sufficiently advanced stage. Additional relevant information prior to the date of approval of the 2008 financial statements (10 March 2009) could lead to amendment of the results disclosed herein.

Dividend proposal will be to maintain the same level as for 2007, at US$ 0.93 per share, representing a pay-out ratio of 60%. To preserve balance sheet flexibility and cash-flow predictability the dividend will, exceptionally, be payable 50% in cash and 50% in shares.

Turnover rises to US$ 3,060 million (2007: US$ 2,871 million), of which 73% derived from turnkey sales and services projects (76% in 2007).

EBITDA is US$ 531 million (2007: US$ 548 million); EBIT is US$ 276 million (2007: US$ 302 million), of which 76% is generated from lease and operate activities (60% in 2007).

Net debt increased from US$ 875 million at 31 December 2007 to US$ 1,464 million at 2008 year-end, mainly due to ongoing investments in new units for the lease fleet. Capital expenditure reached US$ 1.0 billion (2007: US$ 0.55 billion). At 31 December 2008 the Company had over US$ 400 million in committed undrawn bank facilities, cash and cash equivalents of US$ 230 million, and all bank covenants were comfortably met. Equity decreased during the year from US$ 1,338 million to US$ 1,260 million due to the negative impact of unrealised losses on the Company's portfolio of interest rate and foreign exchange hedges. Such impact is a consequence of the Company's conservative hedging policy, and the significant movements in US interest rates and foreign exchange rates in the latter part of 2008. The net gearing ratio increased accordingly to around 116%.


2. Development Order Portfolio

New orders and variation orders in 2008 totalled US$ 4.34 billion of which US$ 1.44 billion relate to lease and operate activities and US$ 2.90 billion relate to turnkey supply and services orders. Total year-end order portfolio increased to US$ 9.24 billion (2007: US$ 7.95 billion).