Results 2005 - A Record Year
Highlights
net profit after tax of US$ 225.8 million, versus US$ 91.7 million in 2004 (restated to IFRS and excluding shipbuilding); Earnings per share US$ 6.64 compared with US$ 2.77 in 2004;
proposed dividend US$ 3.30 per share, up 94% from 2004;
proposed four for one share split, scheduled for 2 June 2006;
shipyard sale concluded, name change to SBM Offshore N.V. implemented; exclusive focus on oil and gas activities largely improved transparency and predictability;
excellent performance of the FPSO fleet generated substantial bonus revenues;
purchase option for FPSO Serpentina exercised by Mobil Equatorial Guinea; 2005 net profit impact US$ 79.8 million;
new orders totalled US$ 1,510 million, compared to US$ 1,436 million in 2004 (excluding shipbuilding);
turnover up to US$ 1,519 million, compared to US$ 1,069 million in 2004 (restated and excluding shipbuilding);
EBITDA of US$ 482.2 million compared to US$ 370.8 million in 2004 (restated and excluding shipbuilding);
EBIT margin increased to 18.1% compared to 15.1% in 2004;
investment in fixed assets of US$ 399 million, up from US$ 237 million in 2004;
implementation and first time adoption of IFRS accounting and reporting standards.