Annual Report 2011 - PGS

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Statements of operations – PGS ASA STATEMENTS OF OPERATIONS - PGS ASA PETROLEUM GEO-SERVICES ASA (Parent company unconsolidated financial statements) STATEMENT OF FINANCIAL POSITION December 31, (In thousands of NOK) Note 2011 2010 ASSETS Long-term assets: Deferred tax assets 5 802,778 1,105,064 Property and equipment, net 6 1,501 2,034 Shares in subsidiaries 1, 7 12,019,368 11,708,126 Intercompany receivables 1 5,508,299 3,018,755 Investments in associated companies 20 27,877 112,515 Other financial long-term assets 8, 20 143,427 23,942 Total long-term assets 18,503,250 15,970,436 Current assets: Short-term intercompany receivables 42,438 25,707 Other current assets 9 38,045 88,312 Restricted cash 10 3,018 2,694 Cash and cash equivalents 2,363,863 2,358,867 Total current assets 2,447,364 2,475,580 Total assets 20,950,614 18,446,016 LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' equity: Paid in capital: Common stock; par value NOK 3; issued and outstanding 217,799,997 shares 653,400 653,400 Own shares, par value (3,672) (1,632) Additional paid-in capital 2,319,790 2,181,020 Total paid in capital 2,969,518 2,832,788 Other equity 7,311,756 6,976,581 Total shareholders' equity 11 10,281,274 9,809,369 Long-term liabilities Long-term debt 12, 13 4,540,316 4,586,228 Intercompany debt 4,473,981 3,696,603 Other long-term liabilities 14 145,405 191,713 Total long-term liabilities 9,159,702 8,474,544 Current liabilities: Short-term debt and current portion of long-term debt 12 1,102,739 - Short-term intercompany debt 8,968 28,354 Accounts payable 14,542 26,257 Accrued expenses 17 383,389 107,492 Total current liabilities 1,509,638 162,103 Total liabilities and shareholders' equity 20,950,614 18,446,016 Warranties 19 57 PGS ANNUAL REPORT 2011 122 PGS Annual Report 2011
Statements of operations – PGS ASA STATEMENTS OF OPERATIONS - PGS ASA PETROLEUM GEO-SERVICES ASA (Parent company unconsolidated financial statements) STATEMENT OF CASH FLOW Years ended December 31, (In thousands of NOK) 2011 2010 2009 Cash flows provided by operating activities: Net income (loss) 638,061 (515,570) 1,904,958 Adjustments to reconcile net income (loss) to net cash used in operating activities: Changes in deferred tax assets 302,286 (90,373) 349,722 Depreciation and amortization charged to expense 533 2,134 5,214 Impairment of shares in and loan to subsidiaries, net (6,809) 722,393 75,583 Impairment of investment in associated companies 106,091 - - Gain on sale of subsidiaries, net (6,842) (176,454) - Dividend/ group contribution (1,535,705) (400,000) (1,462,325) Unrealized foreign exchange (gain) loss (22,184) 168,543 (1,476,162) Changes in current assets and current liabilities 213,251 4,202 (246,831) Net (increase) decrease in restricted cash (324) (688) 220 Other items 238,846 98,209 64,719 Net cash provided by (used in) operating activities (72,796) 187,604 (784,902) Cash flows provided by (used in) investing activities: Investments in property and equipment - - (589) Proceeds from sale of subsidiaries, net - 179,196 - Investment in subsidiaries and changes intercompany receivables, net (904,458) 750,708 269,641 Investment in long term receivables, net (156,752) - - Investment in associate - (23,832) - Net cash provided by (used in) investing activities (1,061,210) 906,072 269,052 Cash flows provided by (used in) financing activities: Share issue - 1,619,503 635,696 Proceeds from issuance of long-term debt 1,729,230 - - Repayment of long-term debt (837,183) (672,254) (1,579,551) Net increase (decrease) in bank facility and short-term debt - - 143,763 Investment in/ sale of own shares, net (72,623) (45,084) 128,087 Receipts of dividend/ group contribution from group companies 535,705 400,000 1,462,325 Other (280,156) - - Net cash provided by financing activities 1,074,973 1,302,165 790,320 Net increase (decrease) in cash and cash equivalents (59,033) 2,020,633 274,470 Effect of exchange rate changes on cash and cash equivalents 64,029 (65,564) (58,879) Cash and cash equivalents at beginning of year 2,358,867 403,798 188,207 Cash and cash equivalents at end of year 2,363,863 2,358,867 403,798 PGS ANNUAL REPORT 2011 58 PGS Annual Report 2011 123
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Operations Annual Report 2011 www.p
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Key Financial Figures Key Financial
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MultiClient revenues of USD 502 mil
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Operations Main Offices oSlo Petrol
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To optimize profitability and cash
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Letter from the CEO contributes to
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Introduction to business units tran
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PGS Annual Report 2011 15
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Marine Contract provides more detai
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Marine Contract OptoSeis: Enhancing
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The black grids shows locations of
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MultiClient The MultiClient data li
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MultiClient Operations Angola: Mapp
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Operations PGS Annual Report 2011 2
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Operations in 2011. The performance
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Operations Ramform’s Sustainable
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Operations Data Processing and Tech
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Data Processing and Technology seis
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Corporate Responsibility: PGS’ De
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Health, Safety, Environment and Qua
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The PGS Share 20 largest PGS shareh
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The PGS Share Contact Information f
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Corporate Governance carry the same
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Corporate Governance the upcoming c
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Corporate Governance is made, the B
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Board of Directors Daniel Piette is
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Executive Management Guillaume Camb
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Board of Directors’ report Effort
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Board of Directors’ report delive
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Board of Directors’ report the re
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Board of Directors’ report Commod
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Board of Directors’ report sharin
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A work boat arrives the stern cradl
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Consolidated financial statements C
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