Annual Report 2011 - PGS

Notes to the financial Statements of PGS ASA
NOTES TO THE FINANCIAL STATEMENTS OF PGS ASA
Note 11 - Shareholders’ Equity
Changes in shareholders’ equity for the years ended December 31, 2011 and 2010 are as follows:
Paid-in capital
Own
shares,
par value
Additional
paid-in
capital
(In thousands of NOK)
Common
stock
Other
equity
Shareholders’
equity
Balance as of January 1, 2010 594,000 --- 614,684 7,524,568 8,733,252
Share issue; November 17, 2010 59,400 --- 1,560,103 --- 1,619,503
Acquired treasury shares --- (2,711) --- (56,858) (59,569)
Exercise employee share options --- 1,079 --- 13,407 14,486
Employee share options --- --- 6,233 --- 6,233
Interest rate swaps/forward exchange contracts (net of tax) --- --- --- 11,034 11,034
Net income --- --- --- (515,570) (515,570)
Balance as of December 31, 2010 653,400 (1,632) 2,181,020 6,976,581 9,809,369
Acquired treasury shares --- (3,729) --- (92,111) (95,840)
Exercise employee share options --- 1,689 --- 21,528 23,217
Employee share options --- --- 4,356 --- 4,356
Employee share options recharged to subsidiaries (a) --- --- 134,414 --- 134,414
Interest rate swaps/forward exchange contracts (net of tax) --- --- --- 7,277 7,277
Dividend to shareholders --- --- --- (239,580) (239,580)
Net income --- --- --- 638,061 638,061
Balance as of December 31, 2011 653,400 (3,672) 2,319,790 7,311,756 10,281,274
(a) In 2011 PGS ASA recharged accumulated share option cost to subsidiaries.
PGS ASA completed a private placement of NOK 1,643,399,834 (approx $274 million) in November 2010 by issuing 19,799,998
new shares at the price of NOK 83 per share. The shares issue increased the equity by
NOK 1,620 million, net of transaction costs of NOK 23.9 million (net of tax).
As of December 31, 2011 and 2010, Petroleum Geo-Services ASA had a share capital of NOK 653,399,991 divided on a total of
217,799,997 shares, of par value NOK 3, each fully paid in. See Note 31 to the consolidated financial statement for further
information about the share capital and authorizations.
All shares have equal voting rights and are entitled to dividends. Any distribution of PGS ASA’s equity is dependent on the
approval of the shareholders, and the ability to make distributions is limited by certain debt covenants and Norwegian Corporate
Law (see Note 25 to the consolidated financial statements). A listing of PGS ASA’s largest shareholders is provided in Note 31
to the consolidated financial statements.
PGS ASA’s holding of treasury shares reconciles as follows:
% of total shares
Treasury shares
outstanding
Balance at January 1, 2010 --- ---
Acquired treasury shares 903,517
Used to fulfil employee share option program in 2010 (a) (359,536)
Balance at December 31, 2010 543,981 0.25%
Acquired treasury shares 1,243,000
Used to fulfil employee share bonus program in 2011 (9,847)
Used to fulfil employee share option program in 2011 (a) (553,213)
Balance at December 31, 2011 1,223,921 0.56%
(a) See Note 33 to the consolidated financial statements.
The average number of treasury shares in the years ended December 31, 2011 and 2010 were 561,331 and 388,228
respectively.
For the year ended December 31, 2011, PGS ASA will distribute a dividend of NOK 239.6 million. No dividend was distributed
for years ended December 31, 2010 and 2009.
PGS ANNUAL REPORT 2011 60
128 PGS Annual Report 2011