Annual Report 2011 - PGS
Annual Report 2011 - PGS
Annual Report 2011 - PGS
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Consolidated Financial Statements<br />
CONSOLIDATED FINANCIAL STATEMENTS<br />
PETROLEUM GEO-SERVICES<br />
CONSOLIDATED STATEMENTS OF OPERATIONS<br />
(In thousands of dollars) Note <strong>2011</strong><br />
Years ended December 31,<br />
2010<br />
Restated(2)<br />
2009<br />
Restated(2)<br />
Revenues 6 $ 1,253,300 $ 1,135,134 $ 1,350,202<br />
Cost of sales (1) 643,434 581,900 599,053<br />
Research and development costs (1) 24,281 21,791 22,806<br />
Selling, general and administrative costs (1) 50,822 56,014 49,270<br />
Depreciation and amortization 6, 7 397,881 344,908 303,783<br />
Impairments of long-lived assets 6, 7 2,583 79,136 153,615<br />
Other operating income 20 (4,400) - -<br />
Total operating expenses 1,114,601 1,083,749 1,128,527<br />
Operating profit 6 138,699 51,385 221,675<br />
Share of profit (loss) of equity accounted investments 20 (12,389) (10,183) 1,901<br />
Interest expense 8 (42,170) (46,996) (45,232)<br />
Other financial income 9 24,451 13,860 24,489<br />
Other financial expense 9 (33,731) (17,580) (11,117)<br />
Currency exchange gain (loss) (10,347) 916 24,806<br />
Income (loss) before income tax expense 64,513 (8,598) 216,522<br />
Income tax expense 10 30,044 13,903 51,942<br />
Income (loss) from continuing operations 34,469 (22,501) 164,580<br />
Income (loss) from discontinued operations, net of tax 4 589 8,548 (8,248)<br />
Net income (loss) $ 35,058 $ (13,953) $ 156,332<br />
Net income attributable to non-controlling interests 1,367 67 2,094<br />
Net income (loss) to equity holders of <strong>PGS</strong> ASA $ 33,691 $ (14,020) $ 154,238<br />
(1) Excluding depreciation and amortization, which is shown separately.<br />
(2) See note 2<br />
Earnings per share, to ordinary equity holders of <strong>PGS</strong> ASA: 11<br />
- Basic $ 0.16 $ (0.07) $ 0.82<br />
- Diluted $ 0.15 $ (0.07) $ 0.82<br />
Earnings per share from continuing operations,<br />
to ordinary equity holders of <strong>PGS</strong> ASA: 11<br />
- Basic $ 0.15 $ (0.11) $ 0.86<br />
- Diluted $ 0.15 $ (0.11) $ 0.86<br />
London, March 22, 2012<br />
Board of Directors<br />
Petroleum Geo-Services ASA<br />
London, March 22, 2012<br />
Board of Directors<br />
Petroleum Geo-Services ASA<br />
Francis Gugen Harald Norvik Annette Malm Justad Holly Van Deursen<br />
Chairperson<br />
Francis Gugen Vice Chairperson Harald Norvik<br />
Carol Bell<br />
Holly Van Deursen<br />
Chairperson<br />
Vice Chairperson<br />
Annette Malm Justad Daniel J. Piette Ingar Skaug Jon Erik Reinhardsen<br />
Chief Executive Officer<br />
Carol Bell Daniel J. Piette Ingar Skaug Jon Erik Reinhardsen<br />
Chief Executive Officer<br />
55 <strong>PGS</strong> ANNUAL REPORT <strong>2011</strong><br />
68 <strong>PGS</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong>
Change language