Annual Report 2011 - PGS

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Notes to the consolidated financial statements NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 14 - Accounts Receivable Accounts receivable consist of the following: December 31, (In thousands of dollars) 2011 2010 Accounts receivable – trade 222,441 226,678 Allowance for doubtful accounts (1,676) (1,377) Total 220,765 225,301 The change in allowance for doubtful accounts is as follows: (In thousands of dollars) 2011 2010 Balance as of January 1, (1,377) (1,969) New and additional allowances (812) (48) Write-offs and reversals 513 640 Balance as of December 31, (1,676) (1,377) Aging analysis of accounts receivable is as follows: Past due, but not impaired (In thousands of dollars) Total Not due 120d December 31, 2011 220,765 178,479 20,934 9,775 2,822 2,869 5,886 December 31, 2010 225,301 147,092 63,232 4,155 619 3,986 6,217 Note 15 - Accrued Revenues and Other Receivables Accrued revenues and other receivables consist of the following: December 31, (In thousands of dollars) 2011 2010 Accrued revenue 91,673 122,284 Other receivables 17,774 19,961 VAT receivable 920 2,942 Total 110,367 145,187 Note 16 - Assets and liabilities classified as Held-for-Sale In December 2009 the Company entered into an agreement to sell Onshore, see Note 4. The transaction was closed in February 2010. The assets and liabilities of Onshore was classified as held-for-sale as of December 31, 2009. In 2008, the Company decided to sell Polar Pearl, a vessel under conversion in the Marine segment that was acquired as part of the acquisition of Arrow in 2007 (see Note 18). The vessel was classified as held-for-sale until it was sold at end of 2010. The Company recognized a loss of $0.6 million on this transaction. In 2009, the Company recognized an impairment of $2.2 million in the consolidated statements of operations (see Note 7). Note 17 - Other Current Assets Other current assets consist of the following: December 31, (In thousands of dollars) 2011 2010 Spare parts, consumables and supplies 41,476 32,408 Prepaid operating expenses 16,768 23,324 Withholding taxes and taxes receivable 15,599 22,566 Deferred steaming expenses 13,586 5,108 Deferred project costs 10,133 1,345 Prepaid reinsurances 2,695 2,809 Fair value adjustment of firm commitments 1,564 --- Unrealized gain forward exchange contracts (Note 26) 170 4,366 Other 2,885 6,506 Total 104,876 98,432 21 PGS ANNUAL REPORT 2011 92 PGS Annual Report 2011
Notes to the consolidated financial statements NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 18 - Property and Equipment (including finance leases) The components of property and equipment, including property and equipment under finance leases, are summarized as follows: Fixtures, (In thousands of dollars) Construction of vessels in progress Conversions Seismic vessels and equipment furniture and fittings Buildings and other Total Purchase costs Purchase costs as of January 1, 2010 294,571 60,677 1,683,994 63,916 26,928 2,130,086 Effect of policy change (Note 36) --- --- 87,147 --- --- 87,147 Restated purchase cost as of January 1, 2010 294,571 60,677 1,771,141 63,916 26,928 2,217,233 Capital expenditures 15,724 --- 200,194 6,393 1,200 223,510 Capitalized interest 2,535 --- --- --- --- 2,535 PGS Apollo delivered (182,586) --- 182,586 --- --- --- Sale of asset --- --- (10,468) --- --- (10,468) Retirements --- --- (76,402) (3,816) (3,115) (83,333) Reclassified assets to other receivables (NB 535) Other/translation adjustments (129,960) 377 --- (149) --- (1,454) --- (508) --- (91) (129,960) (1,825) Restated purchase costs as of December 31, 2010 661 60,528 2,065,597 65,985 24,922 2,217,693 Capital expenditures/recoveries 52,847 (1,700) 221,633 5,102 2,049 279,931 Capitalized interest 1,880 --- --- --- --- 1,880 Sale of asset --- --- (1,522) (46) --- (1,568) Retirements --- --- (50,066) (1,020) (40) (51,126) Other/translation adjustments 1,887 --- (1,652) (505) 243 (27) Purchase costs as of December 31, 2011 57,275 58,828 2,233,990 69,516 27,174 2,446,783 (In thousands of dollars) Accumulated depreciation and impairments Depreciation as of January 1, 2010 --- --- 607,223 45,990 9,405 662,618 Effect of policy change (Note 36) --- --- 47,263 --- --- 47,263 Restated accumulated depreciation as of January 1, 2010 --- --- 654,486 45,990 9,405 709,881 Impairments as of January 1, 2010 --- 33,030 149,385 391 1,200 184,006 Depreciation --- --- 170,697 8,134 2,614 181,445 Impairments 79,594 --- 14,718 --- --- 94,312 Sale of asset --- --- (9,171) --- --- (9,171) Retirements --- --- (69,114) (3,692) (3,079) (75,885) Reclassified assets to other receivables (NB 535) (79,594) --- --- --- --- (79,594) Other/translation adjustments --- --- (377) (159) 29 (507) Restated depreciation as of December 31, 2010 --- --- 746,521 50,273 8,969 805,763 Impairments as of December 31, 2010 --- 33,030 164,103 391 1,200 198,724 Depreciation --- --- 193,269 6,467 2,503 202,239 Impairments 4,582 --- (1,999) --- --- 2,583 Sale of asset --- --- (955) (26) --- (981) Retirements --- --- (48,280) (1,028) (40) (49,348) Reclassified assets to other receivables (NB 532 and --- --- --- --- (4,582) 533) (4,582) Other/translation adjustments --- --- (250) 43 9 (198) Depreciation as of December 31, 2011 --- --- 890,305 55,729 11,441 957,475 Impairments as of December 31, 2011 --- 33,030 162,104 391 1,200 196,725 Restated balance as of December 31, 2010 661 27,498 1,154,973 15,322 14,753 1,213,206 Balance as of December 31, 2011 57,275 25,798 1,181,581 13,396 14,533 1,292,583 PGS ANNUAL REPORT 2011 22 PGS Annual Report 2011 93
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Key Financial Figures Key Financial
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To optimize profitability and cash
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Marine Contract provides more detai
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Operations in 2011. The performance
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Operations Ramform’s Sustainable
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Annual Report 2011 - PGS

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