Balance sheet

Interim condensed consolidated statement of financial position
at 30 June 2011
 Notes
30 June
2011
Unaudited
US$’000
30 June
2010
Unaudited
US$’000
Restated
31 December
2010
Audited
US$’000
ASSETS
Non–current assets
Property, plant and equipment
 9 443,767 286,631 287,158
Goodwill
 10 109,198 105,189 105,832
Intangible assets
 91,452 75,793 85,837
Investment in associates 11 167,272 716 16,349
Available–for–sale financial assets
 11 - - 101,494
Long-term trade receivable 79,745 - -
Other financial assets
 260 5,101 2,223
Deferred income tax assets
   29,128 28,932 26,301
    920,822 502,362 625,194
Current assets
Inventories
 9,562 6,007 7,202
Work in progress
 520,344 903,494 803,986
Trade and other receivables
1,252,445 819,559 1,056,759
Due from related parties
 17 330 292 327
Other financial assets
 51,982 27,760 42,350
Income tax receivable - - 2,525
Cash and short–term deposits
 13 1,848,249 1,074,853 1,063,005
    3,682,912 2,831,965 2,976,154
         
TOTAL ASSETS
   4,603,734 3,334,327 3,601,348
 
EQUITY AND LIABILITIES
Equity attributable to Petrofac Limited shareholders
Share capital
 6,915 6,912 6,914
Share premium
 1,402 - 992
Capital redemption reserve
 10,881 10,881 10,881
Shares to be issued 994 1,988 994
Treasury shares
 14 (81,691) (67,039) (65,317)
Other reserves
 15 60,533 3,327 34,728
Retained earnings
   928,005 632,662 787,270
    927,039 588,731 776,462
Non-controlling interests
   3,004 2,097 2,592
TOTAL EQUITY
    930,043 590,828 779,054
 
Non–current liabilities
      
Interest–bearing loans and borrowings
    30,129 51,074 40,226
Provisions
   52,214 42,008 45,441
Other financial liabilities
   10,027 31,546 11,453
Deferred income tax liabilities
    50,247 53,789 48,086
     142,617 178,417 145,206
 
Current liabilities
      
Trade and other payables
   1,606,204  879,207 1,021,436
Due to related parties
 17 18,205 1,077 11,710
Interest–bearing loans and borrowings
   50,091 63,157 47,435
Other financial liabilities
    21,734 47,565 37,054
Income tax payable
   62,964 105,006 105,559
Billings in excess of cost and estimated earnings
   387,750 424,719 178,429
Accrued contract expenses
   1,384,126 1,044,351 1,275,465
     3,531,074 2,565,082 2,677,088
TOTAL LIABILITIES
    3,673,691 2,743,499 2,822,294
TOTAL EQUITY AND LIABILITIES
    4,603,734 3,334,327 3,601,348


The attached notes 1 to 17 form part of these interim condensed consolidated financial statements and are available in PDF format (PDF 78.3 KB – opens in a new window)

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