Income statement

Interim condensed consolidated income statement
For the six months ended
30 June 2011		 Notes 6 months ended
30 June
2011
Unaudited
US$'000 		6 months ended
30 June
2010
Unaudited
US$'000
Restated 		Year ended
31 December
2010
Audited
US$'000
 
Revenue
4 2,711,081 2,165,828 4,354,217
Cost of sales 5 (2,288,831) (1,762,349) (3,595,142)
Gross profit

422,250 403,479 759,075
 
Selling, general and administration expenses
(118,199) (115,405) (221,449)
Gain on EnQuest demerger   - 125,569 124,864
Other income
3,069 7,185 5,013
Other expenses   (8,660) (4,319) (4,053)

Profit from operations before tax and finance income/(costs )
298,460 416,509 663,450
 
Finance costs
(3,422) (4,580) (5,131)
Finance income   5,243 5,049 10,209
Share of losses of associates
11
 (687) - (131)
Profit before tax
299,594 416,978 668,397
 
Income tax expense 6 (53,140) (61,245) (110,545)
 
Profit for the period   246,454 355,733 557,852
 
Attributable to:



Petrofac Limited shareholders
246,286 356,535 557,817
Non-controlling interests   168 (802) 35
246,454 355,733 557,852
 
Earnings per share (US cents) 7


- Basic (excluding gain on EnQuest demerger)
72.71 68.17 127.76
- Diluted (excluding gain on EnQuest demerger)
71.84 67.31 126.09
 
- Basic (including gain on EnQuest demerger)
72.71 105.23 164.61
- Diluted (including gain on EnQuest demerger)
71.84 103.91 162.46
 

The attached notes 1 to 17 form part of these interim condensed consolidated financial statements.


Interim condensed consolidated statement of comprehensive income
For the six months ended
30 June 2011		 Notes 6 months ended
30 June
2011
Unaudited
US$'000		 6 months ended
30 June
2010
Unaudited
US$'000
Restated		 Year
ended
31 December
2010
Audited
US$'000
 
Profit for the period
   246,454 355,733 557,852
 
Foreign currency translation 15 9,934 (10,247) (908)
Foreign currency translation recycled to income statement in the period on EnQuest demerger 15 - 45,818 45,818
Net losses/(gains) on cash flow hedges recycled in the period 15 5,980 (14,409) (16,612)
Net changes in fair value of derivatives and financial assets designated as cash flow hedges 15 14,055 (35,470) (18,958)
Net changes in fair value of available-for-sale financial assets
15
 - - 70
Disposal of available-for-sale financial assets 15 (70) (74) (74)
Other comprehensive income/(loss)   29,899 (14,382) 9,336
Total comprehensive income for the period   276,353 341,351 567,188
 
Attributable to:  


Petrofac Limited shareholders   276,185 342,153 567,153
Non-controlling interests   168 (802) 35

   276,353 341,351 567,188



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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