Statement of Financial Position
|
in millions of US$ |
2016 |
2015 |
2014 |
2013 |
20121 |
|---|---|---|---|---|---|
|
Capital employed IFRS |
8,996 |
8,806 |
8,134 |
6,383 |
3,420 |
|
Total equity IFRS |
3,513 |
3,465 |
3,149 |
2,887 |
1,530 |
|
Net debt IFRS |
5,216 |
5,208 |
4,775 |
3,400 |
1,816 |
|
Net gearing (%) IFRS |
59.8 |
60.0 |
60.3 |
54.1 |
54.3 |
|
Total assets IFRS |
11,488 |
11,340 |
11,118 |
8,749 |
6,635 |
|
Leverage ratio |
2.84 |
3.70 |
2.56 |
2.50 |
2.01 |
|
Solvency ratio |
32.4 |
32.3 |
31.1 |
30.2 |
27.1 |
- 1 not restated for comparison purpose
Total assets remained almost stable at US$ 11.5 billion as of December 31, 2016 compared to US$ 11.3 billion at year end 2015. This slight variance is mainly attributable to the increasing cash position while the finalized investments in FPSOs Cidade de Maricá, Cidade de Saquarema and Turritella are largely offset by vessels depreciation and finance lease redemptions.
Shareholder’s equity increased from US$ 2,496 million to US$ 2,516 million mostly due to the 2016 net income partially offset by the Share repurchase program completed over the period.
Capital Employed (Equity + Non-Current Provisions + Deferred tax liability + Net Debt) at year-end 2016 amounted to US$ 8,996 million, an increase of 2% compared to US$ 8,806 million in 2015. This was due in large part to the increase of non-current provisions following the reclassification as ‘non-current‘ of part of the provision for contemplated settlement with Brazilian authorities and Petrobras, as well as the new provision for onerous contracts booked over the period.
IFRS net debt was at US$ 5,216 million versus US$ 5,208 million in 2015. Proportional net debt at year-end amounted to US$ 3,147 million versus US$ 3,128 million in the year-ago period. The stability of the net debt is mainly related to strong operating cash-flow generation covering investing activities, payment of dividends and the share repurchase program over the period.
IFRS net gearing (net debt over equity + net debt ) at the end of the year came at 59.8%, almost stable compared to year end 2015 (60%).
The relevant banking covenants (Solvency, Net Debt/Adjusted EBITDA, Interest Cover) were all met. As in previous years, the Company has no off-balance sheet financing.