Back to GetFilings.com



 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 10-Q
 
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Quarter ended: September 30, 2002
 
Commission file No.: 1-4601
 
 
SCHLUMBERGER N.V.
(SCHLUMBERGER LIMITED)
(Exact name of registrant as specified in its charter)
 
Netherlands Antilles
  
52-0684746
(State or other jurisdiction of
incorporation or organization)
  
(I.R.S. Employer
Identification No.)
 
153 East 53 Street, 57th Floor
    
New York, New York, U.S.A.
  
10022
42 Rue Saint-Dominique
    
Paris, France
  
75007
Parkstraat 83
    
The Hague,
    
The Netherlands
  
2514 JG
(Addresses of principal executive offices)
  
(Zip Codes)
     
 
Registrant’s telephone number: (212) 350-9400
 
 
Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes  x     No  ¨
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
Class
  
Outstanding at September 30, 2002
Common Stock, $0.01 Par Value
  
580,660,926
 

 
PART I.    FINANCIAL INFORMATION
 
Item 1:    Financial Statements
 
SCHLUMBERGER LIMITED
(Schlumberger N.V., Incorporated in the Netherlands Antilles)
and Subsidiary Companies
 
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(Stated in thousands except per share amounts)
 
    
Periods Ended September 30,
  
    
Third Quarter
     
Nine Months
  
    
2002
   
2001
     
2002
     
2001
  
REVENUE:
                                  
Operating
   
$
3,501,370
   
$
3,772,473
 
   
$
10,199,287
 
   
$
10,557,568
 
Interest & other income
   
 
40,917
   
 
40,762
 
   
 
112,930
 
   
 
190,179
 
    
  
  
  
    
 
3,542,287
   
 
3,813,235
 
   
 
10,312,217
 
   
 
10,747,747
 
    
  
  
  
EXPENSES:
                                  
Cost of goods sold & services
   
 
2,778,651
   
 
2,856,755
 
   
 
8,016,236
 
   
 
8,359,101
 
Research & engineering
   
 
166,232
   
 
177,366
 
   
 
492,721
 
   
 
527,171
 
Marketing
   
 
102,356
   
 
120,277
 
   
 
293,430
 
   
 
348,642
 
General
   
 
169,233
   
 
189,836
 
   
 
493,860
 
   
 
504,316
 
Interest
   
 
98,238
   
 
102,319
 
   
 
276,904
 
   
 
287,277
 
    
  
  
  
    
 
3,314,710
   
 
3,446,553
 
   
 
9,573,151
 
   
 
10,026,507
 
    
  
  
  
Income before taxes and minority interest
   
 
227,577
   
 
366,682
 
   
 
739,066
 
   
 
721,240
 
Taxes on income
   
 
60,843
   
 
157,358
 
   
 
195,273
 
   
 
356,388
 
    
  
  
  
Income before minority interest
   
 
166,734
   
 
209,324
 
   
 
543,793
 
   
 
364,852
 
Minority interest
   
 
6,103
   
 
(14,676
)
   
 
(2,449
)
   
 
(27,601
)
    
  
  
  
Net Income
   
$
172,837
   
$
194,648
 
   
$
541,344
 
   
$
337,251
 
    
  
  
  
Basic Earnings Per Share:
                                  
Net Income
   
$
0.30
   
$
0.34
 
   
$
0.94
 
   
$
0.59
 
Elimination of goodwill amortization
   
 
—  
   
 
0.16
 
   
 
—  
 
   
 
0.34
 
    
  
  
  
Adjusted Net Income
   
$
0.30
   
$
0.50
 
   
$
0.94
 
   
$
0.93
 
    
  
  
  
Diluted Earnings Per Share:
                                  
Net Income
   
$
0.30
   
$
0.34
 
   
$
0.94
 
   
$
0.59
 
Elimination of goodwill amortization
   
 
—  
   
 
0.16
 
   
 
—  
 
   
 
0.34
 
    
  
  
  
Adjusted Net Income
   
$
0.30
   
$
0.50
 
   
$
0.94
 
   
$
0.93
 
    
  
  
  
Average shares outstanding:
                                  
Basic
   
 
579,632
   
 
575,019
 
   
 
577,727
 
   
 
573,843
 
Assuming dilution
   
 
581,856
   
 
579,472
 
   
 
581,468
 
   
 
580,307
 
 
See Notes to Consolidated Financial Statements

2

 
SCHLUMBERGER LIMITED
(Schlumberger N.V., Incorporated in the Netherlands Antilles)
and Subsidiary Companies
 
CONSOLIDATED BALANCE SHEET
 
    
(Dollars in thousands)
  
    
Sept. 30,
2002
(Unaudited)
     
Dec. 31,
2001
  
               
ASSETS
       
CURRENT ASSETS:
                  
Cash
   
$
153,831
 
   
$
177,704
 
Short-term Investments
   
 
1,404,458
 
   
 
1,439,997
 
Receivables less allowance for doubtful accounts (2002—$158,048; 2001—$145,268)
   
 
3,746,090
 
   
 
4,028,450
 
Inventories
   
 
1,213,949
 
   
 
1,204,263
 
Deferred taxes
   
 
326,040
 
   
 
321,767
 
Other current assets
   
 
635,863
 
   
 
532,709
 
    
  
    
 
7,480,231
 
   
 
7,704,890
 
FIXED INCOME INVESTMENTS, HELD TO MATURITY
   
 
428,000
 
   
 
576,000
 
INVESTMENTS IN AFFILIATED COMPANIES
   
 
834,686
 
   
 
820,806
 
FIXED ASSETS
   
 
4,721,705
 
   
 
4,827,879
 
MULTICLIENT SEISMIC DATA
   
 
1,179,667
 
   
 
1,028,954
 
GOODWILL
   
 
6,750,956
 
   
 
6,260,969
 
INTANGIBLE ASSETS
   
 
627,414
 
   
 
811,349
 
DEFERRED TAXES
   
 
184,180
 
   
 
126,057
 
OTHER ASSETS
   
 
201,529
 
   
 
169,463
 
    
  
    
$
22,408,368
 
   
$
22,326,367
 
    
  
LIABILITIES & STOCKHOLDERS’ EQUITY
                  
CURRENT LIABILITIES:
                  
Accounts payable and accrued liabilities
   
$
4,166,845
 
   
$
4,506,634
 
Estimated liability for taxes on income
   
 
487,880
 
   
 
587,328
 
Dividend payable
   
 
109,533
 
   
 
108,642
 
Long-term debt due within one year
   
 
78,748
 
   
 
31,990
 
Bank & short-term loans
   
 
682,838
 
   
 
983,191
 
    
  
    
 
5,525,844
 
   
 
6,217,785
 
LONG-TERM DEBT
   
 
6,757,090
 
   
 
6,215,709
 
POSTRETIREMENT BENEFITS
   
 
523,667
 
   
 
504,797
 
OTHER LIABILITIES
   
 
251,036
 
   
 
372,696
 
    
  
    
 
13,057,637
 
   
 
13,310,987
 
    
  
MINORITY INTEREST
   
 
649,044
 
   
 
636,899
 
    
  
STOCKHOLDERS’ EQUITY:
                  
Common stock
   
 
2,133,040
 
   
 
2,045,437
 
Income retained for use in the business
   
 
8,530,954
 
   
 
8,314,766
 
Treasury stock at cost
   
 
(1,606,442
)
   
 
(1,694,884
)
Accumulated other comprehensive income
   
 
(355,865
)
   
 
(286,838
)
    
  
    
 
8,701,687
 
   
 
8,378,481
 
    
  
    
$
22,408,368
 
   
$
22,326,367
 
    
  
 
See Notes to Consolidated Financial Statements

3

 
SCHLUMBERGER LIMITED
(Schlumberger N.V., Incorporated in the Netherlands Antilles)
and Subsidiary Companies
 
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 
    
(Dollars in thousands)
  
    
Nine Months Ended
September 30,
  
    
2002
     
2001
  
Cash flows from operating activities:
                  
Net income
   
$
541,344
 
   
$
337,251
 
Adjustments to reconcile net income to cash provided by operating activities:
                  
Depreciation and amortization(1)
   
 
1,162,061
 
   
 
1,368,308
 
Non-cash charges
   
 
28,923
 
   
 
302,350
 
Earnings of companies carried at equity, less distributions received (2002—$31,600; 2001—$—)
   
 
(19,923
)
   
 
(42,468
)
Deferred taxes
   
 
8,398
 
   
 
23,983
 
Provision for losses on accounts receivable
   
 
48,000
 
   
 
27,601
 
Change in operating assets and liabilities:
                  
Decrease (increase) in receivables
   
 
310,300
 
   
 
(918,739
)
Decrease (increase) in inventories
   
 
9,032
 
   
 
(305,761
)
Increase in other current assets