Annual r eport 2002 Annual r eport 2002 - Boskalis

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“Innovation means constantly pushing at your limits, literally and figuratively.” Computer animation of the grab, that can work precisely down to depths of 1,000 metres. The fallpipe vessel Seahorse testing the new grab. The 80-ton grab being lifted on deck. Royal Boskalis Westminster nv
Basic principles of the corporate strategy Basic principles of the corporate strategy The key success factors for a leading international service company in the area of maritime infrastructure are: • enterprise and risk management; • transparency in corporate governance; • employee efficiency; • professional expertise and skills; • a large and versatile fleet; • efficient organizational and communications structures. Enterprise and risk management Enterprise means dealing every day with uncertainties, opportunities and risks. International enterprise is highly developed at Boskalis and is encouraged by the top of the company on the basis of freedom and discipline. Extensive decentralization for marketing operations and work contracting is linked to regular feedback, coordination and reporting. As an international dredging company, Boskalis has to deal with risks on a day-to-day basis. There are three kinds of risks: Economic and market risks. The Boskalis markets are heterogeneous and often develop in different ways. Boskalis is well placed to respond to both positive and negative developments in individual market segments because of its global spread of activities, its broad-based, versatile and internationally-based fleet and its occupation of strong positions in the home markets. The dredging industry also focuses to a major degree on the maintenance and development of infrastructure. This means that long-term economic developments are more important than short-term economic fluctuations. The dredging industry is a capital-intensive industry with high entry and exit barriers. Price competition for large projects is often fierce. Cost leadership is a key success factor. It receives a great deal of emphasis in terms of both investment strategy and as a critical component of operational management. The PFI (Private Financing Initiative) project in Pevensey Bay involves the construction of an eight-kilometer-long shingle bank between Eastbourne and Bexill in East Sussex. The resulting improvement to the bank will provide protection against flooding for storms that may occur once every 300 years. The project includes maintenance work on the coastal defenses for 25 years. In the U.K., the project has already received 2 awards. 12 Annual Report 2002
Page 1 and 2: Annual report 2002 Rosmolenweg 20 3
Page 3 and 4: Innovation: where professionalism a
Page 5 and 6: Fast settling with BeauDrain soil i
Page 7 and 8: Company profile Company profile We
Page 9 and 10: Company profile However, the broad
Page 11: Robert de Vlaming, Regional Manager
Page 15 and 16: Basic principles of the corporate s
Page 17 and 18: Jelke Jan de With, director Boskali
Page 19 and 20: Management Management Supervisory B
Page 21 and 22: Carel Stetter, head of the building
Page 23 and 24: Key figures Key figures (1) Annual
Page 25 and 26: Investor relations Large shareholde
Page 27 and 28: Message to shareholders The tide tu
Page 29 and 30: Left Edgar van Herwijnen and right
Page 31 and 32: Report of the Board of Management o
Page 39 and 40: Dick Bodegom, Chief Engineer Resear
Page 41 and 42: Report of the Supervisory Board Rep
Page 43 and 44: Left Frances Buirma, director Perso
Page 45 and 46: The trailing suction hopper dredger
Page 47 and 48: Financial Statements 2002 Tangible
Page 49 and 50: Financial Statements 2002 Consolida
Page 51 and 52: Financial Statements 2002 Consolida
Page 53 and 54: Financial Statements 2002 2. Tangib
Page 55 and 56: Financial Statements 2002 7. Bank d
Page 57 and 58: Financial Statements 2002 In princi
Page 59 and 60: Financial Statements 2002 The bonus
Page 61 and 62: Financial Statements 2002 Company b
Page 63 and 64:
Financial Statements 2002 Explanato
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Financial Statements 2002 6. Commit
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Other information 5. The company ma
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Ten years Boskalis Ten years Boskal
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Left Paul van der Burg, specialist
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The world of Boskalis The world of
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Organization Operational staff depa
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Offices around the world Rock Fall
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Offices around the world Stuyvesant
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Glossary Glossary Acquired orders T
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Glossary The extended trailing suct
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The dredging work done by Boskalis
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Annual r eport 2002 Annual r eport 2002 - Boskalis

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