Annual r eport 2002 Annual r eport 2002 - Boskalis

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Report of the Board of Management on 2002 Turnover completed contracts (x € 1 million) Turnover, utilization and work done Turnover on the basis of completed contracts amounted to € 1,124 million in 2002, compared to € 1,081 million in 2001. The turnover of work done, the volume of activity, was € 1,035 million (2001: € 1,083 million). 1200 1100 1,081 1,124 1000 900 800 782 784 882 Turnover of work done according to market 700 600 500 486 594 499 520 637 (x € 1 million) 400 300 200 100 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Home markets 2002 2001 2000 1999 1998 • The Netherlands 254 283 223 160 142 • Rest of Europe 166 177 181 228 235 • Outside Europe 186 167 190 108 76 606 627 594 496 453 Turnover work done (x € 1 million) 1200 International projects market ‘hit and run’ 377 400 302 285 306 Specialist niche markets 52 56 64 70 42 1,035 1,083 960 851 801 1100 1000 900 800 700 600 500 400 300 200 100 0 1,083 1,035 960 851 801 697 582 545 569 493 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Home markets. In the home markets, turnover fell in 2002 to € 606 million (2001: € 627 million). The share of the home markets in the turnover of work done was 59%, as in 2001. The Boskalis home markets are: The Netherlands Portugal Germany Italy United Kingdom Mexico Finland United States Sweden Nigeria In Europe, the main fall in turnover was in the Netherlands. Here, after the record year of 2001, volume mainly fell in the sand trading and dry earth moving segments. Weaker markets also meant that turnover was down in Germany and Scandinavia compared to 2001. The United Kingdom had a better year and Portugal performed at the same level as in 2001. Outside Europe, turnover in Mexico was well down on 2001 and the level of activity in the United States was stable. Home market Nigeria had a strong year as the result of a sizeable order for Chevron. There was no turnover in Brazil in 2002 and the activities there were wound down because of the poor market prospects in that country. 31 Royal Boskalis Westminster nv
Report of the Board of Management on 2002 Turnover work done by market Home markets (59%) Specialist niche markets (5%) International projects markets (36%) Turnover of work done according to geographical area (x € 1 million) 2002 2001 2000 1999 1998 The Netherlands 254 283 223 160 142 Rest of Europe 189 208 234 276 282 Australia / Asia 207 265 148 146 143 Middle East 132 61 64 66 90 Africa 115 77 103 55 54 North and South America 138 189 188 148 90 1,035 1,083 960 851 801 International projects market. On the international projects market, turnover in 2002 was € 377 million, 6% less than in 2001. In addition, turnover in the Far East was lower on balance because of the sand problems on the land reclamation projects in Singapore in the second half of the year. Other large projects included harbor extensions in Pusan, South Korea and Jubail, Saudia Arabia, as well as ‘Palm Island’, the tourist island in sea in Dubai, and a new road link in Sri Lanka from the airport to the capital, Colombo. The level of activity was moderate in Africa, as in South America. Archirodon contributed throughout 2002 and doubled its turnover contribution compared to 2001 to € 53 million. Specialist niche markets. In the specialist niche markets, the volume of activities for the offshore industry was comparable to 2001, with turnover amounting to € 52 million. Equipment utilization (in weeks per year) 45 43 40 40 40 40 38 35 31 30 30 29 29 26 25 20 15 10 5 0 1998 1999 2000 2001 2002 cutter suction dredgers trailing suction hopper dredgers Equipment utilization in 2002 was good. The major cutter works in the Middle East meant that the large self-propelled cutter suction dredgers were well utilized, after an initially hesitant start to these works in the first quarter. The utilization rates for the smaller cutter suction dredgers were lower than in 2001, primarily because of the fall in turnover in home markets. On balance, utilization of the cutter suction dredger fleet rose to 31 weeks (2001: 29 weeks). Utilization of the trailing suction hopper dredger fleet was, as expected, down on 2001; this was primarily caused by the planned extension of the jumbo trailing suction hopper dredger W.D. Fairway, putting this vessel out of operation in the fourth quarter. Furthermore, this jumbo trailing suction hopper dredger was inoperative for seven weeks in the third quarter because no sand could be produced for the land reclamation project in Singapore. The other trailing suction hopper dredgers had high utilization rates. On balance, the trailing suction hopper dredger fleet was occupied for 40 weeks of the year (2001: 43 weeks). The total amount of acquired orders in 2002 was € 1,084 million (2001: € 1,093 million). Important new assignments were harbor extensions in Malaysia, Gothenburg, New York and Pusan (South Korea), a water drainage facility in Singapore (together with Archirodon) and a land reclamation project for Chevron in Nigeria. On balance, the orderbook increased from € 1,224 million at year-end 2001 to € 1,273 million as at 31 December 2002. 32 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 and 12: Robert de Vlaming, Regional Manager
Page 13 and 14: Basic principles of the corporate s
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: Report of the Board of Management o
Page 35 and 36: Report of the Board of Management o
Page 37 and 38: 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
Page 65 and 66: Financial Statements 2002 6. Commit
Page 67 and 68: Other information 5. The company ma
Page 69 and 70: Ten years Boskalis Ten years Boskal
Page 71 and 72: Left Paul van der Burg, specialist
Page 73 and 74: The world of Boskalis The world of
Page 75 and 76: Organization Operational staff depa
Page 77 and 78: Offices around the world Rock Fall
Page 79 and 80: Offices around the world Stuyvesant
Page 81 and 82: Glossary Glossary Acquired orders T
Page 83 and 84:
Glossary The extended trailing suct
Page 85 and 86:
The dredging work done by Boskalis
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