Annual r eport 2002 Annual r eport 2002 - Boskalis

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Financial Statements 2002 Explanatory notes to the consolidated balance sheet and profit and loss account 1. General Unless stated otherwise, all amounts in these explanatory notes are in thousands of euros. The consolidated balance sheet was, by contrast with previous years, drawn up before profit appropriation. The comparative figures have been adjusted accordingly. The most important group companies included in the consolidation of Royal Boskalis Westminster nv are: The Netherlands Aannemersbedrijf M. de Haan bv, Drachtstercompagnie Aannemingsmaatschappij Markus bv, Halfweg Archirodon Group NV, Dordrecht (30%) Baggermaatschappij Boskalis bv, Papendrecht Baggermaatschappij Breejenbout bv, Papendrecht Baggermaatschappij Holland bv, Papendrecht Beleggingsmaatschappij Zanen Verstoep bv, the Hague Boskalis Dolman bv, Dordrecht Boskalis International bv, Sliedrecht Boskalis Markus bv, Papendrecht Boskalis Offshore bv, Papendrecht Boskalis bv, Rotterdam Boskalis Zinkcon bv, Papendrecht Boskalis Westminster Dredging bv, Papendrecht Boskalis Westminster International bv, Papendrecht Boskalis Finance bv, Papendrecht BW Soco bv, Sliedrecht A.H. Breijs & Zonen Onroerend Goed bv, Rotterdam A.H. Breijs & Zonen bv, Rotterdam J. van Vliet bv, Wormerveer (new) Hydronamic bv, Sliedrecht Zanen Verstoep bv, Papendrecht Zinkcon Contractors bv, Papendrecht Zinkcon Dekker bv, Papendrecht Zinkcon International bv, Sliedrecht Other areas Boskalis Westminster Ltd, Fareham (United Kingdom) Rock Fall Company Ltd, Ayrshire (United Kingdom) Westminster Dredging Company Ltd, Fareham (United Kingdom) Zanen Dredging and Contracting Company Ltd, Fareham (United Kingdom) Boskalis Zinkcon Ltd, Fareham (United Kingdom) Irish Dredging Company Ltd, Cork (Ireland) Boskalis Sweden AB, Göteborg (Sweden) Atlantique Dragage SARL, Nanterre (France) Boskalis Offshore A/S, Randaberg (Norway) Terramare Oy, Helsinki (Finland) Sociedad Española de Dragados SA, Madrid (Spain) Dragapor Dragagens de Portugal S.A., Alcochete (Portugal) Bagger- und Bauunternehmung Delta GmbH, Bremen (Germany) Heinrich Hirdes GmbH, Hamburg (Germany) Heinrich Hirdes Wasser- und Tiefbau GmbH, Duisburg (Germany) Boskalis Westminster Middle East Ltd, Nicosia (Cyprus) Beaver Dredging Company Ltd, Toronto (Canada) Boskalis Westminster Inc., Wilmington (United States of America) Bean Stuyvesant LLC, Delaware (United States of America) (50%) Coastal and Inland Marine Services Inc., Ancon (Panama) Dragamex SA de CV, Coatzacoalcos (Mexico) (50%) Boscampo, Douala (Cameroon) Boskalis Taiwan Ltd, Taipei (Taiwan) Boskalis International (S.) Pte Ltd (Singapore) Zinkcon Marine Singapore Pte Ltd (Singapore) The complete list of consolidated group companies, joint ventures and associated companies has been filed at the Chamber of Commerce in Rotterdam. Section 403, Part 9, Book 2 of the Netherlands Civil Code is applicable to a number of group companies included in this list. 51 Royal Boskalis Westminster nv
Financial Statements 2002 2. Tangible fixed assets Land and Floating Other Fixed assets Tangible Total buildings and other fixed not engaged fixed assets construction assets in normal under equipmentl operations construction Balance as at 1 January 2002 Cost 48,901 976,877 38,701 482 72,081 1,137,042 Depreciation ( 20,505 ) ( 612,546 ) ( 23,996 ) ( 161 ) – ( 657,208 ) Net book value 28,396 364,331 14,705 321 72,081 479,834 Movements Additions 691 38,890 7,876 4 104,631 152,092 In/(out of) consolidation – 1,759 15 – – 1,774 Taken into service 7,668 67,371 22 – ( 75,061 ) – Disposals at net book value ( 1 ) ( 6,703 ) ( 5,299 ) – – ( 12,003 ) Depreciation ( 2,876 ) ( 59,132 ) ( 4,624 ) ( 17 ) – ( 66,649 ) Currency fluctuations & other movements ( 114 ) ( 9,251 ) ( 610 ) ( 27 ) ( 346 ) ( 10,348 ) Total movements in 2002 5,368 32,934 ( 2,620 ) ( 40 ) 29,224 64,866 Balance as at 31 December 2002 Cost 56,552 1,048,523 33,830 452 101,305 1,240,662 Depreciation ( 22,788 ) ( 651,258 ) ( 21,745 ) ( 171 ) – ( 695,962 ) Net book value 33,764 397,265 12,085 281 101,305 544,700 The current value of floating and other construction equipment considerably exceeds the book value, which is based on historical cost and related depreciation. For land and buildings it is reasonable to assume that the current value exceeds the net book value to some extent. An amount of € 1.5 million, representing land used for sand production, has been accounted for under land and buildings (2001: € 1.7 million). 3. Associated companies The key associated companies are: Bean Meridian Holding LLC, Delaware, United States of America 25% Bean Excavation LLC, Delaware, United States of America 25% Bean Meridian LLC, Delaware, United States of America 25% Lamnalco Ltd, Nicosia, Cyprus 50% RW Aggregates Ltd, Dorking, United Kingdom 50% 52 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 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: Financial Statements 2002 Consolida
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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