Annual r eport 2002 Annual r eport 2002 - Boskalis

Financial Statements 2002
7. Bank deposits and cash
This includes € 46.9 million (2001: € 58.1 million) of joint-venture funds. In addition,
at year-end 2002, € 6.2 million was in frozen accounts (2001: € 15.1 million).
The remaining funds at the end of 2002 are at free disposal. In order to hedge
exchange and interest rate risks related to lease obligations for the trailing suction
hopper dredger W.D. Fairway, a currency swap has been concluded and
two deposits are held. The commitments related to this swap have been fully
paid in advance. The discounted value of these lease obligations, amounting to
€ 69.0 million as per 31 December 2002 (2001: € 70.1 million), is offset against
the value of the currency swap and the related deposits, which also amounts to
€ 69.0 million.
8. Creditors and accruals 2002 2001
Trade creditors 85,544 97,810
Corporate taxes 55,334 36,055
Other taxes and social security payables 29,422 32,796
Amounts due to associated companies 8,426 10,216
Other creditors and accruals 267,795 250,544
446,521 427,421
9. Repayments and bank debts 2002 2001
Repayments on long-term loans 3,280 1,112
Other debts 5,527 19,584
8,807 20,696
With respect to an amount of € 2.1 million in other bank loans, securities have
been provided by means of the assignment of debts, a mortgage on equipment
and silent pledge for the same amount.
10. Long-term loans
As at 31 December 2002, the average interest rate for the long-term loans was
3.4%. The average remaining maturity period of these loans is approximately
2 years. Long-term loans with a remaining term in excess of 5 years are approximately
nil. The repayments due in 2003 are accounted for under Repayments
and bank debts. By means of a mortgage on equipment and silent pledge,
securities have been provided in respect of € 0.7 million of the long-term loans
outstanding as at year-end 2002.
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Annual Report 2002