Annual r eport 2002 Annual r eport 2002 - Boskalis
Annual r eport 2002 Annual r eport 2002 - Boskalis
Annual r eport 2002 Annual r eport 2002 - Boskalis
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Financial Statements <strong>2002</strong><br />
11. Long-term liabilities <strong>2002</strong> 2001<br />
Taxes 16,142 25,557<br />
Other creditors and accruals 24,429 25,663<br />
40,571 51,220<br />
Long-term taxes payable consist of taxes that are due after one year but<br />
expected to be due within 5 years.<br />
No interest is due on other creditors and accruals and payment is expected<br />
to be due after 5 years.<br />
12. Provisions <strong>2002</strong> 2001<br />
Deferred taxation 22,811 19,013<br />
Maintenance and repair 45,837 64,749<br />
Pensions 3,810 3,673<br />
Other 3,245 3,387<br />
75,703 90,822<br />
The provision for deferred taxation mainly refers to temporary differences<br />
between the fiscal and commercial valuation of equipment lasting more than<br />
one year. Deferred tax assets are not capitalized as a result of uncertainties in<br />
the fiscal treatment of profits subject to taxation in The Netherlands and<br />
abroad. For maintenance and repair, amounts of approximately € 90 million<br />
(2001: approximately € 102 million) have been charged to the profit and loss account.<br />
Repairs amounting to approximately € 109 million (2001: approximately<br />
€ 119 million) were carried out during the year.<br />
The provision for pensions relates to pension liabilities involving employees and<br />
former employees of a foreign group company. These liabilities are not reinsured<br />
except for the widow’s and orphan’s pensions. Included under Other provisions<br />
are provisions for warranties, current legal proceedings and submitted claims.<br />
The provisions are predominantly long-term in nature.<br />
13. Shareholders’ equity<br />
Reference is made to notes 3. - 5. of the explanatory notes to the company<br />
balance sheet and profit and loss account.<br />
14. Financial instruments<br />
General. Pursuant to a financial policy agreed by the Board of Management,<br />
Royal <strong>Boskalis</strong> Westminster nv and its group companies use several financial<br />
instruments in the ordinary course of business. These are financial instruments<br />
that are accounted for under assets and liabilities as well as instruments not<br />
accounted for on the balance sheet. A large proportion of projects are contracted<br />
in foreign currencies.<br />
55 Royal <strong>Boskalis</strong> Westminster nv
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