Annual r eport 2002 Annual r eport 2002 - Boskalis

Financial Statements 2002
The bonuses were given for the achievement of certain targets during the 2001
financial year. In 2001, the remuneration for members of the Board of Management
and Supervisory Board amounted to € 1.6 million and € 0.1 million respectively.
No loans or guarantees have been provided to, or on behalf of, the managing
and supervisory directors. At the end of 2002, the group companies included in
the consolidation had a total of 3,285 employees (2001: 3,119) of whom 1,804
(2001: 1,865) were paid on a weekly basis. The average number of employees
in 2002 was 3,192 (2001: 3,257).
20. Social security costs
These include an amount of € 11.4 million for pension costs (2001: € 7.5 million).
21. Taxation
The operational activities of Royal Boskalis Westminster nv are subject to various
tax regimes with tax rates varying from 4% to 46%. These different tax rates, in
connection with fiscal facilities in various countries, results not subject to taxation
and non-deductible costs, lead to an effective tax rate in the reporting period of
25.4 % (2001: 27.3%). The average effective tax rate is calculated by dividing the
taxation by the result before taxation shown in the consolidated profit and loss
account. The reconciliation between the weighted average tax rate and the
effective tax rate is as follows (in percentages):
2002 2001
Weighted average tax rate 28.1 30.1
Tax effect of:
Utilization of non-capitalized losses carried forward ( 4.9 ) ( 7.4 )
Non-capitalized future losses carried forward 3.9 10.5
Results not subject to taxation and non-deductible costs ( 5.2 ) ( 2.8 )
Non-deductible and exceptional regimes 3.5 ( 3.1 )
Effective tax rate 25.4 27.3
Taxation consists entirely of taxes on results from operating activities.
22. Segmentation
Royal Boskalis Westminster nv is a dredging company with international operations
and a strong focus. The necessary assets are in general not region-specific and
can be deployed worldwide. Given the nature of the activities, each individual
project at Royal Boskalis Westminster nv has its own risk and return profile.
A correct picture can only be obtained by evaluating the activities jointly as a
complete portfolio.
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Annual Report 2002