Annual r eport 2002 Annual r eport 2002 - Boskalis

Financial Statements 2002
Explanatory notes to the company balance sheet and profit and loss account
1. General
Unless stated otherwise, all amounts in these explanatory notes are stated in
thousands of euros. The company balance sheet was, by contrast with previous
years, drawn up before profit appropriation. The comparative figures have
been adjusted accordingly. The company profit and loss account is limited in
accordance with Section 402, Part 9, Book 2 of the Netherlands Civil Code.
2. Investment in group company
This refers to the 100% investment in Boskalis Westminster Dredging bv,
Papendrecht.
Movements during 2002 were as follows:
Book value as at 1 January 2002 374,976 *)
Dividend received 2001 ( 30,000 )
Changes in ownership of own ordinary shares 893
Currency translation differences ( 14,772 )
Result of group company 83,608
Book value as at 31 December 2002 414,705
3. Issued and fully paid share capital
The authorized share capital of € 240 million is divided into 50,000,000 ordinary
shares and 50,000,000 cumulative protective preference shares of € 2.40 par
value each.
Movements of the issued and fully paid share capital
were as follows: 2002 2001
Balance as at 1 January 63,520 60,050
Increase due to par value conversion from guilders to euros – 3,470
Balance as at 31 December 63,520 63,520
Movements in the number of ordinary shares and depositary receipts of shares
owned by the company were as follows: 2002 2001
Balance as at 1 January 550,244 585,744
Exercised option rights ( 53,500 ) ( 35,500 )
Balance as at 31 December 496,744 550,244
The issued and fully paid share capital as at 31 December 2002 consists of
26,466,853 ordinary shares with par value € 2.40 each, and consequently
amounts to € 63.5 million. Of the issued and fully paid share capital as at
31 December 2002, 496,744 ordinary shares are owned by Royal Boskalis
Westminster nv. In 1997 and 1998, option rights were granted to twenty
senior managers of Royal Boskalis Westminster nv and its group companies.
In 2002, no option rights were granted.
*) Adjusted for comparison purposes.
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Annual Report 2002