Annual r eport 2002 Annual r eport 2002 - Boskalis

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Financial Statements 2002 The number of outstanding options as at 31 December 2002, with one option entitling the holder to one ordinary share, was as follows: Year Outstanding Exercised Outstanding Exercise Maturity granted options as options options as at price at 1 January 31 December Directors R. van Gelder 1997 17,500 ( 17,500 ) – € 17.38 21 May 2002 1998 20,000 – 20,000 € 15.70 8 April 2003 K.G. van Nes 1997 8,000 ( 8,000 ) – € 17.38 21 May 2002 45,500 ( 25,500 ) 20,000 Staff 1997 6,000 ( 6,000 ) – € 17.38 21 May 2002 1998 32,000 ( 22,000 ) 10,000 € 15.70 8 April 2003 38,000 ( 28,000 ) 10,000 Total 1997 31,500 ( 31,500 ) – € 17.38 21 May 2002 1998 52,000 ( 22,000 ) 30,000 € 15.70 8 April 2003 83,500 ( 53,500 ) 30,000 The number of shares owned by directors as at 31 December 2002 is as follows: R. van Gelder 17,500 17,500 4. Share premium reserve Movements were as follows: 2002 2001 Balance as at 1 January 17,650 21,120 Decrease due to par value conversion from guilders to euros – ( 3,470 ) Balance as at 31 December 17,650 17,650 € 17.2 million of the share premium reserve is distributable free of tax. 5. Other reserves Movements were as follows: 2002 2001*) Balance as at 1 January 217,081 179,064 Profit appropriation for previous reporting year 46,758 40,055 Issue of formerly purchased own ordinary shares for purposes of exercised options 893 540 Currency translation differences and other movements ( 15,008 ) ( 2,578 ) Balance as at 31 December 249,724 217,081 A legal reserve for non-distributed profits of group and/or associated companies was not required at the end of 2002. *) Adjusted for comparison purposes. 63 Royal Boskalis Westminster nv
Financial Statements 2002 6. Commitments and contingent liabilities Royal Boskalis Westminster nv heads the fiscal entity which includes almost all Dutch 100% subsidiaries. The company is therefore liable for the tax obligations of the fiscal entity as a whole. The company has issued guarantees on behalf of contracts, joint ventures and group companies. These amounted to € 4 million at the end of 2002 (2001: € 4 million). Furthermore, the long-term operational lease commitments of a foreign group company have been guaranteed for approximately € 5 million (2001: € 5 million) per annum. In addition, certain recourse obligations exist in respect of project financiers. Where deemed necessary, provisions have been made. In respect of some matters, legal proceedings and investigations have been instituted against Royal Boskalis Westminster nv or group companies. Where deemed necessary, provisions have been made. Papendrecht / Sliedrecht, 11 March 2003 Supervisory Board S.D. de Bree J. Aalberts M.W. Dekker M. van der Vorm A.A. Westerlaken Board of Management R. van Gelder BA Dr. P.A.M. Berdowski K.G. van Nes 64 Annual Report 2002
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Annual report 2002 Rosmolenweg 20 3
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Innovation: where professionalism a
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Fast settling with BeauDrain soil i
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Company profile Company profile We
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Company profile However, the broad
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Robert de Vlaming, Regional Manager
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Page 17 and 18: Jelke Jan de With, director Boskali
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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
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Page 39 and 40: Dick Bodegom, Chief Engineer Resear
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Page 45 and 46: The trailing suction hopper dredger
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Page 49 and 50: Financial Statements 2002 Consolida
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Page 59 and 60: Financial Statements 2002 The bonus
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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
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Page 79 and 80: Offices around the world Stuyvesant
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Page 83 and 84: Glossary The extended trailing suct
Page 85 and 86: The dredging work done by Boskalis
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