Annual r eport 2002 Annual r eport 2002 - Boskalis

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Stichting Continuïteit KBW Stichting Continuïteit KBW Report The Stichting Continuïteit KBW has, pursuant to the decision of the General Meeting of Shareholders held on 9 May 2001, acquired the right to take cumulative protective preference shares in Royal Boskalis Westminster nv for a nominal amount which shall be equal to the nominal amount of ordinary shares outstanding at the time of the issue. The option of issuing the cumulative protective preference shares has not yet been exercised. The Board of the Stichting Continuïteit KBW consists of three members: W.E. de Vin J.A. Dekker J.F. van Duijne Declaration of Independence The Board of the Stichting Continuïteit KBW and the Board of Management of Royal Boskalis Westminster nv hereby declare that, in their joint opinion, the requirements referred to in appendix X of the Listing and Issuing Rules of Euronext Amsterdam N.V. in respect of the independence of the Stichting Continuïteit KBW have been fulfilled Papendrecht, March 2003 Royal Boskalis Westminster nv Board of Management Stichting Continuïteit KBW The Board 67 Royal Boskalis Westminster nv
Ten years Boskalis Ten years Boskalis (1) Annual Report 2002 (amounts x € 1 million, unless stated otherwise) 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 Turnover (work done) 1,035 1,083 960 851 801 697 569 493 582 545 Turnover (completed contracts) 1,124 1,081 882 784 782 637 520 499 594 486 Orderbook (work to be done) (2) 1,273 1,224 1,214 820 785 661 593 400 322 429 EBIT (3) 109.3 103.4 89.7 77.6 63.2 44.2 32.0 33.8 41.0 40.0 EBITDA (4) 175.9 165.6 144.9 131.6 108.7 92.0 74.6 79.8 88.8 80.8 Net result 82.1 77.7 67.2 57.5 47.1 37.3 28.2 32.2 40.1 34.6 Depreciation 66.6 62.2 55.2 54.0 45.5 47.8 42.6 46.0 47.8 40.8 Cash flow 148.7 139.9 122.4 111.5 92.6 85.1 70.8 78.2 87.9 75.4 Shareholders’ equity (2) 413.0 376.0 327.4 288.8 253.5 225.3 203.2 184.0 165.0 133.2 Average number of outstanding shares (x 1,000) (8) 25,949 25,900 25,784 25,902 25,941 25,788 25,650 25,441 25,200 24,999 Number of outstanding shares (x 1,000) (9) 25,970 25,917 25,881 25,902 25,941 25,788 25,650 25,441 25,200 24,999 Personnel (number of persons) (2) 3,285 3,119 3,295 3,186 3,115 3,075 3,179 2,679 2,905 2,768 Ratios (percentages) Operating result as % of the turnover 8.9 9.0 9.6 9.4 7.3 6.5 5.5 6.2 6.5 7.2 Return on capital employed (5) 20.3 21.4 21.0 20.8 18.3 15.2 12.6 15.7 21.9 23.4 Return on equity (6) 20.8 22.1 21.8 21.2 19.7 17.4 14.5 18.4 26.9 28.8 Solvency (2/7) 41.6 38.4 37.5 39.6 18.7 16.6 16.8 17.2 15.4 12.8 Figures per share (x € 1.00) Profit (8/10) 3.16 3.00 2.61 2.22 1.82 1.45 1.10 1.27 1.59 1.38 Cash flow (8) 5.73 5.40 4.75 4.30 3.57 3.30 2.76 3.07 3.49 3.02 Shareholders’ equity (2/9) 15.90 14.51 12.65 11.15 9.77 8.74 7.92 7.23 6.55 5.33 Dividend 1.26 1.20 1.05 0.90 0.73 0.57 0.50 0.50 0.57 0.50 Share price range (x € 1.00) (Depositary receipts of) ordinary shares 17.80 25.15 16.50 10.50 8.85 13.93 10.39 8.08 15.61 11.66 35.55 37.15 30.50 18.40 18.38 20.42 16.38 16.25 23.60 22.92 (1) Figures taken from the financial statements. (2) As at 31 December. (3) Consists of earnings before interest and taxation. (4) Consists of earnings before interest, taxation, depreciation and amortization. (5) Net result + interest paid on long-term loans as % of the average capital employed (shareholders' equity + long-term loans). (6) Net result as % of the average shareholders’ equity. (7) Shareholders’ equity as % of the balance sheet total (fixed assets + current assets). (8) Weighted average number of outstanding shares less the number of shares owned by the company. (9) Number of outstanding ordinary shares less the number of shares owned by the company. (10) The dilution effect was practically nil up to the financial year 2002. 68
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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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Basic principles of the corporate s
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Basic principles of the corporate s
Page 17 and 18: Jelke Jan de With, director Boskali
Page 19 and 20: Management Management Supervisory B
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
Page 29 and 30: Left Edgar van Herwijnen and right
Page 31 and 32: Report of the Board of Management o
Page 39 and 40: Dick Bodegom, Chief Engineer Resear
Page 41 and 42: Report of the Supervisory Board Rep
Page 43 and 44: Left Frances Buirma, director Perso
Page 45 and 46: The trailing suction hopper dredger
Page 47 and 48: Financial Statements 2002 Tangible
Page 49 and 50: Financial Statements 2002 Consolida
Page 51 and 52: Financial Statements 2002 Consolida
Page 53 and 54: Financial Statements 2002 2. Tangib
Page 55 and 56: Financial Statements 2002 7. Bank d
Page 57 and 58: Financial Statements 2002 In princi
Page 59 and 60: Financial Statements 2002 The bonus
Page 61 and 62: Financial Statements 2002 Company b
Page 63 and 64: Financial Statements 2002 Explanato
Page 65 and 66: Financial Statements 2002 6. Commit
Page 67: Other information 5. The company ma
Page 71 and 72: Left Paul van der Burg, specialist
Page 73 and 74: The world of Boskalis The world of
Page 75 and 76: Organization Operational staff depa
Page 77 and 78: Offices around the world Rock Fall
Page 79 and 80: Offices around the world Stuyvesant
Page 81 and 82: Glossary Glossary Acquired orders T
Page 83 and 84: Glossary The extended trailing suct
Page 85 and 86: The dredging work done by Boskalis
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