Annual r eport 2002 Annual r eport 2002 - Boskalis

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Company profile Trailing suction hopper dredger Coastway and the backhoe Nordic Giant at work in the port of Gothenburg, Sweden. This large project includes the redevelopment, broadening and deepening of the main fairways of this port and will last until early 2004. Creation of land in water. The global population is still increasing and economic centres are congested and overpopulated. Solutions for the increasing scarcity of available land are being sought in the creation of new land. Boskalis plays a prominent role here. It uses jumbo trailing suction hopper dredgers to generate a favorable ratio of cost price to market price per square meter of new land. Coastal defense and riverbank protection. Here also, Boskalis expects continuing market growth given the intensification in the global focus on environmental protection. The market will also benefit from the ongoing growth of tourism. Related activities In addition to these core activities, Boskalis is involved in a range of related activities (the ‘dredging-plus’ activities), such as offshore services, gravel and sand trading, soil improvement, dry earth moving, environmental activities, munitions clearance, underwater rock fragmentation, pipeline construction and hydraulic engineering. These activities extend our range of services, and the margins are generally attractive. Markets The global dredging market consists of numerous submarkets with individual development patterns. This means that the market as a whole is heterogeneous, with varied patterns of market dynamics. The annual volume of sales on the global dredging market is approximately € 7 billion and it continues to increase by approximately 5% a year. Half of these sales (approximately € 3.5 billion) are made to reasonably open markets. Five large Western European dredging companies account for approximately 60% of operations in these open markets, with roughly 40% of ‘free sales’ going to large numbers of smaller regional and local players. With a share of approximately 20%, Boskalis is the market leader in the open market segment. In less open markets, dredging work is generally done by local players or state companies and there are no openings for private international dredging companies like Boskalis. The last decade saw extensive deregulation of global trade and economic development in traditionally closed markets. As a result, the free market has expanded in favor of professional dredging companies, which can provide economies of scale and competitive cost levels. Major factors in terms of access to the global dredging market are scale, professional staff, technical know-how, a flexible fleet, cost leadership and financial strength. 7 Royal Boskalis Westminster nv
Company profile However, the broad geographical spread means that a global player such as Boskalis can achieve balanced growth. Boskalis’ main clients are governments (national, regional and local), harbor operators, international project developers, oil companies, mining companies and other contractors. Boskalis offers its customers high-quality products and services at competitive prices. Home markets. For many years now, Boskalis has had a home market strategy which distinguishes it from its competitors. A home market means that Boskalis has a permanent presence in countries where this presents commercial advantages. The strength of the concept is that it generates a stable flow of projects and opportunities to extend the range of activities. The home market organizations have local marketing profiles, as well as their own fleets and infrastructures. They also know that they have the support of the financial and technical resources of the global Boskalis organization. Particularly in the home markets, there are opportunities to generate additional margins with associated activities. Boskalis now has ten home markets in Europe and elsewhere that together account for approximately 60% of group turnover: The Netherlands, the United Kingdom, Germany, Finland, Sweden, Portugal, Italy, Nigeria, the United States and Mexico. In some home markets, Boskalis collaborates with strong local partners. The home markets constitute a stable and healthy basis for the group. International projects market. Approximately 35% of turnover is generated in the international projects market, which focuses primarily on dredging, and on coastal and riverbank projects. These are generally larger works involving investments in construction activities and/or extensions. In addition, there are projects which regularly involve collaboration with third parties. This makes it possible to provide clients with optimal services and to share risks. Specialist niche markets. Approximately 5% of turnover comes from specialist niche markets like the offshore market and the market for underwater rock fragmentation. Cutter suction dredger Jokra was used in the Amwaj islands project in Bahrain, where four islands were created for housing, shops, an amusement park, and a range of sports and relaxation facilities. 8 Annual Report 2002
Page 1 and 2: Annual report 2002 Rosmolenweg 20 3
Page 3 and 4: Innovation: where professionalism a
Page 5 and 6: Fast settling with BeauDrain soil i
Page 7: Company profile Company profile We
Page 11 and 12: Robert de Vlaming, Regional Manager
Page 13 and 14: Basic principles of the corporate s
Page 15 and 16: 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
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Page 57 and 58: Financial Statements 2002 In princi
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Financial Statements 2002 The bonus
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Financial Statements 2002 Company b
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Financial Statements 2002 Explanato
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Financial Statements 2002 6. Commit
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Other information 5. The company ma
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Ten years Boskalis Ten years Boskal
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Left Paul van der Burg, specialist
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The world of Boskalis The world of
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Organization Operational staff depa
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Offices around the world Rock Fall
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Offices around the world Stuyvesant
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Glossary Glossary Acquired orders T
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Glossary The extended trailing suct
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The dredging work done by Boskalis
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Annual r eport 2002 Annual r eport 2002 - Boskalis

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