Annual report 20108.31 MB - Boskalis

Financial statements 201027. Commitments and contingent liabilitiesOperational lease obligationsThe operational lease obligations relate primarily to the operational lease of a trailing suction hopper dredger,cars and offices. Additional clauses are not taken into account presuming that these are not unconditional.Non-redeemable operating lease contracts are recognized at nominal amounts and are due as follows:2010 2009Within one year 22,563 8,325Between one and five years 33,663 9,497After more than five years 7,068 50263,294 18,324GuaranteesThe guarantee commitments as at December 31, 2010 amount to € 812 million (2009: € 818 million) and can bespecified as follows:2010 2009Guarantees provided by third parties with respect to:• associated companies 8,000 8,000• contracts and joint ventures 804,000 810,000• lease obligations and other financial obligations — —812,000 818,000For the above guarantees outstanding as at December 31, 2010, counter-guarantees have been provided tofinancial institutions for approximately € 804 million (2009: approximately € 810 million). Twenty key Groupcompanies are jointly and severally liable in respect of credit facilities and guarantees provided to several Groupcompanies. In respect of these credit facilities, it has been agreed to limit the provision of further securities onexisting property, plant and equipment.Group companies are jointly and severally liable for the non-consolidated part of the liabilities of their jointventures: in total € 189 million (2009: € 132 million). Group companies are also jointly and severally liable forperformance obligations for contracts with third parties in project-driven construction consortiums. In addition,certain recourse obligations exist in respect of project financiers and guarantees of deployment relating toequipment. Where deemed necessary, provisions have been made.Capital commitmentsAt year-end 2010, capital commitments amount to € 93 million (year-end 2009: € 182 million).OtherSome legal proceedings and investigations have been instituted against entities of Royal Boskalis Westminster N.V.Where deemed necessary and if a reliable estimate of the future cash flows can be made, provisions havebeen made.114 Annual Report 2010