Annual report 20108.31 MB - Boskalis

Financial statements 2010Associated companiesThe most relevant active associated companies are mentioned in note 15.Pension funds that are classified as funded defined pension schemes in accordance with IAS 19Information on pension funds that are classified as funded defined benefit pension plans in accordance withIAS 19 can be found in note 23.1. There were no further material transactions with these pension funds.Members of the Board of Management and members of the Supervisory BoardThe only key management officers qualifying as related parties are the members of the Board of Managementand the members of the Supervisory Board.29.2 Related party transactionsJoint venturesDuring the financial years 2010 and 2009, there were no material transactions with strategic alliances otherthan in joint control. Those material transactions were mainly in proportion to the percentage of participationin the activities in project-driven construction consortiums. Transactions with project-driven constructionconsortiums take place on a large scale because of the nature of the business activities. In respective jointventure agreements, equivalence between individual partners is achieved by means of, inter alia, agreed rates forpersonnel and equipment.The joint Group companies have, at year-end 2010, amounts receivable from and payable to project-drivenconstruction consortiums amounting to € 106 million and € 295 million respectively (2009: € 130 million and€ 302 million respectively).The proportional share of the Group in the assets, liabilities, revenue and expenses of joint ventures isstated below.2010 2009Non-current assets 437,534 188,959Current assets 482,329 578,811Total assets 919,863 767,770Non-current liabilities 163,527 66,105Current liabilities 414,758 535,471Total liabilities 578,285 601,576Net assets 341,578 166,194Contract revenue 988,641 821,407Expenses - 824,847 - 703,465Net profit 163,794 117,942Associated companiesTransactions with associated companies, other than those disclosed in note 15, are not material.120 Annual Report 2010