Annual report 20108.31 MB - Boskalis

Financial statements 2010Independent auditor’s reportTo: Annual General Meeting of Shareholders of RoyalBoskalis Westminster N.V.Report on the financial statementsWe have audited the accompanying financialstatements 2010 of Royal Boskalis Westminster N.V.,Sliedrecht, as set out on pages 65 to 129. Thefinancial statements include the consolidated financialstatements and the company financial statements.The consolidated financial statements comprise theconsolidated balance sheet as at December 31, 2010,the consolidated income statement, the consolidatedstatement of recognized and unrecognized incomeand expenses, the consolidated statement of cashflows and consolidated statement of changes in equityfor the year then ended, and notes, comprising asummary of the significant accounting policies andother explanatory information. The company financialstatements comprise the company balance sheet as atDecember 31, 2010, the company income statementfor the year then ended and the notes, comprisinga summary of the accounting policies and otherexplanatory information.Management’s responsibilityManagement is responsible for the preparation and fairpresentation of the financial statements in accordancewith International Financial Reporting Standards asadopted by the European Union and with Part 9 of Book2 of the Netherlands Civil Code, and for the preparationof the management board report in accordancewith Part 9 of Book 2 of the Netherlands Civil Code.Furthermore, management is responsible for suchinternal control as it determines is necessary to enablethe preparation of the financial statements that arefree from material misstatement, whether due to fraudor error.Auditor’s responsibilityOur responsibility is to express an opinion on thesefinancial statements based on our audit. We conductedour audit in accordance with Dutch law, includingthe Dutch Standards on Auditing. This requires thatwe comply with ethical requirements and plan andperform the audit to obtain reasonable assuranceabout whether the financial statements are free frommaterial misstatement.An audit involves performing procedures to obtainaudit evidence about the amounts and disclosuresin the financial statements. The procedures selecteddepend on the auditor’s judgment, including theassessment of the risks of material misstatementof the financial statements, whether due to fraud orerror. In making those risk assessments, the auditorconsiders internal control relevant to the entity’spreparation and fair presentation of the financialstatements in order to design audit procedures thatare appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectivenessof the entity’s internal control. An audit also includesevaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimatesmade by management, as well as evaluating the overallpresentation of the financial statements.We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for ouraudit opinion.Opinion with respect to the consolidatedfinancial statementsIn our opinion, the consolidated financial statementsgive a true and fair view of the financial position ofRoyal Boskalis Westminster N.V. as at 31 December2010 and of its result and its cash flows for the yearthen ended in accordance with International FinancialReporting Standards as adopted by the European Unionand with Part 9 of Book 2 of the Netherlands Civil Code.Opinion with respect to the company financialstatementsIn our opinion, the company financial statements givea true and fair view of the financial position of RoyalBoskalis Westminster N.V. as at 31 December 2010 andof its result for the year then ended in accordance withPart 9 of Book 2 of the Netherlands Civil Code.Report on other legal and regulatory requirementsPursuant to the legal requirements under Section 2:393sub 5 at e and f of the Netherlands Civil Code, we haveno deficiencies to report as a result of our examinationwhether the management board report, as set outon pages 35 to 61, to the extent we can assess, hasbeen prepared in accordance with part 9 of Book 2of this Code, and if the information as required underSection 2:392 sub 1 at b - h has been annexed. Further,we report that the management board report, to theextent we can assess, is consistent with the financialstatements as required by Section 2:391 sub 4 of theNetherlands Civil Code.Rotterdam, March 16, 2011KPMG Accountants N.V.D.J. Randeraad RARoyal Boskalis Westminster nv131