Annual report 20108.31 MB - Boskalis

Financial statements 2010The interest component of finance lease paymentsis recognized in the income statement using theeffective interest rate method.3.26 Share in result of associated companiesShare in result of associated companiescomprises the share in the results after taxationof the participating interests not included in theconsolidation and, if applicable, (the reversal of)impairment losses recognized in the reportingperiod.3.27 Taxation / deferred income tax assets andliabilitiesTaxation is calculated on the basis of the resultbefore taxation for the reporting period, takinginto account the applicable tax provisions and taxrates, and also includes adjustments on taxationfrom previous reporting periods and movements indeferred taxes recognized in the reporting period.Taxation is included in the income statement unlessit relates to items directly recognized in equity, inwhich case taxation is included in equity. Temporarydifferences are accounted for in deferred tax assetsand/or deferred tax liabilities. Deferred tax assetsare only recognized to the extent that it is probablethat taxable profit will be available for realizationin the foreseeable future. Deferred tax assets arereviewed at each reporting date and are reducedto the extent that it is no longer probable that therelated tax benefit will be realized. Deferred taxassets and liabilities are offset if there is a legallyenforceable right to offset tax liabilities and assets,and they relate to income taxes levied by the sametax authority on the same taxable entity, or ondifferent tax entities, but they intend to settle taxliabilities and assets on a net basis or their taxassets and liabilities will be realized simultaneously.Deferred income tax assets and liabilities arerecognized at nominal value. Additional incometaxes that arise from the distribution of dividendsare recognized at the same time that the liability topay the related dividend is recognized.3.28 Profit per shareThe Group discloses profit per ordinary share aswell as diluted profit per ordinary share. The netprofit per ordinary share is calculated based onthe result attributable to the Group’s shareholdersdivided by the calculated average of the number ofissued ordinary shares during the reporting period.In calculating the dilluted profit per share the resultattributable to the Group’s shareholders and thecalculated average number of issued ordinaryshares are adjusted for all potentially diluting effectsfor ordinary shares.3.29 DividendsDividends are recognized as a liability in the periodin which they are declared.3.30 Determination of fair valueA number of the Group’s accounting policies anddisclosures require the determination of fair value,for both financial and non-financial assets andliabilities. Fair values have been determined formeasurement and/or disclosure purposes based onthe following methods:Property, plant and equipmentThe fair value of property, plant and equipmentrecognized as a result of a business combinationis based on market values. The market valueof property is the estimated amount for whicha property could be exchanged on the date ofvaluation between a willing buyer and a willingseller in an arm’s length transaction after propermarketing wherein the parties had each actedknowledgeably, prudently and without compulsion.Intangible assetsThe fair value of other intangible assets is based onthe discounted cash flows expected to be derivedfrom the use and eventual sale of the assets.Trade and other receivablesThe fair value of trade and other receivables, exceptdue from customers, is estimated as the presentvalue of future cash flows, discounted at the marketrate of interest at the reporting date. This fair valueis determined for disclosure purposes.Share-based payment transactionsThe fair value is determined based on quotedprices.DerivativesThe fair value of derivatives is based on theestimated amount to be paid or received for asettlement of the contract as at reporting dateRoyal Boskalis Westminster nv83