Annual report 20108.31 MB - Boskalis

More documents

Recommendations

Info

Financial statements 2010taking into account the actual interest rate en andthe credit rating of the counterparty. These fairvalue is based on broker quotes. Those quotes aretested for reasonableness by discounting estimatedfuture cash flows based on the terms and maturityof each contract and using market interest rates fora similar instrument at the measurement date.Non-derivative financial liabilitiesFair value, which is determined for disclosurepurposes, is calculated based on the presentvalue of future principal and interest cash flows,discounted at the market rate of interest at thereporting date.3.31 Consolidated statement of cash flowsThe consolidated statement of cash flows is drawnup using the indirect method. Cash is definedas cash and cash equivalents including bankoverdrafts as presented in the explanatory notesto the cash and cash equivalents and the interestbearingborrowings. Cash flows are presentedseparately in the statement of cash flows as cashflows from operating activities, investing activitiesand financing activities. Interest on long-termfinancing is recognized in the cash flow fromoperating activities. Dividends paid to shareholdersand holders of minority interests are recognized inthe cash flow from financing activities.3.32 Segment reportingFollowing the acquisition of SMIT in the first halfof 2010 the Group recognizes five operationalsegments which, as described below, constitutethe strategic business units of the Group. Thesestrategic business units offer different productsand services and are managed separately becausethey require different strategies. Each of thestrategic business units is reviewed by the Boardof Management based on internal managementreporting at least once every quarter. Thefollowing is a brief summary of the activities of theoperational segments:• Dredging & EarthmovingThe main operational segment is Dredging& Earthmoving, which also includes portdevelopment, pipeline intervention activities,land reclamation, and coastal and riverbankprotection. This segment is active around theworld and can be divided into home markets(inside and outside Europe), international projectsand specialist niche services.• Harbour TowageThe second operational segment in whichRoyal Boskalis Westminster N.V. operates isHarbour Towage. The activities concern assistingincoming and departing seagoing vessels andother vessels including large container ships,roll-on roll-off ships, tankers carrying oil orchemicals, other bulk carriers and cargo ships, aswell as offshore oil and gas drilling platforms.• Salvage, Transport & Heavy LiftThis segment provides transport services withan array of different seaworthy transport vessels,some of which are self-propelled. With itsspecialist technical know-how, Heavy Lift carriesout specialist activities around the world usingfloating sheerlegs. Marine project operations areincluded in this segment (including various typesof transport, hoisting and installation activitiescarried out offshore) and subsea (underwateractivities with divers and remote controlequipment). Finally, this segment also includesthe salvage activities, consisting of providingwreck removal and emergency response services.• Terminal servicesThe fourth operational segment in which RoyalBoskalis Westminster N.V. operates is Terminalservices. There is a strategic partnership withLamnalco, one of the world’s leading suppliersof maritime and terminal services to the oil andgas industry. The terminal services acquired fromSMIT are a key strategic addition to the existingactivities in this segment.• Maritime InfrastructureThe fifth operational segment is MaritimeInfrastructure. Royal Boskalis Westminster N.V.is involved in this segment through its strategicpartnership with Archirodon, a leading contractorin this sector.84 Annual Report 2010
Financial statements 2010The operational segments are monitored basedon the segment result before interest and taxes.The segment result is used for performancemeasurement of the operational segments, betweensegments as well as compared to other companiesin the same industries. Inter-operational segmentservices, if any, take place at arm’s length basis.During the reporting period there were no materialinter-operational segment services.In 2010 there were no changes to the bases ofsegmentation or to the method of determiningprofit or loss for the segments, other than theaforementioned recognition of operationalsegments.Royal Boskalis Westminster nv85
Page 1 and 2:
AnnualRePORT2010
Page 3 and 4:
Key figuresRevenue segmentationReve
Page 5 and 6:
Summary financial information 2010A
Page 8 and 9:
Summary financial information 2010C
Page 10 and 11:
Chairman’s statementA major initi
Page 12:
8Maasvlakte 2 project, the Netherla
Page 15 and 16:
Boskalis at a glanceCompany profile
Page 17 and 18:
Boskalis at a glanceActivitiesDredg
Page 19 and 20:
StrategyContainer throughput* (mill
Page 21 and 22:
StrategyIn the next few years we wi
Page 24 and 25:
Summary financial information 20102
Page 26 and 27:
Boskalis at a glanceShareholder inf
Page 28:
24Cutter suction dredgersCutter suc
Page 31 and 32:
Report of the Supervisory Boardinve
Page 33 and 34:
Report of the Supervisory Boardexte
Page 35 and 36:
Summary Report of financial the Sup
Page 38 and 39: Summary financial information 20103
Page 40 and 41: Summary Report of financial the Boa
Page 42 and 43: Report of the Board of ManagementHi
Page 44 and 45: Report of the Board of ManagementRe
Page 46 and 47: Report of the Board of ManagementRe
Page 48 and 49: Report of the Board of Managementex
Page 50 and 51: Report of the Board of ManagementOp
Page 52 and 53: Operational performance• Echoscop
Page 54 and 55: Report of the Board of ManagementCo
Page 56 and 57: Report of the Board of ManagementOp
Page 58 and 59: Report of the Board of Managementpo
Page 60 and 61: Risk managementRisks with regard to
Page 62 and 63: Report of the Board of ManagementCo
Page 64 and 65: Report of the Board of ManagementOu
Page 66: 62Trailing suction hopper dredgersT
Page 69 and 70: Financial statements 2010Financial
Page 71 and 72: Financial statements 201013. Intang
Page 73 and 74: Financial statements 2010Consolidat
Page 75 and 76: Financial statements 2010Consolidat
Page 77 and 78: Financial statements 2010(in € 1,
Page 79 and 80: Financial statements 2010the identi
Page 81 and 82: Financial statements 2010translatio
Page 83 and 84: Financial statements 2010of assets.
Page 85 and 86: Financial statements 2010to an amou
Page 87: Financial statements 2010The intere
Page 91 and 92: Financial statements 2010Review in
Page 93 and 94: Financial statements 2010The revenu
Page 95 and 96: Financial statements 201011. Income
Page 97 and 98: Financial statements 201013. Intang
Page 99 and 100: Financial statements 2010Land andbu
Page 101 and 102: Financial statements 201018. Due fr
Page 103 and 104: Financial statements 201021.4 Earni
Page 105 and 106: Financial statements 2010To finance
Page 107 and 108: Financial statements 2010Some of th
Page 109 and 110: Financial statements 2010The provis
Page 111 and 112: Financial statements 20102010 2009B
Page 113 and 114: Financial statements 2010Currency t
Page 115 and 116: Financial statements 201026.2 On-ba
Page 117 and 118: Financial statements 2010The result
Page 119 and 120: Financial statements 201028. Subseq
Page 121 and 122: Financial statements 2010Ownership
Page 123 and 124: Financial statements 2010Joint vent
Page 125 and 126: Financial statements 2010Transactio
Page 127 and 128: Financial statements 2010Company in
Page 129 and 130: Financial statements 2010Statement
Page 131 and 132: Financial statements 20103. Investm
Page 133 and 134: Financial statements 20109. Auditor
Page 135 and 136: Financial statements 2010Independen
Page 137 and 138: Other informationTen-year overview
Page 139 and 140:
Other informationStichting Continu
Page 141 and 142:
Supervision, Board & ManagementMemb
Page 143 and 144:
Supervision, Board & ManagementDred
Page 145 and 146:
Other informationDisclosures requir
Page 147 and 148:
Other informationGlossaryAcquired o
Page 149 and 150:
ColophonCompiled and coordinated by
show all

Annual report 20108.31 MB - Boskalis

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?