Annual report 20108.31 MB - Boskalis

Financial statements 2010The revenue of the segments Dredging and earthmoving and Maritime infrastructure mainly comprises revenuesfrom work in progress. Movements in the value of work in progress, consisting of cumulative incurred costs plusprofit in proportion to progress less provisions for losses, together with the work done and completed during thereporting period, determine the revenue for these segments.The revenue from services rendered to third parties is mainly realized in the remaining operational segments.If certain projects are executed together in a joint venture, the segments only report their own share in therevenue and results recognized, resulting in no material related party transactions that need to be eliminated.A large part of the Group’s projects in progress is directly or indirectly with public sector authorities in variouscountries and geographical areas. Because of the spread of the contracts none of these clients qualifies as amaterial client in relation to the total revenue of the Group.5.2 Revenue by regionNetto-omzet2010 2009Netherlands 517,238 316,218Rest of Europe 585,283 431,842Australia / Asia 625,566 370,310Middle East 371,005 662,236Africa 227,534 163,828North and South America 347,813 230,7452,674,439 2,175,1795.3 Movement in work in progressRevenue includes the movements in work in progress of € 102.5 million (2009: € 950.9 million).6. Other incomeOther income comprises insurance results amounting to € 29.4 million (2009: nil), the settlement of claimsamounting to € 4.2 million (2009: nil) and book results on the disposal of equipment.7. Raw materials, consumables and servicesDuring 2010 € 6.7 million was recognized as an expense in the consolidated income statement of operatingleases (2009: nil) through limited partnerships (Dutch: ‘CV-contructions’). The Group has an option to purchasethese vessels 8 years after the commencement of the lease period at a fixed price.Raw materials, consumables and services include an amount of € 14.1 million (2009: nil) with regard to anonerous contract concerning a leased vessel.In respect of other operational lease agreements € 45.3 million was recognized in the consolidated incomestatement (2009: € 19.7 million).8. Personnel expenses2010 2009Wages and salaries - 430,921 - 242,002Social security costs - 38,132 - 20,001Pension costs for defined benefit pension schemes - 11,456 - 10,995Pension costs for defined contribution pension schemes - 15,943 - 10,306- 496,452 - 283,304For the costs of remuneration of the Board of Management and the Supervisory Board reference is made tonote 29.2.Royal Boskalis Westminster nv89