Annual report 20108.31 MB - Boskalis

Financial statements 2010The goodwill per cash generating unit amounts to:2010 2009SMIT Harbour Towage 186,435 —SMIT Salvage, Transport & Heavy Lift 178,965 —SMIT Terminals 82,983 —448,383 —Home market Mexico 13,595 13,595Total 461,978 13,595In the impairment testing of goodwill the value in use of the cash generating unit is determined by discountingexpected future cash flows from continuing operations of the unit. Management has projected cash flows basedon past trends and estimates of market developments. The calculation includes cash flow projections for a periodof five years, after which the cash flows are extrapolated using an assumed growth rate for the revenue of 2%per year and an unchanged operating profit. This growth rate does not exceed the long-term average growth ratewhich may be expected for the activities of the cash generating unit. The average discount rate used reflectsthe risks specific to the cash generating units and is 8.0% for SMIT Harbour Towage, 10.0% for SMIT Salvage,Transport & Heavy Lift, 8.0% for SMIT Terminals and 11.1% for the Mexico home market.After performing the assessment indicated that no impairment is necessary since the recoverable amount ishigher than to the recognized goodwill and the carrying amount of the assets and liabilities attributable to thecash generating unit. Reasonable cause for change in the principles of calculating recoverable amount at yearend as an increase in the discount rate by 1% or a decrease in growth rate by 1% does not give any indicationfor impairment.13.2 Other intangible assetsOther intangible assets mainly comprise intangible assets which were recognized as a result of acquisitions. Thisbalance item primarily relates to customer portfolios and trademarks recognized during the business combinationwith SMIT.14. Property, plant and equipmentLand andbuildingsFloatingand otherconstructionequipmentOther fixedassetsProperty, plant& equipmentunderconstructionTotalBalance as at January 1, 2010Cost 66,512 1,815,358 34,926 257,945 2,174,741Accumulated depreciation and impairment losses - 22,974 - 1,053,867 - 26,552 - 11,560 - 1,114,953Book value 43,538 761,491 8,374 246,385 1,059,788MovementsAdditions 7,918 92,743 4,472 225,214 330,347Acquisitions through business combinations 3,015 823,596 25,407 130,398 982,416Put into operation 279 482,210 - 7,456 - 475,033 —Impairment losses recognised — - 8,393 - 336 — - 8,729Depreciation - 3,477 - 194,952 - 6,296 — - 204,725Disposals and other movements - 2,656 - 27,462 242 1,032 - 28,844Currency translation differences 196 40,094 408 7,674 48,3725,275 1,207,836 16,441 - 110,715 1,118,837Balance as at December 31, 2010Cost 71,611 3,205,416 57,504 147,252 3,481,783Accumulated depreciation and impairment losses - 22,798 - 1,236,089 - 32,689 - 11,582 - 1,303,158Book value 48,813 1,969,327 24,815 135,670 2,178,62594 Annual Report 2010