Annual report 20108.31 MB - Boskalis

Financial statements 2010Land andbuildingsFloatingand otherconstructionequipmentOther fixedassetsProperty, plant &equipment underconstructionTotalBalance as at January 1, 2009Cost 72,425 1,590,851 60,865 239,190 1,963,331Accumulated depreciation and impairment losses - 27,747 - 905,731 - 50,564 — - 984,042Book value 44,678 685,120 10,301 239,190 979,289MovementsAdditions 2,348 38,218 5,000 250,138 295,704Put into operation 387 214,943 105 - 215,435 —Impairment losses recognised — - 37,073 — - 11,560 - 48,633Depreciation - 3,247 - 139,226 - 4,571 — - 147,044Disposals and other movements - 657 - 576 - 2,524 - 15,259 - 19,016Currency translation differences 29 85 63 - 689 - 512- 1,140 76,371 - 1,927 7,195 80,499Balance as at December 31, 2009Cost 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 1,059,788As a result of radically changed market conditions ensuing from the global recession, a study into rationalizationof the dredging fleet was performed in 2009 and the realizable value of the floating equipment and otherconstruction equipment was further assessed. The resulting impairment loss was recognized in the 2009income statement.The Group leases various assets through financial lease agreements. The book value of the leased vessels was€ 5.5 million at the end of 2010 (2009: nil).The securities provided for financing granted by means of mortgage rights on property, plant and equipment aredisclosed in note 22.15. Associated companies2010 2009Balance as at January 1 298,674 218,366New in consolidation 17,843 —Dividends received - 17,611 - 1,500Investment in Smit Internationale N.V. 56,061 17,425Other net investments - 5,678 149Share in result of associated companies 7,657 23,076Revaluation of existing participation prior to business combination 17,316 —Reversal of impairment losses — 35,26824,973 58,344Share in direct equity movements — 1,17724,973 59,521Reduction due to expansion of participation resulting in acquiring controlover the associated company - 349,571 —Currency translation and other differences - 4,074 4,713Balance as at December 31 20,617 298,674Royal Boskalis Westminster nv95