Boskalis_Annual_Report_2016

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EXPLANATORY NOTES TO THE
COMPANY FINANCIAL
STATEMENTS
1. GENERAL
The company financial statements of Royal Boskalis Westminster N.V. (the ‘Company’) are included in the
Consolidated Financial Statements 2016 of Royal Boskalis Westminster N.V.
2. PRINCIPLES OF FINANCIAL REPORTING
ACCOUNTING POLICIES 2.1
The company financial statements have been drawn up using the reporting standards applied for preparing
the consolidated financial statements, in accordance with Section 362(8), Part 9 of Book 2 of the Dutch
Civil Code except for with regard to the investment in its subsidiary. Based on Section 362(1), Part 9 of
Book 2 of the Dutch Civil Code, the consolidated financial statements have been prepared in accordance
with the International Financial Reporting Standards (IFRS) as adopted by the European Union. These
accounting principles are disclosed in of the consolidated financial statements, unless stated
otherwise below.
FORMAT 2.2
Unless stated otherwise, all amounts in these explanatory notes are stated in thousands of euros. The
company statement of financial position is drawn up before profit appropriation.
INVESTMENTS IN GROUP COMPANIES 2.3
Investments in Group companies are accounted for using the accounting policies for assets, liabilities,
provisions and profit or loss, as described in the principles of financial reporting and applied in the
consolidated financial statements of Royal Boskalis Westminster N.V.
AMOUNTS DUE FROM GROUP COMPANIES 2.4
Amounts due from Group companies are stated initially at fair value and subsequently at amortized cost,
using the effective interest rate, less impairments.
AMOUNTS DUE TO GROUP COMPANIES 2.5
Amounts due to Group companies are recognized initially at fair value and subsequently at amortized cost,
using the effective interest rate.
RESULT OF GROUP COMPANY 2.6
The result of Group company consists of the share of the Company in the result after taxation of this Group
company. Results on transactions, where the transfer of assets between the Company and its subsidiary and
mutually between Group companies are incorporated insofar as they can be deemed to be realized as a
transaction with third parties and joint venture partners.
3. INVESTMENTS IN GROUP COMPANIES
Investments in Group companies solely consist of the 100% investment in Boskalis Westminster Dredging
B.V., Papendrecht. The table below shows the movements in this investment:
2016 2015
Balance as at 1 January 3,708,614 3,148,676
Dividend received - 51,000 - 50,000
Profit/loss (-) for the year - 563,730 440,178
Movements directly recognized in equity of group company 26,352 169,760
Balance as at 31 December 3,120,236 3,708,614
and of the consolidated financial statements 2016 for an overview of the most important
directly and indirectly held Group companies.
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ANNUAL REPORT 2016 – BOSKALIS
FINANCIAL STATEMENTS 2016