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ANNUAL REPORT 2016 – BOSKALIS
132
To: the Shareholders and Supervisory Board of Royal Boskalis
Westminster N.V.
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
2016 INCLUDED IN THE ANNUAL REPORT
OUR OPINION
We have audited the financial statements 2016 of Royal Boskalis
Westminster N.V. (also referred to as the company), based in
Sliedrecht, the Netherlands. The financial statements include the
consolidated financial statements and the company financial
statements.
In our opinion:
The accompanying consolidated financial statements give a true
and fair view of the financial position of Royal Boskalis
Westminster N.V. as at 31 December 2016, its result and its cash
flows for 2016 in accordance with International Financial
Reporting Standards as adopted by the European Union (EU-IFRS)
and with Part 9 of Book 2 of the Dutch Civil Code.
The accompanying company financial statements give a true and
fair view of the financial position of Royal Boskalis Westminster
N.V. as at 31 December 2016 and of its result for 2016 in
accordance with Part 9 of Book 2 of the Dutch Civil Code.
The consolidated financial statements comprise:
The consolidated statement of financial position as at
31 December 2016
The following statements for 2016: the consolidated statement
of profit or loss, the consolidated statement of other comprehensive
income, the consolidated statement of cash flows and the
consolidated statement of changes in the equity
The notes comprising a summary of the significant accounting
policies applied and other explanatory information
The company financial statements comprise:
The company statement of financial position as at 31 December
2016
The following statements for 2016: the company statement of
profit or loss and the company statement of changes in
shareholders’ equity
The notes comprising a summary of the accounting policies
applied and other explanatory information
BASIS FOR OUR OPINION
We conducted our audit in accordance with Dutch law, including
the Dutch Standards on Auditing. Our responsibilities under those
standards are further described in the “Our responsibilities for the
audit of the financial statements” section of our report.
We are independent of Royal Boskalis Westminster N.V. in
accordance with the
Verordening inzake de onafhankelijkheid van
accountants bij assurance-opdrachten
(ViO, Code of Ethics for
Professional Accountants, a regulation with respect to independence)
and other relevant independence regulations in the Netherlands.
Furthermore we have complied with the
Verordening gedrags- en
beroepsregels accountants
(VGBA, Dutch Code of Ethics).
We believe the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
MATERIALITY
We also take misstatements and/or possible misstatements into
account that in our judgment are material for the users of the
financial statements for qualitative reasons.
We agreed with the Supervisory Board that misstatements in
excess of EUR 0.8 million, which are identified during the audit,
would be reported to them, as well as smaller misstatements that in
our view must be reported on qualitative grounds.
SCOPE OF THE GROUP AUDIT
Royal Boskalis Westminster N.V. is at the head of a group of
entities. The financial information of this group is included in the
consolidated financial statements of Royal Boskalis Westminster N.V.
Our group audit mainly focused on significant group entities and
joint ventures in terms of size and/or risk, within the operating
segments Dredging & Inland Infra, Offshore Energy and Towage &
Salvage. We performed most of the audit procedures at those
segments ourselves. For the audit work in amongst others
Australia, Mexico, Singapore, Germany and the UK, we used
MATERIALITY
EUR 16.0 million
(2015: EUR 26.6 million)
BENCHMARK
APPLIED
Approximately 5% of profit before
taxation adjusted for impairment losses
EXPLANATION
Based on our professional judgment we
consider an earnings-based measure as
the most appropriate basis to determine
materiality. We consider that profit
before taxation is an important metric
for the financial performance of the
company. We have excluded the
impairment losses from the basis of
calculation, given the nature of this item.
INDEPENDENT
AUDITOR’S REPORT