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Boskalis jaarverslagen 2012

Activities

Boskalis is renowned for its innovative approach and specialist knowledge of environmentally friendly techniques.

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Introduction

Boskalis operates around the world and is a leading player in the field of dredging, offshore energy and maritime services.

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Market developments

The long-term megatrends on which the Boskalis business model and Corporate Business Plan are based remain unchanged. These are global population growth and increasing prosperity.

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Strategic framework

The Boskalis strategy is a logical progression from our mission and vision.

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Shareholder information

It is important to us that the value of our share adequately reflects our performance and the development in our markets.

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Suez Canal expansion: logistical and organizational tour de force

Never before was so much equipment deployed on a dredging project as on the Suez Canal expansion. Never before was the time pressure so great and were such high production volumes achieved on a project.

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Report on 2015

The supervisory Board wishes to thank all employees and the Board of Management of Boskalis for the great efforts they have shown in 2015. The Board compliments them on the accomplished good results.

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Composition of the Board of Management

The Board of Management consisted of four members at the start of the 2015 reporting year. On 12 May 2015 the Supervisory Board re-appointed Mr.

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Composition of the Supervisory Board

In 2015 the Supervisory Board consisted of six members. Mr. Kramer stepped down as member of the Supervisory Board at the Annual General Meeting on 12 May 2015.

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Activities of the Supervisory Board

The Supervisory Board held five regular meetings with the Board of Management of the company and scheduled two additional meetings by telephone. The attendance rate at the meetings of the Supervisory Board is 100%.

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Core Committees

The Supervisory Board has three core committees – the Audit Committee, the Remuneration Committee and the Selection and Appointment Committee.

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Audit Committee

At the beginning of the year under review the Audit Committee consisted of three members: Mr. Niggebrugge (chairman), Mr. Van Wiechen and Mr.

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Remuneration Committee

The Remuneration Committee consists of two members, with Mr. Van Woudenberg acting as chairman. Mr. Kramer acted as a member of the Remuneration Committee until 12 May 2015, with the Supervisory Board having appointed Mr.

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Selection and appointment committee

The Selection and Appointment Committee consists of two members, with Mr. Hessels acting as chairman. Mr.

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Dutch Corporate Governance Code

Since the introduction of the Dutch Corporate Governance Code (the “Code”) in 2004, the principles of proper corporate governance and best practice provisions set out in the Code have regularly been discussed at Supervisory Board meetings.

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DolWin2 project: a great example of synergy

Coordination of the installation work for the world’s largest offshore converter platform, rock placement, transports by Dockwise and Fairmount, surveying, anchoring, ballasting: orchestrated by the Offshore Energy division various business units

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Financial performance

Royal Boskalis Westminster N.V. (Boskalis) achieved net profit of EUR 440 million in 2015 (2014: EUR 490 million).

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Operational and financial developments

In the course of 2015 Boskalis increased its stake in Fugro N.V. from 19.9% at end-2014 to 28.6% at end-2015.

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Dredging & Inland Infra

Construction, maintenance and deepening of ports and waterways, land reclamation, coastal defense and riverbank protection, underwater rock fragmentation and the extraction of minerals using dredging techniques.

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Offshore Energy

Offshore dredging and rock installation projects, heavy transport, lift and installation work, diving and ROV services in support of the development, construction, maintenance and dismantling of oil and LNG import/export facilities, offshore

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Towage & Salvage

Towage: towage services and berthing and unberthing of oceangoing vessels in ports and at offshore terminals, management and maintenance both above and below the surface of onshore and offshore oil and gas terminals and associated maritime and

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Holding and eliminations

Non-allocated head office activities.

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Other financial information

Depreciation, amortization and impairments totaled EUR 321.9 million in 2015. This was EUR 293.1 million excluding the Fugro impairment charge (2014: EUR 293.5 million).

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Other developments

In mid-December 2014 Boskalis signed a Memorandum of Understanding (MoU) with Kotug International B.V. (KOTUG) to merge their European harbour towage operations by establishing a 50/50 joint venture.

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Quality management

During 2015 an integral management team with representatives from the divisions worked on developing a new quality management system.

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Personnel and organization

The internal relocation necessitated by the new divisional structure was completed in 2015.

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Fleet developments

With the implementation of the divisional structure in early 2015 responsibility for the Dredging and Offshore fleet has been assigned to the respective divisions.

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Research and development

Constant innovation is crucial to Boskalis’ future. We want to leverage our wealth of knowledge and experience and transform it into innovative initiatives that support our activities.

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ICT

In 2015 good progress was made with the development of the new company-wide ERP system for Boskalis, following analysis of the processes at the various business units in 2014.

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Corporate Social Responsibility

In our CSR report we account for material and relevant non-financial aspects of our performance arising from our strategy and core activities.

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Strategy and Business Drivers

Boskalis’ strategy is aimed at the opportunities and challenges that present themselves to the company. This strategy is based on two pillars: Focus and Strengthen & Rationalize. Focus is aimed at Value-Adding Assets and specific market segments.

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Strategic and market risks

The Boskalis markets are heterogeneous and often develop differently.

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Operational risks

The operational risks faced by Boskalis are diverse in nature, particularly because the group conducts various types of activities around the world within the three divisions.

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Financial risks

In conducting its business Boskalis is exposed to various kinds of non-operational financial risks. The most important of these are described in this section.

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Political and credit risks

These include risks related to unrest or disruption due to political developments and violence, and the risk of non-payment by clients. Boskalis operates a strict acceptance and hedging policy with respect to political and payment risks.

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Liquidity and funding risks

As is customary for a contractor Boskalis also has large amounts outstanding in the form of guarantees from banks and insurance companies, mainly in favor of clients.

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Currency risks

The functional currency of Boskalis is the euro.

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Tax risks

Because of the (constantly changing) mix of project and operational results in a large number of countries and entities, various kinds of taxes, such as income tax, wage tax, VAT and import duties, are assessed and then paid in various countries.

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Interest rate risks

We have limited our exposure to interest rate fluctuations by fixing the interest rates on the majority of our long-term financial liabilities, primarily by using interest rate swap arrangements.

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