Boskalis jaarverslagen 2011

6. Revenu

The revenue of the segments Dredging & Earthmoving and Maritime Infrastructure mainly comprises revenues from work in progress. Movements in the value of work in progress, consisting of cumulative incurred costs plus profit in proportion to progress less provisions for losses, together with the work done and completed during the reporting period, determine the revenue for these segments. 
The revenue from services rendered to third parties is mainly realized in the remaining operational segments.

If certain projects are executed together in a joint venture, the segments only report their own share in the revenue and results recognized, resulting in no material related party transactions that need to be eliminated.

Revenue by region can be specified as follows:

Netherlands   633,181   517,238
Rest of Europe   494,231   585,283
Australia / Asia   689,503   625,566
Middle East   318,026   371,005
Africa   295,696   227,534
North and South America   370,400   347,813
  2,801,037   2,674,439

A large part of the Group’s revenue is executed project based for a various group of clients in various countries and geographical areas. Because of the often incidental character and spread of the contracts none of these clients qualifies structurally as a material client in relation to the total revenue of the Group.

Revenue includes the movements in work in progress of € 960.2 million (2010: € 145.3 million).

Added to My report add to My report Source: Annual report 2011, page 83