Boskalis jaarverslagen 2011

15. Property, plant and equipment

    Land and buildings   Floating and other construction equipment   Other fixed assets   Property, plant & equipment under construction   Total
                     
Balance as at January 1, 2011                    
Cost   71,611   3,205,416   57,504   147,252   3,481,783
Accumulated depreciation and impairment losses   -22,798   -1,236,089   -32,689   -11,582   -1,303,158
Book value   48,813   1,969,327   24,815   135,670   2,178,625
                     
Movements                    
Investments, including capitalized finance costs   417   93,412   6,320   191,746   291,895
Acquired through business combinations   6,502   74,225   1,755   98   82,580
In / (out) consolidation   -95   -101,282   -490   -391   -102,258
Put into operation   552   89,261   155   -89,968  
Impairment losses     -10,475     4,044   -6,431
Depreciation   -2,488   -210,724   -5,906     -219,118
Disposals and other movements   -1,155   -3,090   -8,166   -3,668   -16,079
Currency translation differences   -539   -4,472   -66   1,901   -3,176
    3,194   -73,145   -6,398   103,762   27,413
Balance as at December 31, 2011                    
Cost   76,289   3,156,649   41,525   246,970   3,521,433
Accumulated depreciation and impairment losses   -24,282   -1,260,467   -23,108   -7,538   -1,315,395
Book value   52,007   1,896,182   18,417   239,432   2,206,038

    Land and buildings   Floating and other construction equipment   Other fixed assets   Property, plant & equipment under construction   Total
                     
Balance as at January 1, 2010                    
Cost   66,512   1,815,358   34,926   257,945   2,174,741
Accumulated depreciation and impairment losses   -22,974   -1,053,867   -26,552   -11,560   -1,114,953
Book value   43,538   761,491   8,374   246,385   1,059,788
                     
Movements                    
Investments, including capitalized finance costs   7,918   92,743   4,472   225,214   330,347
Acquired through business combinations   3,015   823,596   25,407   130,398   982,416
Put into operation   279   482,210   -7,456   -475,033  
Impairment losses     -8,393   -336     -8,729
Depreciation   -3,477   -194,952   -6,296     -204,725
Disposals and other movements   -2,656   -27,462   242   1,032   -28,844
Currency translation differences   196   40,094   408   7,674   48,372
    5,275   1,207,836   16,441   -110,715   1,118,837
Balance as at December 31, 2010                    
Cost   71,611   3,205,416   57,504   147,252   3,481,783
Accumulated depreciation and impairment losses   -22,798   -1,236,089   -32,689   -11,582   -1,303,158
Book value   48,813   1,969,327   24,815   135,670   2,178,625

Annually the Group reviews the main units of the fleet on (expected) utilization and operational results. 
In 2011 this resulted in the testing of a limited number of specific units on possible impairments and the recognition of an impairment charge amounting to € 6.4 million (2010: € 8.7 million) has been recognized. This concerns impairments to value in use for 9.3 million, impairments to net selling price for 2.0 million and a reversal of impairments to net selling price for 4.9 million. The net selling price is determined net of sale and demolition expenses.

Also at year-end 2011 the expected useful life of the (components of) units is evaluated and adjusted prospectively for a part of the units. The net effect of these adjustment on net group profit for both the reporting period and future years is not material.

The Group leases various assets through financial lease agreements. The book value of the leased equipment was € 10.6 million at the end of 2011 (2010: € 5.5 million).

The securities provided for financing granted by means of mortgage rights on property, plant and equipment are disclosed in note 23.

In accordance with the characteristics of the Group’s activities property, plant & equipment can be deployed on a worldwide scale during the reporting period. As a consequence, segmentation of the property, plant & equipment to geographical areas would not provide additional relevant information.

Added to My report add to My report Source: Annual report 2011, page 90