Boskalis jaarverslagen 2011

16. Associated companies

    2011   2010
                 
Balance as at January 1       20,617       298,674
Acquired through business combinations       2,307       17,843
Dividends received       -729       -17,611
Investment in Smit Internationale N.V.             56,061
Other net investments       -1,772       -5,678
Share in result   2,020       7,657    
Revaluation existing participation prior to business combination         17,316    
        2,020       24,973
Reduction due to expansion of participation resulting in                
acquiring control over the associated company             -349,571
Currency translation and other differences       985       -4,074
                 
Balance as at December 31       23,428       20,617

At the start of 2010 the Group had a interest of 26.76% in Smit Internationale N.V. and on April 1, 2010 the Group gained control. The movements in 2010 mainly relate to this business combination.

The key associated companies of the Group are:

        Ownership interest
Company   Country of incorporation   2011   2010
             
IRSHAD   Abu Dhabi, United Arab Emirates   20%   20%
RW Aggregates Ltd   United Kingdom   50%   50%
Dafeng Smit Towage Company Ltd   China   40%   40%
Taizhou Smit Towage Services Co Ltd   China   40%   40%
Damietta for Maritime Services Company S.A.E.   Egypt   31%   31%
Fleetcare Services Pte Ltd   Singapore   45%   45%

The voting rights in associated companies are equal to the ownership interests. The share of the Group in assets, liabilities, revenue and result of the aforementioned associated companies is stated below:

    2011   2010
         
Assets   23,696   26,932
Liabilities   -14,828   -18,153
Equity   8,868   8,779
         
Revenues   11,777   53,963
Share in result   2,020   7,657

 

Added to My report add to My report Source: Annual report 2011, page 91