Boskalis_Annual_Report_2016

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. INDEPENDENT AUDITOR’S 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

MATERIALITY

EUR 16.0 million (2015: EUR 26.6 million)

Approximately 5% of profit before taxation adjusted for impairment losses 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.

BENCHMARK APPLIED

EXPLANATION

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