Annual report 2019

106

In 2018 the Group incurred a non-cash impairment charge of EUR 190 million relating to towage joint ventures and associates due to deteriorated market conditions that are not expected to materially improve in the foreseeable future.

The main joint ventures of the Group are:

Interest in joint ventures

2018

2019

ENTITY

COUNTRY OF INCORPORATION

Saam Smit Towage Brasil S.A.*

Brazil Brazil

50% 50% 50% 50% 50% 49% 49% 30% 50% 50% 17% 50%

- -

Gardline Marine Sciences do Brasil SA

Lamnalco Marine

Cyprus

50% 50% 50% 49% 49% 30%

Ocean Marine Egypt S.A.E

Egypt

Asian Lift Pte. Ltd.

Singapore Singapore Singapore

Keppel Smit Towage Pte Ltd

Maju Maritime Pte Ltd

Penta-Ocean / Hyundai / Boskalis JV PTE. Ltd Singapore

ACCN B.V.

The Netherlands The Netherlands The Netherlands United Kingdom

- - - -

Kotug Smit Partnership B.V.

SAAone Holding B.V. Gardline Maritime Ltd.

Horizon Survey Company (FZC)

United Arab Emirates

-

63%

*Classified as held for sale as per year-end 2018 (see note 5.3)

The main associates of the Group are:

Interest in associates

2018

2019

COMPANY

COUNTRY OF INCORPORATION

Damietta for Maritime Services Company S.A.E. Egypt

31% 49%

31%

Saam Smit Towage Mexico S.A. de C.V.*

Mexico

-

*Classified as held for sale as per year-end 2018 (see note 5.3)

The voting rights in associates are equal to the ownership interests.

ANNUAL REPORT 2019 – BOSKALIS FINANCIAL STATEMENTS 2019 L 9 -- BOSKALIS FINANCIAL STATEMENTS 2019 Towage joint ventures and associates Revenue EBITDA EBIT excluding impairment charges EBIT including impairment charges Net debt

As at 31 December 2019, the Group participated in the above-mentioned joint ventures and associates. Joint control is established in joint ventures by contract and the Group only has rights to the net assets. Significant influence is established in associates by voting rights and/or by contract, also in those cases where the other (investment) partner has control. None of these joint ventures or associates is individually material based on their share in the financial figures of the Group and their risk profile. The nature of, and changes in, the risks associated with interest in joint ventures and/or and associates is primarily linked to its activities for which a distinction is made in the disclosure. As at 31 December 2019, approximately 65% of the Group’s interest in joint ventures and associates relates to harbor towage services and terminal services of the Towage & Salvage operational segment. The summarized figures on a 100% basis of the towage/terminal activities can be presented as follows (excluding Saam Smit Towage and Kotug Smit Towage):

2018

2019

Excluding SAAM Smit Towage and Kotug Smit Towage

Excluding SAAM Smit Towage and Kotug Smit Towage

340 116

344 128

57 15

63 63

311

261

In 2018 (100% basis including Saam Smit Towage and Kotug Smit Towage) the revenue amounted to EUR 645 million with an EBITDA of EUR 211 million. The EBIT excluding impairment charges amounted to EUR 91 million (including impairment charges EUR 49 million) and a net debt of EUR 561 million.

Other joint ventures and associates relate to the Dredging & Inland Infra and Offshore Energy Segments and to Holding & Eliminations.