Annual report 2019

113

24. INTEREST-BEARING BORROWINGS

REVOLVING MULTI- CURRENCY CREDIT FACILITY

OTHER INTEREST- BEARING BORROWINGS

US PRIVATE PLACEMENTS

TOTAL 2018

TOTAL 2019

Current

297

-

-

282

282

Non-current

270,567 270,864

283,572 283,572

150,000 150,000

4,897 5,179

438,469 438,751

Balance as at 1 January

Movement Proceeds Repayment

154,000

- -

-

-

-

- 287

- 100,000

- 245

- 100,245

Currency translation differences

13,649

5,230

- -

- -

5,230

Other movements Total movements

525

322

322

167,887 438,751

5,552

- 100,000

- 245 4,934

- 94,693 344,058

Balance as at 31 December

289,124

50,000

Current

282

-

50,000

255

50,255 293,803 344,058

Non-current

438,469 438,751

289,124 289,124

-

4,679 4,934

Balance as at 31 December

50,000

As at year-end 2019 US private placements relate to one placement of EUR 289.1 million, calculated at year-end currency rates (year-end 2018: EUR 283.6 million). This placement with a nominal value of USD 325 million, was placed in July 2013. The principal will be repaid after the original duration of ten years. The annual interest rate is 3.66%. A syndicated revolving multi-currency credit facility was arranged for the Group in 2014 and amounts to EUR 600 million. This credit facility had an original duration of 5 years with two options, executed in 2015 and 2016, respectively and has therefore been extended to 2021. As at 31 December 2019, the group has drawn EUR 50 million under this credit facility (31 December 2018: EUR 150 million). The Group agreed to comply with a number of customary covenants with the bank syndicate and US private placement holders. Twice a year Boskalis provides a compliance certificate to these lenders, reporting on the covenants for the twelve-month period ending on 30 June and 31 December, respectively. The main financial covenants are a net debt / EBITDA ratio not exceeding 3 and an EBITDA / net interest ratio of at least 4. These covenants are calculated in accordance with definitions agreed with the lenders. In the event that the Group does not meet any of these covenants, the loan may be due immediately. These covenants were met at 31 2019. The net debt / EBITDA ratio was 0.2 (2018: 0.7) and the EBITDA / net interest ratio was 19 (2018: 24). Interest rates, remaining terms and currencies of the interest-bearing borrowings are disclosed in the explanatory notes to the financial instruments in the interest rate risk paragraph (see note 29.1.3). As at 31 December 2019 the weighted average interest rate for the non-current portion of the interest bearing loans was 3.32% (2018: 2.62%). The non-current portion of interest-bearing borrowings due after more than five years amounted to nil (2018: nil). 25. EMPLOYEE BENEFITS The liabilities associated with employee benefits consist of liabilities related to defined benefit pension plans and other liabilities relating to a number of defined contribution plans in the Netherlands and other countries as well as jubilee benefits. They amounted to a total of:

31 DECEMBER

2018

2019

Note

Defined benefit pension plans

32,795

39,523

[25.1]

Other liabilities on account of employee benefits Liabilities associated with employee benefits

5,507

7,052

ANNUAL REPORT 2019 – BOSKALIS A L T 19 -- BOSKALIS

38,302

46,575