Annual report 2019

124

Currency transaction risk, excluding interest-bearing financing The currency transaction risk resulting from future operational transactions in currencies other than the group company’s functional currency can be summarized as follows:

2018

2019

Euro

Expected cash flows in US dollars

275,885 - 6,158 45,735 13,760 34,593 - 1,675 17,365 379,505

291,640 - 6,157 49,099 15,359 17,858

Expected cash flows in Australian dollars Expected cash flows in Pounds Sterling Expected cash flows in Indian rupees Expected cash flows in Swedish kroners

Expected cash flows in Euros

-

Expected cash flows in other currencies

17,274 385,073

Expected cash flows

Cash flow hedges

- 372,070

- 375,810

Net position

7,435

9,263

Sensitivity analysis Due to the fact that expected future cash flows in foreign currencies are hedged, the sensitivity of financial instruments, excluding interest-bearing financing, to foreign currency risk is limited for the Group. The Group is mainly funded by interest-bearing borrowings denominated in US dollars (see note 24 ‘Interest- bearing borrowings’). The US Private Placements expressed in US dollars are used to partly hedge the net investments in Dockwise and Fairmount, including the intercompany financing provided. Therefore and due in part to hedge accounting, the sensitivity in the profit or loss account is limited for financing in currencies other than the euro. Interest rate risk The Group has mainly fixed interest rate liabilities and a revolving multi-currency facility with a variable interest rate. With a view to managing interest rate risks, the policy is that interest rates for loans payable are in principle primarily fixed for the entire maturity period. This is achieved by contracting loans that carry a fixed interest rate and/or by using derivatives such as interest rate swaps.

ANNUAL REPORT 2019 – BOSKALIS FINANCIAL STATEMENTS 2019 L E 9 -- BOSKALIS FINANCIAL STATEMENTS 2019 As at 31 December 2019 Cash and cash equivalents Short-term deposits US Private Placements (USD) Revolving multi-currency credit facility (EUR) Other interest-bearing borrowings (EUR) Lease liabilities Bank overdrafts As at 31 December 2018 Cash and cash equivalents Short-term deposits US Private Placements (USD) Revolving multi-currency credit facility (EUR) Other interest-bearing borrowings (EUR) Bank overdrafts

The interest rates and maturity profiles of interest-bearing loans, lease liabilities, deposits and cash and cash equivalents are stated below.

Interest rate One year or less

1 - 5 years

Over 5 years

Total

0.00% 1.61% 3.66% 1.00% 7.13% 1.79% 0.36%

375,900 23,674

- -

- - -

375,900 23,674 - 289,124 - 50,000 - 4,934 - 108,313 - 29,775 - 82,572

-

- 289,124

- 50,000

-

- -

- 255

- 4,679 - 47,462

- 24,285 - 29,775 295,259

- 36,566

-

-

- 341,265

- 36,566

Interest rate One year or less

1 - 5 years

Over 5 years

Total

0.00% 2.68% 3.66% 0.50% 6.95% 2.32%

311,740 24,467

- -

- - - - - - -

311,740 24,467 - 283,572 - 150,000 - 5,179 - 28,330 - 130,874

-

- 283,572

-

- 150,000

- 282

- 4,897

- 28,330 307,595

-

- 438,469