Annual report 2019

105

hierarchy: level 3). Vessels that will be taken out of service were valued at scrap values. The full impairment charge of 2018 related to assets that were valued at fair value less costs to sell, including the charge for assets that are or will be taken out of service.

In 2019 and 2018 the capitalized financing costs of investments recognized amounted to zero.

In line with the characteristics of the Group’s activities, property, plant and equipment can be deployed on a worldwide scale. As a consequence, segmentation of property, plant and equipment into geographical areas would not provide any additional relevant information. 17. JOINT VENTURES AND ASSOCIATES The Group participates in a number of joint ventures and associates. The activities and risks of these joint ventures and associates are similar to the activities of the Group. A number of projects, or related activities, within the Dredging & Inland Infra operational segment are placed in privately held companies. The most important one was SAAone Holding B.V. which has been divested during 2019. The Offshore Energy operational segment mainly includes the investments Asian Lift Pte. Ltd and Horizon. Within the Towage & Salvage operational segment, harbor towage services take place through Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd in Singapore. In addition, the Group participates in Smit Lamnalco (worldwide terminal services) and Ocean Marine Egypt (terminal services). These joint ventures and associates are in principle financed on a non-recourse basis.

The table below shows the movements in the interests in joint ventures and associates:

2019

JOINT VENTURES

ASSOCIATES

TOTAL

Balance as at 1 January 2019

421,408

8,225

429,633

Classification as held for sale of Kotug Smit Towage

- 78,744 - 2,000 67,535 24,196 - 10,816 - 9,008

- - -

- 78,744 - 2,000 67,535 25,590 - 10,175 - 10,191

Divestments

Acquisition of Horizon

Share in result of joint ventures and associates

1,394

Share in other comprehensive income of joint ventures and associates

641

Dividends received

- 1,183

Currency translation differences and other movements

7,028

- 621

6,407

- 1,809

231

- 1,578

Balance as at 31 December 2019

419,599

8,456

428,055

2018

JOINT VENTURES

ASSOCIATES

TOTAL

Balance as at 31 December 2017

597,572

179,363

776,935

Adjustments due to first application of IFRS 9

- 1,289

- 1,289

Balance as at 1 January 2018

596,283

179,363

775,646

Investments

2,828

400

3,228

Impairment charges

- 107,797 - 77,205

- 82,082 - 98,604 6,868 - 1,245

- 189,879 - 175,809 7,830 - 4,390 - 1,211 - 15,124 29,342 - 346,013

Classification as held for sale of Saam Smit Towage Share in result of joint ventures and associates

962

Share in other comprehensive income of joint ventures and associates

- 3,145 - 1,004 - 12,393 22,879 - 174,875

Repayment share capital / share premium

- 207

Dividends received

- 2,731 6,463

Currency translation differences and other movements

- 171,138

Balance as at 31 December 2018

421,408

8,225

429,633

ANNUAL REPORT 2019 – BOSKALIS A 019 -- BOSKALIS

The 2019 share in result of joint ventures and associates amounts to EUR 25.6 million as disclosed in the table above (2018: EUR 7.8 million).