Annual report 2019

107

The future cash flows for the Group are legally and contractually limited to the receipt of dividends, with the exception of certain companies, as listed above, for which capped guarantees or capital contributions are agreed (see note 30). As a result of statutory provisions, the Group, as joint venture partner or minority shareholder, cannot independently decide to distribute dividends. Also, the financial position should be sufficient to enable the distribution of dividends to shareholders. There are no contractual provisions that restrict the distribution of the net result as a dividend, with the exception of covenants in loan agreements and the priority of loan repayment over dividend at some of the joint ventures and associates. Legal reserves are formed by the Group for its share in the net result of joint ventures and associates. In 2019 the Group sold SAAone PPP B.V. and as a result its share in SAAone Holding 2019, our share in the negative equity of SAAone Holding B.V. amounted to nill (31 December 2018: EUR 9.3 million following the recognition of the negative fair value of an interest rate swap). Following the sale of our share in SAAone Holding B.V., the negative fair value of the interest rate swap has been recycled through the Statement of Profit and Loss.

The table below shows the share of the Group in total assets and revenues of its joint ventures and associates that are individually not material to the Group.

2019

JOINT VENTURES

ASSOCIATES

TOTAL

Total assets

706,978

1,554

708,532

Revenue

301,736

115

301,851

2018

JOINT VENTURES

ASSOCIATES

TOTAL

Total assets

1,101,946

137,171

1,239,117

Revenue

339,838

44,172

384,010

18. NON-CURRENT FINANCIAL ASSETS OTHER NON-CURRENT RECEIVABLES

2018

2019

Balance as at 1 January

1,249

1,377

Loan granted (to joint venture) Repaid loan (from joint venture)

- -

7,874 - 280

Currency translation differences and other movements

128

243

Balance as at 31 December

1,377

9,214

Other non-current receivables generally comprise loans to joint ventures and associates, and long-term advance payments to suppliers.

19. INVENTORIES

2018

2019

Fuel and materials

32,754 66,316 99,070

27,117 76,121 103,238

Spare parts and other inventories

During 2019 nil million write-down on inventories was recognized (2018: EUR 0.2 million).

ANNUAL REPORT 2019 – BOSKALIS A 2 9 -- BOSKALIS