Annual report 2019

134

Employer’s pension contributions Employer’s pension contributions include the pension compensation for salaries exceeding EUR 108 thousand, as well as the pension premiums paid (EUR 26 thousand per person). Long-term incentive plan The members of the Board of Management participate in long-term (three-year) incentive plans, which are based partly on the development of the share price of the ordinary shares of Boskalis and partly on the realization of certain objectives, which are defined by the Supervisory Board and are in line with the strategic agenda and the objectives of Boskalis. The variable remuneration paid in 2019 is related to the achievement of certain targets during the 2018 financial year (short-term variable remuneration: EUR 866 thousand) and the achievement of certain targets during the 2016 - 2018 period (long-term variable remuneration: EUR 1.030 thousand). Multi-year overview of variable remuneration The following variable remuneration was granted to the members of the Board of Management with regard to the years 2017, 2018 and 2019:

Year of payment

2019

2018

2020

Dr. P.A.M. Berdowski

694 449

859 536

934 608 278

T.L. Baartmans

B.H. Heijermans (from 1 September 2018) J.H. Kamps (up to and including 8 May 2019)

57

-

696

536

-

C. van Noort (from 8 May 2019)

-

-

185

Total

1,896

1,931

2,005

Balance sheet position On 31 December 2019 the Group recognized a liability in the balance sheet item Trade and other payables of EUR 1.9 million (2018: EUR 2.1 million) relating to the long-term incentive plans for the periods 2017 – 2019, 2018 – 2020 and 2019 – 2021. JOINT OPERATIONS The Group has activities in the Dredging & Inland Infra and Offshore Energy operational segments through joint operations which are not related parties as defined in IFRS. Legally these joint operations comprise project-driven construction consortiums. In joint operations joint control is established by contract and the Group has rights to the assets and is liable for the debts of the operations. An amount of EUR 666 million of Group revenue was realized through joint operations (2018: EUR 547 million). The balance sheet of the Group holds current assets of EUR 304 million (2018: EUR 261 million), including cash and cash equivalents (refer to note 22) and an amount of EUR 271 million (2018: EUR 250 million) of current liabilities that was included on a pro-rata basis in accordance with the Group’s interest in these joint operations. Temporary and other surpluses and shortages in the financing of a joint operation are withdrawn or financed by the partners in the joint operation. At year-end 2019, Group companies owed joint operations an amount of EUR 168.8 million (2018: EUR 152.9 million) and held EUR 132.4 million (2018: EUR 131.6 million) in receivables from joint operations. Similar to contracts of Group companies, guarantees are also provided for contracts of joint operations by the Group or one of its Group companies. The guarantee commitments regarding joint operations are disclosed in note 30 as part of the guarantee commitments relating to contracts and joint ventures. Group companies are jointly and severally liable for the non-consolidated part of the liabilities of their joint operations which are disclosed in note 29. The guarantees provided are predominantly backed up by comparable receivables from the clients of the joint operations, reducing the Group’s exposure.

ANNUAL REPORT 2019 – BOSKALIS FINANCIAL STATEMENTS 2019 L 9 -- BOSKALIS FINANCIAL STATEMENTS 2019