Boskalis 2018 Half Year Report

HALF YEAR REPORT 2018 – BOSKALIS 31 31

Condensed Consolidated Balance Sheet as at 1 January 2018 / 31 December 2017:

Impact Revenue increased by EUR 2.5 million in the first half year 2018 (first half year 2017: increase of EUR 1.4 million). The application of IFRS 15 also resulted in lower current assets and liabilities of EUR 0.8 million (first half year 2017: higher current assets and liabilities of EUR 16.2 million). The standard results in a reclassification from liabilities due to customers to provisions of onerous contracts for a limited amount. The change had no impact on the group profit attributable to shareholders and net- equity attributable to shareholders. COMBINED IMPACT OF IFRS 9 AND IFRS 15 The impact of these adjustments on the Condensed Consolidated Income Statement for the first half year 2017, and the Condensed Consolidated Balance Sheet as per 1 January 2018 / 31 December 2017 are disclosed below.

ACCOUNTING PRINCIPLES

CURRENT 1/1/2018

PREVIOUS 31/12/2017

(in millions of EUR)

NON-CURRENT ASSETS Intangible assets

277.4

277.4

2,538.1

Property, plant and equipment Investments in joint ventures and associated companies

2,538.1

775.6

776.9

20.7

Other non-current assets

20.7

3,611.8

3,613.1

CURRENT ASSETS Inventories and receivables Cash and cash equivalents

1,024.6

1,008.5

191.9

191.9

1,216.5

1,200.4

4,828.3

4,813.5

Total assets

Condensed Consolidated Income Statement as at first half year 2017:

GROUP EQUITY Shareholders' equity Non-controlling interests

3,021.5

3,022.9

2.4

2.4

ACCOUNTING PRINCIPLES

3,023.9

3,025.3

(in millions of EUR)

CURRENT

PREVIOUS

1,097.7 - 1,017.9

Operating income (including revenue)

1,096.3 - 1,016.5

NON-CURRENT LIABILITIES Interest-bearing borrowings

Operating expenses

270.6

270.6

Share in result of joint ventures and associated companies

67.7

Other

67.7

21.9

21.9

338.3

338.3

101.7

Operating result

101.7

Finance income and expenses

- 7.0

- 7.0

CURRENT LIABILITIES Interest-bearing borrowings

- 19.6

Income tax expense

- 19.6

0.3

0.3

75.1

75.1

Bank overdrafts

40.8

40.8

NET GROUP PROFIT

Other liabilities, payables and provisions

Net Group profit attributable to: Non-controlling interests

1,425.0 1,466.1

1,408.8 1,449.9

-

-

75.1

Shareholders

75.1

4,828.3

4,813.5

Total group equity and liabilities

62.6%

Solvency

62.9%

17. RELATED PARTIES The identified related parties of the Group are its Group companies, joint ventures, associated companies, shareholders with significant influence, pension funds that are classified as funded defined benefit pension plans in accordance with IAS 19, and the members of the Supervisory Board and Board of Management. Mr. J.P. de Kreij was appointed as a member of the Supervisory Board at the General Meeting of Shareholders on 9 May 2018, while Mr. J.M. Hessels resigned as a member of the Supervisory Board as of the date of the Meeting. There were no other significant changes to the identified related parties of the Group. Transactions with joint ventures and associated companies in the course of normal business activities take place at arm’s length basis. In the first half year of 2018 sales and purchases amounted to EUR 4.0 million and EUR 7.0 million, respectively (first half year 2017: EUR 19.5 million and EUR 11.5 million, respectively).