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remuneration with regard to pensions and variable remuneration. The pension remuneration includes the salary compensation for pensions exceeding EUR 101.5 thousand, as well as the paid pension premiums (EUR 23 thousand per person). In addition to the aforementioned salary compensation, the actuarially determined service costs are also included as an expense in the financial statements. The long-term variable remuneration includes the actual amounts paid in 2016 regarding 2013-2015. The expenses recognized in the financial statements take into account the expenses arising from the 2016 long-term incentive plan regarding 2014-2016, as disclosed below. The pension expenses and short-term and long-term variable remuneration expenses relating to the members of the Board of Management as accounted for in the financial statements amount to EUR 1,593 thousand (2015: EUR 1,036 thousand) and EUR 1,560 thousand (2015: EUR 2,638 thousand), respectively. The total expense for the Members of the Board of Management therefore amounts to EUR 5,392 thousand (2015: EUR 6,226 thousand). 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. 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 2014, 2015 and 2016:

Year of payment

2016

2015

2017

Dr. P.A.M. Berdowski

1,190

1,316

815 536 536

T.L. Baartmans

775 736

856 856 856

J.H. Kamps

F.A. Verhoeven (up to 10 May 2016)

1,139 3,840

-

Total

3,884

1,887

Balance sheet position On 31 December 2016 the Group recognized a liability in the balance sheet item Trade and other payables of EUR 1.9 million (2015: EUR 3.4 million) relating to the long term incentive plans for the periods 2014 - 2016, 2015 - 2017 and 2016 - 2018. JOINT OPERATIONS 30.3 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 382 million of Group revenue was realized through joint operations (2015: EUR 727 million). The balance sheet of the Group holds current assets of EUR162 million (2015: EUR 550 million), including cash and cash equivalents (refer to note 22) and an amount of EUR 287 million (2015: EUR 492 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 2016, Group companies owed joint operations an amount of EUR 177.2 million (2015: EUR 189.8 million) and held EUR 63.5 million (2015: EUR 23.6 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 29 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 28. The guarantees provided are predominantly backed up by comparable receivables from the clients of the joint operations, reducing the Group’s exposure. ANNUAL REPORT 2016 – BOSKALIS FINANCIAL STATEMENTS 2016