Boskalis_Annual_Report_2016

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ASSETS AND LIABILITIES HELD FOR SALE 5.6 The assets and liabilities of activities held for sale are summarized as follows:

2015

2016

Intangible assets

58,414 138,731 23,720

-

Property, plant and equipment

1,244 2,777 5,606 9,627

Receivables and other non-current assets

Cash and cash equivalents Assets of disposal groups

3,579

224,444

Financing and interest bearing loans

5,522

- -

Deferred tax liabilities

15,635

Provisions

450

73

Creditors and other current liabilities

15,902 37,132

7,259 7,709

Liabilities of disposal groups

At year-end 2016 the assets and liabilities held for sale relate to the subsidiary Aannemingsmaatschappij B.V., which was sold on 12 January 2017. The transaction did not result in a book result. Markus

At year-end 2015 the assets and liabilities held for sale relate to European harbor towage activities that were contributed to the KOTUG SMIT Towage (see note 5.3). During part of 2016 the activities of SMIT Amandla Marine were classified as held for sale (see note 5.4). 6. REVENUE Revenue from construction contracts (IAS 11) and services on a project base, by analogy, amount to approximately EUR 1.8 billion (2015: EUR 1.9 billion). This mainly comprises the net revenue of the Dredging & Inland Infra and Offshore Energy (excluding sea transport and related services) segments and typically involves work in progress. Movements in the value of work in progress, consisting of cumulative incurred costs plus profit in proportion to progress less provisions for losses, together with the work done and completed during the reporting period, determine the revenue for these activities. The revenue from services rendered to third parties is primarily realized in the Offshore Energy (including sea transport and related services) and Towage & Salvage operational segments. The revenue from services amounts to approximately EUR 0.8 billion (2015: EUR 1.3 billion). For projects executed in a joint operation, the segments only report their own share in the revenue and results recognized, resulting in no material related party transactions between segments that need to be eliminated.

Revenue by region can be specified as follows:

REVENUE

2015

2016

The Netherlands Rest of Europe Australia / Asia

640,230 779,336 540,093 250,529 615,259 414,880

552,166

1,078,648

283,658 134,555 232,553 314,746

Middle East

Africa

North and South America

3,240,327

2,596,326

A region is determined as the location in which projects are realized and services are provided; for sea transport the region refers to the (nearest) port of arrival of the transport or the project location for offshore installation. A large part of the Group’s revenue is generated on projects for a variety of clients in various countries and geographical areas. Because of the often-incidental nature and spread of the contracts none of these clients qualifies structurally as a material client in relation to the total revenue of the Group.

ANNUAL REPORT 2016 -- BOSKALIS AN UAL REPORT 2016 – BOSKALIS