Boskalis_Annual_Report_2016

96

on the previous page, the Group would have recognized an additional impairment of approximately EUR 5.2 million. Note 4.1 discloses impairments recognized at each operational segment.

The Group has reversed EUR 1.3 million of impairment losses. In 2016 and 2015 the capitalized financing costs of investments recognized amounts to zero.

In line with the characteristics of the Group’s activities, property, plant and equipment can be deployed on a worldwide scale. As a consequence, segmentation of property, plant and equipment into geographical areas would not provide any additional relevant information. 17. JOINT VENTURES AND ASSOCIATED COMPANIES The Group participates in a number of strategic joint ventures and associated companies of which the activities correspond with, or provide related services to its own activities. The activities and risks of these joint ventures and associated companies are similar to the activities of the Group. A number of projects, or related activities, within the Dredging & Inland Infra operational segment are placed in private companies, the most important of which is SAAone Holding B.V. (a public private partnership (PPP) in the Netherlands). The Offshore Energy operational segment includes the strategic investments Asian Lift Pte. Ltd. (operation and rental of floating cranes) and VBMS until 30 June 2016. With effect from 1 July 2016 VBMS became a wholly owned subsidiary of the Group and has as such been included in the consolidation (also refer to note 5.1). Within the Towage & Salvage operating segment, with effect from April 2016 harbor towage services take place through the newly formed KOTUG SMIT Towage joint venture in Europe (see also note 5.3), Saam Smit Towage (Saam Smit Towage Brasil SA and SAAM Remolques SA de CV) on the American continent and Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd in Singapore (both active in harbor towage). In addition, the Group participates in Smit Lamnalco Ltd (worldwide terminal services) and Ocean Marine Egypt S.A.E. (terminal services). The Holding & Eliminations segment included the Group’s participation in Fugro N.V., which was considered a material associated company of the Group until December 2016, when significant influence was lost. These joint ventures and associated companies are in principle financed on a non-recourse basis. The Group agreed on a limited capital funding obligation for SAAone Holding B.V. and a guarantee of part of its bank financing was provided by the Group to Rebras SA. These commitments and guarantees are included in note 29 ‘Commitments and contingent liabilities’.

The table below shows the movements in the interests in joint ventures and associated companies:

Balance as at 1 January 2016 ANNUAL REPORT 2016 – BOSKALIS FINANCIAL STATEMENTS 2016 Investments Investment in KOTUG SMIT Towage Dividends received Balance as at 31 December 2016 Net result for the period Other comprehensive Income Total comprehensive Income

2016

JOINT VENTURES

ASSOCIATED COMPANIES

TOTAL

608,036

584,737

1,192,773

-

422

422

129,239 - 20,844

- -

129,239 - 20,844

Decrease after obtaining control in VBMS Holding B.V.

Sale of investment in Fugro N.V. and reclassification to financial instruments available for sale

-

- 332,073 - 46,743

- 332,073 - 104,724 - 9,326 - 42,572 14,149 - 365,729

Share in result of joint ventures and associated companies

- 57,981 - 9,226 - 39,721 18,226 19,693

Repayment share capital / share premium

- 100

- 2,851 - 4,077

Currency translation differences and other movements

- 385,422

627,729

199,315

827,044

- 57,981 18,226 - 39,755

- 46,743 - 4,077 - 50,820

- 104,724 14,149 - 90,575