Boskalis_Annual_Report_2016

97

2015

JOINT VENTURES

ASSOCIATED COMPANIES

TOTAL

Balance as at 1 January 2015

597,247

178,220

775,467

Net investments

-

146,410

146,410

Reclassification of stake in result of Fugro N.V. from financial instruments available for sale

- -

271,968 - 28,824 5,490 - 8,831 20,304 406,517

271,968 - 28,824 43,260 - 69,444 53,936 417,306

Impairment on stake in Fugro N.V.

Share in result of joint ventures and associated companies

37,770 - 60,613 33,632 10,789

Dividends received

Currency translation differences and other movements

Balance as at 31 December 2015

608,036

584,737

1,192,773

Net result for the period

37,770 33,632 71,402

5,490

43,260 53,936 97,196

Other comprehensive Income Total comprehensive Income

20,304 25,794

The carrying amount of the Group’s share in the associated company Fugro N.V. was zero as at 31 December 2016 (31 December 2015: EUR 390.4 million) following the sale of (certificates of) shares in Fugro N.V. As a result, significant influence was lost and the remaining certificates (participation of 9.4%) were classified as an available-for-sale financial asset (see note 18.2 ‘Financial instruments available-for- sale’). The total impact of our investment in Fugro N.V. on the statement of profit or loss is a loss of EUR 30.1 million (see note 5.5). In 2015 the impact on the net result was a loss of EUR 3.4 million, which consisted of an impairment charge of EUR 28.8 million, a revaluation profit of EUR 28.5 million and the share of the net loss of EUR 3.1 million. Fugro N.V. did not distribute dividends in 2016 and 2015. The share in the result of joint ventures and associated companies in 2016 as disclosed in the table above amounts to EUR 104.7 million. Following the inclusion of the book profit Fugro N.V. of EUR 21.8 million (see note 5.5), the statement of profit or loss shows EUR 82.9 million on the line Result of joint ventures and associated companies. Following the sale, Fugro N.V. is no longer a material associated company for the Group. Therefore, no summarized information for 2016, other than the impact on the statement of profit or loss, is reported separately on Fugro N.V. and such information is also not included in the summary in the table below showing the share of the Group in total assets and contract revenue of other joint ventures and associates that are not material to the Group on an individual basis. The summarized 2015 financial information regarding Fugro N.V. (100%), adjusted by the Group as required for associated companies, comprises net assets of EUR 1.5 billion. Net revenue and non-current assets each amounted to EUR 2 billion and current assets, current liabilities and non-current liabilities each to EUR 1 billion.

The main joint ventures of the Group are:

Interest in joint ventures

2015

2016

ENTITY

COUNTRY OF INCORPORATION

Saam Smit Towage Brasil S.A.

Brazil

50% 50% 50% 50% 49% 49%

50% 50% 50% 50% 49% 49% 50% 50% 17%

Lamnalco Marine

Cyprus

Ocean Marine Egypt S.A.E

Egypt

Asian Lift Pte. Ltd.

Singapore Singapore Singapore

Keppel Smit Towage Pte Ltd

Maju Maritime Pte Ltd

ACCN B.V.

The Netherlands The Netherlands The Netherlands The Netherlands

- -

Kotug Smit Partnership B.V.

SAAone Holding B.V. VBMS Holding B.V.*

17% 50%

-

* Until 1 July 2016 VBMS Holding B.V. was included as a 50% joint venture. On 1 July 2016 the participation in VBMS was expanded to 100% and VBMS has since been included in the consolidation of the Group (see note 5.1 ‘Acquisition of offshore assets and activities of VolkerWessels’).

ANNUAL REPORT 2016 – BOSKALIS