Boskalis_Annual_Report_2016

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The key associated companies of the Group are:

Interest in associated companies

2015

2016

COMPANY

COUNTRY OF INCORPORATION

Damietta for Maritime Services Company S.A.E. Egypt

31% 49% 29%

31% 49%

SAAM Remolques S.A. de C.V.

Mexico

Fugro N.V.*

The Netherlands

-

* As from December Fugro N.V. was reclassified to Financial Instruments available-for-sale (see above).

The voting rights in associated companies are equal to the ownership interests.

As at 31 December 2016, the Group participated in the above-mentioned joint ventures and associated companies. Joint control is established in joint ventures by contract and the Group only has rights to the net assets. Significant influence is established associated companies by voting rights and/or by contract, also in those cases where the other (investment) partner has control. None of these joint ventures or associated companies is individually material based on their share in the financial figures of the Group and their risk profile. The nature of, and changes in, the risks associated with interest in joint ventures and/or and associated companies is primarily linked to its activities for which a distinction is made in the disclosure. As at 31 December 2016, approximately 93% of the Group’s interest in joint ventures and associated companies relates to harbor towage services and terminal services of the Towage & Salvage operational segment. The summarized figures on a 100% basis of the towage/terminal activities can be presented as follows: 100% basis, (in millions of EUR)* Towage joint ventures and associated companies 2016 2015

Revenue EBITDA

764 299 166 166 638

738 279 147 - 52 695

EBIT before impairment losses

EBIT

Net debt

* Financial information included on a pro forma and 100% aggregated basis.

Other joint ventures and associated companies relate to the Dredging & Inland Infra and Offshore Energy Segments.

ANNUAL REPORT 2016 – BOSKALIS FINANCIAL STATEMENTS 2016

The future cash flows for the Group are legally and contractually limited to the receipt of dividends, with the exception of certain companies, as listed above, for which capped guarantees or capital contributions are agreed (see note 28). As a result of statutory provisions, the Group, as joint venture partner or minority shareholder, cannot independently decide to distribute dividends. Also, the financial position should be sufficient to enable the distribution of dividends to shareholders. There are no contractual provisions that restrict the distribution of the net result as a dividend, with the exception of covenants in loan agreements and the priority of loan repayment over dividend at some of the joint-ventures and associated companies. Legal reserves are formed by the Group for its share in the net result of joint-ventures and associated companies. On 31 December 2016 SAAone Holding B.V. had negative equity following recognition of the negative fair value of the effective cash flow hedge regarding the interest on its financing. This negative value is accounted for directly in equity by SAAone Holding B.V. in the reporting period through other comprehensive income. The share of the Group in this negative equity amounted to EUR 11.5 million (2015: EUR 10.8 million) and was not accounted for by the Group because the Group is not severally liable.