Boskalis_Annual Report_2017

100 ANNUAL REPORT 2017 – BOSKALIS FINANCIAL STATEMENTS 2017 ANNUAL REPORT 2017 -- BOSKALIS FINANCIAL STATEMENTS 2017 100 ENTITY Saam Smit Towage Brasil S.A. Lamnalco Marine Ocean Marine Egypt S.A.E Asian Lift Pte. Ltd. Keppel Smit Towage Pte Ltd Maju Maritime Pte Ltd ACCN B.V. Kotug Smit Partnership B.V. SAAone Holding B.V. Gardline Marine Sciences do Brasil SA Gardline Maritime Ltd. COMPANY Revenue EBITDA EBIT before impairment losses EBIT Net debt

The main joint ventures of the Group are:

Interest in joint ventures

2017

2016

COUNTRY OF INCORPORATION

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

Brazil

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

Cyprus

Egypt

Singapore Singapore Singapore

The Netherlands The Netherlands The Netherlands

Brazil

- -

United Kingdom

The main associated companies of the Group are:

Interest in associated companies

2017

2016

COUNTRY OF INCORPORATION

31%

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

31%

Saam Smit Towage Mexico S.A. de C.V. (2016 name: Saam Remolques S.A. de C.V.)

49%

Mexico

49%

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

As at 31 December 2017, 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 in 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 2017, approximately 90% 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)*

2017

2016

Towage joint ventures and associated companies

691 240 117 117 550

738 279 147 - 52 695

* 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 and to Holding & Eliminations.

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.