Boskalis_Annual Report_2017

102 ANNUAL REPORT 2017 – BOSKALIS FINANCIAL STATEMENTS 2017 ANNUAL REPORT 2017 -- BOSKALIS FINANCIAL STATEMENTS 2017 102 19. INVENTORIES Fuel and materials Spare parts and other inventories Progress billings Advances received Progress billings and advances received Balance Due from customers Due to customers Balance Trade receivables Other receivables and prepayments Bank balances and cash Short-term bank deposits Cash and cash equivalents Short-term borrowings / Call money Bank overdrafts

2017

2016

34,727 53,439 88,166

35,943 54,106 90,049

During 2017 no write-down on inventories was recognized (2016: EUR 1.6 million).

20. DUE FROM AND DUE TO CUSTOMERS

2017

2016

2,683,678

Cumulative incurred costs plus profit in proportion to progress less provisions for losses

2,420,973

2,762,794

2,619,868

28,078

29,543

2,790,872

2,649,411

- 107,194

- 228,438

123,457 - 230,651 - 107,194

87,194

- 315,632 - 228,438

As at year-end 2017, the payments due from customers include EUR 5 million (2016: EUR 7 million) which will be paid by customers subject to specified conditions (retentions). The determination of profit in proportion to the stage of completion and the provision for losses is based on estimated costs and revenue of the relating projects. These estimates contain uncertainties.

21. TRADE AND OTHER RECEIVABLES

2017

2016

318,942 25,681 414,516 759,139

274,429 22,647 300,852 597,928

Amounts due from joint ventures and associated companies

22. CASH AND CASH EQUIVALENTS

2017

2016

184,624

839,395 125,936 965,331

7,324

191,948

- 40,794

- 1,188 5,606

-

Bank balances and cash of disposal group

151,154

Net cash and cash equivalents in the consolidated statement of cash flows

969,749

Cash and cash equivalents include EUR 79.1 million (2016: EUR 73.2 million) held by project-driven construction consortiums (joint operations). The Group held EUR 1.8 million (2016: EUR 2.1 million), of which no amount (2016: EUR 0.1 million) in joint operations outside the Netherlands that is subject to local regulations, thus limiting the transfer of these funds. The other cash and cash equivalents are at the free disposal of the Group.