Boskalis_Annual Report_2017

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In the event that the Group does not meet any of these covenants, the loan may be due immediately. These covenants were met at 31 December 2017. The net debt / EBITDA ratio was 0.5 (2016: -0.3) and the EBITDA / net interest ratio was 32 (2016: 15). Interest rates, remaining terms and currencies of the interest-bearing borrowings are disclosed in the explanatory notes to the financial instruments in the interest rate risk paragraph. As at 31 December 2017 the weighted average interest rate for the non-current portion of the interest bearing loans was 3.67% (2016: 3.67%). The non-current portion of interest-bearing borrowings due after more than five years amounted to EUR 269.4 million (2016: EUR 306.9 million). 25. EMPLOYEE BENEFITS The liabilities associated with employee benefits consist of liabilities related to defined benefit pension plans and other liabilities relating to a number of defined contribution plans in the Netherlands and other countries as well as jubilee benefits. They amounted to a total of: 31 DECEMBER Note 2017 2016

28,924

23,471

Defined benefit pension plans

[25.1]

5,518

6,863

Other liabilities on account of employee benefits Liabilities associated with employee benefits

34,442

30,334

DEFINED BENEFIT PENSION PLANS 25.1

CHARGED TO CONSOLIDATED STATEMENT OF

DEFINED BENEFIT OBLIGATION

UNFUNDED PENSION LIABILITIES

OTHER COMPREHENSIVE INCOME

FAIR VALUE PLAN ASSETS

SURPLUS/ DEFICIT (-)

PROFIT OR LOSS

TOTAL

160,380

153,196

- 7,184

- 5,142 - 12,326

Balance as at 1 January 2017

637

- -

- 637

- 32 - 71

- 669

669

Current service expenses

3,554

- 3,554

- 3,625

3,625

Interest expenses on obligation

- -

4,137 3,248

4,137 3,248

- -

4,137 3,248

Contributions received from the Group

- 3,248

Return on plan assets Net actuarial results

5,165

203

- 4,962

148 270

- 4,814

4,814

- 6,144

- 6,144

-

270

Benefits paid

Foreign currency exchange rate differences and other changes

- 4,534 - 1,322

- 4,076 - 2,632

458

-

458

-

- 1,310

315

- 995

1,046

4,814

Total movement

159,058

150,564

- 8,494

- 4,827 - 13,321

Balance as at 31 December 2017

- 11,145 - 4,458 - 15,603

Limits on net plan assets as at 1 January

4,458

Movement in limit net plan assets

Limits on net plan assets as at 31 December

- 28,924

Balance as at 31 December 2017 after limits on net plan assets

10,318

1,046

9,272

Total result defined benefit pension plans

ANNUAL REPORT 2017 – BOSKALIS A L REP RT 2017 -- BOSKALIS