Boskalis_Annual Report_2017

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The pension charges for the main pension plans are predominantly in euros. As a consequence, the exchange rate exposure for pension charges in other currencies is considered not material.

The accumulated actuarial gains and losses and the balance of the limitation on net plan assets amount to:

2017

2016

- 13,547 - 15,603 - 29,150

Accumulated actuarial gains and losses as at 31 December

- 8,733 - 11,145 - 19,878

Asset limits on net plan assets as at 31 December

In 2018 the Group expects to contribute premiums of EUR 2.2 million (2017: EUR 2.9 million) to funded defined benefit plans and premiums of EUR 0.3 million (2017: EUR 0.3 million) to unfunded defined benefit plans.

The principal actuarial assumptions used for the calculations were:

2017

2016

2.26% 0.80% 1.90% 0.90% 0.44%

Discount rate

2.27% 0.75% 1.80% 0.73% 0.06%

Expected future salary increases

Expected future inflation

Expected future pension increases for active participants Expected future pension increases for inactive participants

Sensitivity to changes in the applied assumptions can be summarized as follows:

Assumptions as at 31 December 2017

Increase of 0.25%

Decrease of 0.25%

Effect on defined benefit obligation Change in discount rate Change in expected future salary increases Change in pension increase for active participants Change in pension increase for inactive participants

- 7,534 1,939 1,914 3,083

8,344 - 1,870 - 1,815 - 2,887

Assumptions as at 31 December 2016

Increase of 0.25%

Decrease of 0.25%

Effect on defined benefit obligation Change in discount rate Change in expected future salary increases Change in pension increase for active participants Change in pension increase for inactive participants

- 9,332 3,734 1,851 4,332

10,427 - 3,573 - 1,655 - 2,177

Historical information:

2017

2016

2015

2014

2013

- 159,058 150,564

Defined benefit obligation Fair value of plan assets

- 160,380 153,196

- 753,035 734,794 - 18,241

- 747,808 691,932 - 55,876

- 554,486 585,038

- 8,494

Surplus / deficit (-)

- 7,184

30,552

- 4,827 - 13,321

Unfunded pension liabilities Total surplus / deficit (-)

- 5,142

- 5,175

- 5,316

- 4,673 25,879

- 12,326

- 23,416

- 61,192

The reduction of defined benefit obligations and the fair value of plan assets in 2016 mainly related to the settlement of two defined benefit plans in 2016.

DEFINED CONTRIBUTION PENSION PLANS 25.2 In 2018 the Group expects to contribute an amount of EUR 40.0 million (2017: EUR 42.0 million) to premiums for defined contributions plans. This concerns contributions to defined contribution pension plans and pension plans arranged with multi-employer pension funds, which are accounted for as defined contribution pension plans in these financial statements, in accordance with IFRS.

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