Boskalis_Annual Report_2017

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Employer’s pension contributions Employer’s pension contributions include the pension compensation for salaries exceeding EUR 103.3 thousand, as well as the pension premiums paid (EUR 26 thousand per person). Long-term incentive plan The members of the Board of Management participate in long-term (three-year) incentive plans, which are based partly on the development of the share price of the ordinary shares of Boskalis and partly on the realization of certain objectives, which are defined by the Supervisory Board and are in line with the strategic agenda and the objectives of Boskalis. The variable remuneration paid in 2017 is related to the achievement of certain targets during the 2016 financial year (short-term variable remuneration: EUR 822 thousand) and the achievement of certain targets during the 2014 - 2016 period (long-term variable remuneration: EUR 1,065 thousand). Multi-year overview of variable remuneration The following variable remuneration was granted to the members of the Board of Management with regard to the years 2015, 2016 and 2017:

Year of payment

2018

2017

2016

859 536 536

Dr. P.A.M. Berdowski

815 536 536

1,190

T.L. Baartmans

775 736

J.H. Kamps

-

F.A. Verhoeven (up to 10 May 2016)

-

1,139 3,840

1,931

Total

1,887

Balance sheet position On 31 December 2017 the Group recognized a liability in the balance sheet item Trade and other payables of EUR 2.3 million (2016: EUR 1.9 million) relating to the long-term incentive plans for the periods 2015 – 2017, 2016 – 2018 and 2017 – 2019. JOINT OPERATIONS 30.3 The Group has activities in the Dredging & Inland Infra and Offshore Energy operational segments through joint operations which are not related parties as defined in IFRS. Legally these joint operations comprise project-driven construction consortiums. In joint operations joint control is established by contract and the Group has rights to the assets and is liable for the debts of the operations. An amount of EUR 219 million of Group revenue was realized through joint operations (2016: EUR 382 million). The balance sheet of the Group holds current assets of EUR 157 million (2016: EUR 162 million), including cash and cash equivalents (refer to note 22) and an amount of EUR 263 million (2016: EUR 287 million) of current liabilities that was included on a pro-rata basis in accordance with the Group’s interest in these joint operations. Temporary and other surpluses and shortages in the financing of a joint operation are withdrawn or financed by the partners in the joint operation. At year-end 2017, Group companies owed joint operations an amount of EUR 197.3 million (2016: EUR 177.2 million) and held EUR 81.1 million (2016: EUR 63.5 million) in receivables from joint operations. Similar to contracts of Group companies, guarantees are also provided for contracts of joint operations by the Group or one of its Group companies. The guarantee commitments regarding joint operations are disclosed in note 29 as part of the guarantee commitments relating to contracts and joint ventures. Group companies are jointly and severally liable for the non-consolidated part of the liabilities of their joint operations which are disclosed in note 28. The guarantees provided are predominantly backed up by comparable receivables from the clients of the joint operations, reducing the Group’s exposure.

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