Boskalis_Annual Report_2017

130 ANNUAL REPORT 2017 – BOSKALIS FINANCIAL STATEMENTS 2017 ANNUAL REPORT 2017 -- BOSKALIS FINANCIAL STATEMENTS 2017 130 (in number of ordinary shares) Stock dividend Repurchased shares The issued capital as at 31 December 2017 consisted of 130,677,293 ordinary shares with a par value of EUR 0.01 each (2016: EUR 0.01) for a total amount of EUR 1.3 million (2016: EUR 1.3 million). On 3 July 2017 the Group initiated a share repurchase program. In 2017 2,674,601 shares were repurchased for an amount of EUR 81.2 million (including EUR 2.9 million dividend tax). The Stichting Continuïteit KBW received an option right to acquire cumulative protective preference shares in Royal Boskalis Westminster N.V. This option has not been exercised yet. Share premium comprises additional paid-in capital exceeding the par value of outstanding shares. Share premium is distributable free of tax. 5. OTHER RESERVES With regard to the difference between the cost price and equity value of joint ventures and associated companies recognized in accordance with the equity method, a legally required reserve is recognized due to a lack of control over the distribution of profits, only to the extent that these differences are not included in the accumulated currency translation differences on foreign operations. The legal reserve for non- distributed profits of group and/or joint ventures and associated companies amounted to EUR 222.0 million at the end of 2017 (2016: EUR 214.3 million). The legal reserve for associated companies is determined on an individual basis. 6. PROFIT OR LOSS FOR THE YEAR An amount of EUR 19.8 million will be added to the retained earnings. The proposal to the Annual General Meeting will be to appropriate the remainder, EUR 130.7 million, for a dividend payment of EUR 1.00 per ordinary share. The proposed dividend will be made payable in ordinary shares that will be charged to the tax-exempt share premium or charged to the retained earnings, with the exception of shareholder requests for payment in cash. Pursuant to its use of financial instruments, the Group is exposed to credit risk, liquidity risk and market risk. The notes to the consolidated financial statements provide information on the Group’s exposure to each of these risks, its objectives, principles and procedures for managing and measuring these risks, as well as group capital management. These risks, objectives, principles and procedures for managing and measuring these risks as well as capital management apply mutatis mutandis to the company financial statements of Royal Boskalis Westminster N.V. Fair value The fair value of the majority of the financial instruments presented in the balance sheet, including receivables, securities, cash and cash equivalents and current liabilities are close to their carrying value. The other reserves recognized in the company balance sheet are disclosed in the notes to the consolidated financial statements (note 23.6). 7. FINANCIAL INSTRUMENTS General 4. ISSUED CAPITAL AND OPTIONAL DIVIDEND The authorized share capital of EUR 4.8 million (2016: EUR 4.8 million) is divided into 240,000,000 (2016: 240,000,000) ordinary shares with a par value of EUR 0.01 (2016: EUR 0.01) each and 80,000,000 (2016: 80,000,000) cumulative protective preference shares with a par value of EUR 0.03 (2016: EUR 0.03) each. In 2017 a dividend of EUR 1.00 per share was distributed to the 2016 financial year for a total amount of EUR 130.1 million. Of all shareholders 77% opted for a dividend in ordinary shares. As a result 3,275,042 new ordinary shares were issued. 2017 Issued and fully paid shares entitled to dividend at 1 January 130,076,852 3,275,042 Issued and fully paid shares entitled to dividend at 31 December 133,351,894 - 2,674,601 130,677,293 Shares entitled to dividend at 31 December

2016

125,627,062

4,449,790

130,076,852

-

130,076,852