Boskalis_Annual Report_2017

87

Also, EU-IFRS defines the Share in result of joint ventures and associated companies and these are presented as such in the comparative Consolidated Statement of Profit or Loss for 2016 showing a loss of EUR 82.9 million. In the comparative table above the Share in result of joint ventures and associates amounts to EUR 41.4 million profit and excludes both the impact of Fugro amounting to a loss of EUR 30.1 million in 2016 as our share in the impairment loss of EUR 94.2 million in 2016 as reported by joint ventures. In the comparative table above these are reported as separate line items, under Impact of Fugro and Impairment losses in joint ventures, respectively. In accordance with the presentation of our share in the impairments recognized by joint ventures and associated companies in the management information on the line impairments, the EBITDA in the management information defined as operational results before depreciation, amortization and impairments is EUR 94 million higher in 2016 compared to the consolidated financial statements for that financial year (EBIT before depreciation, amortization and impairments as disclosed in the Consolidated Statement of Profit or Loss). On 15 August 2017 the Group acquired control over Gardline Holdings Ltd, United Kingdom, through the acquisition of all its outstanding shares. This transaction is classified as a business combination and is included as such in the consolidation. Gardline’s main activities include marine geophysical surveys, offshore geotechnical services and environmental surveys. With the acquisition the Group strengthens its existing survey activities and becomes a specialist provider of subsea geotechnical survey with an exposure to the renewables market and the early cyclical oil and gas market. Since obtaining control on 15 August 2017, Gardline has contributed EUR 24.9 million to Group revenue. The acquisition has resulted in a positive impact on the net result of approximately EUR 14.6 million, comprising a net-profit of EUR 0.8 million (excluding restructuring expenses), a gain from the bargain purchase of EUR 24.1 million (see below), restructuring costs of EUR 9.2 million and transaction costs relating to the acquisition of EUR 1.2 million (see below). Had the Group acquired Gardline at the beginning of the year, management estimates that revenue for the reporting period would have totaled EUR 2,386 million and resulted in a net Group profit of EUR 145.7 million. In determining these amounts management assumed the same fair value adjustments as at the date of acquisition. 5. BUSINESS COMBINATIONS AND OTHER SIGNIFICANT TRANSACTIONS ACQUISITION OF GARDLINE GROUP 5.1

Consideration paid The consideration paid amounted to GBP 34.0 million (EUR 37.4 million) in cash.

Identifiable assets acquired and liabilities assumed As a result of the acquisition the following identifiable assets were acquired and liabilities assumed:

At 15 August 2017 Intangible assets

1,759

62,521

Property, plant and equipment

5,888

Joint Ventures and associated companies

82

Non-current financial asset

622

Deferred tax assets

3,976

Inventory

33,063

Current receivables and other current assets Cash, cash equivalents and bank overdrafts

2,578 - 211

Deferred tax liabilities

- 2,790 - 17,381 - 28,268

Provisions

Interest-bearing borrowings

Current liabilities

- 333

Non-controlling interests

61,506

Net amount of identified assets acquired and liabilities assumed

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

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