Boskalis_Annual Report_2017

98 ANNUAL REPORT 2017 – BOSKALIS FINANCIAL STATEMENTS 2017 ANNUAL REPORT 2017 -- BOSKALIS FINANCIAL STATEMENTS 2017 98 In 2017 the Group has not reversed any material impairment losses (2016: EUR1.3 million). In 2017 and 2016 the capitalized financing costs of investments recognized amounted to zero. In line with the characteristics of the Group’s activities, property, plant and equipment can be deployed on a worldwide scale. As a consequence, segmentation of property, plant and equipment into geographical areas would not provide any additional relevant information. 17. JOINT VENTURES AND ASSOCIATED COMPANIES The Group participates in a number of strategic joint ventures and associated companies of which the activities correspond with, or provide related services to its own activities. The activities and risks of these joint ventures and associated companies are similar to the activities of the Group. A number of projects, or related activities, within the Dredging & Inland Infra operational segment are placed in private companies, the most important of which is SAAone Holding B.V. (a public private partnership (PPP) in the Netherlands). The Offshore Energy operational segment includes the strategic investments Asian Lift Pte. Ltd. (operation and rental of floating cranes) and VBMS until 30 June 2016. With effect from 1 July 2016 VBMS became a wholly owned subsidiary of the Group and has as such been included in the consolidation. The Gardline Group as reported under Offshore Energy as from 15 August 2017 (see note 5.1), has two strategic joint ventures, being Gardline Marine Sciences do Brasil SA and Gardline Maritime Ltd. Within the Towage & Salvage operating segment, with effect from April 2016 harbor towage services take place through the newly formed Kotug Smit Towage joint venture in Europe, Saam Smit Towage (Saam Smit Towage Brasil SA and Saam Smit Towage Mexico SA de CV, on the American continent and Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd in Singapore (both active in harbor towage). In addition, the Group participates in Smit Lamnalco Ltd (worldwide terminal services) and Ocean Marine Egypt S.A.E. (terminal services). Furthermore, until December 2016 Holding & Eliminations included the Group’s participation in Fugro N.V. These joint ventures and associated companies are in principle financed on a non-recourse basis. A guarantee of part of its bank financing was provided by the Group to Rebras SA. This guarantee is included in note 29 ‘Commitments and contingent liabilities’. The table below shows the movements in the interests in joint ventures and associated companies: 2017 JOINT VENTURES ASSOCIATED COMPANIES Balance as at 1 January 2017 627,729 199,315 Investments 17,409 525 Acquired through business combinations 3,126 2,762 Share in result of joint ventures and associated companies 26,065 4,955 Share in other comprehensive income of joint ventures and associated companies - 726 1,222 Repayment share capital / share premium - 9 - 443 Dividends received - 22,861 - 4,184 Currency translation differences and other movements - 53,161 - 24,789 - 30,157 - 19,952 Balance as at 31 December 2017 597,572 179,363

TOTAL

827,044

17,934

5,888

31,020

496

- 452

- 27,045 - 77,950 - 50,109

776,935