Boskalis Annual Report 2018

102 ANNUAL REPORT 2018 – BOSKALIS FINANCIAL STATEMENTS 2018 A UAL REP RT 2018 -- BOSKALIS FINANCIAL STATEMENTS 2018 102 Balance as at 31 December 2017 Balance as at 1 January 2018 Investments Impairment charges Classified as held for sale Dividends received Balance as at 31 December 2018 Balance as at 1 January 2017 Investments Acquired through business combinations Dividends received Balance as at 31 December 2017

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 ASSOCIATES The Group participates in a number of joint ventures and associates. The activities and risks of these joint ventures and associates 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 privately held 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 investments Asian Lift Pte. Ltd, Gardline Marine Sciences do Brasil SA and Gardline Maritime Ltd. The two Gardline investments are reported under Offshore Energy as from 15 August 2017 (see note 5.1). Within the Towage & Salvage operational segment, harbor towage services take place through 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. In addition, the Group participates in Smit Lamnalco (worldwide terminal services) and Ocean Marine Egypt (terminal services). These joint ventures and associates are in principle financed on a non-recourse basis. Part of the bank financing of Saam Smit Towage Brasil S.A. is guaranteed by the Group. This guarantee is included in note 29 ‘Commitments and contingent liabilities’.

The table below shows the movements in the interests in joint ventures and associates:

2018

JOINT VENTURES

ASSOCIATES

TOTAL

597,572

179,363

776,935

Adjustments due to first application of IFRS 9

- 1,289

-

- 1,289

596,283

179,363

775,646

2,828

400

3,228

- 107,797 - 77,205

- 82,082 - 98,604

- 189,879 - 175,809

Share in result of joint ventures and associates

962

6,868

7,830

Share in other comprehensive income of joint ventures and associates

- 3,145 - 1,004 - 12,393 22,879 - 174,875

- 1,245

- 4,390 - 1,211 - 15,124 29,342 - 346,013

Repayment share capital / share premium

- 207

- 2,731

Currency translation differences and other movements

6,463

- 171,138

421,408

8,225

429,633

2017

JOINT VENTURES

ASSOCIATES

TOTAL

627,729

199,315

827,044

17,409

525

17,934

3,126

2,762 4,955 1,222 - 443 - 4,184 - 24,789 - 19,952

5,888

Share in result of joint ventures and associates

26,065

31,020

Share in other comprehensive income of joint ventures and associates

- 726

496

Repayment share capital / share premium

- 9

- 452

- 22,861 - 53,161 - 30,157

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

Currency translation differences and other movements

597,572

179,363

776,935