Boskalis Annual Report 2018

104 ANNUAL REPORT 2018 – BOSKALIS FINANCIAL STATEMENTS 2018 A UAL REPORT 2018 -- BOSKALIS FINANCIAL STATEMENTS 2018 104 Towage joint ventures and associates Revenue EBITDA EBIT excluding impairment charges EBIT including impairment charges Net debt Total assets Revenue Total assets Revenue

As at 31 December 2018, the Group participated in the above-mentioned joint ventures and associates. Joint control is established in joint ventures by contract and the Group only has rights to the net assets. Significant influence is established in associates by voting rights and/or by contract, also in those cases where the other (investment) partner has control. None of these joint ventures or associates is individually material based on their share in the financial figures of the Group and their risk profile. The nature of, and changes in, the risks associated with interest in joint ventures and/or and associates is primarily linked to its activities for which a distinction is made in the disclosure. As at 31 December 2018, approximately 86% of the Group’s interest in joint ventures and associates relates to harbor towage services and terminal services of the Towage & Salvage operational segment. The summarized figures on a 100% basis of the towage/terminal activities can be presented as follows (including joint ventures and associates classified as held for sale as per year-end 2018):

100% basis, (in millions of EUR)*

2018

2017

645 211

691 240 117 117 550

91 49

561

* Financial information included on a pro forma and 100% aggregated basis.

Other joint ventures and associates relate to the Dredging & Inland Infra and Offshore Energy Segments and to Holding & Eliminations.

The future cash flows for the Group are legally and contractually limited to the receipt of dividends, with the exception of certain companies, as listed above, for which capped guarantees or capital contributions are agreed (see note 28). As a result of statutory provisions, the Group, as joint venture partner or minority shareholder, cannot independently decide to distribute dividends. Also, the financial position should be sufficient to enable the distribution of dividends to shareholders. There are no contractual provisions that restrict the distribution of the net result as a dividend, with the exception of covenants in loan agreements and the priority of loan repayment over dividend at some of the joint ventures and associates. Legal reserves are formed by the Group for its share in the net result of joint ventures and associates. As at 31 December 2018 our share in the negative equity of SAAone Holding B.V. amounted to EUR 9.3 million (31 December 2017 REVISED: EUR 9.1 million) following the recognition of the negative fair value of an interest rate swap.

The table below shows the share of the Group in total assets and revenues of its joint ventures and associates that are individually not material to the Group.

2018

JOINT VENTURES

ASSOCIATES

TOTAL

1,101,946

137,171

1,239,117

339,838

44,172

384,010

2017

JOINT VENTURES

ASSOCIATES

TOTAL

1,174,606

206,333

1,380,939

355,714

43,558

399,272