Boskalis Annual Report 2018

106 ANNUAL REPORT 2018 – BOSKALIS FINANCIAL STATEMENTS 2018 A UAL REP RT 2018 -- BOSKALIS FINANCIAL STATEMENTS 2018 106 Trade receivables Other receivables and prepayments Bank balances and cash Short-term bank deposits Cash and cash equivalents Short-term borrowings / Call money Bank overdrafts (in number of ordinary shares) Repurchased shares Stock dividend Treasury stock

Contract revenue recognized, unbilled revenue and deferred revenue are subject to judgements and estimates. Especially judgements and estimates on the progress of execution of the projects are the basis for allocating total (project) revenue to cumulative (project) revenues recognized in the Consolidated Statement of Profit or Loss and to future (project) revenues. This allocation of project revenue is based on judgements and estimates of total (project) revenues, including variable considerations, and contract modifications, and expected total costs of the projects. Different estimates would have resulted in different, either higher or lower, revenues, and related costs, for the year. Revenue, and related costs, recognized in the Consolidated Statement of Profit or Loss is not materially impacted by such judgements and estimates. Looking with hindsight at the judgements and estimates made regarding revenue recognized, approximately 0.5% of the revenues recognized in 2017 should have been accounted for as revenue in 2018, of the revenues recognized in 2016 relates approximately 1% to 2017.

21. TRADE AND OTHER RECEIVABLES

2018

2017 REVISED

330,324 27,143 307,140 664,607

318,942 25,681 386,418 731,041

Amounts due from joint ventures and associates

22. CASH AND CASH EQUIVALENTS

2018

2017

311,740 24,467 336,207

184,624

7,324

191,948

- 28,330 307,877

- 40,794 151,154

Net cash and cash equivalents in the consolidated statement of cash flows

Cash and cash equivalents include EUR 81.7 million 2017: EUR 79.1 million) held by project-driven construction consortiums (joint operations). The Group held EUR 6.4 million (2017: EUR 1.8 million), of which no amount (2017: no amount) in joint operations outside the Netherlands subject to local regulations limiting the transfer of these funds. The other cash and cash equivalents are at the free disposal of the Group.

23. GROUP EQUITY 23.1 SHARE CAPITAL AND DIVIDEND

The authorized share capital of EUR 4.8 million (2017: EUR 4.8 million) is divided into 240,000,000 (2017: 240,000,000) ordinary shares with a par value of EUR 0.01 (2017: EUR 0.01) each and 80,000,000 (2017: 80,000,000) cumulative protective preference shares with a par value of EUR 0.03 (2017: EUR 0.03) each.

Movements of the ordinary shares issued were as follows:

2018

2017

Issued and fully paid shares entitled to dividend as at 1 January

130,677,293

130,076,852 - 2,674,601

- 600,441 3,990,974

3,275,042

Issued and fully paid shares entitled to dividend as at 31 December

134,067,826

130,677,293

1,310,512

2,674,601

Issued and fully paid shares as at 31 December

135,378,338

133,351,894

Stock dividend In 2018 a dividend of EUR 1.00 per share was distributed relating to the 2017 financial year, resulting in a total amount of EUR 130.1 million. Of all shareholders, 72% opted to receive the dividend in ordinary shares. As a result 2,026,444 new ordinary shares were issued. The other 1,964,530 shares were shares repurchased through the share buyback program and re-issued as stock dividend.