Boskalis Annual Report 2018

110 ANNUAL REPORT 2018 – BOSKALIS FINANCIAL STATEMENTS 2018 A UAL REP RT 2018 -- BOSKALIS FINANCIAL STATEMENTS 2018 110 Current Non-current Balance as at 1 January Movement Assumed in business combinations Proceeds Repayment Currency results Other movements Total movements Balance as at 31 December Current Non-current Balance as at 31 December

24. INTEREST-BEARING BORROWINGS

REVOLVING MULTI- CURRENCY CREDIT FACILITY

OTHER INTEREST- BEARING BORROWINGS TOTAL 2018

US PRIVATE PLACEMENTS

TOTAL 2017

-

- - -

297

297

453,144 308,287 761,431

269,398 269,398

1,169 1,466

270,567 270,864

17,381

- - -

-

-

-

150,000

4,000 - 287

154,000

-

- - -

- 287

- 463,370 - 45,103

13,649

- -

13,649

525

525

525

14,174 283,572

150,000 150,000

3,713 5,179

167,887 438,751

- 490,567 270,864

-

-

282

282

297

283,572 283,572

150,000 150,000

4,897 5,179

438,469 438,751

270,567 270,864

As at year-end 2018 US private placements relate to one placement of EUR 283.6 million, calculated at year-end currency rates (year-end 2017: EUR 269.4 million). This placement with a nominal value of USD 325 million, was placed in July 2013. The principal will be repaid after the original duration of ten years. The annual interest rate is 3.66%. Repayments in 2017 consist of repaid US private placements of USD 433 million and GBP 11 million with institutional investors in the United States and the United Kingdom issued in 2010 and of interest-bearing borrowings of Gardline (see note 5.1) that were repaid in August 2017. The US dollar and Pound Sterling proceeds from this US private placement had been swapped into euros through cross-currency swaps, for a total amount of EUR 354 million. The cash settlement of these cross-currency interest rate swaps resulted in a cash inflow of EUR 52.5 million in 2017. A syndicated revolving multi-currency credit facility was arranged for the Group in 2014 and amounts to EUR 600 million. This credit facility had an original duration of 5 years with two options, executed in 2015 and 2016, respectively and has therefore been extended to 2021. As at 31 December 2018, the Group has drawn EUR 150 million under this credit facility (31 December 2017: nil). The Group agreed to comply with a number of customary covenants with the bank syndicate and US private placement holders. Twice a year Boskalis provides a compliance certificate to these lenders, reporting on the covenants for the twelve-month period ending on 30 June and 31 December, respectively. The main financial covenants are a net debt / EBITDA ratio not exceeding 3 and an EBITDA / net interest ratio of at least 4. These covenants are calculated in accordance with definitions agreed with the lenders. In the event that the Group does not meet any of these covenants, the loan may be due immediately. These covenants were met at 31 December 2018. The net debt / EBITDA ratio was 0.7 (2017: 0.5) and the EBITDA / net interest ratio was 24 (2017: 32). Interest rates, remaining terms and currencies of the interest-bearing borrowings are disclosed in the explanatory notes to the financial instruments in the interest rate risk paragraph (see note 28.1.3). As at 31 December 2018 the weighted average interest rate for the non-current portion of the interest bearing loans was 2.62% (2017: 3.67%). The non-current portion of interest-bearing borrowings due after more than five years amounted to nil (2017: EUR 269.4 million).