Boskalis Annual Report 2018

129

30.2 RELATED PARTY TRANSACTIONS Joint ventures and associates

Transactions with joint ventures and associates as part of regular business take place under normal business conditions at arm’s length. In 2018 these transactions regarding sales and purchases amounted to EUR 6.7 million and EUR 20.3 million, respectively (2017: EUR 41.0 million and EUR 16.4 million, respectively). In October 2017 the Company granted two loans to SAAone Holding B.V. of EUR 13.6 million in total, of which the majority has an interest rate of 9%. Amounts receivable from and amounts payable to joint ventures and associates were EUR 27.1 million and EUR 4.3 million, respectively (2017: EUR 25.7 million and EUR 4.6 million, respectively). Transactions with members of the Board of Management and members of the Supervisory Board The remuneration of current and former members of the Board of Management and Supervisory Board of the Company in 2018 and 2017 were as follows:

SHORT-TERM AND LONG-

EMPLOYER'S PENSION CONTRIBUTION S

ANNUAL SALARIES AND REMUNERATION

TERM VARIABLE REMUNERATION PAID*

OTHER REIMBURSE- MENTS

TOTAL*

2017*

Members of the Board of Management Dr. P.A.M. Berdowski

805 582 147 582

243 150

859 536

28 31

1,935 1,299

1,841 1,289

T.L. Baartmans

B.H. Heijermans (from 15 August 2018)

35

-

3

185

-

J.H. Kamps

150 578

536

28 90

1,296 4,715

1,286 4,416

2,116

1,931

Members of the Supervisory Board J.M. Hessels (up to 9 May 2018)

24 51 55 31 65 56 55 -

1 2 2 2 2 2 2 -

25 53 57 33 67 58 57 -

68 54 53 23 54 58 54 -

Ms. I. Haaijer H.J. Hazewinkel

J.P. de Kreij (from 9 May 2018)

M. Niggebrugge (up to 10 May 2017)

J. van der Veer

J. N. van Wiechen C. van Woudenberg

337

13

350

364

2,453

578

1,931

103

5,065

Total 2018

Total 2017

2,292

501

1,887

100

4,780

* The EU-IFRS expenses for the members of the Board of Management deviate from the remuneration as disclosed in the table above. The EU-IFRS short-term and long-term variable remuneration expenses as charged to the statement of profit or loss include, in addition to the paid variable remuneration as disclosed above the changes in the accrued expenses for future payments of variable remuneration and amount for Dr. P.A.M. Berdowski to EUR 610 thousand, for Mr. T.L. Baartmans to EUR 435 thousand, for Mr. B.H. Heijermans to EUR 79 thousand and for Mr. J.H. Kamps to EUR 427 thousand and which adds up to EUR 1,551 thousand (2017: EUR 2,524 thousand). The total EU-IFRS remuneration expense for Dr. P.A.M. Berdowski amounts to EUR 1,686 thousand, for Mr. T.L. Baartmans to EUR 1,198 thousand, for Mr. B.H. Heijermans to EUR 264 thousand and for Mr. J.H. Kamps to EUR 1,187 thousand, which adds up to EUR 4,335 thousand in total (2017: EUR 5,053 thousand). Employer’s pension contributions Employer’s pension contributions include the pension compensation for salaries exceeding EUR 105 thousand, as well as the pension premiums paid (EUR 26 thousand per person). Long-term incentive plan The members of the Board of Management participate in long-term (three-year) incentive plans, which are based partly on the development of the share price of the ordinary shares of Boskalis and partly on the realization of certain objectives, which are defined by the Supervisory Board and are in line with the strategic agenda and the objectives of Boskalis. The variable remuneration paid in 2018 is related to the achievement of certain targets during the 2017 financial year (short-term variable remuneration: EUR 1,065 thousand) and the achievement of certain targets during the 2015 - 2017 period (long-term variable remuneration: EUR 866 thousand).

ANNUAL REPORT 2018 – BOSKALIS A L REP RT 2018 -- BOSKALIS