Boskalis Annual Report 2018

130 ANNUAL REPORT 2018 – BOSKALIS FINANCIAL STATEMENTS 2018 A UAL REP RT 2018 -- BOSKALIS FINANCIAL STATEMENTS 2018 130 Dr. P.A.M. Berdowski T.L. Baartmans B.H. Heijermans (from 15 August 2018) J.H. Kamps Total ENTITY DREDGING & INLAND INFRA Boskalis Van Oord Pluit City JV V.O.F. BPL Beton BPL Wegen Combinatie BadhoeverBogen V.O.F. Combinatie BaggerIJ Combinatie Houtribdijk V.O.F. Combinatie IJburg Combinatie IJsselweide Combinatie Isala Delta Combinatie Ommelanderdiek Combinatie Regenboog V.O.F. Combinatie Tessel MSB Grind & Zand V.O.F SAAone EPCM Bouwcombinatie V.O.F. SAAone GWW V.O.F. Unie van Marken V.O.F. Bahia Blanca

Multi-year overview of variable remuneration The following variable remuneration was granted to the members of the Board of Management with regard to the years 2016, 2017 and 2018:

Year of payment

2019

2018

2017

694 449

859 536

815 536

57

-

-

441

536

536

1,641

1,931

1,887

Balance sheet position On 31 December 2018 the Group recognized a liability in the balance sheet item Trade and other payables of EUR 2.1 million (2017: EUR 2.3 million) relating to the long-term incentive plans for the periods 2016 – 2018, 2017 – 2019 and 2018 – 2020. 30.3 JOINT OPERATIONS The Group has activities in the Dredging & Inland Infra and Offshore Energy operational segments through joint operations which are not related parties as defined in IFRS. Legally these joint operations comprise project-driven construction consortiums. In joint operations joint control is established by contract and the Group has rights to the assets and is liable for the debts of the operations. An amount of EUR 547 million of Group revenue was realized through joint operations (2017: EUR 219 million). The balance sheet of the Group holds current assets of EUR 261 million (2017: EUR 157 million), including cash and cash equivalents (refer to note 22) and an amount of EUR 250 million (2017: EUR 263 million) of current liabilities that was included on a pro-rata basis in accordance with the Group’s interest in these joint operations. Temporary and other surpluses and shortages in the financing of a joint operation are withdrawn or financed by the partners in the joint operation. At year-end 2018, group companies owed joint operations an amount of EUR 152.9 million (2017: EUR 197.3 million) and held EUR 131.6 million (2017: EUR 81.1 million) in receivables from joint operations. Similar to contracts of group companies, guarantees are also provided for contracts of joint operations by the Group or one of its group companies. The guarantee commitments regarding joint operations are disclosed in note 29 as part of the guarantee commitments relating to contracts and joint ventures. group companies are jointly and severally liable for the non-consolidated part of the liabilities of their joint operations which are disclosed in note 28. The guarantees provided are predominantly backed up by comparable receivables from the clients of the joint operations, reducing the Group’s exposure.

The table below shows the legal share in the major joint operations (project driven construction consortiums) in which the Group is involved:

2018

2017

COUNTRY OF INCORPORATION

The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands

50% 50% 50% 20% 50% 50% 80% 50% 50% 70% 38% 70% 33% 50% 30% 50% 70% 50% 50% 50%

50% 50% 50% 20% 50% 50% 50% 50% 70% 38% 70% 33% 50% 30% 50% 70% 50% 50% 50% -

Projectorganisatie Uitbreiding Maasvlakte (PUMA)

ZSNH Combinatie Van Oord/Boskalis V.O.F. Boskalis Jan de Nul - Dragagens E Afins LDA

Angola

Argentina