Boskalis Annual Report 2018

87

3.33 FIRST-TIME APPLICATION OF IFRS 9 ‘FINANCIAL INSTRUMENTS’ AND IFRS 15 ‘REVENUE FROM CONTRACTS WITH CUSTOMERS’

Impact of IFRS 9 IFRS 9 introduces the required expected credit loss model for receivables and unbilled revenue. The impact of IFRS 9 on the Consolidated Statement of Financial Position is limited to Joint ventures and associates (EUR 1,289 thousand lower), deferred tax assets (EUR 38 thousand higher), Trade receivables (EUR 153 thousand lower) and the cumulative effect within Group equity (EUR 1,404 thousand lower). In line with IFRS 9 the Group has included the total impact in equity as at 1 January 2018 without restating the comparative information for the 2017 financial year. The hedge accounting model under IFRS 9 is more flexible and allows more hedges to qualify for hedge accounting. The Group applies the prospective approach for the transition of hedge accounting, in accordance with IFRS 9. Classification of financial instruments As required by IFRS, the classification of the financial instruments of the Group, according to IFRS 9 and compared to IAS 39, can be summarized as follows:

Item in Statement of Financial Position Classification according to IFRS 9 ‘Financial Instruments’

Classification according to IAS 39: ‘Financial Instruments: Recognition and Measurement’

1 JANUARY 2018

Financial assets Derivatives assets

Fair value through profit or loss

Fair value through profit or loss

29,876 759,139 191,948

Trade and other receivables Cash and cash equivalents

Amortized costs Amortized costs

Loans and receivables (amortized costs) Loans and receivables (amortized costs)

Financial liabilities Derivatives liabilities

Fair value through profit or loss

Fair value through profit or loss Financial liabilities at amortized costs Financial liabilities at amortized costs Financial liabilities at amortized costs

2,258

Interest-bearing borrowings

Amortized costs Amortized costs Amortized costs

270,864 40,794

Bank overdrafts

Trade and other payables

1,011,629

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