Boskalis Annual Report 2018

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IFRS 15 Revenue from Contracts with Customers With respect to IFRS 15 the Group applied the full retrospective approach and has used the transition options that contracts completed before 1 January 2017 or contracts that begin and end within the same annual reporting period do not need to be restated (see note 3.12 Contract Assets and Liabilities and note 3.21 Revenue). IFRS 15 has introduced contract assets and liabilities. Within the Group contract assets are defined as unbilled revenue and contract liabilities as deferred revenue. This largely comprises unbilled revenue resulting from contracting activities, previously reported as ‘due from customers’ or deferred revenue, previously reported as ‘due to customers’. Unbilled and deferred revenue also includes amounts to be invoiced and accrued income for service activities that were previously reported as part of ‘Other receivables’ and ‘Other liabilities’, respectively. The changes incorporated in IFRS 15 have no impact on the Consolidated Statement of Other Comprehensive Income.

Impact on Consolidated Statement of Profit or Loss The effect of IFRS 15 on the Consolidated Statement of Profit or Loss 2017 was:

EFFECT FIRST-TIME APPLICATION OF IFRS 15

2017 (IFRS 15)

2017 (IAS 11, IAS18)

(in thousands of EUR)

Operating income Revenue

2,337,205

5,418

2,342,623

Other income

32,152

-

32,152

2,369,357

5,418

2,374,775

Operating expenses Raw materials, consumables, services and subcontracted work

- 1,515,904

- 5,418

- 1,521,322

Other operating expenses

- 699,428

-

- 699,428

- 2,215,332

- 5,418

- 2,220,750

Share in result of joint ventures and associates

31,020

-

31,020

185,045

-

185,045

Results from operating activities (EBIT)

Finance income and expenses Profit/loss (-) before taxation

- 12,925 172,120

- -

- 12,925 172,120

ANNUAL REPORT 2018 – BOSKALIS FINANCIAL STATEMENTS 2018 A UAL REP RT 2018 -- BOSKALIS FINANCIAL STATEMENTS 2018 Income tax expenses Net Group profit/loss (-) Non-controlling interests (in thousands of EUR) Current assets Due from customers Unbilled revenue Trade and other receivables Current liabilities Due to customers Deferred revenue Trade and other payables Other current liabilities

- 21,677

-

- 21,677

150,443

-

150,443

Net Group profit/loss (-) attributable to: Shareholders

150,469

- - -

150,469

- 26

- 26

150,443

150,443

The effect concerns costs which classify as costs to fulfill a contract under IFRS 15.

Impact on Consolidated Statement of Financial Position as per 31 December 2017 The effect of IFRS 15 on the Consolidated Statement of Financial Position was:

EFFECT FIRST-TIME APPLICATION OF IFRS 15

31 DECEMBER 2017 (IAS 11, IAS18)

31 DECEMBER 2017 (IFRS 15)

123,457

- 123,457 167,594 - 27,945

-

-

167,594 731,194

759,139

230,651

- 230,651 277,550 - 32,707

-

-

277,550 978,922 209,573

1,011,629

207,573

2,000