Boskalis Annual Report 2020

99

99

Identifiable assets acquired and liabilities assumed As a result of the acquisition the following identifiable assets were acquired and liabilities assumed:

As at 27 January 2020 (in thousands of EUR)

Property, plant and equipment

33,699

Right-of-use assets

1,203 2,258

Inventory

Trade and other receivables Cash and cash equivalents Interest bearing debt (no leases)

33,532 15,266 - 11,871 - 3,799 - 1,203 - 21,123

Provisions

Lease liabilities

Trade and other payables Non-controlling interests

- 372

47,590

The following valuation techniques are used in assessing the fair value of identified material assets and liabilities:  The fair value of the individual vessels (property, plant & equipment) is mainly determined based on a market approach performed by an external vessel valuator.  The fair value of other material assets identified and liabilities assumed is based on the market value at which the assets or liabilities are or could be settled with contractual parties.

Goodwill Goodwill arising from the acquisition:

Goodwill arising from Horizon acquisition (in thousands of EUR)

Consideration paid for 37.5% Fair value of other 62.5%

45,360 75,299 - 47,590 73,069

Less: Identified assets and assumed liabilities

Goodwill recognized

Goodwill recognized as a result of the acquisition mainly relates to the obtained expertise, technical skills and market position of Horizon which is highly complementary to the position the Group already held through Gardline, and synergies which are expected to result from the integration of the company into the Group’s existing activities. The goodwill recognized is not tax deductible. Transaction costs related to the acquisition The Group incurred costs of EUR 0.1 million in 2020 for the services of external advisors relating to this transaction. These costs are included in the consolidated statement of profit or loss in the line Raw materials, consumables, personnel expenses, services and subcontracted work. ACQUISITION OF OFFSHORE ACTIVITIES OF REVER OFFSHORE On 23 December 2020 the Group obtained control of Rever Offshore’s subsea activities (Rever) by acquiring 100% of the shares of four entities. As a result of this transaction, Boskalis strengthens its current position in the subsea market in Northwest Europa, Africa and the Middle East and its capabilities to serve both the traditional oil & gas market and the rapidly expanding offshore wind market. On the important North Sea subsea market, Boskalis is now a solid top three player opening up ample opportunities for operational efficiencies and synergies. Management believes that if the acquisition had taken place at the start of 2020, revenue for the reporting period would have been EUR 2,614.9 million and the consolidated net group result would not have changed materially.

Consideration paid On 23 December 2020 the Group paid an amount of EUR 22.5 million in cash.

ANNUAL REPORT 2020 – BOSKALIS A NUAL REPORT 2020 -- BOSKALIS