Boskalis Annual Report 2020

100 100

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

As at 23 December 2020 (in thousands of EUR)

Property, plant and equipment

26,598 17,015

Right-of-use assets Deferred tax assets

1,007

Inventory

898

Trade and other receivables Cash and cash equivalents

4,184 9,411 - 453

Deferred tax liabilities

Lease liabilities

- 17,015 - 12,990 28,655

Trade and other payables

The following valuation techniques are used in assessing the fair value of identified material assets and liabilities:  The fair value of the 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.  The fair value of the right-of-use assets equals the lease liabilities that are determined using an income approach for the expected cash flows and the appropriate discount rate. Gain on acquisition The acquisition resulted in a gain on acquisition of EUR 6.2 million, recognized in Other income of the Consolidated Statement of Profit or Loss, because the net amount of assets acquired and liabilities assumed was higher than the consideration paid. A gain was expected given the agreement with the seller on the expenses to be borne by Boskalis. Before recognizing the gain, the Group reassessed the completeness of assets acquired and liabilities assumed, and also reassessed the underlying assumptions and measurements techniques. Transaction costs related to the acquisition The Group incurred costs of EUR 0.4 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. BUSINESS COMBINATIONS AND OTHER SIGNIFICANT TRANSACTIONS IN PRIOR YEAR On 21 February 2019 the Group gained, based on voting rights, joint control in the Horizon Group (Horizon). As a result the investment of 62.5% was classified as a joint venture. The consideration amounted to EUR 68.6 million, of which EUR 67.5 million paid in cash. On 1 April 2019 the Group obtained control over the offshore activities of Bohlen & Doyen GmbH, Germany through the acquisition of the assets, liabilities, employees and some projects. This transaction was classified as a business combination and is included as such in the consolidation. The consideration paid amounted to EUR 23.3 million in cash. The net amount of identified assets acquired and liabilities assumed amounted to EUR 24.3 million. The business combination resulted in a gain on acquisition of EUR 1.0 million, recognized in Other income in the Consolidated Statement of Profit or Loss.

ANNUAL REPORT 2020 – BOSKALIS FINANCIAL STATEMENTS 2020 A NUAL REPORT 2020 -- BOSKALIS FINANCIAL S AT MENTS 20

On 1 August 2019 the Group sold its interest in Kotug Smit Towage. The sale resulted in a consideration of EUR 93.6 million in cash and a book profit of EUR 13.1 million.

On 30 October 2019 the Group sold its interest in Saam Smit Towage. The sale resulted in a consideration of USD 203 million in cash and a pre-tax book profit of EUR 42.1 million (EUR 35.6 million post tax).