Boskalis Annual Report 2020
102 102 8. RAW MATERIALS, CONSUMABLES, SERVICES AND SUBCONTRACTED WORK As part of this line item costs related to short term leased equipment and low value leases are reported for an amount of EUR 0.6 million (2019: EUR 1 million).
9. PERSONNEL EXPENSES
Wages and salaries Social security expenses
- 374,373 - 43,543 - 1,728 - 41,626 - 461,270
- 387,034 - 43,189
Pension expenses for defined benefit pension plans Pension expenses for defined contribution pension plans
- 40,991 - 471,942
A number of senior managers participate in a long-term incentive plan based upon the development of the share price, which is settled on a cash basis. The fair value of the related liability for the year is included as part of the personnel expenses in the statement of profit or loss. The related charge for 2020 amounts to EUR 1.5 million (2019: EUR 1.4 million) and the corresponding liability is EUR 4.0 million (2019: EUR 4.2 million). For the remuneration of the Board of Management and the Supervisory Board refer to note 31.2.
In 2020 expenses for restructuring were incurred for an amount of EUR 10.1 million which are reported under Personnel expenses (2019: EUR 2.8 million).
10. IMPAIRMENT CHARGES AND REVERSAL OF IMPAIRMENTS EVIDENCED BY A SALE TRANSACTION IMPAIRMENT CHARGES The Group reviewed the carrying amounts of its non-financial assets that are subject to depreciation and amortization to determine whether events or a change in circumstances indicate that the carrying amount may not be recoverable. Accordingly, the recoverable amount has been estimated for the tradenames, a limited number of vessels and two joint ventures. This resulted in the recognition of the following non-cash impairment charges:
ANNUAL REPORT 2020 – BOSKALIS FINANCIAL STATEMENTS 2020 ANNUAL REPORT 2020 -- BOSKALIS FINANCIAL S AT MENTS 20 IMPAIRMENT CHARGES BY ASSET CATEGORY Intangible assets Property, plant and equipment Right-of-use assets Investments in joint ventures and associates Total impairment charges Offshore Energy Towage & Salvage Total impairment charges
Impairment charges according to the Consolidated Statement of Profit or Loss
Impairment charges accounted for within share in result of joint ventures and associates
IMPAIRMENT CHARGES BY OPERATIONAL SEGMENT Dredging
19,697 81,244 83,334 184,275
In 2019 no impairment charges were recognized.
Intangible assets An impairment charge of EUR 5.6 million was recorded relating to tradenames. Within the Offshore Energy market, tradenames other than Boskalis are no longer used. The tradenames have been valued at the highest of the value in use and the fair value less cost to sell (determined by an external valuator). Property, plant and equipment It was decided to take a limited number of vessels and tools out of service. These vessels and tools have been valued at the highest of the value in use and the fair value less cost to sell (external valuations or scrap value).
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