Boskalis Annual Report 2020

110 110 As disclosed in the table above and in note 10 ‘Impairment charges’, in 2020 an impairment charge of EUR 52.9 million was recorded, relating to vessels and other construction equipment. These assets have been valued at the highest of the value in use and the fair value less cost to sell (based on external valuations or scrap value). Of the total impairment, EUR 49.1 million relates to impairments to fair value less cost to sell and EUR 3.8 million relates to impairment to value in use. If the cash flows used in the value- in-use calculations would have been lower or discount rate would have been higher, the Group would not have recognized an additional impairment. In 2019 no impairment charges were recognized.

In 2020 the Group has not reversed any material impairment losses (2019: EUR 27.0 million). In 2020 and 2019 the capitalized financing costs of investments recognized amounted to zero.

In line with the characteristics of the Group’s activities, property, plant and equipment can be deployed on a worldwide scale. As a consequence, segmentation of property, plant and equipment into geographical areas would not provide any additional relevant information. 17. JOINT VENTURES AND ASSOCIATES The Group participates in a number of joint ventures and associates. The activities and risks of these joint ventures and associates are similar to the activities of the Group. A number of projects, or related activities, within the Dredging & Inland Infra operational segment are placed in privately held companies. The most important one was SAAone Holding B.V. which has been divested during 2019. The Offshore Energy operational segment mainly includes the investment Asian Lift Pte. Within the Towage & Salvage operational segment, harbor towage services take place through Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd in Singapore. In addition, the Group participates in Smit Lamnalco (worldwide terminal services) and Ocean Marine Egypt (terminal services). These joint ventures and associates are in principle financed on a non-recourse basis.

The table below shows the movements in the interests in joint ventures and associates:

2020

JOINT VENTURES

ASSOCIATES

TOTAL

ANNUAL REPORT 2020 – BOSKALIS FINANCIAL STATEMENTS 2020 A NUAL REPORT 2020 -- BOSKALIS FI ANCIAL S AT MENTS 20 Balance as at 1 January 2020 Impairment charges Dividends received Balance as at 31 December 2020 Balance as at 1 January 2019 Divestments Acquisition of Horizon Dividends received Balance as at 31 December 2019

419,599

8,456

428,055

- 96,199

- - -

- 96,199

Revaluation of existing stake in Horizon prior to business combination Decrease due to extending share in Horizon resulting in control

1,391

1,391

- 75,299 - 9,277 - 5,038 - 1,192 - 18,246 - 14,800 - 218,660

- 75,299 - 7,877 - 5,038 - 1,192 - 20,446 - 14,929 - 219,589

Share in result of joint ventures and associates

1,400

Share in other comprehensive income of joint ventures and associates

- -

Repayment share capital / share premium

- 2,200

Currency translation differences and other movements

- 129 - 929

200,939

7,527

208,466

2019

JOINT VENTURES

ASSOCIATES

TOTAL

421,408

8,225

429,633

Classification as held for sale of Kotug Smit Towage

- 78,744 - 2,000 67,535 24,196 - 10,816 - 9,008 7,028 - 1,809

- - -

- 78,744 - 2,000 67,535 25,590 - 10,175 - 10,191 6,407 - 1,578

Share in result of joint ventures and associates

1,394

Share in other comprehensive income of joint ventures and associates

641

- 1,183

Currency translation differences and other movements

- 621

231

419,599

8,456

428,055

The 2020 share in result of joint ventures and associates amounts to EUR −7.9 million as disclosed in the table above (2019: EUR 25.6 million).