Boskalis Annual Report 2020

112 112 As at 31 December 2020, the Group participated in the above-mentioned joint ventures and associates. Joint control is established in joint ventures by contract and the Group only has rights to the net assets. Significant influence is established in associates by voting rights and/or by contract, also in those cases where the other (investment) partner has control. None of these joint ventures or associates is individually material based on their share in the financial figures of the Group and their risk profile. The nature of, and changes in, the risks associated with interest in joint ventures and/or and associates is primarily linked to its activities for which a distinction is made in the disclosure. As at 31 December 2020, approximately 79% (2019: 65%) of the Group’s interest in joint ventures and associates relates to harbor towage services and terminal services of the Towage & Salvage operational segment. The summarized figures on a 100% basis of the towage/terminal activities can be presented as follows:

2019

2020

Towage joint ventures and associates Revenue

344 128

310 113

EBITDA

EBIT excluding impairment charges EBIT including impairment charges

63 63

51

-

Net debt

261

217

Other joint ventures and associates relate to the Dredging & Inland Infra and Offshore Energy Segments and to Holding & Eliminations.

The future cash flows for the Group are legally and contractually limited to the receipt of dividends, with the exception of certain companies, as listed above, for which capped guarantees or capital contributions are agreed (see note 30). As a result of statutory provisions, the Group, as joint venture partner or minority shareholder, cannot independently decide to distribute dividends. Also, the financial position should be sufficient to enable the distribution of dividends to shareholders. There are no contractual provisions that restrict the distribution of the net result as a dividend, with the exception of covenants in loan agreements and the priority of loan repayment over dividend at some of the joint ventures and associates. Legal reserves are formed by the Group for its share in the net result of joint ventures and associates. In 2019 the Group sold SAAone PPP B.V. and as a result its share in SAAone Holding, our share in the negative equity of SAAone Holding B.V. amounted to nil. Following the sale of our share in SAAone Holding B.V., the negative fair value of the interest rate swap has been recycled through the Statement of Profit or Loss.

ANNUAL REPORT 2020 – BOSKALIS FINANCIAL STATEMENTS 2020 A NUAL REPORT 2020 -- BOSKALIS FI ANCIAL S ATEMENTS 20 Total assets Revenue Total assets Revenue

The table below shows the share of the Group in total assets and revenues of its joint ventures and associates that are individually not material to the Group.

2020

JOINT VENTURES

ASSOCIATES

TOTAL

508,156

1,351

509,507

191,365

96

191,461

2019

JOINT VENTURES

ASSOCIATES

TOTAL

706,978

1,554

708,532

301,736

115

301,851