Boskalis Annual Report 2020

118 118

23.6.4 OTHER LEGAL RESERVES A legal reserve is formed to account for differences between the cost price and the equity value of joint ventures and associates where the Group cannot independently decide on the distribution of dividends, unless such differences are already included in the legal reserve for accumulated currency translation differences on foreign operations. 23.6.5 OTHER RESERVES Other reserves mainly comprise actuarial movements related to the limitation on net plan assets of defined benefit pension plans and the actuarial gains and losses originating from the difference between the realized and the expected movement in defined benefit obligations and the return on plan assets.

24. INTEREST-BEARING BORROWINGS

REVOLVING MULTI- CURRENCY CREDIT FACILITY

OTHER INTEREST- BEARING BORROWINGS

US PRIVATE PLACEMENTS

EXPORT CREDIT FACILITY

TOTAL 2019

TOTAL 2020

Current

282

-

50,000

- - -

255

50,255 293,803 344,058

Non-current

438,469 438,751

289,124 289,124

-

4,679 4,934

Balance as at 1 January

50,000

Movement Assumed in business combinations

- - -

- - - -

- -

- -

11,871 - 6,628

11,871 - 6,628 508,411 - 453,648 - 24,089

Decrease due to first time in consolidation

Proceeds

400,000 - 450,000

106,111

2,300

Repayment

- 100,245

- -

- 3,648

Currency translation differences

5,230

- 23,911

- -

- 178

Other movements Total movements

322

117

- 3,665 102,446

-

- 3,548 32,369

- 94,693

- 23,794

- 50,000

3,717

Balance as at 31 December

344,058

265,330

-

102,446

8,651

376,427

Current

50,255 293,803 344,058

-

- - -

9,782

2,814 5,837 8,651

12,596 363,831 376,427

ANNUAL REPORT 2020 – BOSKALIS FINANCIAL STATEMENTS 2020 A NUAL REPORT 2020 -- BOSKALIS FINANCIAL S AT MENTS 20 Non-current Balance as at 31 December As at year-end 2020 US private placements relate to one placement of EUR 265.3 million, calculated at year-end currency rates (year-end 2019: EUR 289.1 million). This placement with a nominal value of USD 325 million, was placed in July 2013. The principal will be repaid after the original duration of ten years. The annual interest rate is 3.66%. In April 2020 the Group a revolving credit facility (RCF) was arranged providing EUR 500 million with a variable interest rate. The facility has an original duration of 5 years with two options which each extend the duration by one year, the first being exercised in February 2021. After the execution of the option, the RCF is committed until April 2026. As at 31 December 2020, the Group has drawn nil under this credit facility. Under the previous facility EUR 50 million was drawn per 31 December 2019. In October 2020 the Group entered into an export credit facility (ECF) providing EUR 121 million of committed bank financing until October 2032. As at 31 December 2020, the Group has drawn EUR 106.1 million under this loan. The annual interest rate is 1.1%. The Group agreed to comply with a number of customary covenants with the providers regarding the RCF, ECF and US private placement holders. Twice a year Boskalis provides a compliance certificate to these lenders, reporting on the covenants for the twelve-month period ending on 30 June and 31 December, respectively. The main financial covenants are a net debt / EBITDA ratio not exceeding 3 and an EBITDA / net interest ratio of at least 4. These covenants are calculated in accordance with definitions agreed with the lenders. In the event that the Group does not meet any of these covenants, the loans may be due immediately. These covenants were met at 31 December 2020. The net debt / EBITDA ratio was -1.3 (2019: 0.2) and the EBITDA / net interest ratio was 25 (2019: 19). 265,330 265,330 92,664 102,446