Boskalis Annual Report 2020

123 123

Sensitivity to changes in the applied assumptions can be summarized as follows:

Assumptions as at 31 December 2020

Increase of 0.25%

Decrease of 0.25%

Effect on defined benefit obligation Change in discount rate Change in expected future salary increases Change in pension increase for active participants Change in pension increase for inactive participants

- 7,499

8,196

27

- 27

2,007 6,006

- 2,117 - 5,577

Assumptions as at 31 December 2019

Increase of 0.25%

Decrease of 0.25%

Effect on defined benefit obligation Change in discount rate Change in expected future salary increases Change in pension increase for active participants Change in pension increase for inactive participants

- 6,641

7,257

28

- 26

1,850 5,179

- 1,761 - 4,813

Historical information:

2019

2018

2017

2016

2020

Defined benefit obligation Fair value of plan assets

- 109,071 74,601 - 34,470

- 178,923 150,683 - 28,240

- 159,058 150,564

- 160,380 153,196

- 117,463 79,256 - 38,207

Surplus / deficit (-)

- 8,494

- 7,184

Unfunded pension liabilities Total surplus / deficit (-)

- 4,785

- 4,555

- 4,827

- 5,142

- 4,886 - 43,093

- 39,255

- 32,795

- 13,321

- 12,326

The reduction of defined benefit obligations and the fair value of plan assets in 2019 mainly relates to the settlement of the UK defined benefit plan in 2019.

DEFINED CONTRIBUTION PENSION PLANS In 2021 the Group expects to contribute an amount of EUR 43.5 million (2020: EUR 42.0 million) to premiums for defined contributions plans. This concerns contributions to defined contribution pension plans and pension plans arranged with multi-employer pension funds, which are accounted for as defined contribution pension plans in these financial statements, in accordance with IFRS.

26. PROVISIONS

ONEROUS CONTRACTS

WARRANTIES

RESTRUCTURING

OTHER

TOTAL 2020

TOTAL 2019

Balance as at 1 January

56,263 60,821 - 17,388 - 4,271

51,361

19,656

6,772

17,816

95,605 17,406 - 39,560 - 5,762

Provisions made during the year Provisions used during the year Provisions reversed during the year

1,326

4,834

11,223 - 5,334

23

- 30,616

-

- 3,610 - 2,181

- 336 - 436

- 2,506

- 739 - 324

Exchange rate differences and other movements

180

-

242

- 518

Balance as at 31 December

95,605

21,299

21,984

11,598

12,290

67,171

Current

60,312 35,293 95,605

20,570

2,243

5,034 6,564

338

28,185 38,986 67,171

Non-current

729

19,741 21,984

11,952 12,290

Balance as at 31 December

21,299

11,598

The provision for onerous contracts includes provisions for unfavorable contracts with customers, mainly of the segment Offshore Energy.

Restructuring provisions relate mainly to the restructuring of the head office.

ANNUAL REPORT 2020 – BOSKALIS A NUAL REPORT 2020 -- BOSKALIS