Boskalis Annual Report 2020

125 125

LEASE LIABILITIES

2019

2020

81,029

108,313

Balance as at 1 January

Movements Additions

44,456

24,161 18,218

Assumed in business combinations

6,063 1,808

Accretion of interest

1,783

Payments

- 23,818 - 1,225 27,284

- 27,977 - 3,550 12,635

Currency translation differences and other movements

108,313

120,948

Balance as at 31 December

Current

24,285 84,028 108,313

28,426 92,522 120,948

Non-current

Balance as at 31 December

Additions to Right-of-Use assets and Lease liabilities as disclosed in the tables above include the effects of changes to the (assumed) execution of renewal and extension options of EUR 6.1 million, mainly relating to floating and other construction equipment.

The total cash out flows for leases are EUR 28.6 million in 2020 (2019: EUR 24.8 million) including the payments relating to short term and low value lease leases (reference is made to note 8).

Interest rates, remaining terms and currencies of the lease liabilities are disclosed in the explanatory notes to the financial instruments in the interest rate risk paragraph (see note 29.1.3).

28. TRADE AND OTHER PAYABLES

31 DECEMBER 2020

2019

Trade payables

222,422 34,950 12,972 731,525

228,502 21,869 21,670 829,224

Taxes and social security payables

Amounts due to joint ventures and associates

Other creditors and accruals

1,001,869

1,101,265

The trade and other payables are generally not interest-bearing.

The main component of Other creditors and accruals relates to services provided by subcontractors and suppliers working on projects which have not yet invoiced. Similar, accrued amounts are included in this line item for not yet invoiced services provided by ship-yards. Also, amounts are included that results from the proportionate consolidation of the project driven construction consortiums.

29. FINANCIAL INSTRUMENTS

GENERAL Pursuant to the financial policy pursued by the Board of Management, the Group and its Group companies use several financial instruments in the ordinary course of business. The policy with respect to financial instruments is disclosed in more detail in the Corporate Governance section in the Annual Report. The Group’s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing loans and bank overdrafts, trade and other payables and derivatives. The Group enters into derivatives transactions, mainly foreign currency forward contracts, foreign currency options and to a limited extent interest rate swaps, solely to hedge against the related risks. The Group’s policy is not to trade in derivatives.

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