Boskalis Annual Report 2020



30. COMMITMENTS AND CONTINGENT LIABILITIES Short term and low value lease obligations

At 31 December 2020 the Group has short term and low value lease obligations for EUR 1,007 thousand (2019: EUR 772 thousand), EUR 561 thousand (2019: EUR 447 thousand) is payable within one year or less and EUR 446 thousand (2019: EUR 325 thousand) is payable between one and five years. Guarantees The guarantee commitments as at 31 December 2020 amounted to EUR 786 million (2019: EUR 857 million) and can be specified as follows:



Guarantees provided with respect to: Joint ventures

57,400 798,400

47,900 736,800

Contracts and joint operations

Lease obligations and other financial obligations





The above-mentioned guarantees outstanding as at 31 December 2020 refer to guarantees and counter guarantees provided to financial institutions for approximately EUR 785 million (2019: approximately EUR 856 million). At year-end 2020, 23 key Group companies were jointly and severally liable in respect of credit facilities and guarantees provided to several Group companies. In respect of these facilities, it has been agreed to limit the provision of further securities on existing property, plant and equipment. Group companies are jointly and severally liable for the non-consolidated part of the liabilities of their joint operations amounting to EUR 197 million (2019: EUR 178 million). Group companies are also jointly and severally liable for performance obligations for contracts with third parties in project-driven construction consortiums. In addition, certain recourse obligations exist in respect of project financiers and guarantees of deployment relating to equipment. Where deemed necessary, provisions have been made. In principle the Group does not provide parent company guarantees to its subsidiaries, other than for commercial reasons. Group companies have filed declarations of joint and several liability for a number of subsidiaries with the Chamber of Commerce. Capital commitments As at 31 December2020 capital expenditure and acquisition commitments amounted to EUR 112 million (year-end 2019: EUR 162 million). Other Several legal proceedings and investigations, including regulatory and other governmental, are regularly instituted against (entities of) Royal Boskalis Westminster N.V. Tax positions are, inherently to operating internationally and across borders, in certain cases uncertain. Accruals resp. provisions were made where deemed necessary if a reliable estimate of the future cash outflows could be made. Dutch companies form part of a fiscal unity. The companies are therefore liable for the tax obligations of the fiscal unity as a whole.


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