Boskalis Annual Report 2020

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Balance sheet position As at 31 December 2020 the Group recognized the accruals corresponding to the long-term and short-term variable remuneration plans as a liability in the balance sheet item Trade and other payables of EUR 3.7 million (2019: EUR 3.3 million), of which EUR 2.3 million (2019: EUR 1.9 million) relates to the long-term incentive plans. JOINT OPERATIONS The Group has activities in the Dredging & Inland Infra and Offshore Energy operational segments through joint operations which are not related parties as defined in IFRS. Legally these joint operations comprise project-driven construction consortiums. In joint operations joint control is established by contract and the Group has rights to the assets and is liable for the debts of the operations. An amount of EUR 476 million of Group revenue was realized through joint operations (2019: EUR 666 million). The balance sheet of the Group holds current assets of EUR 260 million (2019: EUR 304 million), including cash and cash equivalents (refer to note 22) and an amount of EUR 218 million (2019: EUR 271 million) of current liabilities that was included on a pro-rata basis in accordance with the Group’s interest in these joint operations. Temporary and other surpluses and shortages in the financing of a joint operation are withdrawn or financed by the partners in the joint operation. At year-end 2020, Group companies owed joint operations an amount of EUR 207.1 million (2019: EUR 168.8 million) and held EUR 78.5 million (2019: EUR 132.4 million) in receivables from joint operations. Similar to contracts of Group companies, guarantees are also provided for contracts of joint operations by the Group or one of its Group companies. The guarantee commitments regarding joint operations are disclosed in note 30 as part of the guarantee commitments relating to contracts and joint ventures. Group companies are jointly and severally liable for the non-consolidated part of the liabilities of their joint operations which are disclosed in note 29. The guarantees provided are predominantly backed up by comparable receivables from the clients of the joint operations, reducing the Group’s exposure.

ANNUAL REPORT 2020 – BOSKALIS FINANCIAL STATEMENTS 2020 A NUAL REPORT 2020 -- BOSKALIS FI ANCIAL STAT MENTS 20