Boskalis Half Year Report 2020

16

OTHER FINANCIAL INFORMATION

The BOKA Vanguard transporting a fish farm measuring 385 by 60 meters making it the largest cargo ever transported by vessel

DEPRECIATION, AMORTIZATION AND IMPAIRMENTS

The COVID-19 outbreak and subsequent macro developments led to a critical review of the business including market expectations as well as an assessment of the fleet composition. This review resulted in impairment charges of EUR 138.9 million. The largest part of these non-cash charges relates to the goodwill and assets embedded in the joint ventures Smit Lamnalco and Asian Lift. The remaining EUR 15.9 million of impairment charges is related to a limited number of old vessels that is going to be scrapped. Depreciation and amortization amounted to EUR 131.8 million (H1 2019: EUR 126.6 million), excluding impairments and the reversal of impairments. During the first half year 2019 there was an impairment reversal of EUR 42.2 million as a result of sale transactions.

INCOME FROM JOINT VENTURES AND ASSOCIATES

Our share in the net result from joint ventures and associates was EUR 8.2 million (H1 2019: EUR 8.6 million). This result relates mainly to our share in the net results of Smit Lamnalco and the Singapore partnerships with Keppel (Keppel Smit Towage, Asian Lift). The underlying performance of the joint ventures was better than in 2019, which also included one quarter of Kotug Smit Towage (which became an

HALF YEAR REPORT 2020 – BOSKALIS