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remuneration with regard to pensions and variable remuneration. The pension remuneration includes the
salary compensation for pensions exceeding EUR 101.5 thousand, as well as the paid pension premiums
(EUR 23 thousand per person). In addition to the aforementioned salary compensation, the actuarially
determined service costs are also included as an expense in the financial statements. The long-term variable
remuneration includes the actual amounts paid in 2016 regarding 2013-2015. The expenses recognized
in the financial statements take into account the expenses arising from the 2016 long-term incentive plan
regarding 2014-2016, as disclosed below. The pension expenses and short-term and long-term variable
remuneration expenses relating to the members of the Board of Management as accounted for in the
financial statements amount to EUR 1,593 thousand (2015: EUR 1,036 thousand) and EUR 1,560
thousand (2015: EUR 2,638 thousand), respectively. The total expense for the Members of the Board of
Management therefore amounts to EUR 5,392 thousand (2015: EUR 6,226 thousand).
Long-term incentive plan
The members of the Board of Management participate in long-term (three-year) incentive plans, which are
based partly on the development of the share price of the ordinary shares of Boskalis and partly on the
realization of certain objectives, which are defined by the Supervisory Board and are in line with the
strategic agenda and the objectives of Boskalis.
Multi-year overview of variable remuneration
The following variable remuneration was granted to the members of the Board of Management with regard
to the years 2014, 2015 and 2016:
Year of payment
2017 2016 2015
Dr. P.A.M. Berdowski 815 1,190 1,316
T.L. Baartmans 536 775 856
J.H. Kamps 536 736 856
F.A. Verhoeven (up to 10 May 2016) - 1,139 856
Total 1,887 3,840 3,884
Balance sheet position
On 31 December 2016 the Group recognized a liability in the balance sheet item Trade and other
payables of EUR 1.9 million (2015: EUR 3.4 million) relating to the long term incentive plans for the
periods 2014 - 2016, 2015 - 2017 and 2016 - 2018.
JOINT OPERATIONS 30.3
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 382 million of
Group revenue was realized through joint operations (2015: EUR 727 million). The balance sheet of the
Group holds current assets of EUR162 million (2015: EUR 550 million), including cash and cash
equivalents ( and an amount of EUR 287 million (2015: EUR 492 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 2016, Group companies owed
joint operations an amount of EUR 177.2 million (2015: EUR 189.8 million) and held EUR 63.5 million
(2015: EUR 23.6 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 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 The
guarantees provided are predominantly backed up by comparable receivables from the clients of the joint
operations, reducing the Group’s exposure.
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ANNUAL REPORT 2016 – BOSKALIS
FINANCIAL STATEMENTS 2016