Boskalis_Annual_Report_2016

87 / 158

87
ASSETS AND LIABILITIES HELD FOR SALE 5.6
The assets and liabilities of activities held for sale are summarized as follows:
2016 2015
Intangible assets - 58,414
Property, plant and equipment 1,244 138,731
Receivables and other non-current assets 2,777 23,720
Cash and cash equivalents 5,606 3,579
Assets of disposal groups 9,627 224,444
Financing and interest bearing loans - 5,522
Deferred tax liabilities - 15,635
Provisions 450 73
Creditors and other current liabilities 7,259 15,902
Liabilities of disposal groups 7,709 37,132
At year-end 2016 the assets and liabilities held for sale relate to the subsidiary Aannemingsmaatschappij
B.V., which was sold on 12 January 2017. The transaction did not result in a book result.
At year-end 2015 the assets and liabilities held for sale relate to European harbor towage activities that
were contributed to the KOTUG SMIT Towage . During part of 2016 the activities of SMIT
Amandla Marine were classified as held for sale ).
6. REVENUE
Revenue from construction contracts (IAS 11) and services on a project base, by analogy, amount to
approximately EUR 1.8 billion (2015: EUR 1.9 billion). This mainly comprises the net revenue of the
Dredging & Inland Infra and Offshore Energy (excluding sea transport and related services) segments and
typically involves work in progress. Movements in the value of work in progress, consisting of cumulative
incurred costs plus profit in proportion to progress less provisions for losses, together with the work done
and completed during the reporting period, determine the revenue for these activities. The revenue from
services rendered to third parties is primarily realized in the Offshore Energy (including sea transport and
related services) and Towage & Salvage operational segments. The revenue from services amounts to
approximately EUR 0.8 billion (2015: EUR 1.3 billion).
For projects executed in a joint operation, the segments only report their own share in the revenue and
results recognized, resulting in no material related party transactions between segments that need to be
eliminated.
Revenue by region can be specified as follows:
REVENUE
2016 2015
The Netherlands 552,166 640,230
Rest of Europe 1,078,648 779,336
Australia / Asia 283,658 540,093
Middle East 134,555 250,529
Africa 232,553 615,259
North and South America 314,746 414,880
2,596,326 3,240,327
A region is determined as the location in which projects are realized and services are provided; for sea
transport the region refers to the (nearest) port of arrival of the transport or the project location for offshore
installation. A large part of the Group’s revenue is generated on projects for a variety of clients in various
countries and geographical areas. Because of the often-incidental nature and spread of the contracts none
of these clients qualifies structurally as a material client in relation to the total revenue of the Group.
ANNUAL REPORT 2016 -- BOSKALIS
Markus
87
AN UAL REPORT 2016 – BOSKALIS