Boskalis_Annual_Report_2016

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on the previous page, the Group would have recognized an additional impairment of approximately
EUR 5.2 million.
The Group has reversed EUR 1.3 million of impairment losses. In 2016 and 2015 the capitalized financing
costs of investments recognized amounts to zero.
In line with the characteristics of the Group’s activities, property, plant and equipment can be deployed on
a worldwide scale. As a consequence, segmentation of property, plant and equipment into geographical
areas would not provide any additional relevant information.
17. JOINT VENTURES AND ASSOCIATED COMPANIES
The Group participates in a number of strategic joint ventures and associated companies of which the
activities correspond with, or provide related services to its own activities. The activities and risks of these
joint ventures and associated companies are similar to the activities of the Group. A number of projects, or
related activities, within the Dredging & Inland Infra operational segment are placed in private companies,
the most important of which is SAAone Holding B.V. (a public private partnership (PPP) in the Netherlands).
The Offshore Energy operational segment includes the strategic investments Asian Lift Pte. Ltd. (operation
and rental of floating cranes) and VBMS until 30 June 2016. With effect from 1 July 2016 VBMS became
a wholly owned subsidiary of the Group and has as such been included in the consolidation (also refer to
. Within the Towage & Salvage operating segment, with effect from April 2016 harbor towage
services take place through the newly formed KOTUG SMIT Towage joint venture in Europe
Saam Smit Towage (Saam Smit Towage Brasil SA and SAAM Remolques SA de CV) on the American
continent and Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd in Singapore (both active in harbor
towage). In addition, the Group participates in Smit Lamnalco Ltd (worldwide terminal services) and Ocean
Marine Egypt S.A.E. (terminal services). The Holding & Eliminations segment included the Group’s
participation in Fugro N.V., which was considered a material associated company of the Group until
December 2016, when significant influence was lost. These joint ventures and associated companies are in
principle financed on a non-recourse basis. The Group agreed on a limited capital funding obligation for
SAAone Holding B.V. and a guarantee of part of its bank financing was provided by the Group to Rebras
SA. These commitments and guarantees are included
The table below shows the movements in the interests in joint ventures and associated companies:
2016
JOINT
VENTURES
ASSOCIATED
COMPANIES TOTAL
Balance as at 1 January 2016 608,036 584,737 1,192,773
Investments - 422 422
Investment in KOTUG SMIT Towage 129,239 - 129,239
Decrease after obtaining control in VBMS Holding B.V. - 20,844 - - 20,844
Sale of investment in Fugro N.V. and reclassification to financial instruments
available for sale - - 332,073 - 332,073
Share in result of joint ventures and associated companies - 57,981 - 46,743 - 104,724
Repayment share capital / share premium - 9,226 - 100 - 9,326
Dividends received - 39,721 - 2,851 - 42,572
Currency translation differences and other movements 18,226 - 4,077 14,149
19,693 - 385,422 - 365,729
Balance as at 31 December 2016 627,729 199,315 827,044
Net result for the period - 57,981 - 46,743 - 104,724
Other comprehensive Income 18,226 - 4,077 14,149
Total comprehensive Income - 39,755 - 50,820 - 90,575
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ANNUAL REPORT 2016 – BOSKALIS
FINANCIAL STATEMENTS 2016