Boskalis_Annual_Report_2016

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2015
JOINT
VENTURES
ASSOCIATED
COMPANIES TOTAL
Balance as at 1 January 2015 597,247 178,220 775,467
Net investments - 146,410 146,410
Reclassification of stake in result of Fugro N.V. from financial instruments
available for sale - 271,968 271,968
Impairment on stake in Fugro N.V. - - 28,824 - 28,824
Share in result of joint ventures and associated companies 37,770 5,490 43,260
Dividends received - 60,613 - 8,831 - 69,444
Currency translation differences and other movements 33,632 20,304 53,936
10,789 406,517 417,306
Balance as at 31 December 2015 608,036 584,737 1,192,773
Net result for the period 37,770 5,490 43,260
Other comprehensive Income 33,632 20,304 53,936
Total comprehensive Income 71,402 25,794 97,196
The carrying amount of the Group’s share in the associated company Fugro N.V. was zero as at
31 December 2016 (31 December 2015: EUR 390.4 million) following the sale of (certificates of) shares in
Fugro N.V. As a result, significant influence was lost and the remaining certificates (participation of 9.4%)
were classified as an available-for-sale financial asset (
. The total impact of our investment in Fugro N.V. on the statement of profit or loss is a loss of
EUR 30.1 million . In 2015 the impact on the net result was a loss of EUR 3.4 million, which
consisted of an impairment charge of EUR 28.8 million, a revaluation profit of EUR 28.5 million and the
share of the net loss of EUR 3.1 million. Fugro N.V. did not distribute dividends in 2016 and 2015.
The share in the result of joint ventures and associated companies in 2016 as disclosed in the table above
amounts to EUR 104.7 million. Following the inclusion of the book profit Fugro N.V. of EUR 21.8 million
, the statement of profit or loss shows EUR 82.9 million on the line Result of joint ventures and
associated companies.
Following the sale, Fugro N.V. is no longer a material associated company for the Group. Therefore, no
summarized information for 2016, other than the impact on the statement of profit or loss, is reported
separately on Fugro N.V. and such information is also not included in the summary in the table below
showing the share of the Group in total assets and contract revenue of other joint ventures and associates
that are not material to the Group on an individual basis. The summarized 2015 financial information
regarding Fugro N.V. (100%), adjusted by the Group as required for associated companies, comprises net
assets of EUR 1.5 billion. Net revenue and non-current assets each amounted to EUR 2 billion and current
assets, current liabilities and non-current liabilities each to EUR 1 billion.
The main joint ventures of the Group are:
Interest in joint ventures
ENTITY COUNTRY OF INCORPORATION 2016 2015
Saam Smit Towage Brasil S.A. Brazil 50% 50%
Lamnalco Marine Cyprus 50% 50%
Ocean Marine Egypt S.A.E Egypt 50% 50%
Asian Lift Pte. Ltd. Singapore 50% 50%
Keppel Smit Towage Pte Ltd Singapore 49% 49%
Maju Maritime Pte Ltd Singapore 49% 49%
ACCN B.V. The Netherlands 50% -
Kotug Smit Partnership B.V. The Netherlands 50% -
SAAone Holding B.V. The Netherlands 17% 17%
VBMS Holding B.V.* The Netherlands - 50%
* Until 1 July 2016 VBMS Holding B.V. was included as a 50% joint venture. On 1 July 2016 the participation in VBMS was expanded to
100% and VBMS has since been included in the consolidation of the Group
.
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ANNUAL REPORT 2016 – BOSKALIS