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The key associated companies of the Group are:
Interest in associated companies
COMPANY
COUNTRY OF INCORPORATION
2016
2015
Damietta for Maritime Services Company S.A.E. Egypt
31%
31%
SAAM Remolques S.A. de C.V.
Mexico
49%
49%
Fugro N.V.*
The Netherlands
-
29%
* As from December Fugro N.V. was reclassified to Financial Instruments available-for-sale (see above).
The voting rights in associated companies are equal to the ownership interests.
As at 31 December 2016, the Group participated in the above-mentioned joint ventures and associated
companies. Joint control is established in joint ventures by contract and the Group only has rights to the net
assets. Significant influence is established associated companies by voting rights and/or by contract, also
in those cases where the other (investment) partner has control. None of these joint ventures or associated
companies is individually material based on their share in the financial figures of the Group and their risk
profile. The nature of, and changes in, the risks associated with interest in joint ventures and/or and
associated companies is primarily linked to its activities for which a distinction is made in the disclosure.
As at 31 December 2016, approximately 93% of the Group’s interest in joint ventures and associated
companies relates to harbor towage services and terminal services of the Towage & Salvage operational
segment. The summarized figures on a 100% basis of the towage/terminal activities can be presented as
follows:
100% basis, (in millions of EUR)*
Towage joint ventures and associated companies
2016
2015
Revenue
738
764
EBITDA
279
299
EBIT before impairment losses
147
166
EBIT
- 52
166
Net debt
695
638
* Financial information included on a pro forma and 100% aggregated basis.
Other joint ventures and associated companies relate to the Dredging & Inland Infra and Offshore Energy
Segments.
The future cash flows for the Group are legally and contractually limited to the receipt of dividends, with the
exception of certain companies, as listed above, for which capped guarantees or capital contributions are
agreed
(see note 28). As a result of statutory provisions, the Group, as joint venture partner or minority
shareholder, cannot independently decide to distribute dividends. Also, the financial position should be
sufficient to enable the distribution of dividends to shareholders. There are no contractual provisions that
restrict the distribution of the net result as a dividend, with the exception of covenants in loan agreements
and the priority of loan repayment over dividend at some of the joint-ventures and associated companies.
Legal reserves are formed by the Group for its share in the net result of joint-ventures and associated
companies.
On 31 December 2016 SAAone Holding B.V. had negative equity following recognition of the negative
fair value of the effective cash flow hedge regarding the interest on its financing. This negative value is
accounted for directly in equity by SAAone Holding B.V. in the reporting period through other
comprehensive income. The share of the Group in this negative equity amounted to EUR 11.5 million
(2015: EUR 10.8 million) and was not accounted for by the Group because the Group is not severally
liable.
98
ANNUAL REPORT 2016 – BOSKALIS
FINANCIAL STATEMENTS 2016