Boskalis_Annual Report_2017

124 ANNUAL REPORT 2017 – BOSKALIS FINANCIAL STATEMENTS 2017 ANNUAL REPORT 2017 -- BOSKALIS FINANCIAL STATEMENTS 2017 124 OTHER RELATED PARTIES Strategic investments The main active joint ventures and associated companies are mentioned in note 17. Pension plans classified as funded defined benefit pension plans See note 25.1 for information on pension plans that are classified as funded defined benefit pension plans in accordance with IAS 19. There were no changes and further material transactions with these pension funds as disclosed in this note. Members of the Board of Management and members of the Supervisory Board The only key management officers qualifying as related parties are the members of the Board of Management and the members of the Supervisory Board. RELATED PARTY TRANSACTIONS 30.2 Strategic investments Transactions with joint ventures and associated companies as part of regular business take place under normal business conditions at arm’s length. In 2017 these transactions regarding sales and purchases amounted to EUR 41.0 million and EUR 16.4 million, respectively (2016: EUR 71.1 million and EUR 15.8 million, respectively). In October 2017 the Company granted two loans to SAAone Holding B.V. of EUR 13.6 million in total, of which the majority has an interest rate of 9%. Amounts receivable from and amounts payable to joint ventures and associated companies were EUR 25.7 million and EUR 4.6 million, respectively (2016: EUR 22.6 million and EUR 1.8 million, respectively). Transactions with members of the Board of Management and members of the Supervisory Board The remuneration of current and former members of the Board of Management and Supervisory Board of the Company in 2017 and 2016 were as follows: ANNUAL SALARIES AND REMUNERATION EMPLOYER'S PENSION CONTRIBUTIONS SHORT-TERM AND LONG- TERM VARIABLE REMUNERATION PAID* OTHER REIMBURSE- MENTS Members of the Board of Management Dr. P.A.M. Berdowski 793 205 815 28 T.L. Baartmans 574 148 536 31 J.H. Kamps 574 148 536 28 F.A. Verhoeven (up to 10 May 2016) - - - - 1,941 501 1,887 87 Members of the Supervisory Board J.M. Hessels 66 2 Ms. I. Haaijer (from 10 November 2016) 52 2 H.J. Hazewinkel 51 2 M. Niggebrugge (up to 10 May 2017) 22 1 J. van der Veer 52 2 J. N. van Wiechen 56 2 C. van Woudenberg 52 2 351 13 Total 2017 2,292 501 1,887 100 Total 2016 2,480 1,220 3,840 107 * The EU-IFRS expenses for the members of the Board of Management deviate from the remuneration as disclosed in the table above. The EU-IFRS short-term and long-term variable remuneration expenses as charged to the statement of profit or loss include, in addition to the paid variable remuneration as disclosed above the changes in the accrued expenses for future payments of variable remuneration and amount for Dr. P.A.M. Berdowski to EUR 1,374 thousand, for Mr. T.L. Baartmans EUR 575 thousand and for Mr. J.H. Kamps EUR 575 thousand which adds up to EUR 2,524 thousand (2016: EUR 1,562 thousand). The total EU-IFRS remuneration expense for Dr. P.A.M. Berdowski amounts to EUR 2,400 thousand, for Mr. T.L. Baartmans EUR 1,328 thousand, and for Mr. J.H. Kamps to EUR 1,325 thousand which adds up to EUR 5,053 thousand in total (2016: EUR 5,393 thousand).

TOTAL*

2016*

1,841 1,289 1,286

2,572 1,658 1,657 1,410 7,297

-

4,416

68 54 53 23 54 58 54

68

7

47 62 54 58 54

364

350

4,780

7,647