6.29 Related parties

Related parties for Heijmans can be divided into subsidiaries, associates, joint arrangements (joint ventures and joint operations), the members of the Supervisory Board and the members of the Executive Board. Transactions with related parties are conducted at arm’s length, on terms comparable to those for transactions with third parties.

Transactions with subsidiaries, associates, joint ventures and joint operations

Heijmans undertakes a number of operating activities together with related parties, including in the form of joint arrangements. Significant transactions in this context are the contribution of land holdings to joint arrangements and/or their financing. In addition, large and complex projects are carried out in partnership with other companies.

There are no transactions with the organisation’s management, with the exception of the remuneration discussed below. For information on the relationships with joint ventures and associates, see note 6.13.

The Group’s share in the revenue and total assets of joint operations is analysed by segment below:

2022

Property Development

Building & Technology

Infra

Eliminations

Total

Business segments

In € million

Revenue

39.4

61.9

55.2

-48.1

108.4

Costs

-34.6

-55.5

-46.7

48.1

-88.7

Non-current assets

0.0

0.0

0.8

-

0.8

Current assets

22.4

22.6

27.7

-

72.7

Total assets

22.4

22.6

28.5

0.0

73.5

Non-current liabilities

6.0

0.7

0.2

0.0

6.9

Current liabilities

4.4

17.9

30.6

-

52.9

Total liabilities

10.4

18.6

30.8

0.0

59.8

Equity

12.0

4.0

-2.3

0.0

13.7

2021

Property Development

Building & Technology

Infra

Eliminations

Total

Business segments

In € million

Revenue

28.8

34.1

35.0

-23.1

74.8

Costs

-24.4

-31.8

-33.1

22.9

-66.4

Non-current assets

0.0

0.0

0.7

-

0.7

Current assets

36.8

19.0

29.7

-

85.5

Total assets

36.8

19.0

30.4

0.0

86.2

Non-current liabilities

6.5

0.6

0.4

0.0

7.5

Current liabilities

9.5

11.1

33.8

-

54.4

Total liabilities

16.0

11.7

34.2

0.0

61.9

Equity

20.8

7.3

-3.8

0.0

24.3

Remuneration of Supervisory Directors

All Supervisory Directors receive a fixed annual fee that is not dependent on the results in any single year. They also receive a fixed or variable expense allowance. They have not been allocated any options or depositary receipts for shares. As at year-end 2022, the members of the Supervisory Board owned a total of 14,079 depositary receipts for Heijmans shares (2021: 13,158). Mr Vollebregt holds 14,079 shares (2021: 13,158). None of the Supervisory Directors has any other business links to Heijmans from which they could derive personal gain.

The total payments granted to Supervisory Directors in 2022 and 2021 were as follows:

in €

2022

2021

Sj.S. Vollebregt– chairman*

64,044

62,360

R. Icke RA**

16,029

55,085

Mr M.M. Jonk***

58,351

55,085

J.W.M. Knape-Vosmer MBA****

48,034

49,226

G.A. Witzel*****

-

44,344

Drs. A.E. Traas RA******

50,614

47,810

A.S. Castelein*******

24,017

-

Total

261,089

313,910

  • 1* Supervisory Director since 15 April 2015 and Chairman since 13 April 2016
  • 2** Supervisory Director since 9 April 2008 to 13 April 2022
  • 3*** Supervisory Director since 6 December 2018
  • 4**** Supervisory Director since 15 April 2020.
  • 5***** Supervisory Director since 15 April 2020 to 12 November 2021
  • 6****** Supervisory Director since 14 April 2021. In 2021, the recognised amount included remuneration of €11,953 in respect of the induction period from January to mid-April 2021.
  • 7******* Supervisory Director since 12 July 2022.

Remuneration of members of the Executive Board

Fixed and variable remuneration paid to members of the Executive Board

The amounts paid out in 2021 and 2022 and the amounts payable in 2023 in respect of fixed and variable remuneration for the members of the Executive Board are as follows:

Gross fixed remuneration

Variable remuneration

Total remuneration

in €

Payable in 2023

Paid in 2022

Paid in 2021

Payable in 2023

Paid in 2022

Paid in 2021

Payable in 2023

Paid in 2022

Paid in 2021

A.G.J. Hillen

566,667

566,667

550,000

648,292

658,309

606,534

1,214,959

1,224,976

1,156,534

G.M.P.A. van Boekel

425,000

425,000

141,667

449,305

129,721

150,000

874,305

554,721

291,667

J.G. Janssen

-

-

123,958

-

70,895

515,554

-

70,895

639,512

Total

991,667

991,667

815,625

1,097,597

858,925

1,272,088

2,089,264

1,850,592

2,087,713

The variable remuneration payable in 2023 includes the long-term variable remuneration for the period 2020-2022 (see below). The variable remuneration paid to Mr. van Boekel in 2021 related to the sum granted on joining (see the Remuneration Report in the annual report for further details).

Charges recognised in the statement of profit or loss relating to the remuneration of the members of the Executive Board

The composition of the remuneration paid to each member of the Executive Board is as:

Gross fixed remuneration

Short-term variable remuneration

Long-term variable remuneration

Pension contributions

Signing bonus

Expense allowances including reimbursement of car expenses, compulsory social insurance contributions and costs of the Share Matching Plan

Total

in €

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

A.G.J. Hillen*

566,667

550,000

320,167

314,559

347,570

352,083

241,365

203,140

-

-

128,073

121,034

1,603,842

1,540,816

G.M.P.A. van Boekel**

425,000

141,667

240,125

81,023

304,257

118,899

65,000

21,667

50,000

16,667

53,576

16,767

1,137,958

396,690

J.G. Janssen***

-

123,958

-

70,895

-

-

-

25,667

-

-

-

16,591

-

237,111

Total

991,667

815,625

560,292

466,477

651,827

470,982

306,365

250,474

50,000

16,667

181,649

154,392

2,741,800

2,174,617

  • ** Chairman of the Executive Board since 1 December 2016 and member of the Executive Board since 18 April 2012
  • **** Member of the Executive Board since 1 September 2021.
  • ****** Member of the Executive Board from 30 October 2017 to 15 April 2021

The members of the Executive Board were awarded a short-term variable bonus for 2022 of 58% of the basic salary due to the targets achieved in 2022. For the period 2020-2022, long-term variable remuneration of 63% of basic pay was awarded, following achievement of the targets for this period. For more information, refer to the remuneration report in the directors’ report.

Heijmans has reserved €443,056 for variable remuneration for the members of the Executive Board relating to the periods 2021-2023 and 2022-2024 (2021: €328,534 for the periods 2020-2022 and 2021-2023); € 277,778 has been reserved for Mr Hillen (2021: €258,333) and €165,278 for Mr van Boekel (2021: €70,201).

When he joined, Mr van Boekel was awarded a signing bonus of €150,000, that vests in September 2024. The charge will be recognised through the statement of profit or loss on a time proportion basis during the period before the bonus vests.

In order to bind directors to the Company for the long term and to encourage a focus on long-term value creation, with effect from 2010 a Bonus Investment Share Matching Plan has been applicable under which directors can opt to use part of their variable short-term remuneration to purchase Heijmans shares.

In April 2019, Mr Hillen and Mr Janssen, exercising 30% and 23%, respectively, of the short-term bonus awards for 2018, purchased 7,500 and 5,000 depositary receipts for Heijmans shares. In the context of the Share Matching Plan, a conditional depository receipt was granted for each share acquired. Mr Hillen’s shares become vested after three years. In April 2022, the Group repurchased 7,500 shares and granted them to Mr Hillen; these shares are subject to a mandatory lock-up period of two years. The depositary receipts conditionally granted to Mr Janssen have lapsed in view of his retirement on 15 April 2021. The total charge associated with the granting of the shares is calculated at the time the shares are awarded and is recognised on a time-weighted basis in the statement of profit or loss during the period in which the awarded shares are vested. In the statement of profit or loss for 2022, Heijmans recognised an amount of €8,292 (2021 €24,875) as a charge related to the shares granted in April 2019.

In April 2020, Mr Hillen and Mr Janssen, exercising 30% and 24%, respectively, of the short-term bonus awards for 2019, purchased 13,000 and 8,700 depositary receipts for Heijmans shares. In the context of the Share Matching Plan, a conditional depository receipt was granted for each share acquired. These conditionally granted depositary receipts for shares become vested after three years. The depositary receipts conditionally granted to Mr Janssen have lapsed in view of his retirement on 15 April 2021. The total charge associated with the granting of the shares is calculated at the time the shares are awarded and is recognised on a time-weighted basis in the statement of profit or loss during the period in which the awarded shares are vested. In the statement of profit or loss for 2022, Heijmans recognised an amount of €24,570 (2021: €24,570) as a charge related to the shares granted in April 2020.

In April 2021, Mr Hillen acquired 5,500 depositary receipts for Heijmans shares with 23% of the awarded short-term bonus for 2020. In the context of the Share Matching Plan, a conditional depository receipt was granted for each share acquired. These conditionally granted depositary receipts for shares become vested after three years. In the statement of profit or loss for 2022, Heijmans recognised an amount of €25,117 (2021: 16,744) as a charge related to the shares granted in April 2021.

In April 2022, Mr Hillen and Mr Van Boekel, exercising 23% and 25% respectively of the short-term bonus awards for 2021, purchased 5,300 and 1,500 depositary receipts for Heijmans shares. In the context of the Share Matching Plan, a conditional share was granted for each share acquired. These shares become vested after three years. In the statement of profit or loss for 2022, Heijmans recognised an amount of €20,272 (2021: nil) as a charge related to the shares granted in April 2022.

The pension scheme for Mr Hillen pertains to the pension scheme of the industry-wide pension fund and a defined-contribution plan. Mr Hillen also receives an annual compensation of € 38,532 (2021: €37,410), adjusted for possible collective labour agreement salary increases, for the lapse of the early retirement pension scheme. Mr Hillen also received compensation of €129,667 in 2022 (2021: €95,014) for the loss of pension accrual on his salary over and above €114,866, plus a compensation of €50,232 (2021: €50,232) for the loss of the indexation in the Delta Lloyd average salary scheme. Mr Van Boekel received a fixed fee, before pension contributions, of €65,000 in 2022 (2021: €21,667). Mr Janssen received a fixed fee, before pension contributions, of nil in 2021 (2021: €25,667).

The pension charge is calculated in accordance with accounting policy 23.

As at year-end 2022, the members of the Executive Board owned a total of 52,971 depositary receipts for Heijmans shares. The ownership of these shares is partly a consequence of the Share Matching Plan as described above and partly the result of the purchase of shares by members of the Executive Board. The ownership of depositary receipts for Heijmans shares by the individual members of the Executive Board at year-end 2022 is as shown below:

Shares owned on 31 December

In numbers of shares

2022

A.G.J. A.G.J. Hillen - Chairman

65,771

G.M.P.A. van Boekel

1,500

Total

67,271

Remuneration of former members of the Executive Board

€23,745 has been recognised in the statement of profit or loss for 2022 (2021: €23,745) in respect of the fees that Mr Janssen received for his work as an adviser in the period 16 up to and including 30 April 2021.

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