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Boskalis jaarverslagen 2012

Political and credit risks

These include risks related to unrest or disruption due to political developments and violence, and the risk of non-payment by clients. Boskalis operates a strict acceptance and hedging policy with respect to political and payment risks. Other than in the case of very strong, credit-worthy clients with an undisputed credit history, all substantial credit risks are normally covered by means of credit insurance, bank guarantees and/or advance payments. Revenues and earnings are only recognized in the accounts where there is sufficient certainty that they will be realized. Extra attention is paid to identifying and managing credit risks in situations where the client is a special purpose vehicle.

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