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Boskalis jaarverslagen 2012

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15 articles found

Strategy and Business Drivers

Boskalis’ strategy is aimed at the opportunities and challenges that present themselves to the company. This strategy is based on two pillars: Focus and Strengthen & Rationalize. Focus is aimed at Value-Adding Assets and specific market segments.

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Strategic and market risks

The Boskalis markets are heterogeneous and often develop differently.

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Operational risks

The operational risks faced by Boskalis are diverse in nature, particularly because the group conducts various types of activities around the world within the three divisions.

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Financial risks

In conducting its business Boskalis is exposed to various kinds of non-operational financial risks. The most important of these are described in this section.

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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.

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Liquidity and funding risks

As is customary for a contractor Boskalis also has large amounts outstanding in the form of guarantees from banks and insurance companies, mainly in favor of clients.

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Currency risks

The functional currency of Boskalis is the euro.

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Tax risks

Because of the (constantly changing) mix of project and operational results in a large number of countries and entities, various kinds of taxes, such as income tax, wage tax, VAT and import duties, are assessed and then paid in various countries.

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Interest rate risks

We have limited our exposure to interest rate fluctuations by fixing the interest rates on the majority of our long-term financial liabilities, primarily by using interest rate swap arrangements.

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Fuel price risks

In a substantial part of its activities, Boskalis is exposed to risks arising from changes in fuel prices. Fuel costs are hedged in a number of different ways. Where possible, contracts include fuel price variation clauses.

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Derivatives

Financial derivatives are only used to hedge underlying currency risks, fuel cost risks or other risks where there is a physical underlying transaction.

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Other risks

As an international maritime services provider Boskalis is active in numerous countries, meaning it has to deal with a wide range of diverse legislation and regulations.

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Risks with regard to financial reporting

Financial reporting at Boskalis is structured within a tight framework of budgeting, reporting and forecasting. A distinction is made between reports for internal and external use.

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Evaluation of risk management and internal control systems

Major organizational changes have been implemented in order to accommodate the rapid growth that Boskalis has experienced in recent years, including the introduction of a divisional structure.

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Internal risk management and control systems

The internal risk management and control systems of Boskalis are based on the principles of effective management control at various levels in the organization and are tailored to the day-to-day working environment in which the company operates

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