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Boskalis jaarverslagen 2012

Political and credit risks

These risks 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, generally all substantial credit risks are covered by credit insurance, bank guarantees and/or advance payments. Revenues and earnings are only accounted for if it is sufficiently certain that they will be realized. Increased attention is paid to identifying and managing credit risks in situations where the client is a special purpose vehicle.

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