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Boskalis jaarverslagen 2012

Liquidity and funding risks

As is customary for a contractor, Boskalis also has large amounts outstanding in the form of bank guarantees and surety bonds (guarantees from insurance companies), mainly in favor of clients. Given that the availability of sufficient credit and bank guarantee facilities is essential to the continuity of the business, Boskalis’ funding policy is aimed at maintaining a solid financial position. Solid balance sheet ratios and the use of diversified sources of funding provide for sufficient capacity to absorb liquidity risks and secure constant availability of adequate borrowing capacity and guarantee facilities. The company has ample credit and bank guarantee facilities at its disposal and operates well within the agreed covenants under its financing agreements. If developments on financial and/or currency markets so dictate, additional specific risk management measures will be applied.

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