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Boskalis jaarverslagen 2012

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13 articles found

Strategy and business drivers

Boskalis’ strategy is aimed at the opportunities and challenges that present themselves to the company.

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Strategic and market risks

The Boskalis markets are heterogeneous and often develop differently. Our main (end) customer groups are national, regional and local governments, or associated institutions such as port authorities, private port operators and oil & gas and energy companies (operators as well as contractors).

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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 non-operational financial risks. This section describes the main categories of financial risk.

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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.

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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.

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Currency risks

The functional currency of Boskalis is the euro. A number of group companies, the most important one of which being Dockwise, as well as several substantial associated companies (Smit Lamnalco, Keppel Smit Towage, Asian Lift, SAAM SMIT Towage) have a functional currency other than the euro.

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Interest rate risks

We have limited our exposure to interest rate fluctuations by fixing the interest rates on the largest part 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 due to changes in fuel prices.

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Derivatives

Financial derivatives (such as forward contracts, options, interest rate swaps and futures) are only used to hedge underlying currency risks, fuel cost risks and/or other risks where there is a physical underlying transaction.

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