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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. Except in the case of very strong, credit-worthy clients with an undisputed credit track record, generally all substantial credit risks are covered by way of credit insurance, bank guarantees and/or advance payments. Revenues and profits are only accounted for when it is sufficiently certain that they will be realized. In situations where the client is a special purpose vehicle, increased attention is paid to identifying and managing credit risks.

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