Boskalis_Annual Report_2017

114 ANNUAL REPORT 2017 – BOSKALIS FINANCIAL STATEMENTS 2017 ANNUAL REPORT 2017 -- BOSKALIS FINANCIAL STATEMENTS 2017 114 Not past due Past due 0 - 90 days Past due 90 - 180 days Past due 180 - 360 days More than 360 days Impairment Trade receivables at book value Balance as at 1 January Acquired through business combinations Reclassified to disposal group Provisions made during the year Provisions used during the year Provisions reversed during the year Currency exchange rate differences Balance as at 31 December

The aging of trade receivables as at 31 December was as follows:

2017

2016

Gross

Impairment

Gross

Impairment

196,935 61,314 12,825 10,421 51,767 333,262 - 14,320 318,942

- 77

184,286 44,723

-

- 212

- 4,175

- 92

3,354

- 177

- 4,741 - 9,198 - 14,320

17,951 44,844 295,158 - 20,729 274,429

- 4,726 - 11,651 - 20,729

With respect to the trade receivables at book value, there were no indications as at the reporting date that these will not be settled.

The movement in the allowance for impairment in respect of trade receivables during the year was as follows:

2017

2016

20,729

19,560

42

299 - 14

-

3,898

11,185 - 8,395

- 4,396 - 5,109

- 935 - 971 1,169

- 844

- 6,409

14,320

20,729

Concentration of credit risk of customers As at reporting date there was no concentration of credit risk with certain customers.

Credit risk cash and cash equivalents The Group had cash and cash equivalents of EUR 192 million at 31 December 2017 (2016: EUR 965 million), representing its maximum credit risk exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties with investment grade credit ratings.

28.1.2 LIQUIDITY RISK Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.

The Group’s approach to managing liquidity is aimed at ensuring that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions. Liquidity projections including available credit facilities are incorporated in the regular management information reviewed by the Board of Management. The focus of the liquidity review is on the net financing capacity, being free cash (see note 22) plus available credit facilities in relation to financial liabilities (see note 24). The total of free cash and available credit facilities at year-end amounted to EUR 0.7 billion. Furthermore, based on the Group’s financial ratios it can be concluded that the Group has significant debt capacity available under an (implied) investment grade credit profile. The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding both the impact of netting agreements (and in 2016, financial liabilities accounted for as part of the disposal group):