Boskalis Annual Report 2018

117

The maximum credit risk as at the balance sheet date, without taking into account the aforementioned financial risk coverage policy and instruments, consists of the carrying amounts of the financial assets as stated below.

31 DECEMBER 2018

2017 REVISED

Other non-current receivables

1,377

1,249

Trade receivables

330,324 27,143 307,140

318,942 25,681 386,418 29,876 17,705 191,948 971,819

Amounts due from joint ventures and associates

Other receivables and prepayments

Derivatives

6,367

Income tax receivable

19,457 336,207

Cash and cash equivalents

1,028,015

The maximum credit risk on trade receivables by operational segment was as follows as at the reporting date:

31 DECEMBER 2018

2017

Dredging & Inland Infra Offshore Energy Towage & Salvage Holding & Eliminations

198,924 97,465 29,119

200,385 114,182

3,606

4,816

769

330,324

318,942

Loss allowances relate to the expected credit loss (ECL) on unbilled revenue (0.4%) and trade receivables. For unbilled revenue, the ECL is incorporated in the valuation of (unbilled) revenue. The aging of trade receivables as at 31 December was as follows:

2018

2017

Gross

Credit loss Credit loss in %

Gross

Impairment

Not past due

186,101 110,461 25,318 18,596 342,941 - 12,617 330,324 2,465

- 748 - 927 - 717 - 376

0.4% 0.8% 2.8%

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

- 77

Past due 0 - 90 days Past due 90 - 180 days Past due 180 - 360 days

- 212

- 92

15.3% 53.0%

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

More than 360 days

- 9,849 - 12,617

Credit loss / Impairment

Trade receivables at book value

Loss allowances relate to the expected credit loss (ECL) based on the characteristics of the customers, the aging of the receivables, the performance of the Group credit risk management policy and any convincing forward-looking information. Aging and local payment practices and the legal terms applicable for payments in the respective jurisdiction are relevant to the Group’s policy on writing off receivables.

ANNUAL REPORT 2018 – BOSKALIS A L REP RT 2018 -- BOSKALIS