Boskalis Annual Report 2020

127 127

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

31 DECEMBER 2020

2019

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

205,466 21,785 147,907

137,650 137,101

1,046

3,331

705

378,489

276,502

Loss allowances relate to the expected credit loss (ECL) on unbilled revenue 0.1% (2019: 0.1%) 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:

2019

2020

Gross

Credit loss Credit loss in %

Gross

Credit loss Credit loss in %

Not past due

249,609 83,361 18,683 34,706 394,953 - 16,464 378,489 8,594

- 174

0.1% 0.1% 0.9%

210,502 30,592 26,703 11,887 286,704 - 10,202 276,502 7,020

- 178 - 374 - 323

0.1% 1.2% 1.2%

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

- 86

- 173

- 1,049 - 14,982 - 16,464

12.2% 43.2%

- 1,094 - 8,233 - 10,202

15.6% 69.3%

More than 360 days

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.

The movement in the loss allowances in respect of trade receivables during the year was as follows:

2019

2020

12,617

16,464

Balance as at 1 January

Provisions made during the year Provisions used during the year Provisions reversed during the year Currency exchange rate differences

7,705 - 1,143 - 2,976

9,732

- 8,429 - 6,032 - 1,533 - 6,262

261

3,847

16,464

10,202

Balance as at 31 December

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

Credit risk cash and cash equivalents The Group had cash and cash equivalents of EUR 825 million at 31 December 2020

(2019: EUR 400 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.

ANNUAL REPORT 2020 – BOSKALIS A NUAL REPORT 2020 -- BOSKALIS