Boskalis jaarverslagen 2011

19. Due from and due to customers

    2011   2010
         
Cumulative incurred costs plus profit in proportion to progress less provisions for losses   4,741,275   3,781,111
         
Progress billings   4,843,683   3,984,425
Advances received   152,120   78,780
Progress billings and advances received   4,995,803   4,063,205
         
Balance   -254,528   -282,094
         
Due from customers   234,353   197,170
Due to customers   -488,881   -479,264
Balance   -254,528   -282,094

As at year-end 2011 the payments due from customers includes an amount of € 26.3 million (2010: € 11.6 million) which will be paid subject to specified conditions (retentions) from third parties. The determination of the profit in proportion to the stage of completion and the provision for losses is based on estimated costs and revenues of the relating projects. These estimates contain uncertainties.

 

Added to My report add to My report Source: Annual report 2011, page 92