Page 36

Jotun Annual Report 2014

34 JOTUN GROUP Note 12 continues TRADE AND OTHER RECEIVABLES Changes in allowances for bad debt is shown in following table: Allowances for bad debt (NOK thousand) 31.12.2014 31.12.2013 Allowances for bad debt as of 1 January 160 255 161 983 Allowances for bad debt made during the period 58 905 35 583 Realised losses for the year -32 950 -37 311 Total 186 210 160 255 The maximum credit risk exposure at the year-end is the fair value of each class of receivable mentioned above. Further information regarding credit risk and foreign exchange risk regarding accounts receivable is discussed in note 16. Aging of accounts receivable as of 31 December was as follows: 60-90 days 30-60 days Less than Total Not due 30 days (NOK thousand) 2014* 3 761 203 2 555 257 442 898 185 602 102 645 474 801 2013* 2 946 862 1 951 312 373 896 176 373 91 699 353 582 Note 13 CASH AND CASH EQUIVALENTS For the purpose of the Consolidated statement of cash flows, cash equivalents comprise the following at 31 December: More than 90 days 31.12.2014 Cash and cash equivalents have a maturity between one day and three months. Cash at banks earns interest at floating rates based on bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, the return is based on short-term money market funds. The average interest rate for bank deposits is approxi-mately 2.9 per cent as of 31 December 2014 (2013: 1.84 per cent). At 31 December 2014 the Group had available NOK 900 million (2013: NOK 900 million) of undrawn credit facilities. Cash at banks and on hand are attributable the Group’s cash pool arrangement and local bank accounts held by the respective subsidiaries. The table below provides an overview of cash balances as of 31 December: 31.12.2014 (NOK thousand) (NOK thousand) 31.12.2013 31.12.2013 *) Does not include allowance for bad debt. Cash at banks and on hand 862 638 1 120 161 Short-term deposits 558 783 - Total 1 421 421 1 120 161 China 119 665 95 505 Egypt 114 903 72 991 Singapore 84 469 77 102 Malaysia 78 017 92 536 Net position Group cash pool 76 506 430 534 Brazil 55 697 14 005 Russia 31 877 16 876 Other 301 504 320 612 Total cash at banks and on hand 862 638 1 120 161


Jotun Annual Report 2014
To see the actual publication please follow the link above