35 JOTUN GROUP The change in allowances for bad debt is shown in following table: ALLOWANCES FOR BAD DEBT (NOK THOUSAND) 2015 2014 Balance at 1 January 186 210 160 255 Allowances for bad debt made during the period 40 269 58 905 Realised losses for the year –42 737 –32 950 Balance at 31 December 183 742 186 210 The maximum credit risk exposure at 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 at 31 December was as follows: OVERDUE LESS THAN 30-60 60-90 MORE THAN (NOK THOUSAND) TOTAL NOT DUE 30 DAYS DAYS DAYS 90 DAYS 2015* 4 288 085 2 868 497 528 558 257 600 141 908 491 521 2014* 3 761 203 2 555 257 442 898 185 602 102 645 474 801 *) Does not include allowance for bad debt. 13 CASH AND CASH EQUIVALENTS For the purpose of the Consolidated statement of cash flows, cash equivalents comprise the following at 31 December: (NOK THOUSAND) 31.12.2015 31.12.2014 Cash at banks and on hand 1 520 840 862 638 Short-term deposits – 558 783 Total 1 520 840 1 421 421 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 and return on short-term money market funds. 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 average interest rate for bank deposits is approximately 2.0 per cent for 2015 (2014: 2.9 per cent). At 31 December 2015 the Group had available NOK 900 million (2014: NOK 900 million) of undrawn credit facilities, of which NOK 800 million is long term. 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 at 31 December: (NOK THOUSAND) 31.12.2015 31.12.2014 Egypt 274 131 114 903 Net position Group cash pool 227 555 76 506 China 161 560 104 720 Thailand 128 147 30 903 Singapore 77 781 84 469 Malaysia 71 002 89 158 Turkey 56 900 30 891 Brazil 32 013 55 697 Other 491 751 275 392 Total 1 520 840 862 638
Jotun - Annual Report 2015
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