38 JOTUN GROUP The change in allowances for bad debt is shown in following table: ALLOWANCES FOR BAD DEBT (NOK THOUSAND) 31.12.2016 31.12.2015 Balance as of 1 January 183 742 186 210 Allowances for bad debt made during the period 57 840 40 269 Realised losses for the year –72 091 –42 737 Balance as of 31 December 169 492 183 742 The maximum credit risk exposure at year end is the fair value of each class of receivables 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 2016* 4 034 877 2 684 177 466 318 193 139 135 118 556 126 2015* 4 288 085 2 868 497 528 558 257 600 141 908 491 521 *) Does not include allowance for bad debt. 14 CASH AND CASH EQUIVALENTS For the purpose of the Consolidated statement of cash flows, cash equivalents comprise the following at 31 December: (NOK THOUSAND) 31.12.2016 31.12.2015 Cash at banks and on hand 1 081 202 1 520 840 Short-term deposits 504 832 – Total 1 586 034 1 520 840 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 2.3 per cent for 2016 (2015: 2.0 per cent). As of 31 December 2016, the Group had available NOK 900 million (2015: 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 as of 31 December: (NOK THOUSAND) 31.12.2016 31.12.2015 Egypt 127 900 274 131 China 101 122 161 560 Net position Group cash pool 100 320 227 555 Indonesia 88 003 37 449 Malaysia 78 922 71 002 Vietnam 66 704 43 794 Thailand 63 587 128 147 United States 47 493 39 655 Oman 45 686 31 253 Other 361 465 506 294 Total 1 081 202 1 520 840 All cash is available for Jotun A/S, except for Egypt where currency restrictions makes the cash unavailable.
Jotun Annual Report 2016
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