3.6 Trade and other receivables
Trade and other receivables are presented net of allowance for bad debt. Changes in allowance for bad
debt, including realised losses, are classified as other operating expenses in the income statement, ref.
Note 2.4. Bank drafts are received as payment of accounts receivable and have a maturity period of more
than three months. Received bank draft are used to pay suppliers, ref. Note 3.10.
(NOK THOUSAND) 31.12.2019 31.12.2018
Accounts receivable 4 694 109 4 549 587
Bank drafts 149 411 111 653
Trade receivables 4 843 520 4 661 240
Other receivables 422 171 457 718
Total 5 265 691 5 118 958
The change in allowance for bad debt is shown in the following table:
(NOK THOUSAND) 2019 2018
Balance as of 1 January 189 246 198 606
Allowances for bad debt made during the period 99 131 61 111
Realised losses for the year -99 631 -70 471
Balance as of 31 December 188 746 189 246
Aging of account receivable
(NOK THOUSAND) 31.12.2019 31.12.2018
Not due 3 242 945 3 029 808
Less than 30 days 611 809 627 454
30-60 days 299 527 290 061
60-90 days 133 939 189 221
More than 90 days 594 634 602 287
Allowance for bad debt -188 746 -189 246
Total 4 694 109 4 549 587
3.7 Other current liabilities
Other current liabilities are other payables, such as unpaid government charges and taxes, unpaid wages
and holiday pay and other accruals and provisions.
(NOK THOUSAND) 31.12.2019 31.12.2018
Public charges and holiday pay 288 626 280 965
Prepaid dividend from associates and joint ventures 323 124 277 800
Other accrued expenses 1 054 445 1 046 183
Total current provisions, ref. Note 3.8 369 636 514 924
Total 2 035 832 2 119 873
Prepaid dividend from associates or joint ventures are recognised as current liability until the final
approval by the General Assembly subsequent year. Other accrued expenses are related to commissions,
bonuses to employees and other accrued expenses.
Accounts receivable (NOK million) In % of Revenue from contracts with customers*
4 104
3 865
4 209
4 550 4 694
26% 27% 27% 27% 26%
45,0%
40,0%
35,0%
30,0%
25,0%
20,0%
15,0%
10,0%
5,0%
0,0%
5 000
4 500
4 000
3 500
3 000
2 500
2 000
1 500
1 000
500
0
2015 2016 2017 2018 2019
Accounting policy
Accounts receivable are recognised at transaction price. Allowances are made for anticipated losses on
receivables based on relevant information available at the time of reporting, including historical, current
and future information in accordance with an expected loss model.
Estimate and judgement
Allowances have been made for bad debt, which cover uncertain receivables to a reasonable extent.
The Management continues to assess the credit risks in order to ensure the credit risk never exceeds
the allowance for bad debt. For further description of credit risk, see Note 4.4.
Accounts receivable (NOK million)
In % of revenue from contracts with customers
Back to Notes for the Group
JOTUN GROUP
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