Page 30 - Kitron Annual Report 2011

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Notes to the consolidated financial statements
30
Kitron annual report 2011
As of 31 December 2011 trade receivables of NOK 8.6 million were impaired and provided for (2010:
NOK 6.6). The amount of the provision was NOK 7.7 million as of 31 December 2011 (2010: NOK 5.7 million)
The ageing analysis of these trade receivables is as follows:
(Amounts in NOK 1000)
2011
2010
Up to 3 months
454
271
3 to 6 months
541
5 426
Over 6 months
7 624
886
Total
8 619
6 583
The carrying amount of the groups,s trade and other receivables are
denominated in the following currencies:
(Amounts in NOK 1000)
2011
2010
EUR
62 360
68 938
USD
15 508
24 127
LTL
8 309
5 438
CNY
3 221
430
SEK
100 139
105 969
NOK
171 293
151 002
Total
360 829
355 904
Movements on the group provision for impairment
of trade receivables are as follows:
(Amounts in NOK 1000)
2011
2010
Provision at 1 January
(5 673)
(1 482)
Provision for receivables impairment
(2 024)
(4 192)
Provision at 31 December
(7 698)
(5 673)
Provision for impairment of trade receivables as of 31 December is without discontinued operations. The
creation and release of provision for impaired receivables have been included in other operating expenses
in the profit and loss statement. Amounts charged to the allowance account are generally written off when
there is no expectation of recovering additional cash.
The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned
above. The group does not hold any collateral as security. However, the company has credit insurance that
reduces the credit risk on account receivables.
The total impairment charge recognised in the profit and loss account for the year is NOK 2.0 million
(2010: NOK 4.2 million).
No special concentration of accounts receivable exists which poses an abnormal credit risk. Accounts
receivable and other receivables at 31 Desember 2011 provided security for NOK 228.8 million
(2010: 265.4 million), see note 21.