LensCrafters 2010 Annual Report Download - page 148
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ANNUAL REPORT 2010> 146 |
INFORMATION ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CURRENT ASSETS
5. CASH AND CASH EQUIVALENTS
Cash and cash equivalents are comprised of the following items:
(thousands of Euro)
As of December 31,
2010 2009
Cash at bank and post office 667,790 371,572
Checks 6,916 5,689
Cash and cash equivalents on hand 5,146 2.820
Total 679.852 380.081
6. ACCOUNTS RECEIVABLE – NET
Accounts receivable consist exclusively of trade receivables and are recognized net of allowances to adjust their carrying
amount to the estimated realizable value. Accounts receivable are due within 12 months:
(thousands of Euro)
As of December 31,
2010 2009
Accounts receivable 689,260 649,821
Allowance for doubtful accounts (33,368) (30,937)
Total accounts receivable – net 655.892 618.884
The following table shows the allowance for doubtful accounts roll–forward:
(thousands of Euro) 2010 2009
Balance as of January 1 30,937 29,069
Increases 3,701 1,417
Decreases (3,730) (1,314)
Translation difference and other 2,460 1,765
Balance as of December 31 33,368 30,937
The book value of the accounts receivable approximates their fair value.
As of December 31, 2010, the gross amount of accounts receivable was equal to Euro 689,260 thousand (Euro 649,821
thousand as of December 31, 2009), including an amount of Euro 18,922 thousand covered by insurance and other
guarantees (2,7 percent of gross receivables). The bad debt fund as of December 31, 2010 amounted to Euro 33,368
thousand (Euro 30,937 thousand as of December 31, 2009).
Write–downs of accounts receivable are determined in accordance with the Group credit policy described in note 3 –
Financial Risks.