LensCrafters 2011 Annual Report Download - page 214

ANNUAL REPORT 2011> 138 |
Cash and cash equivalents are comprised of the following items:
 As of December 31
(thousands of Euro) 2011 2010
Cash at bank and post office 891,406 667,790
Checks 9,401 6,916
Cash and cash equivalents on hand 4,293 5,146
Total 905,100 679,852
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:
As of December 31
(thousands of Euro) 2011 2010
Accounts receivable 749,992 689,260
Allowance for doubtful accounts (35,959) (33,368)
Total accounts receivable - net 714,033 655,892
The following table shows the allowance for doubtful accounts roll-forward:
(thousands of Euro) 2011 2010
Balance as of January 1 33,368 30,937
Increases 5,612 3,701
Decreases (2,625) (3,730)
Translation difference and other (396) 2,460
Balance as of December 31 35,959 33,368
The book value of the accounts receivable approximates their fair value.
As of December 31, 2011, the gross amount of accounts receivable was equal to Euro
749,992 thousand (Euro 689,260 thousand as of December 31, 2010), including an amount
of Euro 23,028 thousand covered by insurance and other guarantees (3.1 percent of
gross receivables). The bad debt fund as of December 31, 2011 amounted to Euro 35,959
thousand (Euro 33,368 thousand as of December 31, 2010).
Write-downs of accounts receivable are determined in accordance with the Group credit
policy described in note 3 – Financial Risks.
Accruals and reversals of the allowance for doubtful accounts are recorded within selling
expenses in the consolidated statement of income.
INFORMATION ON
THE CONSOLIDATED
STATEMENT
OF FINANCIAL
POSITION
CURRENT ASSETS
6. CASH AND CASH
EQUIVALENTS
7. ACCOUNTS
RECEIVABLE - NET