LensCrafters 2012 Annual Report Download - page 221

| 135 >CONSOLIDATED FINANCIAL STATEMENTS - NOTES
Cash and cash equivalents are comprised of the following items:
 As of December 31
(thousands of Euro) 2012 2011
Cash at bank and post office 779,683 891,406
Checks 7,506 9,401
Cash and cash equivalents on hand 2,904 4,293
Total 790,093 905,100
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 As of January 1,
2011(thousands of Euro) 2012 2011
Accounts receivable 733,854 704,198 663,040
Allowance for doubtful accounts (35,098) (35,959) (33,368)
Total accounts receivable 698,755 668,239 629,672
The balance of accounts receivable as of December 31, 2011 and January 1 2011, before
the offsetting of certain liabilities for premium and discount to customers and accounts
receivables, discussed in note “Basis for preparation” of these footnotes to the consolidated
financial statements, was Euro714.0 million and Euro655.9 million, respectively.
The following table shows the allowance for doubtful accounts roll-forward:
(thousands of Euro) 2012 2011
Balance as of January 1 35,959 33,368
Increases 3,941 5,612
Decreases (4,212) (2,625)
Translation difference and other (590) (396)
Balance as of December 31 35,098 35,959
The book value of the accounts receivable approximates their fair value.
As of December 31, 2012, the gross amount of accounts receivable was equal to
Euro733,854 thousand (Euro 704,198 thousand as of December 31, 2011), including an
amount of Euro26,267 thousand covered by insurance and other guarantees (3.6 percent
of gross receivables). The bad debt fund as of December 31, 2012 amounted to Euro35,098
thousand (Euro35,959 thousand as of December 31, 2011).
INFORMATION ON
THE CONSOLIDATED
STATEMENT
OF FINANCIAL
POSITION
CURRENT ASSETS
6. CASH AND CASH
EQUIVALENTS
7. ACCOUNTS
RECEIVABLE