LensCrafters 2015 Annual Report Download - page 123

Notes to the consolidated financial statement as of December 31, 2015 Page 29 di 68
INFORMATION ON THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
CURRENT ASSETS
6. CASH AND CASH EQUIVALENTS
Cash and cash equivalents are comprised of the following items (amounts in thousands of Euro):
As of December 31
(in thousands of Euro) 2015
2014
Cash at bank 856,611 1,441,145
Checks 5,596 9,611
Cash and cash equivalents on hand 2,645 2,831
Total 864,852
1,453,587
See Note 21 and the consolidated statements of cash flows for further details.
There is no restricted cash.
7. ACCOUNTS RECEIVABLE
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 (amounts in thousands of Euro):
As of December 31
(In thousands of Euro) 2015
2014
Accounts receivable 895,555 793,210
Allowance for doubtful accounts (37,501)
(38,904)
Total accounts receivable 858,053
754,306
The increase in accounts receivable is mainly due to the growth of net sales in 2015 as compared to 2014.
The following table shows the allowance for doubtful accounts roll-forward (amounts in thousands of Euro):
As of December 31
(In thousands of Euro) 2015
2014
Balance as of January 1 38,904 35,231
Increases 6,555 3,891
Decreases (6,872) (5,313)
Translation difference and other (1,086)
5,095
Balance as of December 31 37,501
38,904
The book value of the accounts receivable approximates their fair value.
As of December 31, 2015, the gross amount of accounts receivable was equal to Euro 895.6 million (Euro 793.2 million as of
December 31, 2014), including an amount of Euro 36.0 million covered by insurance and other guarantees (4% of gross
receivables). The bad debt fund as of December 31, 2015 amounted to Euro 37.5 million (Euro 38.9 million as of
December 31, 2014).