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- 26. Trade and other receivables
- LOTOS Annual Report 2011 /
- Home /
- Financial data /
- Consolidated financial statements 2011 /
- Notes to the financial statements /
- 26. Trade and other receivables
26. Trade and other receivables
PLN '000 | Dec 31 2011 | Dec 31 2010 |
---|---|---|
Trade receivables, including: | 2,075,562 | 1,740,890 |
- from related entities | 90 | - |
Receivables from the state budget other than corporate income tax | 52,858 | 39,914 |
Receivables under franchise agreements, including: | 1,947 | 1,919 |
- receivables under start-up packages | 1,947 | 1,919 |
Security deposits receivable | 7,998 | 4,896 |
Investment receivables | 1,299 | 2,298 |
Other receivables (1) | 50,365 | 32,022 |
Net receivables | 2,190,029 | 1,821,939 |
Impairment losses on receivables | 178,410 | 182,213 |
Gross receivables | 2,368,439 | 2,004,152 |
(1) Including excise duty of PLN 33,620 thousand due to inter-warehouse transfers (December 31st 2010: PLN 20,911 thousand).
The payment term for trade receivables in the regular course of business is 7 - 60 days. The concentration of risk related to sales is limited due to a large number of business partners.
As at December 31st 2011, the Group’s receivables were not subject to any assignment by way of security for liabilities under credit facilities (December 31st 2010: PLN 2,143 thousand).
Impairment losses on receivables
PLN '000 |
Year ended Dec 31 2011 |
Year ended Dec 31 2010 |
---|---|---|
At beginning of the period | 182,213 | 180,497 |
Increase (1), including: | 15,104 | 13,340 |
- acquisition of control over the AB LOTOS Geonafta Group | 624 | - |
- exchange differences on translation of foreign operations | 42 | - |
Release (2) | (6,263) | (5,008) |
Use | (12,063) | (6,616) |
Reclassification into non-current assets held for sale | (581) | - |
At end of the period | 178,410 | 182,213 |
(1) Including PLN 11,053 thousand charged to other operating expenses (2010: PLN 12,556 thousand) and PLN 412 thousand (2010: PLN 784 thousand) reducing finance income under interest.
(2) Including PLN 4,151 thousand charged to other operating expenses (2010: PLN 4,827 thousand).
For sensitivity analysis of trade and other receivables with respect to market risk related to fluctuations in exchange rates as at December 31st 2011 and December 31st 2010, see Note 42.3.1.
The table below presents the age analysis of past due receivables not covered by recognised impairment losses, as at December 31st 2011 and December 31st 2010.
PLN '000 | Dec 31 2011 | Dec 31 2010 |
---|---|---|
Up to 1 month | 104,255 | 53,961 |
From 1 to 3 months | 10,051 | 8,862 |
From 3 to 6 months | 1,057 | 2,765 |
From 6 months to 1 year | 4,106 | 261 |
Over 1 year | 4,888 | 5,754 |
Total | 124,357 | 71,603 |
In 2011, the LOTOS Group had one customer whose share in the Group’s total revenue exceeded 10%, namely Shell POLSKA Sp. z o.o. of Warsaw (the company's share in the Group's total revenue was 10.25%). In 2010, there were no customers whose share in the LOTOS Group’s total revenue would exceed 10%. The share of receivables from Shell POLSKA Sp. z o.o., or any other customer, in the LOTOS Group's total assets did not exceed 10%.
In the Company's opinion, with the exception of receivables from Shell POLSKA Sp. z o.o, there is no significant concentration of credit risk related to trade receivables. As at the balance-sheet date, the Company’s maximum exposure to credit risk is best represented by the carrying amounts of these instruments.
This is a translation of a document originally issued in Polish.