Notes to the consolidated financial statements NOTE 16 - Receivables (continued) Impairment losses on trade receivables Impairment losses at January 1 Exchange adjustments Reversed impairment losses Impairment losses for the year Realised loss Impairment losses at December 31
2011
2010
(223.6) (3.5) 11.3 (19.7) 16.5 (219.0)
(188.5) (4.2) 6.8 (45.4) 7.7 (223.6)
Trade receivables Due between
2011 Trade receivables not considered to be impaired Trade receivables individually assessed to be impaired Trade receivables in total Impairment losses on trade receivables Trade receivables net Proportion of the total receivables which is expected to be settled Impairment percentage
Not due
1-30 days
1,850.1 23.1 1,873.2 (14.5) 1,858.7
209.0 33.3 242.3 (4.7) 237.6
0.8%
1.9%
Not due
1-30 days
31-90 days
70.2 10.1 80.3 (5.0) 75.3
6.2%
>91 days
Total
33.4 221.3 254.7 (194.8) 59.9
2,162.7 287.8 2,450.5 (219.0) 2,231.5
76.5%
91.1% 8.9%
Due between
2010 Trade receivables not considered to be impaired Trade receivables individually assessed to be impaired Trade receivables in total Impairment losses on trade receivables Trade receivables net Proportion of the total receivables which is expected to be settled Impairment percentage
1,331.5 45.9 1,377.4 (12.6) 1,364.8
155.1 13.9 169.0 (4.0) 165.0
0.9%
2.4%
31-90 days
53.3 10.0 63.3 (5.1) 58.2
8.1%
>91 days
55.3 224.6 279.9 (201.9) 78.0
72.1%
Total
1,595.2 294.4 1,889.6 (223.6) 1,666.0 88.2% 11.8%
In total, 11.7% (2010: 15.6%) of the receivables are impaired to some extent at the balance sheet date. There is a constant focus on follow-up on overdue debtors. In respect of trade receivables, customers have provided collateral in the amount of DKK 99.0 million (2010: DKK 91.5 million). Most of the DKK 99.0 million collateral provided relates to BioMar. The collateral provided consists mainly of assets such as fish stocks and fish farming equipment.
2011
2010
77.6 13.2 8.2
66.8 17.0 7.7
Sales value of construction contracts Invoiced on account Construction contracts in total
57.4 (63.7) (6.3)
67.3 (59.6) 7.7
Construction contracts (assets) Construction contracts (liabilities) Construction contracts in total
4.1 (10.4) (6.3)
8.3 (0.6) 7.7
Collateral breaks down as shown below: Collateral on receivables not due for payment. Collateral on receivables due for payment which have not been individually impaired. Collateral on receivables due for payment which have been individually impaired.
NOTE 17 - Construction contracts
48
All amounts in millions of Danish kroner.