111 / 147
As of 31 December 2014, trade receivables of USD 417,889,345 (2013: USD 302,952,139) were neither past due nor impaired. The average credit period on sales of goods and services
provided is 21 days (2013: 29 days). Interest rates applied for amortized cost computation varies between 9.8% - 17% for TL (2013: 8.3% - 13%), 0.10% - 8% for EUR and 0.20% - 0.30%
for USD (2013: 0.10% - 0.50% for EUR and 0.20% - 0.20% for USD) denominated receivables.
The Group has offset USD 151,169,530 (31 December 2013: USD 228,229,359) from its trade receivables that are collected from factoring companies as a part of irrevocable factoring
agreements as of 31 December 2014.
Collateral received in relation to trade receivables that are neither past due nor impaired is as follows:
As of 31 December 2014, trade receivables of USD 103,687,828 (2013: USD 99,493,767) were past due but not impaired. Trade receivables disclosed below include amounts that are
past due at the end of the reporting period for which the Group has not recognized an allowance for doubtful debts because there has not been a significant change in credit quality and
the amounts are still considered recoverable. The aging analysis of these trade receivables is as follows:
31 December 2014
31 December 2013
Letter of guarantee
62,108,090
73,319,360
Mortgages
2,585,237
516,775
Guarantee through direct debiting system
55,882,892
56,654,913
Letter of credit related to export receivables
10,083,405
2,231,312
Insured receivables
2,074,403
1,278,193
Other
7,779,825
4,201,053
140,513,852
138,201,606
31 December 2014
31 December 2013
Up to 15 days
22,528,429
10,462,416
15 to 30 days
45,836,718
36,139,620
30 to 90 days
21,480,083
32,970,547
90 to 180 days
8,389,602
10,132,668
Over 180 days
5,452,996
9,788,516
103,687,828
99,493,767
7. TRADE RECEIVABLES, net
31 December 2014
31 December 2013
Current trade receivables
Trade receivables
542,502,291
421,800,479
Trade receivables from related parties (Note 34)
351,268
378,463
Less : Allowance for doubtful receivables (-)
(21,276,386)
(19,733,036)
521,577,173
402,445,906
BORUSAN HOLDING A.Ş. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(Currency - US Dollars (“USD”) unless otherwise indicated)