112 / 147
117
As at 31 December 2014, there is no trade receivables that would otherwise be past due or impaired whose terms have been renegotiated (2013: None).
The provision for trade receivables is provided based on estimated irrecoverable amounts from the sales of goods and services provided, determined by reference to past default
experience. As at 31 December 2014, USD 21,276,386 (2013: USD 19,733,036) were impaired and provided for. The aging of these receivables is as follows:
31 December 2014
31 December 2013
Up to 90 days
1,010,254
654,938
90 to 180 days
735,736
557,398
Over 180 days
19,530,396
18,520,700
21,276,386
19,733,036
31 December 2014
31 December 2013
Letter of guarantee
2,837,665
1,394,665
Mortgages
490,995
552,651
Guarantee through direct debiting system
3,504
285,010
Letter of credit related to export receivables
2,271,873
743,448
Insured receivables
522,023
720,893
Other
326,684
1,170,121
6,452,744
4,866,788
7. TRADE RECEIVABLES, net
(continued)
Collaterals held for trade receivables that are past due but not impaired at the balance sheet date are as follows:
Movement of allowance of trade receivables is as follows:
As of 31 December 2014, non-current trade receivables were neither past due nor impaired.
1 January -
1 January -
31 December 2014
31 December 2013
At the beginning of the year
19,733,036
23,755,629
Allowance provided during the year
5,574,142
4,016,482
Amounts written-off as uncollectable
(329,910)
(341,679)
Amounts recovered during the year
(1,947,916)
(4,453,617)
Currency translation reserve
(1,752,966)
(3,243,779)
At the end of the year
21,276,386
19,733,036
31 December 2014
31 December 2013
Non - current trade receivable
Other trade receivables
3,012,604
3,183,336
3,012,604
3,183,336
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)