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Financial information<br />
Notes to the consolidated financial statements continued<br />
for the year ended 31 December <strong>2011</strong><br />
(all amounts are presented in thousands of Russian Roubles, unless otherwise stated)<br />
12 Trade receivables, prepayments, other receivables and other current assets continued<br />
As of 31 December <strong>2011</strong>, accounts receivable, prepayments and other current assets of RR 407,939 thousand (31 December 2010: RR 317,246 thousand) were<br />
individually impaired and an impairment provision was recognised. The individually impaired receivables mainly relate to counterparties which are facing significant<br />
financial difficulties. The ageing of these receivables is as follows:<br />
<strong>2011</strong> 2010<br />
Less than 3 months 6,064 –<br />
From 3 to 12 months 20,837 12,689<br />
Over 12 months 381,038 304,557<br />
Total gross amount of impaired trade receivables, prepayments, other receivables and other current assets 407,939 317,246<br />
As of 31 December <strong>2011</strong>, trade receivables of RR 298,277 thousand (31 December 2010: RR 289,456 thousand) were past due but not impaired. The ageing<br />
analysis of these trade receivables from past due date is:<br />
<strong>2011</strong> 2010<br />
Less than 3 months 252,291 175,959<br />
From 3 to 12 months 23,189 97,316<br />
Over 12 months 22,797 16,181<br />
Trade accounts receivable past due not impaired 298,277 289,456<br />
The movements in the provision for impairment of accounts receivable are:<br />
96 EuroChem Annual Report and Accounts <strong>2011</strong><br />
Note<br />
Trade<br />
receivables<br />
<strong>2011</strong> 2010<br />
Other<br />
receivables<br />
Trade<br />
receivables<br />
Other<br />
receivables<br />
As of 1 January 165,639 151,607 224,784 124,615<br />
Provision charged 22, 23 107,798 24,252 39,026 61,318<br />
Provision used (21,573) (6,386) (36,390) (13,550)<br />
Provision reversed 22, 23 (7,662) (12,829) (58,464) (21,400)<br />
Foreign exchange difference 2,426 4,667 (3,317) 624<br />
Total provision for impairment of accounts receivable 246,628 161,311 165,639 151,607<br />
13 Cash and cash equivalents and fixed-term deposits<br />
<strong>2011</strong> 2010<br />
Cash on hand and bank balances denominated in RR 1,491,231 868,314<br />
Bank balances denominated in US$ 1,849,003 1,378,554<br />
Bank balances denominated in Euro 1,278,936 489,559<br />
Balances denominated in other currencies 250,026 88,065<br />
Term deposits denominated in RR 1,633,327 2,437,055<br />
Term deposits denominated in US$ 1,320,939 3,255,216<br />
Term deposits denominated in Euro 445,277 82,760<br />
Term deposits denominated in other currencies 238,210 297,100<br />
Total cash and cash equivalents 8,506,949 8,896,623<br />
Fixed-term deposits in RR 13,550,300 –<br />
Fixed-term deposits in US$ 7,283,471 –<br />
Fixed-term deposits in Euro 32,139 –<br />
Total fixed-term deposits 20,865,910 –<br />
Current restricted cash 77,238 37,461<br />
Non-current restricted cash 7,980 143,898<br />
Total restricted cash 85,218 181,359<br />
Term deposits at 31 December <strong>2011</strong> and 31 December 2010 are held to meet short term cash needs and have various original maturities but can be withdrawn<br />
on request without any restrictions.<br />
Fixed-term deposits have various original maturities and can be withdrawn with early notification and/or with penalty accrued or interest income forfeited.
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