Committed to growth

As at 31 December 2015, trade receivables, prepayments, other receivables and other current assets of US$ 15,942 thousand
(31 December 2014: US$ 9,994 thousand) were individually impaired and an impairment provision was recognized. The individually impaired
receivables mainly relate to counterparties which are facing significant financial difficulties. The ageing of these receivables is as follows:
31 December
2015
31 December
2014
Less than 3 months 162 23
From 3 to 12 months 3,482 2,960
Over 12 months 12,298 7,011
Total gross amount of impaired trade receivables, prepayments and other receivables 15,942 9,994
As at 31 December 2015, trade receivables of US$ 40,125 thousand (31 December 2014: US$ 32,644 thousand) were past due but not
impaired. Of this amount US$ 32,415 thousand (31 December 2014: US$ 27,802 thousand) were covered either by credit insurance, bank
guarantees or backed by solid ratings from independent rating agencies. The ageing analysis of these trade receivables from past due date is:
31 December
2015
31 December
2014
Less than 3 months 36,290 29,770
From 3 to 12 months 3,421 2,874
Over 12 months 414 –
Trade accounts receivable past due not impaired 40,125 32,644
Analysis of credit quality of trade receivables is presented in Note 36.
The movements in the provision for impairment of accounts receivable are:
Trade
receivables
2015 2014
Other
receivables
Trade
receivables
Other
receivables
As at 1 January 4,142 5,852 7,695 6,588
Provision charged 10,147 1,727 10,762 5,068
Provision used (469) (1,561) (3,122) (1,032)
Provision reversed (1,483) (314) (8,777) (467)
Foreign exchange (gain)/loss, net – – 647 246
Currency translation difference (828) (1,271) (3,063) (4,551)
Total provision for impairment of accounts receivable as at 31 December 11,509 4,433 4,142 5,852
Strategic Report Corporate Governance Financial Statements
15 Originated loans
Note
31 December
2015
31 December
2014
Non-current originated loans
Unsecured US$-denominated loan to related party which is an entity under common
control with the Group, interest rates ranging from 1.54% to 4.8% p.a. 33 53,178 13,170
Secured US$-denominated loans to related parties which are entities under common
control with the Group, interest rates ranging from 6.7% to 8.8% p.a.* 33 27,000 27,000
Total non-current originated loans 80,178 40,170
Current originated loans
Unsecured US$-denominated loan to the partner of the Hong Kong joint venture,
fixed interest rate 6.5% p.a. – 3,000
Unsecured US$-denominated loan to parent company, interest rates ranging from
6.28% p.a. to 6.72% p.a. 33 44,000 21,800
Unsecured US$-denominated loan to other related party, fixed interest rate 7% p.a. 33 8,640 –
Unsecured RUB-denominated loans to associate, interest rate ranging from 8.0% to 19.2% p.a. 33 – 4,602
Total current originated loans 52,640 29,402
Total originated loans 132,818 69,572
* The loans are secured with two vessels owned by the related parties.
EuroChem Annual Report and Accounts 2015 93