Annual Report 2013 | Suomeksi |

24 Trade and other receivables

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Accounting policies + -
Trade receivables are recorded at their fair value. A provision for impairment of trade receivables is established when there is evidence that the Group will not be able to collect all amounts due according to the original terms of the receivable. Significant financial difficulties of the debtor, probability that the debtor will enter into bankruptcy or financial reorganisation, and default or delinquency in payments are considered as indicators that the receivable is impaired. The amount of the impairment charge is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows.
Trade receivables include revenue based on an estimate of electricity, heat, cooling and distribution of electricity already delivered but not yet measured and not yet invoiced.
EUR million 2013 2012
Trade receivables 771 914
Income tax receivables 98 110
Accrued interest income 14 1
Accrued income and prepaid expenses 40 44
Other receivables 161 192
Short-term finance lease receivables 0 0
Other short-term interest-bearing receivables 6 9
Moved to assets held for sale -42 -
Total 1,048 1,270
The management considers that the carrying amount of trade and other receivables approximates their fair value.
24.1 Trade receivables
Ageing analysis of trade receivables
2013 2012
EUR million Gross Impaired Gross Impaired
Not past due 725 2 865 2
Past due 1-90 days 39 2 45 6
Past due 91-180 days 10 2 9 1
Past due more than 181 days 83 80 68 64
Total 857 86 987 73
Impairment losses recognised in the income statement were EUR 24 million (2012: 14), of which EUR 18 million (2012: 8) are impairment losses recognised in the OAO Fortum Group. On 31 December 2013, trade receivables of EUR 86 million (2012: 73) are impaired and provided for, of which EUR 73 million (2012: 63) refers to the OAO Fortum Group.
For information regarding impairment losses by segment, see Note 5 Segment reporting.
Trade receivables by currency
EUR million 2013 2012
EUR 219 242
SEK 381 463
RUB 173 180
NOK 30 37
PLN 31 36
Other 23 29
Total 857 987
Trade receivables are arising from a large number of customers mainly in EUR, SEK and RUB mitigating the concentration of risk. On 31 December 2013 bank guarantees held as collaterals for trade receivables amounted to EUR 0.3 million (2012: 0.1).
For further information regarding credit risk management and credit risks, see
Counterparty risks in the Operating and financial review
and Note 3.8 Credit risk.
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