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INTEGRATED REPORT 2016

Trade and other receivables

  31 December 2016 31 December 2015
Financial receivables    
Trade receivables 209,630 347,362
Other accounts receivable 17,315 12,067
Less: provision for doubtful debt (13,313) (13,191)
Total financial receivables 213,632 346,238
Non-financial receivables    
VAT recoverable 47,286 51,265
Other taxes recoverable 636 2,327
Total non-financial receivables 47,922 53,592
Total trade and other receivables 261,554 399,830

As at 31 December 2016 trade receivables of US$ 189,513 (31 December 2015: US$ 334,724), net of provision for impairment, were denominated in foreign currencies; 88% of this balance was denominated in US$ (31 December 2015: 85%) and 12% was denominated in Euro (31 December 2015: 15%). Management believes that the fair value of accounts receivable does not differ significantly from their carrying amount.

Movements of the provision for doubtful debt were as follows:

  2016 2016
  Trade receivables Other receivables Trade receivables Other receivables
As at 1 January (8,503) (4,755) (4,693) (3,359)
Provision accrued (7,585) (2,858) (6,808) (2,838)
Provision reversed 10,618 892 837 472
Provision utilised 90 40 - -
Foreign exchange differences 83 1,087 - -
Effect of translation to presentation currency (1,377) (1,045) 2,032 1,166
As at 31 December (6,674) (6,639) (8,632) (4,559)

The accrual and reversal of the provision for doubtful debt have been included in other operating expenses in the consolidated statement of profit or loss (Note 25). Amounts charged to the provision account are written off when there is no expectation of recovering additional cash.

Analysis by credit quality of trade and other receivables is as follows:

  31 December 2016 31 December 2015
  Trade receivables Other receivables Trade receivables Other receivables
Current and not impaired        
Insured 85,068 158 64,649 -
Not insured or factored 97,787 9,978 241,158 4,399
Total current and not impaired 182,855 10,136 305,807 4,399
Past due but not impaired        
less than 45 days overdue 12,319 404 15,510 1,408
45 to 90 days overdue 902 52 2,102 31
over 90 days overdue 6,880 84 15,311 1,670
Total past due but not impaired 20,101 540 32,923 3,109
Impaired        
 45 to 90 days overdue 9 50 336 46
over 90 days overdue 6,665 6,589 8,296 4,513
Total amount of impaired accounts receivable 6,674 6,639 8,632 4,559
Total financial receivables (gross) 209,630 17,315 347,362 12,067
Provision for doubtful debt (6,674) (6,639) (8,632) (4,559)
Total financial receivables 202,956 10,676 338,730 7,508

As at 31 December 2016 and 2015 no trade and other receivables were pledged as collateral.

Management carried out the assessment of past due but not impaired trade and other receivables, as a result of which concluded that no impairment is needed due to stable financial position and solvency of counterparties.

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