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## Notes to the consolidated financial statements 

For the year ended 31 December 2012 

7. Trade accounts receivable and other receivable 

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Trade receivables are non-interest bearing and are generally on 30-60-day terms. 

As described in note 25, in 2007 the Group entered into a selective factoring agreement. The amount shown as receivables from the factoring agreement represents a 15% retainer kept by the factoring bank against sold receivables. The retainer is released only once the receivable is fully paid by the customer, at the latest, 120 days after the receivable becomes due or if the insurance event occurs. The amounts are non-interest bearing and are generally on 30-60-day terms. 

The recorded trade accounts receivable for which an impairment has been recognised, was US$1,130,000 and US$1,180,000 at 31 December 2012 and 2011, respectively. The related allowance for doubtful accounts was US$1,130,000 and US$1,180,000 at 31 December 2012 and 2011, respectively. 

The allowance for doubtful accounts developed as follows: 

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As at 31 December 2012 and 2011, the aging analysis of trade account receivable is as follows: 

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