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Selected Notes to Consolidated Financial Statements
For the years ended December 31, 2012 and 2011
NOTE 5 - TRADE AND OTHER RECEIVABLES
(Stated in thousands)December 31, 2012 2011----------------------------------------------------------------------------Trade receivables $434,568 $599,669Allowance for doubtful accounts (4,085) (4,528)Loans and other receivables 17,222 18,078----------------------------------------------------------------------------Total $447,705 $613,219----------------------------------------------------------------------------Non-current (Note 9) $10,667 $5,547Current $437,038 $607,672----------------------------------------------------------------------------
The company's exposure to credit risk related to trade and other receivables is disclosed in Note 16.
NOTE 6 - INVENTORY
(Stated in thousands)December 31, 2012 2011----------------------------------------------------------------------------Product inventory Chemicals and consumables $93,502 $73,376 Coiled tubing 19,669 21,310Parts 98,623 78,829---------------------------------------------------------------------------- $211,794 $173,515--------------------------------------------------------------------------------------------------------------------------------------------------------
The total amount of inventory recognized as cost of sales during the year was $818 million (2011 - $676.5 million). There were no significant write-downs of inventory during the year-ended December 31, 2012 (2011 - nil).
NOTE 7 - PROPERTY AND EQUIPMENT
(stated in thousands) Land and Fixtures and buildings Equipment fittings Total----------------------------------------------------------------------------CostBalance at January 1, 2011 $82,000 $965,657 $32,025 $1,079,682Additions 17,026 573,857 6,009 596,892Acquisitions through business combinations - 5,495 - 5,495Disposals - (28,711) - (28,711)Effect of movements in exchange rates 74 2,498 (11) 2,561----------------------------------------------------------------------------Balance at December 31, 2011 $99,100 $1,518,796 $38,023 $1,655,919Additions 14,781 424,127 3,535 442,443Disposals (27) (18,529) (92) (18,648)Effect of movements in exchange rates (457) (7,710) (167) (8,334)----------------------------------------------------------------------------Balance at December 31, 2012 $113,397 $1,916,684 $41,299 $2,071,380----------------------------------------------------------------------------Accumulated DepreciationBalance at January 1, 2011 $15,620 $343,211 $20,096 $378,927Depreciation 3,355 112,850 5,386 121,591Disposals - (20,848) - (20,848)Effect of movements in exchange rates (48) (2,094) (19) (2,161)----------------------------------------------------------------------------Balance at December 31, 2011 $18,927 $433,119 $25,463 $477,509Depreciation 4,011 141,031 3,398 148,440Disposals - (12,587) - (12,587)Effect of movements in exchange rates (20) (498) (26) (544)----------------------------------------------------------------------------Balance at December 31, 2012 $22,918 $561,065 $28,835 $612,818----------------------------------------------------------------------------Carrying amountsAt December 31, 2011 $80,173 $1,085,677 $12,560 $1,178,410At December 31, 2012 $90,479 $1,355,619 $12,464 $1,458,562----------------------------------------------------------------------------
