NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013
(All amounts in US$’000’s unless otherwise stated)
84
FORTUNA SILVER MINES INC. | 2014 ANNUAL REPORT
Deposits on long term assets include non-current accounts receivable and other assets are comprised of the following:
December 31,
December 31,
2014
2013
Long term receivables and borrowing costs
$
542
$
1,322
Less: current portion of long term receivables
(209)
(488)
Less: current portion of long term borrowing costs
(244)
(265)
Non-current portion of long term receivables
28
237
Non-current portion of borrowing costs
61
332
Deposits on equipment
516
700
Deposits paid to contractors
1,358
411
Other
–
202
Deposits on long term assets
$ 1,963
$
1,882
As at December 31, 2014, the Company had $nil trade receivables (2013: $245) which were over 90 days with no
impairment. The Company’s allowance for doubtful accounts is $nil for all reporting periods.
As at December 31, 2014, the Company has capitalized $nil (2013: $796) of borrowing costs comprised of legal fees
and upfront commitment fee in connection with the amended and restated credit agreement with the Bank of Nova
Scotia. The borrowing costs are amortized over a period of 36 months. Refer to Note 16. d).
The aging analysis of these trade receivables from concentrate sales is as follows
December 31,
December 31,
2014
2013
0-30 days
$ 16,157
$
9,552
31-60 days
416
–
over 90 days
–
245
$ 16,573
$
9,797
6. Inventories
December 31,
December 31,
2014
2013
Concentrate stock piles
$
1,575
$
2,475
Ore stock piles
4,992
4,756
Materials and supplies
8,370
8,257
Total inventories
$ 14,937
$ 15,488
For the years ended December 31, 2014, $76,230 (2013: $64,284), respectively, of inventory was expensed in cost of
sales and $121 (2013: $62) of material was written down to its net realizable value and recorded as an impairment of
inventories.
5. Accounts Receivable and Other Assets and Deposits on Long Term Assets (Continued)
