Note 17 • Trade and other receivables
|
€’000 |
2010 |
2009 |
|
Trade receivables |
52,246 |
44,484 |
|
Other receivables |
29,735 |
20,824 |
|
Trade and other receivables |
81,981 |
65,308 |
Exposure to credit risk
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
|
€’000 |
2010 |
2009 |
|
CIS & Baltics |
16,205 |
9,109 |
|
EMEA |
27,722 |
27,297 |
|
Latin America |
6,561 |
6,251 |
|
Asia |
1,758 |
1,827 |
|
52,246 |
44,484 |
Impairment losses
The aging of trade receivables at the reporting date was:
|
Gross |
Impairment |
Gross |
Impairment |
|
|
€’000 |
2010 |
2010 |
2009 |
2009 |
|
Not past due |
43,815 |
471 |
37,691 |
683 |
|
Past due 21 – 180 days |
10,730 |
3,123 |
9,066 |
2,791 |
|
Past due 181 – 360 days |
4,108 |
3,263 |
3,256 |
2,767 |
|
Past due 12 – 18 months |
3,291 |
3,195 |
3,104 |
2,644 |
|
Past due > 18 months |
14,255 |
13,901 |
14,987 |
14,735 |
|
76,199 |
23,953 |
68,104 |
23,620 |
Based on experience the Group records an impairment allowance on trade receivables not past due, which usually is around 1 percent. This allowance varies from market to market depending on the latest trends in collectability of the trade receivables.
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
|
€’000 |
2010 |
2009 |
|
Balance at 1st of January |
23,620 |
21,305 |
|
Impairment loss recognised |
5,504 |
4,659 |
|
Specific debt write offs against provision |
(5,171) |
(2,344) |
|
Balance at 31 December |
23,953 |
23,620 |
The allowance accounts in respect of trade receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point the amount considered irrecoverable is written off against the financial asset directly.
The impairment loss on trade receivables recognised in the consolidated income statements is included in Selling and marketing expenses.
The impact of the Impairment Iran on the respective consolidated financial statements position is disclosed in note 29.