Change
Select Note

Note 11: Trade and other receivables


In € millions

 

2011

 

2012

Trade receivables

 

2,370

 

2,174

Prepaid expenses

 

123

 

72

Tax receivables other than income tax

 

154

 

172

Receivables from associates and joint ventures

 

39

 

31

FX and commodity contracts

 

28

 

16

Other receivables

 

223

 

233

Total

 

2,937

 

2,698

Trade receivables are presented net of an allowance for impairment of €100 million (2011: €108 million). In 2012, €46 million of impairment losses were recognized in the statement of income (2011: €36 million).

Ageing of trade receivables

 

 

 

 

 

In € millions

 

2011

 

2012

Performing accounts receivable

 

2,092

 

1,903

Past due accounts receivables and not impaired

 

 

 

 

< 3 months

 

227

 

226

3 – 6 months

 

10

 

11

6 – 9 months

 

4

 

9 – 12 months

 

 

> 12 months

 

2

 

3

Impaired accounts receivables

 

143

 

131

Allowance for impairment

 

(108)

 

(100)

Total trade receivables

 

2,370

 

2,174

With respect to the trade and other receivables that are neither impaired nor past due, there are no indications as of reporting date that the debtors will not meet their payment obligations.

Allowance for impairment of trade receivables

 

 

 

 

 

In € millions

 

2011

 

2012

Opening balance

 

114

 

108

Additions charged to income

 

36

 

46

Release of unused amounts

 

(14)

 

(18)

Acquisition/divestment

 

6

 

(3)

Utilization

 

(32)

 

(25)

Transfer to assets held for sale

 

 

(6)

Currency exchange differences

 

(2)

 

(2)

Closing balance

 

108

 

100

The addition to and release of the allowance for impairment have been included in the statement of income under selling expenses.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. We do not hold any collateral for trade receivables. We do not have a significant customer concentration.

Keyword Search
Copyright © 2013 Akzo Nobel N.V.