Change
Tools:
Print this page Compare to last year's report Select and compare key figures of AkzoNobel Recommend this page

Note 14 Trade and other receivables


In € millions

 

 

 

2008

2009

 

 

 

Trade receivables

2,097

1,890

Prepaid expenses

133

130

Tax receivables other than income tax

107

116

Receivables from associates and joint ventures

38

36

Forward exchange and commodity contracts

29

28

Other receivables

548

382

 

2,952

2,582

 

 

 

Discounted portion

(28)

(18)

 

 

 

Total

2,924

2,564

Trade receivables are presented net of an allowance for impairment of €133 million (2008: €137 million). In 2009, €46 million of impairment losses were recognized in the statement of income (2008: €40 million).

Ageing of trade receivables

 

 

 

In € millions

 

 

 

2008

2009

 

 

 

Performing accounts receivable

1,555

1,592

 

 

 

Past due accounts receivables and not impaired:

 

 

< 3 months

442

262

3 – 6 months

24

19

6 – 9 months

7

6

9 – 12 months

3

2

> 12 months

6

6

Impaired accounts receivables

197

136

Allowance for impairment

(137)

(133)

 

 

 

Total trade receivables

2,097

1,890

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

 

 

 

2008

2009

 

 

 

Opening balance

99

137

Additions charged to income

40

46

Release of unused amounts

(9)

(17)

Utilization

(18)

(39)

Acquisitions/divestments

33

1

Currency exchange differences

(8)

5

 

 

 

Closing balance

137

133

The additions 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 impaired trade receivables. We do not have a significant customer concentration.

Keyword Search
Copyright © 2010 Akzo Nobel N.V.