22. Trade and other receivables
(amounts in millions of €, unless otherwise indicated)
| |
|
|
|
| Trade receivables |
2,587.4 |
|
1,419.0 |
| Less: provision for impairment |
83.5 |
|
25.4 |
| Trade receivables, net of provision for impairment |
2,503.9 |
|
1,393.6 |
| Other receivables |
261.1 |
|
144.5 |
| Prepayments |
53.7 |
|
32.0 |
| Held-to-maturity investments |
1.7 |
|
0.3 |
| |
|
|
|
| |
2,820.4 |
|
1,570.4 |
The book value of these receivables equals the fair value.
The Group does not hold any collateral as security.
Movements in the provision for impairment of trade receivables are:
| |
|
|
|
| Value at January 1 |
25.4 |
|
25.3 |
| Acquisition of subsidiaries |
54.3 |
|
0.2 |
| Charged to income statement |
18.3 |
|
6.4 |
| Receivables written off as uncollectible |
-13.7 |
|
-6.1 |
| Translation differences |
-0.8 |
|
-0.4 |
| |
|
|
|
| Value at December 31 |
83.5 |
|
25.4 |
In the provision for impairment of trade receivables an amount of € 49.6 million (2007: € 19.7 million) is included for individually-impaired receivables.
The charge to the income statement has been included in selling expenses.
Amounts charged to the provision for impairment of trade receivables are generally written off when there is no expectation of recovering additional cash.
There is no concentration of credit risk with respect to trade receivables, as the Group has very many customers in a large number of industries and countries.
The aging of trade receivables, based on invoice date, is:
| |
2008 |
 |
2007 |
| |
|
|
|
|
|
|
|
| 0-4 weeks |
1,344.2 |
|
52.0 |
|
898.3 |
|
63.3 |
| 5-16 weeks |
1,082.0 |
|
41.8 |
|
470.1 |
|
33.1 |
| 17-26 weeks |
65.2 |
|
2.5 |
|
21.3 |
|
1.5 |
| |
|
|
|
|
|
|
|
| Not impaired |
2,491.4 |
|
|
|
1,389.7 |
|
|
| Impaired |
96.0 |
|
3.7 |
|
29.3 |
|
2.1 |
| |
|
|
|
|
|
|
|
| |
2,587.4 |
|
100.0 |
|
1,419.0 |
|
100.0 |
The trade receivables that are neither past due nor impaired amount to € 1,830 million (2007: € 1,019 million); an amount of € 661 million (2007: € 371 million) is past due, but not impaired.
The information with regard to aging categories is - in line with internal management reporting and credit control procedures - based upon invoice date, since management considers that the risk of non-payment starts as from this date.
The impaired trade receivables are provided for excluding value-added taxes.