15. TRADE RECEIVABLES
Trade receivables may be broken down as follows:
(in thousands of euro) |
||||||
12/31/2011 | 12/31/2010 | |||||
---|---|---|---|---|---|---|
Total | NON-CURRENT | CURRENT | Total | NON-CURRENT | CURRENT | |
Customers | 813,173 | - | 813,173 | 739,855 | - | 739,855 |
Receivable for contract work |
207 | - | 207 | 207 | - | 207 |
|
813,380 | - | 813,380 | 740,062 | - | 740,062 |
Provision for bad debts |
(68,142) | - | (68,142) | (63,381) | (63,381) | |
|
745,238 | - | 745,238 | 676,681 | - | 676,681 |
Gross trade receivables totalled euro 813,380 thousand (euro 740,062 thousand at December 31, 2010), and of these euro 119,089 thousand were past due (euro 102,075 thousand at December 31, 2010).
Receivables past due and not yet due were impaired in accordance with the Group accounting policies described in the section on adopted accounting standards.
Impaired receivables include both significant single positions subject to individual impairment and positions sharing similar credit risk characteristics that have been grouped together and impaired on a collective basis.
The change in the provision for bad debts is shown below:
(in thousands of euro) | ||
|
12/31/2011 | 12/31/2010 |
---|---|---|
Opening balance | 63,381 | 77,874 |
Discontinued operations | (18,361) | |
Translation differences | (1,403) | 2,101 |
Accruals | 20,667 | 12,995 |
Utilisation / releases | (14,581) | (11,322) |
Other | 78 | 94 |
Closing balance | 68,142 | 63,381 |
Accruals to the provision for bad debts are recognised in the income statement at the item “Other costs” (note 34).
For trade receivables, the carrying amount is considered approximate to the fair value.
- General Information
- Directors' Report
- Consolidated Financial Statements