Note 17: Trade and other receivables
In € millions |
2019 |
2020 |
|---|---|---|
Trade receivables |
1,812 |
1,751 |
Prepaid expenses |
33 |
30 |
Tax receivables other than income tax |
116 |
91 |
FX contracts |
9 |
10 |
Receivables from associates |
8 |
— |
Other receivables |
155 |
112 |
Total |
2,133 |
1,994 |
In € millions |
2019 |
2020 |
|---|---|---|
Performing trade receivables |
1,625 |
1,644 |
|
|
|
Past due trade receivables |
|
|
< 3 months |
162 |
99 |
> 3 months |
83 |
66 |
Allowance for impairment |
(58) |
(58) |
Total trade receivables |
1,812 |
1,751 |
Trade receivables are presented net of an allowance for impairment of €58 million (2019: €58 million). The impact from the COVID-19 pandemic on the valuation of trade receivables has been evaluated as part of the regular process on determination of the allowance for impairment. Whilst the allowance for impairment of trade receivables initially increased as a direct result of the additional risk associated with COVID-19, impairment of trade receivables returned to normal levels at year-end.
In € millions |
2019 |
2020 |
|---|---|---|
Balance at January 1 |
69 |
58 |
Additions charged to income |
29 |
22 |
Release of unused amounts |
(24) |
(3) |
Utilization |
(16) |
(14) |
Acquisitions |
— |
1 |
Currency exchange differences |
— |
(6) |
Balance at December 31 |
58 |
58 |
In 2020, €22 million of impairment losses were recognized in the statement of income (2019: €29 million). An amount of €3 million was reversed (2019: €24 million).
Since the total amount of impairment losses under IFRS 9 is not significant, no separate disclosure was made in the statement of income.
Other receivables include the current portion of €29 million (£26 million) of the escrow account for the Akzo Nobel (CPS) Pension Scheme in the UK.