Note 17: Trade and other receivables

Trade and other receivables

In € millions, at December 31

2020

2021

Trade receivables

1,751

1,973

Prepaid expenses

30

37

Tax receivables other than income tax

91

145

FX contracts

10

15

Receivables from associates

9

Other receivables

112

160

Total

1,994

2,339

Trade and other receivables can be broken down as per the previous table.

Ageing of trade receivables

In € millions, at December 31

2020

2021

Performing trade receivables

1,644

1,849

 

 

 

Past due trade receivables

 

 

< 3 months

99

102

> 3 months

66

64

Allowance for impairment

(58)

(42)

Total trade receivables

1,751

1,973

Trade receivables are presented net of an allowance for impairment of €42 million (2020: €58 million). In 2021, €11 million of impairment losses were recognized in the statement of income (2020: €22 million) and €11 million was reversed (2020: €3 million).

Since the total amount of impairment losses under IFRS 9 is not significant, no separate disclosure was made in the statement of income.

Allowance for impairment of trade receivables

In € millions

2020

2021

Balance at January 1

58

58

Additions charged to income

22

11

Release of unused amounts

(3)

(11)

Utilization

(14)

(17)

Acquisitions

1

Currency exchange differences

(6)

1

Balance at December 31

58

42

Other receivables include the current portion of €53 million44 million) of the escrow account for the Akzo Nobel (CPS) Pension Scheme in the UK; refer to Note 15.