Annual Report 2017

20. Trade and Other Receivables

in thousands of EUR

Notes

31 December 2017

31 December 2016

Trade receivables

178,493

161,532

Less: provision for impairment of trade receivable

- 11,502

-10,075

Trade receivables – net

166,991

151,457

Receivables from related parties

37.1

5,356

8,937

Taxes and social security

34,133

25,380

Other receivables

78,300

69,092

Prepayments

43,480

36,628

328,260

291,494

The Group’s historical experience in collection of accounts receivable is considered in the recorded allowances. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Group’s trade receivables. The Group has recognized a provision of €11,502 (2016: €10,075) for the impairment of its trade receivables. The addition to and release of the provision for impaired receivables have been included in the selling and marketing costs in the Income Statement.

Movements on the provision for the impairment of trade receivables are as follows:

in thousands of EUR

2017

2016

At 1 January

10,075

7,677

Additions to provision for bad and doubtful debts

7,764

4,485

Receivables written off during the year as uncollectible

- 3,837

- 1,227

Unused amounts reversed

- 1,730

- 860

Exchange differences

- 770

-

At 31 December

11,502

10,075

As of 31 December 2017 €52,313 of the net trade receivables were past due but not impaired (2016: €47,181). The past due date of these receivables with no recent history of default, varies from 1 month to more than 9 months.

The ageing analysis for the trade receivables is as follows:

in thousands of EUR

31 December 2017

31 December 2016

Up to 3 months

161,834

132,940

Between 3 and 6 months

4,111

13,764

Between 6 and 9 months

3,782

5,186

Over 9 months

8,766

9,642

178,493

161,532

The carrying value less provision for the impairment of trade receivables is equal to the fair value.

The carrying amounts of the Group’s trade receivables, including provision, are denominated in various currencies which at year-end rate have the following values in €:

in thousands of EUR

31 December 2017

31 December 2016

Euro (EUR)

84,220

72,663

Brazilian Real (BRL)

14,614

16,529

British Pound Sterling (GBP)

13,700

11,532

Chilean Peso (CLP)

11,691

9,156

Danish Krone (DKK)

7,933

8,615

Turkish Lira (TRY)

7,666

7,413

Norwegian Krone (NOK)

6,702

6,818

Swedish Krona (SEK)

5,423

4,849

Other

15,042

13,882

Total

166,991

151,457