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Financial statements

16. Receivables

 

As at 31-12-2019

As at 31-12-2018

Trade receivables

125.5

121.1

Impairment provision

-1.3

-1.5

Total trade receivables

124.2

119.6

Other receivables

28.7

15.5

Derivatives

1.5

 

Prepayments and accrued income

7.1

5.4

Total other receivables

37.3

20.9

Total receivables

161.5

140.5

The credit risk associated with trade receivables is managed by local finance managers. Periodically, each entity reports the expired credit terms and movements in the provisions for trade receivables to the Board of Management. The maximum credit risk in respect of trade receivables is € 125.5 million (2018: € 121.1 million).

Trade receivables are not interest-bearing and generally have an average term of credit of 30-90 days. The group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.

Breakdown of expired credit terms (net off impairment provision)

 

Total

< 30 days

30-60 days

60-90 days

> 90 days

Food

13.1

10.5

1.5

0.5

0.6

Biochemicals

4.3

3.4

0.5

0.2

0.2

Innovation Platforms

1.2

1.0

0.1

 

0.1

Total

18.6

14.9

2.1

0.7

0.9

Movements in trade receivables impairment provision

 

2019

2018

As at 1 January

-1.5

-1.7

Additions/releases

0.2

-0.1

Use

 

0.3

As at 31 December

-1.3

-1.5

The additions to/releases from the trade receivables impairment provision are recognized as selling expenses.