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PLN ‘000 | Dec 31 2009 | Dec 31 2008 |
---|---|---|
Trade receivables, including: | 1,460,751 | 1,216,014 |
- from related undertakings | - | 183 |
Receivables from the state budget other than corporate income tax | 43,103 | 113,373 |
Other receivables, including: | 31,833 | 31,496 |
- from related undertakings | - | 1,638 |
Investment receivables | 1,167 | 3,998 |
Net receivables | 1,536,854 | 1,364,881 |
Impairment losses on receivables | 180,497 | 155,611 |
Gross receivables | 1,717,351 | 1,520,492 |
The payment period for trade receivables in the regular course of business is 7 - 60 days. The concentration of risk related to sales is limited due to the large number of business partners.
As at December 31st 2009, the Group’s receivables in the amount of PLN 1,497 thousand were subject to assignment by way of security for liabilities under loans and credit facilities (the Group’s receivables were not subject to assignment as at December 31st 2008).
PLN ‘000 | Year ended Dec 31 2009 | Year ended Dec 31 2008 |
---|---|---|
Balance at beginning of period | 155,611 | 123,692 |
Increase, including: | 44,791 | 35,933 |
- changes in Group structure | 21,243 | - |
Reversal | (12,980) | (3,668) |
Use, including: | (6,925) | (346) |
changes in Group structure | (3,596) | - |
Balance at end of period | 180,497 | 155,611 |
The table below presents the aged analysis of past due receivables not covered by recognised impairment losses, as at December 31st 2009 and December 31st 2008:
PLN ‘000 | Dec 31 2009 | Dec 31 2008 |
---|---|---|
Up to 1 month | 52,186 | 79,932 |
From 1 to 3 months | 5,688 | 13,549 |
From 3 to 6 months | 175 | 5,021 |
From 6 months to 1 year | 2,850 | 1,263 |
More than 1 year | 538 | 155 |
Total | 61,437 | 99,920 |
There is no significant concentration of credit risk regarding trade receivables of the Group. As at the balance-sheet date, the Group’s maximum exposure to credit risk is best represented by the carrying amounts of these instruments.
The Group manages credit risk related to the payment terms under commercial contracts using such tools as deposit mortgage on real estate (hipoteka kaucyjna), bank and insurance guarantees, agreements on assignment of receivables or term deposits, registered pledges, promissory notes and sureties.
This is a translation of a document originally issued in Polish
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