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RADIO TELEFÍS ÉIREANN
Notes (continued)
forming part of the Group financial statements
22 Financial Instruments (continued)
(b) Credit risk
(i)
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
Carrying amount
Note 2008 2007
€’000 €’000
Trade receivables 12 52,803 61,294
Cash and cash equivalents 13 68,267 16,730
Liquid investments 14 - 73,405
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2008 2007
€’000 €’000
Ireland 49,403 57,573
United Kingdom 3,316 3,660
Other Regions 84 61
All other financial assets are held with counterparties in Ireland.
The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was:
Carrying amount
2008 2007
€’000 €’000
Non-agency debtors 11,335 12,396
Other debtors - agency 41,468 48,898
Trade Receivables 12 52,803 61,294
An agency debtor represents an advertising agent or agency, being a person, firm or company which selects or books advertising space
on behalf of the advertiser.
The Group’s most significant debtor, an Irish company, accounts for €6.2 million (11%) of the trade receivables carrying amount at
31 December 2008 (2007: €6.6 million).
(ii) Impairment losses
The aging of trade receivables at the reporting date was:
Gross Impairment Gross Impairment
2008 2008 2007 2007
€’000 €’000 €’000 €’000
Not past due 26,675 - 29,774 -
Past due 0-30 days 26,059 1,325 29,605 -
Past due 31-120 days 1,761 775 1,847 -
Greater than 120 days 666 258 4,239 4,171
55,161 2,358 65,465 4,171
The movement in the allowance for impairment in respect of Trade Receivables during the year was:
2008 2007
€’000 €’000
Balance at 1 January 4,171 4,361
Impairment loss recognised (14) (81)
Bad debts written off in the year (1,799) (109)
Balance at 31 December 2,358 4,171
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