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14. Trade and other receivables continuedThe maximum exposure to credit risk for trade receivables by type of customer was:2009 2008€ m € mWholesale customers 446 435Retail customers 71 65517 500The Group’s most significant wholesale customer in China accounts for € 10 million of the total trade receivables carrying amount atMarch 2009 (2008: € 8 million for a European wholesaler).Impairment lossesImpairment losses are recognised for all known bad debts and are provided on a specific basis.The movement in the provision for impairment of trade and other receivables was as follows:2009 2008€ m € mBalance at 1 April of prior year (19) (15)Exchange adjustments (1) 1Acquisition through business combinations (1) –Provision charged to income statement (11) (14)Utilisation of provision 3 1Reversal of unutilised provision 3 8Balance at 31 March (26) (19)At 31 March 2009, trade receivables of € 34 million (2008: € 31 million) were impaired.Receivables past due but not impaired:2009 2008€ m € mUp to three months past due 146 116Three to six months past due 35 21Over six months past due 13 10194 147Based on past experience, the Group does not impair receivables that are not past due unless they are known to be bad debts. The Grouphas established credit check procedures that ensure the high creditworthiness of its customers.Due to their short maturity, the fair values of trade and other receivables approximate to their book values.The majority of trade receivables are denominated in the functional currency of the selling entity. Where this is not the case, forward currencycontracts are usually entered into, covering the receivable from inception to maturity.15. Derivative financial instrumentsThe Group uses the following derivative instruments:(a) Currency forwards: representing commitments to purchase or sell foreign and domestic currencies.(b) Foreign currency options: contractual agreements under which the seller (writer) grants the purchaser (holder) the right, but not theobligation, either to buy (a call option) or sell (a put option), at or by a set date or during a set period, a specific amount of a foreigncurrency or financial instrument at a pre-determined price.(c)Accrual style option forwards: forward instruments that incorporate similar option terms as described above and that may give the rightto increase the nominal value.(d) Interest rate swaps: commitments to exchange one set of cash flows for another. Swaps result in an economic exchange of interest rates(for example, fixed for floating). No exchange of principal takes place. The Group’s credit risk represents the potential cost of replacingthe swap contracts if counterparties fail to perform their obligation.Richemont Annual Report and Accounts 2009 81Consolidated financial statements