ETX-10829_Etex-AR2017_WEB_2018_DEF2 (2)

6.1
Financial report
Consolidated financial statements
Etex Annual Report 2017
Financial report
Consolidated financial statements
Note 13 – Other non-current assets
Exposure to credit risk – impairment losses
In thousands of EUR 2016 2017
Trade and other receivables 18,553 10,069
Impairment on trade and other receivables -5,216 -2,863
Net trade and other receivables 13,337 7,206
Available-for-sale investments 902 949
Impairment on available-for-sale investments -129 -127
Net available-for-sale investments 773 822
Deposits - 5
Total 14,110 8,033
The non-current available-for-sale investments include unquoted equity instruments that are measured at cost for €822 thousand as their
fair value cannot be measured reliably (€773 thousand in 2016).
The ageing of trade and other receivables at reporting date was as follows:
In thousands of EUR 2016 2017
Neither impaired nor past due at reporting date 413,750 433,727
Not impaired at reporting date and past due 58,275 52,873
Up to 30 days 32,032 34,229
Between 31 and 60 days 12,930 8,062
Between 61 and 90 days 3,297 2,418
Between 91 and 120 days 2,791 1,824
Between 121 and 150 days 1,707 781
More than 150 days 5,518 5,559
Non-recourse factoring -154,360 -166,948
Net carrying amount at the end of the year 317,665 319,652
The movement in the allowance for impairment of current trade and other receivables was as follows:
Note 14 – Trade and other receivables
Current trade and other receivables
In thousands of EUR 2016 2017
Trade receivables 237,210 249,592
Impairment on trade receivables -21,473 -27,258
Trade receivables 215,737 222,334
Other receivables 101,928 97,318
Total 317,665 319,652
At 31 December 2017, an amount of €167 million (2016 €154 million) has been received in cash under various non-recourse factoring and
credit insurance programs, whereby trade receivables are sold at their nominal value minus a discount in exchange for cash. Continuing
involvement for late payment risk is not significant. The net amount of sold trade receivables is derecognized from the balance sheet.
Other receivables are mainly composed of:
In thousands of EUR 2016 2017
Income taxes recoverable 39,565 33,382
Other taxes recoverable 41,583 40,167
Derivative financial instruments with positive fair values 4,514 1,494
Prepaid charges and accrued income 6,343 6,342
Advances due from customers for contracts in progress 2,076 4,669
Advances to personnel 2,359 1,635
Others 5,488 9,629
Total 101,928 97,318
In thousands of EUR 2016 2017
Allowances at the beginning of the year -23,994 -21,473
Additions -3,645 -3,420
Use 3,120 3,710
Reversal 1,799 3,558
Change in the scope of consolidation 1,247 -9,633
Allowances at the end of the year -21,473 -27,258
Other current assets
In thousands of EUR 2016 2017
Available-for-sale investments - 112
Deposits 8,731 3,025
Total 8,731 3,137
Note 15 – Inventories
The different types of inventories are detailed below:
In thousands of EUR 2016 2017
Raw materials 120,269 127,835
Work in progress 31,537 35,062
Finished goods 214,600 231,604
Spare parts and consumables 79,599 84,211
Goods purchased for resale 33,448 36,942
Write-downs to net realisable value -47,577 -47,375
Total 431,876 468,279
In 2017, the Group recognised inventory write-downs to net realisable value of €1 thousand (€9,118 thousand in 2016) as an expense,
including reversal of prior year write-downs amounting to €7,257 thousand (€5,614 thousand in 2016). Reversals of write-downs without
impact on the income statement amount to €1,308 thousand (€4,688 thousand in 2016).
Etex Annual Report 2017 p. 35
Etex Annual Report 2017 p. 36
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