2009 Annual Report - CRH

17. Inventories
2009 2008
€m €m
Raw materials 585 749
Work-in-progress (i) 82 110
Finished goods 1,341 1,614
Total inventories at the lower of cost and net realisable value 2,008 2,473
(i) Work-in-progress includes €nil million (2008: €nil million) in respect of the cumulative costs incurred, net of amounts transferred to cost of sales under percentageof-completion
accounting, for construction contracts in progress at the balance sheet date.
Write-downs of inventories recognised as an expense within cost of sales amounted to €41 million (2008: €17 million).
None of the above carrying amounts has been pledged as security for liabilities entered into by the Group.
18. Trade and Other Receivables
2009 2008
€m €m
All current
Trade receivables 1,608 2,100
Amounts receivable in respect of construction contracts (i) 350 458
Total trade receivables, gross 1,958 2,558
Provision for impairment (158) (161)
Total trade receivables, net 1,800 2,397
Other receivables (ii) 477 486
Amounts receivable from associates 1 -
Prepayments and accrued income 176 213
Total 2,454 3,096
(i) Unbilled revenue at the balance sheet date in respect of construction contracts amounting to €89 million (2008: €119 million).
(ii) Other receivables include retentions held by customers in respect of construction contracts at the balance sheet date amounting to €82 million (2008: €94 million).
Trade receivables and amounts receivable in respect of construction contracts are in general receivable within 90 days of the balance sheet date.
A general discussion of the terms and conditions applicable to related party receivables is provided in note 33 to the financial statements.
The carrying amounts of trade and other receivables approximate their fair value largely due to the short-term maturities of these instruments.
Provision for impairment
The movements in the provision for impairment of receivables during the financial year were as follows:
At 1st January 161 158
Translation adjustment (1) 1
Provided during year 71 63
Written-off during year (68) (51)
Recovered during year (5) (10)
At 31st December 158 161
Information in relation to the Group’s credit risk management is provided in note 21 to the financial statements.
Aged analysis
The aged analysis of gross trade receivables and amounts receivable in respect of construction contracts at the balance sheet date was as follows:
Neither past due nor impaired 1,528 2,148
Past due but not impaired:
- less than 60 days 112 71
- 60 days or greater but less than 120 days 89 65
- 120 days or greater 32 40
Past due and impaired (partial or full provision) 197 234
Total 1,958 2,558
CRH 89