Full Annual Report - Inchcape

Section
Three
Financial
statements
15 Trade and other receivables
2009
£m
Current
2008
£m
2009
£m
Non-current
Trade receivables 156.5 162.2 1.3 –
Less: provision for impairment of trade receivables (8.0) (7.1) – –
Net trade receivables 148.5 155.1 1.3 –
Amounts receivable from related parties 1.2 3.4 – 2.6
Prepayments and accrued income 71.8 77.0 7.0 7.4
Other receivables 31.4 36.3 17.1 16.5
Movements in the provision for impairment of receivables were as follows:
2008
£m
252.9 271.8 25.4 26.5
At 1 January (7.1) (5.2)
Businesses sold – 0.6
Charge for the year (3.8) (2.3)
Amounts written off 0.5 0.3
Unused amounts reversed 1.9 0.8
Effect of foreign exchange rate changes 0.5 (1.3)
At 31 December (8.0) (7.1)
At 31 December, the analysis of trade receivables is as follows:
Total
2009
£m
2008
£m
Neither past
Past due but not impaired
due nor
impaired 0 < 30 days 30 – 90 days > 90 days Impaired
£m £m £m £m £m £m
2009 157.8 117.4 16.8 7.0 8.6 8.0
2008 162.2 117.0 18.2 8.2 11.7 7.1
Trade receivables are non-interest bearing and are generally on credit terms of 30 to 60 days.
Management considers the carrying amount of trade and other receivables to approximate to their fair value. Long-term receivables
have been discounted where the time value of money is considered to be material.
Concentration of credit risk with respect to trade receivables is very limited due to the Group’s broad customer base across a number of
geographic regions.
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