ASSYSTEM_Registration_Document_2017
FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS
TRADE RECEIVABLES
2017
2016
In millions of euros Trade receivables
118.0
250.7
Accrued revenue and work-in-progress
48.9
83.3
Gross value
166.9
334.0 (13.9) 320.1
Impairment
(6.9)
Carrying amount
160.0
In 2017, the Group put in place a factoring contract under which the receivables sales concerned meet the derecognition criteria in IAS 39 – Financial Instruments: Recognition and Measurement. The factored receivables under this contract represented a net amount of €5.2 million at 31 December 2017. ANALYSIS OF CHANGE IN OPERATING WORKING CAPITAL REQUIREMENT
Decrease related to discontinued operations
At beginning of year
Change related to operations
Other 14.2 (0.6) (0.7) 12.9 (7.0) (0.2) (7.1) (4.5) (0.3) 0.1
At year-end
In millions of euros
Trade receivables (1)
320.1
29.2
(203.5)
160.0
Amounts owed to clients (2)
(9.2)
2.5 3.1
1.4
(5.9)
Deferred income (2)
(41.1) 269.8 (66.4)
27.2
(11.5) 142.6 (32.8)
WCR – Trade receivables (1+2)
34.8 (4.3)
(174.9)
Trade payables (3)
44.9 (2.0) (5.0) 37.9 107.5 (22.1) (2.6) 84.4 (52.6) 1.6
Supplier prepayments (4) Prepaid expenses (4)
1.3 6.8
1.5 0.5
0.9 2.1
WCR – Trade payables (3+4) Accrued taxes and payroll costs (5)
(58.3) (186.7)
(2.3) (2.2) (1.2)
(29.8) (85.9)
Other current payables (5)
(0.9) 59.2
(0.8) 39.5
Prepaid and recoverable taxes and payroll costs (6)
1.5 2.6 0.7
0.9 1.2
Other current receivables WCR – Other (5+6)
3.6
4.8
(124.8)
(2.7)
(42.4)
Total
86.7
33.2
3.1
70.4
The amounts in the “Other” column notably include the impact of changes in scope of consolidation and currency effects. Supplier prepayments, prepaid expenses and other current receivables constitute the “Other receivables” line of the statement of financial position. Amounts owed to clients, deferred income and other current payables constitute the “Other current liabilities” line of the statement of financial position. AGED RECEIVABLES Credit risk represents the risk of the Group incurring a financial loss if a client fails to fulfil its contractual obligations. The table below provides a breakdown of late payments for “Trade receivables” as a whole as well as the impairment losses recorded for disputed receivables and client defaults:
6
Gross
Impairment
Gross
Impairment
2017
%
2017
2016
%
2016
In millions of euros
Not past due
138.4
82.9%
- - -
277.8
83.2%
- - - -
Up to 30 days past due
9.8 4.0 4.1
5.9% 2.4% 2.5% 6.3%
25.0
7.5% 2.1% 2.1% 5.1%
Between 31 and 60 days past due Between 61 and 180 days past due
6.9 7.1
0.3 6.6 6.9
More than 181 days past due
10.6
17.2
13.9 13.9
Total
166.9
100.0%
334.0
100.0%
111
ASSYSTEM
REGISTRATION DOCUMENT 2017
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