Notes to the Consolidated Financial Statements
1. Basic information and principles of the report
2. Changes in Group structure
3. Summary of significant accounting policies
4. Risk assessment and management
5. Management of capital
6. Trade accounts receivable
According to IFRS 9, it is no longer necessary for a loss event to occur before an impairment loss is recognised. Impairment is determined based on expected credit losses, which is the present value of the cash shortfalls over the expected life of the financial assets. Geberit incorporates forward-looking information into its historical customer default rates, grouping receivables by customer sector, rating and geography taking into account the existence of collateral, if any. In the prior year, the allowance for trade accounts receivable was determined based on the incurred credit loss model required by IAS 39.
| 2017 | 2016 | |
|---|---|---|
| MCHF | MCHF | |
| Trade accounts receivable | 212.6 | 187.1 |
| Allowances | -10.9 | -12.7 |
| Total trade accounts receivable | 201.7 | 174.4 |
Of the total trade accounts receivable, MCHF 7.9 were denominated in CHF, MCHF 71.6 in EUR, MCHF 22.2 in USD, MCHF 24.1 in GBP, MCHF 16.8 in SEK, MCHF 11.0 in DKK, MCHF 13.1 in NOK and MCHF 7.4 in PLN.
The following table shows the movements of allowances for trade accounts receivable:
| 2017 | 2016 | |
|---|---|---|
| MCHF | MCHF | |
| Allowances for trade accounts receivable | ||
| 1 January | 12.7 | 14.8 |
| Changes in scope of consolidation | -0.6 | -0.2 |
| Additions | 1.0 | 4.5 |
| Used | -0.4 | -5.4 |
| Reversed | -2.4 | -0.8 |
| Translation differences | 0.6 | -0.2 |
| 31 December | 10.9 | 12.7 |
| 2017 | 2016 | |
|---|---|---|
| MCHF | MCHF | |
| Maturity analysis of trade accounts receivable | ||
| Not due | 144.4 | 120.0 |
| Past due < 30 days | 36.1 | 43.0 |
| Past due < 60 days | 20.8 | 5.2 |
| Past due < 90 days | 1.4 | 4.0 |
| Past due < 120 days | 1.3 | 3.8 |
| Past due > 120 days | 8.6 | 11.1 |
| Allowances | -10.9 | -12.7 |
| Total trade accounts receivable | 201.7 | 174.4 |