UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 163
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021 (continued)
19 Financial Risk Management and Financial Instruments (continued)
The following table provides the information about the exposure to credit risk and ECL’s for trade receivables as at 31 December 2021.
Current (not past due)
1-30 days past due
31-60 days past due
61-90 days past due
More than 90 days past due
Weighted
average loss
rate
%
Gross
carrying
amount
€m
Loss
allowance
2%
2%
11%
23%
93%
783.0
190.8
55.0
17.4
64.1
1,110.3
12.8
4.7
5.9
4.1
59.9
87.4
€m
The following table provides the information about the exposure to credit risk and ECL’s for trade receivables as at 31 December 2020.
Current (not past due)
1-30 days past due
31-60 days past due
61-90 days past due
More than 90 days past due
Weighted
average loss
rate
%
Gross
carrying
amount
€m
Loss
allowance
1%
4%
9%
26%
84%
549.2
123.2
30.0
8.9
56.0
767.3
8.2
4.5
2.8
2.3
47.3
65.1
€m
Loss rates are based in actual credit loss experience over an appropriate diverse sample of trading periods. Trade receivables are written
off when there is no reasonable expectation of recovery.
Movements in the allowance for impairment in respect of trade receivables
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
Balance at 1 January
Arising on acquisition
Written off during the year
Net remeasurement of loss allowance
Effect of movement in exchange rates
At 31 December
2021
€m
2020
€m
65.1
10.3
(6.0)
15.3
2.7
87.4
54.0
7.0
(3.7)
10.6
(2.8)
65.1
There are no material trade receivables written off during 2021 (2020: €nil) which are still subject to enforcement activity.
The increase in the expected credit loss allowance during 2021 reflects the increased sales volumes and price growth during the year.
Cash & cash equivalents
On the Group’s cash and cash equivalents and derivatives, counterparty risk is managed by dealing with banks that have a minimum
credit rating and by spreading business across a portfolio of 10 relationship banks (2020: 9).
Kingspan Group plc Annual Report & Financial Statements 2021
Financial Statements
