Danone // 2020 Universal Registration Document

DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 78 4.1 Consolidated financial statements and notes to the consolidated financial statements Note 6. Information concerning the Group’ s operating activities Carrying amount As of December 31 (in € millions, except percentage) 2019 2020 Goods purchased for resale 122 105 Raw materials and supplies 874 773 Semi-finished goods and work-in-progress 184 218 Finished goods 902 830 Non-refundable containers 17 90 Impairment provisions (167) (175) Inventories, net 1,933 1,840 Trade and other receivables from operations 3,019 2,714 Impairment provisions (114) (106) Trade receivables, net 2,906 2,608 State and local authorities 812 714 Derivatives – assets (a) 23 61 Other 105 225 Total other current assets 940 1,000 Total current assets 5,778 5,448 Trade payables (3,959) (3,467) Year-end rebates payable to customers (1,230) (1,228) State and local authorities (342) (254) Personnel costs, including social security charges (917) (835) Derivatives – liabilities (a) (80) (67) Other (251) (331) Total other current liabilities (2,819) (2,714) Total current liabilities (6,779) (6,181) Working capital (1,000) (733) As a percentage of consolidated sales 4.0% 3.1% (a) Fair value of derivatives used to hedge operational currency and raw materials risks, most of which are implemented over a horizon of less than one year. Credit risk on trade receivables Credit risk exposure Credit risk represents the risk of financial loss for the Group if a customer or counterparty should fail to meet its contractual pay- ment obligations. The customer payment term is generally 30 days and the Group’s main customers are essentially in the mass retail sector where credit risk is considered low. Due to the large number of customers located in diverse geogra- phical areas and the fact that its main customers are in the mass retail sector, and despite the current economic situation, the Group believes that it is neither exposed to significant credit risk, nor dependent to a material extent on any single customer.