Danone // 2020 Universal Registration Document

4 79 DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 4.1 Consolidated financial statements and notes to the consolidated financial statements Note 6. Information concerning the Group’ s operating activities Sales to the Group’s largest customers and overdue receivables not yet fully impaired Year ended December 31 (in percentage) 2019 2020 Portion of consolidated sales made to the Group’s largest customers Group’s largest customer 5.9% 6.8% Group’s five largest customers 13.0% 14.3% Group’s ten largest customers 19.0% 21.2% Portion of overdue trade receivables not yet fully impaired (a) 6.4% 6.2% (a) More than 30 days overdue. Trade receivables derecognized in connection with the non-recourse factoring programs As of both December 31, 2020 and December 31, 2019, the amounts are not material. Reverse factoring programs The Group uses reverse factoring programs in the normal course of its business. These programs are implemented within a strict framework, notably with respect to: • use and function as a payment tool; • exclusively for approved invoices; • payment by Danone respecting the invoice terms, notably due dates, in accordance with applicable regulations and practices; • at no cost to Danone. The amounts to be paid using these payment tools are not reclas- sified. They remain commitments to suppliers and are carried as operating liabilities under Trade payables until paid by Danone, which has the effect of clearing the commitment. Several of the Group’s subsidiaries in various parts of the world are involved in these programs, none of which is individually material. Fair value of trade receivables and payables As of December 31 (in € millions) 2019 2020 Trade receivables 3,019 2,714 Impairment provisions (114) (106) Fair value of trade receivables 2,906 2,608 Discounts granted to customers (a) (1,230) (1,228) Fair value of trade receivables net of discounts granted 1,676 1,381 (a) Amount recognized as a current liability in the Group’s consolidated balance sheet.