96 / 364
4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 5. Information concerning the Group's operating activities
DANONE
REGISTRATION DOCUMENT 2015
96
Carrying amount
As of December 31
(in € millions except percentage)
2014
2015
Goods purchased for resale
77
93
Raw materials and supplies
562
601
Semi-finished goods and work-in-progress
95
98
Finished goods
655
645
Non-refundable containers
50
44
Impairment provisions
(99)
(108)
Inventories, net
1,340
1,374
Trade receivables
1,930
2,266
Notes receivable
38
40
Impairment provisions
(68)
(76)
Trade receivables, net
1,900
2,230
State and local authorities
486
564
Social security bodies and non-operating receivables
206
219
Prepaid expenses
109
89
Derivatives – assets
(a)
86
70
Other
87
75
Total other current assets
974
1,029
Total current assets
4,214
4,632
Trade payables
(3,334)
(3,334)
Year-end rebates payable to customers
(926)
(1,049)
Personnel costs, including social security charges
(584)
(659)
Taxes payable
(303)
(249)
State and local authorities
(199)
(192)
Refundable containers
(94)
(107)
Customer deposits
(68)
(56)
Derivatives – liabilities
(a)
(169)
(33)
Prepayments from customers
(3)
(5)
Other
(395)
(510)
Total other current liabilities
(2,741)
(2,859)
Total current liabilities
(6,075)
(6,193)
Working capital
(1,861)
(1,561)
As a percentage of consolidated sales
8.8%
7.0%
(a) Fair value of derivatives other than derivative instruments used to manage net debt, in particular, instruments to hedge operational currency risk, 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 number of customers located in diverse geographical
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
on any single customer.