Note 28 – Accounts receivable and other receivables

Group Parent Company
SEK m 2017 2016 2017 2016
Accounts receivable  798 730  112 103
Receivables from Group companies  –  32 51
Other receivables  84 80  13 21
Short-term financial receivables from Group companies  –  138 121
Total accounts receivable and other receivables  882 810  295 296

 

Regarding credit risks and exposures, see Note 3.1.2.

Other receivables above relate to:

Group Parent Company
SEK m 2017 2016 2017 2016
Receivables from suppliers  10 6  –
VAT receivable  32 32  13 21
Factoring  9 8  –
Other receivables  33 33  0 0
Total other receivables  84 80  13 21

Credit exposure:

Group Parent Company
SEK m 2017 2016 2017 2016
Accounts receivable neither overdue nor impaired  706 673  102 102
Accounts receivable overdue but not impaired  91 58  10 2
Impaired accounts receivable  17 23  2 3
Provision for bad debts  -15 -23  -2 -3
Total accounts receivable  798 730  112 103

The credit risk associated with accounts receivable that are neither overdue nor impaired is not considered to be large. 37% (2016: 40%) of total accounts receivable that are neither overdue nor impaired have a rating of AA or higher. Due to the geographical spread, the history Duni possesses regarding its customers, and the improbability of all customers encountering payment difficulties at the same time, Duni sees no reason for impairment in this category. No individual account receivable exceeds 3.9% (2016: 4.3%) of the total accounts receivable that are neither overdue nor impaired.

Aging of accounts receivable overdue but not impaired:

Group Parent Company
SEK m 2017 2016 2017 2016
Less than 1 month  75 47  10 0
1–3 months  13 11  0 1
3-6 months  3 0  – 0
More than 6 months  1 0  – 0
Total  91 58  10 2

On December 31, 2017, the reserve for bad debts amounted to SEK 15 m (2016: SEK 23 m). The individually assessed receivables which are deemed to be in need of impairment relate primarily to wholesalers who have unexpectedly encountered financial difficulties. It has been assessed that some of the receivables are expected to be recoverable.

Aging of impaired accounts receivable:

  Group Parent Company
SEK m 2017 2016 2017 2016
Less than 3 months  3 4  0 1
3-6 months  4 4  0 1
More than 6 months  10 15  2 1
Total  17 23  2 3

Specification of reserve for bad debts:

Group Parent Company
SEK m 2017 2016 2017 2016
At the beginning of year  23 18  3 1
Provisions for bad debts  2 10  – 2
Receivables written off during the year  -2 -1  – 0
Reversed non-utilized amount  -9 -5  -1 0
Exchange rate differences  0 1  –
At year-end  15 23  2 3

Provisions for the respective reversal of reserves for bad debts are included in the item “Selling expenses” in the income statement.

In other categories within accounts receivable and other receivables, no assets are included for which impairment is needed.

The maximum exposure to credit risks as per the balance sheet date is the fair value for each category of receivables mentioned above. The Group holds no assets pledged as security.

Reported amounts, per currency, for the Group’s accounts receivable:

Group Parent Company
SEK m 2017 2016 2017 2016
SEK  35 28  34 28
EUR  524 492  19 19
GBP  79 71  –
DKK  34 33  34 33
NOK  24 23  24 23
PLN  21 19  – 0
CHF  25 25  –  –
Other currencies*  56 38  – 0
Total  798 730  112 103

*”Other currencies” refers to CZK, NZD, RUB, SGD, THB, USD, etc.