PERNOD-RICARD - URD 2021-22 EN

6. Annual consolidated financial statements Notes to the consolidated financial statements

Trade receivables and other operating receivables Note 4.5

Trade receivables and other current receivables are recognised initially at their fair value, which usually corresponds to their nominal value. Provisions for impairment are recognised in line with the losses expected over the life of the receivable.

The following tables break down trade receivables and other operating receivables as of 30 June 2021 and 30 June 2022 by due date:

Due in accordance with the following terms

Net carrying amount Not due

31 to 90 days

91 to 180 days

181 to 360 days > 360 days

< 30 days

€ million

Net carrying amounts

Trade receivables and other operating receivables as of 30.06.2021

1,126 (104)

958 (16)

109

31

10

4

14

O/w impairment

(1)

(2)

(3)

(7)

(74)

Trade receivables and other operating receivables as of 30.06.2022

1,388

1,181

118

38

31

5

16

O/w impairment

( 127)

( 25)

( 3)

( 19)

( 9)

( 8)

(63)

Changes in the impairment of trade receivables and other operating receivables were as follows:

FY22

FY21

€ million

At 1 July

91 26 (5) (7)

104

Allowances during the year Reversals during the year

28 (9) (7)

Used during the year

Foreign currency gains and losses

(1)

11

At 30 June

104

127

At 30 June 2022, there was no reason to question the creditworthiness of non-impaired past due receivables. More specifically, non-impaired receivables with due dates of over 12 months showed no additional credit-related risk. There is no significant concentration of risks.

Over the last two financial years, the Group continued to implement its programmes to sell the receivables of several affiliates. Receivables sold under these programmes totalled €592 million at 30 June 2021 and €602 million at 30 June 2022. As substantially all risks and rewards associated with the receivables were transferred, they were derecognised.

Derecognised assets where there is continuing involvement

Carrying amount of continuing involvement

Financial liabilities

Fair value of continuing involvement

Amortised costs

Held to maturity

Available for sale

at fair values

Maximum exposure

€ million Continuing involvement

Guarantee deposit – factoring and securitisation

8

-

8

-

8

8

222

Pernod Ricard Universal Registration Document 2021-2022