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24 Trade receivables

 
 31-Dec-201031-Dec-2009Change
Trade receivables611,348516,41094,938
Trade receivables for invoices to be issued504,365607,869-103,504
Receivables from associated companies18,78312,7975,986
Total1,134,4961,137,076-2,580

Trade receivables as at 31 December 2010 amounted to Euro 1,134,496 thousand (Euro 1,137,076 thousand as at 31 December 2009) and comprise estimated consumption, for the portion pertaining to the period, relating to bills and invoices which will be issued after 31 December 2010. The balances are stated net of the provisions for doubtful receivables amounting to Euro 77,294 thousand (Euro 66,624 thousand as at 31 December 2009) which is considered to be fair and prudent in relation to the estimated realizable value of said receivables.

The changes occurring in the provision during the year are provided below:

 31-Dec-2009Change in the scope of consolidationProvisionsDrawdowns and other movements31-Dec-2010
 Provisions for doubtful receivables         66,624                                        10737,083-26,520        77,294

The recording of the provision is made on the basis of analytical valuations in relation to specific receivables, supplemented by measurements made based on historic analyses of the receivables regarding the general body of the customers (in relation to the aging of the receivables, the type of recovery action undertaken and the status of the debtor), as described in the following paragraph “credit risk”.

The change in the scope of consolidation is the result of the contribution of the ”Discarica C Guglielmo” (C Guglielmo landfill) company unit of Natura Srl to Naturambiente Srl, as illustrated in the notes to the section “Changes in the scope of consolidation”.

Credit risk

The book value of the trade receivables shown in the financial statements is the maximum theoretical exposure to credit risk for the Group as at 31 December 2010. Even if not standardised, there is a procedure for providing credit to customers that provides for individual evaluations to be made. These operations make it possible to reduce the concentration and exposure to credit risk posed by both business and private customers. Analyses are periodically made of the credit standings still open so as to single out any critical issues. Should individual positions turn out to be entirely or partially uncollectible, an adequate writedown is provided. With regard to the receivables that do not undergo individual writedowns, allocations are made to the provision for doubtful receivables, on the basis of historic analysis (in relation to the aging of the receivables, the type of recovery action undertaken and the status of the creditor).

With regard to customers as at 31 December 2010, trade receivables can be broken down into the following classes:

 InstitutionsBusinessMass MarketTotal
Amount 87,087 290,587 233,674 611,348
Incidence 14% 48% 38% 100%

With regard to customers as at 31 December 2009, trade receivables can be broken down into the following classes:

 InstitutionsBusinessMass MarketTotal
Amount 83,245 197,268 235,897 516,410
Incidence 16% 38% 46% 100%
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