| PLN ‘000 | Dec 31 2008 | Dec 31 2007 |
|---|---|---|
| (audited) | (audited) | |
| Trade receivables, including: | 1,216,014 | 1,404,493 |
| - from related undertakings | 183 | 121 |
| Receivables from the state budget, including: | 313,344 | 94,053 |
| - income tax receivable | 199,971 | 1,867 |
| Other receivables, including: | 31,413 | 43,919 |
| - from related undertakings | 1,638 | - |
| - investment receivables | 4,081 | 43,919 |
| Net receivables | 1,564,852 | 1,542,465 |
| Impairment losses on receivables | 155,611 | 123,692 |
| Gross receivables | 1,720,463 | 1,666,157 |
The payment period for trade receivables in the normal course of trade is 7–60 days. The concentration of risk related to sales is limited due to the large number of the Group’s business partners.
As at December 31st 2008, the Group’s receivables were assigned by way of security for the loan discussed in Note 30. As at December 31st 2007, none of the Group’s receivables were assigned by way of security.
| PLN ‘000 | Year ended Dec 31 2008 |
Year ended Dec 31 2007 |
|---|---|---|
| (audited) | (audited) | |
| Beginning of period | 123,692 | 136,289 |
| Increase, including: | 58,211 | 14,144 |
| - change in the Group’s composition | - | 2,695 |
| Decrease | (26,292) | (26,741) |
| End of period | 155,611 | 123,692 |
The table below presents the aged analysis of past due receivables not covered by impairment charges, as at December 31st 2008 and December 31st 2007:
| PLN ‘000 | Year ended Dec 31 2008 |
Year ended Dec 31 2007 |
|---|---|---|
| (audited) | (audited) | |
| Up to one month | 79,932 | 68,442 |
| From one to three months | 13,549 | 6,800 |
| From three to six months | 5,021 | 1,288 |
| From six months to one year | 1,263 | 1,005 |
| More than one year | 155 | 6,392 |
| Total | 99,920 | 83,927 |
There is no significant concentration of credit risk regarding the Group’s trade receivables. As at the balance-sheet date, the Group’s maximum exposure to credit risk is best represented by the carrying amounts of these instruments.
The Group manages credit risk related to the payment terms under commercial contracts using such tools as deposit mortgage on real estate (hipoteka kaucyjna), bank and insurance guarantees, agreements on assignment of receivables or term deposits, registered pledges, promissory notes and sureties.