23. Trade and Other Receivables

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.

Impairment Charges for Receivables

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.