15. Accounts Receivable
CHF million |
|
2021 |
|
2020 |
|---|---|---|---|---|
Accounts receivable gross |
|
926.4 |
|
856.7 |
Allowances |
|
– 31.1 |
|
– 31.7 |
Total |
|
895.3 |
|
825.0 |
|
|
|
|
|
Allowance as at January 1 |
|
– 31.7 |
|
– 28.1 |
Addition |
|
– 5.4 |
|
– 10.6 |
Utilization |
|
3.3 |
|
4.3 |
Release |
|
2.6 |
|
2.1 |
Currency translation |
|
0.1 |
|
0.6 |
Allowance as at December 31 |
|
– 31.1 |
|
– 31.7 |
The allowance is calculated as follows:
December 31, 2021 |
|
Key accounts |
|
Distributors |
|
Other customers |
|
2021 |
|---|---|---|---|---|---|---|---|---|
Share in % |
|
60.1% |
|
8.2% |
|
21.0% |
|
|
Rating |
|
B-BB |
|
B x 3 |
|
B-BB |
|
|
Probability of default |
|
0.9% |
|
3.9% |
|
1.3% |
|
|
Forward looking allowance in % |
|
0.5% |
|
0.3% |
|
0.3% |
|
1.1% |
|
|
|
|
|
|
|
|
|
Accounts receivable gross |
|
|
|
|
|
|
|
926.4 |
Forward looking allowance |
|
|
|
|
|
|
|
– 10.6 |
Historical allowance |
|
|
|
|
|
|
|
– 20.5 |
Accounts receivable net |
|
|
|
|
|
|
|
895.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
Key accounts |
|
Distributors |
|
Other customers |
|
2020 |
Share in % |
|
61.0% |
|
9.8% |
|
18.8% |
|
|
Rating |
|
B-BB |
|
B x 3 |
|
B |
|
|
Probability of default |
|
0.9% |
|
4.0% |
|
1.4% |
|
|
Forward looking allowance in % |
|
0.5% |
|
0.4% |
|
0.3% |
|
1.2% |
|
|
|
|
|
|
|
|
|
Accounts receivable gross |
|
|
|
|
|
|
|
856.7 |
Forward looking allowance |
|
|
|
|
|
|
|
– 10.3 |
Historical allowance |
|
|
|
|
|
|
|
– 21.4 |
Accounts receivable net |
|
|
|
|
|
|
|
825.0 |
Since for Global Retail payment usually occurs simultaneously to the sale, there are no material unpaid accounts receivable balances. Therefore, Global Retail customers are not considered in the calculation of the forward looking allowance.
The following table presents the aging of accounts receivable:
CHF million |
|
2021 |
|
2020 |
|---|---|---|---|---|
Not yet past due |
|
794.3 |
|
720.7 |
Past due 1–30 days |
|
89.5 |
|
85.4 |
Past due 31–90 days |
|
30.0 |
|
25.4 |
Past due over 91 days |
|
12.6 |
|
25.2 |
Accounts receivable gross |
|
926.4 |
|
856.7 |
The carrying amounts of accounts receivable are denominated in the following currencies:
CHF million |
|
2021 |
|
2020 |
|---|---|---|---|---|
CHF |
|
48.1 |
|
45.3 |
EUR |
|
291.9 |
|
280.9 |
USD |
|
294.9 |
|
266.6 |
GBP |
|
85.8 |
|
80.9 |
AUD |
|
72.0 |
|
61.2 |
CAD |
|
45.2 |
|
41.0 |
Other currencies |
|
57.4 |
|
49.1 |
Accounts receivable net |
|
895.3 |
|
825.0 |