Trade receivables are shown net of impairment losses amounting to EUR 58.0 million (2008: EUR 58.8 million). In 2009, EUR 18.6 million (2008: EUR 23.2 million) of impairment losses and EUR 9.3 million (2008: EUR 3.1 million) of releases of impairment losses were recognised in the income statement. See also notes 7, 9 and 27.

Days sales outstanding (= turnover rate trade debtors) is 48 days (2008: 51 days).

Nutreco’s exposure to credit and currency risks and impairment losses related to trade and other receivables are disclosed in note 27.

Nutreco has credit insurance, in a number of countries, to mitigate the credit risk on customers. In some countries, mainly Spain, part of credit risk on customers is mitigated by non-recourse factoring for an amount of EUR 62.1 million (2008: EUR 53.9 million).

In 2009, trade and other receivables decreased by EUR 115.8 million of which EUR 17.4 million is due to the acquisitions completed in 2009 and EUR 0.7 million relates to the divestment of Integra. This results in a decrease before acquisitions and divestments of EUR 132.5 million.

The fair value commodity derivatives has reduced to EUR 0.1 million (2008: EUR 16.2 million) due to the significant lower usage of commodity derivatives in the segment Compound Feed Europe.

In the amount of receivables an amount of EUR 0.5 million (2008: EUR 10.0 million) will be due after one year.

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