Vetoquinol Universal Registration Document 2019

88   Vetoquinol  Universal Registration Document 2019  Financial report 6 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 6.5.26 Trade and other receivables €000 Dec 31, 2019 Dec 31, 2018 Trade receivables 78,796 63,597 Impairment of trade receivables (2,691) (2,868) Net trade receivables 76,104 60,729 Prepayments 1,540 1,363 Receivables from government agencies 10,250 10,105 Other operating receivables 941 1,321 Miscellaneous receivables 1,217 328 Provisions - - Other receivables 13,948 13,118 Total trade and other receivables 90,052 73,847 Prepaid expenses 2,565 2,798 Loans and guarantees 327 288 Other - - Total other current assets 2,892 3,086 All net trade receivables were due in less than one year. Receivables are subject to impairment depending on the risk of bad debts. The Group applies the following impairment method: receivables aged over 180 days and less than 360 days are 50% covered by provisions; over 360 days they are 100% covered. The only impact of the application of IFRS 9 “Financial instruments” from January 1, 2018 was the recognition of an additional provision of €0.6 million in 2018 relating to expected losses on the Group’s trade receivables. As of December 31, 2019, this provision stood at €0.3 million. Trade receivables are recognized at the fair value of the cash to be received. Given the Group’s business prac- tices, fair value is usually equal to the nominal value of the receivables. Trade receivables are subsequently stated less impairment recorded after an itemized analy- sis of the risk of bad debts. 6.5.27 Cash and cash equivalents Cash includes bank accounts, investments and cash equivalents, and is measured at fair value. These investments are short-term investments and/or liquid investments readily convertible to known amounts of cash and not subject to risks of changes in value (gua- ranteed capital). €000 Dec 31, 2019 Dec 31, 2018 Marketable securities 18,509 59,172 Cash 66,002 58,458 Cash and cash equivalents in the balance sheet (assets) 84,511 117,630 Total cash and cash equivalents in the cash flow statement include: €000 Dec 31, 2019 Dec 31, 2018 Total cash and cash equivalents in the balance sheet 84,511 117,630 Bank overdrafts (Note 6.5.29) (930) (54) Cash and cash equivalents in the CFS 83,581 117,576