Changes in loans and receivables at amortised cost and their breakdown by maturity are as follows:
| (in € millions) | 2021 | 2020 |
|---|---|---|
| Beginning of period | Beginning of period20211,034 |
Beginning of period 2020 1,160 |
| Acquisitions during period |
Acquisitions during period 2021142 |
Acquisitions during period 2020 111 |
| Acquisitions as part of business combinations |
Acquisitions as part of business combinations 202156 |
Acquisitions as part of business combinations 2020 1 |
| Impairment losses |
Impairment losses 2021(6) |
Impairment losses 2020 (103) |
| Disposals during period |
Disposals during period 2021(71) |
Disposals during period 2020 (45) |
| Other movements and currency translation differences |
Other movements and currency translation differences 20216 |
Other movements and currency translation differences 2020 (90) |
| End of period | End of period20211,161 |
End of period 2020 1,034 |
| of which: |
of which:2021
|
of which: 2020
|
| between 1 and 5 years | between 1 and 5 years2021307 |
between 1 and 5 years 2020 233 |
| over 5 years | over 5 years2021855 |
over 5 years 2020 801 |
Trade receivables are current financial assets and are initially measured at their fair value, which is generally their nominal value, barring any discounting effect. The Group uses the simplified approach as defined in IFRS 9, and therefore records impairment on its trade receivables to correspond with the expected credit loss at maturity.
At each balance sheet date, trade receivables are measured at their amortised cost less any impairment losses in the event of any non-recovery risks. The assessment of that risk takes into account payment delays and guarantees obtained.
Trade payables are current financial liabilities and are initially measured at their fair value, which is generally their nominal value, barring any discounting effect.
Inventories and work in progress are recognised at their cost of acquisition or of production by the entity. At each balance sheet date, they are measured at the lower of cost and net realisable value.
| Changes | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | 31/12/2021 | 31/12/2020 | Business-related change in the WCR | Changes in consolidation scope | Other changes (*) | |
| Inventories and work in progress (net) | 1,591 | 1 428 | 20 | 120 | 24 | |
| Trade and other receivables | 15,559 | 12,493 | 490 | 2,474 | 103 | |
| Other current assets | 6,036 | 5 719 | 32 | 573 | (289) | |
| - Non-operating assets | (22) | (24) | 7 | - | (5) | |
| Inventories and operating receivables | I | 23,164 | 19,616 | 549 | 3,166 | (167) |
| Trade payables | (12,027) | (8,876) | (888) | (2,561) | 299 | |
| Other current liabilities | (16,736) | (14,668) | (565) | (1,333) | (170) | |
| - Non-operating liabilities | 450 | 429 | (85) | 2 | 104 | |
| Trade and other operating payables | II | (28,313) | (23,115) | (1,538) | (3,892) | 232 |
| Working capital requirement (excluding current provisions) | I + II | (5,149) | (3,499) | (989) | (726) | 66 |
| Current provisions | (5,923) | (4,973) | (590) | (302) | (58) | |
| of which part at less than one year of non-current provisions | (188) | (182) | 14 | (19) | (1) | |
| Working capital requirement (including current provisions) | (11,071) | (8,473) | (1,579) | (1,028) | 8 | |
(*) Mainly currency translation differences.
Changes in consolidation scope mainly include the integration of Cobra IS (see Note B.1.1, “Changes in consolidation scope during the period”). They include the effects of certain factoring and reverse factoring agreements, although the amounts outstanding at 31 December 2021 were not material in the context of the Group.
