FINANCIAL AND ACCOUNTING INFORMATION 13. Current assets Changes in impairment losses 13.1 Inventories (in millions of euros) 2017 2016 Impairment losses on trade AS OF DECEMBER 31, accounts receivable (in millions of euros) 2017 2016 as of January 1, (125.7) (118.3) Cost 1,621.5 1,675.7 Change in consolidation scope 3.5 2.0 Allowance (77.8) (96.4) Net allowance (1) 5.0 (9.4) Inventories 1,543.8 1,579.3 Currency translation adjustment 3.1 0.0 Impairment losses on trade Changes in impairment losses accounts receivable as of December 31, (114.2) (125.7) (in millions of euros) 2017 2016 (1)Of which receivables written-off for €34.3 million in 2017 Allowance for inventories (€25.7 million in 2016). as of January 1, (96.4) (88.7) As of December 31, 2017, trade receivables were Change in consolidation scope 3.7 5.5 subject to impairment losses estimated on an Net change in allowance 3.2 (13.7) individual basis fol lowing the assessment of the Currency translation adjustment 4.7 0.3 customer default risk for €75.8 million (€89.7 million as of December 31, 2016). Other changes 7.0 0.2 In accordance with the accounting principle stated in Allowance for inventories note 3.8.3, all past due receivables above 30 days are as of December 31, (77.8) (96.4) subject to an impairment loss estimated on the basis of the ageing for €26.9 million as of December 31, 13.2 Trade accounts receivable 2017 (€33.9 million as of December 31, 2016). AS OF DECEMBER 31, Past due receivables are detailed as follows: (in millions of euros) 2017 2016 AS OF DECEMBER 31, Nominal value 2,191.2 2,313.0 (in millions of euros) 2017 2016 Impairment losses (114.2) (125.7) From 1 to 30 days 277.4 284.5 Trade accounts receivable 2,077.0 2,187.3 From 31 to 60 days 64.1 80.6 Trade accounts receivable includes sales taxes From 61 to 90 days 25.5 30.1 col lected on behalf of tax authorities that, in From 91 to 180 days 32.5 44.6 certain circumstances, may be recovered when the client defaults. Recoverable taxes amounted to Above 180 days 44.4 36.5 €234.0 million as of December 31, 2017 (€237.1 million as of December 31, 2016). 13.3 Other accounts receivable The Group has implemented credit insurance AS OF DECEMBER 31, programs in certain countries. Trade accounts (in millions of euros) 2017 2016 receivable covered by these programs amounted to Suppliers' rebates and services (1) 348.6 345.7 €867.7 million as of December 31, 2017 (€818.8 million as of December 31, 2016). VAT receivable and other sales taxes 23.8 26.4 Also, in some countries, the Group benefits from Prepaid expenses 35.7 37.3 additional guarantees according to the specificities Derivatives 0.4 of local jurisdictions, notably in the United States 1.1 and in Canada. Trade accounts receivable covered Other receivables 86.6 79.7 by these guarantees represented €226.1 mil l ion Total accounts receivable 495.8 489.6 as of December 31, 2017 (€248.3 mi l l ion as of (1)Suppliers’ rebates and services income recognized for December 31, 2016). the year ended December 31, 2017 were €863.1 million (€800.8 million for the year ended December 31, 2016). REXEL 2017 – REGISTRATION DOCUMENT 238