The maturities of trade receivables as of August 31, 2020 and August 31, 2019 respectively were as follows:
| AUGUST 31, 2020 | AUGUST 31, 2019 | |||
|---|---|---|---|---|
| BREAKDOWN OF TRADE RECEIVABLES DUE AS OF AUGUST 31: | GROSS AMOUNT | IMPAIRMENT | GROSS AMOUNT | IMPAIRMENT |
| Less than 3 months past due | Less than 3 months past due AUGUST 31, 2020 403 | Less than 3 months past due AUGUST 31, 2019 (8) | 510 | (11) |
| More than 3 months and less than 6 months past due | More than 3 months and less than 6 months past due AUGUST 31, 2020 81 | More than 3 months and less than 6 months past due AUGUST 31, 2019 (17) | 88 | (8) |
| More than 6 months and less than 12 months past due | More than 6 months and less than 12 months past due AUGUST 31, 2020 58 | More than 6 months and less than 12 months past due AUGUST 31, 2019 (13) | 51 | (13) |
| More than 12 months past due | More than 12 months past due AUGUST 31, 2020 104 | More than 12 months past due AUGUST 31, 2019 (81) | 117 | (83) |
| TOTAL TRADE RECEIVABLES DUE AS OF AUGUST 31 | TOTAL TRADE RECEIVABLES DUE AS OF AUGUST 31 AUGUST 31, 2020 646 | TOTAL TRADE RECEIVABLES DUE AS OF AUGUST 31 AUGUST 31, 2019 (120) | 765 | (115) |
| Total trade receivables not yet due as of August 31 | Total trade receivables not yet due as of August 31 AUGUST 31, 2020 2,975 | Total trade receivables not yet due as of August 31 AUGUST 31, 2019 (25) | 3,182 | (22) |
| TOTAL TRADE RECEIVABLES AS OF AUGUST 31 | TOTAL TRADE RECEIVABLES AS OF AUGUST 31 AUGUST 31, 2020 3,622 | TOTAL TRADE RECEIVABLES AS OF AUGUST 31 AUGUST 31, 2019 (145) | 3,947 | (137) |
During the fiscal years presented, the Group was not affected by any significant change resulting from proven client failures. In addition, given the geographic dispersion of the Group’s activities and the wide range of client industries, there is no material concentration of risk in individual receivables due but not written down.
Nevertheless, the increase in the average impairment rate (expected credit losses recognized compared to the gross value of receivables) reflects the increase in credit risk generated by the deterioration of the economic and commercial environment resulting from the Covid-19.
Trade and other payables are classified as financial liabilities measured at amortized cost, as defined in IFRS 9 “Financial instruments”. Financial liabilities recognized at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities.
Sodexo’s Group has set up several reverse factoring programs in its main operating countries, which give its suppliers the opportunity of being paid in advance. In practice these programs involve sales of trade receivables to a factor, organized by Sodexo.
Relations between the parties concerned are governed by two totally separate contracts:
Employee-related liabilities mainly include short-term employee benefits (see note 5.1).
