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## 17. Inventories 

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(i) Work-in-progress includes €1 million (2011: €8 million) in respect of the cumulative costs incurred, net of amounts transferred to cost of sales under percentage-of-completion accounting, for construction contracts in progress at the balance sheet date. 

An analysis of the Group’s cost of sales expense is provided in note 3 to the financial statements. 

Write-downs of inventories recognised as an expense within cost of sales amounted to €12 million (2011: €14 million). 

None of the above carrying amounts has been pledged as security for liabilities entered into by the Group. 

## 18. Trade and Other Receivables 

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The carrying amounts of current and non-current trade and other receivables approximate their fair value largely due to the short-term maturities and nature of these instruments. 

(i) Includes unbilled revenue at the balance sheet date in respect of construction contracts amounting to €137 million (2011: €121 million). 

(ii) Other receivables include retentions held by customers in respect of construction contracts at the balance sheet date amounting to €66 million (2011: €70 million). 

## Provision for impairment 

The movements in the provision for impairment of receivables during the financial year were as follows: 

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Information in relation to the Group’s credit risk management is provided in note 22 to the financial statements. 

## Aged analysis 

The aged analysis of gross trade receivables and amounts receivable in respect of construction contracts at the balance sheet date was as follows: 

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Trade receivables and amounts receivable in respect of construction contracts are in general receivable within 90 days of the balance sheet date. 

