12. Trade and other receivables

12. Trade and other receivables

(i) Trade receivables are further analysed as follows:

The Group has access to a trade receivables securitization arrangement, with a maximum amount of €600 million on a non-recourse basis. The transfer of trade receivables from the Group to the securitisation vehicle is considered a true sale and leads to derecognition of the trade receivable. At end of the financial year 2026 €566 million of this facility was utilized (prior year: €524 million).

The Group considers its maximum exposure to credit risk with respect to third party customers at 31 March 2026 to be €8 million (2025: €11 million), which is the fair value of trade receivables (after impairment provisions) less those that are subject to credit insurance cover as shown in the table above.

The other classes of financial assets within trade and other receivables do not contain impaired assets. There is no concentration of credit risk with any particular third-party customer.

 Credit risk management is discussed further in Note 17(e).

(ii) Movements in the provision for impairment of receivables are as follows:

(iii) Amounts owed by other Tata Steel companies include trade receivables of €39 million (2025: €49 million) owed by TSUK and €1 million (2025: €17 million) owed by other Tata Steel companies.

The line items Derivative financial instruments and Derivative financial instruments due from group companies reflect the derivative positions with a positive fair value at reporting date. These are used to hedge the risks related to commodity prices, the price of EU allowances and foreign exchange rates. The positive value reflects the price level at reporting date relative to the contracted price of the derivative transaction. Additional disclosure of the derivative positions is included in Note 17.