10 Accounts Receivable / Other Assets / Tax Receivables

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€ million

 

2012

 

2011

 

 

Total

 

Of which noncurrent

 

Of which current

 

Total

 

Of which noncurrent

 

Of which current

 

 

 

 

 

 

 

 

 

 

 

 

 

1

The investment fund shares serve to secure obligations for the phased-early-retirement program and are classified as available for sale. These fund shares are traded on active markets and pledged individually to employees participating in the phased-early-retirement program. Their market value amounts to €2.9 million (2011: €4.4 million).

Trade receivables

 

600.2

 

 

600.2

 

566.1

 

 

566.1

Other receivables from associated companies

 

0.5

 

 

0.5

 

0.6

 

 

0.6

Advance payments to associated companies

 

 

 

 

16.4

 

 

16.4

Loan and interest receivables

 

3.4

 

 

3.4

 

2.0

 

 

2.0

Derivative financial instruments

 

11.4

 

2.9

 

8.5

 

17.9

 

1.0

 

16.9

Prepaid expenses and deferred charges

 

7.8

 

1.3

 

6.5

 

7.2

 

 

7.2

Investment fund shares1

 

2.9

 

2.9

 

 

4.4

 

4.4

 

Claims arising from investment grants

 

10.9

 

 

10.9

 

38.1

 

 

38.1

Claims against suppliers

 

6.4

 

0.2

 

6.2

 

4.3

 

0.1

 

4.2

Assets from excess pension-plan coverage

 

5.8

 

5.8

 

 

7.6

 

7.6

 

Deposits

 

19.1

 

 

19.1

 

1.5

 

 

1.5

Restricted cash and cash equivalents

 

9.5

 

 

9.5

 

 

 

Sundry assets

 

53.9

 

 

53.9

 

46.1

 

0.2

 

45.9

Other assets

 

131.6

 

13.1

 

118.5

 

146.1

 

13.3

 

132.8

Of which noncurrent, falling due > 5 years

 

 

5.8

 

 

 

7.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax receivables

 

115.3

 

24.5

 

90.8

 

128.2

 

10.9

 

117.3

Of which noncurrent, falling due > 5 years

 

 

 

 

 

2.3

 

The other assets mainly comprise advance payments to the pension fund.

Receivables are shown at amortized cost, which corresponds to their market values. If not covered by insurance, default risks are taken into account with adequate valuation allowances.

Valuation allowances and overdue debts have developed as follows:

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2012

 

 

 

 

 

 

 

 

 

 

 

 

 

€ million

 

Carrying amount

 

Of which: neither im-
paired nor overdue as per the reporting date

 

Of which: not impaired, yet overdue as per the reporting date

 

Of which: impaired as per the reporting date

 

 

 

 

 

 

overdue up to 30 days

 

overdue 31 to 45 days

 

overdue over 45 days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

600.2

 

465.4

 

103.9

 

22.9

 

1.2

 

6.8

Other assets

 

131.6

 

130.2

 

0.6

 

0.2

 

0.6

 

Total

 

731.8

 

595.6

 

104.5

 

23.1

 

1.8

 

6.8

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2011

 

 

 

 

 

 

 

 

 

 

 

 

 

€ million

 

Carrying amount

 

Of which: neither im-
paired nor overdue as per the reporting date

 

Of which: not impaired, yet overdue as per the reporting date

 

Of which: impaired as per the reporting date

 

 

 

 

 

 

overdue up to 30 days

 

overdue 31 to 45 days

 

overdue over 45 days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

566.1

 

431.1

 

107.9

 

14.3

 

11.5

 

1.3

Other assets

 

146.1

 

145.4

 

0.4

 

 

0.3

 

Total

 

712.2

 

576.5

 

108.3

 

14.3

 

11.8

 

1.3

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Development of Valuation Allowances

 

 

 

 

 

 

 

 

 

 

 

 

 

€ million

 

2012

 

2011

 

 

Trade receivables

 

Other assets

 

Total

 

Trade receivables

 

Other assets

 

Total

Valuation allowances

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of Jan. 1

 

5.6

 

0.9

 

6.5

 

12.3

 

0.9

 

13.2

Utilization

 

-0.7

 

 

-0.7

 

-2.0

 

 

-2.0

Additions/reversals

 

12.5

 

-0.1

 

12.4

 

-4.5

 

 

-4.5

Exchange-rate differences

 

-0.7

 

 

-0.7

 

-0.2

 

 

-0.2

Balance as of Dec. 31

 

16.7

 

0.8

 

17.5

 

5.6

 

0.9

 

6.5

Valuation allowances are set up for identifiable credit risks and exchange-rate fluctuations. We continuously monitor the creditworthiness of our debtors to assess the intrinsic value of the corresponding receivables and, where appropriate, we take out credit default insurance. The maximum default risk is equal to the carrying amount of the uninsured receivables. No loans or receivables were renegotiated to prevent an overdue debt or possible impairment. Based on past experience and on the conditions prevailing as of the reporting date, there are no restrictions with regard to credit quality. The additions and reversals in the valuation allowances for receivables in the reporting year mainly relate to companies in the Siltronic Group and to Wacker Chemie AG.