10 Accounts Receivable / Other Assets / Income tax Receivables

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€ million

 

2013

 

2012

 

 

Total

 

of which noncurrent

 

of which current

 

Total

 

of which noncurrent

 

of which current

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

The investment fund shares were originally intended to secure obligations for the phased-early-retirement program and are classified as available for sale.

Trade receivables

 

614.1

 

 

614.1

 

600.2

 

 

600.2

Other receivables from associated companies

 

0.5

 

 

0.5

 

0.5

 

 

0.5

Advance payments to associated companies

 

8.6

 

8.6

 

 

 

 

Loan and interest receivables

 

4.7

 

 

4.7

 

3.4

 

 

3.4

Derivative financial instruments

 

22.1

 

2.5

 

19.6

 

11.4

 

2.9

 

8.5

Accruals and deferrals

 

7.5

 

0.5

 

7.0

 

7.8

 

1.3

 

6.5

Investment fund shares1

 

5.9

 

5.9

 

 

2.9

 

2.9

 

Claims arising from investment grants

 

7.0

 

 

7.0

 

10.9

 

 

10.9

Claims against suppliers

 

5.0

 

0.1

 

4.9

 

6.4

 

0.2

 

6.2

Other tax receivables

 

59.6

 

7.5

 

52.1

 

67.8

 

14.5

 

53.3

Deposits

 

18.0

 

0.2

 

17.8

 

19.1

 

 

19.1

Restricted cash and cash equivalents

 

6.8

 

 

6.8

 

9.5

 

 

9.5

Sundry assets

 

70.7

 

 

70.7

 

53.9

 

 

53.9

Other assets

 

216.4

 

25.3

 

191.1

 

193.6

 

21.8

 

171.8

Of which noncurrent, falling due > 5 years

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax receivables

 

27.1

 

7.6

 

19.5

 

47.5

 

10.0

 

37.5

Of which noncurrent, falling due > 5 years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The sundry 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 or advance payments received, default risks are taken into account with adequate valuation allowances.

Valuation allowances and overdue debts developed as follows:

2013

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€ million

 

Carrying amount

 

Of which: neither impaired nor overdue as of the reporting date

 

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

 

Of which: impaired as of the reporting date

 

 

 

 

 

 

overdue by up to 30 days

 

overdue by 31 to 45 days

 

overdue by over 45 days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

614.1

 

490.2

 

90.4

 

2.5

 

22.1

 

8.9

Other assets

 

216.4

 

215.0

 

0.3

 

 

1.1

 

Total

 

830.5

 

705.2

 

90.7

 

2.5

 

23.2

 

8.9

2012

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€ million

 

Carrying amount

 

Of which: neither impaired nor overdue as of the reporting date

 

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

 

Of which: impaired as of the reporting date

 

 

 

 

 

 

overdue by up to 30 days

 

overdue by 31 to 45 days

 

overdue by over 45 days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

600.2

 

465.4

 

103.9

 

22.9

 

1.2

 

6.8

Other assets

 

193.6

 

192.2

 

0.6

 

0.2

 

0.6

 

Total

 

793.8

 

657.6

 

104.5

 

23.1

 

1.8

 

6.8

Development of Valuation Allowances/Overdue Debts

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€ million

 

2013

 

2012

 

 

Trade receivables

 

Other assets

 

Total

 

Trade receivables

 

Other assets

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation allowances

 

 

 

 

 

 

 

 

 

 

 

 

As of Jan. 1

 

16.7

 

0.8

 

17.5

 

5.6

 

0.9

 

6.5

Utilization

 

-1.9

 

 

-1.9

 

-0.7

 

 

-0.7

Additions/reversals

 

-0.6

 

-0.1

 

-0.7

 

12.5

 

-0.1

 

12.4

Exchange-rate differences

 

-1.2

 

 

-1.2

 

-0.7

 

 

-0.7

As of Dec. 31

 

13.0

 

0.7

 

13.7

 

16.7

 

0.8

 

17.5

 

 

 

 

 

 

 

 

 

 

 

 

 

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.