10 Accounts Receivable / Other Assets / Tax Receivables

[bg_content.jpg]
 download table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

€ million

 

 

2008

 

 

2007

 

Total

Of which
noncurrent

Of which
current

Total

Of which
noncurrent

Of which
current

1

The investment fund shares for securing semi-retirement obligations are classified as available for sale.

Their market value amounts to € 30.7 million (2007: 22.3 million).

These fund shares are traded on active markets and pledged individually to employees participating in the semi-retirement program.

 

 

 

 

 

 

 

Trade receivables

466.8

466.8

461.4

0.8

460.6

Of which noncurrent, falling due in
> 5 years


 


 


 


 


 


 

Other receivables from associated companies

8.3
 


 

8.3
 

7.4
 


 

7.4
 

Payments made on account to associated companies

72.7
 

70.4
 

2.3
 


 


 


 

Loan and interest receivables

3.0

3.0

0.9

0.9

Derivative financial instruments

52.2

20.1

32.1

57.7

12.1

45.6

Prepaid expenses and deferred charges

55.3

42.8

12.5

35.4

24.2

11.2

Investment fund shares1

30.7

30.7

22.7

22.4

0.3

Claims arising from investment grants

21.4

21.4

60.5

0.1

60.4

Sundry assets

19.0

0.2

18.8

10.9

0.3

10.6

Other assets

262.6

164.2

98.4

195.5

59.1

136.4

Of which noncurrent, falling due in
> 5 years

47.1

10.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax receivables

102.6

13.9

88.7

76.3

15.8

60.5

Of which noncurrent, falling due
in > 5 years

7.6

9.6

The payments made on account to associated companies were made for future deliveries of solar wafers from WACKER SCHOTT Solar Vertriebs GmbH to the joint venture WACKER SCHOTT Solar GmbH.

Accounts receivable are shown at amortized cost, which corresponds to their fair values. Default risks – if not covered by insurance – are taken into account with adequate valuation allowances. Prepaid expenses and deferred charges are mainly comprised of capitalized VAT for advance payments received.

Other receivables from associated companies contain for the first time receivables from finance leases with €0.3 million. The related gross investment amounts to €1.0 million and is due in the course of one year with €0.1 million, between one and five years with €0.2 million and after five years with €0.7 million.

The present value of the minimum lease payments amounts to €0.3 million and is due after five years with €0.3 million.

The unearned noncurrent finance income amounts to €0.7 million.

 download table

 

 

 

 

 

 

 

Development of Valuation Allowances

 

 

 

€ million

 

 

2008

 

 

2007

 

Trade
receivables

Other
assets

Total

Trade
receivables

Other
assets

Total

 

 

 

 

 

 

 

Balance on Jan. 1

4.8

0.3

5.1

5.2

0.2

5.4

Utilization

–0.9

–0.9

–0.8

–0.8

Addition/reversal

27.9

0.6

28.5

0.6

0.1

0.7

Exchange rate changes

–0.1

–0.1

–0.2

–0.2

Balance on Dec. 31

31.7

0.9

32.6

4.8

0.3

5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overdue debts

 

 

 

 

 

 

< = 30 days

59.7

0.1

59.8

42.3

0.1

42.4

> 31 < = 45 days

11.8

0.6

12.4

9.9

1.2

11.1

> 45 days

15.2

6.7

21.9

12.6

1.6

14.2

Total

86.7

7.4

94.1

64.8

2.9

67.7

Valuation allowances are set up in the event of identifiable credit risks and exchange rate fluctuations. 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 balance sheet date, there are no restrictions with regard to credit quality.

The addition in the valuation allowances for receivables in the reporting year basically relates to companies in the Siltronic Group and Wacker Chemie AG.