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€ million |
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2008 |
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2007 |
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Total |
Of which |
Of which |
Total |
Of which |
Of which |
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Trade receivables |
466.8 |
– |
466.8 |
461.4 |
0.8 |
460.6 |
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Of which noncurrent, falling due in |
– |
– |
– |
– |
– |
– |
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Other receivables from associated companies |
8.3 |
– |
8.3 |
7.4 |
– |
7.4 |
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Payments made on account to associated companies |
72.7 |
70.4 |
2.3 |
– |
– |
– |
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Loan and interest receivables |
3.0 |
– |
3.0 |
0.9 |
– |
0.9 |
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Derivative financial instruments |
52.2 |
20.1 |
32.1 |
57.7 |
12.1 |
45.6 |
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Prepaid expenses and deferred charges |
55.3 |
42.8 |
12.5 |
35.4 |
24.2 |
11.2 |
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Investment fund shares1 |
30.7 |
30.7 |
– |
22.7 |
22.4 |
0.3 |
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Claims arising from investment grants |
21.4 |
– |
21.4 |
60.5 |
0.1 |
60.4 |
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Sundry assets |
19.0 |
0.2 |
18.8 |
10.9 |
0.3 |
10.6 |
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Other assets |
262.6 |
164.2 |
98.4 |
195.5 |
59.1 |
136.4 |
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Of which noncurrent, falling due in |
– |
47.1 |
– |
– |
10.6 |
– |
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Tax receivables |
102.6 |
13.9 |
88.7 |
76.3 |
15.8 |
60.5 |
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Of which noncurrent, falling due |
– |
7.6 |
– |
– |
9.6 |
– |
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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.
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Development of Valuation Allowances |
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€ million |
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2008 |
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2007 |
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Trade |
Other |
Total |
Trade |
Other |
Total |
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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 |
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Overdue debts |
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< = 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.