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€ million |
2009 |
2008 | ||||||||||||
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Total |
Of which noncurrent |
Of which current |
Total |
Of which noncurrent |
Of which current | ||||||||
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Trade receivables |
466.8 |
– |
466.8 |
466.8 |
– |
466.8 | ||||||||
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Other receivables from |
8.8 |
0.1 |
8.7 |
8.3 |
– |
8.3 | ||||||||
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Advance payments made |
– |
– |
– |
72.7 |
70.4 |
2.3 | ||||||||
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Loan and interest receivables |
1.0 |
– |
1.0 |
3.0 |
– |
3.0 | ||||||||
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Derivative financial instruments |
17.8 |
4.2 |
13.6 |
52.2 |
20.1 |
32.1 | ||||||||
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Prepaid expenses |
40.3 |
31.0 |
9.3 |
55.3 |
42.8 |
12.5 | ||||||||
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Investment fund shares1 |
38.2 |
38.2 |
– |
30.7 |
30.7 |
– | ||||||||
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Claims arising from investment grants |
28.7 |
– |
28.7 |
21.4 |
– |
21.4 | ||||||||
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Other assets |
44.3 |
7.7 |
36.6 |
19.0 |
0.2 |
18.8 | ||||||||
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Other assets |
179.1 |
81.2 |
97.9 |
262.6 |
164.2 |
98.4 | ||||||||
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Of which noncurrent, |
– |
16.8 |
– |
– |
47.1 |
– | ||||||||
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Tax receivables |
64.5 |
12.3 |
52.2 |
102.6 |
13.9 |
88.7 | ||||||||
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Of which noncurrent, |
– |
5.8 |
– |
– |
7.6 |
– | ||||||||
Accounts receivable are shown at amortized cost, which corresponds to their market values. Default risks – if not covered by insurance – are taken into account with adequate valuation allowances. Prepaid expenses and deferred charges consist mainly of capitalized VAT for advance payments received.
Other receivables from associated companies contain receivables from finance leases amounting to €0.5 million (previous year: €0.3 million). Of the associated gross investment of €1.0 million (previous year: €1.0 million), €0.1 million (previous year: €0.1 million) falls due within one year, €0.2 million (previous year: €0.2 million) between one and five years, and €0.7 million (previous year: €0.7 million) after more than five years. Of the present value of outstanding minimum lease payments amounting to €0.5 million (previous year: €0.3 million), €0.4 million (previous year: €0.3 million) falls due after more than five years. The still unrealized financial income amounts to €0.5 million (previous year: €0.7 million), and this is noncurrent.
The advance payments made on account to associated companies shown in the previous year relate to payments for future deliveries of solar wafers and were made in 2009 by WACKER SCHOTT Solar Vertriebs GmbH, which was disposed of in 2009, to the joint venture WACKER SCHOTT Solar GmbH.
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Development of Valuation Allowances |
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€ million |
2009 |
2008 | ||||||||||
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Trade receivables |
Other assets |
Total |
Trade receivables |
Other assets |
Total | ||||||
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As of Jan. 1 |
31.7 |
0.9 |
32.6 |
4.8 |
0.3 |
5.1 | ||||||
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Utilization |
-1.4 |
– |
-1.4 |
-0.9 |
– |
-0.9 | ||||||
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Additions/reversals |
-9.5 |
– |
-9.5 |
27.9 |
0.6 |
28.5 | ||||||
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Exchange rate differences |
-0.2 |
– |
-0.2 |
-0.1 |
– |
-0.1 | ||||||
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Change in scope |
-9.5 |
– |
-9.5 |
– |
– |
– | ||||||
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As of Dec. 31 |
11.1 |
0.9 |
12.0 |
31.7 |
0.9 |
32.6 | ||||||
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Overdue debts |
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< = 30 days |
81.3 |
2.7 |
84.0 |
59.7 |
0.1 |
59.8 | ||||||
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> 31 < = 45 days |
3.3 |
0.2 |
3.5 |
11.8 |
0.6 |
12.4 | ||||||
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> 45 days |
25.9 |
13.1 |
39.0 |
15.2 |
6.7 |
21.9 | ||||||
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Total |
110.5 |
16.0 |
126.5 |
86.7 |
7.4 |
94.1 | ||||||
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 reporting date, there are no restrictions with regard to credit quality. The additions/reversals in the valuation allowances for receivables in the reporting year basically relate to companies in the Siltronic group and Wacker Chemie AG.