10 Accounts Receivable / Other Assets / Income tax Receivables
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€ million |
2014 |
2013 |
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Total |
Of which noncurrent |
Of which current |
Total |
Of which noncurrent |
Of which current |
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Trade receivables |
684.0 |
– |
684.0 |
614.1 |
– |
614.1 |
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Receivables from associated companies |
1.4 |
– |
1.4 |
0.5 |
– |
0.5 |
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Advance payments to associated companies |
– |
– |
– |
8.6 |
8.6 |
– |
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Loan and interest receivables |
4.2 |
– |
4.2 |
4.7 |
– |
4.7 |
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Derivative financial instruments |
4.2 |
0.3 |
3.9 |
22.1 |
2.5 |
19.6 |
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Accruals and deferrals |
10.1 |
1.3 |
8.8 |
7.5 |
0.5 |
7.0 |
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Investment fund shares1 |
3.7 |
0.3 |
3.4 |
5.9 |
5.9 |
– |
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Claims arising from investment grants |
3.2 |
– |
3.2 |
7.0 |
– |
7.0 |
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Claims Against suppliers |
3.4 |
0.1 |
3.3 |
5.0 |
0.1 |
4.9 |
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Other tax receivables |
52.9 |
3.3 |
49.6 |
59.6 |
7.5 |
52.1 |
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Deposits |
10.9 |
0.1 |
10.8 |
18.0 |
0.2 |
17.8 |
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Restricted cash and cash equivalents |
8.3 |
– |
8.3 |
6.8 |
– |
6.8 |
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Sundry assets |
80.1 |
0.7 |
79.4 |
70.7 |
– |
70.7 |
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Other assets |
182.4 |
6.1 |
176.3 |
216.4 |
25.3 |
191.1 |
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Of which noncurrent, falling due > 5 years |
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0.3 |
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0.2 |
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Income tax receivables |
20.3 |
5.1 |
15.2 |
27.1 |
7.6 |
19.5 |
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Of which noncurrent, falling due > 5 years |
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– |
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– |
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The sundry assets mainly comprise advance payments to the pension fund.
Receivables are shown at amortized cost, which corresponds to their market value. Adequate valuation allowances are set up to cover default risks, to the extent that these are not covered by insurance, bank guarantees or advance payments received.
Valuation allowances and overdue debts developed as follows:
2014
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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 |
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overdue by up to 30 days |
overdue by 31 to 45 days |
overdue by over 45 days |
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Trade receivables |
684.0 |
554.8 |
104.7 |
2.4 |
21.8 |
0.3 |
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Other assets |
182.4 |
180.4 |
0.6 |
– |
1.2 |
0.2 |
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Total |
866.4 |
735.2 |
105.3 |
2.4 |
23.0 |
0.5 |
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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 |
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overdue by up to 30 days |
overdue by 31 to 45 days |
overdue by over 45 days |
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Trade receivables |
614.1 |
490.2 |
90.4 |
2.5 |
22.1 |
8.9 |
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Other assets |
216.4 |
215.0 |
0.3 |
– |
1.1 |
– |
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Total |
830.5 |
705.2 |
90.7 |
2.5 |
23.2 |
8.9 |
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Development of Valuation Allowances / Overdue Debts
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€ million |
2014 |
2013 |
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Trade receivables |
Other assets |
Total |
Trade receivables |
Other assets |
Total |
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Valuation allowances |
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As of Jan. 1 |
13.0 |
0.7 |
13.7 |
16.7 |
0.8 |
17.5 |
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Utilization |
-3.5 |
– |
-3.5 |
-1.9 |
– |
-1.9 |
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Additions / reversals |
-4.9 |
-0.9 |
-5.8 |
-0.6 |
-0.1 |
-0.7 |
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Exchange-rate differences |
0.5 |
0.2 |
0.7 |
-1.2 |
– |
-1.2 |
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As of Dec. 31 |
5.1 |
– |
5.1 |
13.0 |
0.7 |
13.7 |
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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. In addition, customers make advance payments and provide bank guarantees. 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.