10 Financial and Non-Financial Assets / Receivables

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€ million

  

2015

  

2014

 

  

Total

  

Of which non­current

  

Of which current

  

Total

  

Of which non­current

  

Of which current

 

  

 

  

 

  

 

  

 

  

 

  

 

 

  

 

  

 

  

 

  

 

  

 

  

 

Trade receivables

  

679.4

  

–

  

679.4

  

684.0

  

–

  

684.0

 

  

 

  

 

  

 

  

 

  

 

  

 

Investments

  

11.1

  

11.1

  

–

  

11.2

  

11.2

  

–

Loans

  

99.9

  

99.9

  

–

  

93.5

  

93.5

  

–

Receivables from associated companies

  

1.0

  

–

  

1.0

  

1.4

  

–

  

1.4

Loan and interest receivables

  

0.2

  

–

  

0.2

  

4.2

  

–

  

4.2

Derivative financial instruments

  

12.6

  

0.2

  

12.4

  

4.2

  

0.3

  

3.9

Claims arising from investment grants

  

–

  

–

  

–

  

3.2

  

–

  

3.2

Claims against suppliers

  

6.6

  

–

  

6.6

  

3.4

  

0.1

  

3.3

Deposits

  

1.4

  

0.1

  

1.3

  

10.9

  

0.1

  

10.8

Restricted cash and cash equivalents

  

3.8

  

–

  

3.8

  

8.3

  

–

  

8.3

Sundry financial assets

  

24.7

  

0.1

  

24.6

  

77.1

  

0.8

  

76.3

Other financial assets

  

161.3

  

111.4

  

49.9

  

217.4

  

106.0

  

111.4

 

  

 

  

 

  

 

  

 

  

 

  

 

Accruals and deferrals

  

10.1

  

1.0

  

9.1

  

10.1

  

1.3

  

8.8

Plan assets

  

0.4

  

–

  

0.4

  

3.7

  

0.3

  

3.4

Other tax receivables

  

44.2

  

2.7

  

41.5

  

52.9

  

3.3

  

49.6

Sundry assets

  

8.0

  

0.6

  

7.4

  

3.1

  

–

  

3.1

Other non-financial assets

  

62.7

  

4.3

  

58.4

  

69.8

  

4.9

  

64.9

 

  

 

  

 

  

 

  

 

  

 

  

 

Income tax receivables

  

19.1

  

0.1

  

19.0

  

20.3

  

5.1

  

15.2

 

  

 

  

 

  

 

  

 

  

 

  

 

In 2014, other financial assets mainly comprised 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:

2015

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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

  

679.4

  

551.3

  

121.9

  

2.2

  

3.5

  

0.5

Other current financial assets

  

49.9

  

49.8

  

–

  

–

  

0.1

  

–

Other noncurrent financial assets

  

111.4

  

111.4

  

–

  

–

  

–

  

–

Total

  

840.7

  

712.5

  

121.9

  

2.2

  

3.6

  

0.5

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

 

  

 

  

 

  

overdue by up to 30 days

  

overdue by 31 to 45 days

  

overdue by over 45 days

  

 

 

  

 

  

 

  

 

  

 

  

 

  

 

Trade receivables

  

684.0

  

554.8

  

104.7

  

2.4

  

21.8

  

0.3

Other current financial assets

  

111.4

  

109.4

  

0.6

  

–

  

1.2

  

0.2

Other noncurrent financial assets

  

106.0

  

106.0

  

–

  

–

  

–

  

–

Total

  

901.4

  

770.2

  

105.3

  

2.4

  

23.0

  

0.5

Development of Valuation Allowances /Overdue Debts

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€ million

  

2015

  

2014

 

  

Trade receivables

  

Other financial assets

  

Total

  

Trade receivables

  

Other financial assets

  

Total

 

  

 

  

 

  

 

  

 

  

 

  

 

 

  

 

  

 

  

 

  

 

  

 

  

 

Valuation allowances

  

 

  

 

  

 

  

 

  

 

  

 

As of Jan. 1

  

5.1

  

–

  

5.1

  

13.0

  

0.7

  

13.7

Utilization

  

-2.7

  

–

  

-2.7

  

-3.5

  

–

  

-3.5

Additions /reversals

  

2.8

  

–

  

2.8

  

-4.9

  

-0.9

  

-5.8

Exchange-rate differences

  

0.4

  

–

  

0.4

  

0.5

  

0.2

  

0.7

As of Dec. 31

  

5.6

  

–

  

5.6

  

5.1

  

–

  

5.1

 

  

 

  

 

  

 

  

 

  

 

  

 

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.