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.