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Note 14: Trade and other receivables


In € millions

 

2010

 

2011

Trade receivables

 

2,105

 

2,251

Prepaid expenses

 

122

 

123

Tax receivables other than income tax

 

135

 

155

Receivables from associates and joint ventures

 

43

 

39

Forward exchange and commodity contracts

 

34

 

28

Other receivables

 

349

 

321

Total

 

2,788

 

2,917

Trade receivables are presented net of an allowance for impairment of €108 million (2010: €114 million). In 2011, €36 million of impairment losses were recognized in the statement of income (2010: €33 million).

Ageing of trade receivables

 

 

 

 

 

In € millions

 

2010

 

2011

Performing accounts receivable

 

1,843

 

1,973

Past due accounts receivables and not impaired

 

 

 

 

< 3 months

 

226

 

227

3 – 6 months

 

14

 

10

6 – 9 months

 

4

 

4

9 – 12 months

 

2

 

> 12 months

 

2

 

2

Impaired accounts receivables

 

128

 

143

Allowance for impairment

 

(114)

 

(108)

Total trade receivables

 

2,105

 

2,251

With respect to the trade and other receivables that are neither impaired nor past due, there are no indications as of reporting date that the debtors will not meet their payment obligations.

Allowance for impairment of trade receivables

 

 

 

 

 

In € millions

 

2010

 

2011

Opening balance

 

133

 

114

Additions charged to income

 

33

 

36

Release of unused amounts

 

(22)

 

(14)

Acquisitions

 

 

6

Utilization

 

(40)

 

(32)

Currency exchange differences

 

10

 

(2)

Closing balance

 

114

 

108

The additions to and release of the allowance for impairment have been included in the statement of income under selling expenses.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. We do not hold any collateral for impaired trade receivables. We do not have a significant customer concentration.

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