Note 12: Trade and other receivables

In € millions

 

2013

 

2014

Trade receivables

 

2,086

 

2,246

Prepaid expenses

 

54

 

63

Tax receivables other than income tax

 

166

 

164

Receivables from associates and joint ventures

 

27

 

35

FX and commodity contracts

 

15

 

17

Other receivables

 

188

 

218

Total

 

2,536

 

2,743

Trade receivables are presented net of an allowance for impairment of €95 million (2013: €91 million). In 2014, €35 million of impairment losses were recognized in the statement of income (2013: €40 million).

Ageing of trade receivables

 

 

 

 

 

In € millions

 

2013

 

2014

Performing accounts receivable

 

1,852

 

2,004

 

 

 

 

 

Past due accounts receivables and not impaired

 

 

 

 

< 3 months

 

185

 

205

> 3 months

 

12

 

20

 

 

 

 

 

Impaired accounts receivables

 

128

 

112

Allowance for impairment

 

(91)

 

(95)

Total trade receivables

 

2,086

 

2,246

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

 

2013

 

2014

Opening balance

 

100

 

91

Additions charged to income

 

40

 

35

Release of unused amounts

 

(22)

 

(16)

Acquisition

 

(1)

 

Utilization

 

(19)

 

(19)

Transfer to held for sale

 

(1)

 

Currency exchange differences

 

(6)

 

4

Closing balance

 

91

 

95

The addition 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 trade receivables. We do not have a significant customer concentration.