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Note 15 Trade and other receivables


 

 

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In € millions

 

 

 

2008

2007

 

 

 

Trade receivables

2,097

1,644

Prepaid expenses

133

81

Tax receivables other than income tax

107

86

Receivables from associates and joint ventures

38

31

Receivables from other related parties

36

Forward exchange and commodity contracts

29

13

Other receivables

548

257

 

2,952

2,148

 

 

 

Discounted portion

(28)

(9)

 

 

 

Total

2,924

2,139

Trade receivables are presented net of an allowance for impairment of €137 million (2007: €99 million). In 2008, €40 million of impairment losses were recognized in the statement of income (2007: €30 million).

Ageing of trade receivables

 

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In € millions

 

 

 

2008

2007

 

 

 

Performing accounts receivable

1,555

1,251

 

 

 

Past due accounts receivables and not impaired:

 

 

< 3 months

442

295

3 – 6 months

24

29

6 – 9 months

7

4

9 – 12 months

3

3

> 12 months

6

5

Impaired accounts receivables

197

156

Allowance for impairment

(137)

(99)

 

 

 

Total trade receivables

2,097

1,644

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

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In € millions

 

 

 

2008

2007

 

 

 

Opening balance

99

125

Additions charged to income

40

30

Release of unused amounts

(9)

(15)

Utilization

(18)

(25)

Acquisitions/divestments

33

(12)

Currency exchange differences

(8)

(4)

 

 

 

Closing balance

137

99

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 receivable mentioned above. The company does not hold any collateral for impaired trade receivables.

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