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Note 14 Trade and other receivables


In € millions

2009

2010

 

 

 

Trade receivables

1,890

2,105

Prepaid expenses

130

122

Tax receivables other than income tax

116

135

Receivables from associates and joint ventures

36

43

Forward exchange and commodity contracts

28

34

Other receivables

382

349

 

2,582

2,788

Discounted portion

(18)

Total

2,564

2,788

Trade receivables are presented net of an allowance for impairment of €114 million (2009: €133 million). In 2010, €33 million of impairment losses were recognized in the statement of income (2009: €46 million).

Ageing of trade receivables

 

 

 

In € millions

2009

2010

 

 

 

Performing accounts receivable

1,592

1,843

Past due accounts receivable and not impaired:

 

 

< 3 months

262

226

3 – 6 months

19

14

6 – 9 months

6

4

9 – 12 months

2

2

> 12 months

6

2

Impaired accounts receivables

136

128

Allowance for impairment

(133)

(114)

Total trade receivables

1,890

2,105

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

2009

2010

 

 

 

Opening balance

137

133

Additions charged to income

46

33

Release of unused amounts

(17)

(22)

Utilization

(39)

(40)

Acquisitions/divestments

1

Currency exchange differences

5

10

Closing balance

133

114

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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