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Last Update: 03/12/2009
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Part of the audited Consolidated Financial Statements and Management´s Analysis

15 -- Other receivables and miscellaneous assets

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Other receivables and miscellaneous assets (million €)

 

 

 

2008

 

2007

 

 

Thereof
short-term

 

 

Thereof
short-term

Receivables from affiliated companies

326

324

 

284

284

Prepaid expenses

217

195

 

197

167

Defined benefit assets

165

 

417

Receivables from associated companies
and other participating interests

215

190

 

196

191

Tax refund claims

648

536

 

488

419

Loans and interest receivables

90

90

 

3

3

Derivatives with positive fair values

1,192

1,172

 

233

229

Employee receivables

25

16

 

43

34

Rents and deposits

58

28

 

51

24

Insurance claims

24

22

 

25

25

Receivables from joint venture partners

28

28

 

87

70

Precious metal trading positions

540

540

 

601

601

Other

1,062

807

 

367

290

 

4,590

3,948

 

2,992

2,337

Prepaid expenses include prepayments for operating expenses of €31 million in 2008 and €14 million in 2007 as well as prepayments for insurance premiums of €28 million in 2008 and €25 million in 2007.

Precious metal trading positions comprise above all long positions in precious metals, which are largely hedged through sales or derivatives. Unhedged precious metal positions are also included in this item. On the balance sheet date, precious metal trading positions contained derivatives with a positive fair value of €188 million in 2008 (2007: €16 million). Forward contracts made up the bulk of these.

On December 31, 2008, market values of derivatives concluded to hedge currency fluctuations and rising raw material prices were higher than the previous year’s level. On the other hand, there were derivatives with negative fair values contained in other liabilities. Margin calls for publicly-traded and over the counter commodity derivatives amounting to €486 million and prepayments for precious metal trading transactions are contained in Other.

The prepaid expenses amounted to €5 million in 2008 and €3 million in 2007.

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Valuation allowances for doubtful receivables (million €)

 

 

 

Balance
as of
January 1,
2008

Additions affecting income

Reversals affecting income

Additions not affecting income

Reversals not affecting income

Balance as of December 31, 2008

Accounts receivable, trade

364

71

74

15

70

306

Other receivables

31

1

3

4

25

 

395

72

77

15

74

331

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Valuation allowances for doubtful receivables (million €)

 

 

 

Balance
as of
January 1,
2007

Additions affecting income

Reversals affecting income

Additions not affecting income

Reversals not affecting income

Balance as of December 31, 2007

Accounts receivable, trade

353

58

69

57

35

364

Other receivables

43

8

14

2

8

31

 

396

66

83

59

43

395

Reversals affecting income were due primarily to the reversal of allowances for doubtful receivables resulting from the repayment of written down receivables in the Agricultural Solutions segment.

A significant portion of receivables is covered by credit insurance.

The reversals not affecting income related primarily to changes in the scope of consolidation, translation adjustments and write-offs of uncollectible receivables.

Even in the current economic conditions, we did not note any material changes in the credit quality of our receivables. In 2008, after being individually assessed for impairment, valuation allowances of €58 million were established for trade accounts receivable (reversals €68 million) and

€1 million for miscellaneous receivables (reversals €3 million). In 2007, after being individually assessed for impairment, valuation allowances of €51 million were established for trade accounts receivable (reversals €37 million) and €8 million for miscellaneous receivables (reversals €14 million). Receivables did not need to be re-negotiated to any major extent in 2007 and 2008 as contractual conditions did not change.

Overdue trade accounts receivables which have not been individually assessed for impairment, but which were included in credit insurance policies, amounted to €378 million on December 31, 2008 (€659 million on December 31, 2007).

Contingent assets amounted to €216 million in 2008.

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Aged list of trade accounts receivable (million €)

 

 

2008

2007

Not yet due

6,807

7,658

Less than 30 days

615

593

Between 30 and 89 days

215

176

More than 90 days

115

134

 

7,752

8,561

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Aged list of other receivables (million €)

 

 

2008

2007

Not yet due

1,538

790

Less than 30 days

188

209

Between 30 and 89 days

80

8

More than 90 days

21

49

 

1,827

1,056

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