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Last Update:
Mar. 10, 2011
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Part of the audited Consolidated Financial Statements and Management´s Analysis

16 – Receivables and miscellaneous assets

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Other receivables and miscellaneous assets (million €)

 

 

 

2010

 

2009

 

 

Thereof
short-term

 

 

Thereof
short-term

Receivables from affiliated companies

273

273

 

190

190

Prepaid expenses

181

162

 

182

161

Defined benefit assets

260

 

549

Receivables from associated companies and other participating interests

289

285

 

426

398

Tax refund claims

780

766

 

778

722

Loans and interest receivables

61

61

 

91

91

Derivatives with positive fair values

440

437

 

286

277

Employee receivables

42

27

 

39

24

Rents and deposits

81

19

 

59

18

Insurance claims

65

54

 

27

18

Receivables from joint venture partners

8

8

 

Precious metal trading positions

1,066

1,066

 

807

807

Other

991

725

 

735

517

Total

4,537

3,883

 

4,169

3,223

thereof from financing activities

1,236

1,050

 

1,565

1,222

Prepaid expenses include prepayments for operating expenses of €23 million in 2010, and €40 million in 2009, as well as prepayments for insurance premiums of €25 million in 2010, and €31 million in 2009.

Defined benefit assets declined primarily due to the reduction in the discount rate.

In 2010, the decrease in receivables from associated companies and other participating interests was a result of the repayment of a short-term loan to finance Nord Stream AG. 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. Higher precious metal prices in 2010 led to an increase compared with the previous year.

Derivatives with positive fair values increased, primarily due to currency effects brought about by higher fair values of USD currency options.

The Cognis acquisition resulted in additions of €72 million to other receivables and miscellaneous assets.

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Valuation allowances for doubtful receivables 2010 (million €)

 

 

 

Balance as of January 1, 2010

Additions affecting income

Reversals affecting income

Additions not affecting income

Reversals not affecting income

Balance as of December 31, 2010

Accounts receivable, trade

348

108

42

79

95

398

Other receivables

33

2

1

84

7

111

 

381

110

43

163

102

509

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Valuation allowances for doubtful receivables 2009 (million €)

 

 

 

Balance as of January 1, 2009

Additions affecting income

Reversals affecting income

Additions not affecting income

Reversals not affecting income

Balance as of December 31, 2009

Accounts receivable, trade

306

124

77

34

39

348

Other receivables

25

8

10

10

33

 

331

132

77

44

49

381

The additions to allowances for doubtful receivables recognized in profit or loss came primarily from receivables in the Agricultural Solutions and Performance Products segments in South America.

A significant portion of receivables is covered by credit insurance.

The changes 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, BASF did not note any material changes in the credit quality of its receivables. In 2010, after being individually assessed for impairment, valuation allowances of €106 million were recognized for trade accounts receivable (reversals: €36 million) and €2 million for miscellaneous receivables (reversals: €1 million). In 2009, after being individually assessed for impairment, valuation allowances of €97 million were recognized for trade accounts receivable (reversals: €46 million) and €8 million for miscellaneous receivables. Receivables did not need to be renegotiated to any major extent in 2010 and 2009 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 €216 million on December 31, 2010 (December 31, 2009: €305 million).

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Aged list of trade accounts receivable (million €)

 

 

2010

 

2009

 

Gross value

Valuation allowances

 

Gross value

Valuation allowances

Not yet due

9,411

60

 

7,033

77

Past due less than 30 days

572

14

 

542

14

Past due between 30 and 89 days

151

13

 

168

10

Past due more than 90 days

431

311

 

343

247

 

10,565

398

 

8,086

348

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Aged list of other receivables from financing activities (million €)

 

 

2010

 

2009

 

Gross value

Valuation allowances

 

Gross value

Valuation allowances

Not yet due

1,188

7

 

1,454

Past due less than 30 days

30

 

19

Past due between 30 and 89 days

1

 

83

Past due more than 90 days

25

1

 

11

2

 

1,244

8

 

1,567

2

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