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Last Update:
March 1, 2012
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16 – Receivables and miscellaneous assets

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Other receivables and miscellaneous assets (million €)

 

 

 

2011

 

2010

 

 

Thereof short-term

 

 

Thereof short-term

Receivables from affiliated companies

279

279

 

273

273

Receivables from associated companies and other participating interests

449

443

 

289

285

Loans and interest receivables

19

19

 

61

61

Derivatives with positive fair values

561

545

 

424

421

Receivables from finance leases

22

2

 

18

1

Insurance claims

72

59

 

65

54

Receivables from partners in jointly controlled entities

 

8

8

Other

614

437

 

522

368

Other receivables, financial instruments

2,016

1,784

 

1,660

1,471

Prepaid expenses

222

198

 

181

162

Defined benefit assets

128

 

260

Tax refund claims

825

792

 

780

766

Employee receivables

54

37

 

42

27

Precious metal trading positions

723

723

 

1,082

1,082

Other

374

247

 

531

375

Other receivables, non-financial instruments

2,326

1,997

 

2,876

2,412

Total

4,342

3,781

 

4,536

3,883

In 2011 receivables from associated companies and other participating interests resulted primarily from the sale of goods and services as well as compensation payments from Styrolution companies, which are accounted for using the equity method in the consolidated financial statements.

The increase in derivatives with positive fair values is primarily due to commodity derivatives.

Prepaid expenses include prepayments for operating expenses of €67 million in 2011, compared with €23 million in 2010, as well as prepayments for insurance premiums of €22 million in 2011, compared with €25 million in 2010.

Defined benefit assets decreased, as the increase of pension obligations exceeded the increase of pension assets.

Tax refund claims were primarily related to corporate income tax and sales tax.

Precious metal trading positions primarily comprise physical positions and precious metal accounts as well as long positions in precious metals, which are largely hedged through sales or derivatives. Drops in precious metal prices and lower inventories in 2011 led to a decrease compared with the previous year. Derivatives included in the previous year’s precious metal trading positions amounting to €16 million were reclassified into derivatives with positive fair values. The previous year’s figures have been adjusted accordingly.

Included under Other are primarily financial receivables as well as rents and deposits. In the previous year, rents and deposits, including finance leases, were listed separately.

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Valuation allowances for doubtful receivables 2011 (million €)

 

 

 

Balance as of January 1, 2011

Additions affecting income

Reversals affecting income

Additions not affecting income

Reversals not affecting income

Balance as of December 31, 2011

Accounts receivable, trade

398

121

74

25

45

425

Other receivables

111

8

3

1

71

46

 

509

129

77

26

116

471

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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

In 2011, the addition to allowances for doubtful receivables recognized in profit or loss was mainly related to receivables from a customer in the Oil & Gas segment.

A significant portion of receivables is covered by credit insurance.

The changes not affecting income were primarily related to changes in the scope of consolidation, translation adjustments and derecognition of uncollectible receivables.

Even in the current economic environment, BASF does not note any material changes in the credit quality of its receivables. In 2011, after being individually assessed for impairment, valuation allowances of €91 million were recognized for trade accounts receivable (reversals: €40 million) and €8 million for miscellaneous receivables (reversals: €3 million). 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). Contractual conditions of receivables were not renegotiated to any major extent in 2011 and 2010.

Overdue trade accounts receivables which have not been individually assessed for impairment were included in credit insurance policies in the amount of €281 million on December 31, 2011 (December 31, 2010: €216 million).

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Aging analysis of trade accounts receivable (million €)

 

 

2011

 

2010

 

Gross value

Valuation allowances

 

Gross value

Valuation allowances

Not yet due

10,050

84

 

9,411

60

Past due less than 30 days

627

23

 

572

14

Past due between 30 and 89 days

179

11

 

151

13

Past due more than 90 days

455

307

 

431

311

 

11,311

425

 

10,565

398

As of December 31, 2011, there were no material other receivables classified as financial instruments that were overdue and for which no valuation allowance was made.

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