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17 – Receivables and miscellaneous assets

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Other receivables and miscellaneous assets (million €)

 

2012

 

2011

 

 

Thereof
­short-term

 

 

Thereof
­short-term

Receivables from affiliated companies

272

272

 

279

279

Receivables from associated companies and other participating interests

134

130

 

449

443

Loans and interest receivables

2

2

 

19

19

Derivatives with positive fair values

436

337

 

561

545

Receivables from finance leases

21

 

22

2

Insurance compensation received

11

11

 

72

59

Other

514

274

 

614

437

Other receivables which qualify as financial instruments

1,390

1,026

 

2,016

1,784

Prepaid expenses

234

194

 

222

198

Defined benefit assets

43

 

128

Tax refund claims

1,026

999

 

825

792

Employee receivables

60

51

 

54

37

Precious metal trading positions

960

960

 

723

723

Other

441

274

 

374

247

Other receivables which do not qualify as financial instruments

2,764

2,478

 

2,326

1,997

Total

4,154

3,504

 

4,342

3,781

In 2012, the change in receivables from associated companies and other participating interests resulted primarily from compensation payments and loan repayments from Styrolution companies.

The decline in derivatives with positive fair values mainly relates to the reclassification of the derivatives belonging to the disposal group.

In 2012, prepaid expenses included prepayments for operating expenses of €86 million (2011: €67 million) as well as prepayments for insurance premiums of €26 million (2011: €22 million).

Defined benefit assets decreased, as the increase in pension obligations exceeded the increase in 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. The rise in precious metal trading positions is attributable to higher precious metal prices and larger inventories.

The item Other primarily includes financial receivables as well as rents and deposits.

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Valuation allowances for doubtful receivables 2012 (million €)

 

Balance as of January 1, 2012

Additions recognized in income

Reversals recognized in income

Additions not recognized in income

Reversals not recognized in income

Balance as of December 31, 2012

Accounts receivable, trade

425

81

60

10

69

387

Other receivables

46

1

2

34

13

 

471

81

61

12

103

400

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Valuation allowances for doubtful receivables 2011 (million €)

 

Balance as of January 1, 2011

Additions recognized in income

Reversals recognized in income

Additions not recognized in income

Reversals not recognized in 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

In comparison to the previous year, there was no expected major payment default by a customer in 2012 and therefore there was a decline in additions to valuation allowances recognized in income.

A portion of receivables is covered by credit insurance.

The changes recognized in income contained individual valuation allowances, group-wise individual valuation allowances and valuation allowances due to transfer risks.

The changes not recognized in 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 2012, after being individually assessed for impairment, valuation allowances of €50 million were recognized for trade accounts receivable (reversals: €36 million) and €1 million were reversed for other receivables, which were recognized in income. 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 other receivables (reversals: €3 million). Contractual conditions of receivables were not renegotiated to any major extent in 2012 and 2011.

Overdue trade accounts receivables which have not been individually assessed for impairment were included in credit insurance policies in the amount of €156 million on December 31, 2012 (December 31, 2011: €281 million).

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Aging analysis of trade accounts receivable (million €)

 

2012

 

2011

 

Gross value

Valuation allowances

 

Gross value

Valuation allowances

Not yet due

9,194

99

 

10,050

84

Past due less than 30 days

605

3

 

627

23

Past due between 30 and 89 days

170

7

 

179

11

Past due more than 90 days

556

278

 

455

307

 

10,525

387

 

11,311

425

As of December 31, 2012, there were no material other receivables classified as financial instruments that were overdue and for which no valuation allowance was made.