18 – Receivables and miscellaneous assets

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Other receivables and miscellaneous assets (million €)

 

2013

 

2012

 

 

Thereof short-term

 

 

Thereof short-term

Receivables from joint operations, joint ventures, associated companies and other shareholdings

1,110

911

 

598

433

Loans and interest receivables

140

17

 

111

2

Derivatives with positive fair values

399

309

 

431

332

Receivables from finance leases

29

 

21

Insurance compensation received

11

11

 

10

10

Other

449

306

 

512

274

Other receivables and assets which qualify as financial instruments

2,138

1,554

 

1,683

1,051

Prepaid expenses

248

199

 

228

189

Defined benefit assets

47

 

41

Tax refund claims

702

668

 

1,019

992

Employee receivables

78

53

 

60

51

Precious metal trading positions

858

858

 

955

955

Other

435

298

 

380

217

Other receivables and assets which do not qualify as financial instruments

2,368

2,076

 

2,683

2,404

Other receivables and assets

4,506

3,630

 

4,366

3,455

The increase in short-term receivables from joint operations, joint ventures, associated companies and other shareholdings primarily arose from increased receivables from NEL Gastransport GmbH, Kassel, Germany, and from the deconsolidation of GASCADE Gastransport GmbH, Kassel, Germany. The receivables mainly include short-term loans and interest receivables from joint operations, joint ventures, associated companies and other shareholdings amounting to €750 million and long-term loans and interest receivables amounting to €182 million.

In 2013, prepaid expenses included prepayments for operating expenses of €71 million (2012: €86 million) as well as prepayments for insurance premiums of €25 million (2012: €24 million).

The decrease in other receivables from tax refund claims was primarily due to the collection of prior-year tax refund claims in Norway.

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 decrease in the precious metal trading positions was primarily due to lower precious metal prices.

In other receivables which qualify as financial instruments, financial receivables such as receivables from the sale of assets are reported. The decrease is mainly due to reduced receivables in connection with investment projects carried out with a partner of BASF.

The increase in other receivables which do not qualify as financial instruments was largely attributable to the receivables from the Argentinian government in connection with the new gas price scheme (NGPS).

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Valuation allowances for doubtful receivables 2013 (million €)

 

Balance as of January 1, 2013

Additions recognized in income

Reversals recognized in income

Additions not re­cognized in income

Reversals not re­cognized in income

Balance as of December 31, 2013

Accounts receivable, trade

335

72

39

24

71

321

Other receivables

100

1

5

28

23

101

Total

435

73

44

52

94

422

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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

424

81

60

10

120

335

Other receivables

46

1

89

34

100

Total

470

81

61

99

154

435

In comparison with the previous year, there were no expected major payment defaults by a customer in 2013 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 2013, after being individually assessed for impairment, valuation allowances of €50 million were recognized for trade accounts receivable and €18 million reversed. After being individually assessed for impairment, valuation allowances of €1 million for other receivables were recognized in the income statement and €5 million reversed. In 2012, after being individually assessed for impairment, valuation allowances of €49 million for trade accounts receivable and €37 million reversed. After being individually assessed for impairment, valuation allowances of €1 million were reversed and recognized in the income statement. Contractual conditions of receivables were not renegotiated to any major extent in 2013 and 2012.

Overdue trade accounts receivable which have not been individually assessed for impairment were included in credit insurance policies in the amount of €148 million on December 31, 2013 (December 31, 2012: €150 million).

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Aging analysis of trade accounts receivable (million €)

 

2013

 

2012

 

Gross value

Valuation allowances

 

Gross value

Valuation allowances

Not yet due

8,624

28

 

8,509

47

Past due less than 30 days

532

1

 

605

3

Past due between 30 and 89 days

131

8

 

170

7

Past due more than 90 days

410

284

 

557

278

Total

9,697

321

 

9,841

335

As of December 31, 2013, there were no material other receivables classified as financial instruments that were overdue and for which no valuation allowance was made.