Audi 2007 Annual Report Download - page 218
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215
35 Management of financial risks
Credit risk
The credit risk from financial assets comprises the risk of default by a contractual party and
therefore does not exceed the positive fair values of these assets. The risk from originated
financial instruments is covered by value adjustments. The contractual partners for cash
and capital investments, as well as currency and raw materials hedging instruments, have
impeccable creditworthiness. Over and above this, the risks are restricted by a limit system
that is based on the credit ratings of international rating agencies.
The quality of financial assets by category is presented in the following table:
EUR million Gross
carrying
amount
2007
Neither
overdue
nor
impaired
Overdue,
not
impaired
Impaired Gross
carrying
amount
2006
Neither
overdue
nor
impaired
Overdue,
not
impaired
Impaired
Trade receivables 2,163 1,353 787 23 1,854 1,237 603 14
Other receivables 1,525 1,448 66 11 712 647 54 11
Borrowings 312 311 0 1 24 23 0 1
Other 1,213 1,137 66 10 688 624 54 10
Total 3,688 2,801 853 34 2,566 1,884 657 25
The Audi Group’s trading partners, borrowers and debtors are regularly monitored under
the risk management system. All receivables that are neither overdue nor impaired, amount-
ing to EUR 2,801 (1,884) million, are allocable to risk category 1. Risk category 1 is the high-
est rating category within the Volkswagen Group; it includes “customers of high creditwor-
thiness” exclusively.
Analysis of gross carrying amounts of overdue, unimpaired financial assets by maturity
date:
EUR million Overdue, not
impaired
Overdue
Dec. 31, 2007
Up to
30 days 30 to 90 days
More than
90 days
Trade receivables 787 661 51 75
Other receivables 66 46 9 11
Borrowings 0 0 – –
Other 66 46 9 11
Total 853 707 60 86