Merck 2014 Annual Report Download - page 206
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201CONSOLIDATED FINANCIAL STATEMENTS → Notes to the Group accounts
(37) TRADE ACCOUNTS RECEIVABLE
Trade accounts receivable amounting to €2,235.6 million (2013:
2,021.4 million) exclusively existed vis-à-vis third parties.
Trade accounts receivable past due were as follows:
€ million Dec. 31, 2014 Dec. 31, 2013
Neither past due nor impaired 1,808.8 1,542.1
Past due, but not impaired
up to 3 months 143.3 127.5
up to 6 months 13.5 6.5
up to 12 months 5.8 2.8
up to 24 months 5.1 3.4
over 2 years 0.5 0.4
Impaired 258.6 338.7
Carrying amount 2,235.6 2,021.4
The corresponding allowances developed as follows:
€ million 2014 2013
January 1 – 136.8 – 154.8
Additions – 41.5 – 46.5
Reversals 41.8 42.1
Utilizations 9.7 20.1
Currency translation and other changes 0.6 2.3
December 31 – 126.2 – 136.8
Due to the broad range of products of the Group, trade accounts
receivable exist vis-à-vis a large number of customers. This diver-
sification helps to reduce risk with respect to potential defaults on
receivables. In addition, established credit management processes
that take individual customer risks into account are used to assess
the recoverability of receivables. If there are indications that indi-
vidual trade accounts receivable are partly or fully impaired, cor-
responding allowances are recognized.
In the period from January 1 to December 31, 2014 trade receiv-
ables in Italy with a nominal value of €104.9 million were sold for
€102.0 million. Previous impairments in this context amounting
to €5.2 million were reversed and disclosed under other operating
income. The sold receivables do not involve any further rights of
recovery against the company.