DHL 2010 Annual Report Download - page 205

to establish whether an impairment loss needs to be charged on
the positive fair values due to the individual counterparties’ credit
quality.  is was not the case for any of the counterparties as at
 December .
Default risks are continuously monitored in the operating busi-
ness.  e aggregate carrying amounts of  nancial assets represent the
maximum default risk. Trade receivables amounting to  , mil-
lion (previous year:  , million) are due within one year.  e
following table gives an overview of receivables that are past due:
 
 e credit risk incurred by the Group is the risk that counter-
parties fail to meet their obligations arising from operating activi-
ties and from  nancial transactions. To minimise credit risk from
 nancial transactions, the Group only enters into transactions with
prime-rated counterparties.  e Group’s heterogeneous customer
structure means that there is no risk concentration. Each counter-
party is assigned an individual limit, the utilisation of which is
regularly monitored. A test is performed at the balance sheet dates
Trade receivables changed as follows:
All other  nancial instruments are neither past due nor im-
paired.  e heterogeneous structure of the counterparties prevents
risk concentration. Other assets are expected to be collectible at
any time.
 m Past due at reporting date and not impaired
Carrying
amount
before
impairment
loss
Neither impaired
nor due as at
the reporting date
Less than
30days
31 to
60days
61 to
90days
91 to
120days
121 to
150days
151 to
180days > 180 days
As at  December 
Trade receivables 6,242 4,133 900 514 197 97 51 19 34
As at  December 
Trade receivables 5,135 3,304 727 534 166 86 29 20 15
 m
2009 2010
Gross receivables
As at  January 5,788 5,135
Changes – 653 1,107
As at  December 5,135 6,242
Valuation allowances
As at  January –197 –254
Changes –57 23
As at  December –254 –231
Carrying amount as at  December 4,881 6,011
. Collateral
  million (previous year:   million) of collateral is rec-
ognised in non-current  nancial assets as at the balance sheet date.
Among other things, this relates to the planned sale of Postbank
shares. Deutsche Post  is required to deposit payments from
hedging transactions already settled as part of the sale of Deutsche
Bank shares as collateral with Deutsche Bank .  e collateral
deposited is released when the mandatory exchangeable bond is
exercised in February . Other collateral relates to the settle-
ment of residential building loans and existing leases.
Collateral of   million is recognised in current  nancial
assets (previous year:   million).  e bulk of this relates to col-
lateral as part of the  leases.
In addition, Deutsche Post  pledged ,, shares of
Deutsche Postbank  to Deutsche Bank .  e collateral for
 million shares is released when the mandatory exchangeable
bond is exercised; for the remaining ,, shares it is released
when one of the options is exercised (see market risk).
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Other disclosures
191