Mercedes 2010 Annual Report Download - page 207
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Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 203
19. Trade receivables
At December 31,
2010 2009
In millions of euros
Gross carrying amount 7,598 5,675
Allowances for doubtful accounts -406 -390
Carrying amount, net 7,192 5,285
As of December 31, 2010, €25 million of the trade receivables
mature after more than one year (2009: €8 million).
Allowances. Changes in the allowance account for trade
receivables were as follows:
2010 2009
In millions of euros
Balance at January 1 390 620
Charged to costs and expenses 86 50
Amounts written off -73 -281
Currency translation and other changes 31
Balance at December 31 406 390
The total expenses relating to the impairment losses of trade
receivables amounted to €176 million in 2010 (2009: €186 million).
Credit risks. The following chart gives an overview of credit
risks included in trade receivables:
At December 31,
2010 2009
In millions of euros
Receivables neither past due nor impaired
individually
4,327
3,026
Receivables past due, not impaired individually
less than 30 days 665 512
30 to 59 days 153 110
60 to 89 days 51 62
90 to 119 days 48 34
120 days or more 308 394
Total 1,225 1,112
Receivables impaired individually 1,640 1,147
Carrying amount, net 7,192 5,285
Receivables not subject to an individual impairment assessment
are grouped and subject to collective impairment allowances to
cover credit losses.
Further information on financial risk and nature of risks is
provided in Note 31.
Sale of receivables. Based on market conditions and liquidity
needs, Daimler may sell portfolios of trade receivables to third
parties. At the time of the sale, Daimler determines whether the
legally transferred receivables meet the criteria for derecogni-
tion in conformity with the appropriate provisions. If the criteria
are not met, the receivables continue to be recognized in the
Group’s consolidated statement of financial position.
As of December 31, 2010, the carrying amount of trade receivables
sold, but not derecognized for accounting purposes amounted
to €83 million (2009: €38 million). For information on the liabilities
related to sold but not derecognized receivables, see Note 24.