Consolidated Financial Statements - L. Possehl & Co. mbH

42
Current assets
16. Inventories
Consolidated Financial Statements
in €T 12/31/2005 12/31/2004
1. Raw materials and supplies 31,018 18,619
2. Work in progress,
unfi nished services 12,275 13,740
3. Finished products and goods 99,802 60,096
4. Prepayments 5,212 7,826
148,307 100,281
Inventories are carried at the lower of cost or market. Write-downs for
inventory risks stemming from the time of storage and reduced realizable
values are accounted for to a reasonable extent. The rule of lossfree
valuation is accounted for. In addition to the cost of materials and
individual labor costs, the costs of production include reasonable production
overhead.
The precious metals inventories are valued pursuant to the principle of
lower of cost or market applying the LIFO method.
The prepayments of € 92,530,000 received on orders (previous year:
€ 4,112,000) were directly offset against fi nished products and goods.
Notes
17. Receivables and other assets
in €T 12/31/2005 12/31/2004
1. Accounts receivable 150,559 123,484
2. Other receivables
and other assets
Receivables due from
associated companies
Receivables due from companies
with which the company is linked
1 1,663
by participating interests 1,274 1,099
Other assets
thereof with a term of
19,513 22,486
more than 1 year (1,164) (1,127)
20,788 25,248
Accounts receivable and other assets are carried at nominal values less
adjustments for identifi able individual risks. In addition to individual
adjustments on accounts receivable of € 4,274,000 (previous year:
€ 2,296,000), the general credit risk is covered by a general provision
for doubtful accounts of € 2,739,000 (previous year: € 2,638,000).
The other assets mainly include tax reimbursement claims from corporate,
withholding and sales taxes in the overall amount of € 9,172,000
(previous year: € 11,490,000).
18. Marketable securities
The statement of securities pertains to the shares in Süd-Chemie AG
reclassifi ed from the fi xed assets and disposed of at the beginning of
the coming fi scal year and is drawn up at the Group acquisition costs.