PDF, 3.2 MB - Pfleiderer AG

1. Liquid funds
2. Securities classified
as current assets
3. Receivables and
other assets
4. Trade receivables
IV. Notes to the Consolidated Balance Sheet
Liquid funds of 57,663 thousand euros were reported as of December 31, 2004 (2003: 67,154
thousand euros). Liquid funds comprise cash at banks, petty cash balances and short-term deposits
with banks with initial maturities of three months or less.
Securities classified as current assets of 25,065 thousand euros (2003: 0 thousand euros)
mainly comprise Polish treasury bonds of 23,263 thousand euros with a term of three months,
which are held for trading (trading securities) and measured at fair value.
‘000 euros Dec. 31, 2004 Dec. 31, 2003
Trade receivables 63,717 61,211
Tax refunds 4,830 8,049
Receivables from affiliated companies 2,270 2,077
Miscellaneous 8,342 9,196
Total 79,159 80,533
The decline in tax receivables is due to the tax assessment notices received in 2004 and the
associated payment of the credit balance to Pfleiderer AG.
The receivables are made up as follows:
‘000 euros Dec. 31, 2004 Dec. 31, 2003
Trade receivables 81,152 75,939
Less: Specific allowance 6,585 5,775
Less: Lump-sum allowances
Less: Adjustments for price reductions,
93 686
sales bonuses and cash discounts 10,757 8,267
Receivables, net 63,717 61,211
All the receivables have a remaining term of less than a year.
Appropriate lump-sum allowances based on historical experience are recorded in the Business
Segment Infrastructure Technology to cover the general credit risk. Valuation adjustments are
recognized in an adequate amount for bonuses and cash discounts.
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FINANCIAL STATEMENTS/NOTES PFLEIDERER GROUP