PDF, 1.2 MB - Pfleiderer AG

88 being focused: being better
IV. Notes to the Consolidated Balance Sheet
1. Cash and cash equivalents
2. Other short-term assets
3. Trade receivables
As of December 31, 2002 cash and cash equivalents stood at 58,242 thousand euros (2001:
55,753 thousand euros). Cash and cash equivalents include checks, cash and bank balances
with an initial maturity of up to three months.
The decline in accounts receivable from affiliated companies reflects repayments of short-term
interest-bearing loans extended to Pfleiderer Unternehmensverwaltung GmbH & Co. KG.
Other assets include receivables from the disposal of discontinued operations.
Trade receivables are as follows
Dec. 31, 2002 Dec. 31, 2001
‘000 euros ‘000 euros
Trade receivables 94,828 147,098
Tax reimbursement claims 25,594 20,101
Accounts receivable from affiliated companies 245 18,789
Other 25,645 15,326
Total 146,312 201,314
Dec. 31, 2002 Dec. 31, 2001
‘000 euros ‘000 euros
Trade receivables 108,760 163,199
less individual valuation adjustments 13,226 15,220
less lump sum valuation adjustment 706 881
Receivables, net 94,828 147,098
All receivables have a term to maturity of up to one year.
Appropriate lump sum valuation adjustments based on past experience have been made
to cover general credit risks.
As of December 31, 2002, the Company sold receivables amounting to 43,889 thousand
euros (2001: 11,085 thousand euros). The Company also had a retained interest from these
sales, including the provision of processing services. The Group only sells receivables covered
by credit insurance. Expenses of 2,449 thousand euros (2001: 1,058 thousand euros) were
incurred in connection with the sales of receivables. Most of these expenses relate to interest
payments shown under financial result in the consolidated statement of income.