Trade receivables amounting to EUR 691.0 million (March 31, 2011: EUR 614.2 million) were sold and derecognized. With regard to factoring, credit insured trade receivables are assigned to banks at 100% of their nominal value, whereby the acquiring banks assume the default risk (del credere risk and political risk); moreover, the power of disposition is transferred to the buyer of the receivables. The seller assumes a contingent liability in the amount of the deductible (mostly 10%) of the credit insurance. At the reporting date, the maximum risk from the contingent liability amounts to EUR 69.1 million (March 31, 2011: EUR 68.3 million).
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