Credit risk refers to financial losses that may occur through non-fulfillment of contractual obligations by business partners.
The credit risk of the underlying transactions is kept low by precise management of receivables. A high percentage of delivery transactions is covered by credit insurance. Bankable security is also provided, such as guarantees and letters of credit.
The following receivables, for which no impairment has been recorded, were past due as of the reporting date:
| (XLS:) Download |
|
Receivables that are past due but not impaired |
|
|
|
|
|
|
|
03/31/2011 |
|
03/31/2012 |
|
|
|
|
|
|
|
Up to 30 days past due |
|
145.3 |
|
174.9 |
|
31 to 60 days past due |
|
39.5 |
|
44.8 |
|
61 to 90 days past due |
|
13.5 |
|
25.3 |
|
91 to 120 days past due |
|
7.2 |
|
10.8 |
|
More than 120 days past due |
|
18.2 |
|
19.7 |
|
Total |
|
223.7 |
|
275.5 |
|
|
|
|
|
|
|
|
|
In millions of euros | ||
The following impairment was recorded for receivables of voestalpine AG during the reporting period:
| (XLS:) Download |
|
Impairment for receivables |
|
|
|
|
|
|
|
2010/11 |
|
2011/12 |
|
|
|
|
|
|
|
Opening balance as of April 1 |
|
45.4 |
|
46.5 |
|
|
|
|
|
|
|
Additions |
|
17.5 |
|
9.9 |
|
Net exchange differences |
|
–0.4 |
|
0.0 |
|
Changes in the scope of consolidated financial statements |
|
–0.1 |
|
0.6 |
|
Reversal |
|
–9.3 |
|
–9.6 |
|
Use |
|
–6.6 |
|
–5.6 |
|
Closing balance as of March 31 |
|
46.5 |
|
41.8 |
|
|
|
|
|
|
|
|
|
In millions of euros | ||
As most of the receivables are insured, the risk of bad debt losses is limited. The maximum loss, which is theoretically possible, equals the amount at which the receivables are stated in the statement of financial position.
The management of credit risk from investment and derivative transactions is governed by internal guidelines. All investment and derivative transactions are limited for each counterparty, with the size of the limit dependent on the rating of the bank.
The credit risk for derivative financial instruments is limited to transactions with a positive market value and to the replacement cost of such transactions. Therefore, derivative transactions are only valued at their positive market value up to this limit. Derivative transactions are exclusively based on standardized master agreements for financial forward transactions.
| (XLS:) Download |
|
Breakdown of investments at financial institutions by rating classes | ||||||||||
|
|
|
AAA |
|
AA |
|
A |
|
BBB |
|
NR |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds |
|
80 |
|
175 |
|
141 |
|
19 |
|
14 |
|
Money market investments excl. account credit balances |
|
0 |
|
154 |
|
285 |
|
0 |
|
0 |
|
Derivatives1 |
|
0 |
|
8 |
|
18 |
|
2 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Only positive market value |
|
|
|
|
|
|
|
In millions of euros | ||
