Trade receivables amounting to EUR 709.4 million (March 31, 2012: EUR 691.0 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 generally assumes a contingent liability in the amount of the deductible (mostly 10%) of the credit insurance. Since the likelihood of a liability claim in event of default is extremely low, the fair value of this risk is assessed at zero. At the reporting date, the maximum risk from the contingent liability amounts to EUR 69.3 million (March 31, 2012: EUR 69.1 million).
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