28. Disclosures of transactions not recorded in the statement of financial position

Trade receivables amounting to EUR 674.2 million (March 31, 2013: EUR 709.4 million) were sold and derecognized. With regard to factoring, credit insured and non-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 of credit insured trade receivables generally assumes a contingent liability in the amount of the deductible (range between 10% and 30%) 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 62.2 million (March 31, 2013: EUR 69.3 million).