Trade receivables amounting to EUR 418.6 million (March 31, 2009: EUR 382.5 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 of the credit insurance (range from 10% to 30%). At the balance sheet date, the maximum risk from the contingent liability amounts to EUR 50.5 million.
