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Kabel Deutschland GmbH Notes to the consolidated financial statements 29 3. Notes to the Consolidated Statement of Financial Position 3.1 Cash and Cash Equivalents March 31, 2010 March 31, 2009 March 31, 2008 T€ T€ T€ Cash at banks 267,638 51,883 15,435 Cash in hand 34 39 28 267,672 51,922 15,463 Cash and cash equivalents are primarily comprised of cash at banks and cash in hand. The significant increase in cash at banks in the fiscal year ended March 31, 2010 is partly due to the subsequent purchase price reimbursement with respect to the Orion Acquisition (T€ 58,571) and repayments of shareholder loans (T€ 32,303) as well as due to optimized net working capital and higher free cash flow. Cash at bank in an amount of T€ 265,468, T€ 43,950 and T€ 13,940 were pledged in accordance with the Senior Credit Facility Agreement (see Section 3.11 Financial Liabilities) as of March 31, 2010, March 31, 2009 and March 31, 2008, respectively. 3.2 Trade Receivables March 31, 2010 March 31, 2009 March 31, 2008 T€ T€ T€ Gross Trade receivables 122,682 159,824 215,206 Bad debt allowance -34,727 -53,245 -84,328 Trade Receivables 87,955 106,579 130,878 Balance at Beginning of Period Provision for Bad Debt Deduction/ Write-Offs and other Charges Balance at End of Period T€ T€ T€ T€ Fiscal Year ended March 31, 2010 Allowance for doubtful accounts -53,245 -7,420 25,938 -34,727 Fiscal Year ended March 31, 2009 Allowance for doubtful accounts -84,328 -18,899 49,982 -53,245 Fiscal Year ended March 31, 2008 Allowance for doubtful accounts -59,313 -39,324 14,309 -84,328 Gross trade receivables and bad debt allowance decreased partly due to improvements
Kabel Deutschland GmbH Notes to the consolidated financial statements 30 in the dunning and collection process. As of March 31, the analyses of trade receivables that were past due but not impaired were as follows: in T€ Not past due Net carrying amount past due but not impaired at the reporting date less than 30 days 31 - 60 days 61 - 90 days more than 90 days Total past due Total March 31, 2010 44,344 19,301 9,512 10,299 4,499 43,611 87,955 March 31, 2009 44,390 27,259 9,820 9,625 15,485 62,189 106,579 March 31, 2008 48,220 47,173 8,033 5,444 22,008 82,658 130,878 Receivables with an invoice amount of in total T€ 23,090, T€ 31,830 and T€ 50,739, excluding VAT, at March 31, 2010, March 31, 2009 and March 31, 2008, respectively, were individually determined to be impaired and were written off by 100 %. Accounts receivable past due but not impaired are expected to ultimately be collected. Also no indications of defaults are recognizable for accounts receivable that are neither past due nor impaired. Trade receivables of Kabel Deutschland Vertrieb und Service GmbH & Co. KG with a carrying amount of T€ 81,771, T€ 95,484 and T€ 116,984 were pledged as security in accordance with the Senior Credit Facility Agreement (see Section 3.11 Financial Liabilities) as of March 31, 2010, March 31, 2009 and March 31, 2008, respectively. 3.3 Inventories March 31, March 31, March 31, 2010 2009 2008 T€ T€ T€ Raw materials, consumables and supplies 3,829 4,590 6,138 Work in process 114 790 74 Finished goods and merchandise 8,504 10,549 19,989 thereof carried at net realizable value 72 430 1,293 12,447 15,929 26,201 Depending upon specified use, customer premise equipment (CPE), included above in finished goods and merchandise, is recognized as capital expenditures (“capex”) or operational expenditures (“opex”) at the time the item is put into service. The Group capitalizes the CPE as fixed assets when it is leased to the customer. The Group expenses CPE when it is purchased by the customer. Costs for maintenance and substitution of CPE are also expensed.
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Audit opinion We have audited the c
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