palfinger at a glance
palfinger at a glance
palfinger at a glance
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noteS TO THE CONSolid<strong>at</strong>ed FINANCIAL St<strong>at</strong>ementS<br />
conSolid<strong>at</strong>ed FINANCIAL St<strong>at</strong>ementS FOR THE Year ENDED 31 DECEMBER 2011<br />
(21) MEASurement OF RECEIVABLES<br />
Besides standardized measurement of receivables on the basis of experience regarding days overdue and country<br />
risk, the probability of receiving payment is taken into consider<strong>at</strong>ion by means of specific bad-debt allowances.<br />
In doing so, primarily previous experience with the respective customers, their creditworthiness and available<br />
coll<strong>at</strong>eral, if any, are taken into account.<br />
In the 2011 financial year, bad-debt allowances amounting to EUR 5,503 thousand (previous year:<br />
EUR 6,972 thousand) were reported.<br />
(22) MEASurement OF INVENTORIES<br />
A standardized obsolescence measurement method was implemented in order to allow for the risk of obsoleteness.<br />
This method considers not only actual and planned consumption, minimum inventories and determin<strong>at</strong>ions of days<br />
stock on hand, but also altern<strong>at</strong>ive uses of m<strong>at</strong>erials. In addition, the commercial benefit of the existing inventories<br />
is reviewed on a case-by-case basis and, if necessary, additional impairment losses are recorded on the basis of longterm<br />
storage, limited sales channels or defects in quality. In addition, a system<strong>at</strong>ic review of finished goods is carried<br />
out with a view to achieving a loss-free measurement, which is basically characterized by the expected sales prices,<br />
currency developments, the time of selling and the costs yet to be expected.<br />
Further details on impairment losses recognized for inventories are presented in Note (33) Inventories.<br />
(23) LIABILITIES FROM PUTTABLE NON-controlling INTERESTS<br />
This item comprises puttable and fixed-term interests th<strong>at</strong> are reported <strong>at</strong> fair value. As their fair value depends on<br />
the development of earnings of the entities concerned, a change in fair value may become necessary should the<br />
development be different than expected. For details, refer to the explan<strong>at</strong>ions regarding financial instruments.<br />
(24) OTHER NON-current PROVISionS<br />
The item other non-current provisions comprises purchase price portions not yet fallen due th<strong>at</strong> depend on the<br />
future development of the earnings and/or revenue of the acquired entities. Therefore, a change in the expected<br />
underlying values may result in an adjustment of the reported values through profit and loss. For details, refer to<br />
Note 43 and the explan<strong>at</strong>ions regarding financial instruments.<br />
(25) CHANGES IN EStim<strong>at</strong>eS<br />
No major changes in estim<strong>at</strong>es were made in the 2011 financial year.<br />
<strong>palfinger</strong> Annual Report 2011<br />
135
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