AMPER, SA and Subsidiaries Consolidated Financial Statements for ...

10. Trade and other receivables
The composition of this heading at 31 December 2011 and 2010 is as follows:
(Thousands of Euros)
31.12.11 31.12.10
Trade receivables for sales 14,880 89,828
Trade receivables for sales not yet billed 19,200 15,043
Corporate tax
Input VAT
Current taxes on foreign companies
87
153
7,742
26
127
4,765
Tax Assets 7,982 4,918
Other receivables 7,130 4,125
Valuation adjustment (11,407) (2,801)
Total 164,785 111,113
Provisions were allocated for estimated irrecoverable sums from the sale of assets. The provision was
determined taking defaults in other years as a reference, adapted to the current year on the basis of the
Company's best estimates. At 31 December 2011, there were no past-due unimpaired receivables.
The average trade receivable collection period is 124 days. Interest is not charged on receivables.
Receivables include sums due for which the Group has not made a provision for credit insolvency,
because it is not considered that there has been any impairment in the quality of these credits and the
sums are considered recoverable. In any event, it is considered that non-provisional debts over 180
days are not significant, and these mainly correspond to public bodies or private companies with high
credit ratings. Among other things, the credit risk is mitigated by the fact that the Company uses
factoring for a certain volume of receivables.
The Administrators consider that the book values of trade and other receivables approximate their fair
value.
At 31 December 2011 and 2010, the controlling company has factoring agreements without recourse
with a number of financial entities. This allows it to discount the sums of invoices issued to certain
customers, with the limits and characteristics indicated below:
Limit
(Thousands of Euros)
Available balance
Al 31.12.11 Al 31.12.10
Factoring without recourse (*)
72,600 38,546 72,371
Total 72,600 38,546 72,371
(*) This sum has been eliminated from receivables
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