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INDEX INDEXNotesNotesDKK '000 31.12.11 31.12.1014. Equity investments in associatesCost as at 1 January 33,100 0Reclassified from discontinuing operation 0 25,100Addition relating to the purchase of equity investments 0 8,000Cost as at 31 December 33,100 33,100Value adjustments as at 1 January -33,100 0Value adjustments for the year in respect of share of net profit/loss (38%) 0 -19,217Impairment losses for the year 0 -13,883Value adjustments as at 31 December -33,100 -33,100Carrying amount as at 31 December 0 0Equity investments in associates comprise Dantherm Power A/S domiciled in Hobro, Denmark, in which Dantherm's ownership interest amounts to 38%.The 2011 key figures for Dantherm Power A/S are as follows:Dantherm's shareNet profit/Net profit/loss forloss forDKK ‘000 Revenue the year Assets Liabilities Equity the yearDantherm Power A/S 29,715 -37,293 49,171 49,331 0 0DKK '000 31.12.11 31.12.1015. Other securities and equity investmentsCost as at 1 January 547 1,741Disposal in relation to discontinuing operation 0 -1,194Disposals -11 0Cost as at 31 December 536 547Value adjustments as at 1 January -508 -1,352Disposal in relation to discontinuing operation 0 850Disposals -11 0Value adjustments during the year -17 -6Value adjustments as at 31 December -536 -508Carrying amount as at 31 December 0 39Financial assets classified as held for sale in 2010 comprise listed and unlisted shares calculated at fair value.16. InventoriesRaw materials and consumables 46,813 41,288Work in progress 9,958 10,818Manufactured goods and goods for resale 55,071 42,038Total inventories 111,842 94,144DKK '000 31.12.11 31.12.1017. ReceivablesLong-term receivablesReceivables from associates 9,120 0Other receivables 1,000 0Total long-term receivables 10,120 0Receivables falling due after 12 months 10,120 0Short-term receivablesTrade receivables 80,153 74,275Receivables from associates 1,551 2,452Other receivables 8,931 13,772Total short-term receivables 90,635 90,499Write-downs offset against the above-mentioned amounts 964 1,158It is estimated that the carrying amount of receivables corresponds to the fair value of both short-term and long-term receivables. No security has beenprovided for receivables. Upon write-down of a debtor, the entire receivable is written down.Write-downs included in the above-mentioned receivables have developed as follows:Write-downs as at 1 January 1,158 22,687Disposal in relation to discontinued operations 0 -19,829Loss realised during the year -258 208Net change in provision 64 -1,908Write-downs as at 31 December 964 1,158Credit risksThe group does not have any significant risks relating to a single customer or partner. The group's policy for taking on credit risks means that all majorcustomers and partners are credit rated on a continuous basis.Of the total debtor balance as at 31 December 2011, 64% is insured against losses (2010: 54%). The maximum credit risk represents approx. 54% of thetotal long-term and short-term receivables.The geographical distribution of the net value of trade receivables is as follows:DKK '000 31.12.11 31.12.10Denmark 6,849 7,159EU contries 43,659 41,816Asia 12,588 16,736USA 4,167 3,345Other countries 14,441 7,671Total receivables 81,704 76,727The following maturities apply to trade receivables:Not due 75,186 70,5421-2 months overdue 3,882 4,2482-3 months overdue 506 1,2633 months or more overdue 2,130 674Total 81,704 76,72768 Dantherm Annual Report 2011 Annual Report 2011 Dantherm 69