Engineering

3.6 Consolidated financial statements Notes Notes to to the the consolidated financial financial statements
As of the reporting date trade accounts receivable were as follows:
million €
Carrying
amount thereof: thereof: not impaired but past due as of balance sheet date thereof:
Trade
accounts
receivable
neither
impaired nor
past due as
of balance
sheet date
past due
up to 30 days
past due
31 to 60 days
past due
61 to 90 days
past due
91 to 180
days
past due
181 to 360
days
past due
more than
360 days
160
impaired
as of balance
sheet date
Sept. 30, 2010 5,882 4,975 364 110 65 105 55 47 161
Sept. 30, 2011 5,059 4,238 324 96 63 98 56 48 136
Amounts due from customers for construction work are calculated as
follows:
million €
Sept. 30,
2010
Sept. 30,
2011
Contract costs incurred and
recognized contract profits
(less recognized losses) 2,374 3,252
Less advance payments received (1,759) (2,456)
Total 615 796
Advanced payments received are collateralized by assets of €395
million (2010: €177 million). Sales from construction contracts of
€6,682 million were recognized in the period (2009/2010: €6,101
million).
11 Other financial assets
million €
The Group primarily sells credit insured trade accounts receivable
under existing programs on a revolving basis as well as under one-time
transactions.
The amount of receivables sold and derecognized from the balance
sheet as of September 30, 2011, was €89 million (2010: €341
million), resulting in net proceeds in the amount of €88 million
(2009/2010: €339 million). In some cases, when the Group sells
receivables it retains rights and immaterial obligations; these retained
interests mainly consist of servicing as well as providing limited cash
reserve accounts. The recognized assets and provided guarantees
which serve as a cash reserve account amounted to €3 million (2010:
€16 million) as of September 30, 2011.
Sept. 30, 2010 Sept. 30, 2011
current non-current current non-current
Loans and receivables 350 56 353 17
Available-for-sale financial assets 9 71 6 54
Derivatives that do not qualify for hedge accounting (Financial assets held for trading) 172 — 137 —
Derivatives that qualify for hedge accounting 154 — 82 —
Total 685 127 578 71
Other financial assets in the amount of €107 million (2010: €157 million) have a remaining term of more than 1 year. As of September 30, 2011
cumulative impairments amount to €18 million (2010: €41 million) regarding current other financial assets and €50 million (2010: €44 million)
regarding non-current other financial assets.