The remaining 26,417,432 Postbank shares (third tranche) are to be measured at fair value upon the exercise of the mandatory exchangeable bond. They are recognised in the category “Financial assets recognised at fair value through profit or loss”. From that point of time, fair value changes in the shares and options are offset in net finance costs/net financial income.
The credit risk incurred by the Group is the risk that counterparties fail to meet their obligations arising from operating activities and from financial transactions. To minimise credit risk from financial transactions, the Group only enters into transactions with prime-rated counterparties. Given the Group’s heterogeneous customer structure, there is no risk concentration. Each counterparty is assigned a counterparty limit, the use of which is regularly monitored. An impairment test is performed at the balance sheet dates to see whether, due to the individual counterparties’ credit rating, an impairment loss is to be recognised for the positive fair values. This was not the case for any of the counterparties as at 31 December 2009.
Default risks are continuously monitored in the operating business. The aggregate carrying amounts of financial assets represent the maximum default risk. Trade receivables amounting to €4,881 million (previous year: €5,591 million) are due within one year. The following table gives an overview of past-due receivables:
|Past due at reporting date and not impaired|
nor due as at the
than 30 days
|> 180 days|
|As at 31 December 2009|
|As at 31 December 2008|
Trade receivables developed as follows:
|As at 1 January||6,595||5,788|
|As at 31 December
|As at 1 January||–218||–197|
|As at 31 December
Carrying amount as at 31 December
All other financial instruments are neither past due nor impaired. The heterogeneous structure of the contractual partners prevents risk concentration. The miscellaneous other assets are expected to be collectible at any time.
€289 million (previous year: €323 million) of collateral is recognised in non-current financial assets as at the balance sheet date, which, among other things, relates to the sale of Postbank shares. Deutsche Post AG is required to deposit payments from hedging transactions already settled as part of the sale of Deutsche Bank shares as collateral with Deutsche Bank AG. The collateral deposited is released upon the exercise of the mandatory exchangeable bond in February 2012. Other collateral relates to the settlement of residential building loans and existing tenancies.
€40 million are recognised in current financial assets (previous year: €10 million). The major part concerns collateral as part of QTE leases.
In addition, Deutsche Post AG pledged 86,417,432 shares of Deutsche Postbank AG to Deutsche Bank AG. The collateral for 60 million shares is released upon the exercise of the mandatory exchangeable bond; for the remaining 26,417,432 shares it is released upon the exercise of one of the options (see market price risk).