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Capital Structure, Investments, and Financing Activities

(42) Management of financial risks

Market fluctuations with respect to foreign exchange and interest rates represent significant profit and cash flow risks for the Group. The Group aggregates these Group-wide risks and steers them centrally, partly by using derivative financial instruments. To estimate existing risks of foreign exchange and interest rate fluctuations, the Group uses scenario analyses. The Group is not subject to any material risk concentration from financial transactions.

The Group uses marketable forward exchange contracts, options and interest swaps as hedging instruments. The strategy to hedge interest rate and foreign exchange rate fluctuations arising from forecast transactions and transactions already recognized in the balance sheet is set by a risk committee, which meets on a regular basis. The use of derivatives is regulated by extensive guidelines and subject to ongoing risk controls by Group Treasury. Speculation is prohibited. The strict separation of functions between trading, settlement and control functions is ensured. Derivatives are only entered into with banks that have a good credit rating. Related default risks are continuously monitored.

The Report on Risks and Opportunities included in the combined management report provides further information on the management of financial risks.

Foreign exchange risks

Owing to the international nature of its business, the Group is exposed to transactional foreign exchange risks within the scope of both its business activities and financing activities. Foreign exchange risks are continuously analyzed, and different hedging strategies used to limit or eliminate these risks.

The entire foreign exchange exposure is divided into several defined subsets with different risk profiles and systematically hedged using suitable hedging instruments. Hedging is performed based on a regularly reviewed basket of currencies. The maximum time horizon for hedging is 12 months.

Foreign exchange risks from the following transactions are economically hedged through the use of foreign exchange contracts and currency options:

  • intragroup financing in non-functional currency, and
  • receivables from and liabilities to third parties in non-functional currency.

Foreign exchange risks from the following transactions are hedged using foreign exchange contracts and currency options applying hedge accounting:

  • forecast transactions in non-functional currency, the expected probability of which is very high for the next 12 months, and
  • firm purchase commitments over the next 12 months in non-functional currency.

The following table shows the net exposure and the effects of transactional exchange rate movements of the key currencies against the euro in relation to the net income and equity of the Group on the balance sheet date:

December 31, 2023

€ million

 

 

 

CHF

 

CNY

 

JPY

 

KRW

 

TWD

 

USD

Net exposure

 

 

 

-593

 

474

 

31

 

294

 

117

 

420

Exchange rate -10% (appreciation vs. €)

 

Consolidated income statement

 

-59

 

47

 

3

 

29

 

12

 

42

 

Equity
(other comprehensive income)

 

2

 

-93

 

-10

 

-9

 

-6

 

-58

Exchange rate +10% (depreciation vs. €)

 

Consolidated income statement

 

59

 

-47

 

-3

 

-29

 

-12

 

-42

 

Equity
(other comprehensive income)

 

-2

 

77

 

9

 

7

 

5

 

52

December 31, 2022

€ million

 

 

 

CHF

 

CNY

 

JPY

 

KRW

 

TWD

 

USD

Net exposure

 

 

 

-591

 

997

 

163

 

216

 

151

 

867

Exchange rate -10% (appreciation vs. €)

 

Consolidated income statement

 

-59

 

100

 

16

 

22

 

15

 

87

 

Equity
(other comprehensive income)

 

 

-61

 

-9

 

-17

 

-15

 

-182

Exchange rate +10% (depreciation vs. €)

 

Consolidated income statement

 

59

 

-100

 

-16

 

-22

 

-15

 

-87

 

Equity
(other comprehensive income)

 

 

42

 

7

 

14

 

12

 

141

In this presentation, effects of cash flow hedges are taken into consideration in the equity of the Group. The net exposure of each of the above currencies consisted of the following components:

  • planned cash flows in the next 12 months in the respective currency, less
  • the nominal values of hedging instruments of these planned cash flows.

The planned cash flows in the next 12 months are analyzed and divided into subsets in accordance with the risk management strategy. In the first subset, 25% of a regularly reviewed basket of currencies is hedged. The second subset hedges a more flexible basket of currencies selected on the basis of hedging costs and correlation with the euro. The hedging strategy achieves an economic hedge ratio of at least 40% across all hedging subsets. Depending on scenario analyses, this can be increased to up to 90% using a rule-based approach. As in the previous year, balance sheet items in the above currencies were economically hedged by derivatives in full if they did not correspond to the functional currency of the respective Group company. Accordingly, they do not affect the net exposure presented above.

The impact of cash flow hedge accounting for forecast transactions in foreign currency was as follows for the major currencies:

December 31, 2023

€ million

 

CNY

 

JPY

 

KRW

 

TWD

 

USD

Notional amount

 

922

 

114

 

78

 

52

 

839

thereof: current

 

922

 

114

 

78

 

52

 

839

thereof: non-current

 

 

 

 

 

Fair Value of the hedging instrument

 

22

 

5

 

1

 

 

6

thereof: positive market values

 

23

 

5

 

1

 

1

 

8

thereof: negative market values

 

-2

 

 

 

-1

 

-2

Maturity profile

 

January 2024 – December 
2024

 

January 2024 – December 
2024

 

January 2024 – December 
2024

 

January 2024 – December 
2024

 

January 2024 – December 
2024

Hedge ratio1

 

1:1

 

1:1

 

1:1

 

1:1

 

1:1

Change in value of outstanding hedging instruments since January 1, 2023

 

22

 

5

 

1

 

 

6

Change in value of hedged item used to determine hedge effectiveness since
January 1, 2023

 

-22

 

-5

 

-1

 

0

 

-6

Weighted average hedging rate

 

7.63

 

146.50

 

1,415.00

 

33.26

 

1.10

1

The hedging instruments and the corresponding hedged items were denominated in the same currency, therefore the hedge ratio was 1:1.

December 31, 2022

€ million

 

CNY

 

JPY

 

KRW

 

TWD

 

USD

Notional amount

 

933

 

92

 

158

 

134

 

3,408

thereof: current

 

933

 

92

 

158

 

134

 

3,408

thereof: non-current

 

 

 

 

 

Fair value of the hedging instrument

 

8

 

2

 

-3

 

5

 

10

thereof: positive market values

 

10

 

2

 

0

 

5

 

45

thereof: negative market values

 

-2

 

0

 

-3

 

0

 

-34

Maturity profile

 

January 2023 – December 
2023

 

January 2023 – December 
2023

 

January 2023 – December 
2023

 

January 2023 – December 
2023

 

January 2023 – December 
2023

Hedge ratio1

 

1:1

 

1:1

 

1:1

 

1:1

 

1:1

Change in value of outstanding hedging instruments since January 1, 2022

 

8

 

2

 

-3

 

5

 

10

Change in value of hedged item used to determine hedge effectiveness since
January 1, 2022

 

-8

 

-2

 

3

 

-5

 

-10

Weighted average hedging rate

 

7.32

 

136.00

 

1,373.00

 

31.16

 

1.07

1

The hedging instruments and the corresponding hedged items were denominated in the same currency, therefore the hedge ratio was 1:1.

In addition to the transactional foreign exchange risks described previously, currency translation risks resulted from the fact that many of the Group’s subsidiaries are located outside the euro area and have functional currencies other than the reporting currency. Exchange differences resulting from translation of the assets and liabilities of these companies into euro, the reporting currency, are recognized in equity.

Interest rate risks

The Group’s net exposure to interest rate changes comprised the following:

€ million

 

Dec. 31, 2023

 

Dec. 31, 2022

Short-term or variable interest rate monetary deposits

 

2,403

 

2,083

Short-term or variable interest rate monetary borrowings

 

-625

 

-1,228

Net interest rate exposure

 

1,778

 

855

The effects of a parallel shift in the yield curve by +100 or -100 basis points on the consolidated income statement, as well as on equity relative to all short-term or variable monetary deposits and monetary borrowings within the scope of IAS 32, except contingent considerations, are presented in the following table. In the event of a downward shift, the interest rate for instruments subject to a contractual interest rate floor of zero percent was limited accordingly:

€ million

 

2023

 

2022

Change in market interest rate

 

+100
basis points

 

-100
basis points

 

+100
basis points

 

-100
basis points

Effects on consolidated income statement

 

21

 

-21

 

17

 

-17

Effects on equity (other comprehensive income)

 

 

 

 

Electricity price risks

As part of the implementation of its sustainability strategy, the Group has concluded so-called virtual power purchase agreements in order to cover the purchased electricity volumes in Europe and the United States with energy certificates from renewable sources. At the reporting date, agreements were in place with wind and solar farm operators in the United States and Spain. With the exception of a wind farm in the United States, the other wind and solar farms in Spain and the United States were still under construction. The fundamental structure of all of the agreements was identical, involving a fixed exercise price for the Group and the assumption of the exposure from variable spot energy prices in the respective market regions. The Group receives green electricity certificates for the volumes of electricity produced and attributed to the Group. The Group uses the certificates it receives solely for itself. The agreements have remaining terms of between 10 and 17 years as of the reporting date.

In financial terms, the most important agreement is the one concluded between the Group and a wind energy project developer in the United States for an installed capacity attributable to the Group of 68 megawatts. The wind farm was commissioned in fiscal 2022. The fair value of the agreement was € 44 million as of the end of the reporting period (2022: € 50 million). The electricity price of around 40% of the expected production volume under this virtual power purchase agreement is hedged by a separate hedging instrument. Consequently, the net effect of the fixed price for the virtual power purchase agreement is zero for this quantity. The accounting provisions on hedge accounting were not applicable.

In total, the agreements including the hedging instrument resulted in a net gain on fair value measurement of € 3 million (2022: € 16 million) that was recognized in other operating income.

A change in the material valuation parameters would have had the following impact on the fair value of the agreements excluding the hedging instrument:

December 31, 2023

 

 

Change in expected future electricity prices

 

Change in expected annual production volume

 

Change in cost of capital after tax

 

 

percentage points

 

percentage points

 

percentage points

€ million

 

+10

 

-10

 

+10

 

-10

 

+1

 

-1

Change in the fair value of the virtual power purchase agreements

 

19

 

-19

 

6

 

-6

 

-3

 

3

December 31, 2022

 

 

Change in expected future electricity prices

 

Change in expected annual production volume

 

Change in cost of capital after tax

 

 

percentage points

 

percentage points

 

percentage points

€ million

 

+10

 

-10

 

+10

 

-10

 

+1

 

-1

Change in the fair value of the virtual power purchase agreements

 

9

 

-9

 

5

 

-5

 

-2

 

2

Liquidity risks

The risk that the Group cannot meet its payment obligations resulting from financial liabilities is limited by establishing the required financial flexibility and by Group-wide cash management. Information on issued bonds and other sources of financing can be found in Note (37) “Financial debt/Capital management”.

Liquidity risks are monitored and reported to management on a regular basis.

The following liquidity risk analysis presents the undiscounted, contractually fixed cash flows such as repayments and interest on financial liabilities and the net cash flows of derivatives with a negative fair value:

December 31, 2023

 

 

 

 

Cash flows <1 year

 

Cash flows 1 – 5 years

 

Cash flows >5 years

€ million

 

Carrying amount

 

Interest

 

Repayment

 

Interest

 

Repayment

 

Interest

 

Repayment

Subsequent measurement at amortized cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bonds and commercial paper1

 

7,802

 

-164

 

-1,000

 

-241

 

-4,888

 

-63

 

-1,934

Bank loans

 

283

 

-8

 

-277

 

-1

 

-7

 

 

Trade accounts payable

 

2,545

 

 

-2,545

 

 

 

 

Liabilities to related parties

 

1,928

 

-37

 

-938

 

-97

 

-550

 

-35

 

-440

Other financial liabilities

 

393

 

 

-266

 

 

-127

 

 

Loans from third parties and other financial debt

 

68

 

-5

 

-20

 

-9

 

-47

 

 

Subsequent measurement at fair value through profit or loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent considerations

 

2

 

 

 

 

-2

 

 

Derivatives without a hedging relationship

 

96

 

 

-79

 

 

-8

 

 

-10

Derivatives with a hedging relationship

 

5

 

 

-5

 

 

 

 

Refund liabilities

 

877

 

 

-877

 

 

 

 

Lease liabilities

 

515

 

-11

 

-120

 

-22

 

-256

 

-15

 

-137

 

 

14,515

 

-225

 

-6,127

 

-370

 

-5,885

 

-113

 

-2,521

1

For the hybrid bonds, repayment is assumed at the earliest possible date.

December 31, 2022

 

 

 

 

Cash flows <1 year

 

Cash flows 1 – 5 years

 

Cash flows >5 years

€ million

 

Carrying amount

 

Interest

 

Repayment

 

Interest

 

Repayment

 

Interest

 

Repayment

Subsequent measurement at amortized cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bonds and commercial paper1

 

8,726

 

-147

 

-600

 

-363

 

-5,352

 

-111

 

-2,801

Bank loans

 

203

 

-5

 

-203

 

 

 

 

Trade accounts payable2

 

2,499

 

 

-2,499

 

 

 

 

Liabilities to related parties

 

1,780

 

-25

 

-1,121

 

-81

 

-110

 

-53

 

-550

Other financial liabilities2

 

376

 

 

-258

 

 

-118

 

 

Loans from third parties and other financial debt

 

59

 

-5

 

-10

 

-10

 

-48

 

 

Subsequent measurement at fair value through profit or loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent considerations

 

4

 

 

 

 

-4

 

 

Derivatives without a hedging relationship

 

53

 

 

-34

 

 

-7

 

 

-12

Derivatives with a hedging relationship

 

30

 

 

-30

 

 

 

 

Refund liabilities

 

912

 

 

-912

 

 

 

 

Finance lease liabilities

 

491

 

-9

 

-123

 

-17

 

-264

 

-9

 

-101

 

 

15,134

 

-191

 

-5,790

 

-471

 

-5,904

 

-173

 

-3,463

1

For the hybrid bonds, repayment is assumed at the earliest possible date.

2

Previous year has been adjusted, please refer to Note (2) “Reporting Principles”.

Credit risks

Credit risk for the Group means the risk of a financial loss if a customer or other contract partner is not able to meet its contractual payment obligations. The Group is exposed to credit risks mainly due to existing trade accounts receivable, other receivables, other debt instruments, derivatives and contract assets.

Credit risks are monitored on an ongoing basis. The risks arising from extending credit to customers and in the course of other business relationships are also managed.

The Group analyzes all trade accounts receivable that are more than 90 days past due in order to establish whether default exists. In addition, all other financial instruments that are more than 30 days past due are examined in order to establish whether there has been a significant increase in the credit risk. Both methods are used to examine whether there is objective evidence of an impairment requiring the recognition of additional loss allowances.

Accounting and measurement policies
Credit risks

Impairment of trade accounts receivable and contract assets

The Group uses the simplified impairment model for trade accounts receivable and contract assets, pursuant to which any credit losses expected to occur over the entire lifetime of an asset are taken into account. In order to measure expected credit losses, the assets are grouped based on the existing credit risk structure and the respective maturity structure.

The customer groups with comparable default risks to be considered are determined according to the specific business sector and the place of business of the respective customers.

The expected credit loss rates used in the simplified impairment model are derived on the basis of past default rates and current macroeconomic expectations. In doing so, country-specific ratings are taken into consideration since many of the Group’s customers depend directly or indirectly on the economic trends in the country where their place of business is located (public and private healthcare systems, universities, and research companies from within the pharmaceutical industry, as well as industries subsidized under development plans, particularly in Asia). These country ratings are aggregated into three separate rating groups. Under the impairment model, past default rates and country ratings are used as an approximation of the defaults to be expected in the future.

When a country’s rating changes, the historical default rates of the rating group to which the respective country has been reallocated have to be applied accordingly, rather than the historical default rates of the previous rating group.

If there is objective evidence that certain trade accounts receivable or contract assets are fully or partially impaired, additional loss allowances are recognized to account for expected credit losses.

A default generally exists when the debtor cannot fully meet its liabilities.

A debtor’s creditworthiness is assumed to be impaired if there are objective indications that the debtor is in financial difficulties, such as the disappearance of an active market for its products or impending insolvency. The nominal amounts of trade accounts receivable considered as originated credit-impaired financial assets are recognized using the risk-adjusted effective interest rate, which reflects the expected credit losses over the original lifetime.

Impairment of other receivables

When recognizing impairment losses, the general three-stage impairment model is used for financial instruments included in other receivables, and the simplified approach is used for non-current leasing receivables. The individual credit rating of the contract partner is used to determine the impairment loss of other receivables. If there is considered to be a substantially increased risk of default, the expected credit loss is calculated over the entire lifetime.

Individual cases are also analyzed to ascertain whether objective findings suggest that the value of other receivables is impaired. Such suggestions may include, for example, economic difficulties of the debtor, contractual breaches, or the renegotiation of contractual payment obligations.

Impairment of other financial assets

Investments in debt instruments subsequently measured either at amortized cost or at fair value through other comprehensive income are fundamentally considered to be investments with low risk, meaning that the expected credit loss in the upcoming 12 months is used to determine the impairment loss.

For financial assets with only a minimal default risk, the rules concerning the mandatory recognition of a risk provision for the lifetime expected credit loss are not applied at initial recognition or during subsequent measurement. Therefore, no assessment of whether there has been a significant increase in the credit risk is carried out for such assets. The Group does not presume an increased credit risk as of the balance sheet date if the contract partner has an investment grade rating.

If there are indications that the debtor’s creditworthiness has worsened but that this is not yet reflected in its existing credit rating, the credit risk assessment is adjusted and the impairment allowances recognized for expected credit losses are increased. In all other cases, there are no new risk assessments as of the balance sheet date and the risk profile initially assumed is maintained.

Wherever a considerable increase in the default risk is assumed, the lifetime expected credit loss of the financial asset is considered.

On the balance sheet date, the theoretical maximum default risk for all items referenced above corresponds to the net carrying amounts less any compensation from credit insurance.

Significant discretionary decisions and sources of estimation uncertainty
Credit risks

Impairment of trade accounts receivable and contract assets

In terms of the impairment of trade accounts receivable and of contract assets, there is significant discretion and estimation uncertainty regarding:

  • the identification of customer groups with identical default risks,
  • the identification of impaired creditworthiness, and
  • the calculation of the expected credit losses.

Impairment of other financial assets

Discretionary judgment is applied in determining individual impairment allowances.

The following table shows impairments for financial assets from operative transactions and contract assets as well as gains from their reversals recognized in the consolidated income statement:

€ million

 

2023

 

2022

Impairment losses

 

-51

 

-6

of trade accounts receivable

 

-50

 

-7

of contract assets

 

 

of debt instruments subsequently measured at amortized cost

 

-1

 

1

of debt instruments subsequently measured at fair value through other comprehensive income

 

 

The loss allowances and reversals recognized for trade accounts receivable as shown above applied entirely to receivables resulting from contracts with customers. The increase in loss allowances for trade accounts receivable was mainly attributable to a distribution partner in the Healthcare business sector in a mid-double-digit million-euro amount.

Credit risks from trade accounts receivable

The credit risk from trade accounts receivable is largely impacted by the specific circumstances of individual customers. The Group also considers additional factors such as the general default risk in the respective industry and country in which the customer operates.

The credit risk of customers is assessed using established credit management processes. This is done in particular by analyzing the aging structure of trade accounts receivable.

The Group continuously reviews and monitors the open positions of all its customers in the corresponding countries and takes steps to mitigate credit risks if necessary.

The tables below contain an overview of the credit risk by business sector and country rating as established by leading rating agencies:

December 31, 2023

€ million

 

Life Science

 

Healthcare

 

Electronics

 

Other

 

Group

External rating of at least A- or comparable

 

1,260

 

1,003

 

565

 

10

 

2,838

External rating of at least BBB- or comparable

 

158

 

280

 

15

 

 

454

External rating lower than BBB- or comparable

 

66

 

609

 

2

 

 

676

Trade accounts receivable
before loss allowances

 

1,484

 

1,892

 

582

 

10

 

3,969

December 31, 2022

€ million

 

Life Science

 

Healthcare

 

Electronics

 

Other

 

Group

External rating of at least A- or comparable

 

1,363

 

994

 

648

 

7

 

3,012

External rating of at least BBB- or comparable

 

153

 

302

 

17

 

 

471

External rating lower than BBB- or comparable

 

60

 

521

 

4

 

 

585

Trade accounts receivable
before loss allowances

 

1,575

 

1,817

 

669

 

7

 

4,069

Goods were generally sold under retention of title so that a reimbursement claim existed in the event of default. Other guarantees generally were not demanded. The scope of credit-insured receivables was immaterial for the Group.

Loss allowances based on expected credit losses for trade accounts receivable as of December 31, 2023, were as follows:

December 31, 2023

€ million

 

Not yet due

 

Up to 90 days past due

 

Up to 180 days past due

 

Up to 360 days past due

 

More than 360 days past due

 

Total

Expected loss rate

 

0.4%

 

0.8%

 

7.4%

 

39.0%

 

72.4%

 

 

Trade accounts receivable
before loss allowances

 

3,342

 

432

 

67

 

55

 

73

 

3,969

thereof: credit impaired

 

10

 

1

 

4

 

18

 

46

 

80

Loss allowances

 

-15

 

-3

 

-5

 

-22

 

-53

 

-97

thereof credit impaired trade accounts receivable

 

-9

 

-1

 

-4

 

-18

 

-46

 

-78

Loss allowances based on expected credit losses for trade accounts receivable as of December 31, 2022, were as follows:

December 31, 2022

€ million

 

Not yet due

 

Up to 90 days past due

 

Up to 180 days past due

 

Up to 360 days past due

 

More than 360 days past due

 

Total

Expected loss rate

 

0.3%

 

0.8%

 

3.2%

 

19.6%

 

54.6%

 

 

Trade accounts receivable
before loss allowances

 

3,394

 

472

 

75

 

64

 

64

 

4,069

thereof: credit impaired

 

5

 

 

1

 

3

 

27

 

36

Loss allowances

 

-9

 

-4

 

-2

 

-12

 

-35

 

-63

thereof credit impaired trade accounts receivable

 

-3

 

 

 

-3

 

-26

 

-32

Credit risks from other receivables

Gross other receivables amounted to € 160 million as of December 31, 2023 (December 31, 2022: € 136 million). Other receivables of € 157 million were allocated to Level 1 of the three-level impairment model (December 31, 2022: € 126 million), meaning that the credit loss expected in the next 12 months was used to determine the amount of impairment when examining the individual credit risk of the respective contract partner. In addition, non-current leasing liabilities amounting to € 3 million (December 31, 2022: € 2 million) were allocated to Level 2 of the simplified impairment model. The next table shows the impairment losses recognized for other receivables.

Credit risks from other financial assets

The Group limits credit risks from other financial assets by entering into contracts almost exclusively with contract partners whose creditworthiness is good. The credit risk from financial contracts is monitored daily on the basis of market information on credit default swap rates and regularly on the basis of rating information.

Impairment losses on financial assets developed as follows:

2023

€ million

 

Jan. 1

 

Net Additions

 

Utilizations

 

Reclas­sification within levels

 

Effects of currency translation

 

Changes in scope of consoli­dation

 

Dec. 31

Trade and other receivables (including current leasing receivables)

 

-63

 

-50

 

11

 

 

4

 

 

-97

thereof: Level 1/2

 

-31

 

2

 

 

7

 

1

 

 

-20

thereof: Level 3

 

-31

 

-50

 

11

 

-7

 

2

 

 

-74

thereof: POCI1

 

-1

 

-2

 

 

 

 

 

-3

Contract Assets

 

 

 

 

 

 

 

thereof: Level 1/2

 

 

 

 

 

 

 

thereof: Level 3

 

 

 

 

 

 

 

Other Receivables (including
non-current leasing receivables)

 

-1

 

-1

 

 

 

 

 

-1

thereof: Level 1

 

 

 

 

 

 

 

thereof: Level 2

 

 

 

 

 

 

 

thereof: Level 3

 

 

-1

 

 

 

 

 

-1

Loss allowances for
financial assets

 

-64

 

-51

 

11

 

 

4

 

 

-99

1

Purchased or originated credit-impaired receivables.

2022

€ million

 

Jan. 1

 

Net Additions

 

Utilizations

 

Reclas­sification within levels

 

Effects of currency translation

 

Changes in scope of consoli­dation

 

Dec. 31

Trade and other receivables (including current leasing receivables)

 

-59

 

-7

 

4

 

 

-2

 

 

-63

thereof: Level 1/2

 

-23

 

-7

 

 

 

-1

 

 

-31

thereof: Level 3

 

-34

 

-1

 

4

 

 

-1

 

 

-31

thereof: POCI1

 

-2

 

1

 

 

 

 

 

-1

Contract Assets

 

 

 

 

 

 

 

thereof: Level 1/2

 

 

 

 

 

 

 

thereof: Level 3

 

 

 

 

 

 

 

Other Receivables (including
non-current leasing receivables)

 

-2

 

1

 

 

 

 

 

-1

thereof: Level 1

 

 

 

 

 

 

 

thereof: Level 2

 

 

 

 

 

 

 

thereof: Level 3

 

-1

 

1

 

 

 

 

 

Loss allowances for
financial assets

 

-61

 

-6

 

4

 

 

-2

 

 

-64

1

Purchased or originated credit-impaired receivables.

Changes in the expected credit loss rates used in the simplified impairment model did not result in any significant changes in the additions to and reversals of impairment losses in Level 2.

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