22. Receivables and other assets

Other receivables and other assets comprise both other financial and other non-financial assets.

Non-current receivables and other assets were made up as follows as at the balance sheet date:

T 069
     
in € thousand 9/30/2016 9/30/2015
     
Non-current (with a residual term of more than 1 year)    
Derivative financial instruments of the “held-for-trading” category 1,539 1,335
Derivative financial instruments held as hedging instruments in the context of hedge accounting 1,516 45
Sundry other non-current financial assets 20,025 12,847
Non-current financial assets 23,080 14,227
Other non-current non-financial assets 2,468 1,176
 
Other non-current non-financial assets 2,468 1,176

Derivative financial instruments of the “held-for-trading” category with a term of more than one year were reported as non-current due to their economic hedging relationship.

Current receivables and other assets were made up as follows as at the balance sheet date:

T 070
     
in € thousand 9/30/2016 9/30/2015
     
Current (with a residual term of less than 1 year)    
Derivative financial instruments of the “held-for-trading” category 28,817 60,294
Derivative financial instruments held as hedging instruments in the context of hedge accounting 972 468
Receivables from related parties 14,484 11,966
Sundry other current financial assets 31,230 66,170
Other current financial assets 75,503 138,898
Income tax receivables 6,918 3,303
Sundry other current non-financial assets 44,569 46,201
 
Other current non-financial assets 51,487 49,504

The sundry other current non-financial assets mainly comprise VAT receivables of Aurubis Bulgaria AD, Pirdop.

The disclosed receivables from related parties primarily comprise receivables from Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, which is accounted for using the equity method, and receivables from non-consolidated companies.

The sundry other current financial assets included a continuing involvement arising from del credere risks for factoring transactions and late payment and currency risks deriving from current trade accounts receivable in the amount of € 13,881 thousand (previous year: € 10,673 thousand). The level of continuing involvement corresponded to the maximum risk of loss, mainly based on the assumption that all receivables open on the balance sheet date that were sold remain outstanding for the entire period for which Aurubis can be held responsible for the late payment risk.

A liability of € 15,322 thousand (previous year: € 12,025 thousand) was reported in connection with the continuing involvement. All trade accounts receivable sold to factoring companies have a term of less than one year, so that the fair value of the continuing involvement and the associated liability each corresponded to the carrying amount.

All of the receivables covered by two factoring contracts for which the main opportunities and risks were transferred to the purchaser of the receivables were completely derecognized. For one of the contracts, the maximum loss Aurubis has to bear from credit risks is limited to a purchase price reduction. This is retained by the buyer at the time of sale of the receivables and is ultimately repaid in the amount of the unused portion. The purchase price reduction for the sold and derecognized receivables (nominal volume: € 12,908 thousand) amounted to € 1,358 thousand as at September 30, 2016 (previous year: € 1,116 thousand) and is included in sundry other financial assets. A total of € 382 thousand (previous year: € 345 thousand) was recorded as an expense deriving from the sale of the receivables. For the other contract, for which the main opportunities and risks were transferred to the purchaser of the receivables, a continuing involvement of € 485 thousand and an associated liability of € 581 thousand were fully derecognized.

In total, outstanding receivables in the amount of € 266 million (previous year: € 270 million) had been sold to factoring companies as at the balance sheet date.

In the previous year, the sundry other current financial assets particularly comprised security deposits from brokers, amounting to € 45.4 million, for the handling of forward metal commodity and forward exchange transactions on behalf of Aurubis AG, Hamburg.

With the exception of interest derivatives, there was no interest rate fluctuation risk deriving from any receivable or other asset. Further information on the interest derivatives is provided in Note 30 Financial instruments.

The allowances on other financial assets are reported in the following table:

T 071
     
in € thousand 9/30/2016 9/30/2015
     
Specific allowances    
Balance as at 10/1 850 724
Changes in allowances during the period 302 126
Additions 1,198 0
Reversal (900) 0
Exchange rate impacts 4 126
 
Balance as at 9/30 1,152 850

In the fiscal year reported, income of € 900 thousand (previous year: € 0 thousand) was recorded deriving from the reversal of write-downs on other financial assets.

As regards other financial assets that are neither impaired nor overdue, there was no indication as of the balance sheet date that the debtors will not fulfill their payment obligations.