21. Receivables and other assets

Other receivables and other assets comprise 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 067
     
in € thousand 9/30/2015 9/30/2014
     
Non-current (with a residual term of more than 1 year)    
Derivative financial instruments of the held-for-trading category 1,335 549
Derivative financial instruments held as hedging instruments in the context of hedge accounting 45 0
Other non-current financial assets 12,847 12,657
Non-current receivables and financial assets 14,227 13,206
Remaining non-current non-financial assets 1,176 1,031
     
Other non-current non-financial assets 1,176 1,031
      
Certain prior-year figures have been adjusted as at 9/30/2014 (see Changes in accounting and measurement methods due to new standards and interpretations)

Derivative financial instruments of the held-for-trading category with a term of more than one year are 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 068
     
in € thousand 9/30/2015 9/30/2014
     
Current (with a residual term of more than 1 year)    
Derivative financial instruments of the held-for-trading category 60,294 58,185
Derivative financial instruments held as hedging instruments in the context of hedge accounting 468 120
Receivables from related parties 11,966 12,149
Other current financial assets 66,170 21,739
Other current receivables and financial assets 138,898 92,193
Income tax receivables 3,303 9,339
Other current non-financial assets 46,201 37,513
     
Current non-financial assets 49,504 46,852
      
Certain prior-year figures have been adjusted as at 9/30/2014 (see Changes in accounting and measurement methods due to new standards and interpretations).

The 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.

In the current year reported, the other current financial assets particularly comprise 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.

Furthermore, the other current financial assets include a continuing involvement from late payment risks for factoring transactions and del credere and currency risks deriving from current trade accounts receivable in the amount of € 11,790 thousand (previous year: € 10,216 thousand). The level of continuing involvement corresponds 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 € 12,025 thousand (previous year: € 10,457 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 correspond to the carrying amount.

All of the receivables covered by a factoring contract for which the main opportunities and risks were transferred to the purchaser of the receivables were completely derecognized. 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 and is ultimately repaid in the amount of the unused portion. The purchase price reduction for the sold and derecognized receivables (nominal volume: € 11,556 thousand) amounted to € 1,116 thousand as at September 30, 2015 (previous year: € 815 thousand) and is included in other financial assets. A total of € 345 thousand (previous year: € 239 thousand) was recorded as an expense deriving from the sale of the receivables.

In total, outstanding receivables in the amount of € 270 million (previous year: € 253 million) had been sold to factoring companies as at the balance sheet date.

With the exception of interest derivatives, there is no interest rate fluctuation risk deriving from any receivable or other asset. Further information on the interest derivatives is provided in Note 29 Financial instruments.

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

    T 069
     
in € thousand 9/30/2015 9/30/2014
     
Specific allowances
Balance as at 10/1
724 154
Changes in allowances during the period 126 570
Additions 0 500
Exchange rate changes 126 70
     
Balance as at 9/30 850 724

In the fiscal year reported and in the prior year, no income 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 is no indication as of the balance sheet date that the debtors will not fulfill their payment obligations.