Siemens 2008 Annual Report Download - page 243

Notes to Consolidated Financial Statements 147
(in millions of €, except where otherwise stated and per share amounts)
The valuation allowance on the Company’s current and long-term receivables (see Notes 12 and 20), which
belong to the class of nancial assets and liabilities measured at (amortised) cost, changed as follows:
Receivables from nance leases are presented in the balance sheet as follows:
Minimum future lease payments to be received are as follows:
The following table shows a reconciliation of minimum future lease payments to the gross and net investment
in leases and to the present value of the minimum lease payments receivable:
Year ended
September 30,
2008 2007
Valuation allowance as of beginning of scal year 895 956
Increase in valuation allowances recorded in the income statement in the current period 271 116
Write-offs charged against the allowance (154) (130)
Recoveries of amounts previously written-off 18 24
Foreign exchange translation differences (6) (30)
Reclassication to Assets held for disposal (11) (41)
Valuation allowance as of fiscal year-end 1,013 895
September 30,
2008 2007
Receivables from nance leases, current 1,674 1,658
Receivables from nance leases, long-term portion 3,486 3,112
5,160 4,770
September 30,
2008
2009 2,067
2010 1,482
2011 1,093
2012 627
2013 326
Thereafter 210
Minimum future lease payments to be received 5,805
September 30,
2008 2007
Minimum future lease payments 5,805 5,332
Plus: Unguaranteed residual values 190 190
Gross investment in leases 5,995 5,522
Less: Unearned nance income (735) (662)
Less: Allowance for doubtful accounts (100) (90)
Net investment in leases 5,160 4,770
Less: Present value of unguaranteed residual value (151) (157)
Present value of minimum lease payments receivable 5,009 4,613