Bosch is a German group producing automotive equipment, power tools and home appliances. The consolidated balance sheet and notes to financial statements 2010 and 2011 show the following elements relating to receivables (source: Annual reports 2010 and 2011).

Required
1. Relate the balance sheet items shown to the information contained in the notes.
2. What plausible conclusion can be drawn about the format of presentation in Note 12 from the existence of the line €˜due in more than one year€™?
3. In your best judgment, are the amounts reported in the notes gross or net? Explain your position and, eventually, it€™s possible implications.
4. What are associated companies and is it normal that receivables pertaining to trade with these companies still appear on a consolidated balance sheet?

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Excerpts from the consolidated statement of financial position (in millions of euros) 12/31/2011 12/31/201012/31/2009 Current assets Trade receivables (Note 12) Other assets (Note 13) 9,156 1,816 8,017 1,856 6.840 1,737 Note 12 Trade receivables (in millions of euros) 2011 2010 9,156 1,963 129 6,840 1,659 121 Trade receivables 8,017 1,582 120 76 28 16 of which not impaired and not past due at the end of the reporting period of which not impaired and past due at the end of the reporting period - for less than one month for more than one month, but less than three months - for more than three months 23 27 10 The carrying amount of trade receivables contains allowances for specific doubtful debts of EUR 281 illion (previous years: EUR 262 million and EUR 273 million) and for general credit risks of EUR 227 millin (previous years: EUR 182 million and EUR 169 million) Trade receivables totalling EUR 14 million (previous years: EUR 14 million and EUR 17 million) are due in more than one year Note 13 Other assets (current) fin millions of euros) 2011 2010 Bank balances (term of more than 90 days) Loan receivables Receivables from finance le Positive market values from derivatives Prepaid expenses Receivables from tax authorities (without income tax reoeivables) Receivables from board of management, associates Sundry other receivables Total 131 283 28 56 142 719 41 416 1,816 324 236 27 59 134 256 196 26 ases 92 41 350 1,856 331 1,737