Due within one year Due within two years Due within three years Due within four years Due within five years Due after five years Forward foreign exchange contracts with positive fair value Cash inflow Dec. 31, 2014 54,090 6,548 Cash outflow Dec. 31, 2014 (50,325) (6,266) Net Dec. 31, 2014 3,765 282 Cash inflow Dec. 31, 2015 47,273 4,858 Cash outflow Dec. 31, 2015 (45,368) (4,864) Net Dec. 31, 2015 1,905 (6) Forward foreign exchange contracts with negative fair value Cash inflow Dec. 31, 2014 150,463 10,992 Cash outflow Dec. 31, 2014 (164,684) (11,729) Net Dec. 31, 2014 (14,221) (737) Cash inflow Dec. 31, 2015 181,498 15,611 Cash outflow Dec. 31, 2015 (193,066) (16,095) Net Dec. 31, 2015 (11,568) (484) Interest rate swaps with negative fair value Cash inflow Dec. 31, 2014 88 56 55 37 Cash outflow Dec. 31, 2014 (667) (515) (362) (180) Net Dec. 31, 2014 (579) (459) (307) (143) Cash inflow Dec. 31, 2015 0 0 7 0 Cash outflow Dec. 31, 2015 (536) (365) (180) 0 Net Dec. 31, 2015 (536) (365) (173) 0 Credit Risk: The Company is exposed to credit risk if business partners do not fulfill their obligations. ALTANA continuously analyzes the creditworthiness of significant debtors. Based on its international operations and a diversified customer structure ALTANA has no con- centration of credit risk. The Company does not generate sales of more than 3 % with one single customer and less than 20 % with its ten most significant customers combined. Receivables are monitored locally in the operating subsidiaries on an ongoing basis. Financing transactions are mainly carried out with contractual partners that have a credit rating of “Investment Grade”. Furthermore, rate-dependent credit limits are assigned to each contract- ing party that ALTANA invests with, depending on their membership of a deposit protec- tion fund. The carrying amount of all receivables (see also note 18), loan receivables, marketable securities and cash and cash equivalents represents the maximum credit risk of ALTANA. At the reporting date, there were no significant arrangements which reduced the maximum credit risk. 130 Notes to Consolidated Financial Statements
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