21 Trade receivables

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€ million

 

Dec. 31, 2015

 

Dec. 31, 2014

 

 

 

 

 

Trade receivables from

 

 

 

 

third parties

 

8,570

 

9,142

affiliated companies

 

265

 

230

joint ventures

 

2,253

 

2,037

associates

 

40

 

58

other investees and investors

 

5

 

4

 

 

11,132

 

11,472

The fair values of the trade receivables correspond to the carrying amounts.

The trade receivables include receivables from construction contracts accounted for using the percentage of completion (PoC) method. These are calculated as follows:

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€ million

 

Dec. 31, 2015

 

Dec. 31, 2014

 

 

 

 

 

Contract costs and proportionate contract profit/loss of construction contracts

 

1,236

 

1,327

Progress billings

 

−41

 

−66

Exchange rate effects

 

−4

 

6

PoC receivables, gross

 

1,191

 

1,267

Prepayments received

 

−969

 

−1,065

PoC receivables, net

 

222

 

202

Other payments received on account of construction contracts in the amount of €344 million (previous year: €375 million), for which no construction costs have yet been incurred, are recognized under other liabilities.