18. ACCOUNTS RECEIVABLE, NET
Accounts receivable include costs and estimated earnings in excess of billings on uncompleted contracts of €135,194 thousand and €105,525 thousand as of December 31, 2004 and 2003, respectively.
Amounts presented in the Consolidated Balance Sheets are net of allowances for bad debts of €63,362 thousand and €71,011 thousand as of December 31, 2004 and 2003, respectively. Net Accounts receivable based on due dates as of December 31 are as follows:
|
2004 |
2003 |
| €(000) |
€(000) |
| Due within 1 year |
1,928,557 |
1,761,195 |
| Due between 1 and 5 years |
543 |
9,520 |
|
1,929,100 |
1,770,715 |
Concentrations of credit risks are limited due to the Company’s large customer base and its dispersion across many different industries and countries worldwide. No single customer accounted for 5% or more of total Revenues or net Accounts receivable in 2004, 2003, or 2002. |
