The breakdown for "Trade and other receivables" at 31 December 2023 and 2022 is as follows:
| Thousands of euros | ||
| 2023 | 2022 | |
| Trade receivables | 223,014 | 236,483 |
| Other trade debtors | 8,021 | 9,603 |
| Advances to employees | 102 | 64 |
| Impairment | -2,228 | -2,925 |
| Total trade debtors | 228,909 | 243,225 |
| Receivables from public administrations | 27,327 | 29,654 |
| Accruals | 4,009 | 3,42 |
| Total other receivables | 31,336 | 33,074 |
| Total trade and other receivables | 260,245 | 276,299 |
At 31 December 2023 and 2022, the age of trade receivables by maturity was as follows:
| Thousands of euros | ||||||
| Not due | Due | |||||
| Up to 30 days | 31-60 days | 61-90 days | More than 90 days | Total | ||
| 2023 | 200,937 | 20,136 | 4,078 | 1,98 | 1,778 | 228,909 |
| 2022 | 221,393 | 16,268 | 2,998 | 1,805 | 761 | 243,225 |
The Group has credit insurance contracts which cover the collection of the greater portion of its customer balances.
Trade receivables do not carry interest, and generally payment conditions range from 45 to 120 days.
The breakdown by currency of trade receivables is as follows:
| Thousands of euros | ||||||||
| Euros | US Dollar | Czech Koruna | Brazilian Real | Mexican Peso | Chinese Yuan | Other currencies | Total book value | |
| 2023 | 73,186 | 84,05 | 1,538 | 38,329 | 333 | 15,715 | 15,758 | 228,909 |
| 2022 | 82,211 | 89,107 | 1,722 | 38,837 | 1,679 | 11,301 | 18,368 | 243,225 |
The movement in impairment of customers for sales and services as well as other trade receivables is as follows:
| Thousands of euros | ||||
| 2023 | 2022 | |||
| Opening balance as at 1 January | -2,925 | -2,684 | ||
| Exchange gains (losses) | -47 | -129 | ||
| Allowances | -160 | -67 | ||
| Utilised and payments | 904 | -45 | ||
| Closing balance as at 31 December | -2,228 | -2,925 | ||
At 31 December 2023 and 2022, balances receivable from public administrations are as follows:
| Thousands of euros | ||||
| 2023 | 2022 | |||
| VAT receivable from Public Treasury | 20,299 | 27,781 | ||
| Receivable from Public Treasury for withholdings and payments on account | 5,764 | 3 | ||
| Other public bodies | 1,264 | 1,87 | ||
| Closing balance as at 31 December | 27,327 | 29,654 | ||
A breakdown by currency is as follows:
| Thousands of euros | ||||||||
| Euros | US Dollar | Czech Koruna | Brazilian Real | Mexican Peso | Chinese Yuan | Other currencies | Total book value | |
| 2023 | 7,63 | 1,82 | 592 | 10,686 | 5,66 | 39 | 900 | 27,327 |
| 2022 | 7,844 | 2,041 | 1,047 | 10,587 | 6,513 | 720 | 902 | 29,654 |
Impairment
Trade and other receivables are subject to the expected credit loss model. However, the impairment identified is immaterial.
Cash and cash equivalents is also subject to the impairment requirements under IFRS 9, although the impairment identified is also immaterial.
To establish the expected credit loss, the Group applies the simplified approach set out under IFRS 9.
To measure expected credit loss, trade receivables have been grouped together based on the characteristics of the shared credit risk and the days past due.
The expected loss rates are based on the payment profiles of sales during a 36-month period prior to 1 January 2023 and the corresponding historic credit losses experienced during this period. Historic loss rates are adjusted to reflect annual, forward-looking information about macroeconomic factors that affect the ability of customers to repay accounts receivable.
Furthermore, the Group impairs these accounts receivable by assessing the specific risks of non-recoverability, as was the case in the previous year, to establish whether there is objective evidence that an impairment has occurred. The Group considers that an impairment occurs when the debtor experiences significant financial difficulties or when there is a non-payment or delay in payments of more than 180 days.
Receivables for which an impairment was recognised are written off against the impairment amount when there is no expectation of recovering additional cash.
The change in the collection of flows in 2023 and that forecast for future years has not changed with regard to that of previous financial years.
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