Trade receivables and contract assets
|12 Months Ended|
Dec. 31, 2022
|Trade Receivables And Contract Assets [Abstract]|
|Trade receivables and contract assets||
22. Trade receivables and contract assets
Trade receivables and contract assets are analyzed as follows:
Trade receivables are non-interest bearing and are generally on term of 60 to 90 days. The Group is not exposed to significant concentration of third-party credit risk.
Trade receivables breakdown by geographical area is shown below:
Trade receivables are stated net of an allowance for expected credit losses which has been determined in accordance with IFRS 9 amounting to EUR 5,961 thousand and EUR 6,544 thousand for 2022 and 2021 respectively:
Contract assets relate to ongoing customer-specific construction contracts within the Engineering segment and from the In-vitro diagnostic business. As such, the balances of this account vary and depend on the number of ongoing construction contracts at the end of the year. The Group has contract assets of EUR 103,417 thousand as at December 31, 2022 (EUR 62,133 thousand as at December 31, 2021). Contract assets gross amounts to EUR 235,794 thousand (EUR 138,854 thousand as at December 31, 2021), net of invoices issued of EUR 132,377 thousand (EUR 76,721 thousand as at December 31, 2021).