Stevanato Group S.p.A. Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Trade receivables and contract assets

Trade receivables and contract assets

12 Months Ended

Dec. 31, 2021

Trade Receivables And Contract Assets [Abstract]

Trade receivables and contract assets

23. Trade receivables and contract assets

Trade receivables and contract assets are analyzed as follows:


	At December 31,			At December 31,
(EUR thousand)	2021			2020
Trade receivables		171,803			135,514
Allowance for expected credit losses		(6,544	)		(7,696	)
Total trade receivables		165,259			127,818

Expected credit loss rate		3.8	%		5.7	%

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:


	At December 31,		At December 31,
(EUR thousand)	2021		2020
EMEA		90,518		67,884
APAC		27,200		15,637
North America		43,762		37,261
South America		10,323		14,732
Total Trade Receivables		171,803		135,514

Trade receivables are stated net of an allowance for expected credit losses which has been determined in accordance with IFRS 9 amounting to EUR 6,544 thousand and EUR 7,696 thousand for 2021 and 2020 respectively:


(EUR thousand)	2021			2020
As at January 1		7,696			7,355
Accruals		3,478			1,631
Releases		(4,413	)		(552	)
Utilizations		(390	)		(374	)
Exchange differences		173			(364	)
As at December 31		6,544			7,696

Contract assets

Contract assets relate to ongoing customer-specific construction contracts of 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 62,133 thousand as at December 31, 2021 (EUR 39,430 thousand as at December 31, 2020). Contract assets gross amounts to EUR 138,854 thousand (EUR 86,905 thousand as at December 31, 2020), net of invoices issued of EUR 76,721 thousand (EUR 47,476 thousand as at December 31, 2020).