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, 2023

Trade Receivables And Contract Assets [Abstract]

Trade receivables and contract assets

21. Trade receivables and contract assets

Trade receivables and contract assets are analyzed as follows:


	At December 31,			At December 31,
	2023			2022
	(EUR thousand)
Trade receivables		308,425			218,695
Allowance for expected credit losses		(6,656	)		(5,961	)
Total trade receivables		301,769			212,734

Trade receivables are non-interest bearing and credit terms are generally 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,
	2023		2022
	(EUR thousand)
EMEA		176,638		121,006
APAC		37,574		25,968
North America		79,529		62,287
South America		14,684		9,434
Total Trade Receivables		308,425		218,695

Trade receivables are stated net of an allowance for expected credit losses which has been determined in accordance with IFRS 9 amounting to EUR 6,656 thousand and EUR 5,961 thousand for 2023 and 2022 respectively:


	2023			2022
	(EUR thousand)
At January 1		5,961			6,544
Accruals		1,489			683
Releases		(807	)		(1,453	)
Utilizations		(21	)		(19	)
Exchange differences and other changes		34			206
At December 31		6,656			5,961

Contract assets

Contract assets relate to ongoing customer-specific construction contracts within the Engineering segment and from the In-vitro diagnostic business, which is part of the Biopharmaceutical and Diagnostic Solutions Segment. 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 had contract assets of EUR 172,580 thousand as at December 31, 2023, and of EUR 103,417 thousand as at December 31, 2022. Contract assets gross amounted to EUR 360,433 thousand (EUR 235,794 thousand as at December 31, 2022), net of advance invoices issued of EUR 187,853 thousand (EUR 132,377 thousand as at December 31, 2022).