Fiven Annual Report 2020

Note 20 Trade receivables 31.12.2020 31.12.2019 Amounts in EUR thousand Gross Provision Carrying value Carrying value Not due 10,361 10,361 13,479 1 - 30 days 2,843 2,843 2,289 31 - 60 days 323 323 307 61- 90 days 1 1 25 More than 90 days 373 -215 158 - Total trade receivables 13,902 -215 13,686 16,101 Fiven has entered into a non- recourse factoring agreement currently covering Fiven Norge AS and Fiven Belgium with FACTOFRANCE being the factoring company. The total maxi- mum financing amount under this agreement is 13 MEUR. The agreement permits Fiven companies to sell receivables and receive funding for up to 90 per cent of the sold receiv- ables to FACTOFRANCE. There are several criteria that must be met to qualify for status ‘eligible receivable’ enabling Fiven to sell the receivable. Under the factoring agreement Fiven is obliged to insure all relevant transferred receivables. In the agreement the factor agrees to bear the credit risk for approved receivables. As a result, the factor shall not be entitled to exercise any recourse against the Fiven entities by reason of a payment default of a Fiven customer for which a receivable has been sold to the factor. There are still some exceptions applying where the non-re- course principal will not apply. These circumstances include receivables being approved, but where they prove not to be fundable, and instances linked to credit insurance where Fiven has certain obligations to fulfill. The non-recourse will not apply if it proves that Fiven has made faulty deliveries. Still, the overriding principal is that receivables are sold without recourse. So far no event of factor sending back receivables to Fiven for any default to non-recourse requirement has occurred. The receivables are derecognized from Fiven statement of financial position when the customer has paid to Facto France. The below tables gives an overview of Fiven Group trade receivables at 31.12.20. Amounts in EUR thousand 31.12.2020 31.12.2019 Total gross trade receivables 13,902 16,584 Transferred to Facto France 6,372 8,103 Fiven Brazil trade receivables 6,925 8,103 Other receivables not transferred to Facto France 605 378 Total trade receivables 13,902 16,584 4,998 TEUR of the 6,372 TEUR transferred to Facto France was funded at 31 December 2020 against 5,527 TEUR of 8,103 TEUR in 2019. Fiven Annual Report 2020 Financial statements   59