Note 20 Trade receivables TRADE RECEIVABLES AGING BASED ON DUE DATE 31 Dec 2021 31 Dec 2020 Amounts in EUR thousand Gross Provision Carrying value Gross Provision Carrying value Not due 16 429 - 16 429 10 361 - 10 361 1 - 30 days 3 360 (20) 3 340 2 843 - 2 843 31 - 60 days 372 (3) 369 323 - 323 61- 90 days 85 (1) 84 1 - 1 More than 90 days 1 021 (301) 719 373 (215) 158 Total trade receivables 21 266 (325) 20 941 13 902 (215) 13 686 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 maximum financing amount under this agreement is 13 mEUR. The agreement permits Fiven companies to sell receivables and receive funding for up to 90 percent of the sold receivables 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-recourse principle 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 there have been no events of the 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 Factofrance. The below tables gives an overview of Fiven Group trade receivables at 31 December. Amounts in EUR thousand 31 Dec 2021 31 Dec 2020 Total gross trade receivables 21 266 13 902 Transferred to Factofrance 8 566 6 372 Fiven Brazil trade receivables 11 686 6 925 Other receivables not transferred to Factofrance 1 014 605 Total trade receivables 21 266 13 902 7 803 kEUR of the 8 566 kEUR transferred to Factofrance was funded at 31 December 2021 compared to 4 998 kEUR of the 6 372 kEUR in 2020. Fiven Annual Report 2021 Financial statements 61
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