Note 20 Trade receivables TRADE RECEIVABLES AGING BASED ON DUE DATE 31 Dec 2022 31 Dec 2021 Amounts in EUR thousand Gross Provision Carrying value Gross Provision Carrying value Not due 21 322 - 21 322 16 429 - 16 429 1 - 30 days 6 359 (40) 6 319 3 360 (20) 3 340 31 - 60 days 307 (3) 304 372 (3) 369 61- 90 days 540 (481) 58 85 (1) 84 More than 90 days - - - 1 021 (301) 719 Total trade receivables 28 527 (524) 28 003 21 266 (325) 20 941 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 15 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 give an overview of Fiven Group trade receivables at 31 December. Amounts in EUR thousand 31 Dec 2022 31 Dec 2021 Total gross trade receivables 28 527 21 266 Transferred to Facto France 9 534 8 566 Fiven Brazil trade receivables 17 968 11 686 Other receivables not transferred to Facto France 1 025 1 014 Total trade receivables 28 527 21 266 6 140 kEUR of the 9 534 kEUR transferred to Factofrance was funded at 31 December 2022, compared to 7 803 kEUR of the 8 566 kEUR in 2021. Fiven Annual Report 2022 Financial statements 61
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