4.5 Receivables and other current assets
|
CHF million |
31 Dec 2023 |
31 Dec 2022 |
|
Trade receivables 1 |
1,256 |
2,153 |
|
Prepayments to suppliers |
12 |
12 |
|
Other current receivables |
546 |
1,716 |
|
Total |
1,814 |
3,881 |
1 Of which an amount of CHF 0,750 million (previous year: CHF 1,187 million) originates from contracts with customers pursuant to IFRS 15.
Alpiq usually grants its customers a payment term of no longer than 30 days. In certain cases, the payment term may be 60 days. Trade receivables and trade payables with the same counterparty are offset, provided that a netting agreement exists and payment is made on a net basis. For more information, see note 3.1.
Age analysis of trade receivables
|
|
|
|
||||
|
|
31 Dec 2023 |
31 Dec 2022 |
||||
|
CHF million |
Gross |
Allowance for ECL |
Net (balance sheet) |
Gross |
Allowance for ECL |
Net (balance sheet) |
|
Not past due |
1,213 |
|
1,213 |
2,032 |
– 5 |
2,027 |
|
1 – 90 days past due |
36 |
– 2 |
34 |
186 |
– 74 |
112 |
|
91 – 180 days past due |
2 |
– 1 |
1 |
8 |
|
8 |
|
181 – 360 days past due |
5 |
– 1 |
4 |
20 |
– 18 |
2 |
|
Over 360 days past due 1 |
213 |
– 209 |
4 |
141 |
– 137 |
4 |
|
Total |
1,469 |
– 213 |
1,256 |
2,387 |
– 234 |
2,153 |
1 Overdue trade receivables mainly related to the years 2021 and 2022
Allowance for expected credit loss (ECL) on trade receivables
|
CHF million |
31 Dec 2023 |
31 Dec 2022 |
|
Carrying amount before impairment |
1,469 |
2,387 |
|
Of which, impaired |
– 213 |
– 234 |
|
Impairment at beginning of year |
– 234 |
– 216 |
|
Impairment charge for the year 1 |
– 4 |
– 65 |
|
Amounts written off as uncollectible |
10 |
27 |
|
Unused amounts reversed |
1 |
10 |
|
Currency translation differences |
14 |
10 |
|
Impairment at end of year 2 |
– 213 |
– 234 |
1 Of which an amount of CHF – 3 million (previous year: CHF – 2 million) originates from contracts with customers pursuant to IFRS 15.
2 Of which an amount of CHF – 27 million (previous year: CHF – 29 million) originates from contracts with customers pursuant to IFRS 15.
The impairment comprises specific bad debt allowances of CHF 213 million (previous year: CHF 234 million) that were recognised for receivables with concrete indications of a default risk (e.g. insolvency). In accordance with the expected credit loss model, it also includes general bad debt allowances of CHF 0 million (CHF 1 million) due to the inherent default risk for receivables. For this, individual probabilities of default are calculated for each counterparty amounting to between 0.0% and 3.56% (previous year: between 0.0% and 19.0%), depending on the maturity of the trade receivables.
Trade receivables classified by credit rating
|
|
|
|
|
|
31 Dec 2023 |
|
|
|
in CHF million |
in % |
|
Counterparties with credit rating AAA |
12 |
0.9% |
|
Counterparties with credit rating AA |
3 |
0.3% |
|
Counterparties with credit rating A |
298 |
23.7% |
|
Counterparties with credit rating BBB |
490 |
39.0% |
|
Counterparties with credit rating BB |
169 |
13.5% |
|
Counterparties with credit rating B |
13 |
1.1% |
|
Counterparties with credit rating CCC |
12 |
0.9% |
|
Counterparties not rated 1 |
260 |
20.7% |
|
Total |
1,256 |
100.0% |
1 Comprises unrated counterparties (i.e. mainly end consumers)
Accounting policies
The accounting policies for financial receivables are disclosed in note 3.2.