4.5 Receivables and other current assets
CHF million | 31 Dec 2024 | 31 Dec 2023 |
Trade receivables 1 | 1,126.3 | 1,256.4 |
Prepayments to suppliers | 9.1 | 12.3 |
Other current receivables | 459.0 | 545.7 |
Total | 1,594.3 | 1,814.4 |
1Of which an amount of CHF 641.7 million (previous year: CHF 749.6 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 more than 30 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 2024 | 31 Dec 2023 | |||||
CHF million | Gross | Allowance for ECL | Net (balance sheet) | Gross | Allowance for ECL | Net (balance sheet) |
Not past due | 1,047.8 | – 0.1 | 1,047.7 | 1,213.3 | – 0.2 | 1,213.1 |
1 – 90 days past due | 65.4 | – 0.5 | 64.9 | 35.9 | – 2.1 | 33.8 |
91 – 180 days past due | 2.8 | – 0.2 | 2.6 | 1.6 | – 0.3 | 1.3 |
181 – 360 days past due | 5.1 | – 0.8 | 4.3 | 5.4 | – 1.2 | 4.2 |
Over 360 days past due 1 | 112.2 | – 105.5 | 6.7 | 213.4 | – 209.4 | 4.1 |
Total | 1,233.4 | – 107.2 | 1,126.3 | 1,469.6 | – 213.2 | 1,256.4 |
1Overdue trade receivables related to the years 2021 to 2023
Allowance for expected credit loss (ECL) on trade receivables
CHF million | 31 Dec 2024 | 31 Dec 2023 |
Carrying amount before impairment | 1,233.4 | 1,469.6 |
Of which, impaired | – 107.2 | – 213.2 |
Impairment at beginning of year | – 213.2 | – 233.2 |
Impairment charge for the year 1 | – 0.7 | – 3.5 |
Amounts written off as uncollectible | 108.8 | 9.5 |
Unused amounts reversed | 2.5 | 0.6 |
Currency translation differences | – 4.5 | 13.5 |
Impairment at end of year 2 | – 107.2 | – 213.2 |
1Of which an amount of CHF – 0.7 million (previous year: CHF – 3.4 million) originates from contracts with customers pursuant to IFRS 15.
2Of which an amount of CHF – 23.4 million (previous year: CHF – 27.0 million) originates from contracts with customers pursuant to IFRS 15.
The impairment comprises specific bad debt allowances of CHF 107.2 million (previous year: CHF 213.2 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 0.1 million (CHF 0.2 million) due to the inherent default risk in receivables. For this, individual probabilities of default are calculated for each counterparty amounting to between 0.0% and 3.04% (previous year: between 0.0% and 3.56%), depending on the maturity of the trade receivables.
Trade receivables classified by credit rating
CHF million | 31 Dec 2024 | in % | 31 Dec 2023 | in % |
Counterparties classified in risk category AAA to A | 302.0 | 26.8 | 312.9 | 24.9 |
Counterparties classified in risk category BBB to B | 770.7 | 68.4 | 672.2 | 53.5 |
Counterparties classified in risk category CCC and below | 106.4 | 9.4 | 187.4 | 14.9 |
Counterparties unrated | 54.3 | 4.8 | 297.1 | 23.6 |
Expected credit losses | – 107.2 | – 9.5 | – 213.2 | – 17.0 |
Total | 1,126.3 | 100.0 | 1,256.4 | 100.0 |