13. Trade and other receivables
Trade and other receivables are as follows:
| In millions of euros | 31 Dec. 2024 | 31 Dec. 2023 |
|---|---|---|
| Trade receivables | 16.2 | 17.1 |
| Receivables from joint ventures and associates | 132.2 | 118.1 |
| Other taxes | 24.5 | 40.7 |
| Other receivables and accruals | 144.6 | 265.4 |
| Total trade and other receivables | 317.5 | 441.3 |
Receivables from joint ventures and associates related mainly to costs we incurred and investments we made on behalf of the joint ventures in which we are a partner that are yet to be settled. The receivables have a regular payment term and therefore bear no interest.
Other taxes mainly concerned current VAT receivables. The other receivables and accrued income also include revenue yet to be invoiced. In 2023, the other receivables and accrued income included the sales proceeds yet to be received for the sale of 50% of our shares in EemsEnergyTerminal and the receivables following the settlement of the sale of 60% of our interest in German LNG. These receivables were fully settled in 2024.
Trade and other receivables have a nominal term of less than one year. Trade and other receivables are measured less an allowance for expected credit losses.
The movements in the allowance for expected credit losses were as follows:
| In millions of euros | 2024 | 2023 |
|---|---|---|
| Balance as at 1 January | 28.9 | 25.9 |
| Addition, charged to profit and loss | 0.2 | 3.0 |
| Write-offs, charged against allowance | -19.1 | - |
| Release, credited to profit and loss | - | - |
| Balance as at 31 December | 10.0 | 28.9 |
The total of trade receivables and other receivables, excluding receivables under other taxes, amounted to € 293.1 million at year-end 2024 (year-end 2023: € 400.6 million). The ageing of these receivables as at the balance sheet date was as follows:
| In millions of euros | 31 Dec. 2024 | 31 Dec. 2023 | ||||
|---|---|---|---|---|---|---|
| Nominal value receivables | Expected credit losses | Carrying amount receivables | Nominal value receivables | Expected credit losses | Carrying amount receivables | |
| Not due | 272.2 | 0.1 | 272.1 | 391.4 | - | 391.4 |
| <30 days | 5.4 | - | 5.4 | 8.1 | - | 8.1 |
| 30 - 60 days | 3.7 | - | 3.7 | 0.2 | - | 0.2 |
| 60 - 90 days | 0.9 | - | 0.9 | 0.1 | - | 0.1 |
| 90 - 120 days | 0.9 | - | 0.9 | 0.1 | - | 0.1 |
| >120 days | 20.0 | 9.9 | 10.1 | 29.6 | 28.9 | 0.7 |
| Total | 303.1 | 10.0 | 293.1 | 429.5 | 28.9 | 400.6 |
Our credit risk does not exceed the carrying amount of the trade and other receivables. We have implemented strict processes and measures to limit credit risk. We determine the expected credit loss on trade and other receivables for each individual customer or counterparty separately, taking into account the age of the receivables, the probability of default, and the loss given default, among other factors. We use internal and external credit checks and ratings when accepting new customers and for determining credit limits for our existing customers and counterparties.
When deemed appropriate, we request bank guarantees or other securities to cover the credit risk. For a more detailed explanation of the credit risk see note 28 ‘Financial instruments’.