16. Receivables
As at 31-12-2023 | As at 31-12-2022 | |
Trade receivables | 201.8 | 211.8 |
Impairment provision | -0.9 | -1.3 |
Total trade receivables | 200.9 | 210.5 |
Other receivables | 23.1 | 30.2 |
Derivatives | 0.4 | 3.7 |
Prepayments and accrued income | 14.2 | 12.0 |
Total other receivables | 37.7 | 45.9 |
Total receivables | 238.6 | 256.4 |
Trade receivables are not interest-bearing and generally have an average term of credit of 30-90 days. The group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.
Breakdown of expired credit terms trade receivables (net of impairment provision)
Total | < 30 days | 30-60 days | 60-90 days | > 90 days | |
Sustainable Food Solutions | 23.5 | 18.9 | 1.8 | 0.9 | 1.9 |
Lactic Acid & Specialties | 9.6 | 7.7 | 0.7 | 0.4 | 0.8 |
Algae Ingredients | 2.7 | 2.2 | 0.2 | 0.1 | 0.2 |
Incubator | |||||
Total | 35.8 | 28.8 | 2.7 | 1.4 | 2.9 |
Movements in trade receivables impairment provision
2023 | 2022 | |
As at 1 January | -1.3 | -1.2 |
Additions/releases | -0.3 | -0.9 |
Use | 0.6 | 0.8 |
Exchange rate differences | 0.1 | |
As at 31 December | -0.9 | -1.3 |
The additions to / releases from the trade receivables impairment provision are recognized as selling expenses.