Current operating assets and liabilities break down as follows:
| Maturity | |||||||
|---|---|---|---|---|---|---|---|
| Within 1 year | |||||||
| (in € millions) | 31/12/2022 | 1 to 3 months | 3 to 6 months | 6 to 12 months | Between 1 and 5 years | After 5 years | |
| Inventories and work in progress | 1,785 | 920 | 108 | 686 | 69 | 2 | |
| Trade and other receivables | 18,092 | 14,001 | 1,602 | 2,108 | 307 | 75 | |
| Other current operating assets | 7,382 | 6,034 | 389 | 627 | 266 | 65 | |
| Inventories and operating receivables | I | 27,259 | 20,955 | 2,099 | 3,420 | 642 | 142 |
| Trade payables | (13,088) | (10,522) | (1,529) | (814) | (203) | (20) | |
| Other current operating liabilities | (18,653) | (15,427) | (888) | (1,685) | (503) | (150) | |
| Trade and other operating payables | II | (31,742) | (25,949) | (2,417) | (2,499) | (707) | (170) |
| Working capital requirement connected with operations | I+II | (4,483) | (4,994) | (318) | 921 | (64) | (28) |
| Maturity | |||||||
|---|---|---|---|---|---|---|---|
| Within 1 year | |||||||
| (in € millions) | 31/12/2021 | 1 to 3 months | 3 to 6 months | 6 to 12 months | Between 1 and 5 years | After 5 years | |
| Inventories and work in progress | 1,591 | 684 | 110 | 652 | 143 | 2 | |
| Trade and other receivables | 15,832 (*) | 11,921 | 1,215 | 1,799 (*) | 849 | 48 | |
| Other current operating assets | 6,014 | 4,870 | 306 | 465 | 336 | 37 | |
| Inventories and operating receivables | I | 23,437 | 17,475 | 1,630 | 2,916 | 1,328 | 88 |
| Trade payables | (12,027) | (9,044) | (1,177) | (1,136) | (656) | (14) | |
| Other current operating liabilities | (16,286) | (12,907) | (963) | (1,287) | (968) | (162) | |
| Trade and other operating payables | II | (28,313) | (21,952) | (2,139) | (2,423) | (1,624) | (176) |
| Working capital requirement connected with operations | I+II | (4,876) | (4,476) | (509) | 493 | (295) | (88) |
(*) Amounts adjusted following the final purchase price allocation for Cobra IS, acquired on 31 December 2021. See Note B.2, “Changes in consolidation scope in previous periods”.
| (in € millions) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Trade receivables |
Trade receivables 31/12/20229,302 |
Trade receivables 31/12/2021 8,651(*) |
| Allowances against trade receivables |
Allowances against trade receivables 31/12/2022(709) |
Allowances against trade receivables 31/12/2021 (734) |
| Trade receivables, net | Trade receivables, net31/12/20228,593 |
Trade receivables, net 31/12/2021 7,916 |
(*) Amounts adjusted following the final purchase price allocation for Cobra IS, acquired on 31 December 2021. See Note B.2, “Changes in consolidation scope in previous periods”.
At 31 December 2022, trade receivables between six and 12 months past due amounted to €387 million (compared with €375 million at 31 December 2021). Impairment in the amount of €41 million has been recognised in consequence (€64 million at 31 December 2021). Receivables more than one year past due amounted to €474 million (€363 million at 31 December 2021) and impairment of €374 million has been recognised in consequence (€261 million at 31 December 2021).
Current provisions are directly related to the operating cycle. They are recognised in accordance with IAS 37 and include the part at less than one year of non-current provisions not directly linked to the operating cycle.
These provisions are recognised at their present value. The effect of discounting provisions is recognised under “Other financial income and expense”.
Provisions are taken for contractual obligations to maintain the condition of concession assets. They concern the motorway concession companies and cover the expense of major repairs of roads, bridges, tunnels and hydraulic infrastructure. They also include expenses to be incurred by airport concession companies (repairs to runways, traffic lanes and other paved surfaces) and are calculated on the basis of maintenance plans spanning several years, which are updated annually. These expenses are reassessed on the basis of appropriate indexes (mainly the TP01, TP02 and TP09 indexes in France). Provisions are also taken whenever signs of defects are encountered on certain infrastructure.
Provisions for after-sales service cover Group entities’ commitments under statutory warranties relating to completed projects, such as the 10-year warranty on building projects in France. They are estimated statistically on the basis of expenses incurred in previous years or individually on the basis of specifically identified events.
Provisions for losses on completion of contracts and for construction project liabilities are set aside mainly when end-of-contract projections, based on the most likely estimated outcome, indicate a loss, or to cover work yet to be carried out in respect of completed projects under completion warranties.
