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Trade receivables | 12 Months Ended
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Dec. 31, 2022
Trade receivables |
Trade receivables | 10 Trade receivables The balance of this account comprises the following amounts: a.Composition
| December 31, 2022 |  |  | December 31, 2021 |
Trade receivables | 711,439 |  |  | 505,190 |
Related Parties (Note 21) | 7,177 |  |  | 46,824 |
( - ) Impairment losses on trade receivables | (69,481 | ) |  | (46,500 | )
| 649,135 |  |  | 505,514 |
b.Maturities of trade receivables
| December 31, 2022 |  |  | December 31, 2021 |
Not yet due | 563,005 |  |  | 417,233 |
Past due |  |  |  |  |
Up to 30 days | 19,435 |  |  | 9,657 |
From 31 to 60 days | 22,637 |  |  | 10,331 |
From 61 to 90 days | 12,193 |  |  | 7,366 |
From 91 to 180 days | 42,169 |  |  | 21,154 |
From 181 to 360 days | 31,357 |  |  | 23,852 |
Over 360 days | 20,643 |  |  | 15,597 |
Total past due | 148,434 |  |  | 87,957 |
Related parties (note 21) | 7,177 |  |  | 46,824 |
Impairment losses on trade receivables | (69,481 | ) |  | (46,500 | )
| 649,135 |  |  | 505,514 |
The gross carrying amount of trade receivables is written off when the Company has no reasonable expectations of recovering the financial asset in its entirety or a portion thereof. Collection efforts continue to be made, even for the receivables that have been written off, and amounts recoverable are recognized directly in Consolidated Statement of Profit or Loss and Other Comprehensive Income upon collection. c.Impairment losses on trade receivables The Company measures impairment losses on trade receivables at an amount equal to lifetime expected credit losses (“ECL”) estimated using a monthly provision matrix. This matrix is prepared by analyzing the receivables established each month (in the 12-month period) and the related composition per default range and by calculating the recovery performance. In this methodology, for each default range an estimated loss likelihood percentage is established, which considers current and prospective information on macroeconomic factors that affect the customers’ ability to settle the receivables. The Company also recognizes impairment losses on trade receivables at 100% for customers that filed for judicial recovery or bankruptcy, based on historical experience, which indicates that these receivables are generally not recoverable. The credit risk and expected credit losses associated with amounts due from related parties is not significant. The following table details the risk profile of trade receivables based on the Company’s provision matrix as of December 31, 202 2 and as of December 31, 202 1. d. Expected credit losses aging
|  |  | December 31, 2022 |  |  |  |  |  | December 31, 2021 |
| Expected credit loss rate (%) |  | Lifetime ECL (R$) |  |  | Expected credit loss rate (%) |  |  | Lifetime ECL (R$) |
Not yet due | 1.52% |  | 8,970 |  |  | 0.30% |  |  | 1,263 |
Past due |  |  |  |  |  |  |  |  |  |
Up to 30 days | 9.53% |  | 2,072 |  |  | 12.67% |  |  | 1,219 |
From 31 to 60 days | 14.09% |  | 2,728 |  |  | 17.01% |  |  | 1,769 |
From 61 to 90 days | 19.87% |  | 2,335 |  |  | 23.75% |  |  | 1,764 |
From 91 to 180 days | 29.66% |  | 10,096 |  |  | 35.71% |  |  | 7,608 |
From 181 to 360 days | 48.35% |  | 12,465 |  |  | 72.90% |  |  | 17,399 |
Over 360 days | 76.40% |  | 15,434 |  |  | 99.23% |  |  | 15,478 |
Total past due |  |  | 54,100 |  |  |  |  |  | 46,500 |
Customers in judicial recovery (i) | 100% |  | 15,381 |  |  | 100% |  |  | - |
(-) Impairment losses on trade receivables |  |  | 69,481 |  |  |  |  |  | 46,500 |
(i) | On December 31, 2022 the Company’s Management recorded R$15 million in provision for expected credit loss relating to the entirely of Vasta’s receivable for products in inventory of a large retail company in judicial recovery. The Company did not identify customers in judicial recovery as of December 31, 2021.
The following table shows the changes in impairment losses on trade receivables for the years ended December 31, 2022, 2021 and 2020: e. Changes on provision
| December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2020 |
Opening balance | 46,500 |  |  | 32,055 |  |  | 22,524 |
Additions | 45,904 |  |  | 39,326 |  |  | 29,870 |
Reversals | (288 | ) |  | (2,854 | ) |  | (4,855 | )
Write offs (i) | (22,635 | ) |  | (22,027 | ) |  | (15,484 | )
Closing balance | 69,481 |  |  | 46,500 |  |  | 32,055 |
(i) | The Company assessed its customers credit lines, on a regular basis. Due to historical losses and lack of prospects of credit recovery alongside these customers, the Company recognized R$ 22,635 as write-off as of December 31, 2022 (R$ 22,027 as of December 31, 2021).

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