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Trade receivables | 12 Months Ended
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Dec. 31, 2024
Trade and other receivables [abstract] |
Trade receivables | 15. Trade receivables Trade receivables are due primarily from distributors and retailers who sell directly to end customers. Trade receivables disaggregated by nature of the relationship with the customers are as follows:
|  | 31/12/24 |  |  | 31/12/23 |
Third parties |  |  | 31,157 |  |  |  | 29,601 |
Related parties |  |  | 5,323 |  |  |  | 7,966 |
Gross trade receivables |  |  | 36,480 |  |  |  | 37,567 |
Allowance for doubtful accounts |  |  | (3,661 | ) |  |  | (4,263 | )
Total trade receivables |  |  | 32,819 |  |  |  | 33,304 |
For further information about transactions with related parties see note 45. Trade receivables by geographic region are analysed as follows:
|  | 31/12/24 |  |  | 31/12/23 |
Italian customers |  |  | 6,633 |  |  |  | 8,349 |
Other European customers |  |  | 8,402 |  |  |  | 6,553 |
North American customers |  |  | 9,277 |  |  |  | 9,182 |
Chinese customers |  |  | 4,435 |  |  |  | 4,347 |
South American customers |  |  | 4,300 |  |  |  | 5,447 |
Other foreign customers |  |  | 3,433 |  |  |  | 3,689 |
Gross trade receivables |  |  | 36,480 |  |  |  | 37,567 |
Provision for doubtful accounts |  |  | (3,661 | ) |  |  | (4,263 | )
Total trade receivables |  |  | 32,819 |  |  |  | 33,304 |
The following tables provide the movements in the provision for doubtful accounts for the years ended December 31, 2024 and 2023.
|  | 31/12/24 |  |  | 31/12/23 |
Balance at beginning of year |  |  | 4,263 |  |  |  | 5,604 |
Charges – bad debt expense |  |  | 289 |  |  |  | 33 |
Reductions – write off of uncollectible amounts |  |  | (806 | ) |  |  | (1,409 | )
Foreign exchange effect |  |  | (85 | ) |  |  | 35 |
Balance at end of year |  |  | 3,661 |  |  |  | 4,263 |
The Parent sold trade receivables to a financial institution for cash advances (for further details, see note 33(C)(iii)). These trade receivables have not been derecognized from the statement of financial position, because the Parent retains substantially all of the risks and rewards – primarily credit risk. The amount received on their transfer has been recognised as a secured bank borrowing (see note 28). The arrangement with the financial institution is such that the customers remit cash directly to the Parent and the Parent transfers the collected amounts to the financial institution. The receivables are considered to be held within a held‑to‑collect business model consistent with the Group’s continuing recognition of the receivables. The following information shows the reporting-date carrying amount of trade receivables that have been transferred but have not been derecognised and the associated liabilities.
|  | 31/12/24 |  |  | 31/12/23 |
Carrying amount of trade receivables transferred |  |  | 11,588 |  |  |  | 11,412 |
Carrying amount of associated liabilities |  |  | (10,665 | ) |  |  | (10,752 | )
Total, net |  |  | 923 |  |  |  | 660 |
Information about the Group’s exposure to credit risk and i mpairment losses for trade receivables is included in note 33(C)(ii-a).

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- Definition The disclosure of trade and other receivables. [Refer: Trade and other receivables] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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