(21.0) 0.5 (5.6) 1,171.5 Past due 0-30 days 279.2 (1.1) 5.1 (14.1) 264.0 Past due 31-120 days 655.7 (69.8) 12.3 (72.1) 513.8 Past due 121-240 days 555.7 (102.7) 37.5 (169.9) 283.1 Past due 241-365 days 319.2 (93.8) 67.9 (153.0) 72.4 Past due more than 365 days 2,313.0 (1,609.6) 77.1 (542.1) 161.3 Trade receivables 5,320.9 (1,898.0) (956.8) 2,466.1 Trade contract assets 3,464.4 (3.9) 0.9 (30.5) 3,430.0 The Group and the Company apply MFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables and trade contract assets. For certain large customers with high risk of default, the Group and the Company assessed the risk of loss for each customer individually based on their financial information, past trend of payments and externalcredit ratings, where applicable. T o measure the expected credit losses, trade receivables and trade contract assets are grouped based on shared credit risk characteristics and the days past due. The trade contract assets that relate to unbilled customers have substantial same risk characteristics as the trade receivables for the same types of contracts. The Group and the Company have therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates of the trade contract assets. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 315 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses (continued) The expected loss rates are based on the payment profiles of sales over a period of 14 months and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group and the Company have identified growth rates of real Gross