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Notes to the Consolidated Financial Statements
30 June 2013
58 BRADKEN LIMITED ANNUAL REPORT 2013
Notes to the consolidated financial statements
30 June 2013
(continued)
8 Receivables (continued)
(a)
2013
2012
$'000
$'000
Balance at 1 July
499
476
Balances acquired on acquisition
-
66
Charge for the year
664
326
Receivables written off during the year as uncollectable
(739)
(375)
Unused amounts reversed
(49)
-
Foreign currency exchange differences
30
6
Balance at 30 June
405
499
(b)
At 30 June, the ageing analysis of trade receivables is as follows:
2013
2012
$'000
$'000
Current
68,838
138,817
0-30 days
48,431
48,947
31-60 days
22,064
9,575
61-90 days
13,929
3,483
91 + days
2,091
2,100
Total
155,353
202,922
(c)
(d)
Carrying
Carrying
amount
Fair value
amount
Fair value
$'000
$'000
$'000
$'000
Other receivables
2,880
2,880
1,873
1,873
2,880
2,880
1,873
1,873
(e)
The other classes within trade and other receivables do not contain impaired assets and are not past due. Based on the credit
history of these other classes, it is expected that these amounts will be received when due.
Impaired trade receivables
As at 30 June 2013 current trade receivables of the Group with a nominal value of $405,000 (2012: $499,000) were impaired.
The amount of the provision was $405,000 (2012: $499,000).
Movements in the provision for impairment of receivables are as follows:
Past due but not impaired
The creation and release of the provision for impaired receivables has been included in administration expenses in the income
statement. Amounts charged to the provision are generally written off when there is no expectation of recovering additional
cash.
As at 30 June 2013 trade receivables of $405,000 (2012:$499,000) were past due and considered impaired and trade
receivables of $86,110,000 (2012:$63,606,000) were past due but not impaired.
These amounts generally arise from transactions outside the usual operating activities of the Group and also include amounts
receivable based on the revenue recognised for contracts on a percentage of completion basis.
The fair values and carrying values of non-current receivables of the Group are as follows:
In relation to the receivables recognised as past due but not impaired and impaired, collateral is held in the form of a retention of
title over the goods until payment is received. Given the consumable nature of these goods the ability to determine an accurate
value for this collateral has been unable to be performed.
Fair values
Other receivables
2013
2012
The maximum exposure to credit risk at the reporting date is the carrying amount of each class of receivables mentioned above.
Credit risk
There is no concentration of credit risk with respect to current and non-current receivables, as the Group has a large number of
customers, nationally and internationally dispersed. Refer to note 2 for more information on the risk management policy of the
Group and the credit quality of the entity's trade receivables.
Due to the short term nature of these receivables, their carrying amount is assumed to approximate their fair value.
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Bradken Limited