59 l BRADKEN LIMITED ANNUAL REPORT 2014
Notes to the consolidated financial statements
30 June 2014
(continued)
10 Receivables and other assets (continued)
(a)
2014
2013
$'000
$'000
Balance at 1 July
405
499
Charge for the year
77
664
Receivables written off during the year as uncollectable
(127)
(739)
Unused amounts reversed
(292)
(49)
Foreign currency exchange differences
-
30
Balance at 30 June
63
405
(b)
At 30 June, the ageing analysis of trade receivables is as follows:
2014
2013
$'000
$'000
Current
56,208
68,838
0-30 days
52,566
48,431
31-60 days
8,691
22,064
61-90 days
3,195
13,929
91 + days
4,768
2,091
Total
125,428
155,353
(c)
(d)
Carrying
Carrying
amount
Fair value
amount
Fair value
$'000
$'000
$'000
$'000
Other receivables
2,754
2,754
2,880
2,880
2,754
2,754
2,880
2,880
(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.
The fair values and carrying values of non-current receivables of the Group are as follows:
Fair values
Impaired trade receivables
As at 30 June 2013 current trade receivables of the Group with a nominal value of $63,000 (2013: $405,000) were impaired.
The amount of the provision was $63,000 (2013: $405,000).
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 2014 trade receivables of $63,000 (2013:$405,000) were past due and considered impaired and trade receivables
of $69,157,000 (2013:$86,110,000) 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.
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.
Other receivables
2014
2013
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 3 for more information on the risk management policy of the
Group and the credit quality of the entity's trade receivables.
Due to the relatively short term nature of these receivables, their carrying amount is assumed to approximate their fair value.
Page 59
Bradken Limited
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
(CONTINUED)
1...,86,87,88,89,90,91,92,93,94,95 97,98,99,100,101,102,103,104,105,106,...136