Bradken Limited Annual Report 2015 - page 93

BRADKEN LIMITED ANNUAL REPORT 2015 l 58
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
11 Finance lease assets
2015
2014
$'000
$'000
Current receivables under finance leases (a)
573
509
Non current receivables under finance leases (a)
4,493
4,802
(a)
$'000
$'000
$'000
2014
Present value
509
4,802
-
Unearned interest income
626
2,158
-
Total future payments
1,135
6,960
-
2015
Present value
573
4,493
-
Unearned interest income
595
1,562
-
Total future payments
1,168
6,055
-
12 Inventories
2015
2014
$'000
$'000
Construction work in progress:
60,236
258,327
Progress billing
(58,510)
(247,915)
Net construction work in progress
1,726
10,412
Raw materials and stores
34,725
46,106
Work in progress
62,204
50,253
Finished goods
112,380
104,611
211,035
211,382
(a) Inventory expense
Write downs of inventories to net realisable value recognised as an expense during the year ended 30 June 2015 amounted to
$1,122,000 (2014: $1,143,000). The expense has been included in 'cost of sales' in the income statement.
Contract costs incurred and recognised profits less
recognised losses
Receivables under finance leases
The Group leases freight rail wagons to customers in Australia under finance lease arrangements. Lease agreements in which
the other party, as lessee, is to be regarded as the economic owner of the leased assets give rise to accounts receivable in the
amount of discounted future lease payments. The receivables under finance leases are as follows:
Not later than
one year
Between one
and five years
Later than five
years
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