NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
112
THE STRAITS TRADING COMPANY LIMITED
21.
TRADE AND OTHER RECEIVABLES (CONT’D)
Amounts due from a joint venture
The non-current other receivable is due from Africa Smelting Corporation Sprl. It is an unsecured term loan, currently
interest free. Interest will be charged at 10% per annum from date of commencement of production. The unsecured term
loan is repayable in 12-quarterly instalments commencing 12 months after date of commencement of production. The
estimated date of commencement of production is 1 January 2018.
Trade and other receivables denominated in foreign currencies other than the functional currencies of the respective
Group entities are as follows:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
United States Dollar
51,425
37,642
–
–
Australian Dollar
1,111
–
–
–
Japanese Yen
1,485
5,226
–
–
The aged analysis of trade and other receivables is as follows:
Group
2015
$’000
2014
$’000
Gross
Impairment
losses
Net
Gross
Impairment
losses
Net
Ŕ /PU QBTU EVF
126,668
(559)
126,109
113,820
(512)
113,308
Ŕ 1BTU EVF
Less than 30 days
18
–
18
105
–
105
30 to 60 days
662
–
662
1,517
–
1,517
61 to 90 days
1,147
–
1,147
439
–
439
91 to 120 days
53
–
53
12
–
12
More than 120 days
1,201
(1,038)
163
8,918
(8,209)
709
3,081
(1,038)
2,043
10,991
(8,209)
2,782
Total
129,749
(1,597)
128,152
124,811
(8,721)
116,090
Company
2015
$’000
2014
$’000
Gross
Impairment
losses
Net
Gross
Impairment
losses
Net
Ŕ /PU QBTU EVF
866,527
(284)
866,243
558,343
(284)
558,059
Ŕ 1BTU EVF
Less than 30 days
1
–
1
3
–
3
30 to 60 days
6
–
6
16
–
16
61 to 90 days
8
–
8
1
–
1
91 to 120 days
3
–
3
–
–
–
More than 120 days
2
–
2
–
–
–
20
–
20
20
–
20
Total
866,547
(284)
866,263
558,363
(284)
558,079
Trade receivables that are individually determined to be impaired at the end of the reporting period relate to debtors that
are in significant financial difficulties and have defaulted on payments.
