SYDNEY PORTS CORPORATION ANNUAL REPORT 12

62
Sydney PortS CorPoration
noteS to the FinanCiaL StateMentS
note 7. trade and other reCeivaBleS
Sydney PortS CorPoration finanCial rePort 2011/12
note
CorPoration CorPoration
Current
Trade receivables 11,756 11,471
Other receivables 17,774 10,005
29,530 21,476
Allowance for impairment loss (433) (262)
29,097 21,214
Prepayments 1,216 1,109
Prepaid licence fee 2(m) 1,242 1,210
Lease incentive receivable 321 63
Accrued income 9,947 2,966
Non-current
41,823 26,562
Prepaid licence fee 2(m) 119,220 118,505
Lease incentive receivable 5,169 310
124,389 118,815
(a) Allowance for impairment loss
Trade receivables are on 28 day terms and are interest-bearing if not paid within these terms. Other receivables are
non-interest bearing and range from 7 to 14 day terms.
An allowance for impairment loss is recognised when there is objective evidence that an individual receivable is impaired.
Impairment charges of $466,721 (2011: $259,351) have been recognised by the Corporation during the year. These amounts
have been included in Other expenses at note 4.
Movements in the allowance for impairment loss were as follows:
2012
$000
2011
$000
CorPoration CorPoration
Balance at 1 July 262 65
Current year charge 467 259
Recovery of impaired amount (19) (28)
Amounts written off (277) (34)
Balance at 30 June 433 262
At 30 June, the ageing analysis of trade and other receivables is as follows:
total
$000
not
dUe
$000
0-30 dayS
Pdni*
$000
0-30 dayS
Ci*
$000
31-60 dayS
Pdni*
$000
31-60 dayS
Ci*
$000
2012
$000
60+ dayS
Pdni*
$000
2011
$000
60+ dayS
Ci*
$000
2012 29,530 25,931 2,030 396 671 – 465 37
2011 21,476 18,648 930 – 972 – 664 262
* Past due not impaired (“PDNI”)
Considered impaired (“CI”)
Trade and other receivables past due but not considered impaired are $3.166 million (2011: $2.566 million). Payment terms
on these amounts have not been re-negotiated and direct contact has been made with the relevant debtors to ensure that
payment will be received in full.
Other balances within trade and other receivables do not contain impaired assets and are not past due. It is expected that
these other balances will be received when due.
(b) Fair value and credit risk
Due to the short term nature of the current receivables, their carrying value is assumed to approximate their fair value.
The maximum exposure to credit risk is the fair value of the receivables. Collateral is not held as security.