2010 Annual Report - Petron

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13. LONG-TERM ASSETS 2010 2009 RM'000 RM'000 Prepaid lease rentals 273,677 278,446 Deposits 1,706 2,210 Loans and marketing assistance to dealers 28,339 27,922 Others 4,992 6,732 308,714 315,310 Included in the above prepaid lease rentals are leasehold land amounting to RM20,741,000 (2009: RM20,977,000) for the Company's 20% participating interest in the joint venture assets of MPP. 14. INTANGIBLE ASSETS - SOFTWARE 2010 2009 RM'000 RM'000 At December 31 Cost 11,070 11,070 Accumulated amortisation (10,922) (10,399) Net book value 148 671 15. INVENTORIES 2010 2009 RM'000 RM'000 Crude oil 166,333 197,205 Petroleum products 293,238 250,940 Materials and supplies 8,538 8,235 Total inventories at lower of cost and net realisable value 468,109 456,380 16. RECEIVABLES 2010 2009 RM'000 RM'000 Trade receivables 75,546 68,883 Less: Provision for impairment of receivables (3,163) (3,023) 72,383 65,860 Others 171,447 78,064 243,830 143,924 Credit terms of trade receivables range from payment in advance to generally up to 90 days. All the receivables are in Ringgit Malaysia. At the balance sheet date, the concentration of credit risk with respect to trade receivables is mainly from Supply and Industrial customers. The provision for impairment of receivables s considered sufficient to cover collection losses. Other receivables are generally those of a non-trade nature. Included in the current year balance is an amount of RM152,939,651 (2009: RM59,573,178) for subsidies receivable from the Government of Malaysia under the Automatic Pricing Mechanism. ANNUAL REPORT & ACCOUNTS 2010 47
ESSO MALAYSIA BERHAD 16. RECEIVABLES (Continued) The ageing analysis of these trade receivables is as follows: 2010 2009 RM'000 RM'000 Current 71,863 65,727 Overdue and not impaired: Less than 3 months 362 35 3 to 6 months - 54 6 to 12 months 96 - Over 12 months 62 44 Overdue and impaired: Over 12 months 3,163 3,023 75,546 68,883 Less: Provision for impairment of receivables (3,163) (3,023) 72,383 65,860 As at December 31, 2010, provisions were made for impaired trade receivables of RM3,163,000 (2009: RM3,023,000). These primarily relate to a few industrial customers which are in financial difficulty, and represent the amount in excess of value of collaterals which have been claimed. The Company believes that the unimpaired amounts are still collectable, based on historic payment behaviour and customers’ credit ratings. Movements of the provision for impairment of receivables are as follows: 2010 2009 RM'000 RM'000 At 1 January 3,023 3,182 Provision for impairment 222 - Receivables written off during the year (35) (32) Reversal of provision for impairment (47) (127) At 31 December 3,163 3,023 The maximum exposure to credit risk at the reporting date is the carrying value of receivables mentioned above. The Company holds collaterals in the form of bank guarantees, letters of credit, cash deposits and other credit enhancements such as corporate guarantees and registered charges over lands to secure most of these trade receivables. The Company believes that apart from the above, no impairment is necessary in respect of trade receivables that are not past due, which relates to customers with good payment records with the Company. 17. PAYABLES 2010 2009 RM'000 RM'000 Trade payables 74,174 73,139 Other payables 68,153 62,328 142,327 135,467 The currency exposure profile of trade payables is as follows: Ringgit Malaysia 73,555 72,633 US Dollar 619 506 74,174 73,139 The credit terms for the Company's trade and other payables are generally 30 days. Other payables are generally those of a non-trade nature that arose from transactions other than the purchase of crude and petroleum products. Included in other payables is an amount of RM1,277,000 (2009: RM1,261,000) for payroll liabilities. 48 ANNUAL REPORT & ACCOUNTS 2010
Page 3: FINANCIAL HIGHLIGHTS 2010 2009 % RM
Page 11 and 12: CAPITAL EXPENDITURE RM MILLION TOTA
Page 13 and 14: ESSO MALAYSIA BERHAD Profile of Dir
Page 15 and 16: ESSO MALAYSIA BERHAD Corporate Citi
Page 17 and 18: ESSO MALAYSIA BERHAD Environmental
Page 20 and 21: CORPORATE GOVERNANCE The Board of D
Page 22 and 23: CORPORATE GOVERNANCE (Continued) An
Page 24 and 25: CORPORATE GOVERNANCE (Continued) In
Page 26 and 27: CORPORATE GOVERNANCE (Continued) Tr
Page 29 and 30: Meetings and Minutes (Continued) Th
Page 31 and 32: ESSO MALAYSIA BERHAD STATUTORY INFO
Page 33 and 34: ESSO MALAYSIA BERHAD STATEMENT OF C
Page 35 and 36: ESSO MALAYSIA BERHAD STATEMENT OF C
Page 37 and 38: ESSO MALAYSIA BERHAD NOTES TO THE F
Page 39 and 40: ESSO MALAYSIA BERHAD 1. BASIS OF PR
Page 41 and 42: ESSO MALAYSIA BERHAD 2. SUMMARY OF
Page 43 and 44: ESSO MALAYSIA BERHAD 2. SUMMARY OF
Page 45 and 46: ESSO MALAYSIA BERHAD 5. REVENUES 20
Page 47: ESSO MALAYSIA BERHAD 12. PROPERTY,
Page 51 and 52: ESSO MALAYSIA BERHAD 18. RETIREMENT
Page 53 and 54: ESSO MALAYSIA BERHAD 23. RESERVES 2
Page 55 and 56: ESSO MALAYSIA BERHAD 29. SUPPLEMENT
Page 57: ESSO MALAYSIA BERHAD INDEPENDENT AU

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