Annual Report - QuamIR
Annual Report - QuamIR
Annual Report - QuamIR
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Notes to the Consolidated Financial Statements (Continued)<br />
<br />
30 Trade and other receivables (Continued)<br />
Notes:<br />
30 <br />
<br />
(a)<br />
The ageing analysis of trade receivables at year end, net of provision for<br />
(a)<br />
<br />
impairment, was as follows:<br />
<br />
Group<br />
<br />
2011 2010<br />
<br />
<br />
HK$ Million<br />
HK$ Million<br />
<br />
<br />
0 to less than 2 months 2 70.9 45.0<br />
2 to less than 6 months 26 17.1 2.3<br />
6 to less than 12 months 612 31.3 15.9<br />
12 months and more 12 11.5 9.3<br />
130.8 72.5<br />
The Group’s credit terms for the contracting business are negotiated with<br />
<br />
and entered into under normal commercial terms with its trade customers.<br />
<br />
Various group companies have different credit policies depending on the<br />
<br />
requirements of their markets and the businesses which they operate.<br />
<br />
Retention money receivables in respect of contracting services are settled<br />
<br />
in accordance with the terms of respective contracts.<br />
There is no concentration of credit risk with respect to trade receivables, as<br />
<br />
the Group has a large number of customers.<br />
<br />
(b)<br />
Amounts due from related companies are unsecured, interest free and<br />
(b)<br />
<br />
have no fixed terms of repayment. The balances are mainly denominated<br />
<br />
in Renminbi.<br />
(c) Depending on the line of business, trade receivables that are less than 12<br />
months past due are not considered impaired. As at 31 December 2011,<br />
trade receivables of HK$11.5 million (2010: HK$9.3 million) were past due<br />
but not impaired. These relate to a number of independent customers for<br />
whom there is no recent history of default. No other receivables were past<br />
due or impaired.<br />
(c)<br />
12<br />
<br />
<br />
11,500,0009,300,000<br />
<br />
<br />
<br />
As at 31 December 2011, trade receivables of HK$11.6 million (2010:<br />
HK$19.0 million) were impaired. A total provision of HK$11.6 million (2010:<br />
HK$19.0 million) was made against the receivables at the year end date.<br />
<br />
11,600,00019,000,000<br />
<br />
11,600,000<br />
19,000,000<br />
156 HKC (Holdings) Limited • <strong>Annual</strong> <strong>Report</strong> 2011