Annual Report 2012 - ecoWise Holdings Limited

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112ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS21. TRADE AND OTHER RECEIVABLESGroupCompany2012 2011 2012 2011$’000 $’000 $’000 $’000Trade receivablesOutside parties 19,094 19,715 – 14Allowance for doubtful receivables (671) (665) – –Factored trade receivables 373 255 – –Related parties 119 332 – –Subsidiaries – – 10,278 10,095Associate 65 83 – –Subtotal 18,980 19,720 10,278 10,109Other receivablesSubsidiaries – – 12,464 11,147Associate 600 600 – –Related parties 196 197 – –Other receivables 1,014 398 – –Allowance for doubtful receivables (23) (23) – –Subtotal 1,787 1,172 12,464 11,147Total trade and other receivables 20,767 20,892 22,742 21,256Presented in statements of financial position as:Non-current 600 600 – –Current 20,167 20,292 22,742 21,25620,767 20,892 22,742 21,256Movements in the allowance for doubtful receivables are as follows:Group2012 2011$’000 $’000At beginning of the reporting year 688 694Allowance for doubtful receivables – made/(reversed) 17 (17)Effects of movements in exchange rates (11) 11At end of the reporting year 694 688
ecoWise Holdings Limitedannual report 201211331 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS21. TRADE AND OTHER RECEIVABLES (CONTINUED)Other receivables from the subsidiaries are unsecured, bear interest at 2.75% (2011: 5%) per annum andhave no fixed terms of repayment.Other receivables from an associate are unsecured, non-interest bearing and not expected to be repaidwithin the next 12 months.Other receivables from related parties are unsecured, non-interest bearing and have no fixed terms ofrepayment.There is no allowance for doubtful receivables on receivables due from related parties.At the end of the reporting year, factored trade receivables of $373,000 (2011: $255,000) were transferredto bank. The factoring facility is secured by a corporate guarantee provided by the Company. Since thesereceivables did not meet the FRS 39 derecognition requirements, they were recognised as receivables eventhough they were legally sold without recourse.22. FINANCE LEASE RECEIVABLESDuring the current reporting year, the Group completed the construction of a biomass co-generation plantunder a Design, Build and Operate Agreement (“DBO Agreement”) entered with a customer in previousreporting years. Under the DBO Agreement, the Group will operate and maintain the biomass co-generationplant to supply electricity and heat to the customer for a term of 15 years.The Group assessed that the terms and conditions of the DBO Agreement contains a lease arrangementunder INT-FRS 104 – Determining whether an Arrangement contains a Lease. The lease is classified as afinance lease as the present value of the minimum lease receivables amount to at least substantially all ofthe fair value of the biomass co-generation plant at the inception of the lease. Consequently, the Groupreclassified its investment in the biomass co-generation plant from plant and equipment to finance leasereceivables. The Group continues to be the legal owner of the plant.
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