2001 Annual Report - OneSteel

Notes to the Financial StatementsNOTE 6. RECEIVABLES (CURRENT):ConsolidatedParent2001 2000 2001 2000$m $m $m $mTrade receivables due from other than related parties (a) 390.8 297.5 – –Provision for doubtful debts (4.3) (4.3) – –386.5 293.2 – –Trade receivables due from related parties 0.7 14.8 14.9 28.9Total trade receivables 387.2 308.0 14.9 28.9Non-trade receivables due from:Other unrelated parties 45.7 306.5 – –Total current receivables 432.9 614.5 14.9 28.9(a) The value of trade receivables at 30 June 2001 would have been $94.2m (2000: $52.8m) higher but forthe sale of such receivables. Collections of $117m (2000: $80.5m) were held on behalf of the purchasers of thereceivables at 30 June 2001, and have been classified as other creditors. A reserve of $20m is held in non-tradereceivables in relation to the sale of receivables programme.NOTE 7. OTHER FINANCIAL ASSETS (CURRENT):ConsolidatedParent2001 2000 2001 2000$m $m $m $mLoan to Smorgon Distribution Limited 128.6 – – –The loan to Smorgon Distribution Limited (SDL) represents the balance of $285.8m initially contributed to SDL for the joint bidfor Email by OneSteel and Smorgon, net of $157.2m repaid during the period. The loan balance will be reduced bythe purchase of further assets from Email and repaid following the sale of the residual Email businesses. The loan is interest free.NOTE 8. INVENTORIES (CURRENT):Inventories valued at the lower of cost and net realisable valueConsolidatedParent2001 2000 2001 2000$m $m $m $mRaw materialsAt net realisable value 0.3 0.7 – –At cost 93.0 29.9 – –93.3 30.6 – –Work in progressAt net realisable value 8.8 0.1 – –At cost 24.7 3.7 – –33.5 3.8 – –Finished goodsAt net realisable value 17.5 8.2 – –At cost 304.9 274.1 – –322.4 282.3 – –Stores, spares and otherAt cost 80.9 10.1 – –80.9 10.1 – –Total current inventoriesAt net realisable value 26.6 9.0 – –At cost 503.5 317.8 – –530.1 326.8 – –14