2011 - Li & Fung Limited

NOTES TO THE ACCOUNTS (CONTINUED)
21 TRADE AND OTHER RECEIVABLES
114 LI & FUNG LIMITED | ANNUAL REPORT 2011
The Group The Company
As at
As at
As at 31 December 1 January As at 31 December 1 January
2011 2010 2010 2011 2010 2010
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
(Restated) (Restated) (Restated) (Restated)
Trade and bills receivable – net
Other receivables, prepayments
2,004,542 2,079,012 1,610,433 – – –
and deposits 466,847 358,596 298,954 249 254 187
2,471,389 2,437,608 1,909,387 249 254 187
Less: non-current portion
Deposits (12,537) (10,200) (8,633) – – –
2,458,852 2,427,408 1,900,754 249 254 187
The fair values of the Group’s and the Company’s trade and other receivables were approximately the same as their carrying values as
at 31 December 2011.
A significant portion of the Group’s business is on sight letter of credit, usance letter of credit up to a tenor of 120 days, documents
against payment or customers’ letter of credit to suppliers. The balance of the business is on open account terms which is often
covered by customers’ standby letters of credit, bank guarantees, credit insurance or under a back-to-back payment arrangement with
suppliers. The ageing of trade and bills receivable based on invoice date is as follows:
The Group
As at 31 December As at 1 January
2011 2010 2010
US$’000 US$’000 US$’000
(Restated) (Restated)
Current to 90 days 1,879,710 1,994,478 1,550,655
91 to 180 days 100,825 69,071 48,453
181 to 360 days 13,178 7,022 9,133
Over 360 days 10,829 8,441 2,192
2,004,542 2,079,012 1,610,433