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NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
109
Annual Report 2013
F i nanc i a l Statement s
13. Trade and other receivables - current
(continued)
(i)
Certain subsidiaries of the Group have factored trade receivables and construction contracts due from
customers with carrying amounts of $1,119,841,000 (2012: $1,006,722,000) to banks in exchange for
cash during the financial year ended 31 December 2013. The transactions have been accounted for as
collateralised borrowings as the banks have full recourse to the subsidiaries in the event of default by the
debtors (Note 27).
(ii)
Other receivables due from fellow subsidiaries and associated companies are unsecured, interest-free and
are repayable on demand.
(iii)
The loan to an associated company is unsecured, interest-bearing at 6.15% (2012: 6.15%) per annum and is
repayable on demand.
14. Inventories
The Group
2013
2012
$’000
$’000
Raw materials
295,049
269,710
Work-in-progress
706,883
38,831
Finished goods
44,832
43,642
1,046,764
352,183
The cost of inventories recognised as an expense and included in “cost of sales” amounted to $3,066,475,000
(2012: $3,331,766,000).
15. Construction contract work-in-progress
The Group
2013
2012
$’000
$’000
Beginning of financial year
93,009
148,098
Contract costs incurred during the financial year
2,643,902
2,589,925
Contract expenses recognised in the income
statement during the financial year
(2,537,414)
(2,638,476)
Currency translation differences
8,869
(6,538)
End of financial year
208,366
93,009
Aggregate costs incurred and profits recognised
(less losses recognised) to date on uncompleted construction contracts
3,563,072
3,442,243
Less: Progress billings
(1,682,434)
(1,884,406)
Currency translation differences
51,111
(19,310)
1,931,749
1,538,527
Presented as:
Due from customers on construction contracts (Note 13)
2,031,327
1,679,398
Due to customers on construction contracts (Note 26)
(99,578)
(140,871)
1,931,749
1,538,527
Advances received on construction contracts (Note 26)
495,181
(339,207)
Retentions on construction contracts
8,697
4,529
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