Page 138 - ar2013.pdf

NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
136
COSCO Corporation (Singapore) Limited
F i nanc i a l Statement s
34. Financial risk management (continued)
(b) Credit risk (continued)
(ii) Financial assets that are past due and/or impaired (continued)
The carrying amount of trade receivables individually determined to be impaired and the movement in
the related allowance for impairment are as follows:
The Group
2013 2012
$’000 $’000
Gross amount 11,323 11,038
Less: Allowance for impairment (11,323) (11,038)
– –
Beginning of financial year 11,038 13,647
Currency translation differences 679 (629)
Allowance utilised (40) (6,441)
(Reversal of allowance)/allowance made (354) 4,461
End of financial year 11,323 11,038
(c) Liquidity risk
The Group adopts prudent liquidity risk management by maintaining sufficient cash and having an adequate
amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature
of the underlying businesses, the Group aims at maintaining flexibility in funding by keeping committed credit
facilities available.
The table below analyses the maturity profile of the Group’s and Company’s financial liabilities (including
forward currency contracts) based on contractual undiscounted cash flows.
Less than
1 year
Between
1 and 5
years
Over
5 years
$’000 $’000 $’000
The Group
At 31 December 2013
Gross-settled currency forwards
- Receipts 126,081 – –
- Payments (125,906) – –
Other financial liabilities (2,041,982) – –
Borrowings (2,005,616) (1,899,274) (7,641)
At 31 December 2012
Other financial liabilities (1,735,603) – –
Borrowings (1,551,537) (1,575,060) (35,318)
The Company
At 31 December 2013
Other financial liabilities (18,149) – –
At 31 December 2012
Other financial liabilities (17,886) – –