NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
108
COSCO Corporation (Singapore) Limited
13.
Trade and other receivables - current
The Group
The Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Trade receivables:
- Non-related parties (i)
456,633
215,099
–
–
- Fellow subsidiaries
23,006
22,667
–
–
- Associated companies
313
–
–
–
479,952
237,766
–
–
Less: Allowance for impairment of
receivables
- Non-related parties
(37,581)
(11,323)
–
–
Trade receivables - net
442,371
226,443
–
–
Construction contracts due
from customers (Note 15):
- Non-related parties (i)
3,561,426
2,031,327
–
–
Other receivables:
- Non-related parties
67,681
55,161
8
7
- Fellow subsidiaries (ii)
5,792
10,125
–
–
- Associated companies (ii)
113
1
–
–
- A subsidiary (iii)
–
–
48
1,392
73,586
65,287
56
1,399
Less: Allowance for impairment of
other receivables
- non-related parties
(12,234)
(11,978)
–
–
Other receivables – net
61,352
53,309
56
1,399
Loan to an associated company (iv)
–
939
–
–
Advances paid to suppliers
494,654
595,584
–
–
Staff advances
1,063
1,120
–
–
Dividend receivable from
- Subsidiaries
–
–
31,085
30,359
- Associated companies
2,939
3,106
–
–
Total
4,563,805
2,911,828
31,141
31,758
(i)
Certain subsidiaries of the Group have factored trade receivables and construction contracts
due from customers with carrying amounts of $1,779,895,000 (2013: $1,119,841,000) to banks in
exchange for cash during the financial year ended 31 December 2014. 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)
Other receivables due from a subsidiary are unsecured, interest-free and are repayable on demand.
(iv)
As at 31 December 2013, the loan to an associated company is unsecured, interest-bearing at
6.15% per annum and is repayable on demand.
