NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
137
Annual Report 2014
34.
Financial risk management
(continued)
(b)
Credit risk (continued)
The credit risk for trade and other receivables based on the information provided to key
management is as follows:
The Group
2014
2013
$’000
$’000
By business segments
Ship repair, ship building and marine engineering
4,068,673
2,345,955
Shipping
4,846
7,156
Others
9
7
4,073,528
2,353,118
(i)
Financial assets that are neither past due nor impaired
Bank deposits that are neither past due nor impaired are mainly deposits with banks with
high credit-ratings assigned by international credit-rating agencies. Trade and other
receivables that are neither past due nor impaired are substantially companies with a good
collection track record with the Group.
(ii)
Financial assets that are past due and/or impaired
There is no other class of financial assets that is past due and/or impaired except for trade
and other receivables.
The age analysis of trade and other receivables past due but not impaired is as follows:
The Group
2014
2013
$’000
$’000
Past due 0 to 3 months
5,666
1,830
Past due 3 to 6 months
146,488
1,344
Past due over 6 months
153,529
3,307
305,683
6,481
The carrying amount of trade and other receivables individually determined to be impaired
and the movement in the related allowance for impairment are as follows:
The Group
2014
2013
$’000
$’000
Gross amount
49,815
23,301
Less: Allowance for impairment
(49,815)
(23,301)
–
–
Beginning of financial year
23,301
16,905
Currency translation differences
1,560
1,208
Allowance made
25,787
5,228
Allowance utilised
(833)
(40)
End of financial year
49,815
23,301
