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Integrated Report 2016
ANNUAL FINANCIAL STATEMENTS
(continued)
16. TRADE AND OTHER RECEIVABLES
Trade receivables
1 366 829
1 259 457
Less: Provision for credit notes
(35 271)
(21 195)
Provision for impairment
(11 067)
(14 255)
1 320 491
1 224 007
Derivative asset at fair value
(1)
576
294
Other receivables
44 793
75 585
Bank interest receivable
(2)
–
10 785
Sundry receivables
44 793
64 800
The maximum exposure to credit risk in relation to trade and other receivables
1 365 860
1 299 886
Pre-payments
21 574
58 785
VAT recoverable
(2)
11 067
50 057
1 398 501
1 408 728
(1)
It is expected that the derivative asset will be realised within the next 90 days.
(2)
VAT recoverable and bank interest receivable will be received within one month.
65% (2015: 59%) of pre-payments will be recycled to other assets in the statement of financial position
and the balance to profit or loss over the next 12 months.
Movements in the provisions for impairment and credit notes were as follows:
Individually
impaired
R’000
Credit notes
R’000
Total
R’000
Balance at 1 July 2014
(8 192)
(8 835)
(17 027)
Charge for the year
(10 215)
(27 140)
(37 355)
Utilised during the year
1 748
14 780
16 528
Unused amounts reversed
2 404
–
2 404
At 30 June 2015
(14 255)
(21 195)
(35 450)
Charge for the year
(7 424)
(17 326)
(24 750)
Utilised during the year
–
3 250
3 250
Transfer to assets held-for-sale
4 384
–
4 384
Unused amounts reversed
6 228
–
6 228
At 30 June 2016
(11 067)
(35 271)
(46 338)
No provisions were utilised in the current year (2015: R1.7 million in Ghana). Trade debtors are impaired when the event of recoverability
is highly unlikely, or there is an expected decrease in future inflows.
2016
R’000
2015
R’000
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS