Note 16

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS – NOTE 16

		2016 R’000	2015 R’000
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 12months.
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.
The maturity analysis of trade and other receivables is as follows:

	2016 R’000	2015 R’000
*Trade Receivables*
Neither past due nor impaired
<30 days	723 313	654 479
31 – 60 days	448 237	425 452
61 – 90 days	95 293	84 291
Past due after impairments
91 – 180 days	40 982	52 557
>180 days	12 666	7 228
Total	1 320 491	1 224 007
*Sundry Receivables*
Neither past due nor impaired
<30 days	17 067	38 912
31 – 60 days	8 241	13 492
61 – 90 days	2 788	4 373
>90 days	16 697	8 023
Total	44 793	64 800

Details in respect of the Group’s credit risk management policies are set out in Annexure E. The directors consider that the carrying amount of the trade and other receivables approximates their fair value due to the short period to maturity.

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS – NOTE 16