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WE L ANNUA L REPOR T
54
11. Trade and other receivables (continued)
(a) Impaired receivables
As at 31 March 2015 trade receivables of $1.3 million (2014: $1.0 million) were past due but not impaired. These relate to a number of
independent customers for whom there is no recent history of default. The aging analysis of these trade receivables is as follows:
Group
Group
Parent
Parent
2015
2014
2015
2014
($000)
($000)
($000)
($000)
Less than three months
457
296
457
296
Three to six months
81
408
81
408
Over six months
738
310
738
310
1,276
1,014
1,276
1,014
As at 31 March 2015 trade receivables of $447,000 were impaired and provided for (2014: $335,000). The individually impaired receivables
mainly relate to damage to the network caused by third parties. The impairment includes $223,000 (2014: $210,000) in relation to
discounting future cash flows of these receivables. The aging analysis of these trade receivables is as follows:
Less than three months
1
32
1
32
Three to six months
125
175
125
175
Over six months
321
128
321
128
447
335
447
335
Movements in the provision for impairment of receivables are
Opening balance 1 April 2014
335
303
335
303
Movement in provision for impairment recognised during the year
117
96
117
96
Receivables written off during the year as uncollectible
(5)
(64)
(5)
(64)
Closing balance 31 March 2015
447
335
447
335
The creation and release of the provision for impaired receivables has been included in ‘other expenses’in the income statement.
Amounts charged to the provision for impairment of receivables account are generally written off when there is no expectation of
recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets and are not past due. Based on the credit history
of these other classes, it is expected that these amounts will be received when due.
(b) Foreign exchange and interest rate risk
The Group is not exposed to foreign currency risk or interest rate risk in relation to trade and other receivables. A summarised analysis
of the sensitivity of trade and other receivables to foreign exchange and interest rate risk can be found in note 30.
(c) Fair value and credit risk
Due to the short-term nature of these receivables, their carrying value is assumed to approximate their fair value.
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivables mentioned above. The Group does
not hold any collateral as security. Refer to note 30 – Financial risk management for more information on the risk management policy of
the Group.
Group
Group
Parent
Parent
2015
2014
2015
2014
12. Construction work in progress
($000)
($000)
($000)
($000)
Amounts expected to be recovered within 12 months
34,905
30,164
-
-
Amounts expected to be recovered after more than 12 months
1,164
850
-
-
Net Amount due from customers
36,069
31,014
-
-
Analysed as
Contract costs incurred
232,323
150,762
-
-
Less: progress billings
(196,254)
(119,748)
-
-
Contracts in place at balance sheet date
36,069
31,014
-
-
Revenue from construction contracts
76,506
55,635
-
-
