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APN
annual report
2011
notes to the financial statements
APN News & Media Limited and Controlled Entities
6. TRADE AND OTHER RECEIVABLES
2011
$’000
2010
$’000
Current
Trade receivables
158,612
164,224
Provision for doubtful debts
(5,125)
(7,551)
153,487
156,673
Loans to associates
734
2,186
Other receivables
14,864
10,326
Total current receivables
169,085
169,185
Non-current
Loans to related parties
1,516
4,186
Total non-current receivables
1,516
4,186
Trade receivables are generally settled within 60 days. The Directors consider the carrying amount of trade receivables approximates their
net fair value. Loans to associates are unsecured, interest bearing and repayable at call.
(a) Impaired trade receivables
As at 31 December 2011, current trade receivables of the Group with a nominal value of $7,133,000 (2010: $9,441,000) were impaired. For
the purposes of AASB 7
Financial Instruments: Disclosures
, impaired receivables are regarded as those that are more than 90 days past
due together with any other balances where the credit department considers collection to be in doubt. The amount of the provision was
$5,125,000 (2010: $7,551,000). It was assessed that a portion of the impaired receivables is expected to be recovered.
2011
$’000
2010
$’000
The ageing of these receivables is as follows:
One to three months
3,169
3,205
Three to six months
2,779
2,986
Over six months
1,185
3,250
Impaired receivables
7,133
9,441
Movements in the provision for doubtful debts are as follows:
Balance at beginning of the year
7,551
5,405
Provision for doubtful debts expensed
3,787
4,849
Receivables written off
(6,213)
(2,703)
Provision for doubtful debts
5,125
7,551
(b) Past due but not impaired – trade receivables
As of 31 December 2011, trade receivables of $37,280,000 (2010: $35,106,000) were past due but not impaired. These receivables are
90 days or less past due.
Amounts charged to the provision account are generally written off when there is no expectation of recovery.
The other classes within trade and other receivables do not contain impaired assets and are not past due. Based on previous collection
history, over 98% of these receivables would be expected to be collected.