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63
APN
annual report
2011
notes to the financial statements
APN News & Media Limited and Controlled Entities
(c) Foreign exchange risk
The carrying amounts of the Group’s current and non-current receivables are denominated in the following currencies:
2011
$’000
2010
$’000
Australian dollars
109,815
113,695
New Zealand dollars
51,902
52,686
Hong Kong dollars
4,492
4,165
Indonesian rupiah
4,392
2,825
170,601
173,371
(d) Fair value and credit risk
The fair value of current receivables is assumed to be their current value due to their short-term nature.
The fair value and carrying values of non-current receivables of the Group are as follows:
Loans to related parties
1,516
4,186
The loans to related parties have no fixed term.
The maximum exposure to credit risk at the reporting date is the higher of the carrying value and fair value of each receivable. The Group
does not hold any collateral as security. Refer note 33 for further information on the risk management policy of the Group.
7. INVENTORIES
Raw materials and stores
9,013
12,387
Finished goods
40
17
Total inventories
9,053
12,404
8. DISCONTINUED OPERATION AND ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
During 2010 it was decided to close the Group’s Auckland based heatset printing business. Financial information related to the discontinued
operation is shown below:
2011
$’000
2010
$’000
Financial performance
Revenue
–
19,780
Expenses
–
(20,827)
Operating loss before income tax credit
–
(1,047)
Income tax credit
–
314
Operating loss from discontinued operation
–
(733)
Costs of closure
–
(5,899)
Income tax credit
–
1,770
Loss from discontinued operation
–
(4,862)
9. OTHER FINANCIAL ASSETS
Listed securities
7,636
5,305
Shares in other corporations
23,528
20,867
Total other financial assets
31,164
26,172