Page 100 - SAR141018_Forterra AR 2013

FORTERRA

ANNUAL REPORT 2013

NOTES TO THE

FINANCIAL STATEMENTS

98

7

TRADE AND OTHER RECEIVABLES

Group

Trust

2013

2012

2013

2012

$’000

Trade receivables

491

1,512

–

Amounts due from subsidiaries, non-trade

28,278

69,279

94,972

75,655

Other receivables

22,093

25,513

1,791

1,792

Loans and receivables

50,862

96,304

96,763

77,447

Prepayments

4,051

3,642

–

200

54,913

99,946

96,763

77,647

Trade and other receivables of the Group are primarily denominated in Chinese Renminbi (“RMB”).

The Trust’s amounts due from subsidiaries as at 31 December 2013 relate mainly to the payments

made on behalf of the Trust’s investment holding vehicles for the acquisition of Central Park Mall

and Huai Hai Mall.

Intra-group receivables of $28,278,000 as at 31 December 2013 (2012: $69,279,000) were not

eliminated between the entities which hold Beijing Logistics Park (2012: entities which hold Beijing

Logistics Park and Central Plaza) and other group entities since the reclassification of the assets/

liabilities related to Beijing Logistics Park as held for sale.

Non-trade amounts due from subsidiaries are unsecured and interest free, and are repayable on

demand.

As at 31 December 2013, included in other receivables of the Group is a consideration due

from the buyer of the Group’s equity interest in LuxChina Property Development Co., Ltd of

approximately $16,908,000 (2012: $15,882,000), which is planned by the Trust-Manager and the

buyer, to be offset against the same amount due to a related party of the buyer (Note 14). The

movement during the year represents exchange difference on translation.

Based on historical default rates, the Trust believes that no allowance for impairment loss is

necessary in respect of trade receivables as at 31 December 2013 (2012: impairment loss of

$314,000).

There was no significant concentration of credit risk at the reporting date.

Prepayments comprise mainly advances made to suppliers for the purchase of equipment and

contractors for the development of investment properties.