Notestothefinancialstatements
For the financial year ended31December 2015
16.
Inventoriesandwork-in-progress
Group
2015
2014
$’000
$’000
Balancesheet:
Materials, componentsand spares
2,915
2,512
Work-in-progress
47,114
9,066
50,029
11,578
The cost of the goods sold reported in the statement of comprehensive income substantially relates tomaterials, components and spares recognised as an
expense for the year including inventorieswrittendownamounting to$625,000 (2014: $1,950,000).
Work-in-progress relates to the cost of directmaterials, direct labour and costs incurred in connectionwith theLiftboat project.
17.
Tradeandother receivables
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Trade receivables
8,013
5,848
–
–
Deposits
231
365
–
–
Downpayment for capital expenditure
120
800
–
–
GST recoverable
2,511
464
–
–
Sundry receivables
255
3
–
–
Interest receivables
117
111
117
111
Total tradeandother receivables
11,247
7,591
117
111
Tradeandother receivables (excludingGST recoverableanddownpayment for capital expenditure)
8,616
6,327
117
111
Amount due from subsidiaries (Note18)
–
–
67,166
6,011
Cashand short-termdeposits (Note19)
140,070
168,685
128,265
136,570
Total loansand receivables
148,686
175,012
195,548
142,692
Trade receivables are non-interest bearing and are generally on 30 to 90 days’ terms. They are recognised at their original invoiced amountswhich represent
their fair valueson initial recognition.
17.
Tradeandother receivables (cont’d)
TheGroup’s trade receivablesdenominated in foreign currenciesat 31December areas follows:
Group
2015
2014
$’000
$’000
UnitedStatesDollar
8,013
5,807
At the end of the reporting period, trade receivable amounting to $Nil (2014: $1,673,000) was arranged to be settled via letter of credits issued by a reputable
bank in the countrywhere the customerwasbased.
Receivables that arepast duebut not impaired
The Group has trade receivables amounting to $1,739,000 (2014: $1,925,000) that are past due at the end of the reporting period but not impaired. These
receivablesareunsecuredand theanalysisof their agingat theendof the reportingperiod isas follows:
Group
2015
2014
$’000
$’000
Trade receivablespast duebut not impaired:
Lesser than30days
231
131
30 to60days
949
363
61 to90days
20
126
More than90days
539
1,305
1,739
1,925
Of the trade receivables of $539,000 (2014: $1,305,000) which was past due for more than 90 days, $Nil (2014: $672,000) relates to retention sums on
construction contracts.
114
115
BAKERTECHNOLOGYlimited
ANNUAL REPORT 2015
