62
McPHERSON’S LIMITED
ANNUAL REPORT 2015
NOTE 11. TRADE AND OTHER RECEIVABLES (CONTINUED)
Credit risk
The credit risk relating to trade and other receivables of the Group which have been recognised on the balance sheet, is the carrying amount, net of
any provision for impairment. The following provides an overview of the credit risk associated with trade receivables.
2015
$’000
2014
1
$’000
Neither past due nor impaired
31,360
34,240
Past due, but not impaired:
– less than 30 days
9,327
14,869
– 30 to 59 days
2,754
4,092
– 60 to 89 days
2,449
1,788
– 90 to 119 days
544
1,168
– 120 days or more
2,715
827
Gross carrying amount
49,149
56,984
Provision for impairment
(378)
(189)
Net carrying amount
48,771
56,795
1. See Note 1(A) for details regarding the restatement as a result of an error
Credit risk concentration
Two external customers represent $16,568,000 (2014: $15,381,000) and $5,573,000 (2014: $14,371,000) respectively of the closing receivables
balance. These debtor balances are in relation to the Australian business.
NOTE 12. INVENTORIES
2015
$’000
2014
$’000
Raw materials
5,333
3,095
Finished goods
46,840
40,437
Stock in transit
8,169
6,698
60,342
50,230
Provision for inventory obsolescence
(2,557)
(4,741)
57,785
45,489
The basis of inventory valuation adopted is set out in Note 1(L).
Inventory recognised as expenses during the year ended 30 June 2015 amounted to $208,485,000 (2014: $205,685,000). At 30 June 2015 the
Group has transferred $19,676,000 (2014: $26,136,000) of inventories to assets held for sale. Refer to Note 14(B) for further information.
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS CONTINUED