FINANCIAL REPORT (cont.) Notes to the Financial Statements (cont.)
6. TRADE AND OTHER RECEIVABLES
2023 $’000
2022 $’000
Gross trade and other receivables
23,191
28,946
Credit loss allowance
(92)
-
Net trade and other receivables 1 28,946 A provision matrix is determined based on historic credit loss rates for each group of customers, adjusted for any material expected changes to the customer’s future credit risk. On that basis, the credit loss allowance as at 30 June 2023 and 30 June 2022 was determined as follows: 23,099
2023 Other regions
2022 Other regions
2023 Australia
2022 Australia
Provision matrix
Current
0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.2% 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0% 6.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1 to 30 days 30 to 60 days 60 to 90 days Over 90 days Contract assets
2022 Other regions $’000
2023 Other regions $’000
2022 Total Group $’000
2023 Total Group $’000
2022 Australia $’000
2023 Australia $’000
Receivables Current 1 to 30 days 30 to 60 days 60 to 90 days Over 90 days
16,466
441
16,907
25,038
319
25,357
4,323
- - - -
4,323
2,304
- - - -
2,304
434 246
434 246
148 768 369
148 768 369
1,281
1,281
Gross trade and other receivables
22,750
441
23,191
28,627
319
28,946
Allowance based on historic credit losses Adjustment for expected changes in credit risk ¹
-
-
-
-
-
-
(92)
-
(92)
-
-
-
Credit loss allowance Net trade and other receivables 2
(92)
-
(92)
-
-
-
22,658
441
23,099
28,627
319
28,946
Contract assets (Note 10) Total receivables and contract assets
33,145 55,803
-
33,145 56,244
9,340
-
9,340
441
37,967
319
38,286
¹ Adjustment to reflect the lower credit risk and probability of default relating to customers that are over 90 days past due. 2 The average credit period on sale of goods and rendering of services is approximately 35 days. No interest is charged on trade receivables. Each receivable 60 days overdue has been reviewed to assess whether there is a risk that it might be irrecoverable. Trade receivables and contract assets are written off when there has been a significant change in the risk characteristics of a debtor and there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group.
Annual Report 2023 70
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