The Group’s exposure to credit and currency risk relating to trade and other receivables is disclosed in note 3.
| |
|
Gross
R’000 |
Impairment
R’000 |
Net
R’000 |
|
| 31 May 2014 |
|
|
|
|
|
| Fully performing |
|
2 127 087 |
— |
2 127 087 |
|
| Past due by one to 30 days |
|
18 045 |
166 |
17 879 |
|
| Past due by 31 to 60 days |
|
4 349 |
601 |
3 748 |
|
| Past due by 61 to 90 days |
|
3 010 |
406 |
2 604 |
|
| Past due by more than 90 days |
|
13 961 |
8 030 |
5 931 |
|
| |
|
2 166 452 |
9 203 |
2 157 249 |
|
| Portfolio impairment |
|
|
6 462 |
(6 462) |
|
| |
|
2 166 452 |
15 665 |
2 150 787 |
|
| 31 May 2013 |
|
|
|
|
|
| Fully performing |
|
1 381 922 |
— |
1 381 922 |
|
| Past due by one to 30 days |
|
27 992 |
543 |
27 449 |
|
| Past due by 31 to 60 days |
|
7 969 |
281 |
7 688 |
|
| Past due by 61 to 90 days |
|
5 551 |
749 |
4 802 |
|
| Past due by more than 90 days |
|
22 463 |
6 066 |
16 397 |
|
| |
|
1 445 897 |
7 639 |
1 438 258 |
|
Receivables in respect of starter packs are included in fully performing debtors above.
Trade receivables are discounted at a discount rate of 9% per annum (2013: 8% per annum) based on
average debtors’ days outstanding. The effect of discounting of the trade receivables balance which amounts
to R7.465 million (2013: R3.702 million) is not taken into account in the above table.
The trade receivables that are neither past due nor impaired relate to a number of independent customers
for whom there is no recent history of default.
Sundry debtors are considered to be fully performing.
| |
|
2014
R’000 |
|
|
2013
R’000 |
|
| Provision for impairment of receivables |
|
|
|
|
|
|
| Balance at the beginning of the year |
|
7 639 |
|
|
12 025 |
|
| Allowances made during the year |
|
5 097 |
|
|
3 796 |
|
| Acquisition/(disposal) of subsidiaries |
|
6 462 |
|
|
(2 335) |
|
| Amounts utilised and reversal of unutilised amounts |
|
(3 533) |
|
|
(5 847) |
|
| At 31 May |
|
15 665 |
|
|
7 639 |
|
Impairment of receivables is determined after assessing the nature of the customer, their geographic location
and specific circumstances.
The Group believes that the above provision for impairment of receivables sufficiently covers the risk of
default.
There is a cession of trade receivables of R2.011 billion (2013: R1.352 billion) in favour of Investec Bank
Limited as security for facilities referred to in note 3.
|