FGV Annual Report 2013

Felda Global Ventures Holdings Berhad 272 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013 27 RECEIVABLES (Cont’d.) Impaired and provided for As at 31 December 2013, RM5,529,000 of receivables were impaired and provided for (2012: RM Nil). Movement of the Group’s provision for impairment of receivables are as follows: Group 2013 2012 RM’000 RM’000 At 1 January - 79 Acquisition of a subsidiary 4,918 - Charged/(credited) to profit or loss 611 (79) At 31 December 5,529 - Receivables balances of RM954,824,000 (2012: RM504,310,000) and RM174,532,000 (2012: RM299,314,000) of the Group and of the Company are neither past due nor impaired as they have yet to exceed the credit period. These balances mainly relate to external parties with no recent history of default. The credit quality of receivables that are neither past due nor impaired can be assessed to historical information about counterparty default rates: Group Company 2013 2012 2013 2012 RM’000 RM’000 RM’000 RM’000 Group 1 18,413 - 1,062 - Group 2 921,210 504,310 173,470 299,314 Group 3 15,201 - - - Total unimpaired receivables 954,824 504,310 174,532 299,314 Group 1 – new customers (less than 6 months). Group 2 – existing customers (more than 6 months) with no defaults in the past. Group 3 – existing customers (more than 6 months) with some defaults in the past. All defaults were fully recovered. The fair value of the receivables excluding the prepayments equals their carrying value, as the impact of discounting is not significant.