FGV Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 269 01 02 05 03 07 06 04 08 09 ANNUAL INTEGRATED REPORT 2018 EXAMINED OUR NUMBERS 26 RECEIVABLES (CONTINUED) In the previous financial year, the impairment of receivables was assessed based on the incurred loss model. Individual receivables which were known to be uncollectible were written off by reducing the carrying amount directly. The other receivables were assessed collectively to determine whether there was objective evidence that an impairment had been incurred but not yet been identified. For these receivables, the estimated impairment losses were recognised in a separate provision for impairment. The group considered that there was evidence of impairment if any of the following indicators were present: - significant financial difficulties of the debtor - probability that the debtor will enter bankruptcy or financial reorganisation, and - default or late payments. Receivables for which an impairment provision was recognised were written off against the provision when there was no expectation of recovering additional cash. Ageing and history of default analysis of trade receivables of the previous financial year were as follows: Past due but not impaired In previous financial year, RM455,895,000 (1.1.2017: RM417,978,000) of receivables of the Group were past due but not impaired. These relate to number of external parties where there is no expectation of default. The ageing and history of default analysis of these receivables are as follows: Group No history of default RM’000 History of default RM’000 New customers RM’000 Total RM’000 31.12.2017 Less than 30 days past due 293,328 3,438 479 297,245 Between 30 and 60 days past due 67,639 485 57 68,181 Between 61 and 90 days past due 17,661 57 20 17,738 Between 91 days and 1 year past due 35,710 7,277 27 43,014 More than 1 year past due 29,687 30 - 29,717 At 31 December 2017 444,025 11,287 583 455,895 1.1.2017 Less than 30 days past due 263,456 1,337 14,758 279,551 Between 30 and 60 days past due 33,501 15,719 12,278 61,498 Between 61 and 90 days past due 16,744 5,389 4,568 26,701 Between 91 days and 1 year past due 12,927 12,709 9,501 35,137 More than 1 year past due 8,906 8 6,177 15,091 At 1 January 2017 335,534 35,162 47,282 417,978