103
CORDLIFE GROUP LIMITED
| ANNUAL REPORT 2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015
17.
TRADE RECEIVABLES
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Non-current
Trade receivables
55,274
46,537
43,925
39,623
Less: Impairment loss
(668)
(576)
(467)
(365)
54,606
45,961
43,458
39,258
Current
Trade receivables
16,842
14,087
7,834
7,306
Less: Impairment loss
(1,586)
(1,197)
(556)
(448)
15,256
12,890
7,278
6,858
Trade receivables (current) are non-interest bearing and generally settled on 30 to 60 days terms.
Non-current trade receivables represent cord blood and cord lining banking service revenues receivable under
installment payment plans that have yet to be billed to the customer. Upon billing, the billed amount will be
receivable under the same terms as current trade receivables.
Non-current trade receivables are carried at amortised cost and are not yet due. The expected net cash flows
have been discounted to their present value using the effective interest method. The effective interest rate
for the entities in the Group are as follows:
•
Cordlife Group Limited – 10% (2014: 10%)
•
Cordlife Technologies Pte. Ltd. – 10% (2014: 10%)
•
Cordlife (Hong Kong) Limited – 14% (2014: 14%)
•
Cordlife Stem Cell Technology Limited – 14% (2014: 14%)
•
Cordlife Sciences (India) Pvt. Ltd. – 17% (2014: 17%)
•
Cordlife Medical Phils., Inc. – 14% (2014: 14%)
•
PT. Cordlife Persada – 14% (2014: 14%)
An allowance for impairment loss is recognised when there is objective evidence that the trade receivable is
impaired. Impairment of trade receivables is individually assessed. Movements in the allowance for impairment
loss are as follows:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
At the beginning of the year
1,773
1,632
813
763
Charge for the year
489
141
210
50
Write back for the year
(8)
–
–
–
At the end of the year
2,254
1,773
1,023
813
