92
Cordlife Group Limited
Annual Report 2016
Notes to
The Financial Statements
for the financial year ended 30 June 2016
17. Derivative asset (cont’d)
Foreign exchange gain on the derivative asset arising from fluctuation in the United States dollar against the
Singapore dollar of $1,939,000 (2015: $967,000) is recognised in profit or loss.
On 13 November 2015, the Group completed the disposal of the CGL Note and recognised a gain on sale of
convertible note of $5,012,000 (2015: $Nil).
18. Trade receivables
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
Non-current
Trade receivables
61,293
55,274
46,063
43,925
Less: Impairment loss
(783)
(668)
(528)
(467)
60,510
54,606
45,535
43,458
Current
Trade receivables
22,986
16,842
9,223
7,834
Less: Impairment loss
(1,976)
(1,586)
(560)
(556)
21,010
15,256
8,663
7,278
Trade receivables (current) are non-interest bearing and generally settled on 30 to 60 days terms.
The Company’s current trade receivables are pledged to secure the Group’s and the Company’s interest-
bearing borrowings (Note 28).
Non-current trade receivables represent cord blood and cord lining banking service revenues receivable under
instalment 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.
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
2016
2015
2016
2015
$’000
$’000
$’000
$’000
At the beginning of the year
2,254
1,773
1,023
813
Charge for the year
325
489
65
210
Write back for the year
(28)
(8)
–
–
Write off for the year
(334)
–
–
–
Acquisition of subsidiary
580
–
–
–
Exchange differences
(38)
–
–
–
At the end of the year
2,759
2,254
1,088
1,023
