NOTICE OF ANNUAL GENERAL MEETING
statisTICS OF SHAREHOLDINGs
FINANCIAL CONteNts
CORPORATE GOVERNANCE REPORT
75
Navigating Challenges • EMBRACING DIVERSITY | ANNUAL REPORT 2015
Notes to the financial statements
7 Inventories
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Finished goods
1,465
2,979
–
–
Allowance for inventory obsolescence
(1,368)
(1,286)
–
–
97
1,693
–
–
Vessels under construction
682
539
–
–
779
2,232
–
–
Changes in inventories recognised in cost of sales in profit or loss amounted to $1,503,000 (2014: $1,287,000).
Allowance for inventory obsolescence
A review is performed periodically on inventory to identify excess inventory, obsolescence and declines in net
realisable value below cost and an allowance is recorded against the inventory balance for any such declines.
These reviews require management to estimate future demand for the Group’s products. Possible changes in
these estimates could result in revisions to the valuation of inventory. An increase in the Group’s allowance for
inventory obsolescence would increase the Group’s recorded other expenses and decrease current assets.
During the financial year, the Group reversed allowance for inventory obsolescence amounted to $2,000 (2014:
$246,000).
8 Trade and other receivables
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Trade receivables
20,328
16,162
–
–
Allowance for impairment loss
(8,074)
(5,497)
–
–
Net receivables
12,254
10,665
–
–
Deposits
199
221
–
–
Accrued revenue
444
2,378
–
–
Dividends receivable
–
–
8,400
8,400
Amounts due from subsidiaries:
- Trade
–
–
3,332
1,509
- Non-trade
–
–
7,573
5,748
Other receivables
1,535
431
33
34
Loans and receivables
14,432
13,695
19,338
15,691
Deposits pertaining to purchase of property, plant
and equipment
795
680
–
–
Prepayments
282
250
69
25
15,509
14,625
19,407
15,716
