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ANNUAL FINANCIAL STATEMENTS
Notes to the financial statements
continued
for the year ended 30 September 2014
186
Tiger Brands Limited Integrated Annual Report
2014
COMPANY
GROUP
2014
2013
(R’million)
2014
Restated*
2013
21 Trade and other receivables
continued
21.2
Impairment provisions
Provision is made when there is objective
evidence that the company will not be able to
collect the debts. The allowance raised is the
amount needed to reduce the carrying value
to the present value of expected future cash
receipts. Bad debts are written off when
identified. Movements in the impairment
provision were as follows:
Balance at the beginning of the year
(443,6)
(60,9)
Utilised during the year
–
10,4
Reversed during the year
22,4
3,6
Raised during the year**
(58,3)
(396,7)
Balance at the end of the year
(479,5)
(443,6)
21.3
Past due or impaired analysis
As at 30 September, the ageing of trade
receivables was as follows:
Not past due
2 835,3
2 414,7
The historical level of customer default is
minimal and as a result the credit quality of
year-end receivables, which are not past due
or impaired, is considered to be good.
Past due
Current to 60 days
872,6
715,3
61 to 90 days
46,6
31,5
91 to 180 days
1,5
21,2
>180 days
438,7
493,9
Total
4 194,7
3 676,6
As at 30 September, the ageing of sundry
receivables and defined benefit pension surplus
was as follows:
85,6
45,0
Not past due
682,4
651,8
Past due
Current to 60 days
110,9
94,0
61 to 90 days
84,8
2,4
91 to 180 days
1,2
2,7
>180 days
19,1
9,8
85,6
45,0
Total
898,4
760,7
*
The amounts have been restated due to the adoption of IAS 19R.
**
2013: R326,3 million as a result of the acquisition of Dangote Flour Mills Plc, refer to note 39.