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Tiger Brands Limited integrated annual report
2015 151
COMPANY
GROUP
2015
2014
(R’million)
2015
2014
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
(479,5)
(443,6)
Utilised during the year
–
–
Reversed during the year
6,8
22,4
Raised during the year
(82,4)
(58,3)
Balance at the end of the year
(555,1)
(479,5)
21.3 Past due analysis
As at 30 September, the ageing of trade receivables
was as follows:
Not past due
2 898,8
2 835,3
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 favourable.
Past due
Current to 60 days
912,0
872,6
61 to 90 days
112,7
46,6
91 – 180 days
39,3
1,5
> 180 days
496,3
438,7
Total
4 459,1
4 194,7
As at 30 September, the ageing of sundry receivables
and defined benefit pension surplus was as follows:
18,7
85,6
Not past due
344,2
682,4
Past due
Current to 60 days
117,7
110,9
61 to 90 days
336,6
84,8
91 – 180 days
27,7
1,2
> 180 days
–
19,1
18,7
85,6
Total
826,2
898,4
21.4 Trade receivable analysis
Industry spread of trade receivables:
Retail
1 789,2
2 203,7
Wholesale/distributors
1 877,9
1 385,1
Export
729,5
463,4
Other
62,5
142,5
Total
4 459,1
4 194,7
Geographical spread of trade receivables:
South Africa
2 791,2
2 645,5
Rest of Africa
1 499,6
1 502,2
Europe
61,1
12,3
Rest of the world
107,2
34,7
Total
4 459,1
4 194,7