Lenovo 2014 Annual Report Download - page 176
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174 Lenovo Group Limited 2013/14 Annual Report
NOTES TO THE FINANCIAL STATEMENTS
24 Receivables
(a) Customers are generally granted credit term ranging from 0 to 120 days. Ageing analysis of trade receivables of the Group
at the balance sheet date, based on invoice date, is as follows:
Group
2014 2013
US$’000 US$’000
0 – 30 days 2,206,799 1,967,312
31 – 60 days 601,499 560,180
61 – 90 days 181,916 136,543
Over 90 days 220,754 257,924
3,210,968 2,921,959
Less: provision for impairment (39,614) (36,920)
Trade receivables – net 3,171,354 2,885,039
Trade receivables that are not past due are fully performing and not considered impaired.
At March 31, 2014, trade receivables, net of impairment, of US$371,549,000 (2013: US$331,457,000) were past due. The
ageing of these receivables, based on due date, is as follows:
Group
2014 2013
US$’000 US$’000
Within 30 days 186,913 221,310
31 – 60 days 82,652 42,559
61 – 90 days 45,306 37,395
Over 90 days 56,678 30,193
371,549 331,457
Movements in the provision for impairment of trade receivables are as follows:
Group
2014 2013
US$’000 US$’000
At beginning of the year 36,920 29,397
Exchange adjustment 342 (649)
Provisions made 22,000 23,527
Uncollectible receivables written off (244) (9,261)
Unused amounts reversed (20,675) (13,653)
Acquisition of subsidiaries 1,271 7,559
At the end of the year 39,614 36,920
(b) Notes receivable of the Group are bank accepted notes mainly with maturity dates of within six months.