Singapore Airlines 2008 Annual Report Download - page 142
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Singapore Airlines Annual Report 2007-08
140
28 Trade Debtors (in $ million)
The table below is an analysis of trade debtors as at 31 March:
The Group The Company
31 March 31 March
2008 2007 2008 2007
Not past due and not impaired 1,835.0 1,572.7 1,363.7 1,211.8
Past due but not impaired 198.2 156.9 65.9 36.8
2,033.2 1,729.6 1,429.6 1,248.6
Impaired trade debtors – collectively assessed 18.2 14.7 3.7 6.3
Less: Accumulated impairment losses (10.2) (7.1) (2.2) (2.9)
8.0 7.6 1.5 3.4
Impaired trade debtors – individually assessed
Customers in bankruptcy or other financial
reorganisation 5.0 6.1 0.3 0.4
Customers who default in payment within stipulated
framework of IATA Clearing House or Bank
Settlement Plan 4.5 1.7 4.2 1.0
Less: Accumulated impairment losses (6.9) (7.3) (2.2) (1.4)
2.6 0.5 2.3 -
Total trade debtors, net 2,043.8 1,737.7 1,433.4 1,252.0
Trade debtors are non-interest bearing. The carrying amount of trade debtors impaired by credit losses is reduced through
the use of an allowance account unless on the date the impairment loss is recognised, the Group ascertains the amount
to be uncollectible whereby it would be reduced directly. In subsequent periods when a trade debtor is ascertained to be
uncollectible, it is written off against the allowance account.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation,
and default or delinquency in payments (more than 90 days aging of debtor balances) are considered indicators that the
trade debtor is impaired. Individual trade debtor is written off when management deems the amount not to be collectible.
Trade debtors are stated after accumulated impairment losses. An analysis of the accumulated impairment losses is as
follows:
The Group The Company
31 March 31 March
2008 2007 2008 2007
Balance at 1 April 14.4 20.9 4.3 6.2
Charged/(Written back) during the year 2.9 (5.5) 0.1 (1.9)
Written off during the year (0.2) (1.0) - -
Balance at 31 March 17.1 14.4 4.4 4.3
Bad debts written off directly to
profit and loss account, net of debts recovered 1.1 1.8 0.2 0.9
As at 31 March 2008, the composition of trade debtors held in foreign currencies by the Group is as follows: USD – 45.1%
(2007: 19.8%), AUD – 5.7% (2007: 5.8%), EUR – 6.2% (2007: 5.2%) and JPY – 3.4% (2007: 4.9%).
There was no loan to directors of the Company and its subsidiary companies in accordance with schemes approved by
shareholders of the Company.
NOTES TO THE FINANCIAL STATEMENTS
31 March 2008