| |
|
2009
R’million |
|
Restated
2008
R’million |
| 9. |
TRADE AND OTHER RECEIVABLES |
|
|
|
| |
Financial instruments |
|
|
|
| |
Trade receivables |
1 511,2 |
|
996,6 |
| |
Allowance account for losses |
(34,3) |
|
(25,7) |
| |
Net trade receivables |
1 476,9 |
|
970,9 |
| |
Current portion of other non-current financial receivables |
1,4 |
|
1,2 |
| |
Interest accrued |
13,3 |
|
15,3 |
| |
Formula Naturelle (Pty) Ltd receivable |
11,5 |
|
10,5 |
| |
Other |
273,1 |
|
154,5 |
| |
Total financial instruments |
1 776,2 |
|
1 152,4 |
| |
Non-financial instruments |
|
|
|
| |
Indirect taxes |
37,7 |
|
44,6 |
| |
Prepayments |
235,4 |
|
214,0 |
| |
Formula Naturelle (Pty) Ltd deferred receivable (contingent consideration) |
17,1 |
|
19,1 |
| |
PharmaLatina deferred receivable (contingent consideration) |
— |
|
440,1 |
| |
Other |
25,1 |
|
5,6 |
| |
Total non-financial instruments |
315,3 |
|
723,4 |
| |
Total trade and other receivables |
2 091,5 |
|
1 875,8 |
| |
Net trade receivables as a percentage of revenue |
17% |
|
21% |
| |
The only significant concentration of credit risk relates to an amount of R200,3 million (2008: R92,7 million) owing by the South African Government. |
|
|
|
|
| |
Age analysis of trade and other receivables (financial instruments only) |
| |
|
2009 |
2008 |
| |
|
Gross
R’million |
Allowance
accounts for
losses
R’million |
Gross
R’million |
Allowance
accounts for
losses
R’million |
| |
Fully performing |
1 607,2 |
— |
963,9 |
(0,6) |
| |
Past due by 1 to 60 days |
105,4 |
— |
86,6 |
(0,2) |
| |
Past due by 61 to 90 days |
27,7 |
(1,3) |
37,9 |
(1,5) |
| |
Past due by 91 to 120 days |
20,2 |
(6,3) |
21,9 |
(0,1) |
| |
Past due by more than 120 days |
50,0 |
(26,7) |
67,8 |
(23,3) |
| |
|
1 810,5 |
(34,3) |
1 178,1 |
(25,7) |
|
| |
Certain fully performing and past due balances were overed by credit guarantee insurance to an amount of R446,2 million
(2008: R321,5 million). |
| |
The trade and other receivables which are fully performing relate to customers that have a good track record with the Group in terms of recoverability. |
| |
|
| |
 |
| |
|
|
| |
|
2009
R’million |
|
Restated
2008
R’million |
| |
Reconciliation of allowance account for losses |
|
|
|
| |
Balance at the beginning of the year |
(25,7) |
|
(8,8) |
| |
Raised during the year |
(17,7) |
|
(5,8) |
| |
Utilised during the year |
11,1 |
|
0,9 |
| |
Acquisition of subsidiary |
(7,1) |
|
(4,7) |
| |
Acquisition of joint ventures |
— |
|
(7,4) |
| |
Disposal of 51% of Co-pharma Ltd |
— |
|
1,0 |
| |
Effects of exchange rate changes |
5,1 |
|
(0,9) |
| |
Balance at the end of the year |
(34,3) |
|
(25,7) |
| |
Collateral and security |
|
|
|
| |
The Group holds no collateral over any trade and other receivables. |
|
|
|
| |
Trade receivables given as security for liabilities |
|
|
|
| |
Trade receivables in Cellofarm Ltda were pledged as security to the extent of the liability for a working capital facility with various banks in Brazil to the value of R86,2 million. Refer to note 17 for more detail. |
|
|
|
| |
Trade receivables in Aspen Global, to the extent of the total value of receivables which amounted to R170,4 million, were pledged as security for a US Dollar term loan. Refer to note 17 for more detail. |
|
|
|
| |
In the prior year, trade and other receivables of the Astrix Laboratories Ltd joint venture to the value of R87,0 million were pledged as security for a working capital facility with various banks in India. |
|
|
|
| |
Securities were given under normal commercial terms and conditions. |
|
|
|
| |
Currency analysis of trade and other receivables (financial instruments only) |
|
|
|
| |
Australian Dollar |
158,5 |
|
174,5 |
| |
Pound Sterling |
138,7 |
|
— |
| |
US Dollar |
141,6 |
|
121,9 |
| |
Brazilian Real |
377,5 |
|
174,4 |
| |
Venezuelan Bolivares Fuertes |
25,4 |
|
7,5 |
| |
South African Rand |
846,5 |
|
563,5 |
| |
Other currencies |
88,0 |
|
110,6 |
| |
|
1 776,2 |
|
1 152,4 |
|
|
