MISC Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS HIGHLIGHTS OF THE YEAR OUR BUSINESS OUR LEADERSHIP OUR PERFORMANCE OUR COMMITMENT TO SUSTAINABILITY OUR GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 50 TH ANNUAL GENERAL MEETING 301 MISC BERHAD ANNUAL REPORT 2018 300 22. TRADE AND OTHER RECEIVABLES (CONT'D.) (a) Trade receivables The Group's normal trade credit terms with its customers range from 7 to 90 days (2017: 7 to 90 days). Other credit terms are assessed and approved on a case-by-case basis and each customer is assigned a maximum credit limit. (b) Other receivables and amounts due from related parties The non-trade balances due from holding company, subsidiaries, associates and joint ventures are repayable on demand and are non- interest bearing. Certain loans and advances to subsidiaries bear interest ranging from 2.27% to 4.70% (2017:1.50% to 4.25%) per annum. The ageing of trade receivables net of impairment (excluding amount due from customers on contracts and finance lease receivables) as at the end of the reporting period is analysed below: Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 At net Current 998,405 832,335 364,816 405,973 Past due 1-30 days 161,474 161,091 25,756 19,029 Past due 31-60 days 97,783 93,253 9,556 12,085 Past due 61-90 days 88,426 28,658 9,176 128,693 Past due more than 90 days 750,497 771,555 477,925 82,866 2,096,585 1,886,892 887,229 648,646 The movement in the allowance for impairment loss of trade, other and finance lease receivables during the year are as follows: Group Corporation Trade and Other Receivables RM'000 Finance Lease Receivables (Note 19(d)) RM'000 Trade and Other Receivables RM'000 Finance Lease Receivables (Note 19(d)) RM'000 At 1 January 2018 (MFRS 139) 457,822 - 200,567 - Adjustment on initial application of MFRS 9 98,528 71,040 95,689 - At 1 January 2018 (restated) 556,350 71,040 296,256 - Impairment loss (Note 5) 139,237 2,062 133,327 7,662 Write back of impairment loss (Note 4) (621) - - - Currency translation differences 14,995 6,296 6,991 210 At 31 December 2018 709,961 79,398 436,574 7,872 22. TRADE AND OTHER RECEIVABLES (CONT'D.) Group Corporation Trade and Other Receivables RM'000 Trade and Other Receivables RM'000 At 1 January 2017 (MFRS 139) 312,570 93,564 Impairment loss (Note 5) 190,125 126,643 Write back of impairment loss (Note 4) (6,399) (3,887) Currency translation differences (38,474) (15,753) At 31 December 2017 (MFRS 139) 457,822 200,567 23. DUE FROM/(TO) CUSTOMERS ON CONTRACTS Group 2018 RM'000 2017 RM'000 Construction contract costs incurred and recognised profits to date 11,711,684 14,012,721 Less: Progress billings (11,492,804) (13,116,424) 218,880 896,297 Due from customers on contracts (Note 22) 221,286 905,214 Due to customers on contracts (Note 26) (2,406) (8,917) 218,880 896,297 24. CASH, DEPOSITS AND BANK BALANCES Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Cash with PETRONAS Integrated Financial Shared Services Centre 4,204,421 4,539,414 1,936,876 2,565,719 Cash and bank balances 1,214,789 393,122 55 12,054 Deposits with licensed banks 336,394 968,188 20,888 - 5,755,604 5,900,724 1,957,819 2,577,773 .