The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies:
NZD USD EUR GBP Other currencies
GROUP 2009 ($000s)
2008 ($000s)
PARENT 2009 ($000s)
2008 ($000s)
2,091 23,463 7,219 1,002 134
4,197 22,724 10,303 1,576 11
6,776 14,475 282 13 134
4,197 14,057 7,465 11
33,909
38,811
21,680
25,730
2008 ($000s)
PARENT 2009 ($000s)
2008 ($000s)
Movements on the Group provision for impairment of trade receivables are as follows: GROUP 2009 ($000s) At 1 April Provision for receivables impairment Receivables written off during the year as uncollectible Unused amounts reversed Foreign exchange movements At 31 March
652 45 (30) (158) 11
827 290 (107) (360) 2
50 -
290 (107) (133) -
520
652
50
50
The creation and release of provisions for impaired receivables have been included in ‘costs of offering credit’ in the income statement (note 6). Amounts charged to the allowance account are generally written off, when there is no expectation of recovering additional cash. The other classes within trade and other receivables do not contain impaired assets. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group does not hold any collateral as security.
15. Derivative financial instruments
Assets ($000s) Interest rate swaps – held for trading Forward foreign exchange contracts – held for trading Forward foreign exchange contracts – cash flow hedges Forward foreign exchange collars – cash flow hedges
GROUP and PARENT 2009 Liabilities Assets ($000s) ($000s)
2008 Liabilities ($000s)
570 389
1,831 -
16 99 1,063 -
339 31 -
959
1,831
1,178
370
Trading derivatives are classified as a current asset or liability. The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. (a)
Forward foreign exchange contracts
The notional principal amounts of the outstanding forward foreign exchange contracts at 31 March 2009 were $21,179,000 (2008: $38,615,000). The hedged highly probable forecast transactions denominated in foreign currency are expected to occur at various dates during the next 12 months. Gains and losses recognised in the hedging reserve in equity (note 29) on forward foreign exchange contracts as of 31 March 2009 will be recognised in the income statement in the period or periods during which the hedged forecast transaction affects the income statement.
29