McConnell Dowell 2018 Annual Review

McConnell Dowell Financial Statements 2018 23 All figures are in A$ 000’s Note 2018 2017 7. Inventories Raw materials and components (at cost) 1,940 918 TOTAL INVENTORIES 1,940 918 8. Trade and other receivables Current Trade receivables 132,642 179,890 Retentions 18,822 8,666 Contracts in progress 135,988 157,796 Sundry receivables 2,143 1,514 Deposits and bonds 1,839 4,107 Receivables from associates - Dutco McConnell Dowell (ME) LLC 679 1,789 Receivables from other related parties 2,354 1,471 Provision for impairment loss (3) (3) TOTAL CURRENT TRADE AND OTHER RECEIVABLES 294,464 355,230 8(a) - Trade receivables are non-interest bearing and are generally on 30 day terms. An allowance for impairment loss is made when there is objective evidence that a trade receivable is impaired. Due to the short term nature of these receivables, their carrying value is assumed to approximate their fair value. The maximum exposure to credit risk is the fair value of the receivables. Details regarding the credit risk of current receivables are disclosed in Note 22. At 30 June, the ageing analysis of trade receivables is as follows: 0-30 days 120,247 166,597 31-60 days* 5,877 2,138 61-90 days* 1,057 385 91+ days* 5,461 10,770 TOTAL TRADE RECEIVABLES 132,642 179,890 8(b) - Sundry receivables are non-interest bearing and generally have 30 day repayment terms. 8(c) - Construction work in progress Total work in progress 8(d) 135,988 157,796 Total progress billings in advance 15 (108,350) (84,913) NET CONSTRUCTION WORK IN PROGRESS 27,638 72,883 8(d) - Amounts due from contract customers includes $93.0 million (2017: $93.2million), which is currently subject to formal contract dispute processes. Consolidated McConnell Dowell Annu l Review 59