ASIA PACIFIC WIRE & CABLE CORP LTD | CIK:0001026980 | 3

  • Filed: 4/30/2018
  • Entity registrant name: ASIA PACIFIC WIRE & CABLE CORP LTD (CIK: 0001026980)
  • Generator: Donnelley Financial Solutions
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1026980/000156459018009676/0001564590-18-009676-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1026980/000156459018009676/apwc-20171231.xml
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  • ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory

    12.

    TRADE AND OTHER RECEIVABLES

     

     

     

    As of December 31,

     

     

     

    2017

     

     

    2016

     

     

     

    US$’000

     

     

    US$’000

     

    Trade receivables

     

     

    115,875

     

     

     

    82,814

     

    Less: Provision for impairment

     

     

    (3,472

    )

     

     

    (3,342

    )

    Trade receivable, net

     

     

    112,403

     

     

     

    79,472

     

    Other receivables

     

     

    9,537

     

     

     

    17,107

     

    Less: Provision for impairment

     

     

    (28

    )

     

     

    (189

    )

    Other receivable, net

     

     

    9,509

     

     

     

    16,918

     

     

    As of December 31, 2017 and 2016 trade receivables of an initial value of $3,472 and $3,342, respectively, were impaired.

    As of December 31, 2017 and 2016 other receivables of an initial value of $28 and $189, respectively, were  impaired.  

    See below for the movement in the provision for impairment of trade receivables.

     

     

     

    Individually impaired

     

     

    Collectively impaired

     

     

    Total

     

     

     

    US$’000

     

     

    US$’000

     

     

    US$’000

     

    At January 1, 2016

     

     

    3,129

     

     

     

    160

     

     

     

    3,289

     

    Charge for the year

     

     

    106

     

     

     

    242

     

     

     

    348

     

    Write-off

     

     

    (85

    )

     

     

    (6

    )

     

     

    (91

    )

    Unused amounts reversed

     

     

    (21

    )

     

     

    (48

    )

     

     

    (69

    )

    Currency translation adjustment

     

     

    (132

    )

     

     

    (3

    )

     

     

    (135

    )

    Reclassification

     

     

    (16

    )

     

     

    16

     

     

     

     

    At December 31, 2016

     

     

    2,981

     

     

     

    361

     

     

     

    3,342

     

    Charge for the year

     

     

    438

     

     

     

    172

     

     

     

    610

     

    Write-off

     

     

    (385

    )

     

     

    (44

    )

     

     

    (429

    )

    Unused amounts reversed

     

     

    (269

    )

     

     

    (39

    )

     

     

    (308

    )

    Currency translation adjustment

     

     

    223

     

     

     

    37

     

     

     

    260

     

    Reclassification

     

     

    (3

    )

     

     

     

     

     

    (3

    )

    At December 31, 2017

     

     

    2,985

     

     

     

    487

     

     

     

    3,472

     

     

    The ageing analysis of trade receivables is as follows:

     

     

     

     

     

     

     

     

     

     

     

    Past due but not impaired

     

     

     

    Total

     

     

    Neither past due nor impaired

     

     

    Past due 1-3 months

     

     

    Past due 3-6 months

     

     

    Past due 6-12 months

     

     

    Past due over 12 months

     

     

     

    US$’000

     

     

    US$’000

     

     

    US$’000

     

     

    US$’000

     

     

    US$’000

     

     

    US$’000

     

    December 31, 2017

     

     

    112,403

     

     

     

    90,503

     

     

     

    20,608

     

     

     

    654

     

     

     

    397

     

     

     

    241

     

    December 31, 2016

     

     

    79,472

     

     

     

    59,959

     

     

     

    16,858

     

     

     

    1,642

     

     

     

    474

     

     

     

    539

     

     

     

    12.

    TRADE AND OTHER RECEIVABLES (continued)

    The Company maintains provision for impairment of trade receivables for estimated losses resulting from the inability of its customers to make required payments. Management considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, customer financial condition, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. The impairment losses assessed individually as of December 31, 2017 and 2016 primarily resulted from the financial difficulties of the counter trading parties and the amounts recognized were the difference between the carrying amount of the accounts receivable and the present value of expected collectable amounts.

    The Company obtained collateral in respect of customer doubtful accounts. The collateral takes the form of a lien over the customer’s assets and gives the Company a claim on these assets for the doubtful accounts. In March 2017, a lawsuit was filed by a debtor to rescind the foreclosure that the Company has undertaken on the collateral in Thailand. Although the estimated litigation process may be as long as two years if it reaches to the supreme court, the Company believes that it has the first lien on the collateral and its foreclosure will prevail. The collateral is not recorded on the balance sheet. The Company performed a valuation to determine the fair value of the collateral. As of December 31, 2017 the fair values of the collateral were $1,181 which was higher than the amounts of the associated delinquent accounts, no impairments was recognized; and, as of December 31, 2016, the fair value of the collateral was $842, which was lower than the amount of the associated delinquent account, as a result, the Company recognized an impairment of $191 in other operating expenses.

    See Note 26(b) credit risk of trade receivables, which discusses how the Company manages and measures credit quality of trade receivables that are neither past due nor impaired.