New World Development Company Limited
168
Financial Section
31 Debtors and Prepayments
(continued)
Notes: (continued)
(c)
Movements on the provision for impairment of trade debtors are as follows:
2016
2015
HK$m
HK$m
At beginning of the year
56.6
34.8
Translation differences
(4.4)
–
Increase in provision recognised in consolidated income statement
31.7
26.8
Amounts recovered
(2.6)
(0.5)
Amounts written off during the year
(8.1)
(4.5)
Disposal of subsidiaries
(8.8)
–
At end of the year
64.4
56.6
(d)
The carrying amounts of the debtors and prepayments, which approximate to their fair values, are denominated in the following
currencies:
2016
2015
HK$m
HK$m
Renminbi
14,572.1
12,448.3
Hong Kong dollar
8,234.3
6,716.0
United States dollar
2,067.1
1,875.0
Others
607.6
188.6
25,481.1
21,227.9
(e)
Except for certain collaterals held as securities for other debtors, the Group does not hold other collateral as securities for the debtors
and prepayments. The maximum exposure to credit risk at the end of the reporting period is the carrying value mentioned above.
(f)
The balances include the current portion of consideration receivable of HK$6,822.4 million from Evergrande in relation to the disposal
of subsidiaries. For details, please refer to note 28(a).
(g)
As at 30 June 2016, the amounts due from associated companies of the Group are interest free, unsecured and repayable on demand.
As at 30 June 2015, there is an aggregate amount of HK$1,038.0 million due from an associated company borne interest at LIBOR plus
a margin of 2.2% to 2.8% per annum.
(h)
As at 30 June 2016, the amounts due from joint ventures of the Group are interest free, unsecured and repayable on demand except
for an aggregate amount of HK$310.0 million (2015: HK$30.3 million) due from joint ventures which bear interests ranging from 10.0%
to 12-month LIBOR plus a margin of 12.2% (2015: 10.0%) per annum.
