Page 219 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
The fair values of the the the trade and other receivables approximate their carrying amounts As at June 30 2020
the the Group’s and and and the the Company’s trade receivables amounting to Rs Rs Rs Rs 114 9m 9m (2019: (2019: Rs Rs Rs Rs 119 5m) and and and Rs Rs Rs Rs 33 9m 9m (2019: Rs 31 3m) were impaired and and provided for See note 4(b) on credit credit risk of of trade trade receivables receivables which explains how the the Group manages and measures credit credit quality of of trade trade receivables receivables that are neither past due nor impaired The movement in the allowance for credit loss of trade receivables were as follows:
THE GROUP Individually and collectively impaired At July 01 Effect of of adoption of of IFRS 9 Movement for the year excluding write-off
Write-off (843) Foreign exchange difference (1 491) At June 30 119 460
THE COMPANY
2019 Rs’000 18 810 9 9 938 2 910
(316) - 31 342
2020
Rs’000 119 460
- 8 777
(13 336)
- 114 901
2020
Rs’000 31 342
- 6 805
(4 244)
- 33 903
An allowance allowance for for for for for expected expected credit credit loss has also been charged for for for for for receivables other than trade and and contract assets amounting to Rs Rs Rs Rs 2 2 2 2 2 2 2 2m 2m (2019: (2019: (2019: Rs Rs Rs Rs 2 2 2 2 2 2 2 5m) for for for for for the the the Company and and a a a a a a a a a a a a a a a a a a a a a a a a a a a a charge charge of Rs Rs Rs Rs 0 0 0 0 0 2m 2m (2019: (2019: (2019: Rs Rs Rs Rs 0 0 0 0 0 9m) for for for for for the the the Group The allowance allowance for for for for for expected expected credit credit loss loss has been calculated using a a a a a a a a a a a a a a loss loss given default rate approximating to 5% (2019: (2019: (2019: 6%) on average 2019 Rs’000 72 417 25 675 23 702
17 CONTRACT ASSETS Receivable from projects with customers
(i)Trade receivables from contracts net of provisions (ii) Progress billings
The contract contract assets primarily relate to the Group’s receivables from its contracting activities Allowance for expected credit losses amounts amounts to to Rs Rs Rs Rs 1 1 1 1 2m 2m (2019: (2019: Rs Rs Rs Rs 1 1 1 1 4m) and the the movement for the the year amounts amounts to to Rs Rs Rs Rs 0 0 0 0 2m 2m (2019: (2019: Rs Rs Rs Rs 0 0 0 0 3m) UBP INTEGRATED REPORT 2020
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THE GROUP 2019 Rs’000 THE COMPANY
2019 Rs’000 - - - 2020
Rs’000 76 318
(68 712)
7 606
2020
Rs’000 - - - 77 77 772 (70 510) 7 262
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