Endeavour Energy Annual Performance Report - Parliament of New ...
Endeavour Energy Annual Performance Report - Parliament of New ...
Endeavour Energy Annual Performance Report - Parliament of New ...
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09<br />
Financial<br />
statements<br />
Notes to the Financial Statements<br />
For the year ended 30 June 2011<br />
8 Cash Flow Information continued<br />
Inscribed stock<br />
<strong>Endeavour</strong> <strong>Energy</strong> has borrowings by the issue <strong>of</strong> inscribed stock to companies and various government bodies.<br />
There have been no new debt issues for this type <strong>of</strong> borrowing since November 1994.<br />
The loan amount in current liabilities includes the Corporation’s inscribed stock principal repayments to be made<br />
within one year <strong>of</strong> $0.27m (2010: $1.15m). All inscribed stock are fixed rate loans and fully payable on maturity,<br />
with the exception <strong>of</strong> one loan which requires half yearly principal repayments.<br />
Other financing facilities<br />
<strong>Endeavour</strong> <strong>Energy</strong> has the following additional facilities approved under the PAFA Act:<br />
(i) Purchasing and credit card facilities <strong>of</strong> $2.5m (2010: $2.5m) with the corporate banker;<br />
(ii) A bank guarantee facility <strong>of</strong> $3.0m (2010: $3.0m) with the corporate banker; and<br />
(iii) A set <strong>of</strong>f arrangement allowing a maximum aggregate amount <strong>of</strong> all debit balances <strong>of</strong> accounts held with the<br />
corporate banker <strong>of</strong> $20.0m (2010: $20.0m) and a maximum net debit balance/overdraft <strong>of</strong> all accounts held with<br />
the corporate banker <strong>of</strong> $2.0m (2010: $2.0m).<br />
9 Trade and Other Receivables<br />
2011<br />
$’000<br />
2010<br />
$’000<br />
Trade receivables 123,445 183,310<br />
Allowance for impairment (1,495) (20,849)<br />
121,950 162,461<br />
Other debtors 81,963 140,669<br />
Prepayments – other 6,011 6,835<br />
Total current trade and other receivables 209,924 309,965<br />
Trade receivables are non-interest bearing. The Days Sales Outstanding (DSO) as at 30 June 2011 is 22.1 (2010: 24.1).<br />
2011<br />
$’000<br />
2010<br />
$’000<br />
Trade receivables 17,332 –<br />
Total non-current trade and other receivables 17,332 –<br />
The non-current trade receivables balance relates to the recognition <strong>of</strong> a back-to-back asset for a non-current<br />
derivative liability (note 15) that has been sold as part <strong>of</strong> the sale <strong>of</strong> the retail net assets (refer note 2(q)).<br />
Movements in the allowance for impairment loss were as follows:<br />
2011<br />
$’000<br />
2010<br />
$’000<br />
Opening balance 20,849 13,813<br />
Charge for the year 8,524 14,193<br />
Amounts written <strong>of</strong>f (9,422) (7,435)<br />
Amounts recovered during the year 6 278<br />
Amounts sold as part <strong>of</strong> Retail sale (18,462) –<br />
Closing balance 1,495 20,849<br />
70