OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 25 FINANCIAL INSTRUMENTS (continued) Credit risk (continued) Risk management policy (continued) Exposure to credit risk The maximum exposure to credit risk for trade and other receivables (excluding prepayments) at the reporting date by geographical region and type of counterparty was: Group Company 2023 2022 2023 2022 $’000 $’000 $’000 $’000 By geographical areas Singapore 129,396 96,490 222,078 218,541 PRC 155,650 184,254 – – Others 3,729 3,766 – – 288,775 284,510 222,078 218,541 By type of counterparty Related parties 163,623 161,104 213,958 210,881 Non-related parties 125,152 123,406 8,120 7,660 288,775 284,510 222,078 218,541 As at 31 December 2023, the Group’s most significant counterparties, four joint ventures and two non-controlling interests (2022: an associate, three joint ventures and two non-controlling interests), account for $128.4 million (2022: $128.8 million) of trade and other receivables carrying amount. Other than balances with related parties, there is no concentration of customer risk at the Company level. Expected credit loss assessment Trade receivables The Group uses an allowance matrix to measure the ECLs of trade receivables. Loss rates are based on actual credit loss experience over the past four years. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Group’s view of economic conditions over the expected lives of the receivables. The following table provides information about the exposure to credit risk and ECLs for trade receivables: Group Company Gross carrying amount Impairment loss allowance Gross carrying amount Impairment loss allowance $’000 $’000 $’000 $’000 2023 Current (not past due) 37,962 – 19 – 1 – 30 days past due 8,630 (1) 122 – 31 – 60 days past due 3,470 (3) – – 61 – 90 days past due 10,503 (809) 8,319 – 60,565 (813) 8,460 – 2022 Current (not past due) 40,750 – 2 – 1 – 30 days past due 3,178 – 994 – 31 – 60 days past due 2,311 – – – 61 – 90 days past due 15,990 (910) 7,428 – 62,229 (910) 8,424 – Notes to the Financial Statements Year ended 31 December 2023 203 ANNUAL REPORT 2023
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