23 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 2024 2023 2024 2023 $’000 $’000 $’000 $’000 By geographical areas Singapore 153,992 129,396 227,760 222,078 PRC 156,858 155,650 – – Others 5,749 3,729 – – 316,599 288,775 227,760 222,078 By type of counterparty Related parties 141,803 163,623 218,558 213,958 Non-related parties 174,796 125,152 9,202 8,120 316,599 288,775 227,760 222,078 As at 31 December 2024, the Group’s most significant counterparties relate to six joint ventures and one non-controlling interests (2023: four joint ventures and two non-controlling interests), accounted for $122.5 million (2023: $128.4 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. Notes to the Financial Statements Year ended 31 December 2024 OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 213 ANNUAL REPORT 2024
RkJQdWJsaXNoZXIy NTM2MDQ5