Annual Reports & Accounts 2011

16 Financial instruments by category

The accounting policies for financial instruments have been applied to the line items below:

Group

Assets as per balance sheet

	Loans and receivables USD’000	Assets at fair value through profit or loss USD’000	Held-to- maturity investment USD’000	Derivatives used for hedging USD’000	Total USD’000
31 December 2011
Derivative financial instruments (Note 32)	–	272	–	427	699
Held-to-maturity investment (Note 21)	–	–	6,879	–	6,879
Financial asset at fair value through profit or loss (Note 24)	–	8,172	–	–	8,172
Trade receivables – net of provision (Note 23)	118,613	–	–	–	118,613
Other receivables excluding prepayments	9,915	–	–	–	9,915
Due from related parties (Note 25)	7,509	–	–	–	7,509
Cash and bank balances (Note 26)	149,377	–	–	–	149,377
Total	285,414	8,444	6,879	427	301,164
31 December 2010
Derivative financial instruments (Note 32)	–	–	–	2,517	2,517
Held-to-maturity investment (Note 21)	–	–	6,875	–	6,875
Financial asset at fair value through profit or loss (Note 24)	–	2,500	–	–	2,500
Trade receivables – net of provision (Note 23)	51,669	–	–	–	51,669
Other receivables excluding prepayments	5,660	–	–	–	5,660
Cash and bank balances (Note 26)	210,223	–	–	–	210,223
Total	267,552	2,500	6,875	2,517	279,444

Liabilities as per balance sheet

	Derivatives used for hedging USD’000	Liabilities at amortised cost USD’000	Total USD’000
31 December 2011
Derivative financial instruments (Note 32)	1,449	–	1,449
Trade payables (Note 33)	–	79,974	79,974
Other payables and accruals (Note 33)	–	238,151	238,151
Borrowings (Note 34)	–	251,125	251,125
Total	1,449	569,250	570,699
31 December 2010
Derivative financial instruments (Note 32)	2,651	–	2,651
Trade payables (Note 33)	–	57,791	57,791
Other payables and accruals (Note 33)	–	91,886	91,886
Total	2,651	149,677	152,328

Company

	Loans and receivables
	2011 USD’000	2010 USD’000
Cash at bank	298	189
Due from related parties (Note 25)	209,939	22,619
Total	210,237	22,808

	Liabilities at amortised cost
	2011 USD’000	2010 USD’000
Other payables and accruals	521	1,451

Credit quality of financial assets

Group

The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to historical information about counterparty default rates:

	2011 USD’000	2010 USD’000
Trade receivables
Group A	11,173	7,681
Group B	10,755	15,933
Group C	23,056	2,959
	44,984	26,573

Group A – Last six months average debtor days is less than 45.

Group B – Last six months average debtor days is between 46 and 90.

Group C – Last six months average debtor days is above 90.

Derivative financial instruments

The credit quality of derivative financial instruments in disclosed in Note 32.

None of the financial assets that is fully performing has been renegotiated in the last year.

	2011 USD’000	2010 USD’000
Cash at bank and short-term bank deposits
Standard & Poor’s/Fitch ratings
AA	–	64,973
AA-	78,122	109
A+	55,131	144,854
A	13,114	–
A-	441	122
BBB+	815	15
BBB	55	–
BBB-	2	–
BB+	467	–
BB	50	–
B	38	–
Not rated	629	–
	148,864	210,073
Cash in hand	513	150
Cash at bank and in hand (Note 26)	149,377	210,223
Held-to-maturity investment
AA	–	6,875
AA-	6,879	–

Company

	2011 USD’000	2010 USD’000
Due from related parties	209,939	22,619

Due from related parties is neither past due nor impaired.

	2011 USD’000	2010 USD’000
Cash at bank
Standard & Poor’s ratings
A+	–	189
A	298	–
	298	189