McConnell Dowell 2020 Annual Review

75 Annual Review 2020 All figures are in A$ 000’s Note 2020 2019 6. Inventories Raw materials, components (at cost) 1,295 4,019 Total inventories 1,295 4,019 7. Trade and other receivables Current Trade receivables 7(a) 127,329 126,592 Retentions 2,506 3,479 Contracts in progress 7(c) 47,192 98,709 Sundry receivables 7(b) 13,719 9,339 Deposits and bonds 785 1,142 Receivables from associates - Dutco McConnell Dowell (ME) LLC 891 862 Receivables from other related parties 17 2,326 2,528 Total current trade and other receivables 194,748 242,651 7(a) Trade receivables are non-interest bearing and are generally on 30 day terms. An allowance for impairment loss is made when there is objective evidence that a trade receivable is impaired. Due to the short term nature of these receivables, their carrying value is assumed to approximate their fair value. The maximum exposure to credit risk is the fair value of the receivables. Details regarding the credit risk of current receivables are disclosed in Note 20. At 30 June, the ageing analysis of trade receivables is as follows: 0-30 days 119,577 110,712 31-60 days* 537 5,826 61-90 days* 954 636 91+ days* 6,261 9,418 Total trade receivables 127,329 126,592 Expected credit losses on Trade and other receivables As at 30 June 2020, the Group has trade and other receivables of $127.3 million (2019: $126.6 million). The provision for expected credit losses on trade receivables is, in whole dollars $16,080, (2019: $20,703) which is immaterial to the Group. 7(b) Sundry receivables are non-interest bearing and generally have 30 day repayment terms. Consolidated