McConnell Dowell 2020 Annual Review

83 Annual Review 2020 All figures are in A$ 000’s Note 2020 2019 13. Trade and other payables Trade payables* 31,187 71,936 Project accruals 92,420 83,613 Progress billings in advance 7(c) 97,667 65,142 Other payables and accruals 18,111 14,358 Payables to other related parties 17 841 2,334 Payables to associates - Dutco McConnell Dowell (ME) LLC 125 207 Total trade and other payables 240,351 237,590 * T rade payables are non-interest bearing and are normally settled on 30-day terms. Due to the short term nature of these payables, their carrying value is assumed to approximate their fair value. There is no collateral provided as security. Information regarding foreign exchange, interest rate and liquidity risk exposure is set out in Note 20. 14. Ultimate parent The ultimate parent of the Group is Aveng Limited (a company incorporated in South Africa). Aveng Limited owns 100% of the issued ordinary shares in Aveng Australia Holdings Pty Ltd. The immediate Australian parent of the Group is Aveng Australia Holdings Pty Ltd. Aveng Australia Holdings Pty Ltd owns 100% of the issued ordinary shares in McConnell Dowell Corporation Limited. Consolidated