McConnell Dowell 2019 Annual Review

75 Annual Review 2019 All figures are in A$ 000’s Note 2019 2018 15. Trade and other payables Trade payables* 71,936 82,462 Project accruals 83,613 97,270 Progress billings in advance 8(c) 65,142 108,350 Other payables and accruals 14,358 19,849 Payables to other related parties 19 2,334 2,247 Payables to associates - Dutco McConnell Dowell (ME) LLC 207 132 Total trade and other payables 237,590 310,310 * Trade 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 22. 16. 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