| |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED |
| for the year ended 30 June 2007 |
| |
All monetary amounts are expressed
in millions of Rands |
2007 |
Restated
2006 |
| 7. |
INVENTORIES |
|
|
|
At cost, net of impairment provisions |
|
|
|
Raw materials |
369,9 |
288,4 |
|
Work-in-progress |
94,2 |
68,3 |
|
Finished goods and manufactured components |
248,5 |
170,4 |
|
Consumable stores |
101,7 |
106,6 |
|
Property |
– |
2,5 |
| |
|
814,3 |
636,2 |
| |
Property inventories with a carrying value of Rnil (2006: R1.2 million) have been pledged as security over long-term loans. (Refer note 15, Secured liabilities). |
|
|
| 8. |
CONTRACTS IN PROGRESS AND CONTRACT RECEIVABLES |
|
|
|
Costs incurred plus recognised profits, less recognised losses on contracts in progress at year end |
342,0 |
814,0 |
| |
Amounts receivable on contracts (net of impairment provisions) |
1 792,8 |
1 260,3 |
|
|
2 134,8 |
2 074,3 |
| |
Advances received in excess of work completed |
(836,5) |
(454,5) |
|
Net amounts receivable from contracts |
1 298,3 |
1 619,8 |
| |
Retentions receivable (net of impairment provisions) |
250,7 |
297,1 |
| |
|
1 549,0 |
1 916,9 |
|
These balances represent:
Net amounts due from contract customers |
3 402,2 |
2 878,2 |
|
Amounts due to contract customers |
(1 853,2) |
(961,3) |
| |
|
1 549,0 |
1 916,9 |
| |
Amounts of R60,5 million (2006: R52,6 million) are due for settlement after more than 12 months from balance sheet date. |
|
|
| 9. |
TRADE AND OTHER RECEIVABLES |
|
|
|
Trade receivables |
1 282,0 |
1 189,0 |
|
Provision for doubtful debts |
(70,4) |
(59,9) |
|
Operating lease receivables recognised on a straight-line basis |
7,4 |
13,8 |
|
Amount owing by joint venture partners |
100,8 |
56,8 |
|
Prepayments |
100,5 |
76,9 |
|
Other receivables |
366,5 |
177,8 |
| |
|
1 786,8 |
1 454,4 |
| |
Details in respect of the Group's credit risk management policies are set out in note 43.
The directors consider that the carrying amount of the trade and other receivables approximate their fair value. |
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