96
LIPPO MALLS INDONESIA RETAIL TRUST ANNUAL REPORT 2014
16. INVESTMENTS IN SUBSIDIARIES
Trust
2014
2013
$’000
$’000
Unquoted equity shares, at cost
981,423
918,441
Redeemable preference shares, at cost
716,852
437,467
Quasi equity loans
(1)
25,242
28,057
1,723,517 1,383,965
Net book value of subsidiaries
1,723,066 1,413,169
Analysis of above amount denominated in non-functional currency:
United States Dollars
5,882
8,741
Indonesian Rupiah
1,262,166 1,282,140
(1)
The quasi-equity loans are unsecured, interest-free loans to three Singapore subsidiaries with no fixed repayment terms. They are,
in substance, part of the Trust’s net investment in the subsidiaries.
The list of the subsidiaries is in Note 37.
17. TRADE AND OTHER RECEIVABLES, CURRENT
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Trade receivables:
Outside parties
4,442
4,654
448
557
Less: Allowance for impairment
(310)
(298)
–
–
Related parties (Note 3)
1,001
514
–
–
Subtotal
5,133
4,870
448
557
Other receivables:
Subsidiaries (Note 3)
(1)
–
–
189,146
254,297
Related parties (Note 3)
6,046
503
–
–
Other receivables
8,714
9,520
2,501
2,345
Subtotal
14,760
10,023
191,647
256,642
Total trade and other receivables
19,893
14,893
192,095
257,199
Movements in above allowance:
Balance at beginning of the year
(298)
(1,207)
–
–
Bad debt written-off
212
–
–
–
(Charge)/reversal for trade receivables to profit or loss
included in property operating expenses (Note 5)
(218)
743
–
–
Effect of changes in exchange rates
(6)
166
–
–
Balance at end of the year
(310)
(298)
–
–
(1)
Other receivables include the balance of net proceeds from issuance of units of $26,711,000 (2013: $97,700,000) received on behalf by
a wholly-owned subsidiary of the Trust.
Concentration of credit risk relating to trade receivables is limited due to the Group’s many varied tenants and credit
policy of obtaining security deposits from most tenants for leasing the Group’s investment properties. These tenants
comprise retailers engaged in a wide variety of consumer trades. The Group establishes an allowance for impairment
that represents its estimate of incurred losses in respect of trade receivables.
Notes to the Financial Statements
(Cont’d)
31 December 2014
