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SEE HUP SENG LIMITED
Annual Report 2012
74
Notes to the Financial Statements
31 DECEMBER 2012
15 Inventories
Group
2012 2011
S$’000 S$’000
Inventories, at cost
Finished goods 4,360 2,684
Refined petroleum products 21,735 22,671
26,095 25,355
Allowance for impairment for stock obsolescence
Balance at the beginning of the year (505) (600)
Provision during the year (555) (74)
Written off during the year 118 –
Reversal of impairment # 38 169
Balance at year end (904) (505)
Net 25,191 24,850
The total cost of inventories included in cost of sales amounts to S$204,644,000 (2011: S$193,879,067).
# Reversal of impairment was due to these previously impaired inventories being sold above their carrying amounts during the year.
16 Trade Receivables
Group Company
2012 2011 2012 2011
S$’000 S$’000 S$’000 S$’000
Trade receivables 45,346 42,807 6,172 5,464
Unbilled receivables 4,100 8,581 1,937 2,797
49,446 51,388 8,109 8,261
Less: Allowance for impairment of
trade receivables
Balance at the beginning of the year (369) (233) (103) (103)
Allowance during the year (327) (181) (88) –
Currency alignment 2 – – –
Reversal of impairment # 130 45 33 –
Balance at year end (564) (369) (158) (103)
48,882 51,019 7,951 8,158
The credit period on trade receivables ranges from 30 to 90 days (2011: 30 to 90 days). No interest is charged
on the outstanding balances of the trade receivables.
# Reversal of impairment was due to repayment received during the year from these previously impaired trade receivables.