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Notes to the
financial statements
For the financial year ended 31 December 2018
124
B A K E R T E C H N O L O G Y
L I M I T E D
21.
Trade and other payables
Group
Company
31.12.2018
31.12.2017 1.1.2017
31.12.2018
31.12.2017 1.1.2017
$’000
$’000 $’000
$’000
$’000 $’000
Trade payables
7,281
4,319 4,827
–
–
856
Other payables
2,984
1,485 3,217
601
412 385
Total trade and other
payables (current)
10,265
5,804 8,044
601
412 1,241
Trade and other payables
(excluding provision
for warranty)
10,228
5,413 6,370
601
412 1,241
Amount due to subsidiaries
(Note 19)
–
–
–
7,650
5,000 5,653
Loans and borrowings
(Note 22)
12,514
–
–
–
–
–
Total financial liabilities
carried at amortised cost
22,742
5,413 6,370
8,251
5,412 6,894
Trade payables are non-interest bearing and are normally settled on 30 to 90 days’ terms.
Other payables primarily consists of accrued operating expenses.
As at 1 January 2017, the Company’s trade payable included an amount of $856,000 due to a
subsidiary.
The Group’s other payables includes a provision for warranty of approximately $37,000 (2017:
$391,000). During the financial year, the Group wrote back excess provision of approximately
$341,000 (2017: $1,176,000). In line with the Group’s policy as discussed in Note 2.17, the write
back of additional provision in 2018 and in 2017 for warranty were resulted from the annual revision.
Trade payables denominated in foreign currencies at 31 December are as follows:-
Group
Company
31.12.2018
31.12.2017 1.1.2017
31.12.2018
31.12.2017 1.1.2017
$’000
$’000 $’000
$’000
$’000 $’000
United States Dollar
468
451
1,320
–
–
856
Euro
75
4 344
–
–
–
Australian Dollar
8
133
–
–
–
–