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70

Every Note Counts

Note

2010

2009

2010

2009

$’000

$’000

$’000

$’000

Trade and accrued receivables

12

411,412

435,832

52

260

Deposits and other receivables

13

97,931

100,814

440

504

Current portion of loans and receivables

545,585

575,995

221,769

218,854

Tax recoverable

35

180

-

174

Prepayments

29,863

32,148

1,830

417

Swap hedging instruments

7,963

20,462

788

-

583,446

628,785

224,387

219,445

Company

-

-

220,231

214,452

19,105

20,939

1,018

3,616

17,137

18,410

28

22

N otes to the Financial Statements

Year ended 31 December 2010

11

Trade and other receivables

Group

Amounts due from:

Subsidiaries Associates Related corporations

The amounts due from subsidiaries, associates and related corporations are unsecured, interest-free and repayable on demand. Transactions with these related entities are priced on terms agreed between the parties.

12

Trade and accrued receivables

2010

2009

2010

2009

$’000

$’000

$’000

$’000

Group

Company

Trade and accrued receivables Allowance for doubtful receivables

478,312

519,312

52

260

(66,900)

(83,480)

-

-

411,412

435,832

52

260

The Group’s primary exposure to credit risk arises through its trade receivables. Concentration of credit risk relating to trade receivables is limited due to the Group’s internationally dispersed customers. Due to the nature of the Group’s business, credit risk is not concentrated in any specific geographical region but concentrated in companies exposed to business cyclical fluctuations that are commonly found in the shipping industry. The Group’s historical experience in the collection of accounts receivable falls within the recorded allowances. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Group’s trade receivables.

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