19.
TRADE AND OTHER PAYABLES (CONTINUED)
Trade payables including amounts due to subsidiaries and associates are non-interest bearing and
are normally settled on 30 to 90 days’ term.
The non-trade amounts, including amounts due to subsidiaries and related parties are unsecured,
interest-free, repayable on demand and expected to be settled in cash.
Deposits from customers are trade related, unsecured and settled upon the fulfilment of the
contractual obligations.
Trade payables denominated in foreign currencies at 31 December are as follows:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
United States Dollar
2,556
12,683
2,555
12,681
20.
DERIVATIVE FINANCIAL INSTRUMENTS
Contract/
Notional
Amount
2015
Contract/
Notional
Amount
2014
$’000
$’000
$’000
$’000
Assets Liabilities
Assets Liabilities
Group and Company
Forward currency
contracts
19,618
–
59
–
–
–
Forward currency contracts are used to hedge foreign currency risk arising from the Group’s sales
and purchases denominated in USD for which firm commitments which existed at the end of the
prior reporting year.
99
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2015
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
