NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 41 FINANCIAL INSTRUMENTS (CONT’D) (i) Credit risk (cont’d) Exposure to credit risk The maximum exposure to credit risk for trade and other receivables and contract assets at the reporting date by business segment is set out below: Group Company 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Property development 1,891,122 2,574,892 7,222,266 6,261,613 Hotel operations 169,848 150,784 1,485,175 1,468,348 Investment properties 541,337 140,995 3,901,091 3,456,272 Others 83,598 59,213 3,379,335 3,155,365 2,685,905 2,925,884 15,987,867 14,341,598 Expected credit loss assessment on trade receivables The Group uses an allowance matrix to measure the ECL of trade receivables from individual customers, which comprise a very large number of small balances. Loss rates are based on actual credit loss experience over the past 3 years (2023: 3 years). These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Group’s view of economic conditions over the expected lives of the receivables. The following table provides information about the exposure to credit risk and ECL for trade receivables and accrued receivables as at reporting date: Group Company Gross carrying amount Impairment loss allowance Gross carrying amount Impairment loss allowance $’000 $’000 $’000 $’000 2024 Current (not past due) 264,431 2,160 557 – 1 – 30 days past due 45,486 113 15 – 31 – 60 days past due 8,095 163 – – 61 – 90 days past due 6,621 661 – – More than 90 days past due 48,850 25,186 153 153 373,483 28,283 725 153 2023 Current (not past due) 199,178 13,172 196 – 1 – 30 days past due 53,642 4,400 261 – 31 – 60 days past due 16,763 2,667 45 – 61 – 90 days past due 5,607 1,330 – – More than 90 days past due 37,099 9,677 410 150 312,289 31,246 912 150 ANNUAL REPORT 2024 FINANCIALS 175
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