Notes to the consolidated annual financial statements | Note 14

14.  Trade and other receivables 
  
Rm  2018     2017    
Trade receivables  9 801     9 397    
Prepayments  2 404     2 054    
Accrued income  2 056     2 079    
Value-added tax  24     51    
Operating lease receivables  592     219    
Derivative financial assets  67     108    
Other  599     486    
   15 543     14 394    
Timing             
Non-current  724     905    
Current  14 819     13 489    
   15 543     14 394    
Doubtful receivable allowance included above:             
The Groupís trade receivables are stated after allowances for doubtful receivables based on  management’s assessment of creditworthiness, an analysis of which is as follows:             
1 April  (725)    (1 103)   
   Foreign currency translation differences  (67)    306    
   (Charged to)/reversed from profit or loss  (73)    48    
   Utilised  39     24    
31 March  (826)    (725)   
Trade receivables are carried at cost which normally approximates fair value due to short-term maturity. Generally no interest is charged on trade receivables.             
Included within derivative financial assets:             
At fair value through profit or loss, classified as held for trading:             
Fair value hedges:             
   Foreign exchange forward contracts  16     72    
   Firm commitment asset – fair value hedge  51     36    
   67     108    

The fair value of foreign exchange forward contracts is determined with reference to quoted market prices for similar instruments, being the mid forward rates as at the reporting date. The Group designates certain forward exchange contracts as fair value hedges to hedge its exposure to variability in the fair value that is attributable to changes in foreign exchange rates.

 

Notes to the consolidated annual financial statements | Note 14