307 ANNUAL REPORT 2022 ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 24. Trade and other receivables (continued) (a) Trade receivables (continued) Trade receivables that are individually determined to be impaired at the reporting date related to debtors that are in significant financial difficulties and/or have defaulted on payments. These receivables are not secured by any collateral or credit enhancements. (b) Other receivables Included in sundry receivables is an amount of RM91 million (USD22 million) (2021: RM96 million (USD24 million)) relating to a contractual settlement arrangement with a customer for receivables relating to an FPSO project, which is unsecured and repayable over a period of 7 years. The amount receivable was adjusted to its fair value upon initial recognition, and is subsequently carried at amortised cost. As at 31 January 2022, the amounts classified as current and non-current were RM11 million (USD3 million) (2021: RM8 million (USD2 million)) and RM80 million (USD19 million) (2021: RM88 million (USD22 million)) respectively. As at 31 January 2022, amounts due from joint ventures were unsecured and non-interest bearing (2021: 5.22% to 6.58% per annum). Amounts due from subsidiaries bear interest of COF + 0.50% per annum and are denominated in RM. The amounts are unsecured and revolving on daily basis, except for amounts of RM14 million as at 31 January 2022 (2021: RM14 million) which were not expected to be recovered within the next 12 months. Amounts due from subsidiaries which are non-interest bearing are denominated in USD and RM. These amounts are unsecured and revolving on daily basis, except for amounts of RM379 million as at 31 January 2022 (2021: RM43 million) which were not expected to be recovered within the next 12 months. Included in the amounts due from subsidiaries as at 31 January 2021 were advances novated from subsidiaries of RM429 million arising from internal re-organisation exercise. Movement for other receivables allowance for impairment accounts: Performing Under- performing Not performing Total RM million RM million RM million RM million Group At 1 February 2020 6 - 38 44 Charge for the financial year - - 12 12 Reversal of impairment loss (3) - (3) (6) Written off - - (15) (15) At 31 January 2021 and 1 February 2021 3 - 32 35 Written off - - (23) (23) At 31 January 2022 3 - 9 12 Company At 1 February 2020 - 14 81 95 Charge for the financial year - - (15) (15) Exchange differences - - (1) (1) At 31 January 2021 and 1 February 2021 - 14 65 79 Charge for the financial year - - 12 12 Exchange differences - - 2 2 At 31 January 2022 - 14 79 93
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