Page 138 - HRC_Annual_Report_2023

136 About HRC Value Creation Management Discussion Leadership
& Analysis

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

17 TRADE RECEIVABLES (continued)
(ii) The Company maintains an aging analysis for trade receivables. The following table provides information
about the exposure to ECL on trade receivables as at the reporting date.
Gross Impairment Net
2023 RM’000 RM’000 RM’000
Current 705,220 - 705,220
1 to 30 days past due 59,592 - 59,592
31 to 180 days past due 518 - 518
More than 180 days past due 169 (169) -
765,499 (169) 765,330

2022

Current 705,739 - 705,739
1 to 30 days past due 12,372 - 12,372
31 to 180 days past due 630 - 630
More than 180 days past due 675 - 675
719,416 - 719,416

(iii) Movement on the impairment loss allowance of trade receivables is as follows:
2023 2022
RM’000 RM’000
At 1 January - 25,821
Amount written off - (25,821)
Impairment loss recognised 169 -
At 31 December 169 -

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned
above. Receivables amounting to RM23,066,000 (2022: RM33,595,000) were secured by bank guarantees.
Up to USD50,000,000 or RM229,900,000 (2022: USD50,000,000 or RM219,900,000) of trade receivables as at the
reporting date are pledged in favour of a vendor to secure credit lines for crude oil purchases.

18 OTHER RECEIVABLES AND PREPAYMENTS
2023 2022
RM’000 RM’000
Other receivables and deposits 64,789 566,473
Prepayments 4,451 5,426
69,240 571,899

The carrying amounts of financial assets (excluding prepayments) at the end of the reporting date approximated their fair values.