TRADE AND OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2022

Trade and other receivables [abstract]


	As of December 31,
	2022	2021
	US$’000	US$’000
Trade receivables	83,319	104,405
Less: Loss allowances	(1,337)	(841)
Trade receivable, net	81,982	103,564
Other receivables	2,397	2,683
Less: Loss allowances	—	(35)
Other receivable, net	2,397	2,648

As of December 31, 2022 and 2021, trade receivables were all from contracts with customers. And as of January 1, 2021, the balance of trade receivables from contracts with customers was $82,071.

12(a) Movement in the loss allowance on trade receivables


	2022	2021
	US$’000	US$’000
At January 1	841	1,414
Charge for the year	712	383
Write-off	(171)	(734)
Unused amounts reversed	(204)	(170)
Currency translation adjustment	(2)	(65)
Reclassification	161	13
At December 31	1,337	841

12(b) Aging analysis of trade receivables


					Past due
	Total		Current		1-30 days		31-60 days		61-90 days		91-120 days		>120 days
	US$’000		US$’000		US$’000		US$’000		US$’000		US$’000		US$’000
December 31, 2022
Expected loss rate	1.60%		0.09%		1.00%		2.40%		10.74%		37.04%		98.35%
Gross carrying amount - trade receivables		83,319		69,607		10,166		2,127		298		27		1,094
Loss allowances		1,337		66		102		51		32		10		1,076
Trade receivable, net		81,982		69,541		10,064		2,076		266		17		18

December 31, 2021
Expected loss rate	0.81%		0.11%		0.68%		4.77%		7.14%		3.03%		53.12%
Gross carrying amount - trade receivables		104,405		90,080		11,140		1,572		504		66		1,043
Loss allowances		841		98		76		75		36		2		554
Trade receivable, net		103,564		89,982		11,064		1,497		468		64		489

12(c) Accounting policy for impairment of trade receivables

Our Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on our Company’s historical credit loss experience, adjusted to reflect current and forward-looking information on general economic conditions affecting the ability of the customers to settle the receivables.

12(d) Material collateral obtained

Our Company obtained collateral in respect of doubtful receivables from customers. The collateral takes the form of a lien over the customer’s assets and gives our Company a claim on these assets for the doubtful receivables.

In March 2017, a lawsuit was filed by a debtor to rescind the foreclosure that our Company has undertaken on the collateral in Thailand. Our Company’s foreclosure prevailed according to the judgement from the Appeal Court on November 28, 2017. The debtor’s petition reached to the Supreme Court on June 19, 2018, and was denied on March 27, 2019. Our Company performed a valuation to determine the fair value of the collateral. As of December 31, 2019, the fair value of the collateral was $1,339, which was lower than the amount of the associated delinquent account, and our Company recognized an impairment loss of $30 in other operating expenses, accordingly. In June 2020, the collateral was auctioned off and our Company received payment of $1,060 to settle the net amount of $1,242 owed by the customer that was net of allowance of $111. Our Company recognized an additional loss of $182 for the year ended December 31, 2020.

See Note 27(b) credit risk of trade receivables for discussions on how our Company manages and measures credit quality of trade receivables that are neither past due nor impaired.

12(e) Other receivables pledged as collateral

The carrying amounts of other receivables pledged as collateral against credit facilities received from financial institutions are disclosed in Note 27(e)(ii).