IREIT Global.
annual report 2014
For the reporting period from 1 November 2013 (date of constitution) to 31 December 2014
Notes to the
Financial Statements
5.
TRADE AND OTHER RECEIVABLES
Group
IREIT
31 December
2014
31 December
2014
EUR’000
EUR’000
(a) Trade receivables
Outside parties
553
–
(b) Other receivables and prepayments
Other receivables
1,146
6,047
Prepayments
268
–
1,414
6,047
Total
1,967
6,047
The average aging of trade receivables is between 1 – 5 days, with no amounts past due or
impaired. The average credit period on billing for rental of properties is 2 days. No interest is
charged on the trade receivables.
In determining the recoverability of a trade receivable the Group considers any change in the
credit quality of the trade receivable from the date credit was initially granted up to the end of the
reporting period. The trade receivables as at the end of the reporting period include EUR 497,231
owing by a vendor of the investment properties in relation to the settlement of property operating
expenses.
Included in other receivables at IREIT level is an amount of approximately EUR 4.8 million of
dividend receivable from subsidiaries.
6.
FINANCIAL DERIVATIVES
Group
IREIT
31 December
2014
31 December
2014
EUR’000
EUR’000
Foreign currency forward contract
279
279
The functional and presentation currency of the IREIT is Euro, whereas the distributions to
unitholders will be denominated in Singapore Dollar. In order to economically hedge the potential
foreign currency fluctuation between Euro and Singapore Dollar, IREIT may enter into foreign
currency forward contract (the “contract”) to economically hedge the foreign currency exposure,
when appropriate.
