Audited Results
for the year ended 31 March 2008

Accounts Receivable Analysis

The company applies a payment rating assessment to each customer individually, which categorises customers into 13 payment categories. This assessment is integral to the calculation of doubtful debts. The 13 payment categories has been summarised into four main groupings of customers. In the year under review, there has been no significant deterioration in the payment ratings of our customers.

An analysis of the debtors book based on the payment ratings is set out below:

            Doubtful Debt
      Number of Customers   Provision %
Debtors Payment Analysis     2008 2007   2008 2007
Satisfactory paid   No 534 286 542 142      
Customers fully up to date including those who have paid 70% or more of amounts due over the contract period   % 75.1% 76.4%   0% 0%
Slow payers   No 51 759 47 959      
Customers who have paid between 70% and 65% of amounts due over the contract period   % 7.3% 6.8%   17% 19%
Non-performing customers   No 47 130 44 463      
Customers who have paid between 65% and 55% of amounts due over the contract period   % 6.6% 6.3%   42% 50%
Non-performing customers   No 78 413 74 654      
Customers who have paid 55% or less of amounts due over the contract period   % 11.0% 10.5%   86% 100%
      711 588 709 218   13.5% 14.9%

The lower doubtful debt provision percentage (calculated on the same basis as last year) is due to the write-off of older accounts.

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