TRADE AND OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2023

Trade and other receivables [abstract]


	As of December 31,
	2023	2022
	US$’000	US$’000
Trade receivables	106,333	83,319
Less: Loss allowances	(1,378)	(1,337)
Trade receivable, net	104,955	81,982
Other receivables	1,670	2,397
Less: Loss allowances	—	—
Other receivable, net	1,670	2,397

As of December 31, 2023 and 2022, trade receivables were all from contracts with customers. And as of January 1, 2022, the balance of trade receivables from contracts with customers was $103,564.

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


	2023	2022
	US$’000	US$’000
At January 1	1,337	841
Charge for the year	97	712
Write-off	(55)	(171)
Unused amounts reversed	(22)	(204)
Currency translation adjustment	21	(2)
Reclassification	—	161
At December 31	1,378	1,337

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, 2023
Expected loss rate	1.30%		0.06%		0.47%		2.09%		3.43%		4.76%		75.74%
Gross carrying amount - trade receivables		106,333		88,601		11,648		2,819		1,080		672		1,513
Loss allowances		1,378		49		55		59		37		32		1,146
Trade receivable, net		104,955		88,552		11,593		2,760		1,043		640		367

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

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.

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(d) 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).