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AMOUNTS DUE FROM RELATED PARTIES (Tables)
12 Months Ended
Dec. 31, 2018
AMOUNTS DUE FROM RELATED PARTIES  
Schedule of amounts due from related parties

 

 

 

 

 

 

 

 

 

 

 

At December 31,

 

    

Notes

    

2017

    

2018

 

 

 

 

Thousand USD

 

Thousand USD

Current:

 

  

 

  

 

  

Trade

 

  

 

  

 

  

8180792 Canada Inc.

 

b

 

 —

 

 6

China New Era

 

a

 

3,334

 

3,165

Less: allowance for doubtful debts

 

a, 34

 

(1,970)

 

(1,744)

 

 

  

 

1,364

 

1,427

Non-Trade

 

  

 

  

 

  

China New Era

 

a

 

359

 

342

Su Weili

 

d

 

15,220

 

14,889

Less: allowance for doubtful debts

 

a, 34

 

(230)

 

(230)

 

 

  

 

15,349

 

15,001

 

 

  

 

16,713

 

16,428

Non-Current:

 

  

 

  

 

  

Trade

 

  

 

  

 

  

RisenSky Solar (defined in Note 22) and its subsidiaries

 

 

 

1,247

 

 —

 

 

  

 

1,247

 

 —

Non-Trade

 

  

 

  

 

  

RisenSky Solar (defined in Note 22) and its subsidiaries

 

c

 

4,385

 

5,050

 

 

  

 

5,632

 

5,050


Notes:

(a)

Sky Solar Holdings is able to exercise significant influence over China New Era through its 49% ownership interest and participation on the board. In addition, certain key management of the Group acts as legal representatives of the solar plant entities controlled by China New Era. China New Era is therefore an associate of Sky Solar Holdings and considered as a related party of the Group.

The balance is accounted for as at amortized cost. Included in the balance amount due from China New Era as of December 31, 2017 and December 31, 2018, an allowance for doubtful debt of USD 2.2 million and USD 2.0 million are provided for receivables respectively for which they have defaulted on payment obligation. The company has entered a settlement agreement with China New Era on March 19, 2019, and has received the total net USD 1.5 million on March 28, 2019, after which the balance amount due from China New Era is nil.

Movements in the allowance for doubtful debts of amounts due from related parties during the periods presented are as follows:

 

 

 

 

 

 

 

At December 31,

 

    

2017

    

2018

 

 

Thousand USD

 

Thousand USD

Balance at beginning of year

 

2,200

 

2,200

Reversal of provision

 

 —

 

(116)

Exchange differences

 

 —

 

(110)

Balance at end of the year

 

2,200

 

1,974

 

Refer to Note 34 for a detailed analysis of how the impairment requirements of IFRS 9 are applied.

(b)

8180792 Canada Inc. is controlled by 1091187 B.C, Ltd (“1091187”), an equity investee in which the Group holds 75% equity interest. (Note 22) The balance is accounted for as at amortized cost.

(c)

Included in the balance was a carrying amount of USD 4.4 million and as USD 5.0 million at December 31, 2017 and 2018, respectively, which carried interest at 3.0% per annum. The balance is accounted for as FVTPL. The effect of initially applying IFRS 9 is described in Note 2.1.

(d)

In March 2019, Mr. Su entered a stock purchase agreement to sell all his ordinary shares of our Group in the form of ADSs to a Japan investor, and he paid back the amount due to the Group USD 14.9 million. The balance is accounted as FVTPL as at December 31, 2018.

Schedule of movements in the allowance for doubtful debts of amounts due from related parties

 

 

 

 

 

 

 

At December 31,

 

    

2017

    

2018

 

 

Thousand USD

 

Thousand USD

Balance at beginning of year

 

2,200

 

2,200

Reversal of provision

 

 —

 

(116)

Exchange differences

 

 —

 

(110)

Balance at end of the year

 

2,200

 

1,974