12. NON-CURRENT RECEIVABLES   Close Window  
 
(All amounts in Sri Lanka Rupees millions)
  Group Company
  2003 2002 2003 2002
Employee loans [Note (a)] 806 776 806 776
Deferred expenses (prepaid Insurance Premium) 171 219 171 219
Amounts due after one year ---------
977
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---------
995
======
---------
977
======
---------
995
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(a) Employee loans are repayable in equal monthly instalments over five years. The amount shown as a non-current receivable represents staff loan instalments falling due for payment after 1 January 2005.

(b) As explained in Accounting Policy K, insurance premium paid by the Company to secure foreign loans under the 150K Project Scheme has been deferred on the grounds that the benefit of this expenditure is not exhausted in the period in which it is incurred and will be written off to the Income Statement over the repayment period of the loans.

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