Frencken Group Limited - Annual Report 2015 - page 95

FRENCKEN GROUP LIMITED
ANNUAL REPORT 2015
94
NOTES TO FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 (CONT’D)
22 CASH AND CASH EQUIVALENTS
The Group
The Company
2015
$’000
2014
$’000
2015
$’000
2014
$’000
Short-term funds placed with a Malaysian
financial institution
3,084
4,181
-
-
Deposits with licensed banks
116
165
-
-
Cash and bank balances
11,519
14,424
3,667
2,092
14,719
18,770
3,667
2,092
Less: Bank overdrafts (Note 26)
(26,216)
(23,534)
-
-
Less: Deposits pledged as securities
(116)
(165)
-
-
Cash and cash equivalents in the statement
of cash flows
(11,613)
(4,929)
3,667
2,092
Deposits with licensed banks of the Group amounting to $116,000 are pledged as guarantees to certain government
authorities. In the financial year 2014 deposits with licensed banks of the Group amounting to $165,000 were
pledged as guarantees to government authority and pledged to secure bank loan.
The withdrawal/maturity period and effective interest rates of short-term funds placed with a Malaysian financial
institution and deposits with licensed banks are as follows:
The Group
The Company
2015
2014
2015
2014
Short-term funds placed with a Malaysian
financial institution:
Effective interest rate (% per annum)
2.97 to 3.58
2.63 to 3.27
-
-
Withdrawal notice (days)
7 and 30
7 and 30
-
-
Deposits with licensed banks:
Effective interest rate (% per annum)
0 to 8.12
0 to 9.00
-
-
Maturity period (years)
3 and 5
1
-
-
These deposits with licensed banks can be withdrawn before due date if required without having to incur significant
costs, and therefore, the carrying amounts approximate their fair values.
The fair values of the cash and cash equivalents approximate their carrying values.
During the financial year, the Group acquired property, plant and equipment with an aggregate cost of $15,746,000
(2014 : $17,732,000) of which $51,000 (2014 : $29,000) was acquired by means of finance lease arrangements and
$1,988,000 (2014 : $1,383,000) was included in other payables at balance sheet date. Cash payments of $13,707,000
(2014 : $16,320,000) were made to purchase these property, plant and equipment.
The exposure of cash and cash equivalents to currency risk is disclosed in Note 34(a).
In the financial year 2014, the Group acquired 100% of equity interest in NTZ International Holding B.V. (“NTZ”).
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