NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
107
Annual Report 2014
11.
Cash and cash equivalents
Cash and cash equivalents at the end of the financial year comprise the following:
The Group
The Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Cash at bank and on hand
647,639
689,502
998
8,598
Short-term bank deposits
913,164
1,338,895
45,436
45,810
1,560,803
2,028,397
46,434
54,408
Cash at bank and short-term bank deposits include an amount of $592,481,000 (2013: $726,520,000)
placed with a fellow subsidiary, COSCO Finance Co., Ltd.
For the purpose of presenting the consolidated statement of cash flows, the consolidated cash and cash
equivalents comprise the following:
The Group
2014
2013
$’000
$’000
Cash and bank balances (as above)
1,560,803
2,028,397
Less: Bank deposits pledged
(3,319)
(3,357)
Cash and cash equivalents per consolidated statement of cash flows
1,557,484
2,025,040
In 2014, cash and bank balances and short-term bank deposits of the Group amounting to $3,319,000
(2013: $3,357,000) are pledged as security for trade finance facilities.
12.
Forward currency contracts
The Group
Contract
Fair value
notional
amount
Assets
Liabilities
$’000
$’000
$’000
2013
Non-hedging instruments
- Forward currency contracts
125,906
770
–
There were no forward currency contracts outstanding as at 31 December 2014.
