p 249 MISC BERHAD - Annual Report 2014 21. Due from/(to) customers on contracts Group Corporation 2014 2013 2014 2013 RM’000 RM’000 RM’000 RM’000 Construction contract costs incurred and recognised profits to date 13,886,741 12,698,519 90,733 – Less: Progress billings (12,725,883) (11,423,177) – – 1,160,858 1,275,342 90,733 – Due from customers on contracts (Note 20) 1,178,243 1,284,807 90,733 – Due to customers on contracts (Note 24) (17,385) (9,465) – – 1,160,858 1,275,342 90,733 – 22. Cash, deposits and bank balances Group Corporation 2014 2013 2014 2013 RM’000 RM’000 RM’000 RM’000 Cash with PETRONAS Integrated Financial Shared Services Centre 3,258,864 2,414,069 2,349,268 2,039,763 Cash and bank balances 351,092 286,098 12,037 3,339 Deposits with licensed banks 1,228,873 2,047,568 219,969 64,243 4,838,829 4,747,735 2,581,274 2,107,345 To allow more efficient cash management for the Group and the Corporation, the Group and the Corporation’s cash and bank balances have, since 1 July 2013, been held in the In- House Account (“IHA”) managed by PETRONAS Integrated Financial Shared Services Centre (“IFSSC”). Cash at banks earn interest at floating rates based on daily bank deposit rates. Deposits with licensed banks are made for varying periods between 1 to 92 days (2013: 1 to 103 days) depending on the immediate cash requirements of the Group and of the Corporation and earn interest rates ranging from 0.03% to 8.50% (2013: 0.03% to 8.50%) per annum and 0.01% to 4.20% (2013: 0.05% to 3.05%) per annum respectively. Other information on financial risks of cash and cash equivalents are disclosed in Note 35.
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