232 REDISCOVER | REBUILD | SUSTAIN Notes to the financial statements - 31 December 2015 21. Due from/(to) customers on contracts Group Corporation 2015 2014 2015 2014 RM’000 RM’000 RM’000 RM’000 Construction contract costs incurred and recognised profits to date 17,387,139 13,886,741 110 90,733 Less: Progress billings (16,348,122) (12,725,883) – – 1,039,017 1,160,858 110 90,733 Due from customers on contracts (Note 20) 1,064,715 1,178,243 110 90,733 Due to customers on contracts (Note 24) (25,698) (17,385) – – 1,039,017 1,160,858 110 90,733 22. Cash, deposits and bank balances Group Corporation 2015 2014 2015 2014 RM’000 RM’000 RM’000 RM’000 Cash with PETRONAS Integrated Financial Shared Services Centre 3,600,430 3,258,864 2,067,585 2,349,268 Cash and bank balances 1,288,277 351,092 1,613 12,037 Deposits with licensed banks 765,317 1,228,873 1,485 219,969 5,654,024 4,838,829 2,070,683 2,581,274 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”). Included in cash and bank balances is the retention account of RM91,754,000 (2014: RM41,504,000) which is restricted for use because it is pledged to the bank for the purpose of acquisition of vessels. 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 365 days (2014: 1 to 365 days) depending on the immediate cash requirements of the Group and of the Corporation and earn interest rates ranging from 0.008% to 4.30% (2014: 0.03% to 8.50%) per annum and 0.04% to 3.80% (2014: 0.01% to 4.20%) per annum respectively. Other information on financial risks of cash and cash equivalents are disclosed in Note 35.
RkJQdWJsaXNoZXIy NDgzMzc=