269 MISC BERHAD Annual Report 2015 35. Financial risk management objectives and policies (cont’d.) (b) Foreign currency risk (cont’d.) The net unhedged financial receivables and payables and cash and bank balances of the Group and of the Corporation that are not denominated in their functional currencies are as follows: Net financial receivables/(payables) and cash and bank balances held in non-functional currencies United Ringgit States Sterling Australian Singapore Functional currency Malaysia Dollar Pound Dollar Euro Dollar Total of Group entities RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 At 31 December 2015 Ringgit Malaysia – 205,661 4,264 – 11,667 (237) 221,355 United States Dollar 56,064 – (16,111) 418 15,993 36,678 93,042 56,064 205,661 (11,847) 418 27,660 36,441 314,397 At 31 December 2014 Ringgit Malaysia – 169,209 (4,913) – (16,854) 27,084 174,526 United States Dollar 1,984,437 – 5,330 187 14,220 26,444 2,030,618 1,984,437 169,209 417 187 (2,634) 53,528 2,205,144 Functional currency of Corporation At 31 December 2015 United States Dollar (166,341) – 137 490 18,951 22,843 (123,920) At 31 December 2014 United States Dollar 2,027,495 – 12,959 – 22,899 1,643 2,064,996 (c) Liquidity risk Liquidity risk is the risk that the Group and the Corporation will encounter difficulty in meeting their financial obligations due to shortage of funds. The Group and the Corporation’s exposure to liquidity risk arise primarily from mismatches of the maturities of financial assets and liabilities. The Group’s and the Corporation’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and various other sources of funding. The Group and the Corporation have at their disposal cash and short term deposits amounting to RM5,654,024,000 (2014: RM4,838,829,000) and RM2,070,683,000 (2014: RM2,581,274,000) respectively. As at 31 December 2015, the Group and the Corporation have unutilised credit lines of RM3.6 billion (2014: RM3.6 billion) and RM2.6 billion (2014: RM2.7 billion) respectively, which could be used for working capital purposes.
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