22. Due from/(to) customers on contracts Group Corporation 2016 2015 2016 2015 RM’000 RM’000 RM’000 RM’000 Construction contract costs incurred and recognised profits to date 14,602,106 17,387,139 – 110 Less: Progress billings (14,014,075) (16,348,122) – – 588,031 1,039,017 – 110 Due from customers on contracts (Note 21) 606,504 1,064,715 – 110 Due to customers on contracts (Note 25) (18,473) (25,698) – – 588,031 1,039,017 – 110 23. Cash, deposits and bank balances Group Corporation 2016 2015 2016 2015 RM’000 RM’000 RM’000 RM’000 Cash with PETRONAS Integrated Financial Shared Services Centre 5,401,275 3,600,430 3,468,220 2,067,585 Cash and bank balances 929,919 1,288,277 235 1,613 Deposits with licensed banks 228,013 765,317 401 1,485 6,559,207 5,654,024 3,468,856 2,070,683 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 RM145,639,000 (2015: RM91,754,000) which is restricted for use because it is pledged to the bank for the purpose of acquisition of ships. 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 (2015: 1 to 365 days) depending on the immediate cash requirements of the Group and of the Corporation and earn interest rates ranging from 0.04% to 7.00% (2015: 0.01% to 4.30%) per annum and 0.04% to 3.50% (2015: 0.04% to 3.8%) per annum respectively. Other information on financial risks of cash and cash equivalents are disclosed in Note 37. MISC BERHAD • Annual Report 2016 268 notes to the financial statements - 31 december 2016
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