MISC Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS MISC BERHAD | Annual Report 2017 252 23. CASH, DEPOSITS AND BANK BALANCES (CONT'D.) Included in cash and bank balances is the retention account of RM104,732,000 (2016: RM145,639,000) 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 (2016: 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 6.10% (2016: 0.04% to 7.00%) per annum and 0.04% to 3.60% (2016: 0.04% to 3.50%) per annum respectively. Other information on financial risks of cash and cash equivalents are disclosed in Note 37. 24. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE Group Corporation 2017 RM'000 2016 RM'000 2017 RM'000 2016 RM'000 Non-current assets held for sale Ships 123,003 175,035 40,595 - The movement during the financial year relating to non-current assets held for sale are as follows: Group Corporation 2017 RM'000 2016 RM'000 2017 RM'000 2016 RM'000 At 1 January 175,035 - - 923,210 Additions 15,420 - - - Write down (Note 5(a)) (42,514) - - - Transfer from ships in operation (Note 12) 43,008 161,719 43,008 - Disposals (53,463) - - (890,818) Currency translation differences (14,483) 13,316 (2,413) (32,392) At 31 December 123,003 175,035 40,595 - In the current financial year, the Group and the Corporation have classified certain ships as held for sale with the intention of disposal in the immediate future. The Group is continuously seeking for buyer for certain ships as held for sale. Accordingly, the ships continue to be classified as held for sale.