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14 Cash and Deposits

US$'000 2016 2015
Cash at bank and on hand 50,505 47,186
Bank deposits 218,699 311,242
Total cash and deposits 269,204 358,428
Average effective interest rate on bank
       deposits at year end

1.60%
0.84%
Average remaining maturity of
       bank deposits

98 days
68 days
Cash and cash equivalents 168,679 199,737
Term deposits 100,467 158,633
Cash and deposits 269,146 358,370
Restricted bank deposits included in
       non-current assets

58
58
Total cash and deposits 269,204 358,428

Cash and deposits are mainly denominated in United States Dollars and the carrying values approximate their fair values due to the short-term maturities of these assets.

Accounting policy – Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and deposits held with banks and other short-term highly liquid investments with original maturities of three months or less.



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