Page 101 - SAR141018_Forterra AR 2013

FORTERRA
ANNUAL REPORT 2013
NOTES TO THE
FINANCIAL STATEMENTS
99
8 CASH AND CASH EQUIVALENTS
Group Trust
2013 2012 2013 2012
$’000 $’000 $’000 $’000
Total cash and cash equivalents 108,244 42,080 2,743 49
Less: Restricted cash (3,630) (6,026) – –
Cash and cash equivalents in the
consolidated statement of cash flows 104,614 36,054 2,743 49
Restricted cash as at 31 December 2013 represented cash deposited in interest reserve accounts
to repay interests as and when they become due.
The weighted average effective interest rate per annum relating to cash and cash equivalents
at the date of the statement of financial position ranges from 0% to 1.40%, (2012: 0% to 0.94%).
Interest rates reprice at intervals of one week, two weeks, one month, three months and six
months.
Refer to Note 29 for foreign currency balances held.
Included in cash and cash equivalents are cash and bank balances of group entities that are
denominated in the Chinese Renminbi (“RMB”). RMB is not a freely convertible currency and
the remittance of funds out of the PRC is subject to exchange restrictions imposed by the PRC
government.
9 ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
The Trust announced in its 2012 half year result announcement dated 24 July 2012 that the
Group intends to divest group entities which hold Beijing Logistics Park and Central Plaza
(collectively the “Properties”) through a proactive sales campaign, respectively. In view of the
Group’s commitment to the plan to divest the group entities which hold the Properties (the
“Divestment”), the assets and liabilities (including amounts due from/to other group entities)
related to the Properties were classified as assets and liabilities held for sale in the consolidated
statement of financial position as at year end until completion of the Divestment or termination
of the sales campaign.