Yinson Annual Report 2019

Yinson Holdings Berhad ANNUAL REPORT 2019 180 25. OTHER ASSETS Group Company 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Current: Prepayments 115,151 137,570 382 2,257 Non-current: Prepayments 14,754 15,165 – – 129,905 152,735 382 2,257 Prepayments mainly comprise of project development costs related to secured projects and bid tenders which are still in progress. 26. CASH AND BANK BALANCES Group Company 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Cash on hand and at banks 507,160 394,754 7,017 4,747 Short term investment 361 348 361 348 Deposits with licensed banks 709,758 242,018 2,102 1,972 Cash and bank balances 1,217,279 637,120 9,480 7,067 For the purpose of the statements of cash flows, cash and cash equivalents at the reporting dates comprise of the following: Group Company 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Cash and bank balances 1,217,279 637,120 9,480 7,067 Less: Deposits pledged with banks (493,409) (280,525) (2,103) (1,972) Bank balance in Escrow account – (64,952) – – Short term investment (361) (348) (361) (348) Cash and cash equivalents 723,509 291,295 7,016 4,747 Cash at bank earns interest at floating rates based on daily bank deposit rates. Deposits with licensed banks are made for varying periods of between one to threemonths, depending on the immediate cash requirements of the Group, and earn interest at the respective deposit rates. Deposit with a licensed bank, denominated in USD, of approximately RM40,953,000 (2018: RM39,204,000), has been pledged to the bank for a performance guarantee issued in favour of a subsidiary’s customer for a period of six years. The deposit is made for period of one month (2018: one month) and earns interest at 2.40% (2018: 1.41%) per annum. Bank balances and deposits with licensed banks of approximately RM452,456,000 (2018: RM241,321,000) have been pledged to the banks for the banking facilities of the Company and the subsidiaries, as disclosed in Note 32. Bank balance in Escrow account of approximately RM64,952,000 in the previous financial year represented payment received as part of the consideration for the disposal of 26% equity interest of a subsidiary. The fund in Escrow account has been released upon completion of the transaction on 6 June 2018. For the financial year ended 31 January 2019 Notes to the financial statements (cont’d)