YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 270 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 26. CASH AND BANK BALANCES Group Company 2024 RM million 2023 RM million 2024 RM million 2023 RM million Cash on hand and at banks 2,579 1,383 10 119 Deposits with licensed banks 484 124 - 2 Cash and bank balances 3,063 1,507 10 121 For the purpose of the statements of cash flows, cash and cash equivalents at the reporting dates comprised the following: Group Company 2024 RM million 2023 RM million 2024 RM million 2023 RM million Cash and bank balances 3,063 1,507 10 121 Less: Fixed deposits with maturity period over 3 months* (95) (85) - - Cash and cash equivalents 2,968 1,422 10 121 * Restricted based on the requirements of a lender. Cash at banks earns interest at floating rates based on daily bank deposit rates. Deposits with licensed banks are made for varying periods of between one to ten months, depending on the immediate cash requirements of the Group, and earn interest at the respective deposit rates. Included in cash and cash equivalents are bank balances and deposits with licensed banks of the Group and the Company amounting to RM1,408 million and RM1 million respectively (31 January 2023: RM476 million and RM2 million respectively) that were restricted based on the respective requirements of the lenders. These restricted amounts can only be used for purposes specified in the respective loan agreements, such as: - Debt Service Reserve Accounts, where specified minimum amounts are required to be maintained to service loans; - Operation and maintenance restricted accounts, where the amounts can only be utilised for expenses related to the charter and operation and maintenance contracts relating to the specified FPSO; and - FPSO restricted accounts, where the amounts can only be utilised for construction of a FPSO, as disclosed in Note 32.
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