Haier 2009 Annual Report Download - page 132
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31 December 2009
NOTES TO FINANCIAL STATEMENTS 財務報表附註
HAIER ELECTRONICS GROUP CO., LTD ANNUAL REPORT 2009
130
23. Cash and Cash Equivalents
Group Company
2009 2008 2009 2008
年 年
RMB’000 RMB’000 RMB’000 RMB’000
Cash and bank balances 1,025,815 347,147 4,225 8,546
Time deposits 269,458 265,770 158,513 131,521
Cash and cash equivalents 1,295,273 612,917 162,738 140,067
At the end of the reporting period, the cash and bank balances
and time deposits of the Group denominated in RMB amounted
to RMB1,132,535,000 (2008: RMB472,850,000). The RMB is not
freely convertible into other currencies, however, under Mainland
China’s Foreign Exchange Control Regulations and Administration of
Settlement, Sale and Payment of Foreign Exchange Regulations, the
Group is permitted to exchange RMB for other currencies through
banks authorised to conduct foreign exchange business.
Cash at banks earns interest at floating rates based on daily bank
deposit rates. Short term time deposits are made for varying periods
of between one day and three months depending on the immediate
cash requirement of the Group, and earn interest at the respective
short term time deposit rates. The bank balances are deposited with
creditworthy banks or financial institutions with no recent history
of default. The carrying amounts of the cash and cash equivalents
approximate to their fair values.
Included in the Group’s cash and cash equivalents are deposits of
approximately RMB679,020,000 (2008: RMB452,824,000) placed
with Haier Group Finance Co., Ltd. (“Haier Finance”), a financial
institution approved by the People’s Bank of China. The interest
rate on these deposits was 0.36% per annum. Further details of
the interest income attributable to the deposits placed with Haier
Finance are set out in note 14 to the financial statements.
23.
1,132,535,000
472,850,000
679,020,000
452,824,000
0.36
14