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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2010
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
(Continued)
11. Cash and cash equivalents
Cash at bank and on hand 643 4,313
Cash at bank earns interest at floating rates based on daily deposits rates.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise the following at
31 December:
2010 2009
$ $
Cash at bank and on hand – continuing operations 643 4,313
Cash at bank and on hand (Note 25) – discontinued operations 17 –
660 4,313
Bank overdraft and advances (Note 12) – continuing operations (18,148) (3,259)
Bank overdrafts (Note 25) – discontinued operations (969) –
(18,457) 1,054
2010 2009
$ $
12. Bank overdraft and advances
Bank overdraft 4,690 503
Bankers’ acceptances 12,400 –
Debt factoring 1,058 2,756
18,148 3,259
The overdraft facility held by Readymix (West Indies) Limited and Premix & Precast Concrete Incorporated attracts
interest at a rate of 8.25% at 31 December 2010 (2009: 8.25).
Bankers’ acceptances bear interest at 9.75% per annum and are secured by charges over the fixed and floating assets
of the parent company and a first mortgage over property situated at Valencia.
In 2010, RML entered into debt factoring arrangements, whereby trade receivable balances amounting to $3.2 million
(2009: $13.9 million) was sold to American International Corporation Finance Limited (AIC). AIC discounted
the receivables at a rate of 11.5% (2009: 11%). The $1.058 million liability represents the amount due to AIC in
respect of the debt factoring under recourse.
2010 2009
$ $
13. Payables and accruals
Due to related parties (Note 18 (a)) 5,427 15,445
Sundry payables and accruals 12,344 14,830
Trade payables 11,333 16,699
29,104 46,974
30
BUILD TO LAST FOR GENERATIONS