Financial Statements - Mewah Group

MEWAH INTERNATIONAL INC.
ANNUAL REPORT 2011
Notes to the Financial Statements
For the financial year ended 31 December 2011
16. Derivative financial instruments (continued)
(i)
(ii)
Currency forward contracts are entered into by the Group entities in currencies other than their respective functional
currencies to manage exposure to fluctuations in foreign currency exchange rates on their transactions.
The Group entities enter into commodities forward contracts and futures contracts to protect the Group from
movements in market prices of crude palm oil and palm oil products by establishing the price at which the products
will be sold or purchased.
17. Cash and cash equivalents
Group
Company
2011 2010 2011 2010
US$’000 US$’000 US$’000 US$’000
Cash at bank and on hand 49,352 195,558 15,509 142,863
Short-term bank deposits 87,447 19,764 25,573 -
136,799 215,322 41,082 142,863
For the purposes of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:
Group
2011 2010
US$’000 US$’000
Cash and bank balances (as above) 136,799 215,322
Less: Bank overdrafts (Note 24) (164) -
Less: Restricted short-term bank deposits (171) (170)
Cash and cash equivalents per statement of cash flows 136,464 215,152
Restricted short-term bank deposits are deposits placed with a financial institution as security for banking facilities.
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