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BAKER TECHNOLOGY LIMITED ANNUAL REPORT 2012
BAKER TECHNOLOGY LIMITED ANNUAL REPORT 2012
22. Cashand short-termdeposits
Group
Company
2012
2011
2012
2011
$
$
$
$
Cash at banks and in hand
100,555,589 127,244,008 94,443,785 100,090,086
Short term deposits
73,345,973 42,032,805 73,345,973 42,032,805
173,901,562 169,276,813 167,789,758 142,122,891
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits aremade
for varyingperiods of between oneweek to threemonths dependingon the immediate cash requirements of the
GroupandCompany, andearn interests at the respective short-termdeposit rates ranging from0.01% to0.41%
(2011: 0.07% to 0.55%) per annum.
Cash and short-term deposits denominated in foreign currencies at 31December are as follows:-
Group
Company
2012
2011
2012
2011
$
$
$
$
United States dollar
661,274 12,595,085
262,541
3,763,024
Euro
3,585,421
7,977,668
–
–
TheCompany has also provided a corporate guarantee for the subsidiaries’ banking facilities.
23. Loansand borrowings
This relates to short-term bank borrowings, denominated inUSD, drawn down by theCompany’s subsidiary for
working capital purposes. These borrowings bear interest rates ranging from1.93% to 2.33% per annum and
are secured by the subsidiary’s pledged deposits with the banks (Note 21).
24. Trade andother payables
Group
Company
2012
2011
2012
2011
$
$
$
$
Trade payables
6,993,743 20,894,872
–
–
Other payables
7,752,286
6,236,835
3,139,566
1,564,475
Total trade and other payables
14,746,029 27,131,707
3,139,566
1,564,475
Trade and other payables
excluding provision for warranty
12,531,798 25,297,476
3,139,566
1,564,475
Loans and borrowings (Note 23)
3,678,049
–
–
–
Total financial liabilities carried at
amortised cost
16,209,847 25,297,476
3,139,566
1,564,475
Trade payables are non-interest bearing and are normally settled on 30 to 90 days’ terms.
The Group’s other payables includes a provision for warranty of approximately $2,214,000 (2011:
$1,834,000). During thefinancial year, theGroupprovidedanadditional amount of approximately$380,000
(2011: wrote-back of $1,642,000). In line with the Group’s policy as discussed in Note 2.17, the additional
provision in 2012 andwrote-back in 2011 for warrantywere resulted from the annual revision.
Trade payables denominated in foreign currencies at 31December are as follows :-
Group
2012
2011
$
$
United States dollar
4,138,180 17,674,172
Euro
413,164
283,444
Australian dollar
–
53,222
for the financial year ended31december 2012
for the financial year ended 31december 2012
notestothe
financialstatements
notestothe
financialstatements
