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CIMIC Group Limited Annual Report 2016 |
Financial Report
Notes continued
for the 12 months to 31 December 2016
7. CASH AND CASH EQUIVALENTS
December 2016
$m
December 2015
$m
Funds on deposit
597.6
475.9
Cash at bank and on hand
978.9
1,691.9
Cash and cash equivalents
1,576.5
2,167.8
As at 31 December 2016: $166.7 million (31 December 2015: $165.3 million) of cash at bank in relation to the sale of receivables during
the reporting period and $34.4 million (31 December 2015: $nil) of cash reserved for warranties is classified as restricted cash.
8. TRADE AND OTHER RECEIVABLES
Note
December 2016
$m
December 2015
$m
Contract debtors
1
3,282.9
2,820.0
Contract debtors provision
(675.0)
(675.0)
Total contract debtors
2,607.9
2,145.0
Trade debtors
302.7
181.3
Other amounts receivable
364.3
241.3
Prepayments
46.5
34.7
Derivative financial assets
35
17.3
4.5
Amounts receivable from related parties
2
37 (b)
1,077.8
916.8
Non-current tax asset
3
28.9
25.2
Total trade and other receivables
4,445.4
3,548.8
Current
3,209.6
2,659.6
Non-current
1,235.8
889.2
Total trade and other receivables
4,445.4
3,548.8
1
Contract debtors includes an amount equal to $1.15 billion (31 December 2015: $1.13 billion) relating to the Gorgon LNG Jetty and Marine
Structures Project being undertaken by CPB Contractors Pty Ltd (CPB), a wholly owned subsidiary of CIMIC, together with its consortium
partners, Saipem SA and Saipem Portugal Comercio Maritime LDA (together the Consortium) for Chevron Australia Pty Ltd (Chevron)
(Gorgon Contract).
The position is:
In November 2009 the Consortium was announced as the preferred contractor to construct the 2.1 kilometre Chevron Gorgon LNG
Jetty and Marine Structures project on Barrow Island, 70 kilometres off the Pilbara coast of Western Australia.
The scope of work consisted of the design, material supply, fabrication, construction and commissioning of the LNG Jetty. The scope
also included supply, fabrication and construction of marine structures including a heavy lift facility, tug pens and navigation aids.
The jetty comprised steel trusses approximately 70 metres long supported by concrete caissons leading to the loading platform
approximately 4 kilometres from the shore.
Initial acceptance of the jetty and marine structures took place on 15 August 2014.
During the project, changes to scope and conditions led to the Consortium submitting Change Order Requests (CORs). The Consortium,
Chevron and Chevron’s agent, entered into negotiations in relation to some of the CORs.
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