Financials - Santos

Notes to the Consolidated Financial Statements
for the year ended 31 December 2012
2012 2011
7. Cash and Cash Equivalents $million $million
Cash at bank and in hand 265 282
Short‐term deposits 1,886 3,050
2,151 3,332
The carrying amounts of cash and cash equivalents represent fair value. Bank balances and short‐term deposits earn interest at floating rates
based upon market rates.
The Group’s usual cash management process includes investing cash in short‐term deposits. As at 31 December 2012, $49 million
(2011: $1,532 million) was placed in term deposits with original maturities greater than three months and up to nine months. All deposits
are held with financial institutions approved by the Board and are readily convertible to cash with commensurate interest adjustments
if required.
Restricted cash balances
Barracuda Ltd, a wholly‐owned subsidiary incorporated in Papua New Guinea, has cash and cash equivalents at 31 December 2012 of
US$16 million (2011: US$13 million) which can only be repatriated to Australia with the permission of the Internal Revenue Commission
of Papua New Guinea in accordance with the financing plan submitted in respect of PDL 3.
At 31 December 2012, $8 million (2011: $3 million) was held in short‐term deposits to support the issue of bank guarantees.
2012 2011
8. Trade and Other Receivables $million $million
Current
Trade receivables 349 318
Other receivables 165 581
Allowance for impairment loss on other receivables – –
514 899
Non‐current
Other receivables 17 25
Ageing of trade and other receivables at the reporting date:
Trade and other receivables not yet due 466 877
Past due not impaired:
Less than one month 33 11
One to three months 17 10
Three to six months 8 8
Six to twelve months 7 10
Greater than twelve months – 8
Considered impaired:
Greater than twelve months – –
531 924
Movement in provision for impairment loss:
Balance at 1 January – 22
Impairment loss – –
Reversal of impairment loss – (9)
Release of provision – (13)
Balance at 31 December – –
106