Savills plc 2012 Annual Report - (PDF) - Investor relations

Notes to the financial statementsYear ended 31 December 2012continuedMovement on the provision for impairment of trade receivables is as follows:Group2012£mAt 1 January (7.9) (9.1)Provisions for receivables impairment (3.6) (3.2)Receivables written off during the year as uncollectible 1.9 2.7Unused provisions released 1.1 1.5Subsidiary disposed – 0.2Exchange movements 0.1 –At 31 December (8.4) (7.9)The creation and release of the provision for impaired receivables have been included in other operating expenses in the income statement.The other classes within trade and other receivables do not contain impaired assets.The Group does not hold any collateral as security.19. Cash and cash equivalentsGroup2012£m2011£mCompany2012£mCash at bank and in hand 85.8 69.3 21.2 15.8Short-term bank deposits 7.0 10.7 – –92.8 80.0 21.2 15.8The carrying value of cash and cash equivalents approximates their fair value.The effective interest rate on short-term bank deposits as at 31 December 2012 was 1.81% (2011: 1.19%); these deposits have anaverage maturity of 55 days (2011: 51 days).Cash subject to restrictions in Asia Pacific amounts to £15.9m (2011: £16.3m) which is cash pledged to banks in relation to propertymanagement contracts and cash remittance restrictions in certain countries. These amounts are consolidated.Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement:Group2012£mCompany2012£mCash and cash equivalents 92.8 80.0 21.2 15.8Bank overdrafts (Note 22) (0.1) (1.2) – –92.7 78.8 21.2 15.8Cash and cash equivalents are denominated in the following currencies:Sterling 15.7 18.8 21.2 15.8Euro 3.5 4.4 – –Hong Kong dollar 36.8 23.6 – –Singapore dollar 6.6 3.8 – –Australian dollar 4.4 5.9 – –Chinese renminbi 14.8 14.4 – –South Korean wan 2.3 1.5 – –Japanese yen 2.7 1.1 – –US dollar 1.2 2.3 – –Other currencies* 4.8 4.2 – –92.8 80.0 21.2 15.8* Other currencies include New Taiwan dollar, Macau pataca, Thai baht, Vietnamese dong, Polish zloty and Swedish krona.2011£m2011£m2011£m2011£m100 Savills plc Report and Accounts 2012