O TTO M ARINE L IMITED - Microsoft Internet Explorer - SGX

OTTO MARINE LIMITED AND ITS SUBSIDIARIES
(B) Compensation of Directors and Key Management Personnel
The remuneration of directors and other members of key management during the year was as
follows:
2007 2006 2005
$’000 $’000 $’000
Short-term benefits. ......................................... 2,310 1,362 714
Post-employment benefits ..................................... 105 22 18
2,415 1,384 732
6 Cash and Bank Balances
2007 2006 2005
$’000 $’000 $’000
Fixed deposits . ............................................ 121 7,533 —
Cash at bank . . ............................................ 18,010 6,679 1,045
Cash on hand . . ............................................ 55 26 240
18,186 14,238 1,285
Fixed deposits — Pledged ..................................... 195,718 40,969 138
Cash and bank balances comprise cash held by the Group and short-term bank deposits with an
original maturity of three months or less. The carrying amounts of these assets approximate their fair
values.
Fixed deposits bear interest at an average rate of 4.49% (2006: 4.17%; 2005: 3.75%) per annum
and for a tenure of approximately 30 days (2006: 7 days; 2005: 30 days).
Fixed deposits relating to advances collected from customers are pledged to a bank for performance
refund guarantees issued by the bank.
The Group’s cash, bank balances and fixed deposits pledged that are not denominated in the
functional currencies of the respective entities are as follow:
2007 2006 2005
$’000 $’000 $’000
United States dollar ......................................... 173,514 54,582 1,002
Euro .................................................... 31,742 — —
Indonesian rupiah ........................................... 1,056 60 10
Japanese yen . . ............................................ 17 18 19
7 Trade Receivables
2007 2006 2005
$’000 $’000 $’000
Related parties (Note 5) ....................................... 497 — 1,551
Outside parties .............................................. 25,041 4,239 18,879
25,538 4,239 20,430
The average credit term on ship repair, conversion and chartering to customers is 30 days (2006
and 2005: 30 days). There is no credit term for shipbuilding customers as down payment is required
upon signing of contract and the full contract sum is paid upon delivery of vessel.
The Group’s trade receivables that are not denominated in the functional currencies of the
respective entities are as follows:
2007 2006 2005
$’000 $’000 $’000
United States dollars ........................................... 4,260 585 14,531
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