17. Cash and cash equivalents (excluding overdrafts)
All figures in £ millions |
2017 | 2016 | ||||||
Cash at bank and in hand |
361 | 570 | ||||||
Short-term bank deposits |
157 | 889 | ||||||
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518 | 1,459 | |||||||
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Cash at bank and in hand – within assets classified as held for sale |
127 | — | ||||||
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645 | 1,459 | |||||||
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Short-term bank deposits are invested with banks and earn interest at the prevailing short-term deposit rates.
At the end of 2017, the currency split of cash and cash equivalents was US dollar 36% (2016: 34%), sterling 8% (2016: 40%), euro 7% (2016: 3%), renminbi 20% (2016: 10%) and other 29% (2016: 13%). At the end of 2017, a significant proportion of the renminbi cash relates to assets held for sale.
Cash and cash equivalents have fair values that approximate to their carrying value due to their short-term nature. Cash and cash equivalents include the following for the purpose of the cash flow statement:
All figures in £ millions |
2017 | 2016 | ||||||
Cash and cash equivalents |
518 | 1,459 | ||||||
Cash and cash equivalents – within assets classified as held for sale |
127 | — | ||||||
Bank overdrafts |
(15 | ) | (35 | ) | ||||
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630 | 1,424 | |||||||
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The Group has certain cash pooling arrangements in US dollars, sterling, euro and Canadian dollars where both the company and the bank have a legal right of offset. At 31 December 2017, the offsetting amounts are presented gross in the balance sheet. Offset arrangements in respect of derivatives are shown in note 16.