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Whitehaven Coal Limited : Annual Report 2009
Whitehaven Coal Limited -- Annual Report 2009 65 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2009 5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) Risk exposures and responses (continued) Credit risk (continued) Impairment losses The aging of the consolidated entity's trade receivables at the reporting date was: Gross Impairment Gross Impairment In thousands of AUD 2009 2009 2008 2008 Not past due 30,906 -- 29,336 -- Past due 0-30 days 200 -- 2,305 -- Past due 31-120 days 91 -- 50 -- Past due 121 days to one year 64 -- 69 -- More than one year 3 -- 31 -- 31,264 31,791 Based on historic default rates, the consolidated entity believes that no impairment allowance is necessary in respect of trade receivables. None of the Company's trade and other receivables are past due (2008: $nil). Guarantees The policy of the consolidated entity is to provide financial guarantees for statutory bonding requirements associated with the mining operations and for construction of the rail upgrade and other purposes such as security of leased premises. Guarantees are provided under a $52,900,000 facility. Details of outstanding guarantees are provided in note 30. Liquidity risk Liquidity risk is the risk that the Company and consolidated entity will not be able to meet their financial obligations as they fall due. The consolidated entity's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the consolidated entity's reputation. Typically, the Company and consolidated entity ensures that they have sufficient cash on demand to meet all expected operational expenses as and when due, including the servicing of financial obligations. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. In addition, the consolidated entity maintains the following lines of credit: $1,000,000 overdraft facility that is secured by a fixed and floating charge over the assets of the consolidated entity. Interest would be payable at the rate of B BSY plus 100 basis points. $2,020,000 that can be drawn down to meet short-term financing needs. The facility has a 30-day maturity that renews automatically at the option of the consolidated entity. Interest would be payable at a rate of B BSY plus 150 basis points.
Annual Report 2008
Annual Report 2010