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Whitehaven Coal Limited : Annual Report 2009
76 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2009 1 7. DERIVATI VE FINANCIAL INSTRUMENTS (CONTINUED) Instruments used by the consolidated entity Derivative financial instruments are used by the consolidated entity in the normal course of business in order to hedge exposure to fluctuations in foreign exchange rates. Forward currency contracts -- cash flow hedges The consolidated entity undertakes sales in US dollars. In order to protect against exchange rate movements and reduce the foreign exchange rate related volatility of the consolidated entity's revenue stream, the consolidated entity enters into forward exchange contracts to sell US dollars in the future at stipulated exchange rates. Forward exchange contracts are entered for future sales undertaken in US dollars. The contracts are timed to mature when funds for coal sales are forecast to be received. At 30 June 2009, the forward exchange contracts are designated as cash flow hedges and are expected to impact profit and loss in the periods specified below. The details of outstanding forward exchange contracts at balance date are set out below. Forward exchange contracts In thousands of AUD (except exchange rates) Fair Value 2009 Average Exchange Rates 2009 Fair Value 2008 Average Exchange Rates 2008 Sell US dollars Less than six months 19,527 0.7354 18,224 0.8176 Six months to one year 8,588 0.7628 8,446 0.8175 One year to less than two years (1,692) 0.7852 13,647 0.8170 Tw o years to less than three years (993) 0.8215 6,048 0.8189 Three years to less than four years -- -- 411 0.8215 25,430 0.7632 46,776 0.8178 Consolidated Company In thousands of AUD 2009 2008 2009 2008 18. INVESTMENTS Non-current investments Investment in unlisted shares 37 37 -- -- Investments in subsidiaries -- -- 464,750 464,750 37 37 464,750 464,750
Annual Report 2008
Annual Report 2010