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Whitehaven Coal Limited : Annual Report 2010
72 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2010 5.F INANCIAL 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 2010 2010 2009 2009 Not past due 44,431 -- 30,906 -- Past due 0-30 days 1,219 -- 200 -- Past due 31-120 days 634 -- 91 -- Past due 121 days to one year 10 -- 64 -- More than one year 36 -- 3 -- 46,330 -- 31,264 -- Based on historic default rates, the consolidated entity believes that no impairment allowance is necessary in respect of trade receivables. 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 $105,866,000 facility. Details of outstanding guarantees are provided in note 30. Liquidity risk Liquidity risk is the risk that the consolidated entity will not be able to meet its 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 consolidated entity ensures that it has 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.
Annual Report 2009
Annual Report 2011