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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 93 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2012 5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) Risk exposures and responses (continued) Foreign currency risk (continued) No cover is taken out beyond 24 months other than contracted sales where both volume and US dollar prices are fixed. In respect of other monetary assets and liabilities denominated in foreign currencies, the consolidated entity ensures that its net exposure is kept to an acceptable level by buying and selling foreign currencies at spot rates when necessary to address short- term imbalances. The consolidated entity classifies its forward exchange contracts as cash flow hedges and measures them at fair value. The fair value of forward exchange contracts used as hedges at 30 June 2012 was $4,221,000 (2011: $48,790,000), comprising assets and liabilities that were recognised as fair value derivatives. At 30 June 2012, the consolidated entity had the following financial instruments that were not designated in cash flow hedges that were exposed to foreign currency risk: In thousands of USD USD 30 June 2012 USD 30 June 2011 Cash 31,801 33,517 Trade and other receivables 27,582 68,186 Trade and other payables (5,086) (25,135) Finance lease liabilities (11,421) (15,566) Net statement of financial position exposure 42,876 61,002 Currency risk exposure arising from derivative financial instruments is disclosed in note 17. The following exchange rates applied during the year: Average rate Reporting date spot rate Fixed rate instruments 2012 2011 2012 2011 USD 1.0319 0.9881 1.0191 1.0739 EUR 0.7707 0.7245 0.8092 0.7405
Annual Report 2011
Annual Report 2013