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Whitehaven Coal Limited : Annual Report 2013
132 Whitehaven Coal Limited Annual Report 2013 Notes to the Financial Statements 30 June 2013 The consolidated entity's maximum exposure to credit risk for trade receivables at the reporting date by geographic region was: In thousands of AUD Carrying amount 2013 Carrying amount 2012 Asia 30,191 25,505 Europe 12,058 15 Australia 7,529 12,352 49,778 37,872 Trade and other receivables The consolidated entity's exposure to credit risk is in uenced mainly by the individual characteristics of each customer. The demographics of the consolidated entity's customer base, including the default risk of the industry and country in which customers operate, has less of an in uence on credit risk. Approximately 42.1% of the consolidated entity's revenue is attributable to sales transactions with three customers (2012: 48.3% with three customers). More than 70 percent of the consolidated entity's customers have been transacting with the consolidated entity for over ve years, and losses have occurred infrequently. The remaining trade and other receivables relate mainly to coal customers. The consolidated entity does not require collateral in respect of trade and other receivables. The consolidated entity trades only with recognised, creditworthy third parties. Receivable balances are monitored on an ongoing basis with the result that the consolidated entity's exposure to bad debts is not signi cant. The consolidated entity recognised an impairment loss for trade and other receivables of $58,000 during the year ended 30 June 2013 (2012: Nil). Impairment losses The aging of the consolidated entity's trade receivables at the reporting date was: In thousands of AUD Gross 2013 Impairment 2013 Gross 2012 Impairment 2012 Not past due 43,121 -- 31,614 -- Past due 0-30 days 5,443 -- 4,051 -- Past due 31-120 days 396 -- 1,296 -- Past due 121 days to one year 839 (58) 874 -- More than one year 37 -- 37 -- 49,836 (58) 37,872 -- Based on historic default rates, the consolidated entity believes that no additional impairment allowance is necessary in respect of trade receivables. 5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES CONTINUED Risk exposures and responses (continued) Exposure to credit risk (continued)
Annual Report 2012