Annual Report - Bega Cheese

Financial Statements
Period Financial Ended Statements 30 June 2010
Notes Period to Ended the Financial 30 June Statements
2010
Notes to the Financial Statements
b. Credit Risk (cont.)
Consolidated
Company
2010 2009 2010 2009
$'000 $'000 $'000 $'000
Cash and cash equivalents 18,169 21,963 9,254 15,671
Trade receivables 81,813 81,144 50,908 42,306
Other receivables and prepayments 5,202 12,014 1,789 9,396
Vat loans to farmers 154 240 - -
Advances to farmers 2,411 6,164 - -
Fair value derivatives 819 5,037 819 1,578
Total 108,568 126,562 62,770 68,951
There is considered to be limited credit risk in the balances of other receivables due to their nature as government debt,
related parties or entities with which close commercial relationships are maintained.
Consolidated
Company
2010 2009 2010 2009
$'000 $'000 $'000 $'000
Not past due 63,843 65,125 36,517 31,476
Past due over 0-30 days 12,911 11,677 10,027 7,526
Past due over 30 days 5,059 4,342 4,364 3,304
Trade receivables at 30 June 81,813 81,144 50,908 42,306
For details of provisions held against trade receivables, see Note 6. All impaired balances are more than 60 days overdue.
c. Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of
funding through committed credit facilities to meet obligations when due and to close out market positions. Due to the
dynamic nature of the underlying businesses, the Group maintains flexibility in funding by maintaining availability under
committed credit lines. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and
matching maturity profiles of financial assets and liabilities.
Financing Arrangements
The Group and the Company had access to the following undrawn borrowing facilities at the end of the reporting period:
Consolidated
Company
2010 2009 2010 2009
$'000 $'000 $'000 $'000
Expiring within one year (bill facility) 71,827 37,300 24,200 24,000
Expiring beyond one year (bank loans) - 34,706 - 400
71,827 72,006 24,200 24,400
Bega Cheese Limited 2010 Annual Report 28
Bega Cheese Limited 2010 Annual Report 28