Annual Report - Bega Cheese

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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
Financial Statements Financial Period Ended Statements 30 June 2010 Period Notes to Ended the Financial 30 June 2010 Statements Notes to the Financial Statements c. Liquidity Risk (cont.) Maturities of financial liabilities The following table analyses the Group and Company’s financial liabilities. contractual undiscounted cash flows The amounts disclosed in the table are 0-12 months 1-2 years 2-5 years Total Carrying contractual amount cash flows At 30 June 2010 $'000 $'000 $'000 $'000 $'000 Consolidated Non Derivatives Finance leases (988) (1,420) (20) (2,428) (2,044) Secured bank loans (67,271) (18,838) (55,429) (141,538) (130,568) Trade and other payables (108,947) (150) - (109,097) (109,097) Derivatives Financial liabilities (518) (343) (226) (1,087) - Inflows 93,212 268 - 93,480 93,480 Outflows (95,883) (254) - (96,137) (96,137) Total (180,395) (20,737) (55,675) (256,807) (244,366) Company Finance leases (80) (80) (20) (180) (180) Secured bank loans (40,937) (14,482) (53,359) (108,778) (98,900) Trade and other payables (62,871) - - (62,871) (62,871) Derivatives Financial liabilities (518) (343) (226) (1,087) - Inflows 16,287 268 - 16,555 16,555 Outflows (16,735) (254) - (16,989) (16,989) Total (104,854) (14,891) (53,605) (173,350) (162,385) Bega Cheese Limited 2010 Annual Report 29 Bega Cheese Limited 2010 Annual Report 29
Page 1 and 2: Bega Cheese Limited Trading as ‘B
Page 3 and 4: Review of Operations and Activities
Page 5 and 6: Directors’ Report (cont.) Period
Page 7 and 8: Auditors Independence Declaration P
Page 9 and 10: Independent Auditor’s Report (con
Page 11 and 12: Index to to Financial Statements In
Page 13 and 14: Financial Statements Period Ended 3
Page 15 and 16: Financial Statements Period Ended 3
Page 17 and 18: Notes Notes Financial Statements Pe
Page 19 and 20: Financial Statements Financial Peri
Page 27: Financial Statements Financial Peri

Annual Report - Bega Cheese

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