Prospectus - Fonterra

53Fonterra Co-operative Group LimitedNotes to the Financial StatementsFor the 14 months ended 31 July 2008Exposure to liquidity risk$ millionCarryingamountContractualcash flowsAs at As at31 July 2008 31 May 20073 monthsMore than Carrying Contractual 3 monthsor less 3-12 months 1-5 years 5 years amount cash flows or less 3-12 months 1-5 yearsMore than5 yearsNon-derivative financial liabilitiesBorrowings- Commercial paper (1,605) (1,638) (858) (780) - - (517) (524) (193) (331) - -- Unsecured bank loans (25) (25) (6) (19) - - (925) (994) (22) (62) (910)-- Finance lease liabilities - - - - - -- - - - - -- Medium term notes (3,096) (4,024) (35) (353) (2,325) (1,311) (2,498) (3,202) (23) (421) (1,304) (1,454)Capital notes (35) (51) (1) (2) (13) (35) (35) (51) (1) (2) (13) (35)Bank overdrafts - - - - - - (40) (40) (40) - - -Trade and other payables (1,155) (1,155) (1,155) - - - (1,035) (1,035) (1,035) - - -(5,916) (6,893) (2,055) (1,154) (2,338) (1,346) (5,050) (5,846) (1,314) (816) (2,227) (1,489)Derivative financial instrumentsGross settled derivativesGross settled derivatives - Outflow (18,156) (8,133) (5,010) (4,299) (714) (16,574) (5,800) (6,440) (3,330) (1,004)Gross settled derivatives - Inflow 17,563 7,981 4,807 4,200 575 16,333 6,006 6,634 2,807 886(219) (593) (152) (203) (99) (139) 213 (241) 206 194 (523) (118)Net settled derivatives (1) (13) 7 34(15) (39) 8 (63) (5) 31 20 (109)Amounts due to subsidiaries and repayable on demand (refer notes 9 and 19) have been excluded from the above table.