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NOTE 31: FINANCIAL INSTRUMENTS (cont.)
(d) Financial assets and liabilities by category
Details of financial assets and liabilities as contained in the annual report are as follows:
CONSOLIDATED PARENT ENTITY
NOTE 31 JULY 08 31 JULY 07 31 JULY 08 31 JULY 07
$000 $000 $000 $000
Financial assets and liabilities by category
Financial Assets
Cash and cash equivalents 8 37,808 14,382 15,852 168
Loans and receivables – current 9(a) 83,428 98,969 - 94
Loans and receivables – non-current 9(b) 200 350 630,858 642,422
Total Loans and receivables 83,628 99,319 630,858 642,516
Held for trading assets at fair value
through profit and loss 10 30 87 - -
Other financial assets 11 - - 248,437 248,437
Derivative financial assets 14 347 731 486 731
Total financial assets 121,813 114,519 895,633 891,852
Financial Liabilities
Other financial liabilities
Payables – current 19(a) 73,070 67,750 2,297 5,491
Payables – non-current 19(b) 2,047 - 511 483
Interest bearing liabilities – current 20(a) 262,865 106,000 262,865 106,000
Interest bearing liabilities – non-current 20(b) 300,000 414,225 300,000 414,225
Total other financial liabilities 637,982 587,975 565,673 526,199
Total financial liabilities 637,982 587,975 565,673 526,199
Fair values of financial assets and liabilities are disclosed in the notes to the account where those items are listed.
(e) Credit risk
Credit risk refers to the risk that a counterparty will defaults on its contractual obligations resulting in financial loss to the
Group. The Group has adopted a policy of only dealing with creditworthy counterparties. The credit risk on liquid funds and
derivative financial instruments is considered low because these assets are held with banks with high credit ratings assigned by
international credit-rating agencies.
The maximum exposure to trade credit risk at balance date to recognised financial assets is the carrying amount net of provision for
doubtful debts, as disclosed in the balance sheet and notes to the financial statements. The Brickworks Group debtors are based
in the building and construction industry, however the Group minimises its concentration of credit risk by undertaking transactions
with a large number of customers. The Group ensures there is not a material credit risk exposure to any single debtor.
The Group holds no significant collateral as security, and there are no other significant credit enhancements in respect of these
financial assets. The credit quality of financial assets that are neither past due nor impaired is appropriate, and is reviewed
regularly to identify any potential deterioration in the credit quality. There are no significant financial assets that would otherwise
be past due or impaired whose terms have been renegotiated.
(f) Liquidity risk
The Brickworks Group manages liquidity risk by maintaining a combination of adequate cash reserves, bank facilities and
reserve borrowing facilities, continuously monitored through forecast and actual cash flows, and matching the maturity profiles
of financial assets and liabilities.
Details of credit facilities available to the Group, and the amounts utilised under those facilities, are as follows:
Credit facilities 600,000 375,000 600,000 375,000
Amount utilised 398,000 356,000 398,000 356,000
Unused credit facility 202,000 19,000 202,000 19,000
The Group has a $600.0 million unsecured variable interest rate facility in place with a syndicate of Australian and overseas
banks. The facility is made up of three tranches: a $150.0 million 364 day revolving tranche (classified as current on the balance
sheet); a $300.0 million term tranche (fully drawn) which expires in July 2011 (classified as non-current on the balance sheet;
and a $150.0 million tranche which expires in July 2009, which can only be drawn to repay the PAVERS shares on their next
remarketing date of 1 December 2008. At balance date this third tranche had not been drawn.

 

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