NOTE 12
FINANCIAL RISK MANAGEMENT (CONTINUED)
(c) Liquidity risk
Prudent liquidity risk management implies maintaining
sufficient cash and cash equivalents, the availability
of committed credit facilities to support funding
requirements and the ability to close out market
positions. The Group manages liquidity risk by
continuously monitoring forecast and actual cash
flows and maintaining adequate liquidity reserves
to support forecast net business expenditure
requirements for a minimum of 12 months on a rolling
monthly basis.
Financing arrangements of the Group include a $500m
four year syndicated debt facility, established 26
June 2014 and a 15 month bridging facility of $300m
established on 24 June 2014. As at 30 June 2014
$165m of the syndicated debt facility has been utilised
(2013: $329m).
The Group has a $750mAustralian Dollar Domestic Note
programme which is fully issued, of this $300mmatures
in the next financial year (note 6(d)). The Group also has
access to business card facilities of $2m (2013: $2m).
As at the reporting date of 30 June 2014, as the bond
issuer ARTC complied with clause 4.3 Earnings and
Asset Covenant of the Information Memorandum.
Maturities of financial assets and liabilities based
on contractual maturities
The tables below analyse the Group’s financial assets
and liabilities into relevant maturity groupings based
on the remaining period at the reporting date to the
contractual maturity date.
The amounts disclosed in the table are the contractual
principal and accrued interest undiscounted cash flows.
Less than 6
months
6 - 12
months
Between 1
and 5 years
Over 5
years
Total cash-
flows
At 30 June 2014
$’000
$’000
$’000
$’000
$’000
Financial assets
Cash & cash equivalents
91,284
-
-
-
91,284
Trade & other receivables
79,934
-
-
-
79,934
Total financial assets
171,218
-
-
-
171,218
Financial liabilities
Trade & other payables
82,119
-
-
-
82,119
Bond issue
300,710
-
450,544
-
751,254
Borrowings
-
-
165,073
-
165,073
Derivatives financial liabilities - foreign exchange
31
-
-
-
31
Derivatives financial liabilities - interest rate swap
2,001
-
1,086
-
3,087
Other financial liabilities
84
-
-
-
84
Total financial liabilities
384,945
-
616,703
- 1,001,648
At 30 June 2013
Financial assets
Cash & cash equivalents
217,375
-
-
-
217,375
Trade & other receivables
95,701
-
-
-
95,701
Derivatives financial instruments - foreign exchange
100
-
-
-
100
Total financial assets
313,176
-
-
-
313,176
Financial liabilities
Trade & other payables
94,132
-
-
-
94,132
Bond issue
-
-
750,231
-
750,231
Borrowings
329,909
-
-
-
329,909
Derivatives financial liabilities - interest rate swap
-
-
7,981
-
7,981
Other financial liabilities
158
158
84
-
400
Total financial liabilities
424,199
158 758,296
- 1,182,653
81
