ITF

b) Credit risk The Group trades only with recognised, creditworthy third parties and its debtor balances are monitored on an ongoing basis with a result that the Group's exposure to bad debts is not significant. The maximum exposure is the carrying amount as disclosed in section (a), opposite. Based on the contractual conditions trade and other payables are due within one month. Credit quality of financial assets and impairment losses The ageing of trade receivables at the balance sheet date was: GrossFair value Gross Fair value 2012 2012 2011 2011 $000$000$000$000 8,7858,785 8,454 8,454 Past due (0-30 days) 154154 1,853 1,853 Past due (31-180 days) 629629982982 More than 180 days 679679444444 Not past due 10,24710,24711,73311,733 c) Liquidity risk Financial risk management Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group has substantial cash balances and does not require any external funding of its operations. Processes are in place to issue invoices on a timely basis, monitor cash collection closely and chase overdue balances promptly, in order to minimise liquidity risk. This is particularly the case in respect of sponsorship income collection, where the amounts involved can be significant. Liquidity risk: The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements: 2012 2011 Carrying Conctractual 1 year Carrying Contractual 1 year amount cash flows or less amount cash flows or less $000 $000$000 $000 $000$000 Non-derivative financial liabilities Trade and other payables* (1,888) (1,888) (1,888) (1,758) (1,758) (1,758) Derivative financial liabilities Forward exchange contracts used for hedging: Outflow Inflow (15,167) (15,167) 15,429 (1,626) (15,167) (14,142) 15,42915,429 13,616 (1,626)(1,626) (2,284) (14,142)(14,142) 13,61613,616 (2,284)(2,284) * Excludes derivatives (shown separately above). ITF FINANCIAL STATEMENTS 61

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