FirstChoice Wholesale Investments part 2 - Colonial First State

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COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS 9. FINANCIAL RISK MANAGEMENT (continued) NOTES TO THE FINANCIAL STATEMENTS FOR THE REPORTING PERIOD ENDED 30 JUNE 2013 (b) Summarised Sensitivity Analysis (continued) Colonial First State Wholesale Cash * Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders Consolidated -0.50 0.50 -10.00% 10.00% -3.60% 3.60% basis points basis points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2013 21,652 ( 21,652) - - ( 5) 5 30/06/2012 Parent -0.50 0.50 -10.00% 10.00% -3.60% 3.60% basis points basis points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2013 21,327 ( 21,327) - - ( 2,341) 2,341 -60 basis +60 basis -9.30% 9.30% -3.70% 3.70% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2012 ( 42,259) 42,259 - - ( 1,079) 1,079 * There is no consolidated comparatives as the Fund was not required to be consolidated in the comparative period. Page 319
COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS 9. FINANCIAL RISK MANAGEMENT (continued) NOTES TO THE FINANCIAL STATEMENTS FOR THE REPORTING PERIOD ENDED 30 JUNE 2013 (c) Credit risk Credit risk is the risk that a counterparty will be unable to pay amounts in full when they fall due. Credit risk primarily arises from investments in debt securities and derivative products. Other credit risk arises from cash and cash equivalents, deposits with banks and other financial institutions, amounts due from brokers and other receivables. Some Funds may transact in derivatives in the over the counter (OTC) markets. OTC derivatives are entered into directly with the counterparty as there is no Clearing House arrangement. Such transactions are only dealt through suitably credit-worthy counterparties. The maximum exposure to credit risk for these OTC derivatives is the contract/notional amount, as shown in the "Derivative Financial Instruments" note to the financial statements. Certain Funds invest in debt securities which have an investment grade as rated by the Standard & Poor’s rating agency. For unrated assets a rating is assigned by the Investment Manager using an approach that is consistent with the approach used by rating agencies. The Compliance Department of the Responsible Entity regularly monitors the credit risks that arise from holding these securities. The exposure to credit risk for cash and cash equivalents is low as all counterparties have a high credit rating of at least AA. The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets and the contract/notional amount of the OTC derivatives. An analysis of debt securities by rating is set out in the table below for the Funds which have such securities. FirstChoice Wholesale Moderate 30/06/2013 30/06/2012 30/06/2013 30/06/2012 $'000 $'000 $'000 $'000 Consolidated Parent Rating AAA 40,676 - - - AA+ 23,058 - - - AA - - - - AA- 4,148 - - - A+ 8,393 - - - A 10,101 - - - A- 17,170 - - - Others 57,133 - - - Non rated 18,074 - - - Total 178,753 - - - Page 320
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FirstChoice Wholesale Investments 2
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COLONIAL FIRST STATE - FIRSTCHOICE
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Page 372: Enquiries Investor Services: 13 13
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FirstChoice Wholesale Investments part 2 - Colonial First State

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