NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT For the three months ended 31 March 2013 13. CURRENT ASSETS – TRADE AND OTHER RECEIVABLES (CONTINUED) (b) Fair value and credit risk 14. CURRENT ASSETS — INVENTORIES AND CONSUMABLES 15. BIOLOGICAL ASSETS — LIVESTOCK Due to the short-term nature of trade and other receivables, their carrying value is assumed to approximate their fair value� Our maximum exposure to credit risk is the fair value of receivables� We do not hold collateral as security, nor is it our policy to transfer (on-sell)  receivables to special purpose entities� We refer you to note 4 for more information on the risk management policy of the Group and the credit  quality of the Group’s trade receivables� Details regarding foreign exchange and interest rate risk exposure are disclosed in note 4� (c) Foreign exchange and interest rate risk 31 Mar 2013  $000 31 Dec 2012  $000 31 Mar 2012  $000  (reviewed) Bulk stores - recorded at cost 6,647 6,873 5,356 Feedlot commodities - recorded at cost 5,677 8,319 7,066 Cotton crop - recorded at cost 9,789 3,544 5,144 Horses and goats - recorded at net market value 2,221 2,221 2,181 Other - recorded at cost 6,395 4,688 5,428 30,729 25,645 25,175 Current  Cattle at net market value – trading cattle  166,772 166,338 160,415 Total current livestock 166,772 166,338 160,415 Non-Current Cattle at net market value – commercial and bull breeding herd  270,296 330,156 326,828 Total non-current livestock 270,296 330,156 326,828 Total livestock 437,068 496,494 487,243 Livestock movement Opening carrying amount 496,494 483,683 483,683 Gain from changes to fair value less estimated point of sale costs (34,492) 129,804 19,464 Purchases of livestock 8,801 75,875 13,445 Sale of livestock (33,735) (192,868) (29,349) Closing carrying amount  437,068 496,494 487,243 Herd  Number Number Number Current 236,857 229,542 207,066 Non-current 439,360 452,198 484,618 676,217 681,740 691,684 82 Australian Agricultural Company Limited