Annual Report - Campus Living Villages

More documents

Recommendations

Info

8 Campus Living Villages Annual Report 09/10 Campus Living Villages Fund DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2010 FUND Nicholas James Director of CLFM and Responsible Manager Age 46 Appointed 2 November 2005 Mr James was appointed as a Director of Campus Living Funds Management Limited in November 2005. He is also the Chief Financial Officer of Transfield Holdings Pty Limited and was nominated as a Transfield Appointed director of CLFM on establishment of the CLV Fund. Other current directorships cont. CLV (SCU) Holdings Pty Limited CLV Accommodation Holdings Pty Ltd CLV at ECU Holdings Pty Limited CLV Finance Pty Limited CLV Management Services Pty Limited CLV Parramatta Holdings Pty Limited CLV UK Accommodation Holdings Pty Limited UNSW Village Pty Ltd Campus Living Villages NZ Limited (NZ) Novatec Biosol AG (Germany – Supervisory Board) Former directorships in last 3 years None Experience and expertise Nicholas has extensive experience in investment and transaction management in infrastructure and property. He was previously a Director of Deutsche Bank in London and prior to that a Director with Macquarie Bank, where he worked on a number of infrastructure transactions in Australia, London and New York, including the establishment of Macquarie Infrastructure Group (MIG) and the acquisition, financing and management of a number of motorway assets for MIG. Since joining Transfield in 2005, Nicholas has been closely involved with the acquisition and development of a number of the CLV Fund’s properties and also with the establishment of the CLV Fund. Special responsibilities Member, CLFM Human Resources Committee Member, CLFM Investment Committee Responsible Manager and Key Person, CLFM Interests in shares and options issued by the CLV Fund or any members or associates of the CLV Fund None Academic and professional qualifications BCom (with Merit) (UNSW) Other current directorships Campus Living Accommodation Company (USA) Pty Limited Campus Living Accommodation Company Pty Limited Campus Living Flemington Road Pty Limited Campus Living Funds Management (USA) Pty Limited Campus Living Funds Management Limited Campus Living Investments Pty Limited Campus Living Villages (Canberra) Pty Limited Campus Living Villages (Parramatta) Pty Limited Campus Living Villages (SCU) Pty Limited Campus Living Villages at ECU Pty Limited Campus Living Villages Bedfordshire Pty Limited Campus Living Villages Murdoch Pty Limited Campus Living Villages Pty Ltd Campus Living Villages Salford Pty Limited
Campus Living Villages Annual Report 09/10 9 Campus Living Villages Fund DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2010 Debt refinancing The original Century 17 portfolio is financed by US$201m (A$236m) of borrowings from the Royal Bank of Scotland (RBS), of which US$181m is due for repayment in April 2011 and US$20m is due in April 2014. The US$181m borrowings have been included in current liabilities, resulting in a net current liability of $195m on the balance sheet as at 30 June 2010. The RBS borrowings are held by a syndicate of banks of which RBS is both a participant and the Agent. The Fund is in the process of refinancing the RBS debt through a private placement of debt in the United States, which is expected to be completed before 31 December 2010. The Fund has appointed RBS as the exclusive placement agent and is in the process of having the placement of debt rated. The Fund will also pursue alternative forms of finance such as project debt facilities if these yield a result which is more favourable than that of the private placement market. As noted above, although the Fund is in the process of refinancing the RBS borrowings, this process is not yet complete, resulting in a net current liability position at 30 June 2010. The existence of a net current liability position suggests a material uncertainty which may cast doubt on the Fund’s ability to continue as a going concern and therefore its ability to realise its assets in the normal course of business and at the amounts disclosed in the financial statements. The financial statements have been prepared on a going concern basis as it is the Directors’ expectation, based on the information available, that the current borrowings will be repaid through a combination of debt refinancing, extending the existing debt facility and using a portion of the uncalled equity of $80m. Matters subsequent to the end of the financial year The Fund was awarded a £40m contract to design, build, operate and finance an 852 bed ensuite student accommodation facility at the University of Bedfordshire’s Luton campus in the UK and manage 853 study bedrooms of the University’s facility. The Fund made an equity call during July 2010 of $28.3m to repay the EBF and cash back letters of credit and bank guarantees effective 28 July 2010. The Fund is in the process of refinancing the RBS debt of US$201m through a private placement of debt in the US, which is expected to be completed before December 2010. The directors have not identified any other matters since 30 June 2010 that would require disclosure in the annual report or adjustment to the financial statements or may significantly affect the Fund’s operations in future financial years, the results of those operations in future financial years, or the Fund’s state of affairs in future financial years. This report is made in accordance with a resolution of directors. John Niland Chairman FUND Nicholas James Director Sydney 13 September 2010
Page 1: Annual Report For the year ended 30
Page 5 and 6: Campus Living Villages Annual Repor
Page 9: Campus Living Villages Annual Repor
Page 49 and 50: INDEPENDENT AUDITOR’S REPORT TO T
Page 51: FUND
Page 54 and 55: 5 2 Campus Living Villages Annual R
Page 56 and 57: PricewaterhouseCoopers ABN 52 780 4
Page 58 and 59: 5 6 Campus Living Villages Annual R
Page 60 and 61:
5 8 Campus Living Villages Annual R
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
INDEPENDENT AUDITOR’S REPORT TO T
Page 87 and 88:
Campus Living Villages Annual Repor
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107:
Page 110 and 111:
1 0 8 Campus Living Villages Annual
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 146:
Campus Living Funds Management Limi
show all

Annual Report - Campus Living Villages

Create successful ePaper yourself

Delete template?

Save as template?