Annual Report - Campus Living Villages

9 8 Campus Living Villages Annual Report 09/10
Campus Living Finance Trust
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
A$’000
CLFT
b) Reconciliation of profit for the year to net cash flow from operating activities
June 2010 June 2009
Profit for the year 3,094 1,066
Amortisation of borrowing costs 433 541
Change in operating asses and liabilities:
- Movement in deferred tax assets 273 (122)
- Increase in trade payables and accruals 592 62
- Movement in other assets 174 (174)
- Increase in provisions (1,162) 987
Net cash inflow from operating activities 3,404 2,360
The distribution declared in the June quarter of $10.1m (2009: $2.9m) has not been paid at year end and is excluded from
operating and financing cash flows. Refer to note 2 for the external borrowings facility available.
8. Receivables
Loans receivable from related parties
June 2010 June 2009
Campus Living Overseas Trust 26,692 34,658
Campus Living Villages UK Limited 2,616 2,410
CLV UK AH Pty Ltd 123 117
CLV Salford UK Limited 12,045 11,459
Campus Living Australia Trust 110,221 107,025
CLV Accommodation Holdings Pty Limited 11,115 10,549
CLLT (USA) 272 60
CCHM Property Holdings Parent LLC - 16,150
Total receivables 163,084 182,428
Total current receivables 26,692 34,658
Total non-current receivables 136,392 147,770
Refer to note 18 Related party transactions and balances.
The loan to Campus Living Overseas Trust (“CLOT”) is non interest bearing and repayable on demand.
The loan to Campus Living Villages UK Limited was repaid during the year and beared interest in 2009 at 3.87%. There were
two loans to CLV Salford UK Limited which were both repaid during the year and beared interest in 2009 at 3.87%.
There are two loans to Campus Living Australia Trust (“CLAT”) $18.10m (2009: $37.99m) bears interest at the variable rate of
6.89% plus 0.25% margin (2009: 3.87%). The principal amount of the loan is repayable on 9 December 2010. $92.12m (2009:
$69.1m) bears interest at a variable rate of 6.89% plus 0.25% margin (2009: 3.87%) and is repayable on 14 November 2017.
The loan to CLV Accommodation Holdings Pty Limited (“CLVAH”) bears interest at a variable rate of 6.89% plus 0.25% (2009:
3.87%). The principal amount of the loan is repayable on 20 December 2014.
The loan to CLLT (USA) bears interest at a variable rate of 6.89% plus 0.25% margin (2009: 3.87%). The principal amount of
the loan is repayable on 6 June 2015. The loan to CCHM Property Holdings Parent LLC was repaid during the year and beared
interest in 2009 at 3.87%.
A new loan was established between CLV Finance UK Limited and Campus Living Villages UK Ltd and bears interest at a
variable rate of 0.57% plus a margin of 4%. The principal amount of the loan is repayable on 1 November 2019.