Annual Report - Campus Living Villages

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1 2 8 Campus Living Villages Annual Report 09/10 Campus Living Overseas Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 CLOT b) Reconciliation of loss for the year to net cash flow from operating activities June 2010 June 2009 Loss for the year (10,820) (11,922) Adjustment of non-cash items: - Depreciation and amortisation 5,355 5,030 - Fair value adjustments of derivatives 1,207 3,961 - Bad debts 298 330 - Unrealised foreign exchange on borrowings 806 1,417 - Development costs written off - 1,841 - Profit on disposal of property, plant and equipment (12) - Movements in operating assets and liabilities - Trade and other receivables (1,124) (924) - Inventories 9 4 - Other current assets (159) 306 - Tax balances 4,487 (1,531) - Interest accruals - 1,294 - Trade and other payables 2,677 450 - Provisions (214) 128 - Other (292) (276) Net cash inflow from operating activities 2,218 108 c) Financing facilities June 2010 June 2009 Used at balance sheet date Loans from financial institutions 66,902 61,996 Unused at balance sheet date Loans from financial institutions 1,262 8,200 Loans from financial institutions 68,164 70,196 8. Derivative financial instruments Interest rate swaps The New Zealand and UK businesses entered into variable to fixed interest rate swaps for 85% (2009: 85%) and 100% (2009: 100%) respectively of the borrowings in that business at an average interest rate of 6.6% and 5.4 % respectively that rate sets intervals that match payment terms. These interest rate swaps do not meet the hedge criteria in AASB 139 Financial Instruments: Recognition and Measurement and changes in fair value are recorded in profit or loss.
Campus Living Villages Annual Report 09/10 1 2 9 Campus Living Overseas Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 9. Trade and other receivables June 2010 June 2009 Trade receivables 2,516 2,919 Provision for impairment of receivables (615) (20) 1,901 2,899 CLOT Related party receivables 5,273 - Other debtors 348 317 Total trade and other receivables 7,522 3,216 The movement of the provision is: - Opening balance 20 552 - Impairments during the year 598 (532) - Foreign exchange movements (3) - Closing balance 615 20 The ageing of the impaired receivables are: - Less than 60 days - - - 61 to 90 days 3 - - 91 days and greater 612 20 Total provision 615 20 The total trade receivables balance represents: - Not past due and not impaired 554 2,324 - Past due and not impaired 1,347 575 - Past due and impaired 615 20 Total trade receivables 2,516 2,919 The ageing of the past due and not impaired receivables are: - Less than 60 days 139 - - 61 to 90 days 43 382 - 91 days and greater* 1,165 193 Total past due and not impaired receivables 1,347 575 *This amount is predominantly from the US management entity. The US management policy is to only write-off debtors if the student has vacated the room and has not paid the amount due. 10. Other current assets June 2010 June 2009 Prepayments 850 286 Tender and deposits 42 19 Total other current assets 892 305
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Annual Report - Campus Living Villages

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