Annual Report - Campus Living Villages

7 0 Campus Living Villages Annual Report 09/10
Campus Living Australia Trust
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
A$’000
CLAT
6. Cash and cash equivalents and notes to the cash flow statement
a) Cash and cash equivalents comprise
June 2010 June 2009
Cash at bank and on hand 9,667 12,656
Restricted cash 18,210 4,942
Cash and cash equivalents 27,877 17,598
Cash at bank and on hand and restricted cash earn interest at floating rate with a weighted average of 4% (2009: 2%), excluding the
cash held for construction costs which are non-interest bearing. The property business holds restricted cash for certain uses under
loan agreements, statutory requirements such as rules relating to resident security deposits, and asset maintenance agreements
with the universities. There are no bank overdrafts at the year end.
b) Reconciliation of loss for the year to net cash flow from operating activities
June 2010 June 2009
Loss for the year (23,979) (16,403)
Adjustment of non-cash items:
Depreciation and amortisation 12,139 6,562
Impairment of assets 3,500 -
Unrealised foreign exchange on borrowings 353 (528)
Fair value adjustments of derivatives 4,891 23,676
Bad debts 112 17
Development costs written off - 1,411
Movements in operating assets and liabilities:
Trade and other receivables 1,508 (184)
Inventories (14) 25
Other current assets (140) 101
Deferred taxation (331) (12,744)
Trade and other payables 546 2,861
Provisions 265 143
Net cash inflow/(outflow) from operating activities (1,150) 4,937
c) Financing facilities
June 2010 June 2009
Total facilities
Loans from financial institutions 284,631 284,631
Used at balance sheet date
Loans from financial institutions 267,318 204,623
Unused at balance sheet date
Loans from financial institutions 17,313 80,008