housing - National Housing Finance Corporation

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BALANCE SHEETS AS AT 31 MARCH 2006 Group Company Notes 2006 R’000 2005 R’000 2006 R’000 2005 R’000 ASSETS Non-current assets 767 722 698 027 824 727 755 023 Advances 3 755 702 685 812 755 702 685 812 Investment in subsidiary 4 — — 50 000 50 000 Investment in joint venture 5 3 197 2 654 3 197 2 654 Investment in preference shares 6 7 000 7 000 7 000 7 000 Investment in cell captive 7 — — 7 000 7 000 Property, plant and equipment 8 1 224 2 119 1 224 2 119 Deferred taxation 599 442 604 438 Current assets 1 711 752 1 710 736 1 689 883 1 695 375 Other receivables and prepayments 9 11 185 5 538 11 185 15 060 Investment property held for sale 10 21 654 — 21 654 — Investments – bonds 11 245 757 243 175 245 757 243 175 Investments – money market 12 755 335 773 043 737 511 750 517 Investments – Job Summit 12 342 628 372 850 342 628 372 850 Cash on call 13 108 203 100 104 107 646 100 104 Cash on call – Job Summit 13 55 440 63 186 55 440 63 186 Cash on call – Development Fund 13 118 036 80 489 118 036 80 489 Bank balances and cash 13 11 101 3 649 9 369 1 620 Taxation receivable 24 42 413 68 702 40 657 68 374 Total assets 2 479 474 2 408 763 2 514 610 2 450 398 EQUITY AND LIABILITIES Capital and reserves 1 922 288 1 845 977 1 899 525 1 827 732 Share capital 15 842 842 842 842 Share premium 15 879 158 879 158 879 158 879 158 Grant capital 16 200 000 200 000 200 000 200 000 Distributable reserves 842 288 765 977 819 525 747 732 Non-current liabilities 547 117 550 428 547 117 550 428 Government funds under management 17 518 914 516 525 518 914 516 525 Deferred income 18 28 203 33 903 28 203 33 903 Current liabilities 10 069 12 358 67 968 72 238 Intercompany loan 4 — — 58 251 60 823 Trade payables and provisions 19 10 069 12 358 9 717 11 415 Total equity and liabilities 2 479 474 2 408 763 2 514 610 2 450 398 28 NHFC ANNUAL REPORT 2006
INCOME STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 Group Company Notes 2006 R’000 2005 R’000 2006 R’000 2005 R’000 Revenue 20 155 930 181 085 154 395 175 084 <strong>Finance</strong> costs 21 — (15 279) — (15 279) Net interest income 155 930 165 806 154 395 159 805 Net impairments 1 092 (28 353) 4 604 (19 053) Net income 157 022 137 453 158 999 140 752 Non-interest income 20 13 414 20 045 13 942 19 925 Operating income 170 436 157 498 172 941 160 677 Operating costs 22 (62 143) (64 079) (71 597) (74 787) Profit before taxation 22 108 293 93 419 101 344 85 890 Taxation (31 392) (28 341) (29 263) (26 082) Profit for the year 76 901 65 078 72 081 59 808 NHFC ANNUAL REPORT 2006 29
Page 1 and 2: A N N U A L R E P O R T 2 0 0 6 u O
Page 4 and 5: A TRIBUTE TO OUR CHAIRMAN IN MEMORY
Page 6 and 7: KEY FINANCIAL FEATURES 2006 % 2005
Page 8 and 9: HIGHLIGHTS NHFC - TEN YEARS ON NHFC
Page 10 and 11: BOARD OF DIRECTORS Mr Tim Middleton
Page 12 and 13: “EVERY TIME YOU ARE TEMPTED TO RE
Page 14 and 15: CHIEF EXECUTIVE’S REPORT CONTINUE
Page 16 and 17: CHIEF EXECUTIVE’S REPORT CONTINUE
Page 18 and 19: CORPORATE GOVERNANCE INTRODUCTION C
Page 20 and 21: CORPORATE GOVERNANCE CONTINUED Boar
Page 22 and 23: CORPORATE GOVERNANCE CONTINUED MCC
Page 24 and 25: CORPORATE GOVERNANCE CONTINUED inte
Page 26 and 27: ANNUAL FINANCIAL STATEMENTS FOR THE
Page 28 and 29: REPORT OF THE INDEPENDENT AUDITORS
Page 30 and 31: REPORT OF THE DIRECTORS The Directo
Page 34 and 35: STATEMENT OF CHANGES IN EQUITY FOR
Page 36 and 37: GROUP ACCOUNTING POLICIES 1. CORPOR
Page 38 and 39: GROUP ACCOUNTING POLICIES CONTINUED
Page 44 and 45: NOTES TO THE ANNUAL FINANCIAL STATE
Page 72: ADMINISTRATION REGISTRATION NUMBER

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