housing - National Housing Finance Corporation

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 CONTINUED Company 2006 R’000 2005 R’000 4. INVESTMENT IN A SUBSIDIARY Gateway Home Loans (Proprietary) Limited is a wholly owned subsidiary of National Housing Finance Corporation Limited and is currently not trading. Shares at cost – ordinary shares 50 50 Share premium 49 950 49 950 50 000 50 000 Loans owed to subsidiary (58 251) (60 823) 5. INVESTMENT IN A JOINT VENTURE National Housing Finance Corporation Limited has a 50% interest in Cape Town Community Housing Company (Proprietary) Limited, a jointly controlled entity which is involved in the low- to moderate-income housing market in the Western Cape. The joint venture party is the City of Cape Town. The assets, liabilities, income and expenses of the joinly controlled entity as at 31 March 2006 and for the year ended 30 June 2005 is listed below. The intention is to exit from this investment so that it becomes a wholly owned entity of the City of Cape Town. Group Company 2006 R’000 2005 R’000 2006 R’000 2005 R’000 Shares at cost – ordinary shares 2 000 2 000 2 000 2 000 Accumulated impairment (2 000) (2 000) (2 000) (2 000) Net book value of shares — — — — Non-convertible debentures at cost – issued prior to 31 March 2004 18 000 18 000 18 000 18 000 Non-convertible debentures at cost – issued prior to 31 March 2005 2 654 2 654 2 654 2 654 Non-convertible debentures at cost – issued during the year 543 — 543 — 21 197 20 654 21 197 20 654 Accumulated impairment (18 000) (18 000) (18 000) (18 000) Net interest in joint venture 3 197 2 654 3 197 2 654 40 NHFC ANNUAL REPORT 2006
NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 CONTINUED Group Company 31 March 2006 R’000 30 June 2005 R’000 31 March 2006 R’000 30 June 2005 R’000 5. INVESTMENT IN A JOINT VENTURE (continued) Current assets 54 563 57 463 54 563 57 463 Non-current assets 27 383 18 635 27 383 18 635 81 946 76 098 81 946 76 098 Current liabilities 54 921 57 451 54 921 57 451 Non-current liabilities 63 025 56 758 63 025 56 758 117 945 114 209 117 945 114 209 Revenue 27 306 35 660 27 306 35 660 Cost of sales (18 024) (20 835) (18 024) (20 835) Operating costs (5 734) (23 651) (5 734) (23 651) Finance cost (1 435) (703) (1 435) (703) Profit before income tax 2 113 (9 529) 2 113 (9 529) Income tax expense — — — — Net (profit)/loss 2 113 (9 529) 2 113 (9 529) Group Company 2006 R’000 2005 R’000 2006 R’000 2005 R’000 6. INVESTMENT IN PREFERENCE SHARES Unlisted investments Preference shares in Blue Dot (Proprietary) Limited 2 000 2 000 2 000 2 000 Preference shares in Greenstart (Proprietary) Limited 2 500 2 500 2 500 2 500 Preference shares in Masikheni (Proprietary) Limited 2 500 2 500 2 500 2 500 Net investment in unlisted preference shares 7 000 7 000 7 000 7 000 NHFC ANNUAL REPORT 2006 41
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 32 and 33: BALANCE SHEETS AS AT 31 MARCH 2006
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 46 and 47: NOTES TO THE ANNUAL FINANCIAL STATE
Page 72: ADMINISTRATION REGISTRATION NUMBER

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