Annual Report 10/11 - Campus Living Villages

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 A$’000 Campus Living Villages Annual Report 10/11 Campus Living Villages Fund 4. Revenue June 2011 June 2010 Accommodation rental revenue 161,606 155,721 Management fees 3,000 3,366 Development revenue - 256 Interest 1,337 948 Dividends received 269 218 Total revenue 166,212 160,509 5. Other income June 2011 June 2010 Profit on disposal of property, plant and equipment - 1,804 Other income 28 600 Total other income 28 2,404 6. Expenses Profit before taxation includes the following items: June 2011 June 2010 Borrowing and Finance Costs Interest and finance charges 52,401 53,424 Interest capitalised (1,406) (2,675) Interest and finance charges expensed 50,995 50,749 Foreign exchange on intercompany borrowings (2,018) 640 Amortisation of borrowing costs 2,540 2,712 Total borrowing and finance costs expensed 51,517 54,101 Other expenses includes: Property running costs 38,513 34,850 Development costs written off 970 9 Loss on disposal of assets 242 - Marketing 4,727 4,586 Auditors remuneration 698 1,072 Professional fees 3,726 1,849 Net foreign exchange gains and losses 1,386 - Bad debts 4,224 2,908 Other administrative expenses 9,649 10,418 Rent 11,657 11,272 Total other expenses 75,792 66,964 31
Campus Living Villages Annual Report 10/11 Campus Living Villages Fund NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 A$’000 7. Taxation a) Income tax expense a) Income tax expense June 2011 June 2010 Current tax - Current year 890 521 - Prior year under provision 10 67 Deferred tax - Current year (554) 3,637 - Change in New Zealand tax rate - (555) - Prior year under provision - 519 Total tax expense 346 4,189 b) Reconciliation of income tax expense to prima facie tax payable June 2011 June 2010 Loss before taxation (45,221) (28,235) Tax at the Australian tax rate rate of 30% (2010: 30%) (13,566) (8,471) Non-taxable trust profits (distributions) (2,043) (352) Difference in overseas tax rates (1,836) (141) Losses not recognised 16,847 8,143 New Zealand tax law changes - 4,446 Prior year under provision and utilisation of prior year losses - 533 Witholding tax 126 67 Other 818 (36) Income tax expense 346 4,189 c) Deferred taxation June 2011 June 2010 Deferred taxation asset (1,103) (952) Deferred taxation liability 11,546 12,357 Net deferred taxation liability 10,443 11,405 This balance comprises temporaty differences attributed to: - Derivative financial instruments (4,853) (5,716) - Property, plant and equipment 24,675 25,989 - Intangible assets 6,366 6,688 - Provisions (389) (306) - Other (437) (1,003) Net temporary differences 25,362 25,652 Deferred tax attributible to unused tax losses and tax credits (14,919) (14,247) Net deferred taxation liability 10,443 11,405 The movement in the deferred tax balance for the year is: - Opening balance 11,405 7,398 - Charge recorded in the income statement (554) 3,601 - Reclassification of tax receivable - 440 - Foreign currency translation movements (408) (34) Closing balance 10,443 11,405 32
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Annual Report 10/11 - Campus Living Villages

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