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 d) Unrecognised tax losses CLOT, as head entity of an Australian tax consolidated group from 1 July 2007, did not recognise a deferred tax asset for Australian tax losses incurred from 1 July 2007. The estimated tax losses of A$82k will potentially recognise a deferred tax asset of A$25k. Campus Living Villages UK Limited did not recognise a deferred tax asset for UK tax losses incurred from 1 July 2008 . The estimated tax losses of £1.427m will potentially recognise a deferred tax asset of £371k. CCHM Management Holdings Corporation did not recognise a deferred tax asset for US tax losses incurred from 9 January 2007. The estimated tax losses of US$10.4m will potentially recognise a deferred tax asset of US$3.6m. CLLT (USA) did not recognise a deferred tax asset for Australian tax losses incurred from 1 July 2007. The estimated tax losses of A$894k will potentially recognise a deferred tax asset of A$268k. CLAT, as head entity of an Australian tax consolidated group from 1 July 2007, did not recognise a deferred tax asset for a proportion of Australian tax losses incurred from 1 July 2007. The estimated tax losses of A$35.9m will potentially recognise a deferred tax asset of A$10.7m. 8. Cash and cash equivalents and notes to the cash flow statement a) Cash at year end comprises June 2011 June 2010 Cash at bank and on hand 26,441 38,692 Restricted cash 45,769 36,521 Cash and cash equivalents 72,210 75,213 The property business holds restricted cash for certain uses under loan agreements, statutory requirements such as rules relating to resident security deposits, and asset maintenance agreements with the universities. 33
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 A$’000 Campus Living Villages Annual Report 10/11 Campus Living Villages Fund b) Reconciliation of loss for the year to net cash flow from operating activities: June 2011 June 2010 Loss for the year (45,567) (32,424) Adjustment of non-cash items: Depreciation and amortisation 38,093 37,548 Impairment of assets 24,080 3,500 Equity profits not received (42) 6 Fair value adjustments of derivatives (9,739) (944) Dividends received from equity accounted investments 224 407 Bad debts 4,224 2,908 Development costs written off 970 - Unrealised foreign exchange on borrowings (2,018) 640 Foreign exchange loss 1,386 - Profit on disposal of property, plant and equipment 242 (1,804) Total non-cash items 57,420 42,261 Movements in operating assets and liabilities: Trade and other receivables (48) 353 Inventories (15) (5) Other current assets (58) (265) Tax balances (181) 4,300 Interest accruals 531 171 Trade and other payables (19) 3,681 Provisions (832) (3,266) Net cash inflow from operating activities 11,231 14,806 c) Financing facilities June 2011 June 2010 Used at balance sheet date Letters of credit - 10,752 Loans from financial institutions 680,634 865,956 Unused at balance sheet date Loans from financial institutions 20,624 18,575 Loans from financial institutions 701,258 895,283 34
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