RNS Number:9718L
Perpetual Trustee Co Ld
06 May 2005
I:/10/10307018/ACCS/FS 2004 - KFT1G.doc
PERPETUAL TRUSTEE COMPANY LTD
as Trustee for the KINGFISHER TRUST 2001-1G
CLASS A NOTES
ISIN: US49572QAA58
Pursuant to Rule 23.22(g)& (i) of the UKLA Listing Rules we attach a copy of the
audited Financial Report for the above issuer of Specialist Securities for the
year ended 30 September 2004.
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
FINANCIAL REPORT
30 SEPTEMBER 2004
KINGFISHER TRUST 2001-1G
MANAGER'S REPORT
AS AT 30 SEPTEMBER 2004
ANZ Capel Court Limited (ABN 30 004 768 807), the Manager of Kingfisher Trust
2001-1G, presents its report together with the financial statements of
Kingfisher Trust 2001-1G (the "Trust") for the year ended 30 September 2004 and
the auditor's report thereon.
Principal Activity
The principal activity of the Trust for the year was the securitisation of
residential mortgages from Australian and New Zealand Banking Group Limited (ABN
11 005 357 522) (the "ANZ").
Review of Operations
The Trust was established under the Kingfisher Master Trusts Master Trust Deed
dated 1 August 2000 (the "Master Trust Deed") and the Notice of Creation of
Trust dated 16 May 2001 for the purpose of securitising residential mortgages.
The securitisation of residential mortgages by the Trust was funded by the
issuance of Floating Rate Notes ("Notes") by Perpetual Trustee Company Limited
(ABN 42 000 001 007) (the "Trustee") on behalf of the Trust, and funds provided
by the Residual Income and Residual Capital Unitholders.
Results
The net profit from ordinary activities of the Trust for the year ended 30
September 2004 was $3,485,295 (2003: $5,066,203).
Distributions
Distributions were made to the Residual Income class Unitholder of $3,485,295
(2003: $5,066,203).
Significant Changes in the State of Affairs
There were no significant changes in the state of affairs of the Trust that
occurred during the year, other than those that are disclosed in this report.
Significant Events after Balance Date
The Manager is not aware of any other matter or circumstances not otherwise
dealt with in this report or the financial statements that has significantly
affected or may significantly affect the operations of the Trust, the results of
those operations or the state of affairs of the Trust in subsequent financial
years.
- 2 -
Environmental Issues
The Trust's operations are not regulated by any significant environmental
regulation under a law of the Commonwealth or of a State or Territory.
Leave of Court
No person has applied for leave of Court to bring proceedings on behalf of the
Trust or intervene in any proceedings to which the Trust is a party for the
purpose of taking responsibility on behalf of the Trust for all or any part of
those proceedings
This statement is made for and on behalf of ANZ Capel Court Limited, as Manager
of the Kingfisher Trust 2001-1G.
Nick Chew
Manager, Transaction Management
ANZ Capel Court Limited
Date: 21 Feb 2005
KINGFISHER TRUST 2001-1G
STATEMENT BY MANAGER
AS AT 30 SEPTEMBER 2004
In the opinion of the Manager
(a) the financial statements are drawn up to give a true and fair view of the
results and cash flows for the year ended 30 September 2004 and the state of
affairs as at 30 September 2004 of the Trust.
(b) to the best of our knowledge, in all material respects the Trust has
operated throughout the year ended 30 September 2004 in accordance with the
provisions of the Master Trust Deed and the Kingfisher Trust 2001-1G
Supplemental Deed (the "Supplemental Deed") dated 17 May 2001;
(c) at the date of this statement, there are reasonable grounds to believe the
Trust will be able to pay its debts as and when they fall due; and
(d) the register of Unitholders has, during the year ended 30 September 2004
been properly drawn up and maintained so as to give a true account of the
Unitholders of the Trust.
The financial statements have been made out in accordance with the provisions of
the Master Trust Deed and the Supplemental Deed, applicable Australian
Accounting Standards and Urgent Issues Group Consensus Views.
This statement is made for and on behalf of ANZ Capel Court Limited, as Manager
of Kingfisher Trust 2001-1G.
Nick Chew
Manager, Transaction Management
ANZ Capel Court Limited
Dated: 21 Feb 2005
KINGFISHER TRUST 2001-1G
STATEMENT BY TRUSTEE
AS AT 30 SEPTEMBER 2004
The financial statements for the year ended 30 September 2004 have been prepared
by the Manager, ANZ Capel Court Limited, as required by the Master Trust Deed.
The auditor's of the Trust, BDO Chartered Accountants, who have been appointed
by us in accordance with the Master Trust Deed has conducted an audit of these
financial statements.
Based on our ongoing program of monitoring of the Trust, the Manager and our
review of the financial statements, we believe that:
(a) the Trust has been conducted in accordance with the Master Trust Deed and
the Supplemental Deed; and
(b) the financial statements have been appropriately prepared and contain all
relevant and required disclosures.
We are not aware of any material matters or significant change in the state of
affairs of the Trust occurring up to the date of this report that requires
disclosures in the financial statements and the notes thereto that has not
already been disclosed.
Manager - Securitisation
For and on behalf of Perpetual Trustee Company Limited
Dated: 21/02/05
INDEPENDENT AUDIT REPORT
TO THE UNITHOLDERS OF
KINGFISHER TRUST 2001-1G
Scope
The financial report and directors' responsibility
The financial report comprises the statement of financial position, statement of
financial performance, statement of cash flows, accompanying notes to the
financial statements, and the directors' of the Trustee Company's (the Trustees)
declaration for the Kingfisher Trust 2001-1G (the "Trust"), for the year ended
30 September 2004.
The Manager of the Trust is responsible for the preparation and true and fair
presentation of the financial report in accordance with the trust deed. This
includes responsibility for the maintenance of adequate accounting records and
internal controls that are designed to prevent and detect fraud and error, and
for the accounting policies and accounting estimates inherent in the financial
report.
Audit approach
We conducted an independent audit in order to express an opinion to the
Trustees. Our audit was conducted in accordance with Australian Auditing
Standards, in order to provide reasonable assurance as to whether the financial
report is free of material misstatement. The nature of an audit is influenced by
factors such as the use of professional judgement, selective testing, the
inherent limitations of internal control, and the availability of persuasive
rather than conclusive evidence. Therefore, an audit cannot guarantee that all
material misstatements have been detected.
We performed procedures to assess whether in all material respects the financial
report presents fairly, in accordance with the trust deed, including compliance
with Accounting Standards and other mandatory financial reporting requirements
in Australia, a view which is consistent with our understanding of the trust's
financial position, and of its performance as represented by the results of its
operations and cash flows.
We formed our audit opinion on the basis of these procedures, which included:
i. examining, on a test basis, information to provide evidence supporting the
amounts and disclosures in the financial report, and
ii. assessing the appropriateness of the accounting policies and disclosures
used and the reasonableness of significant accounting estimates made by the
directors.
While we considered the effectiveness of management's internal controls over
financial reporting when determining the nature and extent of our procedures,
our audit was not designed to provide assurance on internal controls.
-2-
Independence
In conducting our audit, we followed applicable independence requirements of
Australian professional ethical pronouncements.
Audit Opinion
In our opinion, the financial report of the Trust is in accordance with:
(a) the Trust Deed, including:
(i) giving a true and fair view of the Trust's financial
position as at 30 September 2004 and of its performance for the financial year
ended on that date; and
(ii) complying with Accounting Standards and the Trust Deed; and
(b) other mandatory professional reporting requirements.
BDO
Chartered Accountants
R D D Collie
Partner
Melbourne: 04/05/05
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE YEAR ENDED 30 SEPTEMBER 2004
2004 2003
Note $ $
Revenue from Ordinary Activities 2 50,006,076 66,607,836
Borrowing cost expenses 3 (43,498,797) (57,163,449)
Administration expenses (3,021,984) (4,378,184)
Profit from ordinary activities before income tax expense
3,485,295 5,066,203
Income tax expense relating to
ordinary activities - -
Net profit from ordinary activities after
income tax expense attributable to
beneficiaries of the trust 3,485,295 5,066,203
Distributions to unitholders (3,485,295) (5,066,203)
Total changes in equity - -
The accompanying notes 1 to 16 form part of these financial statements.
Figures are in AUD unless otherwise indicated
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2004
2004 2003
Note $ $
CURRENT ASSETS
Cash assets 4 35,327 16,717
Receivables 5 1,155,683 1,249,122
Other financial assets 6 612,995,707 882,946,977
TOTAL CURRENT ASSETS 614,186,717 884,212,816
TOTAL ASSETS 614,186,717 884,212,816
CURRENT LIABILITIES
Payables 7 1,191,111 1,265,940
Interest bearing liabilities 8 612,995,596 882,946,866
TOTAL CURRENT LIABILITIES 614,186,707 884,212,806
TOTAL LIABILITIES 614,186,707 884,212,806
NET ASSETS 10 10
EQUITY
Settlement capital 9 10 10
Retained profits - -
TOTAL EQUITY 10 10
The accompanying notes 1 to 16 form part of these financial statements.
Figures are in AUD unless otherwise indicated
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2004
2004 2003
Note $ $
Cash flows from operating activities
Interest income received 48,752,426 66,598,315
Swap receipts 1,263,039 -
Swap payments - (1,424)
Payments to suppliers (3,047,799) (4,368,922)
Borrowing costs (43,553,062) (57,163,449)
Net cash provided by operating activities 12(b) 3,414,604 5,064,520
Cash flows from financing activities
Payments of redraws (11,918,243) -
Receipts from redraws - 12,564,398
Receipts from mortgages 281,935,999 380,286,004
Repayment of borrowings (269,951,270) (392,707,070)
Distributions paid (3,462,480) (5,199,077)
Net cash provided by financing activities (3,395,994) (5,055,745)
Net increase in cash held 18,610 8,775
Cash at the beginning of the financial year 16,717 7,942
Cash at the end of the financial year 12(a) 35,327 16,717
The accompanying notes 1 to 16 form part of these financial statements.
Figures are in AUD unless otherwise indicated
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
1. STATEMENT OF ACCOUNTING POLICIES
This financial report is a general purpose financial report prepared
in order to satisfy the financial report preparation requirements of the Master
Trust Deed. The accounts have been prepared in accordance with applicable
Australian Accounting Standards, other mandatory professional reporting
requirements (Urgent Issue Group Consensus Views) and the Master Trust Deed (as
amended) and the Supplemental Deed.
The report is prepared on an accruals basis and is based on historic
costs and does not take into account changing money values or, except where
specifically stated, current valuations of non-current assets.
The following is a summary of the material accounting policies adopted by the
Trust in the preparation of the financial report. The accounting policies have
been consistently applied, unless otherwise stated:
(a) Investments
Investments are carried at cost. They primarily consist of residential
mortgages purchased from the ANZ.
(b) Income Tax
Under current Australian taxation legislation the Trust is
not subject to income tax as the taxable income is distributed in full to the
Unitholders.
(c) Revenue
Revenue from investments is accounted for as income at each quarterly payment
date. Interest income is accrued on a daily basis.
(d) Swap Income
Swap income is recognised on a net basis.
(e) Currency
Figures reported are in AUD unless otherwise indicated.
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
(f) Impact of Adopting AASB Equivalents to IASB Standards
Kingfisher Trust 2001-1G has commenced transitioning its accounting policies and
financial reporting from current Australian Standards to Australian equivalents
of International Financial Reporting Standards. The Manager has established an
IFRS committee to determine the impact of International Financial Reporting
Standards on the Company Trust's financial statements. As Kingfisher Trust
2001-1G has a 30 September year end, priority has been given to considering the
preparation of an opening balance sheet in accordance with AASB equivalents to
IFRS as at 1 October 2004. This will form the basis of accounting for Australian
equivalents of IFRS in the future, and is required when Kingfisher Trust 2001-1G
prepares its first fully IFRS compliant financial report for the year ended 30
September 2006. Set out below are the key areas where accounting policies will
change and may have an impact on the financial report of Kingfisher Trust
2001-1G. At this stage the Trust has not been able to reliably quantify the
impacts on the financial report.
Classification of Financial Instruments
Under AASB 139 Financial Instruments: Recognition and Measurement, financial
instruments will be required to be classified into one of five categories which
will, in turn, determine the accounting treatment of the item. The
classifications are loans and receivables- measured at amortised cost, held to
maturity - measured at amortised cost, held for trading - measured at fair value
with fair value changes charged to net profit or loss, available for sale -
measured at fair value with fair value changes taken to equity and non-trading
liabilities - measured at amortised cost. This will result in a change in the
current accounting policy that does not classify financial instruments. Current
measurement is at amortised cost, with certain derivative financial instruments
not recognised on balance sheet. The future financial effect of this change in
accounting policy is not yet known as the classification and measurement process
has not yet been fully completed.
Income taxes
Under the Australian equivalent to IAS 12 Income Taxes, the trust will be
required to use a balance sheet liability method which focuses on the tax
effects of transactions and other events that affect amounts recognised in
either the Statement of Financial Position or a tax-based balance sheet. It is
not expected that there will be any material impact as a result of adoption of
this standard.
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
(f) Impact of Adopting AASB Equivalents to IASB Standards (cont'd)
Derivative Financial Instruments
The entity currently does not recognise derivative financial instruments,
including embedded derivatives, in the financial statements. Under Australian
equivalents to IFRS derivative financial instruments will need to be recognised
in the Statement of Financial Position at fair value with unrealised gains or
losses recognised in income if they do not qualify for hedge accounting. This
will result in new assets and liabilities being recognised and an increased
volatility in future earnings. Recognition of derivatives would also have an
initial impact on opening retained earnings at 1 October 2004.
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
2004 2003
$ $
2. REVENUE
Interest income collections on mortgages 48,749,944 66,595,481
Swap interest 1,253,518 9,521
Interest income - bank 2,614 2,834
50,006,076 66,607,836
3. PROFIT FROM ORDINARY ACTIVITIES
Profit from ordinary activities before income tax has
been determined after:
Expenses
Borrowing costs
- Other persons 43,498,797 57,163,449
Auditors' remuneration
- Auditing the company 5,500 5,500
- Other services 21,580 32,900
27,080 38,400
4. CASH ASSETS
Cash at bank 35,327 16,717
5. RECEIVABLES
CURRENT
Amounts receivable from ANZ 1,155,683 1,249,122
6. OTHER FINANCIAL ASSETS
CURRENT
Mortgages 612,995,707 882,946,977
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
2004 2003
Note $ $
7. PAYABLES
CURRENT
Distributions payable 126,318 103,502
Sundry creditors and accruals 1,064,793 1,162,438
1,191,111 1,265,940
8. INTEREST BEARING LIABILITIES
CURRENT
Class 'A' Notes 581,258,826 841,446,866
Class ' B ' Notes 31,736,770 41,500,000
Total Notes 612,995,596 882,946,866
The Class 'A' Notes are denominated in US dollars. The exchange rate has been
fixed with a swap agreement at a rate of $1 USD = $0.518 AUD. The currency swap
agreement expires on the Termination date, which is the earlier of the "Final
Maturity Date" 20 September 2032 as defined in the Supplemental Deed or the date
Class A Notes have been redeemed in full.
9. UNITHOLDERS FUNDS
Movement in Unitholders' Funds during the year were as follows:
Residual Income Unit Residual Capital Unit
fully paid fully paid
2004 2004
Total
No of No of
Units Units
$ $ $
Opening Balance 1 5 1 5 10
Units Issued - - - - -
TOTAL UNITHOLDERS'
FUNDS 1 5 1 5 10
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
9. UNITHOLDERS FUNDS (cont'd)
The Residual Capital unit has the right to receive any excess assets
of the Trust, subject to the conditions of the Supplementary Deed.
The Residual Income unit has the right to receive any excess income of
the Trust as described in the Supplementary Deed.
10. FINANCIAL INSTRUMENTS
(a) Derivative Financial Instruments
(i) Derivative financial instruments are used by the Trust to
hedge exposure to interest rate risk associated with movements in interest rates
which impact on the borrowings of the Trust and to hedge movements in currency.
The derivative financial instruments used by the entity are not recognised in
the financial statements. Transactions for hedging purposes are undertaken
without the use of collateral as only reputable institutions with sound
financial positions are dealt with.
(ii) Unrecognised Financial Instruments
Interest Rate Swaps
Interest rate swap transactions are entered into by the Trust to hedge interest
rate payment obligations and to protect long term borrowings from the risk of
movements in interest rates.
The notional principal amounts of the swap contracts approximates the Trust's
Outstanding Floating Rate Note liabilities (the "borrowing facilities"). The
settlement dates of the swap contracts corresponds with interest payment dates
of the borrowings. The swap contracts require settlement of the net interest
receivable or payable and are brought to account as income or expense.
At balance date, the notional balance of the interest rate swap contracts
outstanding is $612,995,596. This balance is to be settled over the life of the
Notes as each interest payment becomes due.
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
10. FINANCIAL INSTRUMENTS (cont'd)
Currency Swaps
Currency swap transactions are entered into by the Trust to exchange floating
rate Australian Dollars to a fixed rate United States Dollars in order to hedge
foreign currency payments. The notional principal amounts of the cross currency
swaps equals the borrowings facilities of the Trust. The settlement dates of the
swap contracts corresponds with the interest payment dates of the borrowings.
At balance date, the notional balance of the cross currency swap contracts
outstanding is $612,995,596. This balance is to be settled over the life of the
Notes as each interest payment becomes due.
(b) Market Risk
The Trust is exposed to market risk, being defined as the risk of adverse
movement in markets and includes the risk of adverse movements in individual
securities, market volatility and other market variables.
(c) Credit Risk
Credit risk represents the loss that would be recognised if counterparties
failed to perform as contracted. The credit risk of the portfolio of residential
mortgages is addressed by sufficient credit enhancements in the form of primary
mortgage insurance over a majority of mortgages held by the Trust. The portfolio
of mortgages is also covered in entirety by pool mortgage insurance.
(d) Liquidity Risk
The ANZ has provided to the Trust a Liquidity Facility for $AUD 33 million. The
liquidity facility may be drawn on by the Trustee to meet the timely payment of
interest in the event of market disruption where the interest due is prevented
from being paid to the bond holders, or to cover timing differences.
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
10. FINANCIAL INSTRUMENTS (cont'd)
(e) Redraw Shortfall Risk
The ANZ has provided to the Trust a Redraw facility limited
to $AUD 40 million. This facility may be drawn on by the Trustee in order to
meet redraw obligations where the obligation to provide redraws is not met by
principal collections in that year.
(f) Net Fair Value
The net fair value of the investments is determined by discounting the cash
flows, at the market interest rates of similar securities, to their present
value.
The net fair value of the Notes is determined by discounting the cashflows, at
the market interest rate of similar securities, to their present value.
The net fair value of the interest rate swap is the present value of the future
net interest cash flows.
The net fair value of the cross currency swap is the current value of the fixed
US Dollar balance translated at the current Australian Dollar rate.
For other assets and other liabilities the net fair value approximates their
carrying value.
Financial assets where the carrying amount exceeds net fair value have not been
written down as the economic entity intends to hold these assets to maturity.
Aggregate net fair value and carrying amounts of financial assets and financial
liabilities at balance date are not materially different at year end.
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
10. FINANCIAL INSTRUMENTS (cont'd)
(g) Interest Rate Risk
The Trust's exposure to interest rate risks, which is the risk that a financial
instrument's value will fluctuate as a result of changes in market rates and the
effective weighted average interest rate of recognised financial assets and
financial liabilities at the balance date are as follows:
Weighted Average
Effective Interest
Rate
No Interest Floating Interest Rate
2004 2003 2004 2003 2004 2003
% % $ $ $ $
Financial Assets
Cash at bank 5.24 4.52 - - 35,326 16,717
Receivables N/A N/A 1,155,683 1,249,122 - -
Residential Mortgages 6.66 6.17 - - 601,262,983 872,432,350
Total Financial Assets 1,155,683 1,249,122 601,298,309 872,449,067
Financial Liabilities
Distributions Payable N/A N/A 126,318 103,502 - -
Class 'A' Notes 2.09 1.32 - - 581,258,826 841,446,866
Class 'B' Notes 5.89 5.42 - - 31,736,770 41,500,000
Sundry Creditors &
Accruals
N/A N/A 1,064,793 1,162,438 - -
Total Financial
Liabilities
1,191,111 1,265,940 612,995,596 882,946,866
Fixed Interest Rate Maturing
Within 1 Year to 5 Years
Total
2004 2003 2004 2003
$ $ $ $
Financial Assets
Cash at bank - - 35,326 16,717
Receivables - - 1,155,683 1,249,122
Residential Mortgages 11,732,724 10,514,627 612,995,707 882,946,977
Total Financial Assets 11,732,724 10,514,627 614,186,716 884,212,816
Financial Liabilities
Distributions Payable - - 126,318 103,502
Class 'A' Notes - - 581,258,826 841,446,866
Class 'B' Notes - - 31,736,770 41,500,000
Sundry Creditors &
Accruals
- - 1,064,793 1,162,438
Total Financial
Liabilities
- - 614,186,707 884,212,806
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
11. RELATED PARTY TRANSACTIONS
The Manager of the Kingfisher Trust 2001-1G is ANZ Capel Court Limited whose
ultimate parent entity is ANZ. The Manager's remuneration for the year was
$107,386 (2003: $148,946).
The Trustee of the Kingfisher Trust 2001-1G is Perpetual Trustee Company
Limited. The Trustee's fees received by the Trustee amounted to $85,087 (2003:
$170,606).
The ANZ has sold mortgages to the Trust, and has acted as counterparty in
providing interest rate and currency swap agreements with the Trust. The ANZ
also holds the Residual Income Unit.
2004 2003
$ $
12. CASH FLOW INFORMATION
(a) Reconciliation of Cash
Cash at the end of the financial year as shown in the Statement of
Cash Flows is reconciled to the related items in the Statement of
Financial Position as follows:
Cash at bank 35,327 16,717
(b) Reconciliation of Net Cash provided by by
Operating Activities to Profit from Ordinary Activities
after Income Tax
Profit from ordinary activities after income tax
3,485,295 5,066,203
Non-operating cashflow items included in profit from ordinary
activities:
Decrease in receivables 9,389 16,820
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
2004 2003
$ $
12. CASH FLOW INFORMATION (cont'd)
Non-cash flows in profit from ordinary activities:
Increase in Prepaid Expenses (4,239) -
Decrease in Other Creditors and Accruals (75,841) (18,503)
Net cash provided by operating activities 3,414,604 5,064,520
(c) The Trust has a liquidity facility with the ANZ amounting to $AUD 33
million. The liquidity facility may be drawn on by the Trustee to meet the
timely payment of interest in the event of market disruption where the interest
due is prevented from being paid to the bond holders, or to cover timing
differences.
(d) The Trust has a redraw facility with the ANZ amounting to $AUD 40
million. This facility may be drawn on by the Trustee in order to meet redraw
obligations where the obligation to provide redraws is not met by principal
collections in that year.
13. SEGMENT REPORTING
The Trust operates in the securitisation of residential mortgages
throughout Australia.
14. EVENTS OCCURRING AFTER REPORTING DATE
There are no significant events subsequent to balance date.
15. CONTINGENT LIABILITIES AND COMMITMENTS
The Trust does not have any material commitments and contingent liabilities that
require disclosure.
16. TRUST DETAILS
The principal place of business of the trust is 530 Collins Street, Melbourne,
and its principal activity is the securitisation of residential mortgages.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GCGDUIBGGGUL
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