RNS Number:5693E
Perpetual Trustee Co Ld
28 October 2004
I:/10/10307018/ACCS/FS 2003 - 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 2003.
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
FINANCIAL REPORT
30 SEPTEMBER 2003
KINGFISHER TRUST 2001-1G
MANAGER'S REPORT
AS AT 30 SEPTEMBER 2003
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 2003 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 2003 was $5,066,203 (2002: $7,260,941).
Distributions
Distributions were made to the Residual Income class Unitholder of $5,066,203
(2002: $7,260,941).
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.
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, Primary Markets Group
ANZ Capel Court Limited
Date: 05 August 2004
KINGFISHER TRUST 2001-1G
STATEMENT BY MANAGER
AS AT 30 SEPTEMBER 2003
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 2003 and the state of
affairs as at 30 September 2003 of the Trust.
(b) to the best of our knowledge, in all material respects the Trust has
operated throughout the year ended 30 September 2003 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 2003
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, Primary Markets Group
ANZ Capel Court Limited
Dated: 05 August 2004
KINGFISHER TRUST 2001-1G
STATEMENT BY TRUSTEE
AS AT 30 SEPTEMBER 2003
The financial statements for the year ended 30 September 2003 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: 05 August 2004
INDEPENDENT AUDIT REPORT
TO THE UNITHOLDERS OF
KINGFISHER TRUST 2001-1G
Scope
We have audited the attached financial report, being a general purpose financial
report of Kingfisher Trust 2001-1G for the year ended 30 September 2003.
The Manager of the Trust, ANZ Capel Court Limited, is responsible for the
financial report. We have conducted an independent audit of the financial
report in order to express an opinion on them to the Unitholders of the trust.
The financial report has been prepared for distribution to the Unitholders for
the purpose of fulfilling the Trust's financial reporting requirements under the
Master Trust Deed and the Supplemental Deed. We disclaim any assumption of
responsibility for any reliance on this audit report or on the financial report
to which it relates to any other person other than the Unitholders, or for any
purpose other than that for which it was prepared.
Our audit has been conducted in accordance with Australian Auditing Standards to
provide reasonable assurance whether the financial report is free from material
misstatement. Our procedures included examination, on a test basis, of evidence
supporting the amounts and other disclosures in the financial report and the
evaluation of significant accounting estimates. These procedures have been
undertaken to form an opinion whether, in all material respects, the financial
report is presented fairly in accordance with Accounting Standards and other
mandatory professional reporting requirements and statutory requirements so as
to present a view which is consistent with our understanding of the Trust's
financial position and performance as represented by the results of its
operations and its cash flows.
The audit opinion expressed in this report has been formed on the above basis.
Audit Opinion
In our opinion, the financial report of Kingfisher Trust 2001-1G presents fairly
in accordance with:
(a) the Master Trust Deed and the Supplemental Deed, including:
(i) giving a true and fair view of the Trust's financial
position as at 30 September 2003 and of it's performance for the year ended on
that date; and
(ii) complying with Accounting Standards; and
(b) other mandatory professional reporting requirements.
BDO
Chartered Accountants
R D D COLLIE
Partner
Melbourne: 02 September 2004
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE YEAR ENDED 30 SEPTEMBER 2003
2003 2002
Note $ $
Revenue from Ordinary Activities 2 66,607,836 91,504,007
Borrowing cost expenses 3 (57,163,449) (78,265,658)
Administration expenses (4,378,184) (5,977,408)
Profit from ordinary activities before income tax expense 5,066,203 7,260,941
Income tax expense relating to
ordinary activities - -
Net profit from ordinary activities after
income tax expense attributable to
beneficiaries of the trust 5,066,203 7,260,941
Distributions to unitholders (5,066,203) (7,260,941)
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 2003
2003 2002
Note $ $
CURRENT ASSETS
Cash assets 4 16,717 7,942
Receivables 5 1,249,122 2,223,700
Other financial assets 6 882,946,977 1,274,451,437
TOTAL CURRENT ASSETS 884,212,816 1,276,683,079
TOTAL ASSETS 884,212,816 1,276,683,079
CURRENT LIABILITIES
Payables 7 1,265,940 1,843,560
Interest bearing liabilities 8 882,946,866 1,274,839,509
TOTAL CURRENT LIABILITIES 884,212,806 1,276,683,069
TOTAL LIABILITIES 884,212,806 1,276,683,069
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 2003
2003 2002
Note $ $
Cash flows from operating activities
Interest income received 66,598,315 89,658,038
Swap receipts - 2,835,889
Swap payments (1,424) -
Payments to suppliers (4,368,922) (6,122,343)
Borrowing costs (57,163,449) (78,848,011)
Net cash provided by operating activities 12(b) 5,064,520 7,523,573
Cash flows from financing activities
Payments of redraws - (12,952,583)
Receipts from redraws 12,564,398 -
Receipts from mortgages 380,286,004 571,238,401
Repayment of borrowings (392,707,070) (558,401,668)
Distributions paid (5,199,077) (7,399,969)
Net cash provided by financing activities (5,055,745) (7,515,819)
Net increase in cash held 8,775 7,754
Cash at the beginning of the financial year 7,942 188
Cash at the end of the financial year 12(a) 16,717 7,942
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 2003
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 2003
2003 2002
$ $
2. REVENUE
Interest income collections on mortgages 66,595,481 88,513,245
Swap income - 2,988,408
Swap interest 9,521
Interest income - bank 2,834 2,354
66,607,836 91,504,007
3. PROFIT FROM ORDINARY ACTIVITIES
Profit from ordinary activities before income tax has
been determined after:
Expenses
Borrowing costs
- Other persons 57,163,449 78,265,658
Auditors' remuneration
- Auditing the company 5,500 5,000
- Other services 32,900 13,221
38,400 18,221
4. CASH ASSETS
Cash at bank 16,717 7,942
5. RECEIVABLES
CURRENT
Amounts receivable from ANZ 1,249,122 2,223,700
6. OTHER FINANCIAL ASSETS
CURRENT
Mortgages 882,946,977 1,274,451,437
The Mortgages purchased are secured by residential property in Australia.
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2003
2003 2002
Note $ $
7. PAYABLES
CURRENT
Distributions payable 103,502 236,376
Sundry creditors and accruals 1,162,438 1,607,184
1,265,940 1,843,560
8. INTEREST BEARING LIABILITIES
CURRENT
Class 'A' Notes 841,446,866 1,233,339,509
Class ' B ' Notes 41,500,000 41,500,000
Total net Notes 882,946,866 1,274,839,509
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
2003 2003
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 2003
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 $882,946,866. 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 2003
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 $882,946,866. 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 2003
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 2003
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
2003 2002 2003 2002 2003 2002
% % $ $ $ $
Financial Assets
Cash at bank 4.52% 4.73% - - 16,717 7,942
Receivables N/A N/A 1,249,122 2,223,700 - -
Residential 6.17 6.18 - - 882,946,977 1,262,870,650
Mortgages
Total Financial 1,249,122 2,223,700 882,963,694 1,262,878,592
Assets
Financial
Liabilities
Distributions N/A N/A 103,502 236,376 - -
Payable
Class 'A' Notes 1.32 2.06 - - 841,446,866 1,233,339,509
Class 'B' Notes 5.42 5.56 - - 41,500,000 41,500,000
Sundry Creditors
& Accruals
N/A N/A 1,162,438 1,607,184 - -
Total Financial
Liabilities
1,265,940 1,843,560 882,946,866 1,274,839,509
Fixed Interest Rate Maturing
Within 1 Year to 5 Years
Total
2003 2002 2003 2002
$ $ $ $
Financial Assets
Cash at bank - - 16,717 7,942
Receivables - - 1,249,122 2,223,700
Residential - 11,580,787 882,946,977 1,274,451,437
Mortgages
Total Financial - 11,580,787 884,212,816 1,276,683,079
Assets
Financial
Liabilities
Distributions - - 103,502 236,376
Payable
Class 'A' Notes - - 841,446,866 1,233,339,509
Class 'B' Notes - - 41,500,000 41,500,000
Sundry Creditors
& Accruals - - 1,162,438 1,607,184
Total Financial
Liabilities - - 884,212,806 1,276,683,609
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2003
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
$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 $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.
2003 2002
$ $
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 16,717 7,942
(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 5,066,203 7,260,941
Non-operating cashflow items included in profit from ordinary
activities:
Repayment of borrowings accrual - 1,940,588
Increase in receivables 16,820 -
KINGFISHER TRUST 2001-1G
ABN 68 093 096 044
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2003
2003 2002
$ $
12. CASH FLOW INFORMATION (cont'd)
Non-cash flows in profit from ordinary activities:
Decrease in Other Creditors and Accruals (18,503) (1,677,956)
Net cash provided by operating activities 5,064,520 7,523,573
(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.
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